{"id":83746,"date":"2023-08-29T19:03:45","date_gmt":"2023-08-29T16:03:45","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=83746"},"modified":"2025-09-12T13:03:47","modified_gmt":"2025-09-12T10:03:47","slug":"alameda-led-group-of-gbtc-holders-sues-grayscale","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/alameda-led-group-of-gbtc-holders-sues-grayscale\/","title":{"rendered":"Alameda-led group of GBTC holders sues Grayscale"},"content":{"rendered":"<p>Alameda Research and a number of funds, as holders of <span data-descr=\"Grayscale Bitcoin Trust\" class=\"old_tooltip\">GBTC<\/span> and <span data-descr=\"Grayscale Ethereum Trust\" class=\"old_tooltip\">ETHE<\/span><a href=\"https:\/\/assets.bwbx.io\/documents\/users\/iqjWHBFdfxIU\/r8Su_u_Le.wA\/v0\"> filed a lawsuit<\/a> against the creator of these trusts\u2014the Grayscale firm.<\/p>\n<p>The activist group intends to compel the asset manager to redeem the shares. It also seeks compensation for an &#8216;unreasonably high&#8217; management fee, with the rate reduced to &#8216;competitive levels&#8217; (the current rate is 2% per year).<\/p>\n<p>According to court filings, over the past two years the firm collected more than $1.3 billion in fees.<\/p>\n<p>Grayscale has paused GBTC redemptions. Holders can trade the instrument on the market at a discount of 24.9%.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/image-578.webp\" alt=\"image-578\" class=\"wp-image-214638\"\/><\/figure>\n<p>The plaintiffs accused Grayscale of mismanagement of the products and of conflicts of interest in breach of contractual and fiduciary obligations.<\/p>\n<p>Owners of GBTC and ETHE may join the class-action lawsuit.<\/p>\n<p>In June 2023, the asset-management firm Grayscale <a href=\"https:\/\/u1f987.com\/en\/news\/grayscale-sues-sec-over-refusal-to-convert-gbtc-into-an-etf\">filed<\/a> a lawsuit against the regulator for refusing to convert its flagship GBTC trust into a <a href=\"https:\/\/forklog.news\/chto-takoe-bitkoin-etf\/\">bitcoin ETF<\/a>. The filing with the <span data-descr=\"Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> to convert the investment product was made by the company <a href=\"https:\/\/u1f987.com\/en\/news\/dcg-chief-confirms-plans-to-convert-grayscales-bitcoin-trust-into-an-etf\">filed<\/a> in October 2021.<\/p>\n<p>On 29 August, the Appeals Court <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-price-surpasses-27500-after-court-ruling-in-grayscales-favour\">ordered<\/a> the Commission to reconsider its decision.<\/p>\n<p>The court ruling followed a sequence of appeals to the SEC by major financial institutions such as <a href=\"https:\/\/u1f987.com\/en\/news\/blackrock-files-for-bitcoin-etf-launch\">BlackRock<\/a> and <a href=\"https:\/\/u1f987.com\/en\/news\/fidelity-investments-files-for-spot-bitcoin-etf\">Fidelity<\/a> for listing exchange-traded funds based on the spot price of the first cryptocurrency. Bitcoin futures ETFs <a href=\"https:\/\/u1f987.com\/en\/news\/sec-quietly-approves-first-futures-based-bitcoin-etf\">have been traded<\/a> in the US since 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Alameda Research and a number of funds, as holders of GBTC and ETHE, filed a lawsuit against the creator of these trusts\u2014the Grayscale firm.<\/p>\n","protected":false},"author":1,"featured_media":83747,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1435,1162,1214,943],"class_list":["post-83746","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-alameda-research","tag-court-cases","tag-grayscale-bitcoin-trust","tag-grayscale-investments"],"aioseo_notices":[],"amp_enabled":true,"views":"11","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/83746","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=83746"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/83746\/revisions"}],"predecessor-version":[{"id":83748,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/83746\/revisions\/83748"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/83747"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=83746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=83746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=83746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}