Osprey Bitcoin Trust (NASDAQ: OBTC)

Osprey Bitcoin Trust is an exchange traded fund that issues shares of beneficial interest listed on the Nasdaq Stock Market under the ticker symbol OBTC and began trading on December 19 2025. The trust seeks to have its shares reflect the performance of Bitcoin as measured by reference to the CME CF Bitcoin Reference Rate New York Variant less the trust s expenses and other liabilities. Each share represents a fractional undivided beneficial interest in the net assets of the trust which consist primarily of Bitcoin held by the Bitcoin custodian on behalf of the trust. Osprey Bitcoin Trust was formed as a Delaware statutory trust on January 3 2019 and is governed by a trust agreement dated November 1 2020 as amended on several occasions. The sponsor of the trust is Osprey Funds LLC the trustee is CSC Delaware Trust Company the Bitcoin custodian is Coinbase Custody Trust Company LLC and the cash custodian is U. S. Bank National Association. The trust has no directors officers or employees and is managed by the sponsor which receives a management fee. The trust is not registered as an investment company under the Investment Company Act of 1940 and the sponsor is not registered as an investment adviser under the Investment Advisers Act of 1940.

The trust generates revenue primarily through a management fee paid to the sponsor and transaction fees received from authorized participants. The management fee is calculated at an annual rate of 0.49 percent of the trust s net asset value accrued daily and paid monthly in United States dollars. Authorized participants are required to pay a standard transaction fee in cash when they create or redeem baskets of shares and this fee compensates the trust for expenses incurred in connection with those transactions. The trust does not engage in any separate business activity that produces income beyond these two sources.

Osprey Bitcoin Trust operates in the niche of exchange traded products that provide exposure to the price of Bitcoin. It is distinguished by its use of the CME CF Bitcoin Reference Rate New York Variant as its benchmark and its listing on the Nasdaq exchange. The trust competes with other Bitcoin linked securities that aim to deliver similar exposure to investors. While the filing does not name specific rival products it notes that more than ten thousand other digital assets have been created since Bitcoin s inception and that competition from the emergence or growth of alternative digital assets could affect the price of Bitcoin and consequently the value of the trust s shares. The trust benefits from the sponsorship of Osprey Funds LLC which has experience managing crypto assets and from the use of institutional custodians such as Coinbase for Bitcoin and U. S. Bank for cash holdings.

The trust s shares are held by a broad base of investors who access the product through authorized participants or by trading on the secondary market. As of the date of the annual report the authorized participants are Macquarie and Jane Street. These entities are registered broker dealers that facilitate the creation and redemption of baskets on behalf of their clients. In addition individual and institutional investors can buy and sell the trust s shares on Nasdaq under the ticker OBTC. The filing does not provide further detail on the names of individual shareholders but indicates that the investor base includes both retail and professional market participants seeking exposure to Bitcoin.