{"id":603293,"date":"2023-01-31T19:49:33","date_gmt":"2023-02-01T01:49:33","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/01\/31\/osprey-funds-sues-grayscale-over-unfair-business-practices\/"},"modified":"2023-01-31T19:49:33","modified_gmt":"2023-02-01T01:49:33","slug":"osprey-funds-sues-grayscale-over-unfair-business-practices","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/01\/31\/osprey-funds-sues-grayscale-over-unfair-business-practices\/","title":{"rendered":"Osprey Funds Sues Grayscale Over \u201cUnfair Business Practices\u201d"},"content":{"rendered":"<div id=\"page\">\n<div id=\"content_box\">\n<header>\n<div>\n<p><img loading=\"lazy\" alt src=\"https:\/\/secure.gravatar.com\/avatar\/41169a86822e6585e2f87627f7d7ef3a?s=32&#038;d=mm&#038;r=g\"  height=\"32\" width=\"32\" decoding=\"async\"><\/p>\n<p><span><span>By <a href=\"https:\/\/fullycrypto.com\/author\/mahu_bs\" title=\"Posts by Mark Hunter\" rel=\"author\">Mark Hunter<\/a><\/span><\/span><\/p>\n<p><span><\/p>\n<p>17 hours ago<span>Tue Jan 31 2023 09:08:27<\/span><\/p>\n<p><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n<\/header>\n<p><img loading=\"lazy\" width=\"1300\" height=\"890\" src=\"https:\/\/fullycrypto.com\/wp-content\/uploads\/2023\/01\/Osprey-Funds-Sues-Grayscale-Over-Unfair-Business-Practices.png\" alt decoding=\"async\" title data-layzr=\"https:\/\/fullycrypto.com\/wp-content\/uploads\/2023\/01\/Osprey-Funds-Sues-Grayscale-Over-Unfair-Business-Practices.png\">\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<div>\n<p><span><span>Reading Time: <\/span> <span>2<\/span> <span>minutes<\/span><\/span><\/p>\n<ul>\n<li aria-level=\"1\">Osprey Funds has sued Grayscale over the way it has advertised its GBTC fund<\/li>\n<li aria-level=\"1\">Osprey alleges that Grayscale treated a Bitcoin ETF conversion as a foregone conclusion, when in fact it knew this was unlikely<\/li>\n<li aria-level=\"1\">Osprey runs its own fund and says that Grayscale has unfairly taken business away from itself and others<\/li>\n<\/ul>\n<p>Digital asset manager Osprey Funds has sued its rival Grayscale Investments over false advertising claims regarding the Grayscale Bitcoin Trust (GBTC). The complaint, filed in a Connecticut court, alleges that Grayscale falsely advertised GBTC as a foregone conclusion regarding its conversion to a spot <a href=\"https:\/\/fullycrypto.com\/what-is-a-bitcoin-etf\">Bitcoin ETF<\/a>, despite knowing it was unlikely. This, Osprey claims, gave Grayscale an unfair advantage and allowed it to dominate 99.5% of trust-based crypto products, despite charging higher fees. Grayscale is currently involved in a legal battle with the Securities and Exchange Commission (SEC) over the issue.<\/p>\n<h2>Grayscale Knew Bitcoin ETF Was \u201cUnlikely\u201d<\/h2>\n<p>Grayscale launched its Bitcoin vehicle in 2013 and made a big play of its intentions to convert to a Bitcoin ETF, a process it <a href=\"https:\/\/fullycrypto.com\/grayscale-bitcoin-etf-plans-confirmed\">started in April 2021<\/a>, but this was rejected last year. It <a href=\"https:\/\/fullycrypto.com\/grayscale-sues-sec-over-rejected-bitcoin-etf-conversion\">sued the SEC<\/a> over the decision on the day it was rejected, and according to the Osprey Funds lawsuit the company fully expected this outcome, causing damage to its rivals, including Osprey.<\/p>\n<p>Grayscale has hit back at these claims of \u201cunfair trade practices\u201d, telling <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-30\/osprey-sues-grayscale-for-misleading-advertising-on-crypto-trust\" target=\"_blank\" rel=\"noopener\">Bloomberg<\/a> that converting GBTC to an ETF is the best option for investors in the long run and that approval of a spot Bitcoin ETF would benefit the industry. Grayscale remains confident in their legal arguments and expects a decision from the DC Court of Appeals by fall 2023.<\/p>\n<h2>Osprey Says Grayscale Unfairly Attracted Customers<\/h2>\n<p>Osprey has previously criticized GBTC\u2019s 41% discount and announced a desire in January to become a sponsor of the product and enact changes to narrow the gap and reduce its 2% management fee, which is four times higher than Osprey\u2019s. Grayscale customers would welcome such a move, with many signing up to a motion to liquidate the fund having not been able to withdraw their funds ever since it opened for business, thanks to the lack of a Bitcoin ETF.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/fullycrypto.com\/osprey-funds-sues-grayscale-over-unfair-business-practices?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=osprey-funds-sues-grayscale-over-unfair-business-practices\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Mark Hunter<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Mark Hunter17 hours agoTue Jan 31 2023 09:08:27 Reading Time: 2 minutes Osprey Funds has sued Grayscale over the way it has advertised its GBTC fund Osprey alleges that Grayscale treated a Bitcoin ETF conversion as a foregone conclusion, when in fact it knew this was unlikely Osprey runs its own fund and says<\/p>\n","protected":false},"author":1,"featured_media":603294,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33237,118650],"tags":[],"class_list":{"0":"post-603293","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-funds","8":"category-osprey"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/603293","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=603293"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/603293\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/603294"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=603293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=603293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=603293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}