{"id":36326,"date":"2025-02-11T10:45:41","date_gmt":"2025-02-11T07:45:41","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=36326"},"modified":"2025-02-11T10:31:39","modified_gmt":"2025-02-11T07:31:39","slug":"osprey-seeks-review-of-lawsuit-against-grayscale","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/osprey-seeks-review-of-lawsuit-against-grayscale\/","title":{"rendered":"Osprey Seeks Review of Lawsuit Against Grayscale"},"content":{"rendered":"<p data-end=\"306\" data-start=\"81\">Crypto asset management company Osprey Funds has applied to a Connecticut state court to<strong data-end=\"303\" data-start=\"111\"> review the court&#8217;s ruling in its favor in its $2 million unfair trade lawsuit<\/strong> against Grayscale Investments.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/osprey-seeks-review-of-lawsuit-against-grayscale\/#Objection_to_Court_Decision\" title=\"Objection to Court Decision\">Objection to Court Decision<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/osprey-seeks-review-of-lawsuit-against-grayscale\/#Ospreys_Defense_and_the_Future_of_the_Case\" title=\"Osprey&#8217;s Defense and the Future of the Case\">Osprey&#8217;s Defense and the Future of the Case<\/a><\/li><\/ul><\/nav><\/div>\n<h3 data-end=\"341\" data-start=\"308\"><span class=\"ez-toc-section\" id=\"Objection_to_Court_Decision\"><\/span><strong data-end=\"339\" data-start=\"312\">Objection to Court Decision<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-end=\"665\" data-start=\"342\">Osprey<strong data-end=\"436\" data-start=\"350\"> filed<\/strong> a<strong data-end=\"436\" data-start=\"350\"> motion for reconsideration<\/strong> with the Connecticut Supreme Court on February 10. The company claims that Judge Mark Gould issued his February 7 ruling <strong data-end=\"664\" data-start=\"446\">&#8220;without completing the evidentiary process&#8221; <\/strong>and <strong data-end=\"664\" data-start=\"446\">&#8220;expanding the boundaries of an exemption under the Connecticut Unfair Trade Practices Act (CUTPA)<\/strong>.&#8221;<\/p>\n<p data-end=\"995\" data-start=\"667\">In January 2023, Osprey<strong> filed a lawsuit against<\/strong> Grayscale and<strong> Delaware Trust Company<\/strong>, the manager of its flagship Bitcoin mutual fund (GBTC). In the lawsuit, Osprey alleged <strong data-end=\"992\" data-start=\"854\">that Grayscale lured investors to its fund with misleading advertising and presented the conversion to an ETF as a foregone conclusion<\/strong>.<\/p>\n<p data-end=\"1196\" data-start=\"997\">However, in his February 7 ruling, Judge Gould ruled <strong>in Grayscale&#8217;s favor<\/strong>, stating that Osprey&#8217;s charges related to securities trading, which is exempt from CUTPA law.<\/p>\n<h3 data-end=\"1247\" data-start=\"1198\"><span class=\"ez-toc-section\" id=\"Ospreys_Defense_and_the_Future_of_the_Case\"><\/span><strong data-end=\"1245\" data-start=\"1202\">Osprey&#8217;s Defense and the Future of the Case<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-end=\"1382\" data-start=\"1248\">In its new petition to the court, Osprey argued that <strong data-end=\"1371\" data-start=\"1290\">the decision did not take into account the issues of &#8220;unfair competition and misleading advertising&#8221;<\/strong>.<\/p>\n<p data-end=\"1719\" data-start=\"1384\">The company also <strong data-end=\"1563\" data-start=\"1399\">argued that it had not entered into any securities transactions with Grayscale, and therefore their lawsuit should not be considered a securities transaction<\/strong>. Osprey claimed that the real subject of the lawsuit was the <strong data-end=\"1718\" data-start=\"1573\">damage to its market share due to Grayscale&#8217;s aggressive and misleading marketing tactics<\/strong>.<\/p>\n<p data-end=\"1989\" data-start=\"1721\">While this lawsuit was pending, Osprey <strong data-end=\"1853\" data-start=\"1746\">filed with the SEC to convert its Bitcoin mutual fund (OBTC) into a spot Bitcoin ETF in January 2024<\/strong>. Osprey, which had previously been in merger talks with Bitwise, has turned to an independent ETF process after that deal fell through.<\/p>\n<p data-is-last-node=\"\" data-end=\"2149\" data-start=\"1991\">It remains to be seen how the court will respond to Osprey&#8217;s appeal and <strong data-end=\"2148\" data-start=\"2052\">how the company, which competes with Grayscale, will be affected by this case<\/strong>.<\/p>\n<p data-start=\"1991\" data-end=\"2149\" data-is-last-node=\"\"><em>You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"nofollow noopener\"><strong>Telegram,\u00a0<\/strong><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"nofollow noopener\"><strong>YouTube<\/strong><\/a>,\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\"><strong>Twitter<\/strong><\/a>\u00a0channels for the latest\u00a0<a title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\">news<\/a>\u00a0and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crypto asset management company Osprey Funds has applied to a Connecticut state court to review the court&#8217;s ruling in its favor in its $2 million unfair trade lawsuit against Grayscale Investments. Objection to Court Decision Osprey filed a motion for reconsideration with the Connecticut Supreme Court on February 10. The company claims that Judge Mark<\/p>\n","protected":false},"author":6,"featured_media":36329,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[1096,11595],"class_list":["post-36326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-grayscale","tag-osprey"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Osprey Seeks Review of Lawsuit Against Grayscale - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/osprey-seeks-review-of-lawsuit-against-grayscale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Osprey Seeks Review of Lawsuit Against Grayscale - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Crypto asset management company Osprey Funds has applied to a Connecticut state court to review the court&#8217;s ruling in its favor in its $2 million unfair trade lawsuit against Grayscale Investments. 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