Bitwise Asset Management and Osprey Funds have announced a deal where the Bitwise Bitcoin ETF (BITB) will acquire $120 million in Bitcoin from the Osprey Bitcoin Trust (OBTC). The agreement includes OBTC unitholders receiving shares of BITB as they liquidate their OBTC shares. The transaction is expected to close later this year, subject to certain conditions. Osprey Funds, based in Connecticut, began trading OBTC in February 2021, offering a management fee of 0.49%. The trust's assets under management are currently around $120.7 million. The acquisition by Bitwise is seen as a strategic move to benefit OBTC unitholders by leveraging Bitwise's scale and expertise. Despite Bitwise's success in attracting $2 billion in investor funds to its spot Bitcoin ETF, it still lags behind BlackRock's iShares Bitcoin Trust in terms of total funds attracted. Read more AI-generated news on: https://app.chaingpt.org/news