Osprey Bitcoin Trust

Osprey Bitcoin Trust is a passive, exchange-traded fund that provides investors with exposure to Bitcoin's price movements through shares that track a volume-weighted index of Bitcoin prices across major trading platforms. The Trust holds Bitcoin in custody and allows institutional authorized participants and retail investors to buy and sell shares on secondary markets, with institutional participants creating and redeeming shares in large "basket" sizes to maintain liquidity and arbitrage opportunities. The Trust generates revenue through a management fee applied annually to its net assets, while Bitcoin custody, administration, and transaction costs are borne by the Trust and its sponsor; regulatory uncertainty around digital assets remains a material risk to operations.