Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.
In a lawsuit filed on Monday in Connecticut, Osprey Funds is claiming Grayscale made “false and misleading statements” with regard to its attempted conversion of GBTC into a spot Bitcoin ETF. Earlier this month, Osprey CEO Greg King sent an open letter to Barry Silbert of the DCG—the company that owns Grayscale—offering that his firm become GBTC’s new manager.
This Monday, Osprey Funds filed a lawsuit against Digital Currency Group’s Grayscale, primarily over its attempted conversion of the Grayscale Bitcoin Trust into a spot BTC ETF. According to Osprey, Grayscale “made materially false and misleading statements” and wilfully misrepresented the odds of regulators approving the conversion when it stated it was a “foregone conclusion”. The suing company alleges DCG’s subsidiary did this in an effort to gain a larger market share.
Grayscale has made materially false and misleading statements in its advertising and promotion to the effect and in substance that turning its bitcoin asset management services into access to a bitcoin ETF was a foregone conclusion, when it knew that access was never likely to happen.
Osprey isn’t the only competitor suing Grayscale over GBTC. In early December Fir Tree sued the company hoping to prevent the conversion of the fund into an ETF. According to Fir...
Dangote Group has dismissed as false and malicious a publication alleging that its President, Aliko Dangote, distanced himself from Tony Elumelu, describing the report as entirely baseless. In a s...