In a notable transaction within the cryptocurrency sector, Bitwise Asset Management announced its acquisition of the Osprey Bitcoin Trust (OBTC) for approximately $120 million. Under an asset purchase agreement, OBTC unitholders will receive shares of Bitwise’s Bitcoin ETF, ensuring equivalent Bitcoin exposure and a tax-free transition under U.S. federal income tax, pending customary closing conditions. This strategic acquisition is expected to significantly enhance Bitwise’s assets under management, further consolidating its market presence. The transaction is anticipated to be finalised later this year, with both companies promising more updates via SEC filings. Osprey pursued this strategic move to address unitholder value as OBTC struggled against larger competitors. With Bitwise also absorbing ETC Group and expanding in the European market, its total assets under management now amount to $4.5 billion. The acquisition aims to provide OBTC investors improved conditions and operational efficiency through Bitwise’s established framework.
Cryptocurrency Investment, Asset Management, Financial Services,United States, Europe
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