Capital Markets Day Transcript - GNS 2026-06-04

Suraj Naik, Head of Investor Relations

Welcome to the Genius Group Investor Call. My name is Suraj Naik. Thanks for joining in. I'm one of the directors at Genius Group and also here with our founder and CEO, Roger James Hamilton. Hi, Roger. I'm just going to give 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 one 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 of Genius U 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 work internally in the company as well. So good to see you here, Roger. How are you?

Roger Hamilton, CEO

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

Suraj Naik, Head of Investor Relations

Yeah, 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 off, the forward-looking statement, some admin work that we need to do. So just to make sure, this presentation is the summary of the company's our treasury white paper uh the uh june 2026 and uh just read through the uh full disclosure uh statements any risks factors uh evaluation uh methodology and detail analysis as well so now that we have this uh admin thing out of the way uh where are you roger right now are you in asia europe other things uh right now in bali and so uh and actually one of our resource a genius results so uh we're actually running a program at the moment we just finished our ai lab as well so i know sharing that a little bit about all the things we've been seeing on ai uh from you know

Roger Hamilton, CEO

here in indonesia uh but uh yeah let's let's jump right in shall we yeah yeah yeah so roger there are a lot of new investors for joining in as well uh for anyone who is new to the genius story uh can you give us like a quick tour of the full picture what is genius group today oh yes uh i think that's a good idea siraj uh we'll do this we'll um we'll just take a few minutes because i know a lot of the uh the watches today are long-term investors so thank you very much for everyone who's been with us over over the last uh number of years and for anyone new who's here uh let me just share my screen and i'll just give you a quick whistle stop tour on some of the elements uh 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 site. So 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 up 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 entire mission is, which is around the future of singularity, artificial general intelligence, and this entire growth that we're seeing right now through the things we're going to be talking about on this call, which is the 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 is 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 Genius School, which is our primary school, secondary school, 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.net site, we also have this site here, which is the Genius Academy site, which is for anyone here interested in investing in entrepreneurship. 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 microcourses that we run as well, as well as the 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 geniusbali.ai. And in here, you'll see the images of Genius City, which is now being built in Bali. It's quite incredible how quickly Genius City and Nuanu 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 four or five 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 six who are presenting their genius journeys. And 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 then are using AI tools. So obviously, Suraj, 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, you know, builds it, then expands it. And we've got that across multiple companies right now.

Suraj Naik, Head of Investor Relations

And student AI, maybe you just want to share with everyone how how fast this got to the first 300 000 students um how you just basically uh with the team have launched a whole series of new uh uh programs on here which are ai driven for the entire k12 curriculum right now yeah totally uh i think a lot of great things are happening over there first of all uh just last week we launched our ios app uh as well which is curriculum aligned which was much a lot of the demand from these students that were coming on and we built this the back of the AI lab which we ran like about a year and a half back. It started as the project on the back of that and then the way it scaled we have now students from like the top 500 universities 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 students are coming in and using it for learning not just for like shortcuts and everything else right so they're linking into their curriculum and on the back of that what you have here is the teacher ai so we had this uh sort of a crazy thing going on in student here where the teachers were logging in uh to run like see what the students were doing and then the request started coming in like hey can we have a version of this for the teachers and then we started to then work with the uh with teachers and the schools uh as well to build this out so we've got a new version of teacher ai uh that's launched as well where it's helping them with lesson planning uh helping uh like with communication uh with this parents school and also with the students if any particular student is struggling right so it's uh great to see these uh grow and i'm super excited to launch the ios uh app for student uh which is very uh sort of curriculum aligned for each of the countries uh and and i mean it's just really incredible how quickly once you have the right platforms those who may not be as you know up on ai as some of the the people you know on places like you know x and others that are actually just you know creating everything on their own once you've actually got the platform the tools you can grow so quickly and the reason the reason i think is

Roger Hamilton, CEO

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 AI executive team member. That was Alan Turing 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. shortly. We're pretty, very excited about it. It's the geniusu.ai site, which is all AI powered, which does more than just educate people that are trying to reskill themselves in AI. What it also does is it actually matchmakes them with all of the companies that are looking for the right AI experts, whether they're someone that happens to be using Claude, using, you know, Codex, someone who happens to be, you know, like, you know, proficient in using Gemini. And what this does basically off the launch is matchmake all of the top uh courses which already are um you know with nvidia um uh you know basically uh you know grok uh we have on there uh with the tools that we have in the uh and and the and the course we have um same with everything from you know xai microsoft uh there's a partner program i mean maybe you want to share suraj you know the fact that um you know we've just got that with anthropic uh that just happened i think this week did it not yeah that was last week uh itself so uh with student here and teacher what really happened was uh we were looking for like scaling really fast uh on the because so much is

Suraj Naik, Head of Investor Relations

happening so many of these companies like the microsoft's uh they have the startup uh partner program uh so does nvidia inception program as well we went through the process where they evaluated what we were doing uh on the student and the teacher side and then uh we got uh into that And the same now has happened with the Cloud, which actually launched, the partner portal launched just yesterday. And we were on there for the platform itself. So they're like showing us how best we could use the tools.

Roger Hamilton, CEO

And that's where I think we get sort of the initial access to build really solid products. right and so this also leads to what we're um also having on our product plan this this year which is how we got to the ai treasury uh which is that we have our genie ai which is directed in each of the different platforms so the entrepreneur uh platform entrepreneur academy has got in it all the right tools for people that are building a business but we also have that from the investing side and in the investing side obviously we use the platform ourselves and we and we got to our genie ai and said okay well for um you know 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 and 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 like 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 uh you know the the the real estate and the value on top of it and we're seeing exactly that now happen um which we started with the bitcoin treasury we're not going to be talking about the ai treasury uh that just ownership is what really makes that difference so this has all been notified by the actual activities that we've been going through on the ai side and and and i think you know that's what's very exciting about what we're about to share yeah yeah and thanks for sharing that as well and then in terms of like the treasuries uh we did the the jewel bank uh and the uh this two treasury how do you see them sit together in the structure uh i think we can get into that in a moment as we cover it maybe we just cover a couple of uh kind of hot topic pieces so that anyone who came on you know wanting answers on some of the things that have been making their rounds on social media etc that we just cover the key things first and then let's jump straight in shall we yes yes let's do that uh 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 a 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 you know 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 to pr out but then it's not absolutely clear exactly you know what the um uh what the perspective is from our side um i would say that on the one hand we see online a lot of very uh uh loyal as well as uh very positive um uh investors that that really love our story and what we're growing which i think is fantastic on the other hand uh 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 this FUD that shows up and these people that are strangers with 50 followers who suddenly seem to be experts on Genius and then saying all this stuff about what the executives are doing or 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. 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 advised 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 you know big 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 um the company and the value of the company uh we always see these things happening about oh maybe it's the company that's uh out there and they're diluting and they're uh you know uh 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 you know we are you know just some paid employees where we're just you know ceos that have no skin in the game we're the ones that are actually really building this up. And I know, Siraj, 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, you know, the use of our ATM, for example, is minimal. It's like if you looked at our volumes last year compared to our published 20F audited accounts, you can see it's a fraction, you know, in terms of a tiny percentage that we even use of the ATM compared to our volume. And if anyone was to say, well, you know, is the company doing it? The times when our ATM's actually been stopped altogether, which was pretty much around the first half of last year when we had this injunction, that's when we saw the biggest drop, right? The time when in the first year or two years when we saw big drops, we had no ATM. And in times when 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 two years you know our our total assets you can see this in our in our financials for 2023 uh was around about 19 20 million dollars today is closer to 100 million dollars um and if you look at even with like you know the fact that there's new issues of shares and so on um you go back two years you were getting about 27 cents uh per of net asset value per share compared to 60 cents more than double today so it continues to grow and I believe that with this plan we're going to see it grow an awful lot more as well to have an asset value which is double more than double uh the share price today you know clearly we're at a discount to that and um 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 ai you know funds out there that are trading at you know three to as we're going to show nine times then asset value versus a third of the nasa value so well sorry in that case half and 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 would definitely be one thing that I would say. And the second thing is we're tracking all of this. So when we see crazy, you know, swings in share price, we're of course, you know, 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, you know, I've seen things out there also about the fact that there were unusual, you know, unusually high payments to some executives last year, et cetera, in the company. No, we made it very, very clear in our disclosures as well, that when, you know, certain third parties forced us to basically sell our Bitcoin, and that immediately, if a US court says you need to sell your bitcoin or you need to stop all bitcoin you know activity at the same time um that we're basically providing uh uh you know um ability for people to be able to you know get shares or even issue shares uh as part of their compensation we have no choice at that point because that's against singapore law uh then have to take what is the years multiple years um of basically share option plans um and just basically liquidate them right which obviously means they turn to cash uh 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 brought back, Suraj, I've clearly brought back a lot. The other directors and executives have been buying back too. So I think that this is something which everyone should really keep in mind as well. We're doing everything to be compliant. And while there might be, you know, attacks on our company, we're always going to do everything the right way and defend things the right way.

Suraj Naik, Head of Investor Relations

So again, probably biggest message of all that is ignore any noise that you see, which there's absolutely no substantiation for, right going forward uh and with that um hopefully that clears the decks for us to be able to now share uh you know our plan for what we're going to be doing with the um with the ai treasury totally totally and thanks for sharing that i think that was a critical piece and knowing that internally we are so much focused on the entire uh ai building of the business and bringing all the product so uh 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 itself, 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 a lifetime, Roger?

Roger Hamilton, CEO

Yeah, 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, 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 FG Sun's future fund and SoftBank. SoftBank was probably, you know, the most well-known company in Asia that started taking stakeholdings in Alibaba and Yahoo early on, took stakeholdings in the likes of Arm and OpenAI. And he's been waiting patiently for what he calls the singularity, which is what we call, you know, post-AGI. And when you look at what's happened over the last two years, he's gone from $90 billion to $305 billion. And this is a video of him talking about getting to a trillion. And obviously, if you're tripling like that, you know, one more tripling and you're already at a trillion, these are phenomenal numbers, right? And obviously, we're much, much smaller than that. So we're not saying we're suddenly going to be a trillion dollars. But, you know, when we look at, you know, our goal to, you know, achieve a $2 billion on our treasury, it really is a small number compared to the kind of numbers that are showing up here. And, you know, I've been, you know, posting quite a bit on Peter Demandus, who's obviously been in 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 10x the size, maybe in the next 10 years of the entire world economy today. I gave that example in, you know, this, this, you know, story of what, you know, what the world could actually look like right and and the speed of growth uh i believe in you know one of the posts that i did earlier where i was saying look if you actually take uh the fact that if someone was to go you know back be back at the time um of uh you know you know america just getting started um and at that point you know someone was to be thinking about well to what extent you know is the um you know world is uh you know moving in terms of like the speed um of the uh a growth of the world at that point um you know really at the time when you know uh my uh my distant cousin alexander hamilton uh launched the first uh ipo or public listing on new york stock exchange which was the bank of new york when he did that there was only about three million people in america right compared to you know 150 million in europe and if someone had said at that point well you know like America will be as big as Europe one day. Well, that was totally missing the point because, you know, Europe was only like, you know, what, 300 billion at that point. And of course, you know, America is now in the trillions. And so we are in a very similar situation where this 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 Anthropics ARR 2022, which wasn't that long ago, it was 10 million. And then at 10x to 100 million, 10x to a 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 an early investor in Anthropic, then of course, you'd be seeing that growth because a 10x growth is one thing, but you do that three times and that's a thousandx growth. So the idea of the ordinary investor having an opportunity to have access to the kind of private companies even before they IPO and also to the growth that is now going to be taking place over the the next three or four years uh you know and there's now you know this is this is culturally talking about nothing's ever certain but talking about you know what is the percentage odds um that uh these uh you know three companies spacex anthropic open ai are going to be having an ipo this year uh and it just keeps accelerating right so we'll be watching and seeing where this is at. But even in our announcement two 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, you've been seeing this as well from your side. So, you know, do you want to just share your perspective? Because I know, you 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.

Suraj Naik, Head of Investor Relations

Yeah, totally. Yeah. And there's so much activity happening even in the community itself. There are 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 book next week. That also came as an invitation course 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 growing 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, Stockholm are growing as well. So it feels like this space where everyone's working towards this sort of single goal. And the shift and the speed at which these shifts are happening is incredible. A day late in AI, you'll see something new being launched as well. So you need to be at the forefront of this. That's why I think it's amazing to see how things are happening as well, right? Especially with like SpaceX coming together with say the Grok, Antropic launching all these amazing things. Open AI as well, cutting down on certain items and really scaling on the So 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 AI is prompting itself to do certain things. So it's incredible.

Roger Hamilton, CEO

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 and think it's happening on the outside, it's like hearing the stories of Anthropik, of OpenAI, of NVIDIA, of Google, right? of what, you know, 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, you know, their success is our success, is your success, right? It's like, you know, 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 We're part 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 their money as being an investor, 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 Altman calls not universal basic income, but universal basic wealth. where we, or in his case, he wants to see universal extreme wealth, this idea that basically we have 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 as a share price right now, I think around 30 cents or something. So the fact that someone already can participate in this new economy uh 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 here but we've we've already got i think a good preamble maybe we go through three key areas of the slides and the presentation over 10 minutes each uh do you want to just kind of lay the framework saraj and then let's jump in yeah uh totally and thanks uh for sharing that as Well, I'm just going to open it up here on my site. Yeah, to be honest, I can share my screen as well. We go and then we can discuss it. Yeah, I think that would be great. Yeah, yeah. 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 AI Treasury. and then we're going to talk about the five-year plan and then zoom in to the one-year plan of what we're doing this year and what we're already doing right now, right?

Suraj Naik, Head of Investor Relations

Yeah, yeah. I'm just going to...

Roger Hamilton, CEO

Let me pull up. I'm going to put my screen so you can see. I'll go for the entire screen if I can. All right, here we go. So this slide, as I mentioned, are going to be on our website. You're getting the first few 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. Siraj already was mentioning forward-looking statements, risk factors. These are all included in here. So nothing we're doing right now is basically a call 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 US 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 three phases that take us there and the five-year roadmap. Just what you were saying earlier, Siraj, around if anyone's 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 Altman, it's possible we'll have superintelligence in a few thousand days. Dario Amado, who is the CEO of Anthropic. Powerful AI would arrive as early as 2026. Dennis Hassabis, who's basically leading AI at Google. We're getting closer to AGI, and I think this decade is when we'll see it. Elon Musk's digital superintelligence would likely arrive in 2026. So there's already all this focus. Leopold Ashenbrenner, I know that those shareholders of ours who are in the know 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 has been watching that fund, you've just seen it has gone up exponentially. And of course, you know, to get into a fund like that, extremely difficult. If you want to try and mimic his 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 already really share as we're going forward on the steps as well. And everything that they're talking about is making these five 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 listings now taking place with the large um llm models the frontier models um we have obviously uh what elon musk has done with spacex which is effectively like link xai with spacex uh and uh what you're seeing when when when you are using your starlink uh whether it's on a plane or whether you basically connected it which is basically um satellites in space uh the fact that we're going to see compute in space which is solar powered uh which is going to effectively mean that our ai is going to be based out there in space as well. That really does change everything. I don't know if anyone's 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. 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 to 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 is in an orbital company? And of course, that was part of what Jeff Bezos' 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 orbital AI infrastructure. So the growth of these five, we've given you the reports which show you what the predictions are of these five going forward as well uh and um and we've got that in the white paper too uh and uh and then i just want to finish with just two slides here and then show you the white paper uh the first is as i mentioned a lot of the actual funds now that are growing uh and if you go and do the maths on like the future fund if you go and look at some of you know the other funds that are now getting involved if you can get into them, right, for, you know, pre-IPO companies, you're looking at a two to nine times multiple on their net 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 at 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 a third of that total assets. And it's less than half of our net asset value which is which is at 97 million dollars uh and keep in mind that this included at that time um uh basically uh liabilities in terms of uh long-term debt which has since been paid off right so uh 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 a column which is showing our goal for this year uh again like nothing's ever guaranteed but a target of 280 million we believe is very very doable uh which is the 137 million that we finished last year with additional growth we have genius city we have dual bank which is our digital bank that we have a 9.9 ownership in and if we can achieve 100 million dollars in our agi infinity portfolio uh this will considerably grow our net asset value per share um so we're not giving the actual guidance on the 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 two years uh we believe that um with these kind of numbers here um 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, you know, AI treasury companies, but also, you know, more investors that see the value that we have locked up within our portfolio as well. And then, you know, finally, one thing I want to say around this inflection point is that these Frontier Labs, I mentioned Anthropic, but obviously OpenAI has also had, you know, crazy growth rates, which are, you know, like, you know, effectively also getting them a multiplier, you know, going from December 2024, 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, you know, every dollar you're investing now potentially could be worth two, three dollars. 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 two or three. What that looks like and what I believe will happen in the future is there'll be more AI 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 raising the IPO already has been reported that if it does go as planned, it's going to be a multiplier factor over the last five 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, you know, this whole aspect about like, how do you even get access to companies like SpaceX, Anthropic, OpenAI, et cetera? Because, you know, 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 it happening, 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 our own AI treasury as well.

Suraj Naik, Head of Investor Relations

And the thesis is direct like pre-IPO ownership as the largest possible look through, right? Through the names and the names that you sort of mentioned who are going through this between the 26 to 28 IPO.

Roger Hamilton, CEO

The phase alone, like what we're getting into, like covers close to 40% of the SpaceX, Anthropic, Open AI Databricks, XAI and others, right? to this uh yeah this already emotion itself right yeah exactly exactly and so just to that point right like like what what has been the pathway which is the initial pathway right and this is i think one of the most important things you know 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 uh you know funds themselves have got a lot of restrictions uh they put a lot of restrictions also on investors that come into those funds as well. And we've actually seen an advent 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 in our dollar cost averaging? ARK, many people know of Kathy Woods and her ARK funds. She has got one very specifically, ARK Venture Fund, where she started it really right back when X was Twitter. And the first investment that Elon Musk made, ARK Venture Fund actually made an investment into that when Twitter was valued at $44 million. And there's been basically, you know, 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, the fund is valued, net asset value. Not easy to go invest in that fund unless you actually go, you know, and for example, you can't do it for your normal broker, but you can do it if you actually go out there. 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're going to have an interest in that fund. The other two, Fundrise, we have got within our community a very large property investor community. So any property investor will most likely know of Fundrise having started as a crowdfunding 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 Destiny Tech 100, a similar concept and it only had its IPO about, what, two 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 a 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 Anthropic, on OpenAI. And then you have these other AI companies like Databricks, Anderil, Shield AI, 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 AI treasury, and no one had yet actually gone for their S1. Since then, SpaceX filed in April for their confidential S1, when now they've obviously made it public and their roadshow, I believe, starts imminently. And Tropic just at the beginning of this week just also announced on their website that they also have now filed their confidential S1 with SEC. And there's been plenty of reporting from the likes of Wall Street Journal and the other financial media that OpenAI 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 contents, what our entire treasury strategy is, which is for us to build up over five years to $800 million in our, this is our target. Again, things always change, right? We've been told by our lawyers, we've got to give disclaimers on absolutely everything. But this is our target, our internal target of $800 million. 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 percent, 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, you know, 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 that 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. You know, MicroStrategy 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 of 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 two schools of thought. One, that institutions will come in and continue to basically push Bitcoin's price up. There were other people who believed that the four-year cycle would still prevail. We're in the second camp. We believe that the four-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 this four-year cycle, is coming up this October. And then the next halving 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 in 2030. Well, if we're in a case where we aren't really buying until after the low and we're balancing against our A.I. Treasury and the A.I. Treasury is now effectively growing with the A.I. side. And again, there's people who are saying there's going to be a crash, et cetera. 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 Matsuyoshi-san did. And then we'll be seeing the returns, you know, 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 inside 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, you know, in a normal, traditional industrial age company. um you know i'm going to kind of go through this pretty quickly i'm going to go down to these three funds that we chose and why we chose them uh when you're when you're buying into a fund that has a track record uh of the entire pathway this is a consolidated track record where you can see the destiny tech 100 the arc venture fund and the fundraise as two as three examples and you can see here really you know starting off uh with you know investment spacex when it's only 125 billion compared to 1.75 trillion now, or, you know, at the beginning with ARK, we're invested in Anthropic at 4 billion, when it's now just had an 800 billion dollar round. I mean, like, it's just ridiculous, the returns that are coming, even at this 185 billion, that was 45x. And this isn't a decade to get there. This investment was made in 2023. And now here we are in 2026. So, you know, 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 missed 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 C, 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 45 times gain. And as I mentioned, they've just had their latest round, which is much higher than that. Figure AI went from 2.6 to 39 billion. So that's a 15 times gain, etc. 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 as they happen, knowing that the next gain could totally come from a different place. But a lot of what is, you know, 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 mastermind 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 easing our way into the positions on each of these as we go as well. But 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. But that's currently planned for the middle of June. So we're only a few weeks away from that right now. Anthropic at around about 10.5%, OpenAI at 7%, Databricks at 6%. Obviously, XAI 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?

Suraj Naik, Head of Investor Relations

And so that really kind of gives you a bit of a picture of what we're currently doing uh and maybe we can then cover a bit on what does phase two what is phase three like uh the back of it uh but i'll take a breath and give you a chance to kind of just digest that for a moment totally and and that's that paper itself is so in that uh uh itself like in so much of details that i've gone through uh it uh and as you mentioned we have these events that are happening in bali uh at our places so if anyone here who's listening in and wants to be part of ecosystem and wants 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 there's the masters coming on uh soon as well so when you do come in you you see like how our operating structure works as well and we've had some of the investors who came in uh in the past and they were just looking at how uh what what the real customers go 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'll 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 yeah great and of course we've got a whole section on that because a lot people would have said the same thing about why why would someone invest in microstrategy instead

Roger Hamilton, CEO

of in uh bitcoin right or why would someone invest uh if they could just go invest in alibaba why would they invest in softbank right so um so so let me just share i'll come back in a moment to the um to the three uh steps because i think it's important for us to to see what the picture looks like uh but i i would say that there's really six key points as to why um why invest in genius right like what makes us you know uniquely uh different uh from just going directly to a different fund The very first one 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 that really does mean that once, you know, SpaceX or OpenAI, they list, these funds will no longer be, you know, going after them. They're going out looking for other pre-IPO companies. In our case, we're looking at the full gamut and the full pathway across it, very similar to what SoftBank was doing with, you know, the early days of Web3. 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 are the 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, whereas 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 telecoms and then got into IT. It has its operating business. Similarly, MicroStrategy has its operating business. Even Boxer Hathaway has an operating business in insurance where it's creating cash flow and then it can continue to grow. The reason that's very important as well is, you know, generally with a fund, if a fund doesn't have that additional source of cash flow, it really depends 100% on, you know, the investment and redemptions of the investors. Whereas in our case, you know, we can be, you know, 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're not forced to sell. we're not you know in a situation where we can't still be you know paying for everyone's salaries you know uh making sure that we're we're managing it uh every one of these funds has also got a percentage management fee obviously in our case there was no percentage management fee because the management team is all being managed uh the cost through the operating company as well um 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 1990s you'd be in big trouble. Or even if you're a pop star, you'd be in big trouble if the only way you were making 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'd be saying, okay, well, I can give the music away for free. I can be doing the concerts, right? I can be, you know, finding smart ways to, you know, be building a community. I can be, you know, creating merchandise. And so that's very much what we see as well. We're an education company without needing to make money necessarily from the education. In fact, I believe in the future all 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 um 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 know you get paid to get a certificate you can't use potentially you're actually you know creating products or creating value in the new economy that actually is of high value and you've got a percentage stakeholder in that um as that really is the way that we're thinking about genius group uh the asset value is much much more important uh than any other measure in terms of how we're going to be growing um and then when it comes down to basically like i said multi-fund 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 um and definitely by being a singapore domicile tax official 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 is 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 zero capital gains tax on that. And of course, any of our investors, they see that benefit how you manage your own tax that's your thing but basically as a company that is building up a not just ai treasury but also bitcoin treasury which has got zero percent 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 balancer to the 40 percent rule i don't believe there's anyone else who's doing that right now and so that allows us to scale uh well beyond um you know what was possible in the past uh and a really big part of this is uh you know we already had a separate um uh presentation which is on our site as to why we bought into a digital bank we really believe that in the same way that you know ai is going to power the future workforce uh we're also going to see digital banks uh power the future future economy and so our ability to you know issue stable coins to actually take deposits uh 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'd be very difficult for others to catch up easily or quickly on. Not to 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 right now to do that. And of course, if there's a reason to come in 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 actors in the marketplace but all we can do is to continue to build our asset um 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 um and and and really the cheap price they're getting for uh 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 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 three phases? Because we are in a very unique year this year in terms of these effectively trillion-dollar IPOs. I mean, like, well, SpaceX is going to be, you know, the biggest IPO ever, and it's going to be followed from the looks of it by the likes of Anthropic and OpenAI. 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'll be a lot more capital going out on Bitcoin in the short term and into ai we made the decision to liquidate our bitcoin which obviously now looks like a very good decision um and put it into ai instead uh and then as time goes on and bitcoin bottoms out then we're going to be able to scale both of them together uh by phase two we're going to second order uh companies uh um infrastructure and by three it's fully in second order so what we mean by that is that we are following the thesis of a lot of uh you know 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 stakeholders in each of these companies as well. And our belief is we're better off having a stakeholder in 30 or 40 companies than being in just one or two. And the reason that's important is it gives all of our investors' exposures through 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 two 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 three, you've then got basically the $50 million. I'm sorry, when I said phase two, phase three, I'm mistaking myself. 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 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 onto second order beneficiaries where we now are talking basically about the robotic side we're talking about like the memory growth we're talking about you know basically like you know 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 their equity investments and their 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 they go as well. So that really kind of gives you a bit of an overview of the different elements and the steps and how we see the growth of this as we go. One final thing I share because i know uh that i i do want to cover this um 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 uh we've been like what i'm very happy with is with the challenges we've had as a small cat company uh many of the peers that were alongside us several years ago they are no longer in business or they lost compliance with nasdaq uh rules and so on In our case, because we're on NYC American, you know, we're able to be trading at under a dollar at the moment. But our intention, obviously, is to see our share price recover to over a dollar. 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 for 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 free funds that I mentioned. But what it's also got is the thought leadership essays, which I highly recommend that everyone take some time this weekend to read, starting with situational awareness, if you haven't read it already. The Intelligence Age from Sam Ullman. And then there's also Machines of Loving Grace from Dario Amadell. 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 all in 2025 2026 where you can see just this incredible growth that's taking place and the market studies that are behind it uh right now as well so i'll just finish on that note and say uh again really great to have those who came and joined us to be part of this uh and really looking forward to uh you know the the coming months as um as our ai treasury scales out i'll come back over to you saraj words thanks raja and that's exactly uh like when you started like geniuses about preparing humanity for the future and how we even worked out these phases uh and going through each of those uh for anyone as uh as i mentioned wants to be part of like how we are going through this entire process to uh join into one of the events as well and thanks roger again for uh organizing this have been a great session uh i don't see much of we we do have some uh comments but then different language which i can't read here we're attracting we're attracting a lot of uh people here in asia as well so so i will share you know in terms of a couple of different updates um that we didn't share at the beginning uh many of you know that we're in the process of dual listing right now uh while you know 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 and attracting a lot more of the investors out here in the asia pacific region to the 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 loyalty program. Very excited that, you know, we had a lot of our shareholders who put their shares out of brokers and DRS them with Vstock, which is our share transfer agent. And it went so well, right, that basically, and that's at 10 cents per share that we were uh offering which obviously if your share price is 25 to 30 cents here is is a very high percentage uh but it went so well and and we were um you know we were delighted to see that one of the uh um you know basically spin-offs of that which we weren't really thinking about but became the highest value was that we had this database of these incredible shareholders that basically were saying hey we're in this for the long term um and so we said okay we really want to build that and build this community uh so we're going to repeat that uh 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 of 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 6K that just came out, that I've converted 10 million of my shares, which were Series A, sorry, Class A, put them into Class C, which means that they're no longer tradable on the New York Stock Exchange. So we're 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 shorted, etc. 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 out on our investor site or on our X feed. And hopefully you'll be happy with the kind of progress that we're making. And outside 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 to 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.

Suraj Naik, Head of Investor Relations

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're investing as owners in the companies 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. Thank you very much, everyone. Bye bye.