Key Takeaways
Osprey Funds is looking for SEC approval to transform its Bitcoin Belief into an ETF.
The conversion would supply enhanced liquidity and charge reductions for buyers.
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Osprey submitted a draft registration assertion to the Securities and Change Fee to transform its Osprey Bitcoin Belief (OBTC) into an exchange-traded fund, the corporate introduced at the moment.
The transfer follows the termination of Osprey’s acquisition take care of Bitwise, which might have transferred OBTC’s belongings to Bitwise’s ETF (BITB) however didn’t safe regulatory approval.
OBTC, which at present tracks Bitcoin costs utilizing the Coin Metrics CMBI Bitcoin Index, holds $181 million in belongings underneath administration as of January 2025.
Whereas OBTC’s unit value has elevated over the previous yr, it stays beneath its launch-time peak.
Greg King, CEO of Osprey Funds, views ETF conversion because the “surest path” ahead for the corporate’s Bitcoin funding choices.
The proposed conversion goals to offer enhanced liquidity, broader accessibility, and potential charge reductions by means of the ETF construction.
The event happens whereas Osprey maintains an ongoing lawsuit in opposition to Grayscale, alleging deceptive promoting relating to Grayscale’s trust-to-ETF conversion prospects.
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