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Bitwise acquires Osprey Bitcoin Trust (OBTC) to become the fifth largest Bitcoin ETF provider in the US

PRIVATEAug 28, 2024

Acquiring Company

Bitwise Asset Management

Acquired Company

Osprey Funds

San FranciscoFairfieldOtherFinancial ServicesFinanceFinancial ServicesFinanceLending

Description

Bitwise, the fifth-largest Bitcoin spot ETF in the US, has completed the acquisition of Osprey Bitcoin Trust (OBTC). As a result of this transaction, OBTC unitholders will receive shares of Bitwise Bitcoin ETF (BITB), and there will be no changes for existing BITB shareholders. This strategic acquisition offers OBTC unitholders the opportunity to benefit from the scale and expertise of Bitwise, while bringing the price of Bitcoin closer to that of the Bitwise ETF.

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Company Information

Company

Bitwise Asset Management

Location

250 Montgomery St., Ste. 200

San Francisco, California, United States

About

Bitwise Asset Management is the largest crypto index fund manager in America with a six-year track record of investment excellence, industry-leading education, and a broad suite of professional investment products. It is known for providing unparalleled client support and aims to become a best-in-class partner specialized in the fast-growing asset class of crypto.

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Frequently asked

Who acquired Osprey Funds?

Osprey Funds was acquired by Bitwise Asset Management, based in San Francisco. The deal was reported on August 28, 2024. Bitwise Asset Management is the largest crypto index fund manager in America with a six-year track record of investment excellence, industry-leading education, and a broad suite of professional investment products. Bitwise Asset Management is privately held and operates in Other.

When did Bitwise Asset Management acquire Osprey Funds?

Bitwise Asset Management's acquisition of Osprey Funds was reported on August 28, 2024. Bitwise, the fifth-largest Bitcoin spot ETF in the US, has completed the acquisition of Osprey Bitcoin Trust (OBTC). Fundz records the date the transaction was first publicly reported, sourced from filings and company announcements.

What does Osprey Funds do?

Osprey Bitcoin Trust (OBTC) is a smaller competitor holding $120 million in assets. It had operated its Bitcoin Trust product since February 2021 and was offering a Bitcoin ETF with a management fee of 0.49% before being acquired by Bitwise. It is privately held, operating in Financial Services, and is based in Fairfield.

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