Bitwise Bitcoin ETF to Buy Osprey Bitcoin Trust Assets
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Bitwise Asset Management and Osprey Funds have entered into an agreement that will allow the Bitwise Bitcoin ETF (BITB) to acquire an additional $120 million in Bitcoin.
The transaction, disclosed in a joint statement on August 27, involves an asset purchase agreement between the two companies.
As part of the deal, investors of Osprey’s Bitcoin Trust (OBTC) will receive shares of BITB as they sell off their OBTC shares.
The transaction is expected to close later this year, pending certain conditions. Osprey Funds, based in Fairfield, Connecticut, launched its OBTC in February 2021 on the OTC market with a management fee of 0.49%.
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