Bankrupt crypto shopping and selling agency Alameda Analysis has filed a lawsuit against Grayscale Investments, the firm within the wait on of the enviornment’s most attention-grabbing Bitcoin fund.

In an announcement on Monday, FTX’s debtors disclosed that the switch’s sister-firm Alameda was suing Grayscale, seeking injunctive relief for FTX’s collectors to relish extra than $250 million in procure asset price.

The lawsuit, filed within the Court docket of Chancery within the Converse of Delaware, also asserted claims against Michael Sonnenshein, CEO of Grayscale, and Barry Silbert, CEO of Grayscale’s parent firm Digital Currency Community.

The complaint alleges that Grayscale’s “self-imposed redemption knowing” prevents shareholders from realizing roughly $9 billion in price tied to its Bitcoin and Ethereum Trusts. FTX’s potentialities by myself would realize “over a quarter billion greenbacks,” stated the FTX debtors, which would price the switch’s shares at $550 million – round 90% better than its valuation nowadays.

Alameda owns 22 million shares within the Grayscale Bitcoin Belief (GBTC) and 6 million shares within the Grayscale Ethereum Belief (ETHE), according to the Financial Times.

The lawsuit extra claims that Grayscale’s exorbitant management charges of $1.3 billion charged over the closing two years are in violation of the Belief’s agreements, and that the agency hid within the wait on of contrived excuses to forestall redemptions.

“We are capable of continue to make order of every instrument we can to maximise recoveries for FTX potentialities and collectors. Our aim is to liberate price that we deem is currently being suppressed by Grayscale’s self-dealing and sinful redemption ban,” stated John J. Ray III, FTX’s contemporary CEO and Chief Restructuring Officer.

A a similar lawsuit was filed by Fir Tree Capital Management against Grayscale in December. The hedge fund called for Grayscale to decrease charges and resume redemptions in a complaint that was also filed within the Delaware’s Chancery Court docket.

Meanwhile, Grayscale’s flagship fund GBTC narrowed its low cost to 42% ahead of Tuesday’s court docket listening to, the put the agency will portray oral arguments for its case against the U.S. Securities and Alternate Commission (SEC) touching on GBTC’s conversion to an Alternate Traded Fund (ETF).