Osprey Bitcoin Trust (OBTC) is a passive ETF that holds Bitcoin on behalf of investors. Each share represents a fractional interest in the Trust's Bitcoin holdings, giving investors exposure to Bitcoin's price performance through a standard brokerage account without the need to directly buy, store, or secure Bitcoin. Shares trade on Nasdaq. The Trust charges a single annual management fee of 0.49% of NAV, accrued daily and paid monthly. To cover this fee, the Trust periodically sells a small amount of its Bitcoin, meaning each share represents a very slowly declining amount of Bitcoin over time. The Sponsor, Osprey Funds — a Delaware LLC affiliated with ETF sponsor REX Financial — receives this fee and covers routine operating expenses including custody, administration, and audit costs. Bitcoin is custodied by Coinbase Custody in segregated offline cold storage. The Trust's NAV tracks Bitcoin's price using the CME CF Bitcoin Reference Rate - New York Variant, a volume-weighted benchmark calculated at 4:00 p.m. New York time. Share creation and redemption is handled exclusively by Authorized Participants — currently Macquarie and Jane Street — transacting in blocks of 10,000 shares. The Trust is structured as a Delaware statutory trust and treated as a grantor trust for U.S. federal tax purposes, meaning shareholders are treated as directly owning a pro-rata share of the underlying Bitcoin and the Trust itself is not taxed.