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.

ChainCatcher news, according to CoinDesk, the Bitcoin-based closed-end fund Osprey Bitcoin Trust is seeking strategic options such as selling or merging with a Bitcoin exchange-traded fund (ETF). According to a statement on Tuesday, the company said that if this process is unsuccessful, it "plans to liquidate and dissolve the trust within 180 days starting today."It is reported that Osprey Bitcoin Trust is known as a major competitor to Grayscale's GBTC fund, which has transitioned to an ETF this year. Osprey previously filed a lawsuit against Grayscale, claiming that its ETF conversion was a foregone conclusion.

ChainCatcher news, a document submitted to the Connecticut court on January 30 shows that digital asset management company Grayscale is facing a lawsuit from much smaller competitor Osprey Funds. According to Osprey, Grayscale is accused of false advertising and misleading promises that it could convert its GBTC into a Bitcoin spot exchange-traded fund (ETF).Osprey accuses Grayscale of making "false and misleading" statements, which allegedly constitute unfair competition. A female spokesperson for Grayscale stated in an email that the lawsuit is "meritless." (The Block)

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)