Bitwise Acquires Osprey Bitcoin Trust Assets

CoinMarketCap08-28

You can also read this news on COINTURK NEWS: Bitwise Acquires Osprey Bitcoin Trust Assets Bitwise Bitcoin ETF fund (BITB) will soon acquire $120 million worth of Bitcoin following its plan to ...

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Bitwise Bitcoin ETF fund  will soon acquire $120 million worth of Bitcoin following its plan to purchase assets from Osprey Bitcoin Trust . The agreement, announced on August 27 in a joint statement by Bitwise Asset Management and Osprey Funds, allows the two to sign an Asset Purchase Agreement. As part of the transaction, OBTC holders will receive BITB shares.Connecticut-based Osprey Funds, headquartered in Fairfield, began trading its OBTC on the OTC market in February 2021, offering it to U.S. investors with a 0.49% management fee. At the time, it was a competitor to the much larger Grayscale Bitcoin Trust, which was expected to eventually convert into a spot Bitcoin ETF fund.The post Bitwise Acquires Osprey Bitcoin Trust Assets appeared first on COINTURK NEWS.","collect":0,"end_time":0,"defaultTopTitle":"coinmarketcap.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4550":"红杉资本持仓","BK4595":"比特币概念","BK4551":"寇图资本持仓","LU1861558580.USD":"日兴方舟颠覆性创新基金B","BK4594":"比特币ETF概念","BK4585":"ETF&股票定投概念","BK4547":"WSB热门概念","BK4112":"金融交易所和数据","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","BITB":"Bitwise Bitcoin ETF","BK4539":"次新股","BK4516":"特朗普概念","OBTC":"Osprey Bitcoin Trust","BK4023":"应用软件","BK4554":"元宇宙及AR概念","IBIT":"iShares Bitcoin Trust","FDN":"First Trust Dow Jones Internet I","BK4535":"淡马锡持仓","BK4588":"碎股"},"translate_title":"Bitwise收购鱼鹰比特币信托资产","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"OBTC":1,"BITB":1,"FDN":0.9,"IBIT":0.7},"content_text":"You can also read this news on COINTURK NEWS: Bitwise Acquires Osprey Bitcoin Trust Assets\nBitwise Bitcoin ETF fund (BITB) will soon acquire $120 million worth of Bitcoin following its plan to purchase assets from Osprey Bitcoin Trust (OBTC). The agreement, announced on August 27 in a joint statement by Bitwise Asset Management and Osprey Funds, allows the two to sign an Asset Purchase Agreement. As part of the transaction, OBTC holders will receive BITB shares.\nNotable Development in the ETF Sector\nConnecticut-based Osprey Funds, headquartered in Fairfield, began trading its OBTC on the OTC market in February 2021, offering it to U.S. investors with a 0.49% management fee. At the time, it was a competitor to the much larger Grayscale Bitcoin Trust, which was expected to eventually convert into a spot Bitcoin ETF fund.\n\nIn January 2023, Osprey even sued Grayscale, alleging that Grayscale’s misleading advertisements and promotions allowed it to gain a monopoly share in a two-participant market. By March, Osprey stated it was considering a possible sale or liquidation after finding that units in the trust were trading at a price below Bitcoin’s value. As of the writing of this article, OBTC’s website shows its assets under management are approximately $120.7 million.\nAccording to data from Barchart and Yahoo Finance, long-term investors in OBTC may have noticed that the trust’s three-year return is currently around 9.5%, while Bitcoin’s return over the same period is 23.5%. Osprey and Bitwise made the following statement regarding the matter:\n\n“This announcement follows Osprey’s previous communication about exploring strategic alternatives. Its acquisition by Bitwise represents a significant step in this process and offers OBTC unit holders the opportunity to benefit from Bitwise’s scale and expertise.”\n\nDetails on the Matter\nYCharts data shows that OBTC’s discount rate relative to Bitcoin has hovered around 3% to 5% over the past month. Bitwise’s BITB trades much closer to Bitcoin with a discount or premium near 0% relative to NAV.\n\nSince its launch seven months ago, Bitwise has seen $2 billion in investor funds flow into its spot Bitcoin ETF. It charges a much lower management fee of 0.20%. However, its performance still pales in comparison to BlackRock’s iShares Bitcoin Trust (IBIT), which has attracted approximately $21 billion in investor funds since January.\nThe post first appeared on COINTURK NEWS:  Bitwise Acquires Osprey Bitcoin Trust Assets\nThe post Bitwise Acquires Osprey Bitcoin Trust Assets appeared first on COINTURK NEWS.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"Company Corporation","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2462746433"}