TechFlow News — Osprey Funds, the sponsor of the Osprey Bitcoin Trust (OBTC), announced it has entered into an agreement with Bitwise Bitcoin ETF (BITB) and Bitwise Asset Management for BITB to acquire all assets of the OBTC fund.
This move follows Osprey's announcement in March this year that it was exploring a potential sale or merger of its bitcoin trust. Osprey previously had until September 1, 2024, to complete such a transaction; otherwise, it would have liquidated OBTC.
OBTC unit holders will receive shares of BITB as part of the OBTC liquidation distribution. For existing BITB shareholders, there will be no changes to their shares or to BITB’s operations.
Notably, BITB’s acquisition of OBTC comes shortly after Bitwise acquired ETC Group, a London-based issuer of cryptocurrency exchange-traded products, on August 19. According to The Block’s data dashboard, BITB reached a daily trading volume of $55.95 million on August 26, 2024, and Bitwise’s funds currently hold 4.69% of the total spot bitcoin ETF market share.
