What You Must Know
- Osprey Funds is separating from mother or father firm REX Shares.
- CEO Greg King says the spinoff will enable Osprey to continue to grow and meet product demand.
- Crypto trusts are proliferating as the value 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 frontrunner in investable digital asset-based funds,” stated Greg King, Osprey CEO, in a press release. “There may be important 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 could be contemplating plans for cryptocurrency ETFs, though the agency didn’t present particular details about any future merchandise.
Ryan Ballantyne, a former government vice chairman 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 efforts for ETFLogic, is Osprey’s vice chairman of selling, 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 property. GBTC has over $36 billion in property.