From Cointelegraph

April 03, 2025 11:14 pm:

1. Singapore-based AI firm Genius Group is temporarily banned from expanding its Bitcoin treasury due to a US court order preventing share sales and fund-raising for more Bitcoin. A dispute arose from its merger with Fatbrain AI, leading to an injunction on March 13, affecting their operations and future plans.
2. Fatbrain AI executives filed for an injunction against Genius Group in February, leading to the closure of divisions, halting marketing activities, and selling 10 Bitcoin from their stash of 440 to continue operations. This has forced Genius Group to consider downsizing its Bitcoin Treasury in the coming months if the injunction persists.
3. Shareholder lawsuits have been filed against Fatbrain AI executives, including Michael Moe and Peter Ritz, and Genius Group, alleging securities law violations totaling $30 million. Despite being dismissed from the suits, Genius Group claims to be violating Singapore law due to the US court order prohibiting certain actions.
4. Genius Group CEO Roger James Hamilton condemned the US court order for obstructing the company’s ability to issue shares, raise funds, or buy Bitcoin. Despite legal challenges, the firm remains committed to supporting Bitcoin. Fatbrain AI did not respond to requests for comment on the matter.
5. Genius Group first announced plans to build a Bitcoin treasury in November 2024, with an initial purchase of 110 Bitcoin for $10 million. The firm aims to allocate 90% or more of its reserves to Bitcoin, with a target of $120 million, leading to a surge in stock price by 66%.
6. The share price of Genius Group has experienced fluctuations, dropping by 9.80% in the last trading session to $0.23. Following further decline after trading hours to $0.22, the stock has seen a significant decrease from its all-time high of over $96 in June 2022.
7. Despite facing legal and financial challenges, Genius Group remains committed to its Bitcoin treasury strategy and upholding its vision for the future. The company’s resilience and determination in the face of adversity reflect its determination to navigate through turbulent times in the cryptocurrency market.

Read more at Cointelegraph: Genius Group says it’s been banned from buying more Bitcoin