Bitcoin News: Genius Group Forced to Liquidate Bitcoin Holdings Due to Court Order

In a recent development that has shaken the cryptocurrency world, an AI-driven education company has been compelled to sell its Bitcoin holdings. Here’s what you need to know.

Genius Group Forced to Sell Bitcoin After Court Order

Genius Group, an AI-driven education company, announced it must sell its Bitcoin holdings following a U.S. court order that blocked the company from selling shares, raising funds, or purchasing Bitcoin. The U.S. District Court for the Southern District of New York issued a preliminary injunction on March 13, preventing Genius Group from accessing its $150 million at-the-market funding and continuing its Bitcoin-first strategy. As a result, the company reduced its Bitcoin (BTC) holdings from 440 to 430 Bitcoin to fund operations. The legal battle stems from Genius Group’s attempt to terminate an Asset Purchase Agreement with Fatbrain AI, which has led to multiple lawsuits.

Bitcoin Mining Stocks Tumble Amid Wider Market Turmoil

Shares of the top publicly traded Bitcoin mining companies plunged on Thursday after U.S. President Donald Trump imposed global tariffs. American miners, including Hive Digital, CleanSpark, and Riot Platforms, were trading 6-8% lower. Other U.S. Bitcoin miners such as CORE Scientific, Bitdeer, and MARA dropped by more than 8%. The dip follows Trump’s announcement of a 10% baseline tariff on all imports to the U.S. and higher duties on some of the country’s biggest trading partners, including a 34% fee on China, which manufactures most mining equipment.

BTC Price Volatility Spikes Up—Is it a Good Time to Buy Bitcoin?

The US markets are experiencing one of the massive pullbacks, with major stocks plunging by a huge margin. The crypto markets also heated up, recording more than $500 million in liquidation. The bearish waves rolled out within the markets due to Trump’s tariffs impacting the global markets. The trading volume spiked, increasing the selling pressure, while the market cap dipped close to $2.63 trillion. Ever since the tariffs were announced, the markets began to experience massive selling pressure due to a notable rise in uncertainty.

Cango Exits China in $351.9m Deal, Pivots to Bitcoin Mining

Shanghai-based Cango has signed definitive agreements to sell its China operations for $351.94 million in cash, marking a strategic shift towards cryptocurrency mining. Ursalpha Digital Limited, a British Virgin Islands-registered entity, will acquire Cango’s PRC business. The transaction includes an initial $210.64 million payment upon closing, with the remaining balance contingent on tax obligations and credit risk reductions. The deal follows a non-binding proposal from Enduring Wealth Capital Limited in March, which sought control of Cango while facilitating the PRC business sale. The sale is pending shareholder approval and an internal restructuring that separates Cango’s China operations from its offshore businesses, specifically highlighting Bitcoin (BTC) mining among others.

Alabama Lawmakers Introduce Bitcoin Reserve Bill

Alabama lawmakers have introduced a bill to allow the state investment in Bitcoin (BTC). This follows a string of similar legislations from other states since President Donald Trump’s inauguration. The United States regulatory space has seen several positive moves supporting crypto assets. These efforts could influence macro forces and enhance global adoption of the asset class. State Senator Bill Barfoot introduced a Senate bill empowering the State Treasurer to invest in digital assets, with a second House Bill 482 filed to expedite the process. The proposed law restricts digital asset investments to not exceed 10% of the fund’s balance, although it specifically does not mention Bitcoin.