Genius Group Resumes Bitcoin Purchases After U.S. Court Lifts Ban

Genius Group, a technology and education company, has started buying Bitcoin (BTC) again. This comes after a U.S. court removed a legal order that had stopped the company from adding more Bitcoin to its treasury. With this decision, the company continues its plan to grow its Bitcoin holdings. Court Ruling Allows Genius To Restart Bitcoin Strategy On May 22, Genius Group confirmed it had bought 24.5 more Bitcoin units, pushing its total holdings to 85.5 BTC. This new purchase followed a key decision by the U.S. Court of Appeals. The court paused a previous order that had stopped the company from using investor funds to buy Bitcoin. In April, a legal order forced Genius Group to pause its Bitcoin strategy and sell off most of its earlier holdings. The company is back on track and has already increased its Bitcoin stash by 40% since the court’s decision. The latest Bitcoin purchase cost an average of $99,700 per coin. Altogether, Genius Group has now spent around $8.5 million on Bitcoin. While the restrictions were in place, Genius Group filed an updated lawsuit under the RICO Act in the Southern District of Florida. This aims to recover losses from “third-party actions” that hurt the company and forced it to sell its Bitcoin. Genius Group To Launch Bitcoin Academy Genius Group is also focused on education—the firm plans to launch a Bitcoin Academy at the end of May. The academy will include guest speakers like Saifedean Ammous, who wrote The Bitcoin Standard. This new program is part of the company’s larger mission to teach the “ABCs of the Future”. This stands for Artificial Intelligence, Bitcoin, and Community. Genius Group wants to prepare students for the new digital economy. Genius Group operates in over 100 countries and serves over 5.8 million users. Its stock trades on the New York Stock Exchange under the symbol GNS. The stock is now $0.34, down over 8% and less than half its price at the start of the year. Still, the company sees Bitcoin as a way to boost its finances. Genius Group Follows A Broader Industry Trend This Bitcoin strategy is not isolated. Genius Group is joining the bandwagon of firms choosing Bitcoin as a long-term financial strategy. Michael Saylor’s company, Strategy, currently holds the largest Bitcoin stash. The Nasdaq-listed firm recently bought another BTC for $1.34 billion and is looking to buy more soon. Others are following too. A catering company in Bahrain recently announced a Bitcoin strategy. Similarly, Hong Kong luxury watchmaker renamed itself AsiaStrategy, and Indonesian fintech firm DigiAsia Corp has adopted a Bitcoin-first approach . The post Genius Group Resumes Bitcoin Purchases After U.S. Court Lifts Ban appeared first on TheCoinrise.com .

Source: The Coin Rise