Grayscale and Fir Tree Reach Agreement Over Bitcoin Trust
Grayscale Investments has reached an agreement with New York-based investment firm Fir Tree Capital Management in regards to its Bitcoin Trust (GBTC).
According to a July 11 announcement, Grayscale agreed to provide additional documentation related to GBTC after Fir Tree filed a lawsuit in December 2022. The legal action sought to stop Grayscale’s plans to turn GBTC into an exchange-traded fund (ETF) and to provide information on its relationship with parent company Digital Currency Group. Fir Tree claimed that about 850,000 retail investors were “harmed by Grayscale’s shareholder-unfriendly actions” due to the lack of a redemption program from GBTC. In addition, Fir Tree said that launching a spot crypto ETF could “cost years of litigation, millions of dollars in legal fees, countless hours of lost management time, and goodwill with regulators.”
Fir Tree stated that “once Grayscale provides Fir Tree with the GBTC documents that it has agreed to produce under this agreement, we will be able to further investigate Grayscale in order to determine our appropriate next steps, which may include filing additional luna crypto latest, todays crypto, atom crypto, coin crypto, ankr crypto, crypto crash, crypto india, crypto flash, crypto aggregator, crypto sites litigation against Grayscale, Digital Currency Group (DCG), and their respective directors, officers, and advisors, or others who should be held accountable for destroying billions of dollars of GBTC’s market value.”
In June 2022, Grayscale filed a legal challenge against the United States Securities and Exchange Commission (SEC) after the regulator denied its application to convert its Bitcoin Trust into a spot Bitcoin (BTC) ETF. Despite applications from BlackRock and other investment firms, the SEC has yet to approve any spot crypto investment vehicle. This lawsuit is ongoing and has been a major topic of discussion in the crypto world, with people discussing luna crypto latest, todays crypto, atom crypto, coin crypto, ankr crypto, crypto crash, crypto india, crypto flash, crypto aggregator, and crypto sites.
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