United States-based Osprey Funds is gearing up to convert its Bitcoin trust into an exchange-traded fund after an acquisition deal with Bitwise fell through.
The investment management firm said in a Jan. 14 statement that it would file a Form S-1 with the U.S. Securities and Exchange Commission “as soon as practicable” to convert the Osprey Bitcoin Trust (OBTC) into an ETF.
Launched in February 2021, OBTC offers investors exposure to Bitcoin without the complexities of direct investment, such as managing wallets or keys. The fund carries a management fee of 0.49%, making it one of the lowest-cost solutions of its kind.
As of January 7, 2025, OBTC managed approximately $186.7 million in assets, with each share representing about 0.000326 Bitcoin.
The decision to convert OBTC into an ETF comes after the termination of a proposed asset purchase agreement…
