Genius Group, an artificial intelligence (AI)-based educational tech company has announced a $33 million rights offering for the company’s ordinary stock with all net proceeds going toward buying bitcoin for the company’s bitcoin treasury.

The rights offering will begin on Jan. 24 and each right entitles the shareholder to purchase one ordinary share of the company at the subscription price of $0.50 per share.

Additionally, the company intends to pursue one or more loan financings totaling up to $20 million. The company’s bitcoin treasury will grow from about $35 million to $86 million in bitcoin if it is successful in raising the maximum amount through the rights offering and subsequent loans. This will push the company closer to its goal of holding $120 million worth of bitcoin.

Genius Group provides services to 5.4 million people across more than 100 countries via its Genius City model and online digital marketplace for AI talent, training, and tools.

This rights offering will serve as a further boost to Genius Group’s “bitcoin first” strategy after the company recently announced a $5 million purchase of bitcoin, increasing its total holdings to 372 BTC with an average price of $94,047 and an estimated value of $35 million.

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