Bitwise, one of the leading spot Bitcoin and Ethereum ETF issuers, announced the acquisition of Osprey Bitcoin Trust (OBTC).
The Deal
Bloomberg ETF analyst James Seyffart stated in his post from the X account that crypto asset manager Bitwise will purchase Osprey Bitcoin Trust (OBTC). Consequently, OBTC holders will receive shares of equivalent value in Bitwise’s BITB.
Structure and Assets
Osprey Bitcoin Trust has a structure similar to Grayscale’s GBTC and contains approximately $120 million worth of Bitcoin (BTC).
Impact on Holders
OBTC holders will receive shares of equivalent value in BITB. For existing BITB holders, there will be no change to their shares or the operation of the fund. The sale is expected to be completed later this year.
The deal between Bitwise and Osprey Bitcoin Trust highlights the ongoing development of the cryptocurrency ETF market and the growing interest in Bitcoin among institutional investors.
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