Recent news coverage includes multiple articles advising caution on certain stocks including OBTC, and commentary on Bitcoin investment trends.

• Osprey Bitcoin Trust shares have been mentioned in several articles advising investors to avoid certain stocks during mid-2021, reflecting market caution around the Trust's sector or related assets [N1].
• The Trust has been compared to other Bitcoin investment vehicles such as Grayscale Bitcoin Trust in public discussions about better investment options [N8].
• Notable investors like Cathie Wood have been reported to increase their exposure to Bitcoin, indirectly impacting interest in Bitcoin trusts including OBTC [N6].
• The Trust's shares have been frequently listed among stocks to avoid in weekly market commentary during mid-2021, indicating market skepticism or volatility concerns [N2][N3][N4][N5][N7][N8].

The Trust offers investors a straightforward and regulated means to gain exposure to Bitcoin price movements without the operational challenges of direct Bitcoin ownership. Its passive management approach and transparent fee structure may appeal to investors seeking cost-effective Bitcoin exposure. The use of a robust index and reputable custodians enhances trust in the product's integrity. The Trust's listing on a major exchange facilitates liquidity and accessibility for a broad investor base.

The Trust's performance is directly tied to Bitcoin's price volatility, which can lead to significant fluctuations in net asset value and investor returns. The Trust incurs management fees and expenses that may cause its shares to underperform direct Bitcoin holdings. Regulatory changes affecting cryptocurrencies or exchange-traded products could impact the Trust's operations or investor demand. Competition from other Bitcoin investment vehicles may limit market share and growth potential.

The Trust's moat lies in its structure as a regulated exchange-traded fund providing convenient and cost-effective exposure to Bitcoin without the complexities of direct ownership. Its use of a reputable Bitcoin custodian and an independently calculated index designed to mitigate price manipulation supports its credibility. The Trust's listing on Nasdaq and regulatory compliance provide investor protections and market access advantages. However, the moat is limited by the availability of competing Bitcoin investment vehicles and the inherent volatility and regulatory uncertainties of the cryptocurrency market.

• Bitcoin Price Volatility: The Trust's net asset value and share price are highly sensitive to fluctuations in Bitcoin's market price, which can be volatile and unpredictable.
• Regulatory Risk: Changes in laws or regulations related to cryptocurrencies or exchange-traded products could adversely affect the Trust's operations or investor interest.
• Operational Risk: The Trust relies on third-party custodians and service providers for Bitcoin custody and administration, exposing it to risks related to security breaches or service failures.
• Market Liquidity Risk: Liquidity of the Trust's shares may be affected by market conditions, impacting investors' ability to buy or sell shares at desired prices.

• Osprey Bitcoin Trust is an exchange-traded fund (ETF) that issues shares under the ticker symbol OBTC, listed on Nasdaq since December 19, 2025.
• The Trust's investment objective is to reflect the performance of Bitcoin as measured by the CME CF Bitcoin Reference Rate - New York Variant, less expenses and liabilities.
• 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.
• 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.
• The Sponsor of the Trust is Osprey Funds, LLC, which manages the Trust and receives a management fee.
• The Trust does not use leverage, derivatives, or speculative trading; it is a passive investment vehicle tracking Bitcoin price.
• Shares were previously quoted on OTC Markets and OTCQX before listing on Nasdaq.
• The Trust's assets as of June 30, 2026, included Bitcoin valued at approximately $55.4 million and cash of about $4,075, with total net assets of $55.37 million.
• Net assets decreased from $136.7 million at December 31, 2025, to $55.37 million at June 30, 2026, reflecting changes in Bitcoin valuation and share redemptions.
• The Trust had 2,940,535 shares outstanding as of June 30, 2026, down from 4,860,535 shares at December 31, 2025.
• The net asset value per share was $18.83 at June 30, 2026, compared to $28.12 at December 31, 2025.
• The Trust reported a net investment loss of $82,912 for the three months ended June 30, 2026, and a net decrease in net assets from operations of $8.8 million for the same period.
• The Trust's financial statements are prepared in accordance with U.S. GAAP and the FASB ASC Topic 946 for investment companies.
• The Trust's Bitcoin valuation methodology uses an independently calculated index by CF Benchmarks Ltd., designed to mitigate price manipulation.
• The Trust's shares provide a cost-effective and convenient means of gaining exposure to Bitcoin without direct ownership or the need for managing Bitcoin wallets.
• The Trust's shares may perform differently than direct Bitcoin investments due to fees, liquidity, and market differences.
• The Trust's shares are created and redeemed in baskets based on Bitcoin quantities, with redemptions possible in Bitcoin or cash.
• The Trust's Sponsor is not registered as an investment adviser and the Trust is not registered as an investment company under the Investment Company Act.
• The Trust is not a commodity pool and is not regulated as such by the CFTC.
• The Trust's financial figures are summarized from the latest available SEC filings and are provided for informational purposes only — not financial advice.