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November 13, 2024
PI Global Investments
Bitcoin

Osprey Bitcoin Trust Cancels Tender After SEC Disagreement


Osprey Bitcoin Trust (OBTC) earlier this​ week announced the termination of its tender offer to buy back up-to 20% percent outstanding shares as a result of fear raised by SEC on pricing structure. SEC argued that the offer didn’t follow their interpretation of Rule 13e-4, which should be an expiration date before.

However, as per Osprey this change would have disadvantaged the tendering or non-tendering shareholders and does not reflect on what Trust’s principal is; which was to mirror performance of Bitcoin.

Osprey CEO Greg King was dumbfounded and puzzled as to what gives in the SEC standing, considering how other closed-end funds used similar structures. The company will also seek other alternatives while ensuring that the shareholders’ interests are first.

Also read:Treasury Secretary Yellen Calls for Federal Oversight on Cryptos



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