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    Home»Bitcoin»Genius Group’s Bitcoin Enlargement Halted by U.S. Courtroom Ruling
    Genius Group’s Bitcoin Enlargement Halted by U.S. Courtroom Ruling
    Bitcoin

    Genius Group’s Bitcoin Enlargement Halted by U.S. Courtroom Ruling

    By Crypto EditorApril 5, 2025No Comments2 Mins Read
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    Genius Group, a Singapore-based AI agency, has hit a authorized snag in its plans to broaden its Bitcoin treasury.

    A current U.S. courtroom ruling briefly bars the corporate from elevating funds, issuing shares, or shopping for extra Bitcoin, complicating its monetary technique. The restriction stems from a broader authorized dispute associated to the corporate’s merger with Fatbrain AI.

    The merger, accomplished in March 2024, quickly turned contentious as Genius Group accused Fatbrain AI executives of fraud and initiated arbitration to undo the deal. In response, Fatbrain AI executives filed a movement to dam Genius from making any monetary strikes, together with buying extra Bitcoin. The courtroom granted this request in mid-March.

    In consequence, Genius Group has needed to downsize its operations, shut some divisions, and even promote 10 Bitcoins from its 440-coin treasury to maintain afloat. The corporate acknowledged that if the authorized freeze stays, additional Bitcoin gross sales could be vital. CEO Roger James Hamilton expressed frustration, arguing that the ruling places the corporate at odds with Singaporean laws, which mandate share compensation for workers.

    Fatbrain AI has additionally confronted backlash from its personal shareholders, who accused its management of fraud in the course of the merger, resulting in lawsuits. Though Genius Group has been dismissed from these fits, the authorized fallout continues to forged a shadow over each corporations.

    Amid the turmoil, Genius Group’s ambitions to broaden its Bitcoin holdings have stalled. The agency initially deliberate to carry 90% of its reserves in Bitcoin, aiming for a complete of $120 million. Regardless of this setback, Hamilton stays dedicated to Bitcoin as a long-term technique.

    Financially, the influence has been harsh. Genius Group’s inventory has plummeted, dropping practically 10% just lately and persevering with to fall after hours. As soon as valued at over $96 in 2022, the inventory now trades at a fraction of that, reflecting the continuing challenges the corporate faces.

    Genius Group’s Bitcoin Enlargement Halted by U.S. Courtroom Ruling

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