在出售其拥有的所有代币后，一家上市公司正在使用 Strategy 的 STRC 手册重新启动其 8.27 亿美元的比特币金库计划
核心要点
- 美国上诉法院撤销了 Genius Group 所说的限制股票发行、融资和比特币购买的禁令。
- 美国第二巡回上诉法院撤销了一项初步禁令，Genius 称该禁令限制了其发行股票、筹集资金和购买比特币的能力。
- 几天前，Genius 公布了一项五年资本计划，目标是 8.27 亿美元的比特币金库和 8 亿美元的人工
投资者是否愿意为该计划提供接近 12 亿美元目标的资金仍悬而未决。
Genius 现在依靠 STRC 式的优先股模型从零 BTC 重新启动，同时扩大现有的人工智能风险敞口。
美国上诉法院撤销了 Genius Group 所说的限制股票发行、融资和比特币购买的禁令。
Genius Group, a Singapore-based education group, has cleared a legal obstacle to raising capital for its planned Bitcoin and artificial intelligence treasury expansion.
美国第二巡回上诉法院撤销了一项初步禁令，Genius 称该禁令限制了其发行股票、筹集资金和购买比特币的能力。 8 月 31 日的命令取消了适用于该公司的禁令，并将争议发回纽约南区。
几天前，Genius 公布了一项五年资本计划，目标是 8.27 亿美元的比特币金库和 8 亿美元的人工智能投资组合，预计到 2031 财年总资产将达到 20 亿美元。
Chief Executive Roger James Hamilton said the company believes Bitcoin and AI are entering new growth cycles and intends to use permanent capital to expand exposure to both.
预计优先股将在该战略中发挥核心作用。
Genius pointed to Michael Saylor's Strategy use of Bitcoin-backed preferred securities like STRC as a model for raising capital without relying solely on common-stock issuance. The market value of those securities now exceeds $13 billion, giving Genius a template for funding long-duration assets while limiting dilution to ordinary shareholders.
该公司计划发行 12 亿美元的此类证券。其收益将分为比特币购买、人工智能投资和涵盖大约 18 个月优先股股息的现金储备。
Hamilton said the structure is designed to expand both treasuries without issuing additional ordinary shares, with returns above the preferred dividend rate flowing through to net asset value for common shareholders.
然而，与目标相比，第一次加薪仍然很小。 1250 万美元，约占比特币 8.27 亿美元目标的 1.5%（在任何收益分配给 AI 或股息储备之前）。
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Genius reported $106.6 million in net assets and no third-party debt as of June 30. The final size, pricing and timing of the preferred financing remain subject to market conditions and board approval.
人工智能风险已经存在，比特币必须重建
Genius is pursuing its Bitcoin and AI ambitions from very different starting points, with one requiring a rebuild and the other already underway.
The company first adopted its Bitcoin treasury strategy in 2024, directing most of its reserves into the asset and building its reserves to a peak of 440 BTC.
然而，由于法律纠纷限制了其融资和股票发行能力，这一策略后来发生了逆转。结果，Genius 出售了其持有的比特币，并于 4 月份退出了剩余的比特币，用所得收益偿还了 850 万美元的债务。
它现在计划在第四季度重新开始购买比特币，但尚未披露新的收购情况。
与此同时，其人工智能曝光度也在进一步提高。
Genius launched its AGI Infinity Portfolio in May and made its first investment in June, giving the company indirect pre-IPO exposure to OpenAI, Anthropic, SpaceX, Anduril and Databricks.
The company has also outlined an initial $100 million AI deployment across pre-IPO funds, listed infrastructure companies and businesses expected to benefit indirectly from wider adoption of artificial intelligence.
That leaves Genius trying to rebuild a Bitcoin treasury it previously dismantled while simultaneously scaling an AI portfolio that already has exposure to some of the sector’s largest private companies.