Osprey Funds has submitted a registration statement to the SEC to transform its Osprey Bitcoin Trust (OBTC) into an exchange-traded fund (ETF), enhancing liquidity and lowering fees.

The conversion follows the termination of a deal with Bitwise intended to transfer OBTC’s assets. OBTC currently holds 181 million USD in assets and tracks Bitcoin prices.

Greg King, CEO of Osprey Funds, believes that ETF conversion represents the best approach for their Bitcoin investment products, especially amid ongoing legal issues with Grayscale.