EX-10.5



 Exhibit 10.5 
  

			
	



	 	EXECUTION

 TRANSFER AGENCY AND SERVICE AGREEMENT 

THIS AGREEMENT is made as of the 7th day of December, 2016, by and between the Bitcoin Investment Trust, a Delaware statutory trust (the
“Trust”), Grayscale Investments, LLC, a Delaware Limited Liability Company, as sponsor to the Trust (the “Sponsor”), and THE BANK OF NEW YORK MELLON, a New York corporation authorized to do a banking business having its principal
office and place of business at One Wall Street, New York, New York 10286 (the “Bank”). 
 WHEREAS, the Trust will ordinarily
issue for purchase and redeem shares of the Trust (the “Shares) only in aggregations of Shares known as “Creation Baskets” (currently 100 shares) (each a “Creation Basket”) principally in kind; 

WHEREAS, The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York (“DTC”), or
its nominee “Cede & Co.”, will be the registered owner (the “Shareholder”) of certain of the Shares; and 

WHEREAS, the Trust desires to appoint the Bank as its transfer agent and agent in connection with certain other activities, and the Bank
desires to accept such appointment; 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto agree
as follows: 
 1. Terms of Appointment; Duties of the Bank 

1.1 Subject to the terms and conditions set forth in this Agreement, the Trust hereby employs and appoints the Bank to act as, and the Bank
agrees to act as, its transfer agent for the authorized and issued Shares. 
 1.2 Pursuant to such appointment, the Bank agrees that it will
perform the following services: 
 (a) In accordance with the terms and conditions of this Agreement and Authorized Participant Agreements
prepared by the Trust’s sponsor (the “Sponsor”), a copy of which is attached hereto as Exhibit A, the Bank shall: 
 (i)
Perform and facilitate the performance of purchases and redemption of Creation Baskets; 
 (ii) Prepare and transmit by means of DTC’s book-entry system payments for dividends and distributions on or with respect to the Shares declared by the Trust on behalf of the applicable Trust; 

(iii) Maintain the record of the name and address of the Shareholder and the number of Shares issued by the Trust and held by the Shareholder;

 (iv) Record the issuance of Shares of the Trust and maintain a record of the total number of Shares of the Trust which are outstanding,
and, based upon data provided to it by the Trust, the total number of authorized Shares. The Bank shall have no obligation, when recording the issuance of Shares, to monitor the issuance of such Shares or to take cognizance of any laws relating to
the issue or sale of such Shares, which functions shall be the sole responsibility of the Trust. 

  
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 (v) Prepare and transmit to the Trust and the Trust’s administrator and to any applicable securities
exchange (as specified to the Bank by the Trust or its administrator) information with respect to purchases and redemptions of Shares; 

(vi) On days that the Trust may accept orders for purchases or redemptions, calculate and transmit to the Distributor and the Trust’s
administrator the number of outstanding Shares; 
 (vii) On days that the Trust may accept orders for purchases or redemptions (pursuant to
the Participant Agreement), transmit to the Bank, the Trust and DTC the amount of Shares purchased on such day; 
 (viii) Confirm to DTC the
number of Shares issued to the Shareholder, as DTC may reasonably request; 
 (ix) Prepare and deliver other reports, information and
documents to DTC as DTC may reasonably request; 
 (x) Extend the voting rights to the Shareholder for extension by DTC to DTC participants
and the beneficial owners of Shares in accordance with policies and procedures of DTC for book-entry only securities; 
 (xi) Distribute or
maintain, as directed by the Trust, amounts related to purchases and redemptions of Creation Baskets, dividends and distributions, variation margin on derivative securities and collateral; 

(xii) Maintain those books and records of the Trust specified by the Trust in Schedule A attached hereto; 

(xiii) Prepare a monthly report of all purchases and redemptions of Shares during such month on a gross transaction basis, and identify on a
daily basis the net number of Shares either redeemed or purchased on such business day and with respect to each Authorized Participant purchasing or redeeming Baskets, the amount of Baskets purchased or redeemed; 

(xiv) Receive from the Distributor (as defined in the Participant Agreement) or from its agent purchase orders from Authorized Participants
(as defined in the Participant Agreement) for Creation Basket Aggregations of Shares received in good form and accepted by or on behalf of the Trust by the Distributor, transmit appropriate trade instructions to the National Securities Clearance
Corporation, if applicable, and pursuant to such orders issue the appropriate number of Shares of the Trust and hold such Shares in the account of the Shareholder for the Trust; 

(xv) Receive from the Authorized Participants redemption requests, deliver the appropriate documentation thereof to The Bank of New York as
custodian for the Trust, generate and transmit or cause to be generated and transmitted confirmation of receipt of such redemption requests to the Authorized Participants submitting the same; transmit appropriate trade instructions to the National
Securities Clearance Corporation, if applicable, and redeem the appropriate number of Creation Basket Aggregations of Shares held in the account of the Shareholder; and 

(xvi) Confirm the name, U.S taxpayer identification number and principle place of business of each Authorized Participant. 

  
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 (xvii) The Bank may execute transactions directly with Authorized Participants to the extent necessary or
appropriate to enable the Bank to carry out any of the duties set forth in items (i) through (xvi) above. 
 (xviii) Except as
otherwise instructed by the Trust, the Bank shall process all transactions in each Series in accordance with the policies and procedures mutually agreed upon between the Trust and the Bank with respect to the proper net asset value to be applied to
purchases received in good order by the Bank or from an Authorized Participant before any cut-offs established by the Trust, and such other matters set forth in items (i) through (xvi) above as these policies and procedures are intended to
address. 
 (b) The Bank may maintain and manage, as agent for the Trust, such accounts as the Bank shall deem necessary for the performance
of its duties under this Agreement, including, but not limited to, the processing of Creation Basket purchases and redemptions; and the payment of dividends and distributions. The Bank may maintain such accounts at financial institutions deemed
appropriate by the Bank in accordance with applicable law. 
 (c) In addition to the services set forth in the above sub-section 1.2(a), the
Bank shall: perform the customary services of a transfer agent and dividend disbursing agent including, but not limited to, maintaining the account of the Shareholder, maintaining the items set forth on Schedule A attached hereto, and performing
such services identified in each Participant Agreement. 
 (d) The following shall be delivered to DTC participants as identified by DTC as
the Shareholder for book-entry only securities: 
 (i) Trust proxies, proxy statements and other proxy soliciting materials; 

(ii) Trust prospectus and amendments and supplements thereto, including stickers; 

(iii) Other communications as the Trust may from time to time identify as required by law or as the Trust may reasonably request; and 

(iv) Additional services, if any, as may be agreed upon in writing by the Trust and the Bank. 

(e) The Bank shall keep records relating to the services to be performed hereunder, in the form and manner required by applicable laws, rules,
and regulations under the 1940 Act, as consistent with the reasonable standards of the transfer agency industry and to the extent required by Section 31 of the 1940 Act and the rules thereunder (the “Rules”), all such books and
records shall be the property of the Trust, will be preserved, maintained and made available in accordance with such Section 31 and Rules, and will be surrendered promptly to the Trust on and in accordance with its request. 

2. Fees and Expenses 
 2.1 The Bank shall
receive from the Trust such compensation for the Transfer Agent’s services provided pursuant to this Agreement as may be agreed to from time to time in a written fee schedule approved by the parties. The fees are accrued daily and billed
monthly and shall be due and payable within thirty (30) business days following the receipt of the invoice. Upon the termination of this Agreement before the end of any month, the fee for the part of the month before such termination shall be
prorated according to the proportion which such part bears to the full monthly period and shall be payable within thirty (30) business days following the date of termination of this Agreement. 

2.2 In addition to the fee paid under Section 2.1 above, the Trust agrees to reimburse the Bank for reasonable and documented
out-of-pocket expenses, including but not limited to confirmation production, postage, forms, telephone, microfilm, microfiche, tabulating proxies, records storage, or advances incurred by the Bank for the items set out in the fee schedule or
relating to reports (whereas all expenses related to creations and redemptions of Trust securities shall be borne by the relevant Authorized Participant in such creations and redemptions). In addition, any other expenses incurred by the Bank at the
request or with the consent of the Trust, will be reimbursed by the Trust. 

  
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 2.3 The Trust agrees to pay all reasonable fees and reimbursable expenses within thirty (30) business
days following the receipt of the respective billing notice accompanied by supporting documentation, as appropriate. 
 2.4 The Trust hereby
represents and warrants to the Bank that (i) the terms of this Agreement, (ii) the fees and expenses associated with this Agreement, and (iii) any benefits accruing to the Bank or to the adviser to, or sponsor of, the Trust in
connection with this Agreement, including, but not limited to, any fee waivers, reimbursements, or payments made, or to be made, by the Bank to such adviser or sponsor or to any affiliate of the Trust relating to this Agreement have been fully
disclosed to the Sponsor of the Trust and that, if required by applicable law, such Sponsor has approved or will approve the terms of this Agreement, and any such fees, expenses, and benefits. 

3. Representations and Warranties of the Bank 

3.1 The Bank represents and warrants to the Trust that: 

(a) It is a banking company duly organized and existing and in good standing under the laws of the State of New York. 

(b) It is duly qualified to carry on its business in the State of New York. 

(c) It is empowered under applicable laws and by its Charter and By-Laws to act as transfer agent and to enter into, and perform its
obligations under, this Agreement. 
 (d) All requisite corporate proceedings have been taken to authorize it to enter into and perform this
Agreement. 
 (e) It has and will continue to have access to the necessary facilities, equipment and personnel to perform its duties and
obligations under this Agreement. 
 4. Representations and Warranties of the Trust 

4.1 The Trust represents and warrants to the Bank that: 

(a) It is duly organized and existing and in good standing under the laws of Delaware. 

(b) It is empowered under applicable laws and by its Declaration of Trust to enter into and perform this Agreement. 

  
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 (c) A registration statement under the Securities Act of 1933, as amended, on behalf of the Trust will have
become effective, and appropriate state securities law filings will have been made prior to any Shares of the Trust being offered for public sale. 
 5.
Indemnification 
 5.1 The Bank shall not be responsible for, and the Trust shall indemnify and hold the Bank and its directors,
officers, employees and agents harmless from and against, any and all direct losses, damages, costs, charges, counsel fees, in each of the foregoing cases as reasonably and properly incurred, including, without limitation, those incurred by the Bank
in a successful defense of any claims by the Trust, payments, expenses and liability (“Losses”) which may be sustained or incurred by or which may be asserted against the Bank in connection with or relating to this Agreement or the
Bank’s actions or omissions with respect to this Agreement, or as a result of acting upon any instructions reasonably believed by the Bank to have been duly authorized by the Trust or upon reasonable reliance of information or records given or
made by the Trust; except for any Losses for which the Bank has accepted liability pursuant to Article 6 of this Agreement. 
 5.2 This
indemnification provision shall apply to actions taken or omissions pursuant to this Agreement or a Participant Agreement. 
 6. Standard of Care and
Limitation of Liability 
 The Bank shall have no responsibility and shall not be liable for any Losses, except that the Bank shall be
liable to the Trust for direct money damages caused by its own gross negligence or willful misconduct or that of its employees, or its breach of any of its representations. The parties agree that any encoding or payment processing errors shall be
governed by this standard of care, and not Section 4-209 of the Uniform Commercial Code which shall be superseded by this Article. In no event shall the Trust, the Sponsor or the Bank be liable to each other or any third party for special,
indirect or consequential damages, regardless of the form of action. For purposes of this Agreement, none of the following shall be or be deemed a breach of the Bank’s standard or care: 

(a) The conclusive reliance on or use by the Bank or its agents or subcontractors of information, records, documents or services which
(i) are received by the Bank or its agents or subcontractors, and (ii) have been prepared, maintained or performed by the Trust or any other person or firm on behalf of the Trust including but not limited to any previous transfer agent
or registrar. 
 (b) The conclusive reliance on, or the carrying out by the Bank or its agents or subcontractors of, any instructions or
requests of the Trust or instructions or requests on behalf of the Trust. 
 (c) The offer or sale of Shares by or for the Trust in violation
of any requirement under the federal securities laws or regulations, or the securities laws or regulations of any state that such Shares be registered in such state, or any violation of any stop order or other determination or ruling by any federal
agency, or by any state with respect to the offer or sale of Shares in such state. 
 7. Concerning the Bank 

7.1 
 (a) The Bank may employ
agents or attorneys-in-fact which are not affiliates of the Bank with the prior written consent of the Trust (which consent shall not be unreasonably withheld), and shall 

  
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 not be liable for any loss or expense arising out of, or in connection with, the actions or omissions to act of such agents
or attorneys-in-fact, provided that the Bank is not negligent in selecting, retaining or monitoring the activities of such third party, acts in good faith and with reasonable care in the selection, retention and monitoring of such agents or
attorneys-in-fact. The Bank shall be as fully responsible to the Trust for the acts and omissions of any subcontractor as it is for its own acts and omissions and obligations hereunder. 

(b) The Bank may, without the prior consent of the Trust, enter into subcontracts, agreements and understandings with any Bank affiliate,
whenever and on such terms and conditions as it deems necessary or appropriate to perform its services hereunder. No such subcontract, agreement or understanding shall discharge Bank from its obligations hereunder. 

7.2 The Bank shall be entitled to conclusively rely upon any written or oral instruction actually received by the Bank and reasonably believed
by the Bank to be duly authorized and delivered. The Trust agrees to forward to the Bank written instructions confirming oral instructions by the close of business of the same day that such oral instructions are given to the Bank. The Trust agrees
that the fact that such confirming written instructions are not received or that contrary written instructions are received by the Bank shall in no way affect the validity or enforceability of transactions authorized by such oral instructions and
effected by the Bank. If the Trust elects to transmit written instructions through an on-line communication system offered by the Bank, Trust’s use thereof shall be subject to the applicable terms and conditions. 

7.3 The Bank shall establish and maintain a disaster recovery plan and back-up system satisfying the requirements of its regulators (the
“Disaster Recovery Plan and Back-Up System”). The Bank shall not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by
circumstances beyond its control which are not a result of its gross negligence, including without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruption, loss or
malfunctions of transportation, computer (hardware or software) or communication services; labor disputes; acts of civil or military authority; governmental actions; or inability to obtain labor, material, equipment or transportation, provided that
the Bank has established and is maintaining the Disaster Recovery Plan and Back-Up System, or if not, that such delay or failure would have occurred even if the Bank had established and was maintaining the Disaster Recovery Plan and Back-Up System.
Upon the occurrence of any such delay or failure the Bank shall use commercially reasonable best efforts to resume performance as soon as practicable under the circumstances. 

7.4 The Bank shall have no duties or responsibilities whatsoever except such duties and responsibilities as are specifically set forth in this
Agreement and the Participation Agreement, and no covenant or obligation shall be implied against the Bank in connection with this Agreement, except as set forth in this Agreement and the Participation Agreement. 

7.5 At any time the Bank may apply to an officer of the Trust, but is not obligated to do so, for written instructions with respect to any
matter arising in connection with the Bank’s duties and obligations under this Agreement, and the Bank, its agents, and subcontractors shall not be liable for any action taken or omitted to be taken in good faith in accordance with such
instructions. Such application by the Bank for instructions from an officer of the Trust may, at the option of the Bank, set forth in writing any action proposed to be taken or omitted to be taken by the Bank with respect to its duties or
obligations under this Agreement and the date on and/or after which such action shall be taken, and the Bank shall not be liable for any action taken or omitted to be taken in accordance with a proposal included in any such application on or after
the date specified therein unless, prior to taking or omitting to 

  
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 take any such action, the Bank has received written or oral instructions in response to such application specifying the
action to be taken or omitted. In connection with the foregoing, the Bank may consult with legal counsel of its own choosing, but is not obligated to do so, and advise the Trust if any instructions provided by the Trust at the request of the Bank
pursuant to this Article or otherwise would, to the Bank’s knowledge, cause the Bank to take any action or omit to take any action contrary to any law, rule, regulation or commercially reasonable practice for similarly situated service
providers. In the event a situation or circumstance arises whereby the Bank adopts a course of conduct in reliance upon written legal advice it has received (which need not be a formal opinion of counsel) and the course of conduct is not identical
to the course of conduct contained in the instructions received from the Trust, the Bank may rely upon and follow the written legal advice without liability hereunder provided it (i) otherwise acts in compliance with this Agreement and
(ii) provides advance written notification to the Trust at least 10 business days prior to taking any action pursuant to such legal advice. 

7.6 The Bank, its agents and subcontractors may act upon any paper or document, reasonably believed to be genuine and to have been signed by
the proper person or persons, or upon any instruction, information, data, records or documents provided to the Bank or its agents or subcontractors by or on behalf of the Trust by machine readable input, telex, CRT data entry or other similar means
authorized by the Trust, and shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof from the Trust. 

7.7 The Bank shall retain title to and ownership of any and all data bases, computer programs, screen formats, report formats, interactive
design techniques, derivative works, inventions, discoveries, patentable or copyrightable matters, concepts, expertise, patents, copyrights, trade secrets, and other related legal rights utilized by the Bank in connection with the services provided
by the Bank hereunder. Notwithstanding the foregoing, the parties hereto acknowledge that the Trust shall retain all ownership rights in Trust data residing on the Bank’s electronic system. 

7.8 Notwithstanding any provisions of this Agreement to the contrary, the Bank shall be under no duty or obligation to inquire into, and shall
not be liable for: 
 (a) The legality of the issue, sale or transfer of any Shares, the sufficiency of the amount to be received in
connection therewith, or the authority of the Trust to request such issuance, sale or transfer; 
 (b) The legality of the purchase of any
Shares, the sufficiency of the amount to be paid in connection therewith, or the authority of the Trust to request such purchase; 
 (c) The
legality of the declaration of any dividend by the Trust, or the legality of the issue of any Shares in payment of any stock dividend; or 

(d) The legality of any recapitalization or readjustment of the Shares. 

8. Providing of Documents by the Trust and Transfers of Shares 

8.1 The Trust shall promptly furnish to the Bank with a copy of its Declaration of Trust and all amendments thereto. 

8.2 In the event that DTC ceases to be the Shareholder, the Bank shall re-register the Shares in the name of the successor to DTC as
Shareholder upon receipt by the Bank of such documentation and assurances as it may reasonably require. 

  
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 8.3 The Bank shall have no responsibility whatsoever with respect to of any beneficial interest in any of
the Shares owned by the Shareholder. 
 8.4 The Trust shall deliver to the Bank the following documents on or before the effective date of
any increase, decrease or other change in the total number of Shares authorized to be issued: 
 (a) A certified copy of the amendment to
the Trust’s Declaration of Trust with respect to such increase, decrease or change; and 
 (b) An opinion of counsel for the Trust, in a
form satisfactory to the Bank, with respect to (i) the validity of the Shares, the obtaining of all necessary governmental consents, whether such Shares are fully paid and non-assessable and the status of such Shares under the Securities Act of
1933, as amended, and any other applicable federal law or regulations (i.e., if subject to registration, that they have been registered and that the Registration Statement has become effective or, if exempt, the specific grounds therefore),
(ii) the status of the Trust with regard to the 1940 Act, and (iii) the due and proper listing of the Shares on all applicable securities exchanges. 

8.5 Prior to the issuance of any additional Shares pursuant to stock splits or otherwise, and prior to any reduction in the number of Shares
outstanding, the Trust shall deliver to the Bank: 
 (a) A certified copy of the order or consent of each governmental or regulatory
authority required by law as a prerequisite to the issuance or reduction of such Shares, as the case may be, and an opinion of counsel for the Trust that no other order or consent is required; and 

(b) An opinion of counsel for the Trust, in a form satisfactory to the Bank, with respect to (i) the validity of the Shares, the obtaining
of all necessary governmental consents, whether such Shares are fully paid and non-assessable and the status of such Shares under the Securities Act of 1933, as amended, and any other applicable federal law or regulations (i.e., if subject to
registration, that they have been registered and that the Registration Statement has become effective or, if exempt, the specific grounds therefore), (ii) the status of the Trust with regard to the 1940 Act, and (iii) the due and proper
listing of the Shares on all applicable securities exchanges. 
 8.6 The Bank and the Trust agree that all books, records, confidential,
non-public, or proprietary information and data pertaining to the business of the other party which are exchanged or received pursuant to the negotiation or the carrying out of this Agreement shall remain confidential, and shall not be voluntarily
disclosed to any person other than its auditors, accountants, regulators, employees, agents, attorneys-in-fact or counsel to the extent reasonably necessary to perform its duties and obligations under this Agreement and provide the services
contemplated by this Agreement, except as may be, or may become required by law, by administrative or judicial order or by rule. To the extent that a party delegates any duties and responsibilities under this Agreement to an agent or other
subcontractor, such agent and subcontractor shall be contractually bound to confidentiality terms consistent with the terms of this Section 8.6. The foregoing confidentiality obligation shall not apply to any information to the extent:
(i) it is already known to the receiving party at the time it is obtained; (ii) it is or becomes publicly known or available through no wrongful act of the receiving party: (iii) it is rightfully received from a third party who, to
the receiving party’s knowledge, is not under a duty of confidentiality; (iv) it is released by the protected party to a third party without restriction; or (v) it has been or is independently developed or obtained by the receiving
party without reference to the information provided by the protected party. 
 8.7 In case of any requests or demands for the inspection of
the Shareholder records of the Trust, the Bank will promptly notify the Trust and secure instructions from an authorized officer of the Trust as to such inspection. The Bank reserves the right, however, to exhibit the Shareholder records to any
person whenever it is advised by its counsel that it may be held liable for the failure to exhibit the Shareholder records to such person. 

  
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 9. Termination of Agreement 

9.1 The term of this Agreement shall be two years commencing upon the date hereof (the “Initial Term”) and shall automatically renew
for additional one-year terms (each a “Subsequent Term”) unless either party provides written notice of termination at least sixty (60) days prior to the end of the Initial Term or any Subsequent Term or, unless earlier terminated as
provided below: 
 (a) Either party hereto may terminate this Agreement prior to the expiration of the Initial Term in the event the other
party breaches any material provision of this Agreement, including, without limitation in the case of the Trust, its obligations under Section 2.1, provided that the non-breaching party gives written notice of such breach to the breaching party
and the breaching party does not cure such violation within 90 days of receipt of such notice. 
 (b) Either party hereto may terminate this
Agreement immediately by sending notice thereof to the other party upon the happening of any of the following: (i) a party commences as debtor any case or proceeding under any bankruptcy, insolvency or similar law, or there is commenced against
such party any such case or proceeding; (ii) a party commences as debtor any case or proceeding seeking the appointment of a receiver, conservator, trustee, custodian or similar official for such party or any substantial part of its property or
there is commenced against the party any such case or proceeding; (iii) a party makes a general assignment for the benefit of creditors; or (iv) a party states in any medium, written, electronic or otherwise, any public communication or in
any other public manner its inability to pay debts as they come due. Either party hereto may exercise its termination right under this Section 9.1(b) at any time after the occurrence of any of the foregoing events notwithstanding that such
event may cease to be continuing prior to such exercise, and any delay in exercising this right shall not be construed as a waiver or other extinguishment of that right. Any exercise by either party of its termination right under this
Section 9(b) shall be without any prejudice to any other remedies or rights available to such party and shall not be subject to any fee or penalty, whether monetary or equitable. Notwithstanding the provisions of Section 18, notice of
termination under this Section 9.1(d) shall be considered given and effective when given, not when received. 
 9.2 Should the Trust
exercise its right to terminate this Agreement or this Agreement expires, where such termination or expiration has not been caused by the default of the Bank, all
out-of-pocket expenses associated with the movement of records and material will be borne by the Trust. 

9.3 The terms of Article 2 (with respect to fees and expenses incurred prior to termination), Article 5 and Article 6 shall survive any
termination of this Agreement. 
 10. Additional Series 

In the event that the Trust establishes one or more additional series of Shares with respect to which it desires to have the Bank render
services as transfer agent under the terms hereof, it shall so notify the Bank in writing, and if the Bank agrees in writing to provide such services, such additional issuance shall become Shares hereunder. 

  
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 11. Assignment 

11.1 Neither this Agreement nor any rights or obligations hereunder may be assigned by either party without the written consent of the other
party; provided, however, either party may assign this Agreement to a party controlling, controlled by or under common control with it. 

11.2 This Agreement shall inure to the benefit of and be binding upon the parties and their respective permitted successors and assigns. 

12. Severability and Beneficiaries 
 12.1
In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, the legality and enforceability of the remaining provisions shall not in any way be affected thereby provided
obligation of the Trust to pay is conditioned upon provision of services. 
 12.2 This Agreement is solely for the benefit of the Bank and
the Trust, and none of any Participant (as defined in the Participation Agreement), the Distributor, any Shareholder or beneficial owner of any Shares shall be or be deemed a third party beneficiary of this Agreement. 

13. Amendment 
 This Agreement may be
amended or modified by a written agreement executed by both parties. 
 14. New York Law to Apply 

This Agreement shall be construed in accordance with the substantive laws of the State of New York, without regard to conflicts of laws
principles thereof. The Trust and the Bank hereby consent to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder. The Trust hereby irrevocably waives, to the fullest
extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such proceeding brought in such a court and any claim that such proceeding brought in such a court has been brought in an inconvenient
forum. The Trust and the Bank each hereby irrevocably waives any and all rights to trial by jury in any legal proceeding arising out of or relating to this Agreement. 

15. Merger of Agreement 
 This Agreement
constitutes the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter hereof whether oral or written. 

  
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 16. Notices 

All notices and other communications as required or permitted hereunder shall be in writing and sent by first class mail, postage prepaid,
addressed as follows or to such other address or addresses of which the respective party shall have notified the other. 
 If to the Bank:

 The Bank of New York Mellon 

2 Hanson Place 
 Brooklyn, NY
11217 
 Attention: ETF Operations 

with a copy to: 
 The Bank of New
York Mellon 
 One Wall Street 

New York, New York 10286 

Attention: Legal Dept. – Asset Servicing 

If to the Trust: 
 Grayscale
Investments, LLC 
 636 Avenue of the Americas, 3rd Floor 

New York, New York 10011 
 Attn:
Bitcoin Investment Trust 

  
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 17. Information Sharing 

The Bank of New York Mellon Corporation is a global financial organization that provides services to clients through its affiliates and
subsidiaries in multiple jurisdictions (the “BNY Mellon Group”). The BNY Mellon Group may centralize functions including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management,
storage, compilation and analysis of customer-related data, and other functions (the “Centralized Functions”) in one or more affiliates, subsidiaries and third-party service providers. Solely in connection with the Centralized Functions,
(i) the Trust consents to the disclosure of and authorizes the Bank to disclose information regarding the Trust (“Customer-Related Data”) to the BNY Mellon Group and to its third-party service providers who are subject to
confidentiality obligations with respect to such information and (ii) the Bank may store the names and business contact information of the Trust’s employees and representatives on the systems or in the records of the BNY Mellon Group or
its service providers. The BNY Mellon Group may aggregate Customer-Related Data with other data collected and/or calculated by the BNY Mellon Group, and notwithstanding anything in this Agreement to the contrary the BNY Mellon Group will own all
such aggregated data, provided that the BNY Mellon Group shall not distribute the aggregated data in a format that identifies Customer-Related Data with a particular customer. The Trust confirms that it is authorized to consent to the foregoing.

 18. Counterparts 
 This Agreement
may be executed by the parties hereto in any number of counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 

[Signature page follows.] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their names and on
their behalf by and through their duly authorized officers, as of the latest date set forth below. 
  

			
	BITCOIN INVESTMENT TRUST
	By: Grayscale Investments, LLC
		
	By:	 	/s/ Barry Silbert
		 	 Name:  Barry Silbert

		 	 Title     Chief Executive Officer

		
		 	 Date:    3/7/2017



  

			
	THE BANK OF NEW YORK MELLON
		
	By:	 	/s/ Stephen Cook
		 	 Name:  Stephen Cook

		 	 Title:    Managing Director

		
		 	 Date:    3/6/2017




  
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 SCHEDULE A 

Books And Records To Be Maintained By The Bank 

Source Documents requesting Creations and Redemptions 

Correspondence/AP Inquiries 
 Reconciliations, bank statements,
copies of canceled checks, cash proofs 
 Daily/Monthly reconciliation of outstanding Shares between the Trust and DTC 

Dividend Records 
 Year-end Statements and Tax Forms 

  
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 EXHIBIT A 

Form of Authorized Participant Agreement 

  
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