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Osprey Bitcoin Trust Appoints New Auditor Amid Ongoing Internal Control Weakness
On June 16, 2026, Osprey Bitcoin Trust (OBTC) announced a change of auditor that signals a shift in its financial oversight.
The Nasdaq‑listed trust, which gives investors indirect exposure to Bitcoin, said its sponsor, Osprey Funds, LLC, had terminated Grant Thornton LLP as the independent auditor and hired Cherry Bekaert LLP for the fiscal year ending December 31, 2026. The new engagement became effective the following day.
OBTC filed an 8‑K with the SEC on June 22, 2026. The filing’s Item 4.01 reports the change in certifying accountant, while Item 9.01 lists the trust’s financial statements and accompanying exhibits. Grant Thornton’s audit reports for the 2024 and 2025 financial statements were clean, with no adverse opinions or qualifications, and the firm confirmed that it had no disagreements with the trust over accounting principles, financial disclosure, or audit procedures during those years.
A material weakness in internal control over financial reporting was disclosed in the 2025 audit. The weakness stemmed from ineffective oversight of the administrator process and required an audit adjustment that did not result in material misstatements. Management was still working to remediate the weakness as of March 31, 2026, and OBTC sent a letter to the SEC confirming Grant Thornton’s agreement with the disclosures and the ongoing remediation effort.
Cherry Bekaert was not consulted by the trust before the engagement. The filing indicates that the new auditor will test the effectiveness of internal controls during the 2026 fiscal year and will issue an opinion once testing is complete. The auditor change does not alter OBTC’s status as an emerging growth company, a designation that affords lighter regulatory requirements but also places a higher emphasis on reliable financial reporting.
The auditor change and the unresolved internal control weakness are the only material events reported by the trust in the 8‑K. No other reportable events, such as legal actions or significant operational changes, were disclosed. Investors monitoring OBTC should watch for the 2026 annual report to see whether Cherry Bekaert’s audit confirms remediation progress and whether the trust’s internal controls are deemed effective.
In summary, Osprey Bitcoin Trust has replaced Grant Thornton with Cherry Bekaert as its independent auditor for FY 2026. The trust’s 2024 and 2025 audits were clean, but a material weakness in internal control over financial reporting remains under remediation. The trust has provided a letter to the SEC confirming the weakness and the audit adjustment. The new auditor will evaluate controls in 2026, and the trust’s forthcoming filings will reveal whether the weakness has been fully addressed.
The Nasdaq‑listed trust, which gives investors indirect exposure to Bitcoin, said its sponsor, Osprey Funds, LLC, had terminated Grant Thornton LLP as the independent auditor and hired Cherry Bekaert LLP for the fiscal year ending December 31, 2026. The new engagement became effective the following day.
OBTC filed an 8‑K with the SEC on June 22, 2026. The filing’s Item 4.01 reports the change in certifying accountant, while Item 9.01 lists the trust’s financial statements and accompanying exhibits. Grant Thornton’s audit reports for the 2024 and 2025 financial statements were clean, with no adverse opinions or qualifications, and the firm confirmed that it had no disagreements with the trust over accounting principles, financial disclosure, or audit procedures during those years.
A material weakness in internal control over financial reporting was disclosed in the 2025 audit. The weakness stemmed from ineffective oversight of the administrator process and required an audit adjustment that did not result in material misstatements. Management was still working to remediate the weakness as of March 31, 2026, and OBTC sent a letter to the SEC confirming Grant Thornton’s agreement with the disclosures and the ongoing remediation effort.
Cherry Bekaert was not consulted by the trust before the engagement. The filing indicates that the new auditor will test the effectiveness of internal controls during the 2026 fiscal year and will issue an opinion once testing is complete. The auditor change does not alter OBTC’s status as an emerging growth company, a designation that affords lighter regulatory requirements but also places a higher emphasis on reliable financial reporting.
The auditor change and the unresolved internal control weakness are the only material events reported by the trust in the 8‑K. No other reportable events, such as legal actions or significant operational changes, were disclosed. Investors monitoring OBTC should watch for the 2026 annual report to see whether Cherry Bekaert’s audit confirms remediation progress and whether the trust’s internal controls are deemed effective.
In summary, Osprey Bitcoin Trust has replaced Grant Thornton with Cherry Bekaert as its independent auditor for FY 2026. The trust’s 2024 and 2025 audits were clean, but a material weakness in internal control over financial reporting remains under remediation. The trust has provided a letter to the SEC confirming the weakness and the audit adjustment. The new auditor will evaluate controls in 2026, and the trust’s forthcoming filings will reveal whether the weakness has been fully addressed.
