Osprey Bitcoin Trust is registering an indeterminate number of new Shares for continuous issuance and allowing Selling Shareholders to resell up to 357,902 Shares. The trust holds Bitcoin with Coinbase Custody and seeks to mirror Bitcoin’s price, using the CME CF Bitcoin Reference Rate – New York Variant as its benchmark, minus expenses and liabilities. Shares will list on Nasdaq under the symbol OBTC and can only be created and redeemed in 10,000‑Share Baskets by Authorized Participants in exchange for Bitcoin or cash.
The trust charges a 0.49% annual Management Fee, accrued daily and paid monthly in U.S. dollars by selling Bitcoin. An intraday indicative value will be published every 15 seconds during regular trading hours, while official NAV is calculated once daily. The filing highlights extensive risks, including extreme Bitcoin price volatility, technology and governance risks in the Bitcoin network, forks and airdrops, custody and private key loss, unregulated or opaque trading venues, and potential adverse regulatory developments. The trust is an emerging growth company and is not registered as an investment company or commodity pool.
Osprey Bitcoin Trust has filed an amended registration to permit the resale of up to 357,902 Shares and a continuous primary issuance of an indeterminate number of new Shares backed by Bitcoin holdings.
The Trust is a Delaware statutory trust that holds Bitcoin and cash and seeks to track the price of Bitcoin, measured by the CME CF Bitcoin Reference Rate – New York Variant, minus expenses and liabilities. Shares will be listed on Nasdaq under the symbol “OBTC” and are issued and redeemed only in Baskets of 10,000 Shares through authorized broker-dealers, in exchange for Bitcoin or cash. As of September 30, 2025, the Trust’s NAV per Share was $36.98 based on the Bitcoin Market Price.
The Trust charges a Management Fee of 0.49% per year of average daily NAV, paid in U.S. dollars funded by selling Bitcoin. It is a passive vehicle that does not use leverage or derivatives and is not registered as an investment company or commodity pool. The prospectus highlights substantial risks, including extreme Bitcoin price volatility, digital asset market failures, forks and airdrops, custody and key-loss risks, concentration in a single asset, and potential regulatory changes that could impair operations or the value of the Shares.
Osprey Bitcoin Trust (OBTC) filed an amended S-1 registration describing the Trust's structure, risks, mechanics of creations/redemptions, and financial activity through June 30, 2025 (unaudited) and year ended December 31, 2024. The filing makes clear that the Shares track Bitcoin and that the Trust holds Bitcoin (and may accept cash) with custody, creation/redemption and distribution mechanics governed by the Trust Agreement.
The document highlights concentrated operational and market risks: extreme Bitcoin price volatility, custody and private‑key loss risks, regulatory and tax uncertainty, potential suspension of creations/redemptions, and multiple dissolution triggers (including regulatory determinations, insolvency, or loss of the custodian). Financial highlights show large unrealized and realized gains on Bitcoin: net change in unrealized appreciation of $68,351,967 for year ended 12/31/2024 and $26,640,962 for six months ended 6/30/2025, and net realized gains reported in those periods.