According to TechFlow, Osprey Funds, the sponsor of the Osprey Bitcoin Trust Fund (OBTC), announced that it has reached an agreement with the Bitwise Bitcoin ETF (BITB) and Bitwise Asset Management, and BITB will acquire all assets of the OBTC fund.
The move comes after Osprey said in March that it was considering a potential sale or merger with the Bitcoin ETF. Osprey originally had until September 1, 2024 to complete the sale or merger, otherwise it would liquidate OBTC.
OBTC unit holders will receive shares of BITB as part of the OBTC liquidation distribution. For existing BITB holders, there will be no changes to their shares and the operations of BITB.
It is worth noting that BITB's acquisition of OBTC follows Bitwise's acquisition of London-based cryptocurrency exchange-traded product issuer ETC Group on August 19. According to The Block data panel, BITB's daily trading volume reached $55.95 million on August 26, 2024, and Bitwise's fund currently accounts for 4.69% of the total spot Bitcoin ETF market share.
