Genius Group Sells All Bitcoin Holdings to Repay $8.5 Million in Debt

Abandoning "Bitcoin First" Strategy After Just 4 Months... Plans to Repurchase When Market Conditions Improve

AI and virtual asset company Genius Group announced on the 2nd (local time) that it repaid $8.5 million (12.87 billion KRW) in debt by selling all of its Bitcoin holdings.

In an announcement today, Genius Group stated, "We sold all our Bitcoin holdings during the first quarter to repay debt," adding, "We plan to increase our Bitcoin holdings again when market conditions become more favorable."

Although "Bitcoin First" was declared just four months ago

This decision runs directly against the "Bitcoin First" strategy announced by Genius Group last November. The company had pledged to hold more than 90% of its current and future assets in Bitcoin.

As of last month, Genius Group held 84 Bitcoins, worth approximately $5.7 million (8.63117 billion KRW). However, the company's Bitcoin holdings have been continuously decreasing since April of the previous year.

A U.S. court injunction was the decisive factor

The sale of Genius Group's Bitcoin was influenced by the intervention of a U.S. court. Last April, a U.S. court issued an order temporarily prohibiting the company from increasing its Bitcoin holdings.

Since then, Genius Group has been gradually reducing its Bitcoin holdings amidst legal restrictions and financial pressure, eventually making the extreme decision to sell all of them during the first quarter.

Choi Joohoon joohoon@blockstreet.co.kr