Just two days after Grayscale Investments floated the option of a tender offer for shareholders of its flagship bitcoin trust (GBTC), Fir Tree Partners on Wednesday demanded additional information about how it would work. Fir Tree — a long-time TradFi hedge fund firm with a sizable GBTC position that has previously sued Grayscale — appears intent on ramping up public pressure against the crypto investment firm. The idea appears to be a bid to force a resolution to the trust’s longstanding trading discount to its underlying spot bitcoins. Representatives for Fir Tree called Grayscale CEO Michael Sonnenshein “non-committal” in a statement, urging the company to ramp up liquidity for investors in the near term. (Blockworks)
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Fir Tree: Grayscale Potential Tender Offer Is ‘Lip Service’
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