Bitwise Bitcoin ETF to acquire all assets of Osprey Bitcoin Trust

BlockBeats news, on August 29, according to The Block, Osprey Funds, the sponsor of Osprey Bitcoin Trust (OBTC), has reached an agreement with Bitwise Bitcoin ETF (BITB) and Bitwise Asset Management, and BITB will acquire all assets of the OBTC fund.

Osprey said in March this year that the company was considering selling or merging with the Bitcoin ETF and other strategic moves. Osprey must complete the sale or merger by September 1, 2024, otherwise it will liquidate OBTC.

As part of this transaction, OBTC share holders will receive BITB shares as part of the OBTC liquidation distribution. For existing BITB holders, there will be no changes to their shares, and there will be no changes to the operations of BITB.