Grayscale Faces Lawsuit as GBTC Plunges to Record Low 43% Discount
New York-based hedge fund Fir Tree Capital Management has filed a lawsuit against digital asset manager Grayscale Investments over “potential mismanagement and conflicts of interest” at the firm’s flagship Bitcoin fund, according to a Bloomberg report.
Hedge Fund Fir Tree Sues Grayscale for Details on GBTC: Bloomberg
Hedge fund Fir Tree is suing crypto investment firm Grayscale to obtain details about its flagship Grayscale Bitcoin Trust (GBTC), in order to investigate potential mismanagement and conflicts of interest, according to a report from Bloomberg.
Genesis FUD Subdues As Grayscale Bitcoin Trust (GBTC) Recovers
Grayscale Bitcoin Trust premium rate recovers from -46% to -40% as Cathie Wood’s Ark Invest buying GBTC shares rebuilds confidence in the crypto market. Meanwhile, Binance allocates over $2 billion in BUSD to its Industry Recovery Initiative to help projects recover from liquidity issues following the collapse of crypto exchange FTX.
Analyst Confirms GBTC’s 633K Bitcoin Claim Despite Grayscale’s Reluctance to Share Proof of Reserves
An independent analyst has confirmed that GBTC owns approximately 633,000 Bitcoin held by its custodian – Coinbase Custody. This comes as Grayscale, the asset manager running the world’s largest bitcoin fund, revealed that it won’t share its proof of reserves with customers.
Cathie Wood's ARK Buys $1.5M of Shares in Grayscale's Bitcoin Trust at Record Discount
Cathie Wood's ARK Investment Management bought another 176,945 shares ($1.46 million) in Grayscale's Bitcoin Trust (GBTC) on Monday as the crypto market slumped to a two-year low. The purchase comes as GBTC shares trade at a record 45% discount to net asset value (NAV) as negative sentiment continues to spread following the collapse of FTX.
SEC At Fault In Grayscale (GBTC) Bitcoin Proof Of Reserves Issue?
Grayscale Investments, the world’s largest crypto asset manager, is facing backlash from the crypto community for not revealing its proof of reserves. Meanwhile, industry experts are blaming it on the regulatory landscape for the loss of trust around transparency in Grayscale’s Bitcoin products. Earlier in June this year, the U.S. Securities and Exchange Commission (SEC) rejected Grayscale’s spot Bitcoin ETF application. Following the rejection, the company challenged the SEC’s decision in the form of a lawsuit.
The Community Traces 317K BTC As It Attempts To Identity Grayscale Reserves
@ErgoBTC, AKA Ergo, a blockchain researcher with OXT Research, disclosed findings from a community-led effort to trace Grayscale’s Bitcoin Trust (GBTC) reserves in a Twitter thread yesterday.
Grayscale Says No To Proof of Reserves
In a recent Twitter thread pondering the need for transparency in the industry after the collapse of FTX, Grayscale attempted to calm its investors’ fears, assuring them that the regulations that apply to its various entities make an FTX-like scenario nearly impossible.
Top Economist Says Bitcoin in Real Trouble Over Grayscale Concerns
Peter Schiff, the Chief Economist at Euro Pacific Capital, has been actively fostering Bitcoin (BTC), selling a narrative to his 869K Twitter followers. In a recent tweet, Schiff indicated that a new record had been set after Grayscale’s Bitcoin Trust (GBTC) traded its net asset value at a 46% discount. The prominent Bitcoin skeptic noted that something is “going on” with Bitcoin, adding that the world’s largest cryptocurrency seems to be in “real trouble.”
Grayscale Report: In Depth Analysis on Cardano Network and the ADA Ecosystem
Cardano takes a unique approach to several of its technology implementations but aspects of the network’s full design vision are also not yet live.
