[ad_1]
Fir Tree Partners, a major shareholder in Grayscale Bitcoin Trust GBTC, accused Grayscale Investments of continuing to “obscure the facts” and “refusing to provide clear information to GBTC shareholders” in a lawsuit filed by Fir Tree last month.
The lawsuit was filed in the Delaware Court of Chancery for “potential mismanagement and conflicts of interest” at Grayscale’s flagship Bitcoin BTC/USD fund.
In a statement, Fir Tree said: “Most concerning is that Grayscale has not yet recognized that it has the power to initiate buyouts and create liquidity for its investors, but chooses not to. “
Valkyrie Investments, an investment firm, has submitted an offer to take over operations of the Grayscale Bitcoin Trust for a lower annual fee of 0.75%. Valkyrie and CIOS co-founderSteven McClurg said he and other shareholder groups including RedeemGBTC.com, Fir Tree and others can request a proxy vote to replace current sponsors and elect Valkyrie to run the company.
Also Read: Investing in CryptoZoo Token Generates 1000% Return in 14 Days: Is There Hope for Logan Paul’s Crypto Project?
Fir Tree accused Grayscale of giving the impression that its decision not to allow buybacks was driven by regulatory concerns, when in reality Grayscale could allow buybacks “at any time, provided GBTC does not create and not simultaneously redeem shares”.
Fir Tree also criticized Grayscale for denying “virtually all of the allegations” in the complaint and for failing “to take responsibility for the problems it created”.
Fir Tree said he was committed to “ensuring that Grayscale is held accountable for these issues and finally begins to act in the best interests of all shareholders.”
A spokeswoman for Grayscale called the lawsuit baseless and baseless, and that converting GBTC into an ETF was the best long-term product structure for investors.
We look forward to clarifying the many misrepresentations of our business and products in the Delaware Court of Chancery,” Pensions & Investments said, according to the spokeswoman.
Read next:Digital Currency Group details millions in unpaid debt to Genesis, investments in exchanges like FTX
Photo:Andreanicolinivia Shutterstock
|
Sources 2/ https://news.google.com/__i/rss/rd/articles/CBMimQFodHRwczovL3d3dy5iZW56aW5nYS5jb20vbWFya2V0cy9jcnlwdG9jdXJyZW5jeS8yMy8wMS8zMDM3NzY3My92YWxreXJpZS1pbnZlc3RtZW50cy1vZmZlcnMtdG8tcnVuLWdyYXlzY2FsZS1iaXRjb2luLXRydXN0LWFmdGVyLWZpci10cmVlLWFjY3VzZXMtdGhlLWV0Zi3SAS1odHRwczovL3d3dy5iZW56aW5nYS5jb20vYW1wL2NvbnRlbnQvMzAzNzc2NzM?oc=5 The mention sources can contact us to remove/changing this article |
[ad_2]