Osprey Bitcoin Trust (OBTC) offers a prospectus under which selling shareholders may resell up to 357,902 Shares, while the Trust continues to issue new Shares on a continuous basis in Baskets of 10,000. The Trust holds Bitcoin and seeks to track the CME CF Bitcoin Reference Rate – New York Variant, minus expenses.
Shares trade on Nasdaq under OBTC, with creations and redemptions handled by Authorized Participants in exchange for Bitcoin or cash, at basket values currently requiring about $261,567 per Basket. The Trust charges a 0.49% annual Management Fee, paid in Bitcoin, and is a passive grantor trust, not an investment company or commodity pool.
The document highlights extensive risks: extreme Bitcoin price volatility, concentrated and sometimes lightly regulated trading venues, protocol risks such as hard forks and scaling limits, custody and private‑key loss risk, regulatory uncertainty, and the possibility that forks or airdrops may not benefit shareholders. The Trust is an “emerging growth company” and provides limited voting rights and specific dissolution triggers tied to regulation, market disruptions, and service‑provider changes.
Osprey Bitcoin Trust (OBTC) files a post-effective amendment to its Form S-1, updating its prospectus and electing to use incorporation by reference while continuing a continuous offering structure. The trust holds Bitcoin and issues exchange-traded Shares that seek to track the CME CF Bitcoin Reference Rate – New York Variant, less expenses.
The amendment permits the resale of up to 357,902 Shares by named selling shareholders; the trust itself receives no proceeds from those resales. New Shares are only created and redeemed in Baskets of 10,000 Shares, typically in exchange for Bitcoin or cash through Authorized Participants, and trade on Nasdaq under the symbol OBTC. The trust charges a 0.49% annual Management Fee, paid in part by periodically selling Bitcoin, and is a passive vehicle that does not use leverage or derivatives. Extensive risk disclosures emphasize Bitcoin’s extreme historical volatility, potential forks and airdrops, custody and market-structure risks, and the possibility that investors could lose all or substantially all of their investment.
Osprey Bitcoin Trust provides exposure to Bitcoin and reported sharply weaker results for the six months ended June 30, 2026. Net assets fell from $136.7 million at December 31, 2025 to $55.4 million, driven by Bitcoin price declines, redemptions, and expenses. Bitcoin holdings decreased from 1,565.49 to 945.07 Bitcoin, with fair value dropping from $87,315.53 to per Bitcoin. Net asset value per share fell from $28.12 to $18.83, a total return of -33.05% for the six-month period.
For the first half of 2026, the Trust recorded a net decrease in net assets from operations of $30.6 million, including net realized and unrealized loss on Bitcoin of $30.4 million and a Management Fee of $191,403 at an annual rate of 0.49% of NAV. Capital redemptions totaled $50.8 million, reducing shares outstanding from 4,860,535 to 2,940,535. Management disclosed a material weakness in disclosure controls related to an administrator transition and corrected an immaterial historical tax-lot error without impacting total net assets or NAV. No legal proceedings were reported.
Osprey Bitcoin Trust reported that its sponsor, Osprey Funds, LLC, dismissed Grant Thornton LLP as the Trust’s independent auditor on June 16, 2026 and appointed Cherry Bekaert LLP on June 17, 2026 for the 2026 fiscal year. Grant Thornton’s audit reports on the Trust’s 2024 and 2025 financial statements contained no adverse opinions or qualifications, and the firm reported no disagreements or other reportable events beyond a previously disclosed material weakness in internal control over financial reporting related to oversight of the administrator process. That weakness led to an adjustment to the 2025 financial statements but did not cause material misstatements, and management is still working to remediate it as of March 31, 2026. The Trust has requested, and filed as an exhibit, a Grant Thornton letter to the SEC confirming its agreement with these disclosures.
Osprey Bitcoin Trust’s first quarter 2026 results show how closely it tracks Bitcoin’s price. Net assets fell to $64,165,534 from $136,695,615 as of December 31, 2025, as Bitcoin declined from $87,315.53 to $67,831.76 per coin.
The Trust realized gains of $30,979,300 from Bitcoin sold for redemptions and fees, but this was more than offset by $52,625,983 in unrealized depreciation, producing a net loss from operations of $21,755,174. Redemptions of 1,920,000 shares removed an additional $50,774,907, leaving 2,940,535 shares outstanding and NAV per share of $21.82, a total return of -22.41% for the period.
The Trust corrected an immaterial historical cost-classification error without affecting total net assets, but its Sponsor identified a material weakness in disclosure controls tied to an administrator transition and is implementing enhanced procedures to remediate it.
Osprey Bitcoin Trust files its annual report describing a Nasdaq-listed Bitcoin exchange-traded fund whose Shares (ticker OBTC) aim to track Bitcoin’s price via the CME CF Bitcoin Reference Rate – New York Variant, minus expenses. The Trust holds Bitcoin in segregated cold storage with Coinbase Custody and cash with U.S. Bank. It charges a 0.49% annual Management Fee, accrued daily and paid monthly in U.S. dollars, typically by selling small amounts of Bitcoin. As of June 30, 2025, non-affiliate holdings had an aggregate market value of $198,196,607, and as of March 27, 2026, there were 2,940,535 Shares outstanding. NAV per Share was $28.12 on December 31, 2025, based on the Index. The filing explains Bitcoin market mechanics, index construction, custody and security arrangements, creation/redemption in 10,000-Share Baskets, and extensive regulatory risk and termination triggers for the Trust.
Osprey Bitcoin Trust filed a Form 12b-25 notification stating it could not timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The Trust says it needs additional time to complete the presentation of its financial statements and supporting documentation so the independent audit can be finished, and it intends to file the Annual Report within the fifteen calendar day extension under Rule 12b-25.
Osprey Bitcoin Trust reported that its sponsor, Osprey Funds, LLC, and Delaware Trust Company entered into an amendment to the Trust’s Third Amended and Restated Declaration of Trust and Trust Agreement. The change updates the cutoff time for placing cash Purchase and Redemption Orders from 6:00 p.m. Eastern Time to 5:30 p.m. Eastern Time on the business day before the trade date. The amendment is dated January 9, 2026.
Osprey Bitcoin Trust has amended its governing agreement to support converting the trust into an exchange-traded product and listing its Shares on Nasdaq Stock Market LLC. The revised terms set the trust’s ordinary recurring expense as a management fee of 0.49% per year, accrued daily on net asset value and paid monthly to the Sponsor. In return, the Sponsor will bear routine operational, administrative and other ordinary fees and expenses, such as trustee, administration, transfer agent, custody, listing, SEC registration, audit, tax reporting, license and ordinary legal costs.
The agreement also establishes that Shares will be issued and redeemed only in large blocks of 10,000 Shares, or integral multiples called Baskets, based on the amount of Bitcoin attributable to each Share after fees and expenses. These Baskets will be created and redeemed with authorized participants in exchange for Bitcoin or cash.