Osprey Bitcoin Trust (OBTC) is a digital asset trust that holds Bitcoin on behalf of shareholders, providing exposure to Bitcoin's price without requiring investors to directly custody the asset. The Trust generates revenue by charging a management fee to shareholders, which is deducted from the Trust's Bitcoin holdings over time. OBTC competes directly with other U.S. spot Bitcoin exchange-traded products, including several that share the same custodian, Coinbase, and the same Authorized Participants. The Trust's Bitcoin is held in custody by Coinbase, an affiliate of Coinbase Global, which the 10-K filed 2026-04-01 identifies as the largest crypto asset custodian in the world by assets under custody. The Trust's benchmark is the CF Benchmarks Ltd. index price for Bitcoin, calculated once daily at 4:00 p.m. New York time. Gregory D. King, founder and CEO of the Sponsor, has led the organization since its inception in October 2018. Robert Rokose has served as CFO and Treasurer since March 2020.

Revenue model

The Trust charges a management fee to shareholders, deducted from the Trust's Bitcoin holdings. No transactional or subscription revenue is disclosed in the excerpts.

Products and services

A single product: shares in Osprey Bitcoin Trust (OBTC), each representing a fractional interest in Bitcoin held in custody by Coinbase. Share creation and redemption is facilitated through Authorized Participants. The benchmark index is provided by CF Benchmarks Ltd., calculated and published daily at 4:00 p.m. New York time since February 28, 2022.

Customers and end markets

Shareholders seeking Bitcoin price exposure through a trust structure rather than direct custody. Authorized Participants facilitate the creation and redemption of shares. End market is investors in U.S. exchange-traded Bitcoin products.

Value-chain role

Passive Bitcoin holding vehicle. The Sponsor manages the Trust, Coinbase (affiliate of Coinbase Global) provides custody, CF Benchmarks Ltd. provides the daily benchmark index, and Authorized Participants handle share creation and redemption.

Geographic exposure

United States primary market, with Bitcoin price exposure subject to global regulatory and market conditions.

Competitors

Other U.S. spot Bitcoin exchange-traded products using Coinbase as custodian

Source: SEC 10-K, filed 2026-04-01

Industry: Commodity Contracts Brokers & Dealers