Investment Giant Bitwise Makes a New $120 Million Bitcoin (BTC) Move!

Bitwise, one of the leading spot Bitcoin and Ethereum ETF issuers, will acquire the Osprey Bitcoin Trust (OBTC).

Bloomberg ETF analyst James Seyffart stated in his post from the X account that crypto asset manager Bitwise will purchase Osprey Bitcoin Trust (OBTC).

This trust, whose structure is similar to Grayscale’s GBTC, contains approximately $120 million worth of Bitcoin (BTC).

OBTC holders will receive shares of equivalent value in Bitwise’s BITB.

“Bitwise acquires Osprey Bitcoin Trust.

As part of this transaction, OBTC unitholders will receive BITB shares as part of OBTC's liquidation distribution.

For existing BITB holders, there will be no change to their shares or the operation of BITB.

The sale is expected to be completed later this year.”

Here's some #Bitcoin ETF News. @BitwiseInvest is acquiring the Osprey Bitcoin Trust ( $OBTC ) which has the same structure as $GBTC . There's about $120 mln of Bitcoin there. $OBTC holders will get $BITB shares of equivalent value. h/t @erikmuller8 pic.twitter.com/SJ0qv0EaTa

— James Seyffart (@JSeyff) August 27, 2024

*This is not investment advice.