The digital asset manager Osprey Funds has filed Form 10 with the U.S. Securities and Exchange Commission (SEC) to register the Bitcoin Trust (OBTC).
Osprey Funds Files Form 10 Registration Statement for Osprey Bitcoin Trust (OBTC)https://t.co/n8xz7nbHYD
— Osprey Funds (@OspreyFunds) July 8, 2021
The firm would face additional obligations to prepare audited financial statements for the SEC. On the other hand, for investors, the lock-up on the trust’s securities before sale will be shortened—from 12 months to 6 months.
The OBTС is available directly to accredited investors, and to retail investors on the over-the-counter market.
Osprey Funds charges 0.49% of AUM as a management fee (Grayscale Investments — 2%), but 0.3% for other expenses, notably for custody of assets.
Upon SEC approval, Osprey Funds’ Bitcoin Trust will become the second sponsor after Grayscale Investments to offer an investment crypto product. This will occur automatically on September 6, sixty days after the filing on July 8.
Investors also have access to similar Bitcoin-focused funds from Bitwise Asset Management, BlockFi and CrossTower.
Earlier, QCP Capital questioned the risks surrounding the end of the lock-up period for Grayscale Investments’ Bitcoin Trust.
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