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<div class="coinjournal">
 <ul>
 <li dir="ltr">Alameda Research, an affiliate of bankrupt crypto exchange FTX has dropped its case against Grayscale.</li>
 <li dir="ltr">The lawsuit’s dismissal comes as Grayscale’s GBTC sees huge outflows following SEC’s spot Bitcoin ETF approval.</li>
 </ul>
 Alameda Research, the collapsed crypto trading arm of bankrupt cryptocurrency exchange FTX, has dropped its lawsuit against Grayscale Investments. Reuters highlighted Alameda Research’s move to drop the case in a report on Monday.
 <h2 dir="ltr" id="alameda-research-drops-grayscale-lawsuit">Alameda Research drops Grayscale lawsuit</h2>
 The FTX affiliate filed its lawsuit against Grayscale in March 2023 and alleged that the GBTC issuer had enriched itself at the expense of its shareholders.
 Alameda Research’s <a rel="noopener noreferrer nofollow" title="lawsuit" href="https://thebittimes.com/tag/lawsuit.html">lawsuit</a> came before <a rel="noopener noreferrer nofollow" title="Grayscale" href="https://thebittimes.com/tag/grayscale.html">Grayscale</a>’s eventual victory over the US Securities and Exchange Commission (SEC), with the legal milestone setting in motion the events that led to SEC’s approval of several spot Bitcoin ETFs, including <a rel="noopener noreferrer nofollow" title="Grayscale" href="https://thebittimes.com/tag/grayscale.html">Grayscale</a>’s Bitcoin Trust (GBTC).
 With the approval and conversion of GBTC into a spot ETF, <a rel="noopener noreferrer nofollow" title="Grayscale" href="https://thebittimes.com/tag/grayscale.html">Grayscale</a> investors have been able to redeem their shares. In its <a rel="noopener noreferrer nofollow" title="lawsuit" href="https://thebittimes.com/tag/lawsuit.html">lawsuit</a>, Alameda claimed that the digital asset manager, which also seeks to convert its Ethereum Trust (ETHE) into a spot Ethereum ETF, charged high fees and wasn’t allowing redemptions.
 The approval of GBTC as a spot Bitcoin ETF has addressed the redemptions issue, with Grayscale seeing a massive outflow since GBTC began trading on January 11, 2024. On Monday, the company reportedly sent 15,308 BTC worth over $623 million to Coinbase Prime.
 
 <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
 Grayscale deposited 15,308 $BTC($623.8M) to #CoinbasePrime again 50 mins ago.
 Since the ETF was passed, #<a rel="noopener noreferrer nofollow" title="Grayscale" href="https://thebittimes.com/tag/grayscale.html">Grayscale</a> has deposited 63,991 $BTC($2.68B) to #CoinbasePrime during the opening hours of U.S. stocks (14:30 UTC).
 According to Arkham, #Grayscale currently holds 549,116… pic.twitter.com/i1LtKryu6W
 — Lookonchain (@lookonchain) January 22, 2024
 </blockquote>
 
 With over 63,000 BTC sold since, one of the likely sellers could be the <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> estate, given it has offloaded several assets in the past few weeks.
 Bitcoin price has struggled amid the BTC dump, reaching lows of $40,367 on Monday, January 22, 2024.
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ftx-s-alameda-research-drops-lawsuit-against-grayscale-tbt77319.html">https://thebittimes.com/ftx-s-alameda-research-drops-lawsuit-against-grayscale-tbt77319.html</a>

FTX’s Alameda Research drops lawsuit against Grayscale

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