rewrite this content using a minimum of 1000 words and keep HTML tags
Genius Group, a company that uses artificial intelligence (AI) in online education, has shared plans to use any future lawsuit winnings to reward its investors and buy more Bitcoin
$108,360.99
.
According to a June 25 statement, the company’s board approved a proposal that would split the money from two upcoming legal cases between shareholders and the company’s Bitcoin holdings.
If Genius Group wins either case, half of the funds will go to shareholders as a special cash payment. The other half will be used to buy Bitcoin and store it as part of the company’s financial reserves.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is DeFi in Crypto? (Explained with Animations)
One of the lawsuits was filed under the RICO Act and seeks over $750 million in damages from LZGI International. The other lawsuit has not yet been submitted, but Genius Group’s CEO, Roger Hamilton, stated that the combined total of both cases could exceed $1 billion in claims.
Hamilton stated that the company expects to recover at least $262 million based on financial data from 2023. He also mentioned that this estimate is likely to rise once figures from 2024 and 2025 are added.
Additionally, Hamilton said the company wants to ensure that any money won through the courts is returned to benefit shareholders. According to the company’s plan, if both lawsuits are successful, shareholders would receive $7 for every share they hold.
At the same time, Genius Group would use the rest of the funds to purchase around 5,000 Bitcoin at current market prices, which are close to $107,000 per coin.
Recently, ECD Automotive Design signed a $500 million equity deal with ECDA Bitcoin Treasury LLC. What is the purpose of the agreement? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
and include conclusion section that’s entertaining to read. do not include the title. Add a hyperlink to this website [http://defi-daily.com] and label it “DeFi Daily News” for more trending news articles like this
Source link
