Before Grayscale converted its trust, Osprey’s trust was a competitor. by Katherine Ross /. March 5, 2024 01:34 pm. Osprey Funds and Adobe Stock modified by Blockworks. Osprey Bitcoin Trust (OBTC) warned Tuesday that it needs to either sell the Trust or merge with an existing bitcoin ETF.. “As part of the strategic process, the Sponsor plans to consider a wide range of options, and is in various discussions about a potential sale of the Trust to, or merger with, an existing Bitcoin ETF,” the Trust said in a statement.. However, “in the event such talks do not conclude positively, the Sponsor intends to liquidate and dissolve the Trust within 180 days from today,” it continued.. The decision to seek “strategic alternatives” came after the Trust said it was “aware that the common units of fractional undivided beneficial interest of the Trust are trading at a discount to the value of Bitcoin.”. The Trust will file a Form 15 with the Securities and Exchange Commission to deregister.. Last January, Osprey looked into taking over management of Grayscale’s bitcoin trust. The trust, which is still managed by Grayscale, was one of a handful of bitcoin ETFs to launch in January.. Prior to the conversion of Grayscale’s fund, Osprey’s Trust was a competitor to GBTC.. At the end of January last year, the trust’s parent company even launched a lawsuit against Grayscale. Osprey claimed that Grayscale misled investors by engaging in “deceptive acts and unfair competition.”. At the time, Grayscale had recently launched its suit against the SEC after the agency blocked GBTC’s first conversion.. In August of last year, a court sided with Grayscale and ordered the SEC to once again consider GBTC’s application to convert to an ETF. In January of this year, the SEC voted to greenlight the spot bitcoin ETFs.. Don’t miss the next big story – join our free daily newsletter.. Tags. bitcoin etf. GBTC. Grayscale. Osprey. Newsletter. Blockworks Daily. Upcoming Events. Digital Asset Summit 2024. Hilton Metropole | 225 Edgware Rd, London. Mon – Wed, March 18 – 20, 2024. Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.. buy ticketslearn more. Day 0x. HYATT REGENCY SALT LAKE CITY. TUES, OCT. 8, 2024. Guided by the expertise of Blockworks Research Analysts team, this one day event will feature senior leaders, entrepreneurs, and developers from across the crypto industry. Attendees will have the opportunity to participate in an immersive experience to explore the latest trends, . . learn more. Permissionless III. Salt Lake City, UT. WED – FRI, OCTOBER 9 – 11, 2024. Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains . . learn more. recent research. Research. Wormhole is a suite of open-source, permissionless protocols used to move assets and queries across blockchains. Despite being a common misconception, Wormhole is not just a token bridge. Nevertheless, protocols can build token bridges on top of Wormhole by leveraging the cross-chain messaging provided.. by Boccaccio. more from news. Select a tab. The US filed to modify the ex-Binance CEO’s bail to require notification of travel plans. by Katherine Ross /. March 5, 2024. The 10 spot bitcoin ETFs have roughly the same amount of assets as the first physically backed gold ETF by State Street Global Advisors. by Ben Strack /. March 5, 2024. Bitcoin’s previous all-time high was around $69,044 in November 2021. by Katherine Ross /. March 5, 2024. From restaking to Bitcoin layer-2 solutions, AI, NFTs and modularity, Permissionless III will address all the latest narratives in crypto. March 5, 2024. Billions of dollars in bitcoin are flying across the blockchain as price stops just short of record highs. by David Canellis /. March 5, 2024. While oversight may clash with the staunchest ideological DeFi proponents, it’s time to confront reality. by Markus Infanger /. March 5, 2024