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Finance

Osprey's Bitcoin Trust Ups the Ante in Race to Displace GBTC

OBTC is filing to become an SEC reporting company in a move that could put it on par with Grayscale's offering.

By Nate DiCamillo
AccessTimeIconJul 8, 2021 at 10:15 p.m. UTC
Updated May 9, 2023 at 3:21 a.m. UTC
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Osprey Funds is filing to register its Osprey Bitcoin Trust (OBTC) as a Securities and Exchange Commission (SEC) reporting company.

If the U.S. regulator deems the Form 10 filing effective, Osprey would become the second cryptocurrency investment vehicle to become an SEC reporting company, following the Grayscale Bitcoin Trust (GBTC). 

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    • Osprey is part of a crop of new bitcoin funds aimed squarely at the market-leading GBTC before a bitcoin exchange-traded fund (ETF) is approved by the SEC. This includes offerings from Bitwise Asset Management, BlockFi and CrossTower that look to give traditional investors exposure to bitcoin without having to touch the asset itself. 

    The Osprey registration would increase transparency and liquidity for the trust, requiring it to file audited financial statements with the SEC. It would also reduce the holding period for OBTC shares from 12 months to six months, putting it on par with GBTC. (Grayscale is owned by Digital Currency Group, CoinDesk’s parent company.)

    Also similar to GBTC, Osprey can be accessed directly by accredited investors and indirectly by retail investors via over-the-counter (OTC) trading desks.

    OBTC boasts a 0.49% management fee compared to GBTC’s 2% annual fee, but the Osprey fund also has 0.3% in other expenses from services such as crypto custody.

    Danny Nelson contributed reporting.

    Disclosure

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.