The ruling could lead to Grayscale's GBTC converting into a bitcoin ETF, which would allow redemptions, making Alameda's suit unnecessary, Bloomberg Intelligence analysts said in a note on Wednesday.
A knock-on effect of Grayscale’s recent favorable ruling against the U.S. Securities and Exchange Commission is that it potentially renders meaningless a lawsuit brought by FTX affiliate Alameda Research, which called for the Grayscale Bitcoin Trust to reduce its fees and implement a redemption program.could pave the way for the company to convert it into the first U.S.
“The Grayscale court ruling probably shows that Alameda's attempt to unlock about $9 billion for Grayscale shareholders was premature and ultimate resolution of the issue may be prolonged,” the analysts wrote.and its owner Digital Currency Group , for its high fees and its refusal to allow investors to redeem their shares from its two crypto-focused trusts, the Grayscale Bitcoin Trust and the Grayscale Ethereum Trust.
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