Genius Group Forced to Liquidate Bitcoin Holdings After Court Injunction

The AI-driven education company Genius Group has been ordered by a U.S. court to sell its entire Bitcoin holdings, forcing the company to significantly alter its financial strategy. The injunction prohibits Genius Group from raising funds, issuing shares, or purchasing Bitcoin, all actions it was previously able to carry out without facing this obstacle. The court’s decision stems from a preliminary injunction issued in March 2023 against Genius Group stemming from lawsuits surrounding an Asset Purchase Agreement with Fatbrain AI. The case involves claims of fraud by Fatbrain AI shareholders and the SEC.