OBTC Osprey Bitcoin Trust (QX)

Item 1.02. Termination of a Material Definitive Agreement

On March 11, 2022, the Trust delivered to Fidelity Digital Asset Services, LLC (“Fidelity”), notice of termination of the custodial services agreement dated May 18, 2020 (the “Old Custodian Agreement”), pursuant to which Fidelity was engaged to keep in safe custody the Trust’s digital assets and to maintain and operate the Trust’s custody account on behalf of the Trust. The notice of termination will become effective on April 10, 2022 (the “Termination Effective Date”). Until the Termination Effective Date, the Trust will have available custodian services under both the Old Custodian Agreement and a new custodian agreement entered into with Coinbase Custody Trust Company, LLC (the “New Custodian”) on February 4, 2022 (the “New Custodian Agreement”) as previously disclosed.

In connection with the termination of the Old Custodian Agreement, on March 10, 2022, the Trust transferred its custodied digital assets from Fidelity to the New Custodian. Following such transfer, the custody of the Trust’s digital assets will be pursuant to the New Custodian Agreement. No cost or expense is expected to be incurred by the Trust, or the Unitholders, in connection with the termination of the Old Custodian Agreement or its replacement with the New Custodian Agreement.

The foregoing description of the Old Custodian Agreement is not complete and is subject to, and qualified entirely by reference to, the full text of the Old Custodian Agreement, which is filed as Exhibit 10.1 to the Trust’s Registration Statement on Form 10 filed with the Securities and Exchange Commission on July 8, 2021 and incorporated by reference herein.