Osprey Bitcoin Trust 8-K

What Happened Osprey Bitcoin Trust (OBTC) filed a Form 8‑K on June 22, 2026 announcing that its sponsor approved the dismissal of Grant Thornton LLP as the Trust’s independent registered public accounting firm effective June 16, 2026, and the engagement of Cherry Bekaert LLP as the new independent auditor effective June 17, 2026. Grant Thornton’s audit reports for the fiscal years 2024 and 2025 were unmodified. There were no disagreements with Grant Thornton during 2024–2025 or through the dismissal date, except for a previously disclosed material weakness in internal control over financial reporting (related to ineffective oversight of the administrator process) that led to an audit adjustment to the 2025 financial statements. That material weakness did not result in a material misstatement and had not been fully remediated as of March 31, 2026. Grant Thornton furnished a letter to the SEC dated June 22, 2026 confirming these statements.

Key Details

• Dismissal date: Grant Thornton LLP dismissed effective June 16, 2026.
• New auditor: Cherry Bekaert LLP engaged effective June 17, 2026 for fiscal 2026.
• Controls issue: A material weakness in internal control over financial reporting (administrator oversight) was disclosed in the 2025 Form 10‑K and 2026 Q1 Form 10‑Q; it caused an audit adjustment to 2025 results but did not produce a material misstatement.
• Consultation history: Neither the Trust nor anyone on its behalf consulted Cherry Bekaert on accounting or auditing matters for 2024–2025 or the interim period before the engagement.

Why It Matters A change in the independent auditor is a notable governance event for investors because it can affect audit continuity and the review of financial controls. The filing confirms Grant Thornton’s prior reports were unqualified and that there were no unresolved disagreements, which is reassuring. However, the disclosed material weakness and the fact it was not fully remediated as of March 31, 2026 is important — investors should watch remediation progress and any related disclosures in upcoming 10‑Q/10‑K filings. Cherry Bekaert will conduct the audit for fiscal 2026, so future audit opinions and any notes about controls or adjustments will come from the new firm.