What You Have to Know
Osprey Funds is separating from dad or mum 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 worth of Bitcoin surges.
In one more signal of the rising curiosity in cryptocurrencies, Osprey Funds, the sponsor of a Bitcoin belief that was launched in February, introduced it’s separating from its dad or mum 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 an announcement. “There’s important investor urge for food for cryptocurrency investments that commerce publicly below 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 development 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 government 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 efforts for ETFLogic, is Osprey’s vp 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 belongings. GBTC has over $36 billion in belongings.