Alameda Research filed a lawsuit in Delaware's Court of Chancery against Grayscale Investments, Grayscale CEO Michael Sonnenshein, Digital Currency Group (DCG), and DCG CEO Barry Silbert, alleging claims and seeking injunctive relief for over $250 million in asset value for FTX Debtor's customers and creditors.
Alameda Research's complaint alleges that Grayscale Investments charged excessive management fees for managing the Grayscale Bitcoin and Ethereum trusts, and allowed shares of those trusts to trade at a 50% discount to their net asset value.
At present, the value of FTX Debtors shares is much lower than it would be if Grayscale reduces its fees and permits redemptions; the shares would be valued at least at $550 million or around 90% more than their current value, according to the complaint.
Grayscale spokesperson called the lawsuit "misguided" and stated that they aim to convert GBTC into an ETF, which is the best long-term product structure for Grayscale’s investors.
Grayscale to appeal SEC's GBTC to ETF conversion rejection at Tuesday hearing.
Alameda Research sues Grayscale Investments for over $250 million.