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The price of Grayscale Bitcoin Trust (GBTC) versus the bitcoin it actually holds hit an all time low on Wednesday, with the discount ratio reaching 47.3%, according to data from The Block.

The GBTC discount hit a previous all-time low on Nov. 21, when it reached 45.2%. Concerns over the liquidity profile of Grayscale’s sister firm Genesis have put pressure on the fund. One hedge fund is suing Grayscale to force redemptions from the fund.

GBTC trades at a discount to the net asset value (NAV), as shares in the fund don’t grant the holder access to the underlying assets. Shares traded at a premium until early 2021 before flipping to a discount. As a result, the market price of GBTC shares is over 47% lower than the value of the bitcoin in the fund or its net asset value (NAV).

Fir Tree Capital revealed plans to sue Grayscale this week. The fund hopes to get information to investigate potential mismanagement and conflicts of interest, according to Delaware court documents. Fir Tree will use the information to push Grayscale to address the considerable discount it trades at relative to the bitcoin it holds by lowering fees and resuming redemptions, Bloomberg said. 

The discount narrowed before the Fir Tree news on the back of positive murmurings from the Fed on potential for the pace of interest rate increases to slow as soon as this month, but expansionary economic indicators tempered hopes of Fed action.

The Fed’s next rate decision is Wednesday.

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