FTX wants $250 million from Grayscale, how far will the exchange go in search of funds to repay investors?
against Grayscale Investment. The case was filed in the Court of Chancery in the State of Delaware, and it names its CEO, Michael Sonnenshein, and the parent company, Digital Currency Group, as defendants.
According to the suit, FTX wants injunctive relief to unlock $9 billion or more in value for shareholders of the Grayscale Bitcoin and Ethereum trusts. Should this request be granted, it will unlock the sum of $250 million for FTX, which the firm can add to its pot of funds to repay its own creditors.
Grayscale operates the largest trusts in the digital currency ecosystem, with Grayscale Bitcoin Trust over $14 billion in assets under management as of the time of writing. GBTC has lost more than 44% of its value over the trailing 12-month period, and should the request be granted, FTX may still have to endure some losses.
Besides releasing the said sum, FTX also wants the court to compel Grayscale to stop charging its exorbitant management fees, which have topped $1.3 billion in just two years.
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