- Grayscale has allowed its stock to trade at a discount of over half its net asset value.
- The lawsuit was filed in the Delaware State Court of Chancery.
A debtor subsidiary of the FTX conglomerate, Alameda Research. Has filed a lawsuit against Grayscale Investments in the Delaware State Court of Chancery, the company stated today. Thus, adding a fresh wrinkle to the ongoing bankruptcy battle. Further claims were filed by the FTX Debtors against Grayscale CEO Michael Sonnenshein, Grayscale owners Digital Currency Group (DCG), and Barry Silbert.
To collect over $250 million in asset value for FTX Debtors’ customers and creditors. The FTX Debtors are seeking injunctive action to release $9 billion or more in value for owners of the Grayscale Crypto Trusts.
Maximizing Recoveries For FTX Customers and Debtors
Furthermore, the complaint that Alameda filed claims that Grayscale’s management fees for its Grayscale Bitcoin Trust and Grayscale Ethereum Trust are excessive. In addition, it claims Grayscale has allowed its stock to trade at a discount of over half its net asset value.
If Grayscale reduced its fees and permitted redemptions, the lawsuit claims, the value of the FTX debtors’ shares would increase to at least $550 million, or around 90%.
John J. Ray III, interim CEO, and Chief Restructuring Officer of FTX stated:
“We will continue to use every tool we can to maximize recoveries for FTX customers and creditors. Our goal is to unlock value that we believe is currently being suppressed by Grayscale’s self-dealing and improper redemption ban.”
Moreover, the lawsuit also alleges that Grayscale hid behind a slew of lies for a long time in an effort to prevent the redemption of shareholder shares by offering them at below-market value.
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