Key Notes

• Strategic move to allocate 90% of reserves to Bitcoin demonstrates institutional confidence, targeting ambitious $120M Treasury valuation.
• Shareholders receive one-to-one rights for $0.50 share subscription, with CEO committing to purchase 6.8M shares to increase stake to 10.3%.
• Bitcoin shows resilience despite recent volatility, bouncing from $89K to $97K with RSI at 64.97 indicating sustained bullish momentum.

Genius Group, an education company focused on Bitcoin and powered by artificial intelligence (AI), has announced the approval of a whopping $33 million rights offering. The funds gained from the offering will be used to bolster the company’s Bitcoin Treasury.

Recently, Genius stated that it will distribute 90% of its reserves to BTC while aiming to have a total Treasury value of $120 million. In the past two months of active buying, the Bitcoin educational company has securely purchased 372 BTC at the average price of $94,047.

On the other hand, Bitcoin’s recent crash to $89,000 and then its price surge to $97,000, left many investors in confusion. However, it is clear that institutions around the globe are bullish on the market-leading digital currency in the long term. Genius Group’s $33 million rights offering is proof of the same.

Genius Group’s $33M Rights Offering

The Board at Genius approved the $33 million rights offering—a move that could potentially increase the company’s Bitcoin reserves from $35 million to a massive $86 million. The final amount actually varies due to the offering’s subscription level.

Interestingly, each shareholder of Genius as of January 24th will have one right for every share of the education platform that they have held. Also, the shareholders can transfer their rights, with each right allowing its owner to subscribe to one ordinary share at $0.50. The shareholders can also apply for more shares if others do not wish to take their rights.

It is important to note that the rights will begin trading on NYSE under the symbol “GNS RTWI” on a when-issued basis from January 23rd. Also, starting January 27th, the regular trading under “GNS RT” will begin and last until February 13. Finally, the rights offering is set to expire at 4:30 p.m. ET on February 14.

The chief executive and founder of Genius Group, Roger Hamilton, confirmed that he would also participate in the rights offering. The CEO will purchase a whopping 6.8 million shares by exercising his rights, increasing his stake in the company to 10.3%.

Instability in the Market

On Monday, Bitcoin lost the $90,000 price level for the first time and has since then recovered and printed a daily high of $97,352.66 on Tuesday. According to CoinMarketCap data, Bitcoin is down 11.01% from its all-time high of $108K, which, as per Fundstrat’s Tom Lee, is a normal correction for the market leader.

At the time of writing, Bitcoin trades at $96,468.67, up 5.20% in the past 24 hours, and has a market cap of $1.91 trillion, once again approaching the $2 trillion valuation.

The Relative Strength Index (RSI) for Bitcoin on the weekly chart above confirms that BTC is extremely bullish on a larger time frame. The RSI reads a value of 64.97 which means that the selling pressure is extremely high as investors continue to hold their BTC coins.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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