Cryptocurrencies
Hedge Fund Sues Grayscale for Data on Battered Bitcoin Trust
- Fir Tree wants Grayscale to resume redemptions, reduce fees
- Grayscale Bitcoin Trust trades at about 43% discount to assets
Photographer: Eva Marie Uzcategui/Bloomberg
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Fir Tree Capital Management is suing Grayscale Investments for information to investigate potential mismanagement and conflicts of interest at its $10.7 billion Bitcoin fund.
The Grayscale Bitcoin Trust closed Monday at a 43% discount to the value of the Bitcoin it holds, in part because the firm issued many shares in the past few years and didn’t redeem any of them, according to a complaint filed Tuesday in Delaware Chancery Court.