Osprey Bitcoin Trust seeks merger or sale with existing bitcoin ETF
Before Grayscale converted its trust, Osprey’s trust was a competitor
Osprey Bitcoin Trust (OBTC) warned Tuesday that it needs to either sell the Trust or merge with an existing bitcoin ETF.
“As part of the strategic process, the Sponsor plans to consider a wide range of options, and is in various discussions about a potential sale of the Trust to, or merger with, an existing Bitcoin ETF,” the Trust said in a statement .
However, “in the event such talks do not conclude positively, the Sponsor intends to liquidate and dissolve the Trust within 180 days from today,” it continued.
The decision to seek “strategic alternatives” came after the Trust said it was “aware that the common units of fractional undivided beneficial interest of the Trust are trading at a discount to the value of Bitcoin.”
The Trust will file a Form 15 with the Securities and Exchange Commission to deregister.
Last January, Osprey looked into taking over management of Grayscale’s bitcoin trust . The trust, which is still managed by Grayscale, was one of a handful of bitcoin ETFs to launch in January.
Prior to the conversion of Grayscale’s fund, Osprey’s Trust was a competitor to GBTC.
At the end of January last year, the trust’s parent company even launched a lawsuit against Grayscale . Osprey claimed that Grayscale misled investors by engaging in “deceptive acts and unfair competition.”
At the time, Grayscale had recently launched its suit against the SEC after the agency blocked GBTC’s first conversion.
In August of last year, a court sided with Grayscale and ordered the SEC to once again consider GBTC’s application to convert to an ETF. In January of this year, the SEC voted to greenlight the spot bitcoin ETFs.
Don’t miss the next big story – join our free daily newsletter .
- bitcoin etf
- GBTC
- Grayscale
- Osprey
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Letter from the Founder of Figure, the First RWA Stock: DeFi Will Eventually Become the Mainstream Method for Asset Financing
IPO is just one step in the long process of bringing blockchain into various aspects of the capital market.
Pump.fun Sparks a Live Token Launch Craze: A Quick Look at the Four Hottest Projects Right Now
There are only three projects with a market cap exceeding 10 million USD, suggesting that the "live streaming boom" may still be in its early stages.
GaiAI announces upcoming testnet launch: Creating a new paradigm for Web3 visual creative assets
GaiAI is committed to integrating AI generation with blockchain-based copyright confirmation through decentralized mechanisms, reshaping the production relationships and value flow in visual creation.
GaiAI: The world's first Web3 creative AI Agent and on-chain creative asset DAO will launch its testnet and start an airdrop on September 17.
GaiAI is the world’s first Web3 creative AI Agent and on-chain creative asset DAO, integrating generative AI with blockchain-based rights confirmation to reconstruct the production relationships and value flows in visual creation. Summary generated by Mars AI This summary was generated by the Mars AI model, and its accuracy and completeness are still being iteratively updated.
Trending news
MoreCrypto prices
More
