This partnership aims to bolster the lawsuit’s impact by welcoming other shareholders to join as co-plaintiffs through the newly established platform, GrayscaleLitigation.com.
This collective effort is in response to Alameda’s initial lawsuit in March of this year, which called for a reduction in management fees and the introduction of redemptions for Grayscale’s Bitcoin and Ethereum Trusts.
In order for this initiative to proceed, existing shareholders, collectively owning a minimum of 10% of the Trusts’ shares, are encouraged to participate as co-plaintiffs before September 1, 2023, via GrayscaleLitigation.com. Balch & Bingham LLP has offered to represent eligible shareholders in this legal battle, ensuring zero out-of-pocket expenses.
The support for Alameda’s legal endeavor has been significant. Notable entities expressing interest in joining the lawsuit include Fir Tree Partners, Saba Capital, Owl Creek Asset Management, and Aristides Capital.
This coalition of shareholders underscores the shared desire for fair management fees and transparent redemption processes.
Despite Grayscale‘s response arguing that shareholder participation must collectively reach 10%, the collaboration between Alameda, UTXO, and Balch & Bingham LLP demonstrates the determination to overcome this obstacle.
Alameda Research continues its call for more plaintiffs to join this critical lawsuit. Over 45 entities, including individuals, foundations, and family offices, have shown interest in becoming additional plaintiffs.
While these entities remain unnamed, Alameda is committed to expanding their ranks before the court’s September 15 deadline to respond to Grayscale’s motion to dismiss.
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