The Osprey Bitcoin Trust is a U.S.-listed spot Bitcoin exchange-traded product that gives investors exposure to Bitcoin through a brokerage account. Trading under the ticker OBTC on Nasdaq, the trust holds Bitcoin directly and seeks to track the CME CF Bitcoin Reference Rate – New York Variant, less fees and liabilities. Osprey converted the product from an OTC-traded trust into a Nasdaq-listed exchange-traded product in December 2025.
Overview
- Product name: Osprey Bitcoin Trust
- Ticker: OBTC
- Trust inception: January 3, 2019
- Nasdaq listing: December 19, 2025
- Sponsor: Osprey Funds, LLC
- Underlying asset: Bitcoin
- Benchmark: CME CF Bitcoin Reference Rate – New York Variant
- Management fee: 0.49% annually
- Bitcoin custodian: Coinbase Custody Trust Company, LLC
- Exchange: Nasdaq
Fund Structure and Investment Objective
OBTC is a Delaware statutory trust whose assets consist primarily of Bitcoin held on behalf of shareholders. Its objective is to reflect the performance of Bitcoin as measured by its benchmark, after deducting the trust’s management fee and other liabilities.
The trust is a passive vehicle. It does not use leverage, futures, swaps, or other derivatives to generate its primary Bitcoin exposure, and the sponsor does not actively trade the asset based on market forecasts. Although OBTC is traded on a national securities exchange, it is not an investment company registered under the Investment Company Act of 1940.
From OTCQX to Nasdaq
OBTC began secondary-market trading in 2021 and was quoted on the OTCQX Best Market under the same ticker. In March 2024, Osprey began reviewing strategic alternatives for the trust, including a potential sale or merger with an existing spot Bitcoin product.
In August 2024, Osprey agreed to sell the trust’s Bitcoin to the Bitwise Bitcoin ETF in exchange for BITB shares, with OBTC expected to liquidate after distributing those shares to investors. The transaction was terminated on February 10, 2025 after Osprey paid an undisclosed settlement amount.
Osprey subsequently pursued a direct exchange listing. The trust amended its governing documents in December 2025 and began trading on Nasdaq on December 19, converting from its previous OTC structure into an exchange-traded product with continuous creation and redemption capabilities.
Bitcoin Holdings, Fees, and Benchmark
OBTC charges a 0.49% annual management fee calculated against the trust’s net asset value. Following the Nasdaq conversion, Osprey became responsible for substantially all ordinary operating expenses, while the management fee began to be paid in U.S. dollars rather than Bitcoin.
As of September 9, 2026, the trust reported approximately $73.1 million in fund assets and held about 934 BTC. Earlier regulatory filings showed 945.07 BTC and approximately $55.4 million in net assets as of June 30, 2026. Holdings and net asset value fluctuate with Bitcoin prices and investor creations and redemptions.
The CME CF Bitcoin Reference Rate – New York Variant serves as the pricing benchmark. CF Benchmarks calculates the reference rate from spot Bitcoin trading activity across eligible exchanges around the U.S. market close.
Custody, Creations, and Redemptions
Coinbase Custody Trust Company holds the trust’s Bitcoin. U.S. Bank National Association serves as cash custodian, while U.S. Bancorp Fund Services provides administration and transfer-agent services.
Authorized participants create and redeem OBTC shares in baskets of 10,000 shares. The trust supports both cash and in-kind transactions. For an in-kind creation, an authorized participant delivers Bitcoin to the custodian in exchange for newly issued shares. In an in-kind redemption, the corresponding Bitcoin is transferred to the redeeming participant.
Risks and Considerations
OBTC is exposed directly to Bitcoin price volatility as well as custody, cybersecurity, liquidity, regulatory, and market-structure risks. Shares can trade above or below net asset value, particularly during periods of market stress or limited secondary-market liquidity. Investors also do not control the private keys for the Bitcoin held by the trust. The 0.49% management fee reduces the economic value represented by each share over time, while the product’s trust structure differs from a conventional ETF registered under the Investment Company Act of 1940.
