Genius Group Restarts Bitcoin Buying With 10 BTC Purchase

TL;DR

• Genius Group has restarted Bitcoin purchases, buying 10 BTC for approximately $854,000.
• The company paid an average of $85,364 per Bitcoin across purchases made between October 2 and October 5.
• The renewed buying follows the removal of a court injunction that had previously restricted the company’s ability to raise funds and purchase Bitcoin.

Genius Group is buying Bitcoin again.

The AI-powered education company said on October 6 that it acquired 10 BTC for about $854,000 between October 2 and October 5, paying an average price of $85,364 per coin.

The purchase marks the resumption of a treasury strategy that had previously been disrupted by legal restrictions on the company’s capital activity.

A Court Ruling Cleared The Way For New Purchases

Genius Group had been prevented from issuing shares, raising funds and purchasing Bitcoin under a preliminary injunction.

The U.S. Court of Appeals for the Second Circuit vacated that injunction on August 31, removing the restriction and giving the company room to resume its treasury plan.

The latest 10 BTC purchase is small compared with the balance sheets of the largest corporate Bitcoin holders, but its importance to Genius is more about direction than absolute size.