Hi Everyone —

This week, over eight years after the Winklevoss Twins filed the first bitcoin ETF application with the SEC, U.S. investors finally have a bitcoin futures ETF. Although the Commission has signaled that only futures-based ETFs will receive approval, it is a step forward. 

When we launched OBTC, we came into an ecosystem dominated by one product that was expensive. Our goal has been to offer investors a choice, at a better price point with a view toward eventual conversion to an ETF. We are committed to that mission with the Osprey Bitcoin Trust and will be pursuing conversion to an ETF as soon as possible. 

Where does the industry go from here? Of course this is unknowable but generally speaking there are two trains of thought. The optimistic case is that a futures-based approval will smooth the way for physically-backed ETFs to get approved next. Let’s hope so. The pessimistic case is that now that futures-based ETFs are approved, the SEC will no longer be under any pressure to approve a bitcoin ETF and so physically-backed ETFs may flounder in no-man’s land for years. Let’s hope not.

Osprey is about giving investors access to digital assets. We love crypto and we love investing. Thank you for coming with us on this journey.

Thanks,
Greg King
Founder & CEO,
Osprey Funds