Genius Group plans to raise up to $55 million through a share placement to increase its Bitcoin holdings

ChainCatcher news, according to GlobeNewswire, the NYSE-listed company Genius Group announced a rights offering to shareholders, with the net proceeds from the offering to be used entirely for the purchase of Bitcoin, with expected proceeds of up to $33 million.

In addition, the company plans to seek up to $22 million in additional loan financing. If the rights offering and loan financing are successful, Genius Group's Bitcoin reserves will increase from $45 million to $100 million.