Hedge fund Fir Tree is preparing to sue digital asset manager Grayscale about the world’s largest publicly traded fund, the Grayscale Bitcoin Trust (GBTC).
According to a report by Bloomberg Fir Tree, $10.7 billionness Bitcoin (BTC) fund GBTC sues Grayscale to obtain detailed information about him. Within the scope of the lawsuit, Fir Tree aims to learn detailed information about the company’s stance on management and poor process control. Allegedly, if Fir Tree gets this information, it belongs to Grayscale. Grayscale Bitcoin Trust (GBTC) He will use it as leverage to lower his fund’s trust fees. On the other hand, the plaintiff is putting serious pressure to settle Grayscale’s ongoing debts.
In the statement made by Fir Tree, it is claimed that Grayscale investors are harmed by “unfriendly actions”.
On the other hand, the Grayscale front, which tries to protect the continuity of the fund, mentioned the necessity of the spot ETF in its statements on the subject:
We are 100% committed to converting GBTC into an ETF, as we firmly believe this is the best long-term product structure for GBTC and its shareholders.
GBTC currently has a baseline spot price of Bitcoin in the trust. to 43% Sold at a close record discount. As the turbulent period in the crypto markets continues, the possible liquidation of Grayscale’s GBTC shares, according to analysts. from FTX then it is interpreted as the most critical factor that can trigger another collapse.