Bitcoin ETF

Bitcoin

Notable

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitwise-acquires-osprey-bitcoin-trust-assets/" data-wpel-link="internal">Bitwise Acquires Osprey Bitcoin Trust Assets</a><br></p>
<p class="p1" style="text-align: justify">Bitwise <a href="https://en.coin-turk.com/bitcoin-millionaires-growth-slows-during-bull-run/" data-wpel-link="internal">Bitcoin</a> ETF fund (BITB) will soon acquire $120 million worth of Bitcoin following its plan to purchase assets from Osprey Bitcoin Trust (OBTC). The agreement, announced on August 27 in a joint statement by Bitwise Asset Management and Osprey Funds, allows the two to sign an Asset Purchase Agreement. As part of the transaction, OBTC holders will receive BITB shares.</p> 
<h2 class="p1" style="text-align: justify" id="notable-development-in-the-etf-sector">Notable Development in the ETF Sector</h2> 
<p class="p1" style="text-align: justify">Connecticut-based Osprey Funds, headquartered in Fairfield, began trading its OBTC on the OTC market in February 2021, offering it to U.S. investors with a 0.49% management fee. At the time, it was a competitor to the much larger Grayscale Bitcoin Trust, which was expected to eventually convert into a spot Bitcoin ETF fund.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-383783 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/obtc.png" alt="" width="1293" height="561"></p> 
<p class="p1" style="text-align: justify">In January 2023, Osprey even sued Grayscale, alleging that Grayscale’s misleading advertisements and promotions allowed it to gain a monopoly share in a two-participant market. By March, Osprey stated it was considering a possible sale or liquidation after finding that units in the trust were trading at a price below Bitcoin’s value. As of the writing of this article, OBTC’s website shows its assets under management are approximately $120.7 million.</p> 
<p class="p1" style="text-align: justify">According to data from Barchart and Yahoo Finance, <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">long-term investors</a> in OBTC may have noticed that the trust’s three-year return is currently around 9.5%, while Bitcoin’s return over the same period is 23.5%. Osprey and Bitwise made the following statement regarding the matter:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“This announcement follows Osprey’s previous communication about exploring strategic alternatives. Its acquisition by Bitwise represents a significant step in this process and offers OBTC unit holders the opportunity to benefit from Bitwise’s scale and expertise.”</p> 
</blockquote> 
<h2 class="p1" style="text-align: justify" id="details-on-the-matter">Details on the Matter</h2> 
<p class="p1" style="text-align: justify">YCharts <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data shows</a> that OBTC’s discount rate relative to Bitcoin has hovered around 3% to 5% over the past month. Bitwise’s BITB trades much closer to Bitcoin with a discount or premium near 0% relative to NAV.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-383782 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/ycharts.webp" alt="" width="1135" height="524"></p> 
<p class="p1" style="text-align: justify">Since its launch seven months ago, Bitwise has seen $2 billion in investor funds flow into its spot Bitcoin ETF. It charges a much lower management fee of 0.20%. However, its performance still pales in comparison to BlackRock’s iShares Bitcoin Trust (IBIT), which has attracted approximately $21 billion in investor funds since January.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitwise-acquires-osprey-bitcoin-trust-assets/" data-wpel-link="internal">Bitwise Acquires Osprey Bitcoin Trust Assets</a></h5>
<p>The post <a href="https://en.coin-turk.com/bitwise-acquires-osprey-bitcoin-trust-assets/" data-wpel-link="internal">Bitwise Acquires Osprey Bitcoin Trust Assets</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Bitwise Acquires Osprey Bitcoin Trust Assets

Table of Contents

COINTURK NEWS

Other articles published on Aug 28, 2024

DTX Exchange’s Layer-1 Blockchain Soars After Testnet Launch

Breaking: Telegram CEO Pavel Durov Taken to Paris Court

Market turbulence pushes Ethereum (ETH) whales to sell and cover loans

POPCAT and DOGS Surge to the Top in a Rocky Crypto Market

Fashion to Finance: Poodlana Becomes 2024’s Top Altcoin

Justin Sun Praises TRON’s Seven-Year Reliability

Join our free newsletter for daily crypto updates!