Dwelling » Regulation » Osprey seeks SEC nod for Bitcoin Belief ETF conversion
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Feb. 14, 2025
Osprey Funds goals to elevate liquidity and slice costs by Bitcoin Belief ETF conversion amid exchange challenges.
Key Takeaways
- Osprey Funds is seeking SEC approval to remodel its Bitcoin Belief into an ETF.
- The conversion would provide enhanced liquidity and price reductions for merchants.
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Osprey submitted a draft registration assertion to the Securities and Exchange Price to remodel its Osprey Bitcoin Belief (OBTC) into one more-traded fund, the company announced this day.
The switch follows the termination of Osprey’s acquisition take care of Bitwise, which would bear transferred OBTC’s belongings to Bitwise’s ETF (BITB) but failed to receive regulatory approval.
OBTC, which at say tracks Bitcoin costs the utilize of the Coin Metrics CMBI Bitcoin Index, holds $181 million in belongings below management as of January 2025.
While OBTC’s unit label has elevated over the past year, it remains below its launch-time top.
Greg King, CEO of Osprey Funds, views ETF conversion because the “surest path” forward for the company’s Bitcoin funding choices.
The proposed conversion goals to present enhanced liquidity, broader accessibility, and doable price reductions by the ETF structure.
The kind occurs while Osprey maintains an ongoing lawsuit in opposition to Grayscale, alleging deceptive promoting regarding Grayscale’s have confidence-to-ETF conversion potentialities.
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