PANews reported on August 28 that according to The Block, Osprey Funds, the sponsor of Osprey Bitcoin Trust (OBTC), has reached an agreement with Bitwise Bitcoin ETF (BITB) and Bitwise Asset Management, and BITB will acquire all assets of the OBTC fund. In March of this year, Osprey said it was considering other strategic moves such as selling or merging with the Bitcoin ETF. Osprey must complete the sale or merger by September 1, 2024, otherwise it will liquidate OBTC. Osprey Funds said in a statement: "As part of this transaction, OBTC share holders will receive BITB shares as part of the OBTC liquidation distribution. For existing BITB holders, there will be no changes to their shares, and there will be no changes to BITB's operations." Before BITB acquired OBTC, Bitwise had acquired ETC Group, a London-based cryptocurrency ETP issuer, on August 19. Data shows that BITB's asset size accounts for 4.69% of the Bitcoin spot ETF market.