Singapore-based artificial intelligence firm Genius Group has added more Bitcoin to its corporate treasury after being temporarily banned from doing so.
In a May 22 announcement, Genius Group explained that it has resumed accumulating Bitcoin (BTC) following a favorable ruling by the US Court of Appeals. It follows Genius Group being temporarily barred from expanding its Bitcoin treasury after a US court order had banned it from selling shares, raising funds and using investor funds to buy more BTC.
Genius Group announced it increased its Bitcoin Treasury 40% with the purchase of 24.5 BTC, worth around $2.7 million. The company now holds 85.5 BTC acquired for a total of $8.5 million, at an average price of $99,700 per coin.
“We are pleased to be able to begin the task of rebuilding shareholder value from the damage caused by the legal actions of third parties, and delivering on our 2025 plan,” the company’s CEO,