Osprey Funds is a U.S. crypto asset manager that develops investment products providing regulated-market exposure to digital assets. Founded in 2018 by Greg King, the firm has offered single-asset crypto trusts, exchange-traded products, and private investment vehicles covering assets including Bitcoin, Solana, Polkadot, BNB, and BONK. Osprey also works with affiliated investment manager REX Financial on the REX-Osprey line of crypto exchange-traded funds.
Overview
- Founded: 2018
- Founder and CEO: Greg King
- Legal entity: Osprey Funds, LLC
- Principal place of business: Miami, Florida
- Category: Crypto asset management and digital asset investment products
- Current flagship products: Osprey Bitcoin Trust and Osprey BONK Trust
- Website: ospreyfunds.io
History and Background
Osprey Funds was established by financial products executive Greg King, who previously co-founded VelocityShares and later founded REX Shares. Osprey began as a crypto-focused division of REX before becoming a standalone company in 2021. Its management team combines experience in traditional exchange-traded products with digital asset investing.
The firm's first major product was the Osprey Bitcoin Trust, formed in 2019 and opened to public secondary-market trading under the ticker OBTC in 2021. Osprey subsequently expanded into trusts providing exposure to Polkadot, Solana, Algorand, Polygon, BNB, and BONK, alongside other private investment strategies.
Osprey Bitcoin Trust
The Osprey Bitcoin Trust remains the firm's principal Bitcoin investment product. In December 2025, OBTC transitioned from an over-the-counter trust into an exchange-traded product listed on Nasdaq. The fund seeks to reflect the performance of Bitcoin, less expenses, using the CME CF Bitcoin Reference Rate – New York Variant as its pricing benchmark.
OBTC charges a 0.49% annual management fee and holds its underlying Bitcoin with Coinbase Custody Trust Company. As of June 30, 2026, the trust reported approximately $55.4 million in net assets and held about 945 BTC.
The Nasdaq conversion followed an earlier strategic review. Osprey agreed in August 2024 to sell OBTC's Bitcoin assets to the Bitwise Bitcoin ETF in exchange for BITB shares, but that transaction was terminated in February 2025. Osprey subsequently pursued the direct conversion of OBTC into an exchange-traded product instead.
BONK and Other Single-Asset Trusts
Osprey also operates the Osprey BONK Trust, ticker OBNK, which provides exposure to BONK, a Solana-based memecoin. The trust is structured as a Delaware grantor trust, uses Copper for custody, and charges a 2.5% annual management fee. As of September 10, 2026, Osprey reported approximately $6 million in assets under management for OBNK.
The company's product lineup has also undergone significant consolidation. The Osprey Solana Trust and Osprey Polkadot Trust were liquidated on July 15, 2026 after Osprey announced their closures in June. On September 4, 2026, the company also announced plans to liquidate the Osprey BNB Chain Trust. Earlier products tied to assets such as Algorand and Polygon are no longer part of Osprey's active core lineup.
REX-Osprey Crypto ETFs
Osprey also collaborates with affiliated firm REX Financial on exchange-traded funds marketed under the REX-Osprey brand. The lineup includes the REX-Osprey SOL + Staking ETF, ticker SSK, alongside products providing exposure to XRP and Dogecoin. These funds are separate from Osprey's single-asset grantor trusts and are managed within conventional ETF structures.
Regulation and Risks
Osprey Funds is the sponsor of its trusts rather than a registered investment adviser or commodity pool operator for OBTC. Individual products are governed by their respective offering documents, securities registrations, exchange rules, and reporting requirements.
Osprey products remain exposed to crypto price volatility, custody and counterparty risk, regulatory changes, and potential tracking differences between fund shares and their underlying assets. Private-placement trusts can also face limited liquidity and may trade at premiums or discounts to net asset value. Product closures in 2026 further illustrate that individual trusts may be restructured or liquidated when market conditions or business considerations change.
