Osprey Bitcoin Trust dismisses Grant Thornton, engages Cherry Bekaert as auditor
Osprey Bitcoin Trust's sponsor approved the dismissal of Grant Thornton LLP as independent auditor effective June 16, 2026, and the engagement of Cherry Bekaert LLP as the new auditor effective June 17, 2026. Grant Thornton's audit reports for fiscal years 2024 and 2025 contained no adverse opinions or qualifications. The Trust disclosed a material weakness in internal control over financial reporting related to ineffective oversight of the administrator process, which resulted in an audit adjustment for fiscal year 2025 but did not cause material misstatement to the financial statements. Grant Thornton confirmed agreement with the Trust's disclosures in a letter dated June 22, 2026.
Key facts
- Grant Thornton LLP dismissed effective June 16, 2026
- Cherry Bekaert LLP engaged effective June 17, 2026
- Material weakness in internal control over financial reporting disclosed in Form 10-K for year ended December 31, 2025 and Form 10-Q for quarter ended March 31, 2026
- Material weakness related to ineffective oversight of the administrator process
- Audit adjustment to fiscal year 2025 financial statements resulting from material weakness
- Material weakness not fully remediated as of March 31, 2026
- No disagreements with Grant Thornton on accounting principles, disclosure, or auditing scope during fiscal years 2024–2025 and interim period through dismissal
Why it matters
The Trust flagged a material weakness in controls over the administrator process that caused a 2025 audit adjustment; while the weakness has not been fully remediated as of March 31, 2026, management is continuing remediation efforts, and the change in auditors may reflect a transition as remediation proceeds.
Developing story
- NT 10-K
- 8-Kthis filing
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Derived from 8-K filed 2026-06-22. Not investment advice. View the source filing on SEC.gov →