Hedge Fund Fir Tree Sues Grayscale for Details on GBTC: Bloomberg

Hedge fund Fir Tree is suing crypto investment firm Grayscale to obtain details about its flagship Grayscale Bitcoin Trust (GBTC), in order to investigate potential mismanagement and conflicts of interest, according to a report from Bloomberg.

Fir Tree also wants Grayscale to resume redemptions and cut fees for the trust, which is the largest publicly-traded crypto fund in the world with $10.7 billion in assets. It allows U.S. investors to gain exposure to price movements of bitcoin without buying the asset itself.

GBTC is selling at close to a record 43% discount to the price of the underlying bitcoin in the trust. Fir Tree wants Grayscale to resume redemptions, which are not immediately available to investors, and to cut fees from the current 2%, according to Bloomberg.

Grayscale and CoinDesk are both owned by Digital Currency Group.

This is a developing story and will be updated.