Osprey Funds today announced the launch of its Bitcoin Trust.
This is a trust that allows people to open a position on the price of bitcoin but without having to buy and store BTC directly.
The symbol is OBTC, and its benchmark is the CMBI Bitcoin Index, with Coin Metrics as index provider.
The current AUM is $86 million, with over 4.8 million shares, each corresponding to 0.00034143 BTC, with a management fee of 0.49%.
Custody of the BTC is provided by Fidelity Digital Assets Services (FDAS).
Fund administration is provided by Theorem Fund Services, and the auditor is Grant Thornton.
Who does the Osprey Bitcoin Trust target?
Participation in the Osprey Bitcoin Trust Private Placement is only open to accredited investors with an income in excess of $200,000 per annum, or $300,000 with a spouse, or with a net worth in excess of $1 million, or to investment professionals.
Osprey Bitcoin Trust was launched on the OTC market in a private placement and is accessible to all US investors through traditional brokerage and IRA accounts.
Osprey CEO Greg King said:
“As a fiduciary-minded organization, we believe bitcoin deserves a place in every investment portfolio, but at a reasonable price. Not only does bitcoin have immense long-term appreciation potential, it also provides portfolio diversification given its low correlation to equities. By bringing OBTC to the market, we are delivering value to advisors and investors by broadening their access to bitcoin but priced more like an ETF, rather than a hedge fund”.
Osprey Funds LLC is a company that offers investment solutions in digital assets. Headquartered in Tarrytown, New York State, it is dedicated to creating investment products that provide secure, transparent and cost-effective access to digital assets.