Osprey Bitcoin Trust Assets To Be Acquired By Bitwise Bitcoin ETF

According to BlockBeats, on August 28, Osprey Funds, the sponsor of Osprey Bitcoin Trust (OBTC), has reached an agreement with Bitwise Bitcoin ETF (BITB) and Bitwise Asset Management. Under this agreement, BITB will acquire all assets of the OBTC fund. Earlier in March, Osprey had announced that it was considering selling or merging with a Bitcoin ETF, along with other strategic initiatives. Osprey is required to complete the sale or merger by September 1, 2024, or it will liquidate OBTC. As part of this transaction, OBTC shareholders will receive BITB shares as part of the OBTC liquidation distribution. For existing BITB shareholders, their shares will remain unchanged, and there will be no changes to BITB's operations.