Recent news coverage primarily from 2021 includes multiple articles advising caution or avoidance of the Trust's shares, reflecting market sentiment and volatility associated with Bitcoin-related securities.

• The Trust's shares have been frequently mentioned in articles advising investors to avoid or be cautious with certain stocks, including OBTC, reflecting concerns about volatility and risk in Bitcoin-related securities [N1].
• Coverage includes repeated weekly advisories to avoid the Trust's shares during mid-2021, indicating persistent market skepticism or caution [N2][N3][N4][N5][N7][N8].
• An article highlighted increased interest in Bitcoin investments by notable investors, mentioning the Trust as part of the Bitcoin investment landscape [N6].
• Comparisons between Grayscale Bitcoin Trust and Osprey Bitcoin Trust have been made, discussing relative merits and risks [N1].

The Trust offers investors a convenient and regulated vehicle to gain exposure to Bitcoin without the complexities of direct ownership, custody, and transaction management. Its use of a robust Bitcoin reference index and reputable custodians supports investor confidence. The Sponsor's experience and established service provider relationships may facilitate efficient operations and potential market acceptance. The Trust's listing on Nasdaq enhances liquidity and visibility compared to OTC trading.

The Trust's performance may diverge from direct Bitcoin investment due to fees, liquidity differences, and market structure. Competition from other spot Bitcoin ETFs with lower fees or greater scale could reduce demand for the Trust's shares. Risks include potential loss of Bitcoin due to custody failures, limited insurance coverage, regulatory changes affecting Bitcoin or ETFs, and operational risks related to banking relationships and service providers. Market volatility and negative sentiment toward Bitcoin-related securities may also impact share liquidity and pricing.

The Trust's moat lies in its established infrastructure for Bitcoin custody and administration, leveraging reputable service providers such as Coinbase Custody and U.S. Bank. Its listing on Nasdaq and use of a recognized Bitcoin reference index provide transparency and accessibility to investors seeking Bitcoin exposure through a regulated vehicle. The Sponsor's experience in crypto asset management and affiliation with REX Financial adds operational expertise. However, the Trust faces competition from other spot Bitcoin ETFs with potentially greater resources and lower fees, which may limit its market share and growth potential.

• Custody and Security Risks: The Trust's Bitcoin holdings are subject to risks of theft, loss, or error. Although the Bitcoin Custodian maintains insurance coverage, it may be insufficient or discontinued, exposing the Trust and shareholders to potential losses.
• Regulatory and Legal Risks: Changes in regulation affecting Bitcoin, ETFs, or digital assets could impact the Trust's operations, compliance costs, or investor demand.
• Market and Competitive Risks: Competition from other spot Bitcoin ETFs with greater resources or lower fees may limit the Trust's market acceptance and liquidity.
• Operational Risks: The Trust relies on service providers including custodians, administrators, and the Prime Execution Agent. Disruptions or financial distress among these parties or their banking partners could adversely affect the Trust's ability to operate or create/redeem shares.

• Osprey Bitcoin Trust is an exchange-traded fund (ETF) that issues shares of beneficial interest listed on The Nasdaq Stock Market LLC under the ticker symbol OBTC since December 19, 2025 [S1].
• The Trust's investment objective is for its shares to reflect the performance of Bitcoin as measured by the CME CF Bitcoin Reference Rate - New York Variant, less expenses and liabilities [S1].
• Each share represents a fractional undivided beneficial interest in the net assets of the Trust, which primarily consist of Bitcoin held by Coinbase Custody Trust Company, LLC as the Bitcoin Custodian [S1].
• The Trust was formed as a Delaware statutory trust on January 3, 2019, and is governed by a Trust Agreement with amendments through January 9, 2026 [S1].
• Osprey Funds, LLC is the Sponsor managing the Trust and charging a management fee; CSC Delaware Trust Company is the Trustee; U.S. Bank National Association is the Cash Custodian; U.S. Bancorp Fund Services, LLC is the Trust Administrator and Transfer Agent [S1].
• The Trust does not have directors, officers, or employees and is not registered as an investment company under the 1940 Act; the Sponsor is not registered as an investment adviser [S1].
• Shares are created and redeemed only in Baskets of 10,000 shares based on the quantity of Bitcoin attributable to each share, net of fees and expenses [S1].
• The Trust's shares were quoted on OTC Markets and OTCQX prior to listing on Nasdaq but did not meet their investment objective until listing on the Nasdaq [S1].
• The Trust is a passive investment vehicle intended to provide cost-effective and convenient exposure to Bitcoin without requiring shareholders to manage Bitcoin custody or transactions [S1].
• The Trust's Bitcoin valuation is based on an independently calculated index by CF Benchmarks Ltd., designed to mitigate price manipulation and reflect a reasonable average spot price of Bitcoin [S1].
• Bitcoin is described as a decentralized digital asset recorded on a public blockchain, with transactions confirmed through mining and irreversible once recorded [S1].
• The Trust's Sponsor has experience managing crypto funds since 2019 and is affiliated with REX Financial, which manages other crypto ETFs and ETNs [S1].
• The Trust may borrow Bitcoin or cash on a short-term basis from Coinbase Credit, Inc. to avoid pre-funding purchases or sales [S1].
• The Trust's assets are held for the benefit of shareholders and are not commingled or lent out; the Trustee may employ agents but is not liable for their misconduct if selected with reasonable care [S1].
• The Trust's financial snapshot for the fiscal year ending December 31, 2025, shows a net loss of $13,448,292 USD [S1].
• Liquidity ratios such as current ratio and cash ratio are not disclosed in the SEC snapshot [S1].
• The Trust's shares are held in book-entry form and transfers follow standard securities industry practice [S1].
• The Sponsor may amend the Trust Agreement with or without shareholder consent depending on the impact on shareholders' rights [S1].
• The Trust faces competition from other spot Bitcoin ETFs approved since January 2024, which may have greater resources or lower fees [S1].
• The Trust's Bitcoin Custodian maintains insurance coverage for theft at commercially reasonable amounts, but there is no guarantee that coverage will be adequate or maintained [S1].
• The Trust's Prime Execution Agent, Coinbase Inc., provides trade execution services and holds cash in insured depository institutions or AAA-rated money market funds [S1].
• The Trust's shares have been mentioned in multiple news articles advising caution or avoidance, reflecting market sentiment and volatility associated with Bitcoin-related securities [N1][N2][N3][N4][N5][N6][N7][N8].