Disclosure

General

Osprey Funds, LLC (, the “Sponsor”) is furnishing this website presentation (this “Website”) to sophisticated prospective investors for informational purposes only in relation to a potential opportunity to subscribe for interests represented by uncertificated units (“Units”) in the Osprey Bitcoin Trust (the “Fund”). This is neither an offer to sell nor a solicitation of an offer to buy Units (i.e., shares) in the Fund. Any such offer or solicitation will be made solely through definitive offering documents, identified as such, which will contain information about the Fund’s investment objectives and terms and conditions of an investment and may also describe risks and tax information related to an investment therein and which qualifies in its entirety the information set forth on this Website. The Units have not been registered under the Securities Act of 1933 (“Securities Act”), the securities laws of any state or the securities laws of any other jurisdiction, nor is such registration contemplated. The offer of the Units in the Fund are being be offered and sold under an exemption provided by Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder and other exemptions of similar import in the laws of the states and jurisdictions where the offering will be made. The current offer and sale of the Units have not been registered with or approved or disapproved by the Securities and Exchange Commission (the “SEC”) or the securities commission or regulatory authority of any state or foreign jurisdiction.

The Units have not been recommended, approved or disapproved by the SEC or by the securities regulatory authority of any state or of any other U.S. or non-U.S. jurisdiction, nor has the SEC or any such securities regulatory authority passed upon the accuracy or adequacy of this Website. There are substantial restrictions on the transfer of Units purchased pursuant to the exemption from registration provided by Rule 506 under Regulation D..

No Advice on Investment; Risk of Loss

Prior to making any investment decision in respect of the Fund, each investor must undertake its own independent examination and investigation of the Fund, including the merits and risks involved in an investment in the Units, and must base its investment decision – including a determination whether such investment would be a suitable investment for the investor – on such examination and investigation and must not rely on the Sponsor or the Fund in making such investment decision. Prospective investors must not construe the contents of this Website as legal, tax, investment, or other advice. Each prospective investor is urged to consult with its own advisors with respect to legal, tax, regulatory, financial, accounting and similar consequences of investing in the Fund, the suitability of the investment for such investor and other relevant matters concerning an investment in the Fund. This Website contains an overview summary of the terms of the Fund. The summary set forth in this Website does not purport to be complete, and is qualified in its entirety by reference to the definitive offering documents relating to the Fund. Do not place undue reliance on this Website.

None of the Sponsor, the Fund, nor any of their respective directors, officers, employees, agents, affiliates or advisers (collectively, the “Related Persons”) will, to the maximum extent permitted by law, be responsible or liable for this Website (or the information contained in it), and none of the Related Persons makes any warranties or representations, express or implied, as to the accuracy, suitability, fairness, completeness or otherwise of such information including where such information contains errors or misstatements. The recipient acknowledges that, to the maximum extent permitted by law, each Related Person excludes and disclaims all liability to the recipient or to any other person for any expense, cost, loss or damage of any kind including direct, indirect or consequential loss or damage incurred by any person arising from or relating to any information included or omitted from this Website, whether by reason of such information being inaccurate or incomplete or for any other reason.

Information May Change and Be Inaccurate, Incomplete or Outdated

The information on this Website is for discussion purposes only and no representations or warranties are given or implied. The information contained on this Website is subject to further discussion, completion and amendment. All of the information presented herein is subject to change without notice. This Website may be updated to provide additional information on the Fund and its methodology. Any use of this Website is on an “as is” and “as available” basis and is at the user’s sole risk.

Certain information contained in this Website may have been obtained from sources prepared by other parties, which in certain cases may not have been updated through the date hereof. While such information is believed to be reliable for the purpose used on this Website, none of the Sponsor, the Fund or any of its Related Persons makes any representation or warranty (express or implied), nor shall they have any responsibility or liability in respect of any information contained on this Website or for its accuracy, adequacy, timeliness or completeness, and no representation is made or is to be implied that the information will remain unchanged. The Sponsor is under no obligation to update the material on this Website.

This Website does not contain all the information necessary to fully evaluate any transaction or investment, and no investor should rely on the contents of this Website. Any investment decision should be made based solely upon appropriate due diligence and, if applicable, upon receipt and careful review of any definitive offering documents, identified as such, in respect of the Fund.

Management History

The business and investment history of the management team of the Sponsor and other background information presented on this Website is not comprehensive. In particular, the information set forth on this website should not be interpreted as an exhaustive presentation of businesses with which the senior executives of the Fund have been involved, their professional and other accomplishments, or their business experience. Additional information is available upon request.

Performance Disclosures

Performance information is provided for informational purposes only. Past performance of the management team is not necessarily indicative of future results, and there can be no assurance that any projections, targets or estimates of future performance will be realized. Actual performance of the Fund may vary substantially from the performance provided on this Website. An investor may lose all or a substantial part of its investment in the Fund. Careful consideration should be given to any performance data provided herein. Fund returns are calculated net of expenses. Units are subject to a 0.49% annual fee management fee, custody charges for holding the fund’s assets charged by the custodian, and audit fees, index license fees, and aggregate legal fees and accounting (i.e., financial reporting, audit, and tax) fees, collectively in excess of $50,000 annually (as well as additional fees such as taxes, governmental charges, costs and expenses), and indemnities related to any extraordinary services provided by the Sponsor,.(or any service provider, including the Trustee) on behalf of the Fund to protect the Fund or the interests of Unitholders, indemnification expenses, fees, and expenses related to public trading of Units on the OTCQX operated by the OTC Market Group Inc.

The performance of the Fund will be reduced by any and all applicable fees or expenses charged to and by the Fund.

Hypothetical Returns

The historical performance of Bitcoin (i.e., prior to February 2021) is not illustrative of the performance of the Fund. The returns of Bitcoin are historical and unaudited and do not represent the returns of an actual account. These historical returns do not include the fees and expenses that are charged by the Fund. Actual Fund returns may differ materially from the historical returns of Bitcoin. Actual returns from live portfolios will differ materially from the historical, unaudited Bitcoin returns. Historical returns do not reflect the macroeconomic risks of using an investment strategy in a different time period or the financial risk of executing trades in a live portfolio which include the potential market impact on cryptocurrency prices caused by buying or selling that could cause price impact. The historical Bitcoin price performance does not include hypothetical investment fees associated with investing in a Fund investing in Bitcoin (including trading commissions, brokerage fees, management fees, or other fees). Those estimated fees have not been included in (by reducing) the historical performance. Although the information on this website provides some idea of the historic risks involved in investing in a portfolio investing in Bitcoin, past hypothetical performance is not a guarantee of future returns. Backward-looking performance cannot predict how any investment strategy will perform in the future.

Projections or Forecasts

This Website includes forward-looking statements that represent the Sponsor’s opinions, expectations, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. These statements may be identified by the use of words like “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “will,” “should,” “seek,” and similar expressions. The forward-looking statements reflect the Sponsor’s views and assumptions with respect to future events and are subject to risks and uncertainties. Actual and future results and trends could differ materially from those described by such statements due to various factors, including those beyond our ability to control or predict. Given these uncertainties, undue reliance should not be placed on the forward-looking statements. The Sponsor does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The Sponsor does not guarantee the offering and events described on the Website will happen as described (or that they will happen at all).