Genius Group says it’s been banned from buying more Bitcoin
Genius Group, a Singapore-based AI firm, is temporarily barred from expanding its Bitcoin treasury due to a US court order preventing it from selling shares, raising funds, or using investor funds for Bitcoin purchases. A New York District court issued a preliminary injunction and temporary restraining order on March 13 amid a dispute over its merger with Fatbrain AI. Genius initiated arbitration to terminate the merger, alleging fraud by Fatbrain executives. The injunction has led Genius to close divisions, halt marketing, and sell 10 Bitcoin from its 440 BTC stash to fund operations. The firm anticipates further sales if the injunction remains. Genius claims compliance with the US order violates Singapore law by stopping share compensation to employees. CEO Roger James Hamilton expressed disbelief that a US court could restrict actions typically decided by shareholders. Genius Group's stock has fallen significantly from an all-time high of over $96 in June 2022 to around $0.22.
