Genius Group Limited ($GNS)

Hi, everyone. Welcome to the Genius Group investor call. My name is Suraj Naik. Thanks for joining in. I'm one of the directors of Genius Group, and also here with our Founder and CEO, Roger James Hamilton. Hi, Roger. I'm just going to give you a quick introduction about today like tonight, we'll cover three things, the company update, some of the questions that have been coming in. And even at the heart of it, the AI treasury strategy and how Phase 1 is already being executed. I've been involved with Roger and the company since 2008, wow, that's been a long time. And been at the forefront like launching on Genius 2 and also Head of AI, where we are right now deploying a lot of these AI agents started with the AI sort of initial phases now really going into agent tech AI and the workers that to work internally in the company as well. So good to see you here, Roger. How do you do?

I'm very well. Yes, good to see you, too. Very, very exciting times right now.

Yes, very -- indeed, very exciting times, as well. I just want to make sure I cover this sort of this key part here. before we head of the forward-looking statements, some admin work that we need to do. So just to make sure this presentation is the summary of the companies the treasury were paper June 2026 and just read through the full disclosure statements, any risk factors valuation methodology and detail analysis as well. So now that we have this admin thing out of the way, where are you Roger, right now? Are you in Asia, Europe?

I'm right now in Bali. So -- and actually one of our resorts, the Genius resorts. So we're actually running a program at the moment. We just finished our AI lab as well. So I'll be -- I now sharing that a little bit about all the things we've been seeing on from here in Indonesia. But let's jump right in, shall we?

Yes, yes, yes. So Roger, there are a lot of new investors who are joining in as well for anyone who's new to the Genius story. Can you give us like a big tour of the full picture? What is Genius Group today?

Yes. I think that's a good idea, Suraj. We'll do this. We'll just take a few minutes because I know a lot of the watches today are long-term investors. So thank you very much for everyone who's been with us over the last number of years. And for anyone new who's here, let me just share my screen, and I'll just give you a quick whistle-stop tour on some of the elements on not just what Genius has been doing, but what it's going to be doing as well. I think everyone will have easy access to geniusgroup.net, which is where we have our corporate sites under investors all the information about our companies on here. And what you'll find is in the presentations, the things we're sharing about here, you'll see here as well. Very recently, in May, we actually put our investor presentation after our audited financials came out, and we showed the growth of what is happening within the company, how it's growing and also what our time mission is, which is around the future singularity artificial general intelligence, and this entire growth that we're seeing right now through the things we're going to be talking about in this call, which is a new digital economy, which is coming our way. And we really break up everything we do into -- I'm going to not go through this in detail, obviously, but I just wanted to just touch on the fact that everything we're doing with lifelong learning. And frankly, it is about preparing humanity for this coming shift that's taking place. not just in terms of what happens to jobs in the future, what happens to the workforce, but also what happens to investors, what happens to the public companies that are not making the changes quickly enough. And how do we make sure that we don't end up on the wrong side of history when it comes to these changes taking place. So we do have junior school, which is our primary core secondary score, both online and offline. We have our Genius Academy, which is our Investor Academy, our Bitcoin Academy, our AI Academy as well as our Entrepreneur Academy. And then we have Genius Resorts, which is where we're building Genius City, which is really the hospitality side or the location side. We don't believe everyone should be in a conference room or an old-fashioned school to be learning from, we think that they should be in a new experience. And just to give people a doorway into some of these different areas and how quickly we are now growing, while we do have this site, which is the Genius Group on that site, we also have this site here which is -- sorry, this one here, which is the Genius Academy site, which is for anyone here interested in investing in entrepreneurial, this is really the doorway into all of that, and it also gives you the links into the memberships into the schools programs. And we also have all of these different bite-sized micro courses that we run as well as well as links to all of the different programs that we're running to reskill entrepreneurs investors and workers, right, for the future as well. We now are launching these localized sites. So this here is Genius Bali AI. And in here, you'll see the images of Genius City, which is now being built in Bali is quite incredible how quickly Genius City and [ Wanu ] is growing right now. And you'll find that on here, everything from the school where the physical campus where we have got kids from 4, 5 years old, all the way through to high school graduates are actually going through this process of reskilling themselves already thinking about how to use AI in a way that you become a better human and the steps of how you do that and how you go for one human power to 100 human power. We actually have tomorrow, the first presentations of our kids in grade 12 -- sorry, 12-year-olds, in Grade 6, who are presenting their Genius journeys. And the -- the outcome of this is really, really incredible in terms of the things that they're actually doing. So we have that kind of program. And then that obviously links into all of the other programs, whether it's the resorts, whether it is our AI labs that we're running. And just final thing on that, the AI lab actually launches all these AI companies that they are using AI tools. So obviously, so, as you know very well about Student AI and how that's now been building. So the way this works is that Genius Group has a 20% ownership and then the team that then basically builds it, then expands it, and we've got that across multiple companies right now. And so AI, maybe I just want to share with everyone how fast it's got to the first 300,000 students, how you just basically with the team have launched a whole series of new programs on here, which are AI driven for the entire K-12 curriculum right now.

Yes, totally. I think a lot of great things are happening over there. First of all, just last week, we launched our iOS app as well, which is curriculum aligned, which was much a lot of the demand from the students that were coming on. And we built this on the back of the AI lab, which we ran like about 1.5 years back. It started as the project on the back of that. And then in the way it's scaled, we have now students from like the top 500 units. You can see some of those over there. as well coming on and using it daily. A lot of the research paper, writing assistant and all of that. So it's really wonderful to see how like steerings are coming in and using it for learning, not just for like short cuts and everything else, right? So they're linking into the curriculum. And on the back of that, what you have here is the teacher area. So we had this sort of thing going on instrument where the teachers were logging in to run like see what the students were they doing and then the requests are coming in like can we have a version of this for the teachers. And then we started to then work with the teachers and the schools as well to build this out. So we've got a new version of Teacher AI, that's launched as well, where it's helping them with lesson planning, helping like with communication with this parents, school and also with the students, if any, petites struggling, right? So it's great to see these go, and I'm super excited to launch the iOS app tone, which is very sort of curriculum aligned for each of the countries.

And I mean, it's just really incredible how quickly once you have the right platforms, those who may not be as up on AI as some of the people in places like X and others that are actually just [indiscernible] everything on their own, once you've actually got the platform, the tools, you can grow so quickly. And the reason I think is really valuable for us to share this to all the investors that are joining us right now is that the AI treasury actually came out of this as well. We were one of the first to have an executive team member that was [ Allen touring ] that we launched well over a year ago, and that basically was our Chief Technology Officer. And one of the things that basically came out of that was the way that we now are expanding out new programs. So for example, this is basically launching shortly. We're pretty very excited about it. It's the Genius [indiscernible] AI site, which is all AI-powered which does more than just educate people that are trying to reskill themselves in AI. But what it also does is it actually match makes them with all of the companies that are looking for the right AI experts, whether they're someone that happens to be using cloud using codecs someone who happens to be like proficient in using Gemini. And what this does basically of the launch is match-make all of the top courses, which already are with NVIDIA basically rock we have on there with the tools that we have in the -- and of course, we have same with everything from XAI Microsoft, there's a partner program. I mean, maybe you want to share Suraj, the fact that we just got that with Anthropic. That just happened, I think, this week, did it not?

Yes, that was last week itself. So with [indiscernible] and Teacher AI, what really happened was we are looking for like scaling really fast on the -- because so much is happening. So many of these companies like the Microsoft that have the start-up partner program, so does NVIDIA Inception program as well. We go into the process where they evaluated what we were doing on the on the techie and then we got into that. and the same now has happened with the cloud, which actually launched the partner portal we launched just yesterday and on there for the platform itself. So that's like showing us out best we could use the tools. And that's where I think we get sort of the initial access to build really solid products.

And so this also leads to what we're also having on our product plan this year, which is how we got to the AI treasury, which is that we have our Genius AI, which is directed in each of the different platforms. So the entrepreneur platform, entrepreneur Academy has got in it, all the right tools for people that are building the business, but we also have that from the investing side. And in the investment side, obviously, we use the platform ourselves, and we go to our G&A and said, okay, well, for anyone thinking about the future and where they're most likely to earn their money from, are they more likely to do this from the point of view of their job, they're more likely to do it from their investments. And of course, we came out say what's going to be the investments if you're investing in this new future. when we said, well, what about the companies themselves, it was the same answer, which is the companies that actually are investing in this new future in the same way that in the early days of Manhattan. If you'd come to Manhattan and just bought the land and then everyone was building on top of that land. Whoever owned that land you own it forever, but you also then basically are owning the real estate and the value on top of it. And we're seeing that now happen, which we started with the Bitcoin treasury. We're not going to be talking about the AI treasury just that ownership is what really makes that difference. So this has all been by the actual activities that we've been going through on the AI side. And I think that's what's very exciting about what we're about to share.

Yes, yes. And thanks for sharing that as well. And in terms of like the treasuries, we did the Digital Bank and the two treasuries, how do you see them sit together in the structure?

I think we can get into that in a moment as we cover it. Maybe we just cover a couple of kind of hot topic pieces so that anyone who came on wanting answers on some of the things that have been making their rounds on social media, et cetera, then we just cover the key things for us. And then let's jump straight in, shall we?

Yes, yes, let's do that. Let's get into like what's on the shareholders' mind, and start with the share price, that's been a real volatility. How are you thinking about it?

Well, I think there's two things we put out at PR, and I want to say this for everyone on the call as well that there's going to be no MMPI in terms of like information that requires an immediate PR. But with the white paper and the presentation we're going to go through today, we're going to be putting out a press release and giving you the link to the things that you're going to be seeing here as well. But let me just address the things that we already have maybe put a PR out, but then it's not absolutely clear exactly what the perspective is from our side. I would say that on the one hand, we see online a lot of very loyal as well as very positive investors that really love our story and what we're growing, which I think is fantastic. On the other hand, this seems to always happen at certain times when there's good news and there's activities. And I know it's not just us as a company, there's us as well. There's all the spud that shows up and these people that are strangers with like 50 followers who suddenly seem to be experts on Genius and then saying all this stuff about what the executives are doing and what the team is doing and so on. So I just want to say two things around that. The first one is we're tracking every single trade, right? We've been doing this all the way back since 2022. There's always going to be people saying, well, why can't we say more about the legal cases that are out there and so on. And the reason is because we have an extremely good legal team that provides us as executives we should not be mentioning anything while they're in the middle of the legal process. And we have everything active right now in terms of what is taking place, which could be impacting our share price and how we manage that. But what generally happens every -- like we saw this last week, we had like very high volumes, and we also had big jumps up in price and then also jumps down price. For us, we, as a public company, have no control on those things other than what we do to manage the company and the value of the company. We always see these things happening about, oh, maybe as a company that's out there and they're diluting and they're basically like destroying their own share price? Well, I can tell you that as the largest shareholder of Genius, my entire focus is how do we make sure that we are doing the best things for the shareholders, right? And because, of course, that's -- it's not like we are just in paid employees where we're just CEOs that have no skin in the game, we're the ones that are actually really building this up. And I know Suraj from the very beginning, you've had shares in the company as well. So I think that's really important. And the way we look at that is the use of our ATM, for example, is minimal. It's like if you looked at our volumes last year compared to our published 20-F audited accounts. You can see it's a fraction in terms of a tiny percentage that we even use of the ATM compared to our volume. And if anyone was to say, well, is the company doing it, the times when our ATM has actually been stocked together, which was pretty much around the first half last year when we had this injunction, that's when we saw the biggest drop, right? At the time when in the first year or 2 years when we saw big drops, we had no ATM. And in times, we've been able to use the ATM like in the second half of last year, we saw big jumps in our stock price. So one thing I want to say is that we're always going to manage that really well. And the one key measure that we'll be sharing more and more, especially with our treasury is really what is the net asset value of our company that's in every share. Because if you go back years, our total assets, you can see this in our financials for 2023, was around about $19 million, $20 million. Today, it's closer to $100 million. And if you look at even with like the fact that there's new issuance of shares and so on, you go back 2 years, you were getting about $0.27 per -- of net asset value per share compared to $0.60 more than double today. So it continues to grow. And I believe that with this plan, we're going to see it grow and of a lot more as well. to have an asset value, which is double -- more than double the share price today, clearly, we're at a discount to that. And a big part of our treasury strategy is to make sure that we're really being recognized the same way that some of these other treasury companies are. There are funds out there that are trading at 3 to as we're going to show 9x then asset value versus 1/3 of the asset value. So -- or sorry, in our case, half an asset value. So I think that's one thing I just wanted to share is that we're always going to be careful about that. We're going to manage it. And anyone who's telling you otherwise, they obviously have no idea. And ignore it and keep focused at what we're doing, which is really looking to build the value for all shareholders. So that will definitely be one thing that I would say. And the second thing is we're tracking all of this. So when we see crazy swings in share price, we're, of course, basically putting all that in the safe hands of our lawyers, right? I'll say one other thing as well because I know we want to get into the plan. I'll also say that I've seen things out there also about the fact that there were unusual unusually high payments to some executives last year, et cetera, in the company. We made it very, very clear in our disclosures as well that when certain third parties forced us to basically sell our Bitcoin. And that immediately, if a U.S. court says, you need to sell your bitcoin or do you need to stop all Bitcoin activity at the same time that we're basically providing ability for people to be able to get shares or even issue shares. As part of their compensation. We have no choice at that point because that's against Singapore are then have to take what is years, multiple years of basically share action plans and just basically liquidate them, right, which obviously means they turn to cash and then we don't have that same shareholding in the future as well, which is why there's been so much in terms of buybacks. I know you bought back, Suraj. I clearly bought back a lot the other directors and executives have been buying back, too. So I think this is something which everyone should really keep in mind as well. We're doing everything to be compliant. And while there might be attacks on our company, we're always going to do everything the right way and defend things the right way. So again, probably the biggest message of more of that is ignore any noise that you see, which there is absolutely no substantiation for right, going forward. And with that, hopefully, that clears the deck for to now share our plan for what we're going to be doing with the AI Treasury.

Certainly, and thanks for sharing that. I think that was a critical piece. And knowing that internally, we are so much focused on the entire we are building of the business and bringing all the product. So it's key to, I think, keep that in mind while all this noise is going on as well. did we want to share anything on sort of the paper. It's like the most exciting part is the cases for the entire AGI thesis, right? Why do you think it's the most consequential transition of lifetime, Roger?

Yes. So what I'm going to do, really, just to answer that, is just to share a couple of what I think are very insightful and frankly, mind-boggling statistics like facts of what's going on with companies that are really driving this wave right now as well. So just sharing my screen for a moment and just covering a couple of these different elements that I think really highlight the fact very, very well. There would be -- let me see if I can find one here. I do tend to post a lot of things that I find valuable on X. And one thing that I posted, which we're going to be talking about more today because it's linking to master FDs future fund and SoftBank. SoftBank was probably the most well-known company in Asia. They started taking stake holdings in Alibaba and Yahoo early on took stake ones in the likes of [ Arm ] and Open AI. And he's been waiting patiently for what you cause the singularity, which is what we call post AGI. And when you look at what's happened over the last 2 years, he's gone from $90 billion to $305 billion. And this is a video of him talking about getting to $1 trillion. And Obviously, if you're tripling like that, one more tripling and you're already at a trillion. These are phenomenal numbers, right? And obviously, we're much smaller than that. So we're not saying we're something going to be $1 trillion. But when we look at our goal to achieve the $2 billion on our treasury, it really is a small number compared to the kind of numbers that are showing up here. And I've been pushing quite a bit on [ Peter Damani ], who's obviously been our summit. He's been one of our faculty. He was here interviewing Elon Musk and Elon Musk is really talking about the fact that this future economy really is going to be 10 exercise maybe in the next 10 years of the entire world economy today. I gave that example in this story of what the world could actually look like, right? And the speed of growth, I believe, in one of the posts that I did earlier, where I was saying, look, if you actually take the fact that if someone was to be back at the time of America just getting started. And at that point, someone was to be thinking about, well, to what extent is the world moving in terms of like the speed of growth of the world. At that point, really at the time when my distinct Alexander Hamilton, launched the first IPO or public listing on New Stock Exchange, which was the bank of New York. When we did that, there was only about 3 million people in the market, right, compared to $150 million in Europe. And as someone had said at that point, well, like America will be as big as Europe 1 day, without totally missing the point because Europe was only like a $300 billion at that point. And of course, Americas down to trillions. And so we are in a very similar situation where there's entire digital age, which is AI powered, which is more than just AI. It's the space. It's the entire infrastructure around it. And the companies that are in there are growing at really such a ridiculous rate. I mean like this is Atopic ARR 2022, which wasn't that long ago, it was $10 million. And then at 10x to $100 million, 10x to $1 billion, 10x, again, to close to $10 billion, and it's already at a $47 billion run rate and still growing very, very quickly. So this is really unheard of. Of course, if you were early investor in Anthropic, then, of course, you'd be seeing that growth because a 10x growth is 1 thing, but you do that 3x and that's 1,000 growth. So the idea of the ordinary investor, having an opportunity to have access to the kind of private companies even before the IPO and also to the growth that is now going to be taking place over the next 3 or 4 years. And there's now -- this is cash talking about, nothing is ever certain. But talking about what is the percentage odds that these 3 companies ,SpaceX, Anthropic and Open AI are going to be having an IPO this year. And it just keeps accelerating, right? So we will be watching and seeing where this is at. But even in our announcement 2 days ago about our first investments, we now have exposure to each of these companies with that investment. And it's just going to continue to grow because we're dollar cost averaging into our positions with this new economy as well. I know, Suraj, as you've been seeing this as well from your side, so do you want to just share your perspective? Because I know whereas I'm in Asia, you're in Europe, you're at the moment, very, very active with the different AI groups that are in the Europe right now as well.

Yes, totally. Yes, and there's so much activity happening even in the community itself or the events happening almost every single day, right? Invites coming in for that I'm heading to Rio for the Web Summit where we've got a booth next week. That also came in as an invitation cause of the work that's been happening here in Europe. And it's amazing to see how these little pockets like how Bali as a pocket is going. In Europe, we've got, say, Lisbon is one of the pockets, which is really scaling and it's amazing to see the talent that is coming in from San Francisco and all these parts into this area and then the Sweden stock movement going as well. So it feels like the space where everyone is working towards this sort of single goal and the shift and the speed at which these ships are happening is incredible. A day late in AI, you'll see something new being launched as well. So you need to be on the forefront of this. So that's why I think it's amazing to see how things are happening as well, right, especially with like SpaceX coming together, let's say, the rock atopic launch in all these amazing things, Open AI while cutting down on certain items and really scaling on the bits Earlier, we used to talk about how you need to be really good at prompt engineering. Now that is also handled by AI, right? The year is prompting itself to the certain thing. It's incurable.

So I think just on that point, I think it's really important to just make a note to all of our investors right now. If you're watching any of this happen I think is happening on the outside, it's like hearing the stories of Anthropic, of Open AI, of Google, right, of what Elon Musk is doing with SpaceX. Just know that already today, in all of those key pre-IPO companies, and we'll give you a list of them, their success is our success is your success, right? It's like you already now have got a benefit from us having a treasury, which has got an economic interest directly linked to basically exposure in those pre-IPO shares and as time goes on into public shares as well. And as they grow, we're going to be not just sharing and educating everyone on basically how to use these tools. We're owning all those tools ourselves. And then as a result of that, as they grow, that all becomes a benefit to all of us as well. The Genius City model is designed in such a way that if people are able to be earning most of the money as being an investor, by the -- like why compete with the robots on the AIs if you actually own them, right? Because, of course, if they're then doing all the work and you have ownership on all of that, that's what Sam open core is not universal basic income but universal basic wealth, where we -- or in this case, you want to see universal stream wealth, this idea that basically, we had this ability to be able to scale our own livelihood and do what we love without having to worry too much about how we're getting paid for it because we already are investors in this new future and new beginning. If you go to any of the different companies out there that are doing this, we know it's very difficult to get any investments in them. Obviously, we're extremely low cost share price right now, I think, around $0.30 or something. So the fact that someone already can participate in this new economy and actually then be helping to grow, evolve it and then learn about it, right, through what we're doing as well. So that's really the intention. So I know we've got like about 30 minutes. We've already got -- I think we're a good preamble. Maybe we go through 3 key areas of the slides and the presentation over 10 minutes each. Do you want to just kind of lay the framework to rise? And then let's jump in.

Yes, totally. And thanks for sharing that as well. I'm just going to open it up here on my side.

So, yes, to be honest, I can share my mine as well we got and then we can discuss.

Yes, I think that yes, that would be great.

Yes, yes. but maybe just kind of break it down, I know we're going to be covering the overall market, which we already started talking about and how that fits in with the Treasury. And then we're going to talk about the 5-year plan and then zoom in to the 1-year plan of what we're doing this year and what we're really doing right now, right?

Yes, yes. I'm just...

Let me pull -- I'm going to my screen. So you can see -- I'll go for the entire screen, if I can. Here we go. All right. Here we go. So this slide, as I mentioned, are going to be on our website. You're getting a first view of them. And because there's a very detailed white paper, which we're going to be sharing with you as well. I'm going to kind of flip between one and the other as we go. And so here, first of all, let me just go through a couple of key slides. Suraj already was mentioning forward-looking statements, risk factors. These are more included in here. So nothing we're doing right now is basically a core for investment. It is very much an informational call on what we're doing. But in summary, what we're doing right now is doing the first of the $20 million out of $100 million already approved by our Board to be investing in the frontier AI companies, starting with the pre-IPO companies and exposure to them. We're going to explain how we're doing that. We can explain why it's been easier in a place like Asia for some companies to do this in the U.S. and the SEC 40% rule and how we see basically our entire focus with the Bitcoin treasury strategy, enabling us to be able to continue to scale well beyond the $100 million and to achieve the $800 million within a $2 billion asset base. So we're going to explain that. And then also, we're going to be looking at the 3 phases that take us there and the 5-year road map. Just what you were saying earlier, Suraj, around if anyone's like needing reminding of the fact that this year is the most important year 2026. These are quotes that all have happened over the last 24 months. Sam Oltman is possible we have Super intelligence in a few thousand days. Dario Amadeo, who is the CEO of Anthropic. Powerful AI would arrive as early as 20. Dennis Hasebe, who is basically leading AI at Google we're getting closer to AGI. And I think this decade is when we see it. It digital super intelligence would like to arrive in 2026. So there's already all this focus. Leopold, [indiscernible], I know that those shareholders of ours who are in the now would have read his seminal paper, which is called situational awareness. We've given you a reading list as well in the white paper I'll show you where he wrote that about like less than 24 months ago, and then he basically launched his own fund really just investing in his thesis. And if anyone who's been watching that fund, you've just seen has gone up exponentially. And of course, that to get into a fund like that extremely difficult. If you want to try and mimic us investing, you have to wait until you find out in his next filing what he's done. Whereas with us as a public company, we have that opportunity to really share as we're going forward on the steps as well. And everything that they're talking about is making these 5 different markets basically expand at an exponential rate right now. You've obviously got the semiconductors and the compute itself, which is what we're seeing as the listing is now taking place with the large LLM models, the frontier models. We have, obviously, what Elon Musk has done with SpaceX, which is effectively like Link XAI with SpaceX and what you're seeing when you are using your Starlink, whether it's on a plane or whether you basically connected it, which is basically satellites and space, the fact that we're going to see compute and space, which is solar powered, which is going to effectively mean that our AI is going to be based out there in the space as well. That really does change everything. I don't know if an was really considered the fact that if you want to set up a company today, if you want to set up that company in Dubai, you get 0% capital gains tax, 0% in income tax. If you want to set it up in Singapore, Well, it's the same thing. The lowest. It's not 0%, but it's very low income tax and it's 0% capital gains tax, which is very good for us with the treasury. But you physically have to either be in Singapore or you need to have the right residents in Singapore to set up that company. What happens once companies get registered in space, what happens once the tax regime that you're under isn't an orbital company. And of course, that was part of what Jeff Bozo's first vision was, and that's obviously now going to be very, very possible with the fact that we're actually now building out this entire like orbital AI infrastructure. So the growth of these five we've given you the reports, which show you what the predictions are of these 5 going forward as well. And we've got that in the way paper too. And then I just want to finish with just two slides here and then show you the white paper. The first is, as I mentioned, a lot of the actual funds now that are growing, and if you go and do the math on like the future fund, if you go and look at some of the other funds that are now getting involved if you can get into them, right, for pre-IPO companies, you're looking at two to multiple on the asset value. Here, what you're seeing is a graph where on the left, it's pretty much where we are today. We did a PR on this, which is we have $137 million of total assets as of the end of last year. But with our market cap at around about $42 million, that obviously is a tiny percentage, right, it's like 1/3 of that total assets and it's less than half of our asset value, which is at $97 million. And keep in mind that this included at that time, basically liabilities in terms of long-term debt, which has since been paid off, right? So -- so I think we're in a very strong position this year to really build that number. And you can see here on the right column, which is showing our goal for this year, again, like nothing is ever guaranteed, but a target of $280 million, we believe is very, very doable, which is the 137 million that we finished last year with additional growth, we have Genius City, we have Digital Bank, which is our digital bank that we have a 9.9% ownership in. And if we can achieve the $100 million and our AGI Infinity portfolio, this will considerably grow our net asset value per share. So we're not giving the actual guidance on asset value per share, but we will be sharing more about that specific metric as we go forward. Like I said, that has more than doubled in the last 2 years. We believe that with these kind of numbers here that we're going to be seeing significant growth within that. And obviously, if our share price is still at the kind of price point it is right now, you'll be getting a much, much bigger discount on the asset value than even today. But our intention is that we do all the right things and promote the message of why this is so important. So that there will be hopefully more AI treasury companies, but also more investors that see the value that we have locked up within our portfolio as well. And then finally, one thing I want to say around this inflection point is that these frontier labs, I mentioned anthropic, but obviously, open AI has also had crazy growth rates, which are like effectively also getting them a multiplier going from December 2024 at $5 billion to $10 billion in June 2025. Another way to think about that is if someone is investing within the right private companies or the public companies that are really on the high growth rate every dollar you're investing now potentially could be worth $2, $3. If you were investing in these several years ago, -- and of course, if a company is doing that with an AI treasury, then it also means that basically every dollar can be turning into 2 or 3. What that looks like and what I believe will happen in the future is that we'll be more air treasury companies, especially ones that link with Bitcoin treasury as well because of the 40% rule. Another thing that I want to mention is that while we've had record venture capital funding, right? So in the first quarter of 2026, it was over $200 billion So that was a report of KPMG. I mean, that's crazy, right? The amount that's going to be raised in the IPO already has been reported that if it does go as planned, it's going to be a multiplier factor over the last 5 years compared to what might happen this year. And the challenge is that right now, if you want to buy in the secondary market, where there were more opportunities earlier this year, a lot of them are now being closed down. So if you actually want to get involved prior, you've got to find smart ways to do it, and that's hopefully what we're creating right now with our treasury as well. I'll go a bit more into the Bitcoin treasury AI treasury and the link between them a little bit later. But the one thing I really want to jump into in a moment, after you kind of share any questions you have, Suraj, is this whole aspect about like how do you even get access to companies like basic, Anthropic, Open AI, et cetera. Because this, by the way, has also come out of our AI investment Genie that has been going out and searching the entire market for all of the top opportunities. We have happened doing that every single day and then finding the things that actually fit with where we know we can educate the market as we're going to be doing on this call and also at the same time, where we actually invest in our own AI treasury as well.

Certainly. And the [indiscernible] is direct, like VIP ownership by the largest possible look through, right, to the names and the names that you sort mentioned who are going through this between the 6 to 8 the phase alone, like what we're getting into, like was close to 40% of the SpaceX, anthropic, Open AI, Data Brakes, XAI and others, right? So there's already inversion itself, right?

Yes, exactly. Exactly. And so just to that point, like what has been the pathway, which is the initial pathway, right? And this is, I think, one of the most important things. we have the benefit as a public company who can have a treasury that we can stretch it across all of the different areas and move really on a daily basis in terms of what we do, funds themselves have got a lot of restrictions. They put a lot of restrictions also on investors that come into those funds as well. And we've actually seen an ad then not only of these pre-IPO opportunities but of funds themselves, not a lot of them, but a few of them that are kind of like the first step into the next phases that are coming as well. So if I was to share what those are and how they look, there happen to be three that are the ones that we're publicizing right now. So I can tell you that there's plenty, we're not yet sharing that we will be sharing. But generally, in terms of -- if I just go back one here, what are these three funds that we already are actively taking steps to invest in, of which two we already have announced our first investment our dollar cost averaging. Many people know Kathy Woods and her Okun. She has got one very specifically A-bench fund, where she started it and really right back when X was Twitter and the first investment that Elon Musk made ArcVenture fund actually made an investment into that when Twitter was valued at $44 million. And there's been basically a number all the way through that she has invested in that's built up this fund to the size it is right now. And basically, fund is value net asset value, not easy to go invest net fund unless you actually go -- and for example, you can't do it for your normal broker, but you can do it if you actually go out even an investor -- a retail investor could do it, but you need a minimum of $500 to do it, et cetera. And it's not as easy as buying a share in Genius and already knowing you are going to have an interest in that fund. The other two, fundraise, we have got within our community, a very large property investor community. So anyway, a property investor will most likely know of Fund rice having started as a crowd funding property site. And it's got more and more involved in other securities, and it basically launched an innovation fund, which then had its own public listing, I believe it was about a year ago. And definitely Tech 100, a similar concept, and it only had its IPO about, what, 2 months ago. So like, again, very, very, very recent that they did that. And what we have here is on the basis of us having 40%, 40%, 20% division of those three and buying over time, we're going to basically already have this look through to their ownership on SpaceX prior to the IPO on atopic on Open AI. And then you have these other AI companies like Databricks [indiscernible], which also there are percentage interest in as well. And of course, we never know exactly when IPOs will take place, but the fact that there's been more and more prediction. And even when we first came up with basically the research on our treasury and no one had yet actually gone for their S-1. Since then, SpaceX filed in April for their confidential S-1 when now they've obviously made it public and their road show, I believe, starts imminently. Anthropic just at the beginning of this week, just also announced on their website that they also have now filed their confidential S-1 with SEC. And there's been plenty of reporting from the likes of Wall Street Journal and the other financial media that Open AI either is in the process or may have already done it, right? So everyone already is in a race moving forward on that. And just in terms of what does that look like in terms of the specifics of the pathway that these funds already have been achieving in terms of growth rate. Let me just share with you some of the detail that you'll find in our white paper. So in this white paper here, you'll see there's a letter from me as well as a very detailed table of content, what our entire treasury strategy is, which is for us to build up over 5 years to $800 million in our -- this is our target. Again, things always change, right? We've been told by alloys. We've got to give disclaimers on absolutely everything. But this is our target -- our internal target of $800 million. But that keeps us under 40% if we're at a $2 billion total balance sheet. We know that our own internal company is growing well right now. We announced our profitability in the first quarter. We're looking forward to sharing at the beginning of July, how our second quarter has gone. But I can say that with the way that we're seeing growth in any AI-related companies, there should be no surprises that we also are growing. But what you'll see through basically each of these is that obviously, if you're growing your operational business by 20%, which, frankly, if you look at other education companies out there, there's companies like Coursera, there's companies like Duolingo, they've all been having a very, very tough time just trying to make money online. We pivoted last year to be making most of that money in person. And then we give all of the education free online. So as a result of that, that's actually enabled us to have the best of both worlds. But even so, 20% growth rate is okay. But this is a much, much higher growth rate. And the reason for that is if you're actually able to grow your portfolio. And by the way, this is our purchase price as we're growing. And if it's going to be at 40%, which is the SEC rule. If you go over 40%, you need to then become an investment company, and that's got a lot more stringent controls on it. Micro Strategy was able to stay basically as a public company without being an investment company because Bitcoin is not seen as a security. So you can have Bitcoin in the other 60%. So by us basically having our AI treasury grow at a maximum 40% and bitcoin balancing the remainder, we deliberately exited Bitcoin, and we're going to talk about why we did that. But we did that really because we were watching those 2 schools of thought, 1 that institutions will come in and continue to basically push the coin's price up. There were other people who believe that the 4-year cycle would still prevail. We're in the second camp, we believe that the full year cycle will still prevail. I'm going to go right down to the Bitcoin graph. So you can see it here in the white paper as well. Within the Bitcoin graph, what you'll see is that basically, the bottom of the trough, if you take the school of thought, which is that there's a 4-year cycle is coming up this October. And then the next having is going to be taking place in 2029. And then the next high based on basically 12 to 16 months after that, you're really looking. Well, if we're in a case where we aren't really buying until after the low and we're balancing against our AI treasury, the treasury is now effectively growing with the AI side. And again, there's people who are saying there's going to be a crash, et cetera. You look at the long term, whatever happens in the short term, we'll weather that. We're not leveraging any of our investment here. So it enables us to be able to really scale over time and hold for the long term. Very much like [indiscernible]. And then we'll be seeing the returns come forward for our investors as we go forward year after year and our net asset value per share continues to grow as well. So I wanted to share that. But the second thing I want to share so that everyone can see the level of detail and really the insight track, which I think is so important for people to understand because these are not the kind of returns that have been experienced that you're likely to find in a normal traditional industrial age company. I'm going to kind of go through this pretty quickly. I'm going to go down to these 3 funds that we chose and why we chose them. When you're buying into a fund that has a track record of the entire pathway, this is a consolidated track record where you can see the Destiny Tech 100, the ArcVenture Fund and the fundraise as 3 examples. And you can see here, really starting off with investment in spacers only $125 billion compared to $1.75 trillion now. or at the beginning with [indiscernible] invested in Anthropic at $4 billion. When is now just had an $800 billion round. I mean like just ridiculous the returns that are coming even at this $185 billion. And this isn't a decade to get there. This investment was made in 2023. And now here we are in 2026. So past performance is no prediction of future gains. But the bottom line is, if you start looking and saying, well, I missed that one. I miss that one. I missed that one. Well, basically being part of the fund, you're already getting a shareholding into the entire track record that's actually been built over time in all of these different companies from when they were still at Series B all the way through to where they are today. We have some summaries here. So for example, Anthropic went from $4 billion in March 2023 to 183 billion. That's a 45x gain. And as I mentioned, they just had the latest round which is much higher than that. Figure AI went from $2.6 billion to $39 billion, so it's a 15x gain, et cetera. So we're going to be tracking things as we go with what happens from here onwards. And we're going to be educating our own investors and our own students on different things and as they happen, knowing that the next game could totally come from a different place. But a lot of what is surmizable from the actual growth in demand that's currently taking place. It really takes deep study, and it really takes an understanding and the ability to actually get to that really comes from actually working in a group, right? We have a master mine groups. We have got our AI labs where we actually teach this. And so it actually gives people an opportunity to see that we're putting our money where our mouth is, and actually saying, look, there's a way to be really invested in the long term and really be on this exponential in a way that even if you have some misses that the idea is that you're going to be in a much stronger position in the long term as well. Why do we deploy it in a different way? Well, you're going to find that each of these different funds have got a different price and asset value. It changes regularly. But we, again, like I said, are using our way into the positions on each of these as we go as well. But like this is an illustration of what it could look like if we continue down the path we're at right now, we're going to have 10% of our fund within several months, which is going to be SpaceX. And of course, they would have had their IPO, if it all goes to plan. that's currently planned for the middle of June. So we're only a few months -- sorry, a few weeks away from that right now. And topic at around about 10.5% Open AI is 7%, data bricks Obviously, AI now is part of SpaceX as well. So the percentage actually is more like 13%. And then there's a whole series of other companies. And this company list will grow as well. Our intention is to share this on a quarterly basis, but we may decide as time goes on to make that much more frequent. But we'll be talking about all sorts of companies, whether we're investing in them or not and basically how to think about how you're basically building up your own portfolio. And then this breaks it down on a basically a fund-by-fund basis. And like I said, the intention isn't just to buy into free funds. We're also going to be buying directly a top seat at the table of some of these as we become a more and more established institutional investor that people start seeing have got the investment ability and investment power to come and be a part of this, right? And so it really kind of gives you a bit of a picture of what we're currently doing. And maybe we can then cover a bit on what does Phase II, what is Phase III like at back of it? But I'll take that and give you a chance to kind of just digest that for a moment.

Totally. And that's that so in that itself, like in so much of details that I have gone through. And as you mentioned, we have these events that are happening in Bali at our places. So if anyone here who's listening in and wants to be part of the ecosystem and once the inside of like what's happening in the AI world, do join us in one of these events. There's always something or the other happening. I know that's the master is coming up soon as well. So when you do come in, you see like how our operating structure works as well. And we had some of the investors who came in, in the past and they were just looking at how -- what the real customers go through the process and what they're building, like Student AI was built on the back of one of these events as well. So it will be amazing what could be built on the back of that. And now that you've shared about the funds itself, and I know you touched on the topic initially, Roger, about why GNS itself if someone out there has a question of why can't they just go straight to the fund and invest in that and why do they need to go through GNS? What would you say to that?

Yes. Great. And of course, we've got a whole section on that because a lot of people have said the same thing about why would someone invest in MicroStrategy instead of in Bitcoin, right? Why would someone invest if they could just go and invest in Alibaba, why would they invest in SoftBank, right? So let me just share I'll come back in a moment to the 3 steps I think it's important for us to see what the picture looks like. But I'd say that there's really 6 key points as to why invest in genes, right? Like what makes us uniquely different from just going directly towards a different fund. The very first 1 is the fact that unlike other funds that are out there, which are limited in what they can do. And because if you have a remit to just be on pre-IPO companies, then it really does mean that once SpaceX or open AI, they list, these funds will no longer be going after them. They're going out looking for other IPO companies. In our case, we are looking at the full gamut and the full pathway across it, very similar to what SoftBank was doing with the early days of Web 3. And so the fact that we have that ability to do that, and we're looking at the entire build-out. We are one of the first to see what is of highest need because we're an education company. what do people want to learn? What do people have the highest appetite in terms of the tools that are the most popular. That gives us a very, very strong signal straight away as to which other companies that are in highest demand at that moment, and then we can act on that very quickly. Each of these funds does not have an operating business that's giving up those kind of signals. So pretty much everything they're doing is research-based or connection-based for us, everything we're doing is market-based. The second thing is, obviously, having that education layer means that we're actually generating then revenues on top of that. SoftBank was very similar, right? SoftBank actually started in events and then got into telecom and then got into IT. It has its operating business. Similarly, MicroStrategy has an operating business, even Boxer Hathaway has an operating business in insurance, where creating cash flow and then it can continue to grow. The reason that's very important as well is generally with a fund. If a fund doesn't have that additional source of cash flow, it really depends 100% on the investment and redemptions of the investors. Whereas in our case, we can be taking the long-term view. And if it turns out that there's a patch of time when the market drops and we're basically like building investments up. We don't -- we're not forced to sell. We're not in a situation where we can't still be paying for everyone salaries, making sure that we're managing it. Every one of these funds has also got a percentage management fee. Obviously, in our case, there is no percentage management because the management team is all being managed the cost through the operating company as well. So there's really that high value. And obviously, education, everything we're doing is really about this as well. I give one example of this. If you were a record company in the you'd be in big trouble or even if you're a popstar, you'd be in big trouble if you any way you make money was through the records, right? Because obviously, everything became free online. But if you own the music, right, or if you're actually thinking about where music is going, then you'll be saying, okay, well, I can give the music away for free. I can be doing the concerts, right? I can be finding smart ways to be building a community. I can be creating merchandise. And so that's very much what we see as well. We are an education company without needing to make money necessarily from the education. In fact, I believe in the future, education could be and should be free. And if we're a company that's based on education, then we want to make sure that the education then is leading to the tools that we're using as well as the companies that get created, just like with Student AI, where we can be profiting from that. And that's really the way it should be, right? Instead of education, you get paid to get a certificate you can't use potentially. You're actually creating products or creating value in the new economy that actually is of high value, and you've got a percentage stake holding in that. as that really is the way that we're thinking about Genius Group, the asset value is much, much more important than any other measure in terms of how we're going to be growing. And then when it comes down to basically, like I said, multifund deployment, but also multi-company deployment, we'll be investing in public companies. We'll be investing in a way that allows us to have very clear liquidity. So we're not stuck for too long in something that might go in the wrong direction. And definitely by being a Singapore domicile for anyone who doesn't have a Singapore company, which I would say is probably the majority of those who are listening right now, there's a very, very high value in basically having assets that are appreciating and there's 0% capital gains tax as a result of that. So any capital -- including equity, if we were to buy a particular company, if we were to see that double and then we were to sell it, we have 0 capital gains tax on that. And of course, any of our investors, they see that benefit, how you manage your impact? That's your thing. But basically, as a company that is building up not just AI treasury, but also Bitcoin treasury, which has got 0% capital gains tax that's quite unique. And I don't think there's too many U.S. public listed companies that have that advantage right now. Bitcoin Treasury, I already mentioned as a balance to the 40% rule I don't believe there's anyone else who's doing that right now. And so that allows us to scale well beyond what was possible in the past. And a really big part of this is we already had a separate presentation, which is on our side as to why we bought into a digital bank. We really believe that in the same way that AI is going to power the future workforce, we're also going to see digital banks power the future economy. And so our ability to issue stable coins to actually take deposits to be able to build that up and then at the same time, be effectively an investment vehicle at the same time into this new economy is going to give us I believe, very, very strong benefits that it would be very difficult for others to catch up easily or quickly on. I must say we don't believe there should be a lot of other AI treasury companies out there. I believe there should be. But I believe we are one of the first in now to do that. And of course, if there's a reason coming right now, I already explained what a discount our company is at right now. All we can do because, of course, as we can see, our share price goes up and down through other actives in the marketplace, but all we can do is to continue to build our assets through things like the AI treasury and then communicate just like we're communicating here. So people can really see the reason they want to come on board and really the cheap price they're getting for the assets we're now going to be building from now onwards through this treasury as well. So hopefully, that kind of explains a bit on that. And just because I know we're kind of like coming up to the hour. Let me just come back here, why do we have 3 phases because we are in a very unique year this year in terms of these effectively $1 trillion IPOs. I mean like what SpaceX is going to be the biggest IPO ever and it's going to be followed from the looks of it by the life of Anthropic and Open AI, we've never seen anything like that ever, right? And the fact that we're actually seeing that take place right now. And we made the conscious decision because we believe there will be a lot more capital going out on Bitcoin in the short term and into AI. We made the decision to liquidate [indiscernible], which obviously now looks like a very good decision and put it into AI instead. And then as time goes on and Bitcoin bottoms out, then we're going to be able to scale both of them together. By Phase 2, we're going to second order companies, infrastructure and by 3 is fully in the second order. So what we mean by that is that we are following the thesis of a lot of the top mentors that we have right now. We have got basically after this pre-IPO phase, we've got the infrastructure, which includes semiconductors, hyperscalers. That's the likes of public companies like NVIDIA, like Tesla, or perhaps Tesla and SpaceX become one. And of course, we then will have stakeholdings in each of these companies as well. And our belief is we're better off having a stakeholding of 30 or 40 companies than being in just 1 or 2. And the reason that's important is it gives all of our investors' exposures true Genius to the entire market. And so as the whole market grows, then we'll be growing with that market as well. But basically, this is all around the second phase, the power generation the compute capacity and the investments you'll be seeing will be around that. We don't expect the Phase I to start until 2027. But the goal is for that to take place through 2027 into 2028. And again, timings will change, right? But that's what our current goal is -- and by Phase III, you've then got basically the $50 million -- I'm sorry, when I said Phase II, Phase III, I'm mistaken myself, this I'm going to correct myself. This is the first $100 million. We then obviously have the 200 million, the 400 million, which is what I'm really talking about for 2027, '28. So already the investments within the infrastructure part and then the second order will be taking place this year we'll be seeing how much we can be speeding up the $20 million first investment because it really does depend on our different levels of financing, and we're in many conversations right now about how we do this at board level. So we will be giving updates as we go. But basically, from the infrastructure, we then get on to second order beneficiaries where we now are talking basically about the robotics side, we're talking about like the memory growth. We're talking about basically like the early parts of what we're seeing now with quantum computing. And so each of these areas as well, we'll be seeing as this is taking place, a pretty dramatic growth in our own AI capacity in terms of how we are building up our portfolio as well. And we'll be sharing a lot of those same tools that we're using for what's appropriate for Genius that allows every individual to be able to build up their own platform as well. Very excited that one of our products that we're launching is going to be a dashboard that is AI powered for any investor that's looking to combine their property investments together with the equity investments and the crypto investments and be able to see it all in one place where the AI is advising them based on their own risk tolerances, personal preferences, how much time they want to be investing in it and so on and building that as a go as well. So that really kind of gives you a bit of an overview of the different elements in the steps and how we see the growth of this as we go. One final thing I would share because I know that I do want to cover this before we finish as well. You'll see this document here. We're up to Page 33 already. It also goes through the compliance aspects how we're going to make sure that we are -- we've been like what I'm very happy with is with the challenges we've had as a small cap company. Many of the peers that were alongside us several years ago, they are no longer in business or they lost compliance with NASDAQ rules and so on. In our case, because we're on NYC American, we're able to be trading at under $1 at the moment. But our intention, obviously, is to see how our share price recover to over $1 and a big part of that is how we make sure that we remain compliant with everything that New York Stock Exchange and SEC have all public companies. And so we've got very good advice on making sure we do that as we go forward. And I mentioned that at the very end here, we have a reading list. So this reading list here has got a lot more information on each of the different of these 3 funds that I mentioned. But it's also got is the thought leadership assays, which I highly recommend that everyone takes some time this weekend to read, starting with situational went, if you haven't read it already, the intelligence age from Salman. And then there's also machines that loving grace from Dario Amadeo and the research reports in here are all coming from the likes of Goldman Sachs, McKinsey's, they're all very, very recent. They're role in 2025, 2026, where you can see just this incredible growth that's taken place and the market studies that are behind it right now as well. So I'll just finish on that note and say, again, really great to have those who came and joined us to be part of this. and really looking forward to the coming months as our treasury scales out. I'll come back over to you, Suraj.

Thanks, Roger. And that's exactly like when you started like Genesis about preparing humanity for the future and how we even worked out these phases and going through each of those for anyone, as I mentioned, want to part of like how we are going through this entire process to join into one of the events as well. And thanks, Roger, again for organizing this. It have been a great session. I don't see much of -- we do have some comments, but then different language, which I can't read here.

We're attracting a lot of people here in Asia as well. So I will share in terms of a couple of different updates that we didn't share at the beginning. Many of you know that we're in the process of dual listing right now. while we have to wait for the ASX and they've got their own time frame that they're on at the moment. We're looking forward to hearing back from them as well. And attracting a lot more of the investors out here in the Asia Pacific region to what we're doing right now as well because it is very unique. And the second thing that I did mention in one of our press releases and this will be coming up very shortly as well is that we have got our bitcoin late program. Very excited that we had a lot of our shareholders who put their shares out of brokers and DRS them with destock, which is our share transfer agent. And it went so well, right? That basically -- and that's a $0.10 per share that we were offering, which obviously, if your share price is $0.25 to $0.30 is a very high percentage. But it went so well and we were we were delighted to see that ome of the basically spin-offs of that, which we weren't really thinking about, but became the highest value. With that, we have the database of these incredible shareholders that basically were saying, hey, we're in this for the long term. And so we said, okay, we really want to build that and build this community. So we're going to repeat that. The details of exactly what that repeat looks like. We're going to get that out very shortly, right? So look out for the PR on that and the instructions on how to actually go through that process. But for those of you who actually participated in the first round and you have your shares at B-stock right now, we're just getting that details. I believe we now have it from B-stock on the share count last Friday, going out to everybody to basically organize for either the return on the dividend that you get on that or you could even actually put it into the next round if you'd like to do that as well. So whatever works best for you, we'll accommodate that. So we're very, very excited that that's happening as well. And also, some of you might have seen the 6-K that just came out, that have converted $10 million of my shares, which were Series A -- sorry, Class A cut them into Class C, which means that they're no longer a tradable on the New York Stock Exchange. So we are going to continue to look for smart ways that we can really basically control the number of shares that are actually in the market or that could be borrowed and shorter, et cetera. It's a very, very big part of our focus is how to do the right thing by the shareholders. And so the news cycle and what we're sharing I really believe the next couple of months will be very busy. So keep a look on our investor site or on our ex feed. And hopefully, you'll be like happy with the kind of progress that we're making. And as of that, I would say for all our investors, is if you have other investor friends, other people out there that you think might be interested in this novel way of thinking about being a stakeholder in this new economy that's coming our way and not to be rolled over by it, but actually be surfing it. I think this is a great opportunity to share the news and even share this recording on what we're doing and how we're doing it.

Beautifully said, Roger. Thank you so much, and thank you, everyone, who's joined us as well. And the takeaway is simple like we're preparing for the AGI era, which is coming in and we are investing as owners in the company is creating it right, right? So, thank you for being part of it, and we'll probably see you at the next update. A lot more updates coming soon as well.

Fantastic. Thanks very much, everyone. Bye-bye.