Bitwise Bitcoin Spot ETF will acquire all assets of Osprey Bitcoin Trust

ChainCatcher news, according to The Block, Osprey Bitcoin Trust (OBTC) sponsor Osprey Funds has reached an agreement with Bitwise Bitcoin ETF (BITB) and Bitwise Asset Management, where BITB will acquire all assets of the OBTC fund.

In March of this year, Osprey indicated that it was considering other strategic initiatives such as selling or merging with a Bitcoin ETF. Osprey must complete the sale or merger by September 1, 2024, or it will liquidate OBTC. Osprey Funds stated in a release: "As part of this transaction, OBTC shareholders will receive BITB shares as part of the OBTC liquidation distribution. For existing BITB shareholders, their shares will not change, and the operations of BITB will not change."

Before BITB acquires OBTC, Bitwise had already acquired London-based cryptocurrency ETP issuer ETC Group on August 19. Data shows that BITB's asset size accounts for 4.69% of the Bitcoin spot ETF market.