Fun

News Feed - 2023-07-12 06:07:06

Turner Wright2 hours agoGrayscale resolves lawsuit with Fir Tree over proposed changes to Bitcoin TrustFir Tree hinted at potential additional litigation against Grayscale and parent company Digital Currency Group based on what its GBTC documentation may reveal.948 Total viewsListen to article 0:00Follow upJoin us on social networksGrayscale Investments has reached an agreement with New York-based investment firm Fir Tree Capital Management over its Bitcoin Trust.


According to a July 11 announcement from Fir Tree, Grayscale agreed to provide additional documentation related to its Bitcoin Trust (GBTC) after Fir Tree filed a lawsuit in December 2022. The complaint against Grayscale aimed at having the asset manager stop plans to turn its GBTC trust into a spot exchange-traded fund (ETF) and provide documentation on its relationship with Digital Currency Group, Grayscale’s parent company.


Fir Tree claimed that roughly 850,000 retail investors had been “harmed by Grayscale’s shareholder-unfriendly actions” based on the firm’s lack of a redemption program from GBTC into cash or crypto. In addition, its legal team said Grayscale attempting to launch a spot crypto ETF could “cost years of litigation, millions of dollars in legal fees, countless hours of lost management time, and goodwill with regulators.”


Related:Grayscale Bitcoin Trust nears 2023 highs on BlackRock ETF filing as buyers step up


“Once Grayscale provides Fir Tree with the GBTC documents that it has agreed to produce under this agreement, we will be able to further investigate Grayscale in order to determine our appropriate next steps, which may include filing additional litigation against Grayscale, Digital Currency Group (DCG), and their respective directors, officers, and advisors, or others who should be held accountable for destroying billions of dollars of GBTC’s market value,” said Fir Tree.


Grayscale filed a legal challenge against the United States Securities and Exchange Commission (SEC) in June 2022 after the regulator denied an application to convert its Bitcoin Trust into a spot Bitcoin (BTC) ETF. The lawsuit is ongoing, with the SEC having not approved any spot crypto investment vehicle despite applications pending from BlackRock and other investment firms.


Magazine:Get your money back: The weird world of crypto litigation# Law# Bitcoin Investment Trust# Court# Grayscale# RegulationAdd reactionAdd reactionRelated NewsCan artificial intelligence prevent the next financial crisis?Why a Bitcoin ETF approval would be a big dealBlackRock Bitcoin ETF could unlock $30 trillion worth of wealth, Bloomberg analyst saysThe SEC is targeting Coinbase, Binance as proxies in its war on cryptoThe Supreme Court could stop the SEC’s war on cryptoCrypto.com petitions US court to uphold arbitration decision for mistakenly sent $50K

News Feed

Russia to Decide Between Full Ban and Legalization of Crypto Investments, Trade
Russia to Decide Between Full Ban and Legalization of Crypto Investments, Trade Authorities in Russia are discussing two very different approaches to the regulation of cryptocurren
What is restaking, and how to restake Ethereum to boost rewards?
Dilip Kumar Patairya13 hours agoWhat is restaking, and how to restake Ethereum to boost rewards?Staking Ethereum refers to using staked Ether on the Ethereum network to support the security of other decentralized protoco
TCG World partners with Chooky Records to bring Busta Rhymes, others to the metaverse
Tristan Greene4 hours agoTCG World partners with Chooky Records to bring Busta Rhymes, others to the metaverseThe legendary hip hop artist who once rapped on A Tribe Called Quest’s seminal hit “Scenario” is now in
Derek Andersen15 hours agoSingapore central bank reports on tokenized asset network models after trialsThree trial use cases have been completed as part of the project, and the report uses them as a “framework for cons
Analyst Says SUI Price Could Fall To $1.6 — Here’s Why
Este artículo también está disponible en español. The SUI price registered its best seven-day performance yet — in 2025 — over the past week. However, the altcoin has
Helen Partz11 hours agoHut 8 boosts self-mined Bitcoin reserves to 9.4K amid USBTC mergerAccording to Hut 8 CEO Jaime Leverton, the newly merged mining business will have “highly diversified fiat revenue streams.”349
Fed Chair Powell Sees ‘Real Need’ for More Appropriate Defi Regulation Citing ‘Very Significant Structural Issues’
Fed Chair Powell Sees "Real Need" for More Appropriate Defi Regulation Citing "Very Significant Structural Issues" Federal Reserve Chairman Jerome Powell says decentralized finance
Jihan Wu’s Matrixport Raises $100 Million — Singapore Startup Joins Growing List of Crypto Unicorns
Jihan Wu"s Matrixport Raises $100 Million — Singapore Startup Joins Growing List of Crypto Unicorns Matrixport, the digital currency financial services company
Ethereum to launch first $2M protocol-wide ‘Attackathon’
Jesse Coghlan6 hours agoEthereum to launch first $2M protocol-wide ‘Attackathon’Ethereum’s security team is planning a four-week hackathon to test the blockchain’s security and wants to do one for every future ha
WBTC address poisoner sends nearly all funds back to victim after negotiations
Christopher Roark2 hours agoWBTC address poisoner sends nearly all funds back to victim after negotiationsBlockchain data shows that nearly 23,000 ETH was transferred into the victim’s account after negotiations opened
Expert Calls On Ripple Community To Collectively Send XRP Price On 1,800x Rally To $1,000
Este artículo también está disponible en español. The idea of the XRP price reaching $1,000has once again gained traction as a social media platform X user called Drewski
Hong Kong ETFs begin trading, issuers unfazed if US declares ETH a security
Martin Young6 hours agoHong Kong ETFs begin trading, issuers unfazed if US declares ETH a securityHong Kong already has a clear definition of Ethereum and it is not a security, said OSL Digital Securities head Wayne Huan