UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~March 3031, ~~2023~~2026

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period ~~from~~from________ ~~______to______~~to ________

Commission File Number: ~~000~~001-~~56307~~43024

~~Osprey~~OSPREY ~~Bitcoin~~BITCOIN ~~Trust~~TRUST

(Exact ~~Name~~name of ~~Registrant~~registrant as ~~Specified~~specified in ~~Its~~its ~~Charter~~charter)

Delaware

37-6695894

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

1241 Post Road, 2nd Floor

777 Brickell Avenue, Suite 500

Miami, FL

33131

(Address of Principal Executive Offices)

(Zip Code)

~~Fairfield,~~Registrant’s CTtelephone ~~06824~~number, including area code: (914) 214-4697

~~(Address~~Securities ofregistered ~~Principal~~pursuant ~~Executive~~to ~~Offices)~~Section 12(~~Zip Code~~b) of the Act:

Title of each class Trading Symbol(~~914~~s) ~~214-4697~~ Name of each exchange on which registered Shares of Beneficial Interest of Osprey Bitcoin Trust OBTC The Nasdaq Stock Market LLC

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None

Title of each class Trading Symbol(s) Name of each exchange on which registered N/A N/A N/A

Securities registered pursuant to Section 12(g) of the Act: Osprey Bitcoin Trust Units

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large ~~accelerated~~Accelerated ~~filer~~Filer ☐ Accelerated ~~filer~~Filer ☐ Non-~~accelerated~~Accelerated ~~filer~~Filer ☒ Smaller reporting company ☒ Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

~~Number~~Indicate ~~Units of~~ the ~~registrant~~number of outstanding Shares as of ~~October~~March ~~30th~~31, ~~2023~~2026: 82,~~340~~940,~~536~~535

OSPREY BITCOIN TRUST ~~TABLE OF CONTENTS~~

		Page
	Statement Regarding Forward-Looking Statements	3
	Industry and Market Data	3
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	4
	Statements of Assets and Liabilities at September 30, 2023 (unaudited) and December 31, 2022	4
	Schedules of Investment at September 30, 2023 (unaudited) and December 31, 2022	5
	Statements of Operations (unaudited) for the three months and nine months ended September 30, 2023 and 2022	6
	Statements of Changes in Net Assets (unaudited) for the three months and nine months ended September 30, 2023 and 2022	7
	Notes to the Financial Statements (unaudited)	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	20
Item 4.	Controls and Procedures	20
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	21
Item 1A.	Risk Factors	21
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	21
Item 3.	Defaults Upon Senior Securities	21
Item 4.	Mine Safety Disclosures	21
Item 5.	Other Information	21
Item 6.	Exhibits	22
SIGNATURES		23

QUARTER ENDED MARCH 31, 2026

2TABLE OF CONTENTS

STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS	1
PART I. FINANCIAL INFORMATION	2
ITEM 1. FINANCIAL STATEMENTS	2
Statements of Assets and Liabilities	2
Schedules of Investment	3
Statements of Operations	4
Statements of Changes in Net Assets	5
Notes to Unaudited Financial Statements	6
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	14
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	17
ITEM 4. CONTROLS AND PROCEDURES	17
PART II. OTHER INFORMATION	18
Item 1. Legal Proceedings	18
Item 1A. Risk Factors	18
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	18
Item 3. Defaults Upon Senior Securities	18
Item 4. Mine Safety Disclosures	18
Item 5. Other Information	18
Item 6. Exhibits	19
SIGNATURES	20

This Quarterly Report on Form 10-Q (this “Quarterly Report”) contains “forward-looking statements” with respect to the financial conditions, results of operations, plans, objectives, future performance and business of Osprey Bitcoin Trust (the “Trust”). Statements preceded by, followed by or that include words such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” the negative of these terms and other similar expressions are intended to identify some of the forward-looking statements. All statements (other than statements of historical fact) included in this Quarterly Report that address activities, events or developments that will or may occur in the future, including such matters as changes in market prices and conditions, the Trust’s operations, the plans of Osprey Funds, LLC, the sponsor of the Trust (the “Sponsor”), references to the Trust’s future success and other similar matters are forward-looking statements. These statements are only predictions. Actual events or results may differ materially from such statements. These statements are based upon certain assumptions and analyses the Sponsor made based on its perception of historical trends, current conditions and expected future developments, as well as other factors appropriate in the circumstances. You should specifically consider the numerous risks outlined under “Risk Factors.” Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions, however, is subject to a number of risks and uncertainties, including:i

●CAUTIONARY NOTE ~~the~~REGARDING ~~risk factors discussed in “Item 1A. Risk Factors” of the Trust’s Annual Report on Form 10~~FORWARD-KLOOKING for the year ended December 31, 2022 (the “Annual Report”), including the particular risks associated with new technologies such as Bitcoin and blockchain technology, and this Quarterly Report on Form 10-Q for the period ended September 30, 2023 (the “Quarterly Report”); ● the legal challenges associated with conducting an ongoing redemption program and our plans to begin considering a limited periodic redemption program or an open-ended redemption program; ● the impact of the possible listing of similar investment products on a national securities exchange; ● the economic conditions in the Bitcoin industry and market, including any prolonged substantial reduction in Bitcoin prices and the impact of the failure of several prominent crypto trading venues and lending platforms on the crypto economy; ● general economic, market and business conditions; ● the use of technology by us and our vendors, including the Custodian (as defined herein), in conducting our business, including disruptions in our computer systems and data centers and our transition to, and quality of, new technology platforms; ● changes in laws, regulations and policies, including those concerning taxes, made by governmental authorities or regulatory bodies; ● the costs and effect of any litigation or regulatory investigations; ● our ability to maintain a positive reputation; ● the emergence or continuation of widespread health emergencies, geopolitical conflicts (including the ongoing conflict in Ukraine, the conflict in Israel and surrounding areas, the possible expansion of such conflicts and potential geopolitical consequences), and other catastrophic external events; ● the Sponsor’s conflict of interest in allocating resources among its different clients and the pursuit of future business or investment opportunities by the Sponsor, its officers and/or affiliated entities.STATEMENTS

~~Consequently,~~This ~~all~~quarterly ~~the~~report on Form 10-Q contains “forward-looking statements” ~~made~~within inthe ~~this~~meaning ~~Quarterly~~of ~~Report~~Section ~~are~~27A ~~qualified~~of bythe ~~these~~Securities ~~cautionary~~Act of ~~statements~~1933, as amended (the “Securities Act”), and ~~there~~Section ~~can~~21E beof nothe ~~assurance~~Securities Exchange Act of 1934, as amended (the “Exchange Act”), that ~~the~~involve ~~actual~~substantial ~~results~~risks orand ~~developments~~uncertainties ~~the~~and ~~Sponsor~~are ~~anticipates~~subject ~~will~~to bechange ~~realized~~based oron various important factors, ~~even~~many ifof ~~substantially~~which may ~~realized~~be beyond our control. In some cases, ~~that~~you ~~they~~can identify forward-looking statements by terminology such as “may,” “will,” “should,” ~~result~~“expect,” “intend,” “plan,” “anticipate,” “believe,” in“estimate,” “predict,” “potential” or the ~~expected~~negative ~~consequences~~of tothese terms or other comparable terminology. All statements (other than statements of historical fact) included in this quarterly report that address activities, events or ~~have~~developments that ~~the~~will ~~expected~~or ~~effects~~may onoccur in the future, including such matters as movements in the digital asset markets and indexes that track such movements, the Trust’s operations, the Sponsor’s plans and references to the Trust’s future success and other similar matters, are forward-looking statements. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses the ~~value~~Sponsor has made based on its perception of historical trends, current conditions and expected future developments, as well as other factors appropriate in the ~~Units~~circumstances. ~~Should~~Whether ~~one~~ or ~~more~~not ofactual results and developments will conform to the Sponsor’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed ~~under~~in this quarterly report and “Item 1A. Risk Factors” of ~~the~~our ~~Trust’s~~ Annual Report oron ~~Quarterly~~Form ~~Report,~~10-K for orthe ~~other uncertainties~~year ~~materialize~~ended December 31, or2025 ~~should~~and ~~underlying~~in ~~assumptions~~other ~~prove~~SEC ~~incorrect,~~filings ~~actual~~by ~~outcomes~~the ~~may~~Trust, ~~vary~~general ~~materially~~economic, ~~from~~market ~~those~~and ~~described~~business conditions, changes in ~~forward-looking~~laws ~~statements.~~or ~~Forward-looking~~regulations, ~~statements~~including ~~are~~those concerning taxes, made ~~based~~by ongovernmental ~~the~~authorities ~~Sponsor’s~~or ~~beliefs~~regulatory bodies, ~~estimates~~ and ~~opinions~~other onworld ~~the~~economic ~~date~~and political developments. Consequently, all the forward-looking statements made in this quarterly report are ~~made~~qualified by these cautionary statements, and ~~neither~~there ~~the~~can ~~Trust~~be ~~nor~~no assurance that actual results or developments the Sponsor isanticipates ~~under~~will abe ~~duty~~realized or, ~~undertakes~~even anif ~~obligation~~substantially realized, tothat ~~update~~they ~~forward-looking statements~~will ifresult ~~these~~in ~~beliefs,~~the ~~estimates~~expected ~~and~~consequences ~~opinions~~to, or ~~other~~have ~~circumstances~~the ~~should~~expected ~~change~~effects on, ~~other~~the ~~than~~Trust’s asoperations ~~required~~or bythe value ~~applicable~~of ~~laws~~its Shares. ~~Moreover,~~ ~~neither~~None of the Trust, the Sponsor, ~~nor~~or ~~any~~the ~~other~~Trustee ~~person~~or ~~assumes~~their ~~responsibility~~respective ~~for~~affiliates ~~the~~is ~~accuracy~~under ~~and~~a ~~completeness~~duty ofto update any of ~~these~~the forward-looking statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.

~~INDUSTRY~~Unless ~~AND~~otherwise ~~MARKET~~stated ~~DATA~~or the context otherwise requires, the terms “we,” “our” and “us” in this quarterly report refer to the Trust.

Although we are responsible for all disclosure contained in this Quarterly Report, in some cases we have relied on certain market and industry data obtained from third-party sources that we believe to be reliable. Market estimates are calculated by using independent industry publications in conjunction with our assumptions regarding the Bitcoin industry and market. While we are not aware of any misstatements regarding any market, industry or similar data presented herein, such data involves risks and uncertainties and is subject to change based on various factors, including those discussed under the headings “Statement Regarding Forward-Looking Statements.”1

3PART I. FINANCIAL INFORMATION

~~PART~~ITEM I1. – FINANCIAL ~~INFORMATION~~STATEMENTS

Item 1. Financial Statements (Unaudited)

Osprey Bitcoin Trust

Statements of Assets and Liabilities

~~(Amounts~~March ~~in U.S. dollars~~31, ~~except~~2026 ~~units~~and ~~issued~~December ~~and~~31, ~~outstanding)~~2025

	September 30, 2023			December 31, 2022
	March 31, 2026 (Unaudited)			December 31, 2025
	(Unaudited)
ASSETS
Assets
Investment in Bitcoin, at fair value (cost $52,409,438 and $72,283,567, respectively)	$	64,191,193		$	136,691,305
Investment in Bitcoin, at fair value (cost $75,693,820 and $75,816,514), respectively)	$	74,269,591		$	46,253,445
Cash		3,926			67,999
Cash		180			257
Other Assets		-			1,559
Other assets		99,913			24,600
Total Assets		64,195,119			136,760,863
Total assets		74,369,684			46,278,302
LIABILITIES
Liabilities
Management Fee Payable		29,585			65,248
Management Fee payable		29,913			19,213
Total Liabilities		29,585			65,248
Due to Sponsor		180			166,804
NET ASSETS	$	64,165,534		$	136,695,615
Other payable		106,446			77,505
NET ASSETS CONSIST OF:
Total liabilities		136,539			263,522
Paid-in Capital	$	76,978,282		$	76,978,282
Net assets	$	74,233,145		$	46,014,780
Redemptions		(135,467,801	)		(84,692,894	)
Net assets
Accumulated net investment loss		(7,180,367	)		(7,071,876	)
Paid-in capital	$	76,978,282		$	76,978,282
Accumulated net realized gain on investment in Bitcoin		118,053,665			87,074,365
Accumulated net investment loss		(3,032,872	)		(2,316,820	)
Accumulated net change in unrealized appreciation on investment in Bitcoin		11,781,755			64,407,738
Accumulated net realized gain on investment in Bitcoin		1,708,323			911,557
Net Assets	$	64,165,534		$	136,695,615
Accumulated net change in unrealized depreciation on investment in Bitcoin		(1,420,588	)		(29,558,239	)
Shares outstanding (unlimited authorized)		2,940,535			4,860,535
Net assets	$	74,233,145		$	46,014,780
Net asset value per Share	$	21.82		$	28.12
Units issued and outstanding, no par value (unlimited Units authorized)		8,340,536			8,340,536
Units issued, no par value (unlimited Units authorized)		8,340,536			8,340,536
Net asset value per Unit	$	8.90		$	5.52

~~The~~See accompanying ~~notes~~Notes to Unaudited Financial Statements which are an integral part of ~~these~~the financial statements.

Osprey Bitcoin Trust

Schedules of Investment

~~(Amounts~~March in31, ~~U.S.~~2026 ~~dollars,~~and ~~except~~December ~~units)~~31, 2025

						Percentage of
March 31, 2026 (Unaudited)
September 30, 2023 (Unaudited)	Units		Fair Value			Net Assets
	Units		Fair Value			Percentage of Net Assets
Investment in Bitcoin, at fair value (cost $75,693,820)		2,758.65	$	74,269,591			100	%
Investment in Bitcoin, at fair value (cost $52,409,438)		946.33	$	64,191,193			100	%
Investment in Bitcoin, at fair value (cost $75,693,820)		2,758.65	$	74,269,591			100	%
Liabilities, less cash and Other Assets				(25,659	)		0	%
Liabilities, less cash and other assets				(36,446	)		-	%
Net Assets			$	64,165,534			100.0	%
Net assets			$	74,233,145			100	%

						Percentage of
December 31, 2025
December 31, 2022	Units		Fair Value			Net Assets
	Units		Fair Value			Percentage of Net Assets
Investment in Bitcoin, at fair value (cost $75,816,514)		2,792.88	$	46,253,445			101	%
Investment in Bitcoin, at fair value (cost $72,283,567)		1,565.49	$	136,691,305			100	%
Liabilities, less cash and other assets				(238,665	)		(1	)%
Cash and Other Assets in Excess of Liabilities				4,310			0	%
Net assets			$	46,014,780			100	%
Net Assets			$	136,695,615			100.0	%

~~The~~See accompanying ~~notes~~Notes to Unaudited Financial Statements which are an integral part of ~~these~~the financial statements.

Osprey Bitcoin Trust

Statements of Operations

~~(Amounts~~Three inmonths ~~U.S.~~ended ~~dollars)~~March 31, 2026 and 2025

	Three months ended September 30, 2023			Three months ended September 30, 2022			Nine months ended September 30, 2023			Nine months ended September 30, 2022
	Three Months Ended March 31, 2026 (Unaudited)			Three Months Ended March 31, 2025 (Unaudited)
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Expenses
Expenses
Management Fee	$	108,491		$	218,107
Management Fee	$	95,755		$	73,637		$	266,946		$	326,553
Professional Fees		-			238,805
Professional fees		73,295			100,754			188,977			316,112
Custodian Fees		-			66,741
Custodian fees		29,300			25,258			81,909			133,001
Other		-			39,846
Other		53,692			(766	)		178,220			4,307
Total Expenses		108,491			563,499
Total expenses		252,042			198,883			716,052			779,973
Net Investment Loss		(108,491	)		(563,499	)
Net investment loss		(252,042	)		(198,883	)		(716,052	)		(779,973	)
Net Realized Gain and Net Change in Unrealized Appreciation/(Depreciation) on investment in Bitcoin
Net realized gain and net change in unrealized appreciation (depreciation) on investment in Bitcoin
Net Realized Gain on Investment in Bitcoin		30,979,300			599,279
Net realized gain on investment in Bitcoin		152,120			195,373			796,766			648,250
Net Change in Unrealized Depreciation on Investment in Bitcoin		(52,625,983	)		(21,756,490	)
Net change in unrealized appreciation (depreciation) on investment in Bitcoin		(9,648,197	)		1,477,767			28,137,651			(75,016,296	)
Total net realized gain and net change in unrealized depreciation on investment in Bitcoin		(21,646,683	)		(21,157,211	)
Total net realized gain and net change in unrealized appreciation (depreciation) on investment in Bitcoin		(9,496,077	)		1,673,140			28,934,417			(74,368,046	)
Net decrease in net assets resulting from operations	$	(21,755,174	)	$	(21,720,710	)
Net increase (decrease) in net assets resulting from operations	$	(9,748,119	)	$	1,474,257		$	28,218,365		$	(75,148,019	)

~~The~~See accompanying ~~notes~~Notes to Unaudited Financial Statements which are an integral part of ~~these~~the financial statements.

Osprey Bitcoin Trust

Statements of Changes in Net Assets

~~(Amounts~~Three inmonths ~~U.S.~~ended ~~dollars~~March 31, ~~except~~2026 ~~units issued~~ and ~~outstanding)~~2025

	Three months ended September 30, 2023			Three months ended September 30, 2022			Nine months ended September 30, 2023			Nine months ended September 30, 2022
(Amounts in U.S. dollars, except shares issued and outstanding)
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
	Three Months Ended March 31, 2026 (Unaudited)			Three Months Ended March 31, 2025 (Unaudited)
Increase (decrease) in net assets from operations
Net investment loss	$	(252,042	)	$	(198,883	)	$	(716,052	)	$	(779,973	)
Net Investment Loss	$	(108,491	)	$	(563,499	)
Net realized gain on investment in Bitcoin		~~152~~30,~~120~~979,300			~~195~~599,~~373~~279			~~796,766~~			~~648,250~~
Net change in unrealized appreciation (depreciation) on investment in Bitcoin		(9,648,197	)		1,477,767			28,137,651			(75,016,296	)
Net change in unrealized depreciation on investment in Bitcoin		(52,625,983	)		(21,756,490	)
Net increase (decrease) in net assets resulting from operations		(9,748,119	)		1,474,257			28,218,365			(75,148,019	)
Net decrease in net assets resulting from operations		(21,755,174	)		(21,720,710	)
Net assets
Decrease in net assets from capital transactions
Net assets at the beginning of the period		83,981,264			53,050,892			46,014,780			129,673,168
Redemptions		(50,774,907	)		-
Net assets at the end of the period	$	74,233,145		$	54,525,149		$	74,233,145		$	54,525,149
Net decrease in net assets resulting from capital transactions		(50,774,907	)		-
Change in units issued and outstanding
Net decrease in net assets		(72,530,081	)		(21,720,710	)
Units issued and outstanding at the beginning of the period		8,340,536			8,340,536			8,340,536			8,340,536
Net assets at the beginning of the period		136,695,615			180,779,483
Units issued at the beginning of the period		8,340,536			8,340,536			8,340,536			8,340,536
Net assets at the end of the period	$	64,165,534		$	159,058,773
Units issued and outstanding at the end of the period		8,340,536			8,340,536			8,340,536			8,340,536
Change in shares issued and outstanding
Units issued at the end of the period		8,340,536			8,340,536			8,340,536			8,340,536
Shares issued and outstanding at the beginning of the period		4,860,535			5,940,535
Redemptions		(1,920,000	)		-
Shares issued and outstanding at the end of the period		2,940,535			5,940,535

~~The~~See accompanying ~~notes~~Notes to Unaudited Financial Statements which are an integral part of ~~these~~the financial statements.

Osprey Bitcoin Trust

Notes to the Financial Statements (unaudited)

AsMarch ~~of September 30~~31, ~~2023~~2026

Organization

Osprey Bitcoin Trust (the “Trust”) is a Delaware ~~Statutory~~statutory ~~Trust,~~trust ~~formed~~that onissues ~~January~~shares 3,representing ~~2019~~fractional undivided beneficial interests (“Shares”, ~~which~~formerly ~~commenced~~referred ~~operations~~to onas ~~January 22,~~“Units”) ~~2019,~~in ~~and~~its isnet ~~governed~~assets. byThe assets of the ~~Second~~Trust ~~Amended~~consist ~~and~~primarily of ~~Restated~~Bitcoin ~~Declaration~~held by a custodian on behalf of the Trust. ~~and~~The Trust ~~Agreement~~seeks ~~dated~~to ~~November~~generally 1,reflect ~~2020,~~the asperformance ~~amended~~of the price of Bitcoin as measured by reference to the ~~Amendment~~CME toCF Bitcoin Reference Rate – New York Variant (the “Index”), less the Trust’s expenses ~~Agreement~~and ~~dated~~other ~~April~~liabilities. 15Osprey Funds, ~~2022~~LLC (the “Sponsor”) is the sponsor of the Trust; ~~Agreement~~CSC Delaware Trust Company (the “Trustee”). Inis ~~general,~~the trustee of the Trust; ~~holds~~Coinbase ~~Bitcoin~~Custody ~~and~~Trust Company, LLC (the “Bitcoin Custodian”) is ~~from~~the ~~time~~custodian tofor ~~time,~~the ~~issues~~Trust’s ~~common~~Bitcoin ~~units~~holdings; ofand ~~fractional~~U.S. ~~undivided~~Bank ~~beneficial~~National ~~interest~~Association (the “~~Units~~Cash Custodian” and, together with the Bitcoin Custodian, the “Custodians”) inis ~~exchange~~the custodian for ~~Bitcoin~~the Trust’s cash holdings and U.S. ~~The~~Bancorp Fund ~~investment~~Services, ~~objective~~LLC of(d/b/a U.S. Bank Global Fund Services) (the “Trust Administrator” and the “Transfer Agent”) is the ~~for~~administrator of, and the ~~Units~~transfer toagent ~~track~~for, the ~~price~~Trust, ofeffective ~~Bitcoin~~December 19, ~~less~~2025; ~~liabilities~~Securitize ~~and~~Fund ~~expenses~~Services, ofLLC was Trust Administrator prior to U.S. Bancorp Fund Services, LLC. The sub-transfer agent for the Trust (the “sub-Transfer Agent”) is Continental Stock Transfer & Trust Company. The ~~Units~~Trust was formed on January 3, 2019 and commenced operations on January 22, 2019. The Trust is ~~are~~governed ~~designed~~by the Third Amended And Restated Declaration Of Trust And Trust Agreement dated December 18, 2025 (the “Trust Agreement”), as further amended on January 9, 2026. On August 6, 2025, the Sponsor filed a ~~convenient~~registration ~~and~~on ~~cost~~Form S-~~effective~~1 ~~method~~with ~~for~~the ~~investors~~U.S. toSecurities ~~gain~~and ~~investment~~Exchange Commission ~~exposure~~(“SEC”) to ~~Bitcoin~~register the Trust’s Shares under the Securities Act of 1933, ~~similar~~as amended (the “Securities Act”), in connection with the Trust’s conversion to aan ~~direct~~exchange ~~investment~~traded product. The registration statement, as amended, was indeclared ~~Bitcoin~~effective on December 18, 2025.

~~Osprey Funds, LLC (the “Sponsor”) acts as the sponsor of the Trust.~~ Other funds under the Osprey name are also managed by the Sponsor. The Sponsor is responsible for the day-to-day administration of the Trust pursuant to the provisions of the Trust Agreement. The Sponsor is responsible for preparing and providing annual reports on behalf of the Trust to investors and is also responsible for selecting and monitoring the Trust’s service providers. As consideration for the Sponsor’s services, the Trust pays the Sponsor a Management Fee (as ~~defined herein) as~~ discussed in Notes 2 and 5. Pursuant to agreements between REX Services, LLC (“REX Services”) and the Sponsor, REX Services provides legal, compliance, general administrative, operational, and marketing support to the Sponsor.

~~Coinbase~~The ~~Custody~~investment ~~Trust~~objective ~~Company,~~of ~~LLC (~~the ~~“Custodian”)~~Trust is for the ~~digital~~Shares ~~asset~~to ~~custodian~~reflect of the ~~Trust.~~performance ~~Fidelity~~of ~~Digital~~Bitcoin ~~Assets~~as ~~Services, LLC~~measured ~~(“FDAS”)~~by ~~served~~reference asto ~~our~~the ~~digital~~Index, ~~asset~~less the ~~custodian~~Trust’s ~~until~~expenses ~~March~~and ~~2022~~other liabilities. The ~~Custodian~~Index is ~~responsible~~an ~~for~~independently ~~safeguarding~~calculated ~~the~~value ~~Bitcoin~~based on an aggregation of executed ~~held~~trade byflow of major Bitcoin spot platforms. The administrator of the ~~Trust~~Index is CF Benchmarks Ltd.

The ~~transfer~~Trust ~~agent~~has ~~for~~listed the ~~Trust~~Shares on Nasdaq Stock Market LLC (the “~~Transfer~~Listing ~~Agent~~Exchange”) isunder ~~Continental~~the ~~Stock~~symbol ~~Transfer & Trust Company~~“OBTC.” ~~The~~Prior to ~~Transfer~~listing ~~Agent is~~the ~~responsible~~Shares for ~~the~~trading ~~issuance~~on ~~and~~the ~~redemption~~Listing ~~of Units~~Exchange, the ~~payment,~~Trust ifissued ~~any,~~Shares ofpursuant ~~distributions~~to ~~with~~Regulation ~~respect~~D tounder the ~~Units,~~Securities ~~the recording~~Act ofand the ~~issuance~~Shares ofwere ~~the~~quoted ~~Units~~on ~~and~~OTC ~~the~~Markets ~~maintaining~~Group, ofInc.’s ~~certain~~OTCQX® ~~records~~Best ~~therewith~~Marketplace (“OTCQX”) under the ticker symbol “OBTC.”

The Trust is a passive investment vehicle that does not seek to generate returns beyond tracking the price of Bitcoin. This means the Sponsor does not speculatively sell Bitcoin at times when its price is high or speculatively acquire Bitcoin at low prices in the expectation of future price increases. It also means the Trust will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective. The Trust is not a registered investment company under the Investment Company Act and is not required to register under the Investment Company Act. The Sponsor is not registered with the SEC as an investment adviser and is not subject to regulation by the SEC, as such, in connection with its activities with respect to the Trust. The Trust is not a commodity pool for purposes of the Commodity Exchange Act, and the Sponsor is not subject to regulation by the Commodity Futures Trading Commission (“CFTC”) as a commodity pool operator or a commodity trading advisor in connection with its activities with respect to the Trust.

Summary of Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of these financial statements.

Basis of Presentation

The ~~financial~~following ~~statements~~is ~~are~~a ~~expressed~~summary of significant accounting policies consistently followed by the Trust in USthe ~~dollars~~preparation ~~and~~of its financial statement. The financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Trust’s ~~qualifies~~financial asstatements anhave ~~investment~~been ~~company~~prepared ~~for~~using ~~accounting purposes pursuant to~~ the accounting and reporting guidance ~~under~~of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services –— Investment Companies. The Trust isqualifies ~~not~~as ~~registered~~an ~~with~~investment ~~U.S.~~company ~~Securities~~solely ~~and~~for ~~Exchange~~accounting ~~Commission (“SEC”)~~purposes ~~under~~and ~~the~~not ~~Investment~~for ~~Company~~any ~~Act of 1940~~other purpose. The ~~results~~Trust ~~for~~is ~~the~~not ~~three months and nine months ended September 30~~registered, ~~2023~~ and ~~2022~~is ~~are~~ not ~~necessarily~~required ~~indicative~~to ~~of the results for the entire year or any subsequent interim period. These financial statements should~~ be ~~read~~registered, inas ~~conjunction~~an ~~with~~investment ~~the~~company ~~audited~~under ~~financial statements and notes thereto included in~~ the Investment Company’s ~~Annual Report on~~Act ~~Form~~of ~~10-K for the year ended December 31~~1940, ~~2022~~as amended.

Reclassifications

Certain prior period amounts have been reclassified in order to conform with the current period presentation. These reclassifications have no impact on the Trust’s previously reported net investment loss.

Use of Estimates

~~GAAP~~U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. ~~The~~ ~~most significant estimate in the financial statements is the fair value of investments in Bitcoin.~~ Actual results could differ from those estimates and these differences could be material.

Cash

~~Cash~~Generally, isthe ~~received~~Trust bydoes ~~the~~not ~~Trust~~intend ~~from~~to ~~investors~~hold ~~and~~cash, ~~converted~~except ~~into~~in ~~Bitcoin~~connection with cash orders for ~~investment~~creations or redemptions of Baskets. AtCash ~~times,~~includes non-interest bearing non-restricted cash with one institution. Cash in a bank ~~deposits~~deposit account, at times, may beexceed U.S. federally insured limits. The Trust has not experienced any losses in ~~excess~~such ofaccounts ~~federally~~and does not believe it is exposed to any significant credit risk on ~~insured~~such ~~limits~~bank deposits. In accordance with ASC Topic 230 “Statement of Cash Flows,” the Trust qualifies for an exemption from the requirement to provide a statement of cash flows and has elected not to provide a statement of cash flows.

Subscriptions and Redemptions of Units

Proceeds received by the Trust from the issuance and sale of Units consist of Bitcoin deposits and forked or airdropped cryptocurrency coins from the Bitcoin Network, or their respective U.S. dollar cash equivalents. Such Bitcoins (or cash equivalent) will only be (1) owned by the Trust and held by the Custodian (or, if cash, used by the Sponsor to purchase Bitcoins to be held by the Custodian), (2) disbursed (or converted to U.S. dollars, if necessary) to pay the Trust’s expenses, (3) distributed to Accredited Investors (subject to obtaining regulatory approval from the SEC described below) in connection with the redemption of Units, (4) distributed (or converted to U.S. dollars, prior to distribution) to Unitholders as dividends, and (5) liquidated in the event that the Trust terminates or as otherwise required by law or regulation.

The Trust conducts its transactions in Bitcoin, including receiving Bitcoin for the creation of Units and delivering Bitcoin for the redemption of Units (if a redemption program were to be established) and for the payment of the Management Fee.

During June 2020, the Trust began a continuous offering of up to $5,000,000 of Units with no par value, each Unit representing a fractional undivided beneficial interest in the Trust. 154,183 Units were sold to both accredited and non-accredited investors in an offering of up to $5,000,000 of Units, dated June 1, 2020, registered in Connecticut and qualified in New York, pursuant to Rule 504 of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) (“Rule 504 Offering”). The Rule 504 Offering closed on August 12, 2020.

On November 12, 2020, the Trust began an offering of an unlimited number of Units pursuant to Rule 506(c) under the Securities Act (“November 2020 Offering”). 4,206,224 Units were sold in the November 2020 Offering.

On January 14, 2021, the Financial Industry Regulatory Authority (“FINRA”) determined that the Trust’s Units met the criteria for trading on the over-the-counter market (“OTC Market”). On February 16, 2021, the Trust’s Units began trading in the OTC Market, operated by OTC Markets Group, Inc., under the ticker symbol “OBTC.” On March 3, 2021, the Trust’s Units began trading in the OTCQX tier of the OTC Market, under the ticker symbol “OBTC.”

Effective November 1, 2021, the Trust suspended the November 2020 Offering under Rule 506(c) under the Securities Act.

As of September 30, 2023, there were 8,340,536 Units issued and outstanding. 107,478 of the Units are restricted securities that may not be resold absent registration or an exemption from registration under the Securities Act, and 8,233,058 of the Units are unrestricted securities.

The Trust is currently not redeeming Units. On January 13, 2023, the Sponsor communicated to the Trust’s Unitholders that it is considering a redemption program for investors in the Trust and that such redemption program would likely involve limited periodic redemptions of Units, although the Trust had not ruled out the possibility of an open-ended redemption program.

Investment Transactions and Revenue Recognition

The Trust identifies Bitcoin as an “other investment” in accordance with ASC 946. The Trust considers investment transactions to be the receipt of Bitcoin for Share creations and the delivery of Bitcoin for Share redemptions, or for payment of expenses in Bitcoin. The Trust records its investment transactions on a trade date basis and changes in fair value are reflected as ~~the~~ net change in unrealized appreciation or depreciation on investments. ~~Realized~~ ~~gains~~Gains and losses realized on sales of investments are calculated using a first in, first out method and will be recognized in the statements of operations in the period in which the sale occurred. Realized gains and losses are recognized in connection with transactions including settling obligations for the Management Fee and other expenses in Bitcoin.

9Investments made by the Trust intend to be limited to investments in Bitcoin and cash.

Correction of immaterial error in the prior periods

During the three months ended March 31, 2026, the Trust corrected a previously identified error related to the classification of realized gains and unrealized appreciation on investments in Bitcoin, as well as an understatement of the cost of investment. The error resulted from the application of a Last-In, First-Out (“LIFO”) cost methodology during the years 2019 through 2021. The correction had no impact on total net assets or results of operations; however, it resulted in an increase to accumulated net realized gain, a corresponding decrease to accumulated net change in unrealized appreciation, and an increase in the cost of investments within the Statements of Assets and Liabilities and Schedule of Investment.

The following table reflects the impact of the correction on the Trust’s previously reported Statements of Assets and Liabilities and Schedule of Investment as of December 31, 2025:

		As previously reported				Adjustments				As revised
Cost of investment		$	71,478,740			$	804,827			$	72,283,567

	As previously reported		Adjustments			As revised
Accumulated net realized gain on investment in Bitcoin	$	86,265,148	$	809,217		$	87,074,365
Accumulated net change in unrealized appreciation on investment in Bitcoin		65,216,955		(809,217	)		64,407,738

In addition, the Trust recorded an adjustment to correct shares outstanding from 2,940,536 to 2,940,535. The difference was attributable to an immaterial historical rounding discrepancy related to a fractional share.

Management assessed the materiality of the errors using both quantitative and qualitative factors in accordance with SEC Staff Accounting Bulletin (“SAB”) No. 99 (“Materiality”) and SAB 108 “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements” codified in ASC 250 “Accounting Changes and Error Corrections” and concluded these errors were immaterial to all of the previously issued financial statements. Under ASC 250, correcting prior-period financial statements for such immaterial errors does not require previously filed reports to be amended.

These adjustments did not have a material impact on the Trust’s financial position and results of operations.

Segment Reporting

The Trust is deemed to be an individual segment and the Chief Executive Officer of the Sponsor acts as the Trust’s chief operating decision maker (“CODM”). The CODM monitors the operating results of the Trust as a whole and the Trust’s investment objective is pre-determined in accordance with the terms of the Trust Agreement. The financial information provided to and reviewed by the CODM is consistent with the information presented in the Trust’s financial statements.

Management Fee

The Trust is expected to pay the remuneration due to the Sponsor (the “Management Fee” ~~or “Sponsor Fee”~~). The Management Fee is charged by the Sponsor to the Trust at an annual rate of 0.49% of the daily Net Asset Value of the Trust and ~~accrues daily in Bitcoin. The Management Fee is~~ payable atto the Sponsor’s ~~sole~~monthly ~~discretion,~~ in ~~Bitcoin or~~ arrears in U.S. ~~Dollars for the Bitcoin Market Price (as defined herein) in effect for such Bitcoin at the time of payment~~dollars.

Historically, the Trust paid the Management Fee in Bitcoin, but upon listing as an exchange traded fund, the Management Fee has begun to be paid in U.S. dollars. When selling Bitcoin to pay expenses, the Sponsor endeavors to sell the exact number of Bitcoin needed to pay expenses in order to minimize the Trust’s holdings of assets other than Bitcoin.

Trust Expenses

In accordance with the Trust Agreement, the Sponsor ~~bears~~shall ~~the~~assume ~~routine~~and ~~operational,~~pay ~~administrative~~all routine and ~~other~~ ordinary administrative and operating ~~expenses~~ expenses of the Trust (including the ~~“Assumed~~fees ~~Expenses”)~~of ~~other~~the ~~than~~Trustee, ~~audit~~the ~~fees~~Trust Administrator, ~~index~~Fund ~~license~~accountant, Transfer Agent, the Custodians’ Fees, listing exchange fees, ~~aggregate~~SEC ~~legal~~registration fees, inprinting ~~excess of~~and ~~$50~~mailing costs,~~000~~ ~~per~~tax ~~annum~~reporting fees, audit fees, license fees and ~~the~~ordinary legal fees ofand expenses. Prior to the ~~Custodian~~Trust’s (conversion ~~“Excluded~~to ~~Expenses”)~~an ~~and~~exchange-traded ~~certain~~fund ~~extraordinary~~structure, routine operating and administrative expenses of the Trust~~, including~~ ~~but~~were ~~not~~borne ~~limited~~by tothe ~~taxes~~Sponsor, ~~and~~except ~~governmental~~for ~~charges,~~certain expenses ~~and~~incurred ~~costs~~directly by the Trust, ~~expenses~~including ~~and~~audit ~~indemnities~~fees, ~~related~~index tolicensing ~~any~~fees, ~~extraordinary services~~aggregate ~~performed~~legal byfees ~~the~~in ~~Sponsor~~excess ~~(or~~of ~~any~~$50,000 ~~other~~annually, ~~service~~custodian ~~provider~~fees, ~~including~~and ~~the~~certain extraordinary ~~Trustee)~~expenses. onExtraordinary ~~behalf~~expenses ofincluded, ~~the~~but ~~Trust~~were not limited to, ~~protect~~taxes ~~the~~and ~~Trust~~governmental charges, costs associated with orextraordinary services performed for the ~~interest~~protection of ~~Unitholders~~the Trust or its unitholders, indemnification expenses, and fees and expenses related to public trading on OTCQX ~~(“Extraordinary Expenses”)~~.

Fair Value Measurements

The Trust’s ~~investment~~valuation inprocedures ~~Bitcoin~~provide isfor ~~stated at fair value in accordance with ASC 820-10 “Fair Value Measurements,” which outlines~~ the ~~application~~designation of ~~fair~~the ~~value~~Sponsor ~~accounting.~~to ~~Fair~~determine ~~value is defined as~~ the ~~price~~valuation ~~that~~sources ~~would~~and bepolicies ~~received~~ to ~~sell~~prepare the anTrust’s ~~asset~~financial orstatements ~~paid to~~in ~~transfer~~accordance awith ~~liability (i~~U.eS., ~~the~~GAAP. ~~“exit~~The ~~price”)~~Trust’s investment in anBitcoin ~~orderly~~is ~~transaction~~stated ~~between~~at ~~market~~fair ~~participants~~value. To atdetermine the ~~measurement date.~~fair ~~ASC~~value ~~820-10~~of ~~requires~~ the Trust’s toinvestment ~~assume~~in ~~that~~ Bitcoin isand ~~sold~~the inTrust’s ~~its~~net ~~principal~~asset ~~market~~value to(“NAV”) ~~market participants or,~~ in ~~the absence~~accordance ofwith aU.S. ~~principal market~~GAAP, the ~~most~~Trust ~~advantageous~~follows ~~market.~~the ~~Principal~~guidance ~~market~~in isASC ~~the~~820-10 ~~market~~“Fair ~~with~~Value ~~the~~Measurements,” ~~greatest~~which ~~volume~~outlines ~~and~~the ~~level~~application of ~~activity for~~ ~~Bitcoin,~~fair ~~and~~value ~~the~~accounting. ~~most~~Fair ~~advantageous~~value ~~market~~ is defined as the ~~market~~price that ~~maximizes the amount that~~ would be received to sell ~~the~~an asset or ~~minimizes the amount that would be~~ paid to transfer ~~the~~a liability, ~~after taking into account transaction costs~~(i. ~~The principal market~~e., ~~is generally selected based on~~ the ~~most~~“exit ~~liquid~~price”) ~~and~~in ~~reliable~~an ~~exchange~~orderly ~~(including~~transaction ~~consideration~~between ~~of the ability for the Trust to access the specific~~ market, ~~either~~participants ~~directly or through an intermediary,~~ at the ~~end~~measurement ~~of each period)~~date.

~~GAAP~~ASC ~~utilizes~~820-10 arequires ~~fair~~the ~~value~~Trust ~~hierarchy~~to ~~for~~assume ~~inputs~~that ~~used~~Bitcoin is sold in ~~measuring~~its ~~fair~~principal ~~value~~market ~~that~~to ~~maximizes~~market participants or, in the ~~use~~absence of ~~observable~~a ~~inputs~~principal market, ~~and~~the ~~minimizes~~most advantageous market. The principal market is the ~~use~~ ofmarket ~~unobservable~~with ~~inputs~~the bygreatest ~~requiring~~volume ~~that~~and level of activity for Bitcoin, and the most ~~observable~~advantageous ~~inputs~~market beis ~~used~~defined ~~when~~as ~~available.~~the ~~Observable~~market ~~inputs~~that ~~are~~maximizes ~~those~~the amount that ~~market participants~~ would ~~use~~be inreceived ~~pricing~~to sell the asset or minimizes the amount that would be paid to transfer the liability, after taking into account transaction costs. The principal market is generally selected based on ~~market~~the ~~data~~most ~~obtained~~liquid ~~from~~and ~~sources~~reliable ~~independent~~exchange (including consideration of the ability for the Trust. ~~Unobservable~~to access the specific ~~inputs~~market, ~~reflect~~either directly or through an intermediary, at the ~~Trust’s~~end ~~assumptions~~of ~~about~~each period). The Sponsor evaluates relevant market activity and periodically reassesses the ~~inputs~~appropriateness of the principal market. ~~participants~~The ~~would~~Trust ~~use~~determined inthe ~~pricing~~fair value per Bitcoin using the ~~asset~~price orprovided ~~liability~~at ~~developed~~4:00 ~~based~~p.m., New York time, by principal market on March 31, 2026 which represents both the ~~best~~valuation ~~information~~measurement ~~available~~time inand the ~~circumstances~~end of the Trust’s three-month reporting period.

U.S. GAAP utilizes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Trust. Unobservable inputs reflect the Trust’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The fair value hierarchy is categorized into three levels based on the inputs as follows:

Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, these valuations do not entail a significant degree of judgment.

Level 2 – Valuations based on quoted prices in markets that are not active or for which significant inputs are observable, either directly or indirectly.

Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

The availability of valuation techniques and observable inputs can vary by investment. To the extent that valuations are based on sources that are less observable or unobservable in the market, the determination of fair value requires more judgment. Fair value estimates do not necessarily represent the amounts that may be ultimately realized by the Trust.

~~Definition of Net Asset Value~~8

The net asset value (“NAV”) of the Trust is used by the Trust in its day-to-day operations to measure the net value of the Trust’s assets. The NAV is calculated on each business day and is equal to the aggregate value of the Trust’s assets less its liabilities (which include accrued but unpaid fees and expenses, both estimated and finally determined), based on the Bitcoin Market Price. In calculating the value of the Bitcoin held by the Trust on any business day, the Trust will use the market price as of 4:00 p.m. New York time. The Trust will also calculate the NAV per Unit of the Trust daily, which equals the NAV of the Trust divided by the number of outstanding Units (the “NAV per Unit”). The Trust considers 4:00 p.m. New York time as a cut off for the end of day reporting.

Fair Value of Bitcoin

The investment measured at fair value on a recurring basis and categorized using the three levels of fair value hierarchy consisted of the following as of ~~September~~March 3031, ~~2023~~2026, and December 31, ~~2022~~2025:

Number

Per Bitcoin

Amount at

Fair Value Measurement Category

Number of

Per Bitcoin Fair

Amount at Fair

Fair Value Measurement Category

September 30, 2023

of Bitcoin

Fair Value

Level 1

Level 2

Level 3

March 31, 2026

Bitcoin

Value

Level 1

Level 2

Level 3

Investment in Bitcoin

~~2,758~~946.6533

2667,~~922~~831.4776

7464,~~269~~191,~~591~~193

-64,191,193

~~74,269,591~~-

Number

Per Bitcoin

Amount at

Fair Value Measurement Category

Number of

Per Bitcoin Fair

Amount at Fair

Fair Value Measurement Category

December 31, 2022

of Bitcoin

Fair Value

Level 1

Level 2

Level 3

December 31, 2025

Bitcoin

Value

Level 1

Level 2

Level 3

Investment in Bitcoin

21,~~792~~565.8849

1687,~~561~~315.2153

46136,~~253~~691,~~445~~305

-136,691,305

~~46,253,445~~-

The ~~Trust~~following ~~determined~~represents the changes in quantity and the respective fair value ~~per~~of Bitcoin ~~using~~for the ~~price~~three ~~provided~~months atended ~~4:00~~March ~~p.m.~~31, ~~New~~2026 ~~York~~and ~~time,~~year ended byDecember ~~principal~~31, ~~market.~~2025:

The Management Fee payable accrued in Bitcoin is converted into United States dollar amount at the period-end Bitcoin Market Price. The fluctuations arising from the effect of changes in liability denominated in Bitcoin are included with the net realized or unrealized appreciation or depreciation on investment in Bitcoin in the statements of operations.

The following represents the changes in quantity and the respective fair value of Bitcoin for the nine months ended September 30, 2023:

	Bitcoin			Fair Value
Balance at January 1, 2023		2,792.88		$	46,253,445
Balance at January 1, 2026		1,565.49		$	136,691,305
Bitcoin distributed for Management Fee, related party		(10.20	)		(263,588	)
Bitcoin sold for redemptions		(618.17	)	$	(50,774,907	)
Bitcoin distributed for other fees		(24.03	)		(662,025	)
Bitcoin sold for Management Fee, related party		(0.99	)	$	(78,522	)
Net realized gain on investment in Bitcoin		-			802,919
Bitcoin distributed for other fees		-			-
Net change in unrealized appreciation on investment in Bitcoin		-			28,138,840
Net realized gain on investment in Bitcoin				$	30,979,300
Balance at September 30, 2023		2,758.65		$	74,269,591
Net change in unrealized depreciation on investment in Bitcoin				$	(52,625,983	)
Balance at March 31, 2026		946.33		$	64,191,193

Net realized gain on the transfer of Bitcoins to pay the Management Fee and other expenses for the nine months ended September 30, 2023, was $796,766, which includes $802,919 net realized gain on investment in Bitcoin, and $6,153 net realized loss resulted from the changes in liabilities denominated in Bitcoin. Net change in unrealized appreciation on investment in Bitcoin for the nine months ended September 30, 2023, was $28,137,651, which includes net change in unrealized appreciation on investment in Bitcoin of $28,138,840, and $1,189 net unrealized depreciation due to changes in value of liabilities denominated in Bitcoin.

	Bitcoin			Fair Value
Balance at January 1, 2025		1,937.86		$	180,982,533
Bitcoin distributed for redemptions		(348.69	)		(30,635,576	)
Bitcoin distributed for Management Fee, related party		(9.44	)		(1,026,669	)
Bitcoin distributed for other fees		(14.24	)		(1,307,602	)
Net realized gain on investment in Bitcoin					31,696,806
Net change in unrealized depreciation on investment in Bitcoin		-			(43,018,187	)
Balance at December 31, 2025		1,565.49		$	136,691,305

~~The~~Net ~~following~~realized ~~represents~~gain on the ~~changes~~transfer inof ~~quantity~~Bitcoin to pay the Management Fee and redemptions for the ~~respective~~three ~~fair~~months ~~value~~ended ofMarch 31, 2026, was $30,979,300. Net change in unrealized depreciation on investment in Bitcoin for the ~~year~~three months ended ~~December~~March 31, ~~2022:~~2026, was $52,625,983.

	Bitcoin			Fair Value
Balance at January 1, 2022		2,828.93		$	129,756,984
Bitcoin distributed for Management Fee, related party		(13.78	)		(407,612	)
Bitcoin distributed for other fees		(22.27	)		(531,601	)
Net realized gain on investment in Bitcoin		-			809,988
Net change in unrealized depreciation on investment in Bitcoin		-			(83,374,314	)
Balance at December 31, 2022		2,792.88		$	46,253,445

Net realized gain on the transfer of Bitcoin to pay the Management Fee, redemptions, and other expenses for the year ended December 31, 2025, was $31,706,586, which includes $31,696,806 net realized gain on investment in Bitcoin, and $9,780 net realized gain resulted from the changes in liabilities denominated in Bitcoin. Net change in unrealized depreciation on investment in Bitcoin for the year ended December 31, 2025, was $43,022,043, which includes net change in unrealized depreciation on investment in Bitcoin of $43,018,187, and $3,856 net unrealized depreciation due to changes in value of liabilities denominated in Bitcoin. The Management Fee payable accrued in Bitcoin is converted into United States dollar amount at the period-end Bitcoin Market Price. The fluctuations arising from the effect of changes in liability denominated in Bitcoin are included with the net realized or unrealized appreciation or depreciation on investment in Bitcoin in the statements of operations.

114. Related Parties

~~Net~~Prior ~~realized gain on the transfer of Bitcoins~~ to ~~pay the Management Fee and other expenses for the year ended~~ December 3119, ~~2022~~2025, ~~was~~the ~~$834,003, which~~Sponsor ~~includes~~paid ~~$809,988~~certain ~~net~~expenses ~~realized gain~~ on ~~investment~~behalf ~~in Bitcoin~~of, and ~~$24,015~~was ~~net~~reimbursed ~~realized~~by, ~~gain~~the ~~resulted~~Trust. ~~from~~For the ~~changes~~three inmonths ~~liabilities~~ended ~~denominated~~March in31, ~~Bitcoin.~~2025 ~~Net~~the ~~change~~Trust inreimbursed ~~unrealized~~the ~~depreciation~~Sponsor onthe ~~investment~~expenses in ~~Bitcoin for~~ the ~~year~~amount ~~ended~~of ~~December 31, 2022, was~~ $83394,~~373,064,~~750. ~~which~~Following ~~includes~~the ~~net~~Trust’s ~~change~~conversion into ~~unrealized~~an ~~depreciation~~ETF onstructure, ~~investment~~the inSponsor ~~Bitcoin~~became ofresponsible ~~$83,374,314,~~for ~~and~~substantially ~~$1,250~~all ~~net~~operating ~~unrealized appreciation~~expenses ~~due~~of tothe ~~changes~~Trust. inAccordingly, ~~value~~no ofexpense ~~liabilities~~reimbursements ~~denominated~~were inrecorded ~~Bitcoin~~during the current period.

4For the three months ended March 31, 2026 and March 31, 2025 the Trust incurred Management Fees of $108,491 and $218,107, respectively, which are recorded in the accompanying statements of operations. ~~Income~~As ~~Taxes~~of March 31, 2026 and December 31, 2025, there were unpaid Management Fees of $29,585 and $65,248, respectively, which are due to Sponsor and recorded as management fee payable in the accompanying statements of assets and liabilities.

The Trust is a grantor trust for U.S. federal income tax purposes. Accordingly, the Trust will not be subject to U.S. federal income tax. Rather, each beneficial owner of Units will be treated as directly owning its pro rata share of the Trust’s assets and a pro rata portion of the Trust’s income, gain, losses and deductions will “flow through” to each beneficial owner of Units.9

InThe ~~accordance with GAAP, the~~ Trust’s ~~has~~Management ~~defined~~Fee ~~the~~is ~~threshold~~accrued ~~for~~daily ~~recognizing~~and ~~the~~payable ~~benefits of tax return positions in the financial statements as “more-likely-than-not”~~ to ~~be sustained by~~ the ~~applicable~~Sponsor ~~taxing~~monthly ~~authority~~in ~~and~~arrears ~~requires~~in ~~measurement~~U.S. ofdollars. aFrom ~~tax~~inception ~~position~~through ~~meeting~~November ~~the “more-likely-than-not” threshold, based on the largest benefit that is more than 50% likely to be realized. As of September~~ 30, ~~2023~~2025, ~~the~~all ~~Trust~~Management ~~did~~Fees ~~not~~ have abeen ~~liability~~paid ~~for~~in ~~any~~Bitcoin ~~unrecognized~~to ~~tax~~the ~~amounts~~Sponsor. ~~for~~Effective ~~uncertain~~December ~~tax~~2025 ~~positions~~Management ~~related~~Fees are to ~~federal,~~be ~~state, and~~paid ~~local~~in ~~income taxes~~U.S. Dollars.

~~However,~~The ~~the~~aggregate ~~conclusions~~number ~~concerning the determination~~ of ~~“more-likely-than-not”~~Shares ~~tax~~owned ~~positions~~by ~~may~~related beparties ~~subject~~was ~~to review and adjustment~~264,937, valued at a$5,781,199 ~~later date based on factors including~~and 264,937, valued ~~but~~at ~~not limited to~~$7,450,974 ~~further implementation guidance and~~ on~~-going~~ March ~~analyses~~31, of2026 and ~~changes to~~December ~~tax~~31, ~~laws~~2025, ~~regulations and interpretations thereof~~respectively.

~~The Sponsor~~5. ofCreations ~~the Trust has evaluated whether or not there are uncertain tax positions that require financial statement recognition~~ and ~~has~~ ~~determined~~Redemptions ~~that no reserves for uncertain tax positions related to federal, state and local income taxes existed as~~ of ~~September 30, 2023, and December 31, 2022. The Trust’s 2020, 2021, and 2022 tax returns are subject to audit by federal, state and local tax authorities.~~Shares

5The Trust issues and redeems Shares only in blocks of 10,000 or integral multiples thereof (each, a “Basket”), based on the quantity of Bitcoin attributable to each Share (net of accrued but unpaid Management Fee and any accrued but unpaid expenses or liabilities). These ~~Related~~transactions ~~Parties~~take place in exchange for Bitcoin or cash. Baskets are offered continuously at the index-based net asset value (“Index-based NAV”) per Share for 10,000 Shares. For purposes of creating and redeeming Baskets, the Trust uses an Index-based NAV calculated based on the value of Bitcoin as reflected by the CME CF Bitcoin Reference Rate – New York Variant. The Trust’s NAV, calculated in accordance with U.S. GAAP, is used for financial reporting purposes and may differ from the Index-based NAV. Only registered broker-dealers that become authorized participants by entering into a contract with the Sponsor and the Trustee (“Authorized Participants”) may purchase or redeem Baskets. Shares will be offered to the public from time to time at varying prices that will reflect the price of Bitcoin and the trading price of the Shares on the Listing Exchange at the time of the offer.

The ~~Sponsor~~Authorized ~~pays~~Participants ~~certain~~may ~~expenses~~deliver onBitcoin ~~behalf~~or ~~of,~~cash to create Shares and isreceive ~~reimbursed~~Bitcoin byor cash when redeeming Shares. When purchasing a Basket in exchange for cash, the Trust. ~~For~~will ~~the~~create ~~three~~Shares ~~months~~by ~~ended~~receiving ~~September~~Bitcoin 30from a third-party, ~~2023~~that is not the Authorized Participant, and ~~2022~~the Trust is responsible for selecting the third-party to deliver the Bitcoin. Further, the third-party will not be acting as an agent of the Authorized Participant with respect to the delivery of the Bitcoin to the Trust ~~reimbursed~~or acting at the ~~Sponsor~~direction of the ~~expenses~~Authorized Participant inwith respect to the ~~amount~~delivery of ~~$76~~the Bitcoin to the Trust. When redeeming a Basket in exchange for cash,~~170~~ the Trust will redeem shares by delivering Bitcoin to a third-party, that is not the Authorized Participant, and ~~$153~~the Trust,~~497~~ not the Authorized Participant, is ~~respectively.~~responsible ~~For~~for selecting the ~~nine~~third-party ~~months~~to ~~ended~~receive ~~September~~the 30Bitcoin. Further, the third-party will not be acting as an agent of the Authorized ~~2023~~Participant ~~and~~with ~~2022~~respect to the receipt of the Bitcoin from the Trust ~~reimbursed~~or acting at the ~~Sponsor~~direction of the ~~expenses~~Authorized inParticipant with respect to the ~~amount~~receipt of ~~$662,025~~the Bitcoin from the Trust. The third-party will be unaffiliated with the Trust and ~~$364,852,~~the ~~respectively~~Sponsor.

~~For~~When ~~the~~purchasing ~~three~~a ~~months~~Basket ~~ended September 30~~in-kind, ~~2023~~in ~~and~~exchange ~~2022~~for ~~the Trust incurred Management Fees of $95~~Bitcoin,~~755~~ ~~and~~Authorized ~~$73,637,~~Participants ~~respectively,~~deliver ~~which~~Bitcoin ~~are recorded~~to in the ~~accompanying~~Bitcoin ~~statements of operations~~Custodian. ~~For~~Upon the ~~nine~~Bitcoin Custodian’s ~~months~~receipt ~~ended~~of ~~September~~the 30Bitcoin, ~~2023 and 2022~~ the ~~Trust~~Transfer ~~incurred~~Agent ~~Management Fees~~issues ofa ~~$266,946~~Basket ~~and~~to ~~$326,553,~~the ~~respectively,~~creating ~~which~~Authorized ~~are~~Participant ~~recorded~~ in ~~the~~satisfaction ~~accompanying statements~~ of the ~~operations~~creation order. AsWhen ofredeeming ~~September~~Baskets 30in-kind, ~~2023, and~~in ~~December~~exchange ~~31,~~for ~~2022~~Bitcoin, ~~there~~the ~~were~~Transfer ~~unpaid~~Agent ~~Management~~will ~~Fees~~redeem ofthe ~~$29,913~~Shares and ~~$19,213,~~the ~~respectively,~~Bitcoin Custodian ~~which~~will ~~are~~distribute ~~recorded~~the asresulting ~~management~~Bitcoin ~~fee~~to ~~payable in~~ the ~~accompanying~~redeeming ~~statements~~Authorized Participant in satisfaction of ~~assets~~the ~~and~~redemption ~~liabilities~~order.

~~The~~For ~~Trust’s~~a ~~Management~~subscription ~~Fee~~of isShares, ~~accrued~~the ~~daily~~subscription shall be in ~~Bitcoins~~the ~~and~~amount ~~will~~of becash ~~payable,~~needed atto purchase the ~~Sponsor’s~~amount ~~sole~~of ~~discretion~~Bitcoin represented by the Basket being created, inas Ucalculated by the Administrator.S. ~~dollars~~For a redemption of Shares, the Sponsor shall arrange for the Bitcoin represented orby inthe ~~Bitcoins~~Basket atto be sold and the cash proceeds distributed. The amount of Bitcoin ~~Market~~is ~~Price~~equal into ~~effect~~the atcombined Index-based NAV of the ~~time~~number of Shares included in the Baskets being created (or redeemed) determined as of ~~such~~4:00 ~~payment~~p.m. ~~From~~New ~~inception~~York ~~through~~time ~~September~~on ~~30,~~the ~~2023,~~day ~~all~~the ~~Management~~order to create ~~Fees~~or ~~have~~redeem ~~been~~Baskets ~~paid~~is properly received. The transfer agent coordinates with the Trust’s custodians in ~~Bitcoin~~order to facilitate settlement of the ~~Sponsor~~Shares.

OnShareholders ~~June~~who ~~29,~~decide ~~2023,~~to anbuy ~~affiliate~~or tosell ~~the~~Shares ~~Sponsor~~of ~~entered~~the ~~into~~Trust anwill ~~agreement~~place totheir ~~purchase~~trade ~~2,932,321~~orders ~~Units~~through ~~from~~their anbrokers ~~unaffiliated~~and ~~investor~~will inincur acustomary ~~private~~brokerage ~~transaction.~~commissions ~~This~~and ~~purchase represented approximately 35% of Units of the Trust~~charges. ~~The~~Shareholders ~~transaction~~who ~~settled~~buy onor ~~July~~sell ~~14,~~Shares ~~2023.~~during ~~The~~the ~~aggregate number~~day offrom ~~Units~~their ~~owned~~broker bymay ~~related~~do ~~parties~~so ~~is 2,938,490, valued~~ at ~~$26,153,398,~~a ~~and~~premium ~~6,169,~~or ~~valued~~discount atrelative to ~~$34,034~~the onNAV ~~September~~of ~~30,~~the ~~2023,~~Shares ~~and December~~of ~~31,~~the ~~2022, respectively~~Trust.

12As of March 31, 2026, there were 2,940,535 Shares issued and outstanding. 14,836 of the Shares are restricted securities that may not be resold absent registration or an exemption from registration under the Securities Act, and 2,925,699 of the Shares are unrestricted securities. As of December 31, 2025, there were 4,860,535 Shares issued and outstanding. 14,836 of the Shares are restricted securities that may not be resold absent registration or an exemption from registration under the Securities Act, and 4,845,699 of the Shares are unrestricted securities.

~~6. Risks and Uncertainties~~10

Activity in the number and value of Shares created and redeemed for the three months ended March 31, 2026 and March 31, 2025 are as follows:

	March 31,
	2026						2025
	Shares			Amount			Shares		Amount
Shares Issued		-		$	-			-	$	-
Shares Redeemed		(1,920,000	)		(50,774,907	)		-		-
Net Decrease	$	(1,920,000	)	$	(50,774,907	)	$	-	$	-

Federal Income Taxes

The Sponsor and Trustee assert that the Trust is a grantor trust for U.S. federal income tax purposes. Assuming that the Trust is properly treated as a grantor trust, the Trust will not be subject to U.S. federal income tax. Rather, if the Trust is a grantor trust, each beneficial owner of Shares will be treated as directly owning its pro rata Share of the Trust’s assets and a pro rata portion of the Trust’s income, gain, losses and deductions will “flow through” to each beneficial owner of Shares. As such, each shareholder reports his/her allocable share of income, gain, loss, deductions or credits on his/her own income tax return.

Due to the new and evolving nature of digital currencies and the absence of comprehensive guidance with respect to digital currencies, many significant aspects of the U.S. federal income tax treatment of digital currency, such as Bitcoin, are uncertain. It is unclear what guidance on the treatment of digital currency for U.S. federal income tax purposes may be issued in the future. It is possible that any such guidance could have an adverse effect on the prices of digital currency, including on the price of Bitcoin in digital asset platforms, and therefore may have an adverse effect on the value of the Shares.

If the Trust were not properly classified as a grantor trust, the Trust might be classified as a partnership for U.S. federal income tax purposes. However, due to the uncertain treatment of digital assets, including forks, airdrops and similar occurrences for U.S. federal income tax purposes, there can be no assurance in this regard. If the Trust were classified as a partnership for U.S. federal income tax purposes, the tax consequences of owning Shares generally would not be materially different from the tax consequences described herein, although there might be certain differences, including with respect to timing. In addition, tax information reports provided to beneficial owners of Shares would be made in a different form. If the Trust were not classified as either a grantor trust or a partnership for U.S. federal income tax purposes, it would be classified as a corporation for such purposes. In that event, the Trust would be subject to entity-level U.S. federal income tax (currently at the rate of 21%) on its net taxable income and certain distributions made by the Trust to shareholders would be treated as taxable dividends to the extent of the Trust’s current and accumulated earnings and profits. However, due to the uncertain treatment of digital assets for U.S. federal income tax purposes, there can be no assurance in this regard.

In accordance with U.S. GAAP, the Trust has defined the threshold for recognizing the benefits of tax return positions in the financial statements as “more-likely-than-not” to be sustained by the applicable taxing authority and requires measurement of a tax position meeting the “more-likely-than-not” threshold, based on the largest benefit that is more than 50% likely to be realized. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current period. As of March 31, 2026 and December 31, 2025, the Trust did not have a liability for any unrecognized tax amounts. However, the Sponsor’s conclusions concerning its determination of “more-likely-than-not” tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance, and ongoing analyses of and changes to tax laws, regulations and interpretations thereof.

The Sponsor of the Trust has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions related to federal, state and local income taxes existed as of March 31, 2026 and December 31, 2025. The Trust’s 2023, 2024, and 2025 tax returns are subject to audit by federal, state and local tax authorities.

Risks and Uncertainties

Investment in Bitcoin

The Trust is subject to various risks including market risk, liquidity risk, and other risks related to its concentration in a single asset, Bitcoin. Investing in Bitcoin is currently unregulated, highly speculative, and volatile.

The net asset value of the Trust relates primarily to the value of Bitcoin held by the Trust, and fluctuations in the price of Bitcoin could materially and adversely affect an investment in the ~~Units~~Shares of the Trust. Accordingly, a decline in the price of bitcoin will have an adverse effect on the value of the Shares of the Trust. The price of Bitcoin has a limited history. During such history, Bitcoin prices have been volatile and subject to influence by many factors including the levels of liquidity.

If Bitcoin exchanges continue to experience significant price fluctuations, the Trust may experience losses. Several factors may affect the price of Bitcoin, including, but not limited to, global Bitcoin supply and demand, theft of Bitcoin from global exchanges or vaults, and competition from other forms of digital currency or payment services. The Bitcoin held by the Trust are commingled and the Trust’s Unitholders have no specific rights to any specific Bitcoin. In the event of the insolvency of the Trust, its assets may be inadequate to satisfy a claim by its Unitholders.11

~~There~~Factors isthat ~~currently~~may nohave ~~clearing~~the ~~house~~effect ~~for~~of ~~Bitcoin,~~causing ~~nor is there~~ a ~~central~~decline orin ~~major depository for~~ the ~~custody~~price of ~~Bitcoin.~~bitcoin ~~There~~include isnegative aperception ~~risk that some or all~~ of ~~the~~crypto ~~Trust’s~~assets; ~~Bitcoin~~a ~~could~~lack beof ~~lost or stolen. The Trust does not have insurance protection on its Bitcoin which exposes~~stability ~~the Trust~~ and ~~its~~standardized ~~Unitholders~~regulation toin the ~~risk~~crypto ofasset ~~loss~~markets; of the ~~Trust’s~~closure ~~Bitcoin. Further, Bitcoin transactions are irrevocable. Stolen~~ or ~~incorrectly~~temporary ~~transferred~~shutdown ~~Bitcoin~~of ~~may~~digital beasset ~~irretrievable.~~platforms Asdue ato ~~result~~fraud, ~~any~~business failure, ~~incorrectly~~security ~~executed~~breaches ~~Bitcoin~~or ~~transactions~~government ~~could~~mandated ~~adversely~~regulation; ~~affect an~~and ~~investment~~a inloss ~~the~~of ~~Trust~~investor confidence.

If Bitcoin exchanges continue to experience significant price fluctuations, the Trust may experience losses. Several factors may affect the price of Bitcoin, including, but not limited to, global Bitcoin supply and demand, theft of Bitcoin from global exchanges or vaults, and competition from other forms of digital currency or payment services. The Bitcoin held by the Trust are commingled and the Trust’s Shareholders have no specific rights to any specific Bitcoin. In the event of the insolvency of the Trust, its assets may be inadequate to satisfy a claim by its Shareholders.

There is currently no clearing house for Bitcoin, nor is there a central or major depository for the custody of Bitcoin. There is a risk that some or all of the Trust’s Bitcoin could be lost or stolen. The Trust does not have insurance protection on its Bitcoin which exposes the Trust and its Shareholders to the risk of loss of the Trust’s Bitcoin. Further, Bitcoin transactions are irrevocable. Stolen or incorrectly transferred Bitcoin may be irretrievable. As a result, any incorrectly executed Bitcoin transactions could adversely affect an investment in the Trust.

To the extent private keys for Bitcoin addresses are lost, destroyed or otherwise compromised and no backup of the private keys are accessible, the Trust may be unable to access the Bitcoin held in the associated addresses and the private keys will not be capable of being restored. The processes by which Bitcoin transactions are settled are dependent on the Bitcoin peer-to-peer network, and as such, the Trust is subject to operational risk. A risk also exists with respect to previously unknown technical vulnerabilities, which may adversely affect the value of Bitcoin.

The Custodian

The digital assets owned by the Trust are held by the Custodian and secured in a segregated custody account. All digital asset private keys are stored in offline storage, or “cold” storage. “Cold” storage is a safeguarding method by which the private keys corresponding to digital assets are disconnected and/or deleted entirely from the internet. As a result of digital assets being stored in “cold” storage, any withdrawal and subsequent transaction request to the Custodian by the Trust requires up to twenty-four (24) hour prior notice to process. Such time delay between the withdrawal request and processing of the withdrawal may negatively impact the price of the digital asset upon sale. The Custodian provides the Trust with monthly account statements. The Custodian is independent from the Sponsor.

78. Indemnifications

InThe ~~the~~Sponsor ~~normal~~will ~~course~~not ofbe ~~business,~~liable to the Trust, ~~enters~~the ~~into~~Trustee ~~contracts~~or ~~with~~any ~~service~~Shareholder ~~providers~~for ~~that~~any ~~contain~~action ataken ~~variety~~or offor ~~representations~~refraining ~~and~~from ~~warranties~~taking any action ~~and~~in ~~which~~good ~~provide~~faith, ~~general~~or ~~indemnifications.~~for Iterrors isin ~~not~~judgment ~~possible~~or tofor ~~determine~~depreciation ~~the~~or ~~maximum~~loss ~~potential~~incurred ~~exposure~~by orreason ~~amount~~of ~~under~~the ~~these~~sale ~~agreements due~~of toany bitcoin or other assets of the Trust. ~~having~~However, nothe ~~prior~~preceding ~~claims.~~liability ~~Based~~exclusion onwill ~~experience,~~not protect the ~~Trust~~Sponsor ~~would~~against ~~expect~~any ~~the~~liability ~~risk~~resulting offrom ~~loss~~its toown begross negligence, ~~remote~~bad faith, or willful misconduct.

13The Sponsor and each of its shareholders, members, directors, officers, employees, affiliates, and subsidiaries will be indemnified by the Trust and held harmless against any losses, liabilities or expenses incurred in the performance of its duties under the Declaration of Trust without gross negligence, bad faith, or willful misconduct. The Sponsor may rely in good faith on any paper, order, notice, list, affidavit, receipt, evaluation, opinion, endorsement, assignment, draft, or any other document of any kind prima facie properly executed and submitted to it by the Trustee, the Trustee’s counsel or by any other person for any matters arising under the Declaration of Trust. The Sponsor shall in no event be deemed to have assumed or incurred any liability, duty, or obligation to any Shareholder or to the Trustee other than as expressly provided for in the Declaration of Trust. Such indemnity includes payment from the Trust of the costs and expenses incurred in defending against any indemnified claim or liability under the Declaration of Trust.

8The Trustee will not be liable or accountable to the Trust or any other person or under any agreement to which the Trust or any series of the Trust is a party, except for the Trustee’s breach of its obligations pursuant to the Declaration of Trust or its own willful misconduct, bad faith or gross negligence. The Trustee and each of the Trustee’s officers, affiliates, directors, employees, and ~~Financial~~agents ~~Highlights~~will be indemnified by the Trust from and against any losses, claims, taxes, damages, reasonable expenses, and liabilities incurred with respect to the creation, operation or termination of the Trust, the execution, delivery or performance of the Declaration of Trust or the transactions contemplated thereby; provided that the indemnified party acted without willful misconduct, bad faith or gross negligence.

Commitments and Contingent Liabilities

In the normal course of business, the Trust may enter into contracts that contain a variety of general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust which have not yet occurred and cannot be predicted with any certainty. However, the Sponsor believes the risk of loss under these arrangements to be remote.

10.

Financial Highlights

	Three months ended September 30, 2023			Three months ended September 30, 2022			Nine months ended September 30, 2023			Nine months ended September 30, 2022
	Period ended March 31, 2026 (Unaudited)			Period ended March 31, 2025 (Unaudited)
Per Unit Performance
Per Share Performance
(for a unit outstanding throughout the period)
(for a Share outstanding throughout the year)
Net asset value per unit at beginning of period	$	10.07		$	6.36		$	5.52		$	15.55
Net asset value per Share at beginning of period	$	28.12		$	30.43
Net increase (decrease) in net assets resulting from operations
Net decrease in net assets resulting from operations
Net realized gain (loss) and change in unrealized appreciation (depreciation) on investment		(1.14	)		0.21			3.47			(8.92	)
Net realized gain and change in unrealized appreciation on investment		(6.27	)		(3.55	)
Net investment loss		(0.03	)		(0.0310	)		~~(0.09~~	)		~~(0.09~~	)
Net increase (decrease) in net assets resulting from operations		(1.17	)		0.18			3.38			(9.01	)
Net decrease in net assets resulting from operations		(6.30	)		(3.65	)
Net asset value per unit at end of period	$	8.90		$	6.54		$	8.90		$	6.54
Net asset value per Share at end of period	$	21.82		$	26.78
Total return		(11.62	)%		2.83	%		61.23	%		(57.94	)%
Total Return (1)		-22.41	%		-11.99	%
Ratios to average net asset value
Ratios to average net asset value:
Expenses		1.30	%		1.38	%		1.32	%		1.14	%
Expenses (2)		0.49	%		1.29	%
Net investment loss		(1.30	)%		(1.38	)%		(1.32	)%		(1.14	)%
Net Investment Loss (2)		-0.49	%		-1.29	%

~~An individual~~(1) ~~Unitholder’s~~Not return, ratios, and per Unit performance may vary from those presented above based on the timing of unit transactions. Total return and ratios to average net asset value are calculated for the unitholders taken as a whole. Ratios have been annualized ~~for the partial periods ended September 30, 2023 and 2022.~~

~~9. Subsequent~~(2) ~~Events~~Annualized

~~There~~An ~~are~~individual noShareholder’s ~~events~~return, ~~that~~ratios, ~~have~~and ~~occurred~~per ~~that~~Share ~~require~~performance ~~disclosure~~may ~~other~~vary ~~than~~from ~~that~~these ~~which~~presented ~~has~~above ~~already~~based ~~been~~on ~~disclosed~~the intiming ~~these~~of ~~notes~~Share transactions. Total return and ratios to average net asset value are calculated for the ~~financial statements~~Shareholders taken as a whole.

11.

Subsequent Events

As of the close of business on May 7, 2026, the fair value of Bitcoin determined in accordance with the Trust’s accounting policy was $80,080 per Bitcoin.

There are no events that have occurred after March 31, 2026 through May 13, 2026, the date the financial statements were issued, that require disclosure other than that which has already been disclosed in these notes to the financial statements.

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion and analysis of our financial condition and results of operations should be read together with, and is qualified in its entirety by reference to, our unaudited financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q (this “Quarterly Report”), which have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The following discussion may contain forward-looking statements based on assumptions we believe to be reasonable. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those discussed below and elsewhere in this Quarterly Report, “Cautionary Note Regarding Forward-Looking Statements,” and the risks described in the in Item 1A. “Risk Factors” of the Annual Report on Form 10-K of Osprey Bitcoin Trust (the “Trust”) for the fiscal year ended December 31, 2025.

Overview

Osprey Funds, LLC (the “Sponsor”) is the sponsor of the Trust. The investment objective of the Trust is for the shares of beneficial interest (the “Shares”) to reflect the performance of Bitcoin as measured by reference to the CME CF Bitcoin Reference Rate - New York Variant (the “Index”), less the Trust’s expenses and other liabilities. Each Share represents a fractional undivided beneficial interest in the net assets of the Trust. The assets of the Trust consist primarily of Bitcoin held on behalf of the Trust by Coinbase Custody Trust Company, LLC (the “Bitcoin Custodian”), the custodian for the Trust’s Bitcoin holdings.

Prior to listing the Shares for trading on the Nasdaq Stock Market LLC (the “Listing Exchange”), the Shares were quoted on OTC Markets and OTC Markets Group, Inc.’s OTCQX® Best Marketplace (“OTCQX”) under the ticker symbol “OBTC.” The Trust’s Shares were quoted on OTC Markets from February 12, 2021, and on OTCQX under the symbol OBTC from February 26, 2021, through December 18, 2025. On December 19, 2025, the Trust’s Shares began trading on the Listing Exchange.

The following discussion and analysis was prepared to supplement information contained in the accompanying financial statements and is intended to explain certain items regarding the Trust’s financial condition as of March 31, 2026, and its results of operations for the three months ended March 31, 2026, and March 31, 2025. It should be read in conjunction with the audited financial statements and related notes thereto contained in this Quarterly Report.

Critical Accounting Policies and Estimates

Fair Value Determination

The Trust’s financial statements are prepared in accordance with the Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820-10”). ASC 820-10 determines fair value to be the price that would be received for Bitcoin in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Trust to assume that Bitcoin is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. The Trust purchases Bitcoin directly from various counterparties, such as Coinbase, Inc. (“Coinbase”) and A1, Ltd. (“Anchorage”), and does not itself transact in any Bitcoin markets. The purchase price of Bitcoin from our counterparties may vary significantly. The Trust looks to these counterparties when assessing entity-specific and market-based volume and the level of activity in the Bitcoin markets. The Trust determines the current value of Bitcoin by reference to the market price of Bitcoin as determined in accordance with ASC 820-10 on each business day on which the Listing Exchange is open for regular trading (the “Bitcoin Market Price”). The Bitcoin Market Price is determined based on the estimated fair market value price for Bitcoin, reflecting the execution price of Bitcoin on its principal market as determined by the Trust. Fair value pricing may require subjective determinations about the value of an asset or liability. Fair values determined as described herein may differ from quoted or published prices, or from prices that are used by others, for Bitcoin.

Results of Operations

Financial Highlights for Three Months Ended March 31, 2026 and 2025

Net realized and unrealized loss on investment in Bitcoin for the three months ended March 31, 2026, was $21,646,683, which includes a realized gain of $30,979,300 on the transfer of Bitcoin to pay the fee owed to the Sponsor (the “Management Fee”) and redemptions and net change in unrealized depreciation on investment in Bitcoin of $52,625,983. Net realized and unrealized loss on investment in Bitcoin for the period was driven by Bitcoin price depreciation from $87,316 per Bitcoin as of December 31, 2025, to $67,832 per Bitcoin as of March 31, 2026. Net decrease in net assets resulting from operations was $21,755,174 for the three months ended March 31, 2026, which consisted of the net realized gain and unrealized depreciation on investment in Bitcoin, and the Management Fee of $108,491. Net assets decreased to $64,165,534 on March 31, 2026, a 53.1% decrease for the period. The decrease in net assets resulted from the aforementioned Bitcoin price depreciation, the Trust’s expenses of $108,491 and capital redemptions of $50,774,907 for the period.

~~Item~~Net 2realized and unrealized loss on investment in Bitcoin for the three months ended March 31, 2025, was $21,157,211 which includes a realized gain of $599,279 on the transfer of Bitcoin to pay the Management Fee, redemptions and other expenses and net change in unrealized depreciation on investment in Bitcoin of $21,756,490. Net realized and unrealized loss on investment in Bitcoin for the period was driven by Bitcoin price depreciation from $93,393 per Bitcoin as of December 31, 2024, to $82,445 per Bitcoin as of March 31, 2025. Net decrease in net assets resulting from operations was $21,720,710 for the three months ended March 31, 2025, which consisted of the net realized and unrealized depreciation on investment in Bitcoin, less the Management’s ~~Discussion~~Fee of $218,107 and ~~Analysis~~other expenses of ~~Financial~~$345,392. ~~Condition~~Net assets decreased to $159,058,773 on March 31, 2025, a 12.01% decrease for the period. The decrease in net assets resulted from the aforementioned Bitcoin price depreciation, and ~~Results~~the Trust’s expenses of ~~Operations~~$563,499 for the period.

~~The~~Net ~~following~~Asset discussion and analysis of our financial condition and results of operations should be read together with our unaudited financial statements and related notes included elsewhere in this Quarterly Report, which have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The following discussion may contain forward-looking statements based on assumptions we believe to be reasonable. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those set forth under Part II in this Quarterly Report.Value

The Trust’s net asset value (“NAV”) divided by the number of outstanding Shares (“NAV per Share”) is calculated by multiplying the number of ~~Overview~~Bitcoin held by the Trust by the Index for such day, adding any additional receivables and subtracting the accrued but unpaid expenses and liabilities of the Trust. The Trust’s NAV per Share is calculated by dividing the Trust’s NAV by the number of Shares then outstanding. U.S. Bancorp Fund Services, LLC (d/b/a U.S. Bank Global Fund Services) (the “Trust Administrator”) determines the price of the Trust’s Bitcoin by reference to the Index, which is published between 4:00 p.m. and 4:30 p.m., New York time, on every calendar day. The methodology used to calculate the Index price to value Bitcoin in determining the NAV of the Trust may not be deemed consistent with GAAP. As of March 31, 2026, the Trust’s NAV per Share was $21.82 based on the Index.

The ~~Trust~~Sponsor believes that the Index is areflective ~~passive~~of ~~investment~~a ~~vehicle,~~reasonable ~~and~~valuation ~~its~~of ~~assets~~the ~~will~~average ~~not~~spot beprice ~~actively~~of ~~managed~~Bitcoin. AsHowever, ain ~~result,~~the itevent the ~~will~~Index is not ~~engage~~available inor ~~any~~is ~~activities designed~~determined toby ~~obtain~~the aSponsor ~~profit~~to ~~from,~~not orbe toreliable, ~~ameliorate~~the ~~losses~~Sponsor ~~caused~~reserves ~~by,~~the ~~changes~~right into replace the ~~market~~Index with ~~prices~~another ofvaluation ~~Bitcoins.~~methodology ~~The~~which ~~investment~~it ~~objective of~~believes will accurately track the ~~Trust~~price isof ~~for~~Bitcoin. If the ~~Units~~Sponsor makes the decision to ~~reflect~~materially change the ~~performance~~valuation ofmethodology ~~Bitcoin~~or asreplace ~~measured~~either bythe ~~reference~~Index toor ~~Coin~~the ~~Metrics~~administrator ~~CMBI~~of ~~Bitcoin~~the Index, CF Benchmarks Ltd. (the “Index Administrator”), ~~less~~ the ~~aggregate~~Sponsor ~~Trust~~will ~~expenses~~notify ~~and~~Shareholders ~~other~~via ~~liabilities.~~a Toposting ~~date,~~on the Trust’s ~~has~~website, ~~not~~prospectus ~~met~~supplement, post-effective ~~its~~amendment, ~~investment~~through ~~objective~~a current report on Form 8-K or in the Trust’s annual or quarterly reports.

The ~~Units~~Sponsor ~~are~~publishes ~~intended to constitute a cost-effective and convenient means of gaining investment exposure to Bitcoin. However, an investment in~~ the ~~Units~~NAV ~~may operate and perform differently over time, and~~ at any given time, than an investment directly in Bitcoin due to such factors as Trust fees and expenses, the quantity of Units available for trading, and the relative liquidity, and differences in the markets trading Bitcoin from the markets trading the Units (ehttps://www.grexshares.,com/OBTC/ ~~hours~~after oftheir ~~operation,~~determination ~~marketplace rules, clearance~~ and ~~settlement, market participants)~~availability. ~~Although~~ ~~the~~Index ~~Units~~data ~~will~~and ~~not be~~ the ~~exact equivalent~~ description of ~~a direct investment in Bitcoin, they provide investors with an alternative that constitutes a relatively cost-effective way to participate in Bitcoin markets through~~ the ~~securities~~Index ~~market.~~are ~~The~~based ~~Units have been quoted~~ on ~~OTC~~information ~~Markets~~made ~~since~~publicly ~~February~~available ~~12,~~by ~~2021, and on OTCQX under~~ the ~~symbol~~Index ~~“OBTC”~~Administrator ~~since~~on ~~February~~its ~~26,~~website ~~2021,~~at ~~and to date have not met their investment objective~~https://www.cfbenchmarks.com.

AtThe ~~this~~Trust’s ~~time,~~financial statements are prepared in accordance with ASC 820-10. ASC 820-10 determines fair value to be the price ~~Trust~~that iswould ~~not~~be ~~operating~~received for Bitcoin in a ~~redemption~~current ~~program~~sale, ~~for~~which ~~Units~~assumes ~~and~~an ~~therefore~~orderly ~~Units~~transaction ~~are~~between ~~not~~market ~~redeemable~~participants byon the ~~Trust~~measurement date. OnASC ~~January 13,~~820-10 ~~2023,~~requires the Trust ~~informed~~to ~~investors~~assume that itBitcoin ~~was~~is ~~considering~~sold ain ~~redemption~~its ~~program~~principal ~~for~~market to market participants or, in the ~~Units~~absence of a principal market, ~~which~~the ~~would~~most ~~likely~~advantageous ~~involve~~market. ~~limited~~Market participants are defined as buyers and sellers in the principal or most advantageous ~~periodic~~market ~~redemptions~~that ofare ~~Units~~independent, ~~however~~knowledgeable, ~~the~~and ~~possibility~~willing ofand anable ~~open-ended~~to ~~redemption~~transact. ~~program~~The ~~was~~Trust ~~not~~purchases ~~ruled~~Bitcoin ~~out~~directly from various counterparties, such as Coinbase and ~~the~~Anchorage, ~~Trust~~and ~~was~~does ~~working with~~not ~~legal~~itself ~~counsel~~transact toin ~~offer~~any aBitcoin ~~redemption~~markets. ~~program~~The purchase price of Bitcoin from our counterparties may vary significantly. ToThe ~~date,~~Trust ~~there~~looks ~~have~~to ~~been~~these nocounterparties ~~material~~when ~~developments~~assessing ~~regarding~~entity-specific aand ~~redemption~~market-based ~~program~~volume ~~for~~and the level of activity in the ~~Units~~Bitcoin markets. The Trust ~~may~~determines ~~halt~~the ~~issuances~~current value of ~~Units~~Bitcoin ~~for~~by ~~extended~~reference ~~periods~~to ofthe ~~time~~Bitcoin Market Price. AsThe aBitcoin Market ~~result,~~Price is determined based on the estimated fair market value ofprice for Bitcoin, reflecting the ~~Units~~execution price of Bitcoin on its principal market as determined by the Trust. Fair value pricing may ~~not approximate,~~require ~~and~~subjective ~~when~~determinations ~~traded~~about onthe ~~any~~value ~~secondary~~of ~~market,~~an ~~the~~asset ~~Units~~or liability. Fair values determined as described herein may ~~trade~~differ atfrom aquoted ~~substantial~~or ~~premium~~published ~~over~~prices, or ~~discount~~from ~~to,~~prices ~~the~~that ~~Trust’s NAV~~are ~~per~~used ~~Unit~~by others, for Bitcoin.

~~Critical~~It ~~Accounting~~is ~~Estimates~~possible that the fair value determined for an investment may be materially different than the value that could be realized upon the sale of such investment. Information that becomes known to the Trust or its agents after the NAV has been calculated on a particular day is not used to retroactively adjust the price of an investment or the NAV determined earlier that day.

~~Investment~~The ~~Transactions~~Trust creates and ~~Revenue~~redeems ~~Recognition~~Shares only in blocks of 10,000 or integral multiples thereof (each, a “Basket”), based on the quantity of Bitcoin attributable to each Share (net of accrued but unpaid Management Fee and any accrued but unpaid expenses or liabilities). These transactions take place in exchange for Bitcoin or cash. Baskets are offered continuously at the index-based net asset value (“Index-based NAV”) per Share for 10,000 Shares. For purposes of creating and redeeming Baskets, the Trust uses an Index-based NAV calculated based on the value of Bitcoin as reflected by the Index. The amount of cash necessary for the creation of a Basket changes from day to day based on the Basket Amount. As of March 31, 2026, a Basket required delivery of 3.21693566 Bitcoin or $218,210.41.

~~The~~As ~~Trust~~movements ~~considers~~in ~~investment transactions to be~~ the ~~receipt~~price of Bitcoin ~~for~~directly ~~Units~~affect ~~creations and~~ the ~~delivery~~price of ~~Bitcoin~~the ~~for~~Shares, ~~Units~~investors ~~redemptions or~~should ~~for~~understand ~~payment~~recent ofmovements ~~expenses~~ in ~~Bitcoin. At this time,~~ the ~~Trust~~price of ~~is not accepting redemption requests from unitholders~~Bitcoin. ~~The~~Investors, ~~Trust~~however, ~~records its~~should ~~investment~~also ~~transactions~~be onaware athat ~~trade~~past ~~date~~movements ~~basis and changes~~ in ~~fair value are reflected as~~ the ~~net~~Bitcoin ~~change~~price inare ~~unrealized~~not ~~appreciation or~~indicators ~~depreciation~~of onfuture ~~investments~~movements. Movements ~~Realized~~may ~~gains~~be ~~and~~influenced ~~losses~~by ~~are~~various ~~calculated~~factors, ~~using~~including, abut ~~first~~not inlimited ~~first~~to, ~~out~~government ~~method.~~regulation ~~Realized~~and ~~gains~~security ~~and~~breaches ~~losses~~experienced ~~are~~by ~~recognized~~service inproviders, ~~connection~~as ~~with~~well ~~transactions~~as ~~including~~political ~~settling obligations for the Management Fee~~ and ~~other~~economic ~~expenses~~uncertainties inaround ~~Bitcoin~~the world.

Principal Market and Fair Value Determination

To determine which Bitcoin market will serve as the Trust’s principal market (or in the absence of a principal market, the most advantageous market) for purposes of calculating the Trust’s NAV, the Trust follows FASB ASC 820-10, which outlines the application of fair value accounting. ASC 820-10 determines fair value to be the price that would be received for Bitcoin in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Trust to assume that Bitcoin is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact.

The ~~Trust~~following ~~purchases~~chart ~~Bitcoin~~illustrates ~~directly~~the ~~from~~movements ~~various counterparties, such as Galaxy Digital, Jane Street, and Cumberland DRW LLC, and does not itself transact~~ in ~~any Bitcoin markets. The purchase price of Bitcoin from our counterparties may vary significantly. The Trust looks to these counterparties when assessing entity-specific and market-based volume and~~ the ~~level~~NAV of ~~activity in~~ the ~~Bitcoin markets. Prior to November 3, 2023, the~~ Trust ~~determined~~from the ~~value~~beginning of ~~Bitcoin at any given time by reference to~~ the ~~market price of Bitcoin traded on Coinbase Pro, the~~ Trust’s ~~principal~~operations ~~market,~~for ~~as determined at 4:00 p.m., New York time on each business day (~~the ~~“Bitcoin Market~~three Price”). The Trust evaluates its principal market selection (or in the absence of a principal market the most advantageous market) at least annually and conducts a quarterly analysis to determine (i) if there have been recent changes to each bitcoin market’s trading volume and level of activity in the trailing twelve months~~, (ii) if any Bitcoin markets have developed that the Trust has access~~ ~~to,~~ended orMarch (iii) if recent changes to a Bitcoin market’s price stability have occurred that would materially impact the selection of the principal market and necessitate a change in the Trust’s determination of its principal market. The Trust does not anticipate changing its principal market more frequently than annually31, ~~in connection with its annual evaluation of its principal market selection and annual financial audit~~2026. ~~Each annual evaluation will take into account the findings from the Trust’s quarterly reviews.~~

~~Effective~~The ~~November~~table 3,below ~~2023,~~illustrates the ~~value~~movements ofin ~~Bitcoin held by~~ the ~~Trust~~Bitcoin isMarket ~~determined~~Price ~~based on the estimated fair market value price~~ for ~~Bitcoin, reflecting~~ the ~~execution~~three ~~price~~months ofended ~~Bitcoin~~March ~~on its principal market as determined by Lukka Inc.~~31, ~~an independent third-party digital asset data company (“Lukka”)~~2026. Lukka’s pricing methodology is designed in accordance with ASC 820-10, and its proprietary software dynamically designates principal market and derives fair value prices for financial reporting using this designation.

Lukka is designed to provide an estimated fair market value for Bitcoin, in a manner that aligns with U.S. GAAP and IFRS accounting guidelines regarding fair market value measurements. In this regard, Lukka seeks to identify a “principal market” for Bitcoin, by evaluating eligible Bitcoin exchanges across a variety of different criteria, including the exchanges’ oversight and governance frameworks, microstructure efficiency, trading volume, data transparency and data integrity. The Sponsor of the Trust decided to transition to Lukka’s pricing services based on Lukka’s feature that automates the selection of the principal market in accordance with ASC 820-10. This enables the Trust to switch the principal market in real-time, as opposed to the quarterly analysis performed by the Trust prior to November 3, 2023. Although the Trust has the discretion to change the principal market, the Trust does not expect to conduct quarterly analysis to determine the principal market going forward.

Period	Average		High		Date	Low		Date	End of period
From January 3, 2019 to December 31, 2019	$	7,379.15	$	13,724.33	6/26/2019	$	3,358.67	2/7/2019	$	7,153.38
Year ended December 31, 2020		11,131.27		29,026.66	12/31/2020		4,956.92	3/16/2020		29,026.66
Year ended December 31, 2021		47,524.08		67,371.70	11/9/2021		29,785.71	7/20/2021		45,867.86
Year ended December 31, 2022		28,203.59		47,982.33	3/28/2022		15,766.93	11/21/2022		16,561.21
Year ended December 31, 2023		28,831.18		44,422.02	12/8/2023		16,655.42	1/3/2023		42,014.39
Year ended December 31, 2024		65,878.39		106,716.00	12/17/2024		39,120.89	1/23/2024		93,393.01
Year ended December 31, 2025		101,739.77		125,492.00	10/6/2025		76,766.00	4/8/2025		87,315.53
Three months ended March 31, 2026		76,358.39		97,546.85	1/14/2026		63,891.62	2/5/2026		67,831.76
January 3, 2019 (the inception of the Trust’s operations) to March 31, 2026	$	42,651.38	$	125,492.00	10/6/2025	$	3,358.67	2/7/2019	$	67,831.76

~~The~~Liquidity ~~cost~~and ~~basis~~Capital of a Trust investment in Bitcoin recorded by the Trust for financial reporting purposes is the fair value of the Bitcoin at the time of contribution to the Trust. The Bitcoin cost basis recorded by the Trust may differ from the value of the proceeds collected by the Sponsor from the sale of the corresponding Units to investors.Resources

~~Investment~~The ~~Company~~Trust’s ~~Considerations~~only ordinary recurring expense is the Management Fee. The Management Fee is accrued daily and paid monthly in arrears in U.S. dollars only and is calculated by the Trust Administrator. The Trust Administrator calculates the Management Fee on a daily basis by applying the 0.49% annualized rate to the Trust’s NAV, as determined by reference to the Index. To cover the Management Fee, on the last day of each month, the Sponsor or its delegate causes the Trust (or its delegate) to instruct the Prime Execution Agent to convert an amount of Bitcoin held by the Trust into U.S. dollars. The NAV of the Trust, and the number of Bitcoin represented by a Share, declines each time the Trust accrues the Management Fee or any Trust expenses not assumed by the Sponsor. The Trust is not responsible for paying any costs associated with the transfer of Bitcoin, to or from the Trust, in connection with paying the Management Fee or in connection with creation and redemption transactions.

The Trust is an investment company for GAAP purposes and follows accounting and reporting guidance in accordance with the FASB ASC Topic 946, Financial Services – Investment Companies. The Trust uses fair value as its method of accounting for Bitcoin in accordance with its classification as an investment company for accounting purposes. The Trust is not a registered investment company under the Investment Company Act of 1940. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates and these differences could be material.

Review of Financial Results (unaudited)

Financial Highlights for the Three and Nine Months Ended September 30, 2023 and 2022

	Three Months Ended September 30,					Nine Months Ended September 30,
	2023			2022		2023		2022
Net realized and unrealized (loss) gain on investment in Bitcoin	$	(9,496,077	)	$	1,673,140	$	28,934,417	$	(74,368,046	)
Net (decrease) increase in net assets resulting from operations	$	(9,748,119	)	$	1,474,257	$	28,218,365	$	(75,148,019	)
Net assets	$	74,233,145		$	54,525,149	$	74,233,145	$	54,525,149

Net realized and unrealized loss on investment in Bitcoin for the three months ended September 30, 2023 was $9,496,077 which includes a realized gain of $152,120 on the transfer of Bitcoins to pay the Management Fee and other expenses and net change in unrealized depreciation on investment in Bitcoin of $9,648,197. Net realized and unrealized loss on investment in Bitcoin for the period was driven by Bitcoin price depreciation from $30,361.94 per Bitcoin as of June 30, 2023 to $26,922.47 per Bitcoin as of September 30, 2023. Net decrease in net assets resulting from operations was $9,748,119 for the three months ended September 30, 2023, which consisted of the net realized and unrealized loss on investment in Bitcoin, less the Management Fee of $95,755 and other expenses of $156,287. Net assets decreased to $74,233,145 at September 30, 2023, a 12% decrease for the period. The decrease in net assets resulted from the aforementioned Bitcoin price depreciation and the Trust’s expenses of $252,042 for the period.

~~Net~~The ~~realized~~Management ~~and~~Fee ~~unrealized~~is ~~gain~~paid ~~on investment~~ in ~~Bitcoin~~U.S. ~~for~~dollars. ~~the~~When ~~three~~selling ~~months~~Bitcoin ~~ended~~to ~~September~~pay 30expenses, ~~2022~~the ~~was~~Sponsor ~~$1,673,140~~endeavors ~~which~~to ~~includes~~sell athe ~~realized gain~~exact number of ~~$195,373~~Bitcoin needed onto ~~the~~pay ~~transfer~~expenses ofin ~~Bitcoins~~order to ~~pay~~minimize the ~~Management~~Trust’s ~~Fee~~holdings ~~and~~of assets other ~~expenses~~than ~~and~~Bitcoin. ~~net~~As ~~change~~a inconsequence, ~~unrealized~~the ~~appreciation~~Sponsor onexpects ~~investment~~that inthe ~~Bitcoin~~Trust ofwill ~~$1,477,767.~~not ~~Net~~record ~~realized~~any ~~and~~cash ~~unrealized~~flow ~~gain~~from onits ~~investment~~operations inand ~~Bitcoin~~that ~~for~~its ~~the~~cash ~~period~~balance ~~was~~will ~~driven~~be byzero ~~Bitcoin~~at ~~price appreciation~~the ~~from~~end ~~$18,895.01~~of ~~per~~each ~~Bitcoin~~reporting period. asThe prices of ~~June~~digital 30assets, ~~2022,~~specifically ~~to $19~~Bitcoin,~~480.51~~ ~~per~~have ~~Bitcoin~~experienced assubstantial ~~of September 30~~volatility, ~~2022.~~which ~~Net~~may ~~increase~~reflect ~~in net~~“bubble” ~~assets~~type ~~resulting~~volatility, ~~from~~meaning ~~operations~~that ~~was~~high ~~$1,474,257~~or ~~for~~low ~~the~~prices ~~three~~may ~~months~~have ~~ended~~little ~~September~~or ~~30,~~no ~~2022,~~relationship ~~which~~to ~~consisted~~identifiable ofmarket ~~the~~forces, ~~net~~may ~~realized~~be ~~and~~subject to ~~unrealized~~rapidly ~~gain~~changing oninvestor ~~investment in Bitcoin~~sentiment, ~~less~~and ~~the~~may ~~Management~~be ~~Fee~~influenced ofby ~~$73,637~~factors ~~and~~such ~~other~~as ~~expenses of $125~~technology,~~246.~~ ~~Net~~regulatory ~~assets~~void ~~increased~~or ~~to $54~~changes,~~525,149~~ atfraudulent ~~September 30~~actors, ~~2022~~ manipulation, aand 3%media ~~increase for the period~~reporting. ~~The~~Bitcoin ~~increase~~may inhave ~~net~~value ~~assets~~based ~~resulted~~on ~~from~~various ~~the~~factors, ~~aforementioned~~including ~~Bitcoin price~~their ~~appreciation~~acceptance ~~which~~as ~~was~~a ~~partially~~means ~~offset~~of exchange by ~~the~~consumers ~~Trust’s~~and ~~expenses~~others, ~~of $198~~scarcity,~~883~~ ~~for~~and ~~the~~market ~~period~~demand.

~~Net~~We ~~realized~~have ~~and~~not ~~unrealized~~entered ~~gain~~into onany ~~investment~~off-balance insheet ~~Bitcoin~~arrangements ~~for~~that ~~the~~have ~~nine~~or ~~months~~are ~~ended~~reasonably ~~September~~likely ~~30,~~to ~~2023,~~have ~~was $28,934,417 which includes~~ a ~~realized~~ ~~gain~~current ofor ~~$796,766~~future effect on ~~the transfer of Bitcoins to pay the Management Fee and other expenses and net change in unrealized appreciation~~our onfinancial ~~investment in Bitcoin of $28~~condition,~~137,651.~~ ~~Net~~changes ~~realized and unrealized gain on investment~~ in ~~Bitcoin~~financial ~~for the period was driven by Bitcoin price appreciation from $16~~condition,~~561.21~~ ~~per~~revenues ~~Bitcoin~~or ~~as of December 31~~expenses, ~~2022,~~results ~~to $26,922.47 per Bitcoin as~~ of ~~September 30, 2023. Net increase in net assets resulting from~~ operations ~~was $28~~,~~218,365,~~ ~~for the nine months ended September 30~~liquidity, ~~2023,~~capital ~~which~~expenditures ~~consisted of the net realized~~or ~~and~~capital ~~unrealized~~resources ~~gain on investment in Bitcoin, less the Management Fee of $266,946~~ and ~~other~~would ~~expenses~~be ofconsidered ~~$449,106.~~material ~~Net assets increased~~ to ~~$74,233,145 at September 30, 2023, a 61% increase for the period~~Shareholders. ~~The increase in net assets resulted from the aforementioned Bitcoin price appreciation which was partially offset by the Trust’s expenses of $716,052 for the period.~~

~~Net realized~~ITEM and unrealized loss on investment in Bitcoin for the nine months ended September 30, 2022, was $74,368,046, which includes a realized gain of $648,250 on the transfer of Bitcoins to pay the Management Fee and other expenses and net change in unrealized depreciation on investment in Bitcoin of $75,016,2963. ~~Net~~QUANTITATIVE ~~realized~~AND ~~and~~QUALITATIVE ~~unrealized~~DISCLOSURES ~~loss~~ABOUT onMARKET ~~investment in Bitcoin for the period was driven by Bitcoin price depreciation from $45,867~~RISK.86 per Bitcoin as of December 31, 2021, to $19,480.51 per Bitcoin as of September 30, 2022. Net decrease in net assets resulting from operations was $75,148,019 for the nine months ended September 30, 2022, which consisted of the net realized and unrealized loss on investment in Bitcoin, less the Management Fee of $326,553 and other expenses of $453,420. Net assets decreased to $54,525,149 at September 30, 2022, a 58% decrease for the period. The decrease in net assets resulted from the aforementioned Bitcoin price depreciation and the Trust’s expenses of $779,973 for the period.

Cash Resources and Liquidity

When selling Bitcoins to pay expenses, the Sponsor endeavors to sell the exact number of Bitcoins needed to pay expenses in order to minimize the Trust’s holdings of assets other than Bitcoin. As a consequence, the Sponsor expects that the Trust will not record any cash flow from its operations and that its cash balance will be zero at the end of each reporting period. The prices of digital assets, specifically Bitcoin, have experienced substantial volatility, which may reflect “bubble” type volatility, meaning that high or low prices may have little or no relationship to identifiable market forces, may be subject to rapidly changing investor sentiment, and may be influenced by factors such as technology, regulatory void or changes, fraudulent actors, manipulation, and media reporting. Bitcoin may have value based on various factors, including their acceptance as a means of exchange by consumers and others, scarcity, and market demand.

In exchange for the Management Fee, the Sponsor has agreed to bear the routine operational, administrative and other ordinary fees and expenses incurred by the Trust. The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs.

Selected Operating Data

	Three Months September 30,						Nine Months September 30,
	2023			2022			2023			2022
Bitcoins:
Opening balance		2,764.70			2,816.07			2,792.88			2,828.93
Management Fee, related party		(3.41	)		(3.46	)		(10.20	)		(10.36	)
Other Expenses		(2.64	)		(6.92	)		(24.03	)		(12.88	)
Closing balance		2,758.65			2,805.69			2,758.65			2,805.69
Other assets		3.72			0.01			3.72			0.01
Accrued but unpaid Management Fee, related party		(1.11	)		(1.13	)		(1.11	)		(1.13	)
Accrued but unpaid other expenses		(3.97	)		(5.61	)		(3.97	)		(5.61	)
Net closing balance		2,757.29			2,798.96			2,757.29			2,798.96
Number of Units:
Opening balance		8,340,536			8,340,536			8,340,536			8,340,536
Closing balance		8,340,536			8,340,536			8,340,536			8,340,536

	As of September 30,
	2023		2022
NAV per Unit	$	8.90	$	6.54
Bitcoin Market Price	$	26,922.47	$	19,480.51
Bitcoin Holdings per Unit		0.00033		0.00034

Historical Digital Asset Holdings and Bitcoin Prices

As movements in the price of Bitcoins will directly affect the price of the Units, investors should understand recent movements in the price of Bitcoin. Investors, however, should also be aware that past movements in the Bitcoin price are not indicators of future movements. Movements may be influenced by various factors, including, but not limited to, government regulation, security breaches experienced by service providers, as well as political and economic uncertainties around the world.

The following chart illustrates the movements in the NAV and the Bitcoin Market Price (referred to in the chart as “Market Price”) from the beginning of the Trust’s operations on January 3, 2019, to September 30, 2023.

The table below illustrates the movements in the Bitcoin Market Price since the beginning of the Trust’s operations on January 3, 2019. From the beginning of the Trust’s operations to September 30, 2023, the Bitcoin Market Price has ranged from $3,358.67 to $67,371.70, with the straight average being $24,002.79. The Sponsor has not observed a material difference between the Bitcoin Market Price and average prices from the constituent Bitcoin exchanges individually or as a group.

Period	Average		High		Date		Low		Date		End of period
From January 3, 2019 to December 31, 2019	$	7,379.15	$	13,724.33		6/26/2019	$	3,358.67		2/7/2019	$	7,153.38
Year ended December 31, 2020		11,131.27		29,026.66		12/31/2020		4,956.92		3/16/2020		29,026.66
Year ended December 31, 2021		47,524.08		67,371.70		11/9/2021		29,785.71		7/20/2021		45,867.86
Year ended December 31, 2022		28,203.59		47,982.33		3/28/2022		15,766.93		11/21/2022		16,561.21
Nine months ended September 30, 2023		26,394.56		31,674.08		7/13/2023		16,655.42		1/3/2023		26,922.47
January 3, 2019 (the inception of the Trust’s operations) to September 30, 2023	$	24,002.79	$	67,371.70		11/9/2021	$	3,358.67		2/7/2019	$	26,922.47

Secondary Market Trading

The Trust’s Units have been quoted on OTC Markets since February 12, 2021, and on OTCQX since February 26, 2021 under the symbol “OBTC.” The price of the Units as quoted on OTCQX (and OTC Markets) has varied significantly from the NAV per Unit. From February 12, 2021, to September 30, 2023, the maximum premium of the closing price of the Units quoted on OTCQX (and OTC Markets) over the value of the Trust’s NAV per Unit was approximately 240% and the average daily discount since the Units were first traded on OTC Markets on February 12, 2021, was approximately 14%. As of September 30, 2023, the Trust’s Units were quoted on OTCQX at a discount of approximately 21% to the Trust’s NAV per Unit.

The historical premium of the closing price of the Units quoted on OTCQX and OTC Markets as compared with the NAV per Unit has varied, from a high of 240% on February 16, 2021, (closing price $56.39 per Unit on OTCQX (and OTC Markets) and NAV per Unit $16.58) to a low (i.e., discount) of 46% on November 18, 2022, (closing price $3 per Unit on OTCQX (and OTC Markets) and NAV per Unit $5.56).The historical premiums and discounts at times reflect a material deviation from the Bitcoin Market Price.

The following table sets out the range of high and low closing prices for the Units as reported by OTCQX (or OTC Markets) and the Trust’s NAV per Unit for the period from February 12, 2021, to September 30, 2023. As of September 30, 2023, the Trust’s Bitcoin Holdings per Unit was 0.00033.

High				Low
OTC Markets		NAV per Unit		OTC Markets		NAV per Unit
2/16/2021		11/9/2021		11/18/2022		11/21/2022
$	56.39	$	22.86	$	3.00	$	5.28

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Not applicable.

~~Item~~ ITEM 4. ~~Controls~~CONTROLS ~~and~~AND ~~Procedures~~PROCEDURES.

~~Evaluation~~Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

The Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in ~~our~~its ~~reports filed or submitted under the Securities~~ Exchange Act ofreports ~~1934, as amended (the “Exchange Act”),~~ is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms~~. Disclosure controls and procedures include~~, ~~without limitation, controls~~ and ~~procedures designed to ensure~~ that such information ~~required to be disclosed in company reports filed or submitted under the Exchange Act~~ is accumulated and communicated to ~~management, including~~ the ~~Sponsor’s~~Principal ~~Chief~~ Executive Officer ~~(who serves as our principal executive officer)~~ and ~~Chief~~Principal Financial Officer ~~(who~~of ~~serves~~the ~~as our principal financial and accounting officer),~~ Sponsor to allow timely decisions regarding required disclosure.

AsUnder ~~required~~the bysupervision and with the participation of the Principal Executive Officer and the Principal Financial Officer of the Sponsor, the Sponsor conducted an evaluation of the Trust’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15 (e) under the Exchange Act,). ~~the~~Based ~~Sponsor’s~~upon ~~Chief~~their evaluation, our Principal Executive Officer and ~~Chief~~Principal Financial Officer ~~carried~~concluded that ~~out~~the anTrust’s ~~evaluation~~disclosure controls and procedures were ineffective as of March 31, 2026 due to a material weakness caused by ineffective oversight of the ~~effectiveness~~administrator transition process, including the transfer of tax lot data, which resulted in an audit adjustment to the Trust’s ~~design~~financial statements for the fiscal year ended December 31, 2025 that did not impact the Trust’s NAV. In response to the identified material weakness, management has begun enhancing its policies and ~~operation~~procedures to (i) ensure the accuracy of tax lot data provided to the fund administrator and (ii) verify that the appropriate cost relief methodology is properly implemented by the fund administrator. We believe we have made substantial progress toward achieving the effectiveness of our ~~disclosure~~internal controls ~~and~~with ~~procedures~~respect to ascontrols related to the oversight of ~~September~~the ~~30,~~administrator ~~2023~~transition process. The actions that we have taken are subject to continued ~~Based~~testing ~~upon~~and ~~their~~ongoing ~~evaluation,~~management review. Management will not be able to conclude whether the ~~Sponsor’s~~steps ~~Chief~~we ~~Executive~~have ~~Officer~~taken ~~and~~will ~~Chief~~fully ~~Financial~~remediate ~~Officer~~these material ~~concluded~~weaknesses ~~that~~in our disclosure controls and procedures ~~(as~~until ~~defined~~we inhave ~~Rules~~completed ~~13a-15(e)~~our remediation efforts and ~~15d-15(e)~~subsequent ~~under~~evaluation of their effectiveness. Management may also conclude that additional measures may be required to remediate the ~~Exchange~~material ~~Act)~~weaknesses ~~were~~in our ~~effective~~disclosure controls and procedures, which may necessitate additional actions to be taken.

Changes in Internal Control ~~over~~Over Financial Reporting

~~There~~Other than discussed above, there was no change in our internal control over financial reporting ~~that~~(as ~~occurred~~defined ~~during~~in Rules 13a-15(f) and 15d-15(f) under the ~~fiscal~~Exchange Act) during the quarter ended ~~September~~March 3031, ~~2023,~~2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

2017

PART II. – OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

~~Except~~A assummary ~~noted~~of ~~below,~~the ~~there~~principal ~~have~~factors ~~been~~that nomake ~~material~~an ~~changes~~investment toin the ~~risk~~Shares ~~factors~~speculative ~~previously~~or ~~disclosed~~risky ~~under~~are ~~“Item~~contained ~~1A.~~in ~~Risk Factors” of~~ the Trust’s Annual Report on Form 10-K for the year ended December 31, ~~2022~~2025, filed on March 31, 2026.

~~Risks~~Item ~~related~~2. toUnregistered ~~NAV~~Sales of Equity Securities and Use of Proceeds.

~~Beginning~~(a) onThere ~~November~~have 3,been ~~2023,~~no ~~the~~unregistered ~~Trust’s~~sales ~~NAV~~of isShares. ~~based~~No ~~upon~~Shares ~~the~~are ~~fair~~authorized ~~market value~~ for ~~Bitcoin~~issuance ~~determined~~ by ~~Lukka. The price of Bitcoin in U.S. Dollars or in other currencies available from other data sources may not be equal to~~ the prices used to calculate the NAV. Lukka has substantial discretion at any time to change the methodology used to determine the fair market value of Bitcoin, including the spot markets underlying its methodology. Lukka does not have any obligation to take the needs of the Trust, ~~the~~under ~~Trust’s~~equity ~~Unitholders, or~~compensation ~~anyone else into consideration in connection with such changes~~plans.

~~The~~(b) ~~Pricing~~Not ~~Sources used by Lukka are digital asset spot markets that facilitate the buying and selling of Bitcoin and other digital assets~~applicable. Although many Pricing Sources refer to themselves as “exchanges,” they are not registered with, or supervised by, the SEC or CFTC and do not meet the regulatory standards of a national securities exchange or designated contract market. For these reasons, among others, purchases and sales of Bitcoin may be subject to temporary distortions or other disruptions due to various factors, including the lack of liquidity in the markets and government regulation and intervention. These circumstances could affect the price of Bitcoin used by Lukka.

~~Item~~(c) 2.The ~~Unregistered~~Trust ~~Sales~~does ofnot ~~Equity~~purchase ~~Securities~~Shares directly from its shareholders and the Trust redeemed 1,920,000 ~~Use~~Shares of(192 ~~Proceeds~~Baskets) during the quarter ended March 31, ~~and~~2026, ~~Issuer~~as ~~Purchases~~set offorth ~~Equity~~in ~~Securities.~~the table below:

Period	Total Number of Shares Redeemed		Average Price Paid Per Share
January 1, 2026 – January 31, 2026		1,220,000	$	28.87
February 1, 2026 – February 28, 2026		-		-
March 1, 2026 – March 31, 2026		700,000	$	22.16
Total		1,920,000	$	25.52

Item 3. Defaults Upon Senior Securities.

None.

Item 34. ~~Defaults~~Mine ~~Upon~~Safety ~~Senior Securities~~Disclosures.

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information.

~~Rule 10b5-1 Trading Plans~~None.

None of the Sponsor’s officers responsible for overseeing the business and operations of the Trust adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Trust’s fiscal quarter ended September 30, 2023.18

21Item 6. Exhibits.

Item 6. Exhibits

Exhibit No.		Description

31.1		Certification required under Exchange Act Rules 13a-14 and 15d-14 (filed herewith)

31.2		Certification required under Exchange Act Rules 13a-14 and 15d-14 (filed herewith)

32.1		Certification by Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)

32.2		Certification by Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)

101.INS		Inline XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Calculation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		Inline XBRL Taxonomy Label Linkbase Document

101.PRE		Inline XBRL Presentation Linkbase Document

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Exhibit Number		Exhibit Description
31.1		Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended, with respect to the Trust’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023.
31.2		Certification of Principal Financial Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended, with respect to the Trust’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023.
32.1		Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, with respect to the Trust’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023.
32.2		Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, with respect to the Trust’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023.

101.INS		Inline XBRL Instance Document, filed herewith. The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document, filed herewith
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document, filed herewith
101.DEF		Inline XBRL Taxonomy Extension Definitions Linkbase Document, filed herewith
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document, filed herewith
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document, filed herewith
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SIGNATURES

Pursuant to the requirements of ~~Section 13 or 15(d) of~~ the Securities Exchange Act of 1934, the ~~registrant~~Registrant has duly caused this report to be signed on its behalf by the undersigned ~~in the capacities* indicated~~, thereunto duly authorized.

Osprey Funds, LLC as Sponsor of Osprey Bitcoin Trust By: /s/ Gregory D. King Name: Gregory D. King Title: Chief Executive Officer* By: /s/ Robert J. Rokose Name: Robert J. Rokose Title: Chief Financial Officer*

	Osprey Bitcoin Trust

Dated: May 13, 2026	By:	/s/ Gregory D. King
	Name:	Gregory D. King
	Title:	Chief Executive Officer (Principal Executive Officer)*

Dated: May 13, 2026	By:	/s/ Robert J. Rokose
	Name:	Robert J. Rokose
	Title:	Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer)*

~~Date:~~*The ~~November~~registrant 3is a trust and the persons are signing in their capacities as officers of Osprey Funds, ~~2023~~LLC, the Sponsor of the registrant.

* The Registrant is a trust and the persons are signing in their capacities as officers or directors of Osprey Funds, LLC, the Sponsor of the Registrant.20

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