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We can't buy Bitcoin anymore

The education company Genius Group only recently started an ambitious Bitcoin strategy.

By Mike Hesp
• 2 min read
We can't buy Bitcoin anymore

The education company Genius Group only recently started an ambitious Bitcoin strategy. But now a New York court unexpectedly throws a wrench in the works and temporarily bars the company from buying more BTC.

In a View post on X on X (formerly Twitter), CEO Roger Hamilton writes: “Genius Group has been barred by the U.S. District Court for the Southern District of New York from selling shares or raising money, and we are explicitly forbidden to buy Bitcoin.”

The preliminary injunction stems from a broader dispute around a failed merger with the AI company Fatbrain AI, which took place in March 2024. Due to allegations of fraud by Fatbrain AI executives, Genius Group, known for its Bitcoin-friendly stance, kicked off an arbitration to unwind the deal.

As a result of the new court ruling, Genius Group has already had to close divisions, pause marketing activities, and sell 10 of their 440 Bitcoins. Further sales appear inevitable.

The company, listed on the New York Stock Exchange, accuses the court of violating Singaporean law, as it not only thwarts their Bitcoin strategy but also makes it impossible to pay out contractually fixed stock options to employees.

CEO Hamilton out his frustration in clear terms: “We could never have imagined a U.S. court would block us from issuing shares, raising funds, or buying Bitcoin.”

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