Osprey Funds Reopens Bitcoin Trust for Private Placement, Slashes Management Fee, Applies for OTCQX Listing of Trust Units
Osprey Funds, LLC (Osprey), the digital asset subsidiary of REX Shares (REX), today announced the reopening of the Osprey Bitcoin Trust for private placement with a significantly reduced annual management fee of 0.49%. The firm has also applied to list the trust units on the OTCQX market.
The Osprey Bitcoin Trust provides smarter access to digital assets via secure, transparent and low-cost exposure. Built by experts at Osprey with decades of investment experience, the fund takes a fiduciary-minded approach to product construction, offering a simple and cost-effective way to invest in this burgeoning cryptocurrency market.
The resumption of private placement is accompanied by a substantial reduction in the fund’s annual management fee from 0.99% to 0.49% — a 51% decrease and 75% discount to other bitcoin funds available. This secures Osprey’s position as the lowest-cost provider of a bitcoin-focused investment fund on the market today.
“At Osprey, we strongly believe bitcoin represents one of the most profound, long-term investment opportunities available today,” said Greg King, CEO of Osprey. “With very low correlation to the broader equity market, bitcoin can play a critical role in diversifying almost any investment portfolio. Our decision to reopen the Osprey Bitcoin Trust at a significantly lower price point is a big step forward on the path to helping investors and investment advisors access the potential returns from owning this emerging technology.”
Launched in January 2019, the Osprey Bitcoin Trust is currently available to accredited investors for subscription. The firm has also filed for approval to trade publicly over-the-counter (OTC) via the OTCQX market. If approved for trading on the OTCQX, units in the Trust will be accessible to all U.S. retail investors via their brokerage accounts.
To further support the successful rollout of the fund, Osprey has established relationships with best-in-class service providers, including Fidelity Digital Assets, Grant Thornton and Coin Metrics to serve as the fund’s custodian, auditor and index provider, respectively.
REX, the parent company to Osprey, offers a unique suite of investment and trading products. The firm experienced significant growth in 2020 — surpassing $1 billion in assets under management (AUM) during the third quarter — as investors continued to pursue innovative investment strategies amid market uncertainty.
To learn more about the Osprey Bitcoin Trust, please click here.
About Osprey Funds, LLC
Osprey Funds, LLC (Osprey) is the digital asset subsidiary of REX Shares (REX) and the lowest-cost provider of a bitcoin-focused investment product on the market. The firm is based in Tarrytown, New York and is dedicated to building smarter investment products that offer secure, transparent and cost-effective access to digital assets. The Osprey Bitcoin Trust is the platform’s inaugural product. To learn more about Osprey Funds, please visit www.ospreyfunds.io/.
About REX Shares
Founded in 2015, REX Shares (REX) is an independent provider of exchange-traded products (ETPs) based in Fairfield, Connecticut. As ETP architects, the REX team creates investment vehicles that solve for a range of specific challenges in investor portfolios. The firm is rooted in decades of experience structuring and building inventive investment solutions. For more information, please visit www.rexshares.com.