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Osprey competes for control over the Bitcoin Trust of Grayscale; Justin Sun von Tron offers to invest up to USD 1 billion in DCG assets-
According to accusations of the US stock exchange supervisory authority Securities and Exchange Commission against the crypto exchange Gemini and the lender for digital currencies Genesis, Tron founder Justin Sun of the press told that he could be able to buy assets from Genesis worth up to 1 billion US dollar, "depending on their assessment of the situation." In addition, the crypto investment manager Osprey has published an open letter to Barry Silbert from Digital Currency Group, trying to take over the management of Bitcoin Trust (GBTC) from Grayscale. Osprey makes changes in the management of Grayscales in an open letter to the Digital Currency Group ...
Osprey competes for control over the Bitcoin Trust of Grayscale; Justin Sun von Tron offers to invest up to USD 1 billion in DCG assets-
Osprey suggests changes in the management of Grayscales Bitcoin Trust
in an open letter to the Digital Currency Group On January 12, 2023, the US Securities and Exchange Commission (SEC)
The SEC said that Gemini and Genesis gave investors the opportunity to give crypto-assets in exchange "for the promise of Genesis, interest". The SEC editions followed two letters from Gemini co-founder Cameron Winklevoss (, letter 2 ) and a current shareholders' letter by Silbert rejects. Fischadler
In his letter, Osprey stated that it would change some things in connection with Bitcoin Trust if it took over the management of GBTC. "We would reduce the administrative fee to 0.49 % and clean up the fund's cost structure, which contains considerable conflicts of interest," said Osprey on Friday. "We would also strive to implement a withdrawal program as soon as possible." The fund manager for digital currencies added:
We would immediately seek a list of NYSE, but from a position of cooperation with the supervisory authorities. For example, we would not initiate any lawsuits against the SEC, but would work directly with the congress to clarify the SEC about the reasons for the approval of the fund as a listed ETP.
The company believes that it extends its hand to continue to show the shareholders. Osprey insists that DCG and Silbert should allow the fund to take over as soon as possible. "We urgently ask you to immediately install Osprey Funds as a sponsor of GBTC, to protect both GBTC owners and to trust the non-DCG-connected stakeholders from GBTC and Grayscale, who have an interest in maintaining value," said Osprey.
Justin Sun von Tron offers to invest $ 1 billion in assets of the digital Currency Group
In the meantime trons has said that he too is ready to pack. Sun said that he would consider investing $ 1 billion in assets of the Digital Currency Group (DCG), but this depends on the "evaluation of the situation". Sun also offered her help during the day before the stock exchange registered on November 11, 2022.
Back then so his team worked around the situation around the situation to alleviate with ftx, and he also notes Take steps to help FTX. However, none of the promises were realized and the next day ftx for Insolvency protection according to Chapter 11 and sam> sam Bankman-Fried resigned as CEO. It is uncertain whether the Digital Currency Group (DCG) or Genesis will accept help from organizations and individuals within the crypto industry. In the first week of the new year, the company did not respond to Valkyrie's attempt to sponsor GBTC via Grayscale. In addition, Grayscale was involved in a target = "_ blank" href = "https://grayscale.com/gbtc-lawsuit/" Rel = "noopener"> ongoing legal dispute
What do you think of the continued legal disputes and the possible changes in management, which are proposed by the investment offer by Osprey and Justin Sun by Tron? Do you think this is a step in the right direction for the crypto industry or could it lead to further complications? Share your thoughts in the comments below.
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