A agency referred to as Osprey Funds is providing an over-the-counter, or OTC, Bitcoin ( BTC ) notion below the ticker image OBTC. The notion is just like Grayscale's Bitcoin Trust, often called GBTC."The Osprey Bitcoin Trust provides easy access to bitcoin," the agency's website says . "With a 0.49% direction fee, it is the worst cost solution." Osprey is an entity that "builds digital plus solutions for intelligent investors," claiming OBTC as its "flagship offering," the website provides ."OBTC began being quoted in the OTC market today, Friday 1/15," Osprey Funds' CEO, Greg King, advised Cointelegraph, including:Competitor Grayscale has grow to be one of many largest Bitcoin holders on the planet, possessing over 500,000 BTC as of November 2021. The agency is behind GBTC, which serves as a method to purchase Bitcoin in inventory share kind. Each share of GBTC represents a divide of a Bitcoin — 0.00094 BTC per share on the time of publication, primarily supported Grayscale's website. Interested events purchase and promote shares over-the-counter, accessible on mainstream brokerage platforms. GBTC, partly, presents the general public simpler entry to Bitcoin by means of extra conventional avenues, with out requiring them to custody their very own funds. Grayscale's Bitcoin Trust comes with a yearly 2% administration charge, nonetheless. Osprey's late disclosed BTC notion touts a charge of 0.49%. "Osprey is likely trying to capture some of that market share by undercutting GBTC's fee, according to Bloomberg Intelligence," Bloomberg wrote in a report on Friday. Osprey has referred to as on Fidelity because the steward for the endeavor."We are always happy to see digital currency access products enter the market, especially here in the U. S.," Grayscale CEO Michael Sonnenshein advised Bloomberg."Accredited investors face a $25,000 minimum to buy directly into the trust," Bloomberg wrote. "Shares have a lock-up period of one year before they can be sold in the secondary market." In distinction, Grayscale's Bitcoin Trust requires property to be fast up for six months . Osprey might see its 12-month lock-up lower in half sooner or later, nonetheless, primarily supported King's feedback to Bloomberg. Wilshire Phoenix, an funding agency, filed for the same product with the Securities and Exchange Commission in June 2021.
All information is taken from the supply: https://cointelegraph.com/
Article Link: https://cointelegraph.com/information/gbtc-has-a-new-a-competitor-in-the-otc-bitcoin-trust-market
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