The action follows Osprey’s announcement in March of this year that it was contemplating a possible sale or merger with a bitcoin ETF, among other strategic moves. Osprey would have liquidated OBTC; otherwise, it had until Sept. 1, 2024, to finish the sale or merger.

“As part of this transaction, OBTC unitholders will receive shares of BITB as part of a liquidating distribution of OBTC. For existing BITB holders, there will be no changes to their shares or any changes to the operation of BITB,” Osprey Funds stated.

After Bitwise acquired the London-based crypto exchange-traded products issuer ETC Group on Aug. 19, BITB acquired OBTC. On Aug. 26, 2024, BITB attracted daily trading volume of $55.95 million. Bitwise’s fund keeps 4.69% of the whole spot Bitcoin ETF market share.

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