What You Have to Know
- Osprey Funds is separating from mother or father firm REX Shares.
- CEO Greg King says the spinoff will permit Osprey to continue to grow and meet product demand.
- Crypto trusts are proliferating as the worth of Bitcoin surges.
In yet one more signal of the rising curiosity in cryptocurrencies, Osprey Funds, the sponsor of a Bitcoin trust that was launched in February, introduced it’s separating from its mother or father firm, REX Shares.
“The transfer reinforces our dedication to establishing Osprey as a pacesetter in investable digital asset-based funds,” mentioned Greg King, Osprey CEO, in a press release. “There’s vital investor urge for food for cryptocurrency investments that commerce publicly underneath a ticker image, as evidenced by the current curiosity in OBTC, our flagship product.”
King added that independence will allow Osprey to proceed its quick progress and meet the demand for brand new merchandise.
With that in thoughts, Osprey introduced three new hires to speed up analysis, investor relations and market capabilities, which steered the agency may be contemplating plans for cryptocurrency ETFs, though the agency didn’t present particular details about any future merchandise.
Ryan Ballantyne, a former govt vp at Actuality Shares, the place he oversaw gross sales, distribution, investor relations and product growth for ETFs, is Osprey’s new managing director of investor relations. Scott McKenna, who headed advertising and marketing efforts for ETFLogic, is Osprey’s vp of promoting, and Invoice Birmingham, a former senior fairness analyst for hedge funds, together with Carlson Capital and Impala Asset Administration, is Osprey’s head of analysis.
OBTC vs. GBTC
Osprey’s Bitcoin Belief (OBTC), which was launched Feb. 16 as a low-cost various to the Grayscale Bitcoin Belief (GBTC), has reached $150 million in belongings. GBTC has over $36 billion in belongings.