Fir Tree Capital Management is suing the firm behind the $10.7 billion Grayscale Bitcoin Trust, alleging that investors have been “harmed by Grayscale’s shareholder-unfriendly actions.”
to Bloomberg, a Dec. 6 complaint was filed against Grayscale at the Delaware Court of Chancery and seeks to have Grayscale lower its fees, start redemptions and hand over documents relating to its relationship with the Digital Currency Group.
In its complaint, the New York-based hedge fund said that around 850,000 retail investors had been “harmed by Grayscale’s shareholder-unfriendly actions.” Fir Tree alleges Grayscale’s redemption bar, which dates back to 2014, is “self-imposed,” and claims Grayscale is refusing to redeem shares as that would cut into profits.tried to do repeatedly“That strategy will likely cost years of litigation, millions of dollars in legal fees, countless hours of lost management time, and goodwill with regulators,” Fir Tree’s lawyers said in the complaint. “All the while, Grayscale will continue to collect fees from the trust’s dwindling assets.
A Grayscale spokesperson told Cointelegraph it has always planned to convert the GBTC into an ETF when permitted by United States regulators.
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