Digital asset manager Osprey Funds has filed a suit in a U.S. court against Grayscale Investments, operator of the world’s largest Bitcoin trust, claiming that the firm misrepresented the likelihood that the trust could ever become an exchange-traded fund (ETF).

Osprey, which runs a rival Bitcoin trust (OBTC), alleged in documents filed to Connecticut’s Superior Court that its competitor had engaged in “unfair and deceptive acts and unfair competition in the asset management industry.”

The company accuses Grayscale of advertising its Bitcoin Trust (GBTC) on the basis that converting it into a Bitcoin ETF at some point in the future was a “foregone conclusion.”

(By Alys Key)