Posted 1/22/2024, 9:46:02 PM
Alameda Drops Lawsuit Against Grayscale, Allowing Billions in GBTC Redemptions That Fueled Bitcoin Sell-Off
- Alameda Research drops lawsuit against Grayscale Bitcoin Trust (GBTC), clearing way for GBTC to allow share redemptions
- Lawsuit alleged Grayscale had "improper redemption ban"; Grayscale says dismissal shows lawsuit was "without merit"
- GBTC recently converted to a Bitcoin spot ETF, allowing investors to more easily cash out shares
- Billions in GBTC shares redeemed last week, contributing to plunge in Bitcoin price
- Alameda affiliated with collapsed crypto firm FTX; FTX's new management working to retrieve lost customer funds