Alameda Research voluntarily drops lawsuit filed against Grayscale Investments
At the time of the lawsuit, John J. Ray lll, CEO of FTX, who has taken over bankruptcy proceedings, said the goal was to unlock value being “suppressed by Grayscale’s self-dealing and improper regulation ban.”
Alameda Research Ltd., the hedge fund associated with bankrupt FTX, has voluntarily dismissed a lawsuit it had brought against Grayscale Investments.
The firm had been seeking injunctive relief to "allow redemptions and reduce fees in Grayscale trusts" and unlock $9 billion or more in value for shareholders. John J. Ray lll, CEO of FTX, previously said the goal was to unlock value being "suppressed by Grayscale's self-dealing and improper regulation ban."
"We are pleased to confirm that Alameda Research, FTX's affiliated hedge fund, has voluntarily dismissed its lawsuit against Grayscale," a Grayscale spokeswoman said in a statement on Monday. "Alameda's voluntary dismissal underscores Grayscale’s position that this legal action was entirely without merit."
ETF conversion
Alameda's move to drop the lawsuit comes after Grayscale completed the conversion of its flagship GBTC fund into a spot ETF. It's since seen redemptions into the billions of dollars.
The bitcoin ETFs were approved by the Securities and Exchange Commission earlier this month after judges in a D.C. court over the summer ruled that the SEC had to re-review a bid from Grayscale to convert its GBTC to a spot bitcoin ETF. Three judges in a D.C. court found that the SEC was being "arbitrary and capricious" because it didn't explain its differential treatment between approving past bitcoin futures ETFs and spot bitcoin ETFs.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
BC.GAME Rebrands, Expands $BC Crypto Ecosystem
BC.GAME, a leading name in Web3 gaming, has unveiled a major brand overhaul, introducing a new logo, updated colour scheme, and the bold slogan “Stay Untamed.” The rebrand signals the company’s sharpened focus on crypto integration and its vision to build a global, community-driven Web3 entertainment ecosystem.

Ethereum Rally Stalls Near $2.58K as Holders Take Profits
Ethereum is priced at $2,438, marking a 3.5% decline in the last 24 hours after experiencing a 34% increase over the past week. According to data from Coinglass, open interest has fallen by 2%, suggesting a decrease in leveraged positions. This pullback comes after an impressive rally, during which ETH rose from $1,800 to over $2,500 in just a few days.

Truth Social Denies Memecoin Launch Amid Trump Token Controversy
Truth Social, the social media platform owned by Trump Media & Technology Group, has denied circulating rumours suggesting it is launching a memecoin. In an official post, the platform dismissed the speculation as false, reiterating that it had no involvement in any crypto token launch.

Record Inflows Boost Bitcoin ETFs and Digital Assets

Trending news
MoreCrypto prices
More








