- We are talking about securities of trust funds BTC and ETH
- They are estimated at least at $250-550 million
- FTX seeks Grayscale permission to sell these securities
Affiliated debtors of FTX and Alameda Research filed lawsuit against Grayscale Investments. The corresponding statement was accepted by the court in Delaware.
So, the plaintiffs are demanding the release of funds for the shareholders of the Grayscale Bitcoin and Ethereum Trusts. We are talking about the amount of $ 9 billion or more. Of this, approximately $250 million is accounted for by FTX customers or creditors.
Recall that Grayscale shareholders have been trying for years to get the company to allow them to buy back their shares. Those, in turn, refuse, referring to various pretexts.
The lawsuit states that Grayscale has earned over $1.3 billion in share management fees over the past 2 years. Now these securities are traded at a high discount relative to NAV (net asset price). So, last week GBTC traded at a 45% discount.
The applicants are demanding that Grayscale lower fees and also allow clients to redeem their papers. In this case, the shares owned by FTX clients will rise in price by about 90%, the statement said.
“We will continue to use all possible tools to maximize recovery for FTX customers and lenders”– summarizes the new director of the crypto exchange, John J. Ray III.
The other day, FTX confirmed the loss of $8.9 billion of client funds. But the company is making a lot of efforts to return as many assets as possible from debtors and partners.
