Osprey Funds CEO wrote to DCG seeking to manage its GBTC trust, potentially reducing management fees by about 75%

2023-01-14 23:30:08

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ChainCatcher news, Osprey Funds CEO Greg King stated in an open letter to Digital Currency Group (DCG) CEO Barry Silbert on Friday that his company is the "best third party" to manage the trust.

If appointed as the manager of GBTC, Osprey, which operates its own Bitcoin trust, would reduce the annual management fee of GBTC by about 75% to 0.49%. A DCG spokesperson did not immediately respond to a request for comment.

Previously, the crypto asset management company Osprey Funds had laid off 15 employees and now has fewer than 10 remaining, including four executives. CEO Greg King stated in an email that the downturn in the crypto market led Osprey to make layoffs last summer and fall, but Osprey remains strong. As of January 6, Osprey Bitcoin Trust (OBTC) managed approximately $46.9 million in assets. (source link)

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