Bitwise’s Bitcoin ETF to Buy Osprey Bitcoin Trust’s Assets
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Osprey Funds, the sponsor of Osprey Bitcoin Trust (OBTC), has reached an agreement with Bitwise Bitcoin ETF (BITB) and Bitwise Asset Management to transfer all of OBTC’s assets to BITB.
This decision was made after Osprey had announced its plans to explore a potential sale or merger with a bitcoin ETF and had until Sept. 1, 2024, to complete the transaction or face liquidation.
As part of this agreement, OBTC shareholders will receive shares of BITB as a liquidating distribution.
Existing BITB shareholders will not be affected by this transaction and there will be no changes to the operation of BITB. This acquisition by BITB follows its recent acquisition of London-based crypto ETP issuer ETC Group on Aug. 19.
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