Genius Group Plans to Allocate Lawsuit Winnings to Shareholders and Bitcoin Treasury

According to Cointelegraph, Genius Group, an edtech firm driven by artificial intelligence, has announced plans to distribute potential winnings from its multibillion-dollar lawsuits to shareholders and expand its Bitcoin treasury. The company's board of directors approved a distribution plan for any proceeds from two lawsuits seeking combined damages exceeding $1 billion. One of these lawsuits, filed under the Racketeer Influenced and Corrupt Organizations Act (RICO), demands over $750 million in damages from LZGI International. The second lawsuit, yet to be filed, is expected to claim at least $262 million based on 2023 data, with updated figures likely to increase the amount to account for damages in 2024 and 2025. Roger Hamilton, CEO of Genius Group, stated that the lawsuits aim to recover damages caused to shareholders by the defendants. He emphasized that the board believes 100% of any proceeds from successful outcomes should be directly distributed or reinvested for the benefit of shareholders. Hamilton outlined that 50% of the winnings will be distributed among shareholders as a special dividend, while the remaining half will be allocated to the company's Bitcoin treasury. If Genius Group prevails in both legal battles, shareholders are expected to receive a dividend of $7 per share, and the company plans to purchase and add 5,000 BTC to its treasury at current market prices, which are approximately $107,000 per Bitcoin. The company has clarified that future court winnings will also adhere to this distribution plan, although it cautioned that there is no guarantee of any win or payouts in either case. Genius Group has been actively expanding its corporate Bitcoin treasury, having increased it by more than 50% through a series of BTC acquisitions on June 17. The company aims to acquire 1,000 BTC for its corporate treasury. Previously, Genius Group faced a temporary ban on selling shares, raising funds, and using investor funds to buy Bitcoin, which was lifted after a month. This strategic move reflects the company's commitment to leveraging potential legal victories to benefit its shareholders and strengthen its position in the cryptocurrency market.