Once the tiny competitor to Grayscale’s GBTC, Osprey is trading at a discount and ready to take extreme measures for recovery.
Osprey Bitcoin Trust announced on March 5 that it is in talks on its sale or merger. If the talks are fruitless, the trust will deregister and be liquidated in 180 days.
Osprey said it was aware that fractional units of the BTC trust were trading at a discount to the value of Bitcoin (BTC). It was considering options for “alternatives to maximize unitholder value.” The announcement was enough to give the unit price a significant boost, however. After closing at $15.98 on March 4, the unit reached $20.68 on March 5 before declining to $19.17 at the time of writing.
Osprey founder and CEO Greg King shared the company’s efforts to achieve positive financial results on X (formerly Twitter). The company filed Form 8-K with the United States Securities and Exchange Commission (SEC) on Jan. 11 to inform the agency of its intention to hold a tender for the purchase for cash of 20% of its units at the net asset value, minus taxes and fees. King wrote:
