Bitcoin spot ETF issuer Bitwise has reached an agreement with the Osprey Fund, which will see Bitwise acquire the assets of the OBTC fund and convert them into shares of its Bitcoin ETF (BITB).​

Bitwise buys Osprey’s Bitcoin fund

Osprey Funds is a company headquartered in Connecticut that focuses on digital asset management and provides a variety of cryptocurrency investment trusts, including Bitcoin Trust (OBTC), Solana Trust (OSOL), Polkadot Trust (ODOT), etc. Products are issued through private placements and are issued and sold only to qualified investors and traded in the OTC market.

Osprey Bitcoin Trust OBTC currently has assets of $120 million.

OBTC holders will receive BITB shares as part of this transaction, while existing BITB holders will see no changes to their shares or to BITB’s operations. Completion of the transactions contemplated by the asset purchase agreement is subject to customary closing conditions and is expected to close later this year.

Bitwise actively expands its layout

Bitwise Asset Management just announced the acquisition of London-based cryptocurrency exchange-traded product (ETP) issuer ETC Group to officially enter the European market and add nine European-listed crypto ETPs owned by ETC Group to its product portfolio.

(ETF issuer Bitwise acquires ETC Group to expand European market presence)

Bitwise has been absent from both Bitcoin and Ethereum spot ETFs this year. In January this year, the company launched a Bitcoin spot ETF: Bitwise Bitcoin ETF (BITB), and its assets have now exceeded $2.3 billion. In July this year, Bitwise also launched the first Ethereum spot ETF: Bitwise Ethereum ETF (ETHW), with current asset size of US$240 million.

This article Bitwise will acquire Osprey Bitcoin Fund and merge it into its Bitcoin ETF BITB appeared first on Chain News ABMedia.