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Osprey Bitcoin Trust Considers Merger or Sale Amidst Trading Discount

Osprey Bitcoin Trust, a Delaware statutory trust, has acknowledged that its units are trading at a discount compared to the value of Bitcoin.

The trust’s sponsor, Osprey Funds, LLC, is exploring strategic options to increase unitholder value, including the possibility of merging with or being acquired by an existing Bitcoin ETF.

In the event that these efforts are unsuccessful, the sponsor plans to liquidate the trust within 180 days. Additionally, the trust intends to terminate the registration of its units under the Securities Exchange Act of 1934 by submitting a Form 15 to the SEC. This action will suspend its obligation to file certain reports, with the trust expecting deregistration to take effect 90 days after filing. While listed on the OTCQX, the Trust will continue to adhere to its alternative reporting standard.

Osprey Bitcoin Trust emerged as a competitor to the larger GBTC fund managed by Grayscale, which recently transitioned into an ETF. Notably, Osprey initiated legal action against Grayscale, alleging deceptive claims regarding the certainty of its ETF conversion.

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