GBTC Grayscale Bitcoin Trust BTC

Filed Pursuant To Rule 433

Registration No. 333-275079

January 22, 2024

 

 

Alameda Research drops excessive-fee lawsuit against Grayscale

Crystal Kim , author of Axios Crypto

 

 

Illustration: Brendan Lynch/Axios

 

FTX's sister hedge fund Alameda Research has voluntarily dismissed its lawsuit against Grayscale Investments.

Why it matters: Sam Bankman-Fried's trial is over, but FTX's bankruptcy proceeding is very much ongoing — and the crypto exchange, under the leadership of John Ray III, has been on a mission to recover billions for its creditors.

Flashback: The lawsuit, filed in March, was one of the tools Ray intended to use to "maximize recoveries," per a press release. The argument being that GBTC's high fees and its inability to allow redemptions were costing FTX creditors. (Alameda is part of the FTX bankruptcy estate).

 

State of play: GBTC's conversion to a spot bitcoin ETF last week would have addressed those issues.

The bottom line: FTX's estate is free to sell GBTC post-conversion, and perhaps, it already has done just that.

This is a breaking story and will be updated.

 

 

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Grayscale Bitcoin Trust (BTC) (the “Trust”) has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Trust has filed with the SEC for more complete information about the Trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Trust or any authorized participant will arrange to send you the prospectus (when available) if you request it by calling (833) 903 - 2211 or by contacting Foreside Fund Services, LLC, Three Canal Plaza, Suite 100, Portland, Maine 04101.

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