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Osprey Funds Seeks SEC Approval to Convert Bitcoin Trust into Spot ETF

In a separate statement, Osprey said that the deal struck by Bitwise to acquire Osprey Bitcoin Trust has been canceled after it failed to obtain the necessary regulatory approvals

Investment management firm Osprey Funds has announced plans to convert Osprey Bitcoin Trust (OBTC) into a spot bitcoin exchange-traded fund (ETF) following the conclusion of the deal that would have seen it acquired by Bitwise.

In a statement on Jan. 14, the company said it will file a Form S-1 containing a registration statement with the U.S. Securities and Exchange Commission “as soon as possible.”

Speaking to Cointelegraph, Osprey Funds CEO Greg King said he expects the Form S1 to be filed with the SEC before the end of the month.

“We are committed to encouraging our investors to invest in a Bitcoin ETF. This seems to be the safest path at this point,” he said.

OBTC was previously a competitor to the much larger Grayscale Bitcoin Trust before GBTC eventually transitioned to a Bitcoin ETF in January 2024.

According to OBTC’s description, the fund currently tracks the price of Bitcoin

without holding actual assets and has total assets under management (AUM) of $181 million#USPPITrends #ReboundOutlook $BTC $ETH $XRP