Bitwise Bitcoin ETF to acquire all assets of Osprey Bitcoin Trust

Osprey Funds, the sponsor of Osprey Bitcoin Trust (OBTC), has reached an agreement with Bitwise Bitcoin ETF (BITB) and Bitwise Asset Management, under which BITB will acquire all assets of the OBTC fund. Osprey said in March that the company was considering a sale or merger with the Bitcoin ETF and other strategic moves. Osprey must complete the sale or merger by September 1, 2024, otherwise it will liquidate OBTC. Osprey Funds wrote in a press release: "As part of this transaction, OBTC unit holders will receive BITB units as part of the OBTC liquidation distribution. For existing BITB holders, there will be no changes to their units and no changes to BITB's operations." Before BITB acquired OBTC, Bitwise acquired ETC Group, a London-based crypto exchange-traded product issuer, on August 19. (The Block)