Bitwise Bitcoin ETF to acquire the assets from Osprey Bitcoin Trust

Osprey Bitcoin Trust (OBTC) sponsor Osprey Funds has entered an agreement with the Bitwise Bitcoin ETF (BITB) and Bitwise Asset Management, in which BITB will acquire all of the OBTC fund's assets. 

The move comes after Osprey noted that it was considering a potential sale or merger with a bitcoin ETF amid other strategic maneuvers in March of this year. Osprey had until Sept. 1, 2024, to complete the sale or merger, or else it would have liquidated OBTC.

"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 wrote in a Tuesday release . 

BITB's acquisition of OBTC follows Bitwise's acquisition of the London-based crypto exchange-traded products issuer ETC Group on Aug. 19, The Block previously reported. 

BITB brought in $55.95 million in daily trading volume on Aug. 26, 2024, according to The Block's Data Dashboard. Bitwise's fund maintains 4.69% of the total spot bitcoin ETF market share.