UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01. Entry into a Material Definitive Agreement
On February 4, 2022, Osprey Bitcoin Trust (the “Trust”) and Coinbase Custody Trust Company, LLC (the “Custodian”) entered into a Custodial Services Agreement (the “Agreement”), pursuant to which the Custodian shall provide the Trust with a segregated custody account controlled and secured by the Custodian to store certain digital assets on the Trust’s behalf (the “Custodial Services”). Either party may terminate the Agreement upon thirty (30) day’s prior written notice to the other party. The Trust may also cancel its custodial account at any time by withdrawing all balances and contacting the Custodian.
Coinbase Global, Inc. is the parent company of the Custodian. Coinbase Pro, which is the Trust’s principal market that it uses to determine the value of Bitcoin, is a wholly-owned subsidiary of Coinbase Global, Inc.
The foregoing description of the Agreement is not complete and is subject to, and qualified entirely by reference to, the full text of the Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits
| (d) | Exhibits |
The exhibit listed in the following Exhibit Index is filed as part of this Current Report on Form 8-K.
| Exhibit No. | Description | |
| 10.1† | Custodial Services Agreement, dated as of February 4, 2022, between Osprey Bitcoin Trust and Coinbase Custody Trust Company, LLC | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
† Certain of the exhibits and schedules to this Exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
Dated: February 10, 2022
| Osprey Funds, LLC as Sponsor of Osprey Bitcoin Trust (OBTC) | |||
| By: | /S/ Gregory D. King | ||
| Name: Gregory D. King | |||
| Title: Chief Executive Officer | |||