Osprey Bitcoin Trust Common Units of… (OBTC) Performance
OBTC total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −7.7% since Dec 31, 2025
- 1 year
- −21.6% total return
- 5 years
- +9.1% a year
- Since first price
- −10.9% a year since 2021
OBTC trailing returns vs SPY, QQQ, AGG
| Period | OBTC total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −4.2% | −4.2% | −1.0% | −5.0% | +0.9% |
| 3 months | +24.9% | +24.9% | +3.2% | +1.9% | −0.4% |
| 6 months | +3.9% | +3.9% | +7.8% | +8.4% | −1.5% |
| YTD | −7.7% | −7.7% | +12.3% | +15.1% | −1.0% |
| 1 year | −21.6% | −21.6% | +14.4% | +15.9% | −1.1% |
| 3 years | +213.1%+46.3%/yr | +213.1% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +54.8%+9.1%/yr | +54.8% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionFeb 12, 2021 | −48.0%−10.9%/yr | −48.0% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: OBTC vs SPY
From Feb 12, 2021: OBTC grew to $5,198, SPY to $20,897.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
OBTC returns by calendar year
2 of 4 full years positive. Best 2023 (+277.8%), worst 2022 (−73.9%). 2026 is year to date.
OBTC annual returns table
| Year | OBTC | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −7.7% | −39.8% | +12.3% | +15.1% | −1.0% |
| 2025 | −1.9% | −31.1% | +17.7% | +20.8% | +7.2% |
| 2024 | +130.9% | −23.9% | +24.9% | +25.6% | +1.3% |
| 2023 | +277.8% | −27.2% | +26.2% | +54.9% | +5.7% |
| 2022 | −73.9% | −76.0% | −18.2% | −32.6% | −13.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
OBTC largest drawdowns
Now 53.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 16, 2021 | −94.5% | Nov 18, 2022 | not yet | 1.8 years | 5.7 years so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
OBTC risk statistics
| Statistic | 3 years | 5 years | Since 2021 |
|---|---|---|---|
| Annualized return | +56.2% | +15.6% | −6.9% |
| Volatility (annualized) | 53.3% | 62.7% | 64.7% |
| Sharpe ratio | 1.01 | 0.47 | 0.15 |
| Sortino ratio | 2.06 | 0.82 | 0.24 |
| Best month | +49.0% | +59.7% | +59.7% |
| Worst month | −21.6% | −35.8% | −37.2% |
| Best 12 months | +190.5% | +277.8% | +277.8% |
| Worst 12 months | −39.6% | −77.3% | −77.3% |
| Positive months | 64% | 55% | 52% |
| Beta vs S&P 500 | 1.70 | 2.02 | — |
| Correlation with S&P 500 | 0.40 | 0.51 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
OBTC rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 57 | −77.3% | +11.9% | +277.8% | 51% |
| 3-year (a year) | 33 | −29.0% | +41.9% | +104.6% | 91% |
| 5-year (a year) | 9 | −12.0% | +4.2% | +15.6% | 78% |
Every holding period starting at a month-end since 2021. Returns for 3 years and longer are annualized.
OBTC performance overview
Osprey Bitcoin Trust Common Units of… (OBTC) returned −21.6% over the past year and +9.1% a year over five years, with distributions reinvested. Since its first recorded price in 2021 it has returned −10.9% a year, turning $10,000 into about $5,198. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −94.5%, from Feb 16, 2021 to Nov 18, 2022; the fund has not yet regained that high. OBTC finished 2 of its 4 full calendar years with a gain; the best year was 2023 (+277.8%) and the worst 2022 (−73.9%). Volatility has been 64.7% a year.
Related: OBTC chart. See the OBTC overview for the latest quote and fund facts.
OBTC performance FAQ
What is the OBTC return over the past year?
OBTC returned −21.6% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 21.6%.
What is the average annual return of OBTC?
OBTC has returned +9.1% a year over 5 years, −10.9% a year since February 12, 2021 (total return, distributions reinvested).
How much would $10,000 invested in OBTC be worth?
$10,000 invested in OBTC at its first recorded close on February 12, 2021 would be worth about $5,198 on October 23, 2026 with distributions reinvested.
What was the worst year for OBTC?
The worst calendar year was 2022, with a total return of −73.9%. The best was 2023 at +277.8%.
What is the biggest drawdown of OBTC?
The largest peak-to-trough decline was −94.5% between February 16, 2021 and November 18, 2022. It has not yet recovered to that high; it is 53.9% below its peak.
How volatile is OBTC?
Over the past 3 years OBTC had an annualized volatility of 53.3% and a Sharpe ratio of 1.01 (excess return over 1–3 month T-bills per unit of risk).