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<ul>
 <li>Bitwise Asset Management announced its merger with Osprey Bitcoin Trust.</li>
 <li>BITB has pulled in substantial inflows accounting for $2.4B in assets.</li>
</ul>
Bitwise Asset Management has <a href="https://www.businesswire.com/news/home/20240827146280/en/Osprey-Funds-and-Bitwise-Asset-Management-Announce-the-Bitwise-Bitcoin-ETF-to-Acquire-the-Assets-of-the-Osprey-Bitcoin-Trust" target="_blank" rel="noopener noreferrer nofollow">announced</a> its intention to acquire the Osprey Bitcoin Trust (OBTC) within the Bitcoin exchange-traded fund (ETF) market. This acquisition, revealed in a press release on Tuesday, will see Bitwise integrate Osprey’s $120 million in assets into its own Bitwise BTC ETF (BITB).
As part of the acquisition, OBTC holders will receive BITB shares through a liquidating distribution. Bitwise assured that current BITB holders will not see any changes to their shares or the fund’s operations due to the acquisition.
Osprey launched its BTC Trust in <a href="https://ospreyfunds.io/newsletter/obtc-begins-trading/" target="_blank" rel="noopener noreferrer nofollow">February 2021</a>, after the Grayscale BTC Trust before it transitioned to an ETF. OBTC shares have historically traded at premiums or discounts leading to discrepancies from the actual BTC market price.&nbsp;
Recent data shows that OBTC shares have dropped by 4.27% over the past month, compared to Bitcoin’s <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">11.34%</a> decline. The acquisition offers OBTC holders, tighter tracking of BTC’s price and a reduced management fee of 0.2%, compared to OBTC’s 0.49%.&nbsp;
<a href="https://thenewscrypto.com/the-bitwise-bitcoin-etf-bitb-begins-trading-with-0-20-management-fee-fee-set-to-0-for-first-sixth-months/" target="_blank" rel="noopener noreferrer nofollow">BITB</a> has attracted substantial inflows, managing $2.4 billion in assets, making it the fifth-largest BTC Spot ETF in the U.S. The acquisition also follows Bitwise’s recent purchase of ETC Group, expanding in the European market, bringing its total assets under management (AUM) to $4.5B.
<h3 class="wp-block-heading" id="h-u-s-btc-etfs-see-net-outflows-as-bitwise-acquires-obtc">U.S. BTC ETFs See Net Outflows as Bitwise Acquires OBTC</h3>
Recently,<a href="https://thenewscrypto.com/us-spot-bitcoin-etfs-end-two-day-inflow-streak-amid-btc-price-dip/" target="_blank" rel="noopener noreferrer nofollow"> U.S. Spot Bitcoin ETFs </a>experienced net outflows on Tuesday, breaking an eight-day streak of positive inflows. The funds reported $127M in net outflows, with Bitwise’s BITB seeing $6.76M in outflows. In contrast, <a href="https://thenewscrypto.com/spot-eth-etfs-record-first-positive-weekly-inflows-amid-price-struggles/" target="_blank" rel="noopener noreferrer nofollow">Spot ether ETFs </a>continued their streak of net outflows, totaling $3.45M on Tuesday.
Osprey Funds, based in Fairfield, Connecticut, began trading OBTC in February 2021 and has been competing with <a href="https://thenewscrypto.com/grayscale-unveils-avalanche-trust-driving-10-surge-in-avax-price/" target="_blank" rel="noopener noreferrer nofollow">Grayscale</a>. The acquisition represents a strategic move for both firms, offering OBTC holders the opportunity to benefit from Bitwise’s expertise in the BTC ETF space.
Highlighted Crypto News Today: <a href="https://thenewscrypto.com/will-ethereum-recover-after-slumping-below-2500/" target="_blank" rel="noopener noreferrer nofollow">Will Ethereum Recover After Slumping Below $2,500?</a>

Bitwise to Integrate Osprey Bitcoin Trust Assets Into BITB

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