Osprey Funds, sponsor of the Osprey Bitcoin Trust (OBTC), has entered into an agreement with Bitwise Bitcoin ETF (BITB) and Bitwise Asset Management, pursuant to which BITB will acquire all assets of the OBTC Fund.
The move comes after Osprey said in March this year that it was considering a potential sale or merger with a Bitcoin ETF, among other strategic moves. Osprey had until September 1, 2024, to complete the sale or merger, or it would have liquidated OBTC.
“As part of this transaction, OBTC unit holders will receive BITB shares as part of OBTC’s liquidation distribution. For existing BITB unit holders, there will be no change to their shares or the operations of BITB,” Osprey Funds wrote in a statement Tuesday.
The Block previously reported that BITB’s acquisition of OBTC follows Bitwise’s acquisition of London-based cryptocurrency exchange-traded product (ETC) issuer ETC Group on August 19.
According to The Block’s Data Dashboard, BITB generated $55.95 million in daily volume on August 26, 2024. Bitwise’s fund holds 4.69% of the total spot Bitcoin ETF market share.
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About the Author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin first broke $20,000. Since then, MK has written nearly 1,000 articles for the publication, covering all aspects of crypto news but with a penchant for NFTs, metaverse, web3 games, fundraising, crime, hacking, and crypto ecosystem stories. MK holds a graduate degree from the Science, Health, and Environment Reporting Program (SHERP) at New York University and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.