Osprey Funds CEO Greg King says that a week after launching their Bitcoin Trust, they are hoping to push BTC in the mainstream and turn to an ETF in the future. However, as it entered the market dominated by mostly Grayscale, King said that their trust isn’t set up to compete with Grayscale’s so let’s read more in today’s crypto news.
Osprey Funds launched its Osprey BTC trust a few days ago and entered a market dominated by mostly Grayscale Investments that has about $40 billion in assets under management in various trusts. According to the Osprey Funds CEO however, their fund cannot compete with the likes of Grayscale. King wants for his trust to make investing in BTC simpler for people that have limited exposure to the market:
“Our core audience is someone who may have a wallet, who may have dabbled in crypto, but the bulk of their assets are managed by an advisor. We think Bitcoin is a very compelling additional exposure, and we’re just trying to make it easier for them at a reasonable price.”
King explained that his bullish outlook on BTC is what made him decide to launch a BTC fund. He said that Bitcoin has a huge long-term potential and provides for great portfolio diversification. He also said that BTC reached or will reach the point where people believe it is a store of value which means that it is very unlikely for the cryptocurrency to step back down. While Osprey’s Funds BTC trust is only in its third day of trading, King launched a few ETFs and suggests that the trust could be next in line to be repurposed into an ETF:
“We have big hopes for the trust, and people always ask about ETFs, if it becomes clear that an ETF is doable, we’ll be certain to take a close look at that. I can’t promise anything, but it is possible to convert these things into ETFs.”
According to King, BTC laid the groundwork for a great future because it is now getting accepted as a store of value and will not step backward from here:
“To a certain extent, once something becomes widely accepted as a store of value, then it tends to be difficult to dislodge.”
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