Grayscale resolves lawsuit with Fir Tree over proposed changes to Bitcoin Trust
Grayscale Investments has reached an agreement with New York-based investment firm Fir Tree Capital Management over its Bitcoin Trust.
According to a July 11 announcement from Fir Tree, Grayscale agreed to provide additional documentation related to its Bitcoin Trust (GBTC) after Fir Tree filed a lawsuit in December 2022. The complaint against Grayscale aimed at having the asset manager stop plans to turn its GBTC trust into a spot exchange-traded fund (ETF) and provide documentation on its relationship with Digital Currency Group, Grayscale’s parent company.
Fir Tree claimed that roughly 850,000 retail investors had been “harmed by Grayscale’s shareholder-unfriendly actions” based on the firm’s lack of a redemption program from GBTC into cash or crypto. In addition, its legal team said Grayscale attempting to launch a spot crypto ETF could “cost years of litigation, millions of dollars in legal fees, countless hours of lost management time, and goodwill with regulators.”
Cboe refilings added more pressure on SEC to approve Bitcoin ETF
On June 11, all five Bitcoin ETF applications from the Cboe added a Surveillance Sharing Agreement (SSA) with the leading crypto exchange Coinbase. The Cboe updated the BTC ETF filings with the U.S. SEC from Invesco, VanEck, WisdomTree, Fidelity, and the joint fund by ARK Invest. The updated filings clearly show that it has reached out to Coinbase to enter into the Surveillance Sharing Agreement.
In the earlier filings, Cboe mentioned that it was expecting to enter into a surveillance-sharing agreement with Coinbase. However, the agreement was settled on June 21 for each filing. On Tuesday, they showed the updated original filings with the U.S. SEC.
UK regulator continues crackdown on Crypto ATMs, checks 18 new sites
British authorities have inspected 18 more sites believed to be illegally operating automated teller machines (ATMs) supporting cryptocurrencies in the United Kingdom, the country’s financial regulator announced on Tuesday.
The checks have been carried out in May and June by the FCA, working together with representatives of the South West Regional Organized Crime Unit, Bedfordshire Police, Hertfordshire Police, and the Metropolitan Police.
“This action follows the FCA’s previous inspections of a number of sites across the U.K. including East London, and Leeds, Exeter, Sheffield, and Nottingham that were suspected of hosting unregistered crypto ATMs.”