Alameda Research has sued Grayscale for injunctive relief

2023-03-07 07:47:45

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ChainCatcher news, according to a press release, Alameda Research has filed a lawsuit against cryptocurrency asset management company Grayscale Investments, seeking injunctive relief to secure over $250 million in asset value for its clients and creditors who are debtors of FTX. Alameda has also made claims against Grayscale CEO Michael Sonnenshein and Grayscale's owner Digital Currency Group (DCG) and its CEO Barry Silbert.
According to Alameda's complaint, Grayscale charges excessive management fees for managing its Grayscale Bitcoin and Ethereum trusts and allows the shares of these trusts to trade at a discount of about 50% to their net asset value. The complaint states that if Grayscale reduced fees and allowed redemptions, the stock value of the FTX Debtors would be at least $550 million, approximately 90% higher than its current value.
A spokesperson for Grayscale responded that the lawsuit is "misguided" and added that the company is working to obtain regulatory approval to convert GBTC into an exchange-traded fund, a process that is transparent. (CoinDesk)

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