# EDGAR Filing Document

**Accession Number:** 0002103612
**File Stem:** 0001104659-26-029738
**Filing Date:** 2026-3
**Character Count:** 1553548
**Document Hash:** 3efaba9c32b28476af74a30f52d27735
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-029738.hdr.sgml**: 20260318

**ACCESSION NUMBER**: 0001104659-26-029738

**CONFORMED SUBMISSION TYPE**: S-1/A

**PUBLIC DOCUMENT COUNT**: 54

**FILED AS OF DATE**: 20260318

**DATE AS OF CHANGE**: 20260317

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morgan Stanley Bitcoin Trust
- **CENTRAL INDEX KEY:** 0002103612
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292586
- **FILM NUMBER:** 26764552

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212-761-4000

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

[**TABLE OF CONTENTS**](#TOC)

#### As filed with the Securities and Exchange Commission on March 17, 2026.

#### Registration No. 333-292586

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549

#### Amendment No. 2 to

### FORM S-1

#### REGISTRATION STATEMENT

#### UNDER THE SECURITIES ACT OF 1933

### MORGAN STANLEY BITCOIN TRUST
(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** <br> (State or other jurisdiction of <br> incorporation or organization)  | **6221** <br> (Primary Standard <br> Industrial Classification <br> Code Number)  | **32-6833090** <br> (I.R.S. Employer <br> Identification Number)  |

---

#### 1585 Broadway New York, New York 10036 (212) 761-4000
(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

#### c/o Morgan Stanley Investment Management Inc. 1585 Broadway New York, New York 10036 (212) 761-4000
(Address, including zip code, and telephone number, including area code, of agent for service)

#### Copy to:

#### Allison M. Fumai, Esq. Anna Tomczyk, Esq. James Catano, Esq. Dechert LLP 1095 Avenue of the Americas New York, New York 10036 (212) 698-3526
***Approximate date of commencement of proposed sale to the public****:* As soon as practicable after the effective date of this Registration Statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box: ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act of 1933, please check the following box and list the Securities Act of 1933 registration statement number of the earlier effective registration statement for the same offering: ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act of 1933, check the following box and list the Securities Act of 1933 registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act of 1933, check the following box and list the Securities Act of 1933 registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "non-accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Securities and Exchange Act of 1934.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act of 1933. ☐

 **The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.** 

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The information in this Preliminary Prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Preliminary Prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

#### Subject to Completion Dated March 17, 2026

#### PRELIMINARY PROSPECTUS

### Shares

### Morgan Stanley Bitcoin Trust
The Morgan Stanley Bitcoin Trust (the "Trust") is an exchange-traded fund that issues common shares of beneficial interest (the "Shares") that are anticipated to be listed on NYSE Arca, Inc. (the "Exchange"). The Trust is a passive investment vehicle that does not seek to generate returns beyond tracking the price of bitcoin. This means the Delegated Sponsor does not speculatively sell bitcoin at times when its price is high or speculatively acquire bitcoin at low prices in the expectation of future price increases. It also means the Trust will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective. The Trust's investment objective is to seek to track the performance of bitcoin, as measured by the performance of the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate (the "Pricing Benchmark"), adjusted for the Trust's expenses and other liabilities. The Pricing Benchmark is calculated by CoinDesk Indices, Inc. (the "Benchmark Provider") based on an aggregation of executed trade flow of major bitcoin spot exchanges ("Constituent Exchanges"). The Pricing Benchmark is designed to reflect the performance of bitcoin in U.S. dollars. In seeking to achieve its investment objective, the Trust will hold bitcoin and will value its Shares daily based on the Pricing Benchmark.

Morgan Stanley Investment Management Inc. (the "Delegated Sponsor") is the delegated sponsor of the Trust, CSC Delaware Trust Company, a Delaware trust company (the "DE Trustee") and AGS Trustees Limited, a company incorporated in the Cayman Islands with limited liability and registered with the Cayman Islands Monetary Authority (the "Cayman Trustee") are the trustees of the Trust (the DE trustee and the Cayman Trustee, each individually a "Trustee" and together the "Trustees"). The Cayman Trustee is a wholly owned controlled subsidiary of Appleby Global Services (Cayman) Limited, also a company incorporated in the Cayman Islands with limited liability, which holds a Full Mutual Fund Administrator and Trust license with the Cayman Islands Monetary Authority. Each of the Cayman Trustee and Appleby Global Services (Cayman) Limited is a regulated entity in the Cayman Islands. The Bank of New York Mellon ("BNY") and Coinbase Custody Trust Company, LLC (the "Coinbase Custodian" and together with BNY, the "Bitcoin Custodians") are the bitcoin custodians for the Trust and will hold all of the Trust's bitcoin on the Trust's behalf (the custodial services agreements with each of the Bitcoin Custodians are collectively referred to herein as the "Custodial Services Agreements"). The Cayman Trustee has delegated substantially all day-to-day management and operational duties to the Delegated Sponsor pursuant to (i) a Trustee Services Agreement dated [•], 2026 (the "Trustee Services Agreement") and (ii) a Delegation of Trustee Duties Agreement dated [•], 2026 (the "Delegation Agreement" and together with the Trustee Services Agreement, the "Appleby Agreements"), subject to certain limitations, as more fully described under "Duties of the Delegated Sponsor and the Trustees".

The Trust is an exchange-traded fund. Barring a liquidation or extraordinary circumstances, the Trust does not intend on purchasing or selling bitcoin other than in connection with the creation and redemption of Shares. The Delegated Sponsor may also sell bitcoin to pay certain expenses, which may be facilitated by the Prime Broker or any other prime brokers with whom the Trust contracts.

When the Trust sells or redeems its Shares, bitcoin will be transferred into or out of the Trust, as applicable, in exchange for blocks of 10,000 Shares (a "Basket") that are based on the quantity of bitcoin attributable to each Share of the Trust (net of accrued but unpaid Delegated Sponsor Fees and any accrued but unpaid extraordinary expenses or liabilities).

Financial firms that are authorized to purchase Shares from or redeem Shares to the Trust (known as "Authorized Participants") may purchase Shares in cash by depositing cash in the Trust's account with the Cash Custodian. This will cause the Delegated Sponsor, on behalf of the Trust, to automatically instruct a designated third party, who is not an Authorized Participant but who may be an affiliate of an Authorized Participant and with whom the Delegated Sponsor has entered into an agreement on behalf of the Trust (each such third party, or the Prime Broker or the Lender, as applicable, a "Bitcoin Counterparty"), to (i) purchase the amount of bitcoin equivalent in value to the cash deposit amount associated with the order and (ii) deposit the resulting bitcoin amount in the Trust's account with the Bitcoin Custodians, resulting in the Transfer Agent crediting the applicable amount of Shares to the Authorized Participant. Authorized Participants may also purchase Shares in-kind. To purchase Shares in-kind, an Authorized Participant delivers, or arranges for the delivery by the Authorized Participant's designated agent of, bitcoin to the Trust's account with the Bitcoin Custodians in exchange for Shares.

When such an Authorized Participant redeems its Shares in cash, the Delegated Sponsor, on behalf of the Trust will direct the Bitcoin Custodian to transfer bitcoin to a Bitcoin Counterparty, who will sell the bitcoin to be executed, in the Delegated Sponsor's reasonable efforts, at the Pricing Benchmark price used by the Trust to calculate the Trust's net asset value ("NAV"), taking into account any spread, commissions, or other trading costs and deposit the cash proceeds of such sale in the Trust's account with the Cash Custodian for settlement with the Authorized Participant. Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on a cash equivalent basis, will be the responsibility of the Authorized Participant and not of the Trust or Delegated Sponsor. Authorized Participants may also redeem Shares in-kind. When such an Authorized Participant redeems Shares in-kind, the Trust, through the Bitcoin Custodians, will deliver bitcoin to the Authorized Participant, or a designated agent or client thereof, in exchange for its Shares.

The Bitcoin Counterparty is a designated third party with whom the Delegated Sponsor has entered into an agreement on behalf of the Trust that will deliver, receive or convert to U.S. dollars the bitcoin related to the Authorized Participant's cash creation or redemption orders. As part of this process, the Delegated Sponsor assesses Bitcoin Counterparty candidates against various criteria, including those relating to candidates' (1) financial standing, (2) reputation, (3) settlement history with the Delegated Sponsor, and (4) their regulatory oversight. The Trust will create Shares by receiving bitcoin from a Bitcoin

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Counterparty that is not the Authorized Participant, and the Trust — not the Authorized Participant — is responsible for selecting the Bitcoin Counterparty to deliver the bitcoin. Further, the Bitcoin Counterparty will not be acting as an agent of the Authorized Participant with respect to the delivery of the bitcoin to the Trust or acting at the direction of the Authorized Participant with respect to the delivery of the bitcoin to the Trust.

Authorized Participants may then offer Shares to the public at prices that depend on various factors, including the supply and demand for Shares, the value of the Trust's assets, and market conditions at the time of a transaction. Shareholders who buy or sell Shares during the day from their broker on the secondary market may do so at a premium or discount relative to the NAV of the Shares of the Trust.

 *Except when aggregated in Baskets, Shares are not redeemable securities. Baskets are only redeemable by Authorized Participants.* 

On March 13, 2026, the Pricing Benchmark was approximately $71,186.

The Delegated Sponsor served as the Audit Seed Investor to the Trust. On March 9, 2026, the Delegated Sponsor, in its capacity as Audit Seed Investor, subject to conditions, purchased Seed Creation Baskets comprising 2 Shares at a per-Share price of $50 as described in "Audit Seed/Initial Seed Creation Investor/Selling Shareholder." Total proceeds to the Trust from the sale of these Seed Creation Baskets were $100. Delivery of the Seed Creation Baskets was made on March 9, 2026. These Seed Creation Baskets will be redeemed for cash prior to the effectiveness of the registration statement that this prospectus forms a part.

In connection with the initial listing of the Shares on the Exchange, we expect the Delegated Sponsor to purchase the initial seed creation baskets comprising 50,000 Shares ("Initial Seed Creation Baskets"). In this capacity, the Initial Seed Creation Investor will act as a statutory underwriter in connection with this purchase. The total proceeds to the Trust from the sale of the Initial Seed Creation Baskets are anticipated to be $1 million. Prior to the listing of the Shares on the Exchange, the Trust expects to purchase bitcoin with the proceeds of the Initial Seed Creation Baskets by transacting with a Bitcoin Counterparty to acquire bitcoin on behalf of the Trust in exchange for cash provided by the Initial Seed Creation Investor. The bitcoin acquired in connection with the Initial Seed Creation Baskets will be held by the Bitcoin Custodians. The price of the Shares comprising the Initial Seed Creation Baskets will be determined as of the effective date of the registration statement of which this Prospectus forms a part as described in this Prospectus, and such Shares could be sold at different prices if sold by the Initial Seed Creation Investor at different times. It is anticipated that the Initial Seed Creation Investor may redeem its Shares or sell its Shares to a third party in the weeks following the initial listing of Shares on the Exchange.

The Initial Seed Creation Investor may sell some or all of its Shares pursuant to the registration statement of which this Prospectus forms a part (in such capacity, the "Selling Shareholder"), which Shares will have been registered to permit the resale from time to time after purchase. The Trust will not receive any of the proceeds from the resale or redemption by the Selling Shareholder of these Shares. The Delegated Sponsor will not receive from the Trust or any of its affiliates any fee or other compensation in connection with the resale of these Shares.

Shareholders who decide to buy or sell Shares of the Trust will place their trade orders through their brokers and will incur customary brokerage commissions and charges. Prior to this offering, there has been no public market for the Shares. The Shares are expected to be listed for trading, subject to notice of issuance, on the Exchange under the ticker symbol "MSBT."

The offering of an indeterminate amount of the Trust's Shares is registered with the Securities and Exchange Commission (the "SEC") in accordance with the Securities Act of 1933, as amended (the "1933 Act"). The offering is intended to be a continuous offering and is not expected to terminate until three years from the date of the original offering, unless extended as permitted by applicable rules under the 1933 Act. The Trust is not an investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and is not subject to regulation under the 1940 Act. Investors in the Trust will not, therefore, receive the regulatory protections afforded by investment companies registered under the 1940 Act. The Delegated Sponsor is not acting in the capacity of an "Investment Adviser" (as defined in Section 202(a)(11) of the Investment Advisers Act of 1940, as amended (the "Advisers Act")), the Delegated Sponsor's provision of services to the Trust will not be governed by the Advisers Act, and the Delegated Sponsor is not subject to a fiduciary standard of care. The Trust is not a commodity pool for purposes of the Commodity Exchange Act of 1936, as amended (the "CEA"), and the Delegated Sponsor is not subject to regulation by the Commodity Futures Trading Commission (the "CFTC") as a commodity pool operator or a commodity trading advisor. The Trust's Shares are neither interests in nor obligations of the Delegated Sponsor or the Trustees. Shareholders in the Trust will not benefit from the protections afforded to investors in bitcoin futures contracts on regulated futures markets.

 **AN INVESTMENT IN THE TRUST INVOLVES SIGNIFICANT RISKS AND MAY NOT BE SUITABLE FOR SHAREHOLDERS WHO ARE NOT IN A POSITION TO ACCEPT MORE RISK THAN MAY BE INVOLVED WITH EXCHANGE-TRADED PRODUCTS THAT DO NOT HOLD BITCOIN. THE SHARES ARE SPECULATIVE SECURITIES. THEIR PURCHASE INVOLVES A HIGH DEGREE OF RISK AND YOU COULD LOSE YOUR ENTIRE INVESTMENT. YOU SHOULD CONSIDER ALL RISK FACTORS BEFORE INVESTING IN THE TRUST. PLEASE REFER TO "<u>RISK FACTORS</u>" BEGINNING ON PAGE [14](#tRIFA).** 

 **NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OFFERED IN THIS PROSPECTUS, OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.** 

 **THE TRUST IS AN "EMERGING GROWTH COMPANY" AS THAT TERM IS USED IN THE JUMPSTART OUR BUSINESS STARTUPS ACT (THE "JOBS ACT") AND, AS SUCH, MAY ELECT TO COMPLY WITH CERTAIN REDUCED REPORTING REQUIREMENTS.** 

#### The date of this Prospectus is March 17, 2026.

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
| | **Page**  |
| [STATEMENT REGARDING FORWARD-LOOKING STATEMENTS](#tSRFS)  | [ii](#tSRFS) |
| [PROSPECTUS SUMMARY](#tPRSU)  | [1](#tPRSU) |
| [RISK FACTORS](#tRIFA)  | [14](#tRIFA) |
| [BITCOIN, BITCOIN MARKETS AND REGULATION OF BITCOIN](#tBBMA)  | [61](#tBBMA) |
| [THE TRUST AND BITCOIN PRICES](#tTTAB)  | [66](#tTTAB) |
| [NAV DETERMINATIONS](#tNADE)  | [69](#tNADE) |
| [ADDITIONAL INFORMATION ABOUT THE TRUST](#tAIAT)  | [72](#tAIAT) |
| [THE TRUST'S SERVICE PROVIDERS](#tTTSP)  | [77](#tTTSP) |
| [CUSTODY OF THE TRUST'S ASSETS](#tCOTT)  | [79](#tCOTT) |
| [PRIME BROKER](#tPRBR)  | [83](#tPRBR) |
| [FORM OF SHARES](#tFOS)  | [86](#tFOS) |
| [TRANSFER OF SHARES](#tTOS)  | [87](#tTOS) |
| [AUDIT SEED/INITIAL SEED CREATION INVESTOR/SELLING SHAREHOLDER](#tASSC)  | [87](#tASSC) |
| [PLAN OF DISTRIBUTION](#tPOD)  | [88](#tPOD) |
| [CREATION AND REDEMPTION OF SHARES](#tCARO)  | [89](#tCARO) |
| [USE OF PROCEEDS](#tUOP)  | [97](#tUOP) |
| [OWNERSHIP OF BENEFICIAL INTEREST IN THE TRUST](#tOOBI)  | [97](#tOOBI) |
| [CONFLICTS OF INTEREST](#tCOI)  | [97](#tCOI) |
| [DUTIES OF THE DELEGATED SPONSOR AND THE TRUSTEES](#tDOTS)  | [100](#tDOTS) |
| [LIABILITY AND INDEMNIFICATION](#tLAI)  | [102](#tLAI) |
| [PROVISIONS OF LAW](#tPOL)  | [105](#tPOL) |
| [MANAGEMENT; VOTING BY SHAREHOLDERS](#tMVBS)  | [105](#tMVBS) |
| [BOOKS AND RECORDS](#tBAR)  | [107](#tBAR) |
| [STATEMENTS, FILINGS, AND REPORTS TO SHAREHOLDERS](#tSFAR)  | [108](#tSFAR) |
| [FISCAL YEAR](#tFIYE)  | [108](#tFIYE) |
| [GOVERNING LAW; CONSENT TO DELAWARE JURISDICTION](#tGLCT)  | [108](#tGLCT) |
| [LEGAL MATTERS](#tLEMA)  | [109](#tLEMA) |
| [EXPERTS](#tEXP)  | [109](#tEXP) |
| [OTHER MATERIAL CONTRACTS](#tOMC)  | [110](#tOMC) |
| [UNITED STATES FEDERAL INCOME TAX CONSEQUENCES](#tUSFI)  | [117](#tUSFI) |
| [PURCHASES BY EMPLOYEE BENEFIT PLANS](#tPBEB)  | [121](#tPBEB) |
| [INFORMATION YOU SHOULD KNOW](#tIYSK)  | [122](#tIYSK) |
| [SUMMARY OF PROMOTIONAL AND SALES MATERIAL](#tSOPA)  | [123](#tSOPA) |
| [INTELLECTUAL PROPERTY](#tINPR)  | [123](#tINPR) |
| [WHERE YOU CAN FIND MORE INFORMATION](#tWYCF)  | [123](#tWYCF) |
| [PRIVACY POLICY](#tPRPO)  | [123](#tPRPO) |
| [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#tRIR1)  | [F-1](#tRIR1) |
| [APPENDIX A GLOSSARY OF DEFINED TERMS](#tAPPEA)  | [A-1](#tAPPEA)  |
| [PART II INFORMATION NOT REQUIRED IN PROSPECTUS](#tPINR)  | [II-1](#tPINR) |

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This Prospectus contains information you should consider when making an investment decision about the Shares of the Trust. You may rely on the information contained in this Prospectus. The Trust and the Delegated Sponsor have not authorized any person to provide you with different information and, if anyone provides you with different or inconsistent information, you should not rely on it. This Prospectus is not an offer to sell the Shares in any jurisdiction where the offer or sale of the Shares is not permitted.

The Shares of the Trust are not registered for public sale in any jurisdiction other than the United States.

Until 25 calendar days after the date of this Prospectus, all dealers effecting transactions in the Shares, whether or not participating in this offering, may be required to deliver a prospectus. This requirement is in addition to the dealer's obligation to deliver a prospectus when acting as underwriters and with respect to unsold allotments or subscriptions.

#### STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This Prospectus includes "forward-looking statements" that generally relate to future events or future performance. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "potential" or the negative of these terms or other comparable terminology. All statements (other than statements of historical fact) included in this Prospectus that address activities, events or developments that will or may occur in the future, including such matters as movements in the digital asset markets and indexes that track such movements, the Trust's operations, the Delegated Sponsor's plans and references to the Trust's future success and other similar matters, are forward-looking statements. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses the Delegated Sponsor has made based on its perception of historical trends, current conditions and expected future developments, as well as other factors appropriate in the circumstances.

Whether or not actual results and developments will conform to the Delegated Sponsor's expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed in this Prospectus, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. Consequently, all the forward-looking statements made in this Prospectus are qualified by these cautionary statements, and there can be no assurance that actual results or developments the Delegated Sponsor anticipates to occur will be realized or, even if substantially realized, that they will result in the expected consequences to, or have the expected effects on, the Trust's operations or the value of its Shares.

Should one or more of these risks discussed in "Risk Factors" or other uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those described in forward-looking statements. Forward-looking statements are made based on the Delegated Sponsor's beliefs, estimates and opinions on the date the statements are made, and neither the Trust nor the Delegated Sponsor is under a duty or undertakes an obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, other than as required by applicable laws. Investors are therefore cautioned against placing undue reliance on forward-looking statements.

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#### PROSPECTUS SUMMARY
 *This is only a summary of the Prospectus and, while it contains material information about the Trust and its Shares, it does not contain or summarize all of the information about the Trust and the Shares contained in this Prospectus that is material and/or which may be important to you. You should read this entire Prospectus before making an investment decision about the Shares.* 

 *See "Glossary of Defined Terms" for an explanation of certain industry and technical terms used in this Prospectus. As used below, "Bitcoin network" is used to describe the system as a whole that is involved in maintaining the ledger of bitcoin ownership and facilitating the transfer of bitcoin among parties. When referring to the digital asset within the Bitcoin network, "bitcoin" is written with a lower case "b."* 

#### Overview of the Trust
The Morgan Stanley Bitcoin Trust (the "Trust") is an exchange-traded fund that issues common shares of beneficial interest (the "Shares") that trade on NYSE Arca, Inc. (the "Exchange"). The Trust's investment objective is to seek to track the performance of bitcoin, as measured by the performance of the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate (the "Pricing Benchmark"), adjusted for the Trust's expenses and other liabilities. The Pricing Benchmark is calculated by CoinDesk Indices, Inc. (the "Benchmark Provider") based on an aggregation of executed trade flow of major bitcoin spot exchanges. The Pricing Benchmark is designed to reflect the performance of bitcoin in U.S. dollars. The Shares of the Trust are valued daily based on the Pricing Benchmark.

In seeking to achieve its investment objective, the Trust will hold bitcoin. The Delegated Sponsor of the Trust is Morgan Stanley Investment Management Inc. (the "Delegated Sponsor"), a wholly-owned subsidiary of Morgan Stanley.

The Trust does not provide investors with direct exposure to spot bitcoin, and an investment in the Trust is not a direct investment in bitcoin. Rather, the Trust provides investors with the opportunity to indirectly access the market for bitcoin through a traditional brokerage account without the potential barriers to entry or risks involved with holding or transferring bitcoin directly or acquiring it from a bitcoin spot market.

The Trust will custody its bitcoin at regulated third-party custodians, The Bank of New York Mellon ("BNY") and Coinbase Custody Trust Company, LLC (the "Coinbase Custodian" and together with BNY, the "Bitcoin Custodians"). The Bitcoin Custodians are chartered as a New York state bank, in the case of BNY, and as a New York state limited liability trust company, in the case of Coinbase Custodian. The Coinbase Custodian provides custody and trade execution services for digital assets, and BNY provides custody services for digital assets. The Bitcoin Custodians are not Federal Deposit Insurance Corporation ("FDIC")-insured but carry insurance provided by private insurance carriers. The Trust will not invest in derivatives. The Delegated Sponsor believes that the Shares are designed to provide investors with a cost-effective and convenient way to gain exposure to bitcoin without purchasing, holding and trading bitcoin directly.

#### Bitcoin and the Bitcoin Network
The "Bitcoin network" is a decentralized, open-source protocol of a peer-to-peer network. It is widely understood that no single entity owns or operates the Bitcoin network. Bitcoin is not issued by any government, banks or similar organizations. The infrastructure of the Bitcoin network is collectively maintained by a decentralized user base. The Bitcoin network is accessed through software, and software governs the creation, movement, and ownership of "bitcoin," the unit of account on the Bitcoin network ledger. The value of bitcoin is determined, in part, by the supply of, and demand for, bitcoin in the global markets for trading bitcoin, market expectations for the adoption of bitcoin as a decentralized store of value, the number of merchants and/or institutions that accept bitcoin as a form of payment and the volume of private end-user-to-end-user transactions.

Bitcoin transaction and ownership records are reflected on the "Bitcoin blockchain," which is a digital public record or ledger. Copies of this ledger are stored in a decentralized manner on the computers of each Bitcoin network node (a node is any user who maintains on their computer a full copy of all the bitcoin

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transaction records, the blockchain, as well as related software). Transaction data is permanently recorded in files called "blocks," which reflect transactions that have been recorded and authenticated by Bitcoin network participants. The Bitcoin network software source code includes protocols that govern the creation of new bitcoin and the cryptographic system that secures and verifies bitcoin transactions.

For more information on bitcoin and the Bitcoin network, see "Bitcoin, Bitcoin Markets and Regulation of Bitcoin" below.

#### The Trust's Investment Objective
The Trust's investment objective is to seek to track the performance of bitcoin, as measured by the Pricing Benchmark, adjusted for the Trust's expenses and other liabilities. In seeking to achieve its investment objective, the Trust will hold bitcoin and will value its Shares daily as of 4:00 p.m. ET based on the Pricing Benchmark.

Barring the liquidation of the Trust or extraordinary circumstances (including but not limited to, non-recurring expenses and costs of services performed by the Delegated Sponsor or a service provider on behalf of the Trust to protect the Trust or the interests of Shareholders, such as in connection with any fork of the Bitcoin blockchain, any indemnification of agents, service providers or counterparties of the Trust and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters), the Trust generally will not purchase or sell bitcoin, other than in connection with the creation or redemption of Shares. The Delegated Sponsor may also sell bitcoin to pay certain expenses, which may be facilitated by the Prime Broker or any other prime brokers with whom the Trust contracts.

#### Selling or Redeeming Shares
When the Trust sells or redeems its Shares, bitcoin will be transferred into or out of the Trust, as applicable, in exchange for a Basket that is based on the quantity of bitcoin attributable to each Share of the Trust (net of accrued but unpaid Delegated Sponsor Fees and any accrued but unpaid extraordinary expenses or liabilities).

Financial firms that are authorized to purchase Shares from or redeem Shares to the Trust (known as "Authorized Participants") may purchase Shares in cash by depositing cash in the Trust's account with the Cash Custodian. This will cause the Delegated Sponsor, on behalf of the Trust, to automatically instruct a designated third party, who is not an Authorized Participant but who may be an affiliate of an Authorized Participant and with whom the Delegated Sponsor has entered into an agreement on behalf of the Trust (each such third party, or the Prime Broker or Lender, as applicable, a "Bitcoin Counterparty"), to (i) purchase the amount of bitcoin equivalent in value to the cash deposit amount associated with the order and (ii) deposit the resulting bitcoin amount in the Trust's account with the Bitcoin Custodians, resulting in the Transfer Agent crediting the applicable amount of Shares to the Authorized Participant. Authorized Participants may also purchase Shares in-kind. To purchase Shares in-kind, an Authorized Participant delivers, or arranges for the delivery by the Authorized Participant's designated agent of, bitcoin to the Trust's account with the Bitcoin Custodians in exchange for Shares.

When such an Authorized Participant redeems its Shares in cash, the Delegated Sponsor, on behalf of the Trust will direct the Bitcoin Custodians to transfer bitcoin to the Bitcoin Counterparty, who will sell the bitcoin to be executed, in the Delegated Sponsor's reasonable efforts, at the Pricing Benchmark price used by the Trust to calculate the Trust's net asset value ("NAV"), taking into account any spread, commissions, or other trading costs and deposit the cash proceeds of such sale in the Trust's account with the Cash Custodian for settlement with the Authorized Participant. Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on a cash equivalent basis, will be the responsibility of the Authorized Participant and not of the Trust or Delegated Sponsor. Authorized Participants may also redeem Shares in-kind. When such an Authorized Participant redeems Shares in-kind, the Trust, through the Bitcoin Custodians, will deliver bitcoin to the Authorized Participant, or a designated agent thereof, in exchange for its Shares.

The Bitcoin Counterparty is a designated third party with whom the Delegated Sponsor has entered into an agreement on behalf of the Trust that will deliver, receive or convert to U.S. dollars the bitcoin

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related to the Authorized Participant's cash creation or redemption order. In connection with cash creation orders, the Trust will create Shares by receiving bitcoin from a Bitcoin Counterparty that is not the Authorized Participant, and the Trust — not the Authorized Participant — is responsible for selecting the Bitcoin Counterparty to deliver the bitcoin. Further, the Bitcoin Counterparty will not be acting as an agent of the Authorized Participant with respect to the delivery of the bitcoin to the Trust or acting at the direction of the Authorized Participant with respect to the delivery of the bitcoin to the Trust.

In connection with bitcoin cash redemption orders, the Trust will redeem Shares by delivering bitcoin to a Bitcoin Counterparty that is not the Authorized Participant, and the Trust — not the Authorized Participant — is responsible for selecting the Bitcoin Counterparty to receive the bitcoin. Further, the Bitcoin Counterparty will not be acting as an agent of the Authorized Participant with respect to the receipt of the bitcoin from the Trust.

As of the date of this Prospectus, the Authorized Participants are Virtu Americas LLC, Jane Street Capital, LLC and Macquarie Capital (USA) Inc. As of the date of this Prospectus, the Prime Broker, Coinbase, Inc., and the Lender, Coinbase Credit, Inc. serve as Bitcoin Counterparties, among others. The Trust and/or Delegated Sponsor will bear the expense and risk of delivery and ownership of bitcoin once such bitcoin has been received by the Bitcoin Custodians on behalf of the Trust and until transferred by the Bitcoin Custodians on behalf of the Trust to the Bitcoin Counterparty for conversion to cash.

All of the Trust's bitcoin will be held by the Bitcoin Custodians. The Transfer Agent will facilitate the processing of purchase and sale orders in Baskets to and from the Trust.

#### The CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate
The Pricing Benchmark was introduced on February 28, 2022. The Benchmark Provider is the administrator of the Pricing Benchmark. The Pricing Benchmark is calculated daily.

The Delegated Sponsor believes that the use of the Pricing Benchmark is reflective of a reasonable valuation of the average spot price of bitcoin. The Pricing Benchmark is derived from the CoinDesk Benchmark Rates, a set of reference rates used by the Benchmark Provider, that generally support the largest and most liquid digital assets and provide constituent pricing for the CoinDesk 20 family of indices and other multi- and single-asset products as needed.

CoinDesk Benchmark Rates source prices from a minimum of three exchanges and use USD and USD Coin denominated trading pairs. Volume data from the applicable exchanges is used as an input alongside the CoinDesk Benchmark Rates to produce a volume-weighted average price for the relevant digital asset. The Pricing Benchmark reflects a one-hour volume-weighted average price of the spot CoinDesk Benchmark Rates for single digital assets denominated in U.S. dollars.

The Pricing Benchmark is calculated at the top of each hour, with intermediate values published once every five seconds. The Pricing Benchmark utilizes an averaging look-back period, which resets at the beginning of each hour and accumulates on a rolling basis throughout the course of that hour. At the conclusion of each hour, the look-back period reflects a full 60-minute window of trading activity. Daily settlement rates are also published at 4pm London time, 4pmNew York time and other times as needed.

The Pricing Benchmark and its inputs are reviewed monthly and on an ad hoc basis as needed. The Benchmark Provider may discontinue the calculation and publication of the Pricing Benchmark if the underlying digital asset (in the case of the Pricing Benchmark, bitcoin) (i) s no longer used to support a multi-asset index or other single asset financial product; or (ii) fails to meet certain listing and liquidity requirements.

Pricing Benchmark data and the description of the Pricing Benchmark are based on information made publicly available by the Benchmark Provider on its website at https://indices.coindesk.com/documentation-and-governance. **<u>None of the information on the Benchmark Provider's website is incorporated by reference into this Prospectus.</u>** 

The Delegated Sponsor has entered into a licensing agreement with the Benchmark Provider to use the Pricing Benchmark. The Trust is entitled to use the Pricing Benchmark pursuant to a sub-licensing

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arrangement with the Delegated Sponsor. As the Pricing Benchmark is calculated as a price return, it currently does not track airdrops or forks involving bitcoin. Accordingly, the Trust will not participate in airdrops, as further described below in *"Risk factors — The inability to recognize the economic benefit of a 'fork' or an 'airdrop' could adversely impact an investment in the Trust."* 

#### Pricing Information Available on the Exchange and Other Sources
The current market price per Share (symbol: "MSBT") will be published continuously as trades occur throughout each trading day on the consolidated tape by market data vendors.

The intra-day indicative value per Share will be published by the Exchange once every 15 seconds throughout each trading day on the consolidated tape by market data vendors.

The intra-day indicative value per Share is calculated based on the Pricing Benchmark. The most recent end-of-day NAV will be published as of the close of business by market data vendors and will be available on the Delegated Sponsor's website at www.morganstanley.com/im or any successor thereto, and will be published on the consolidated tape. **<u>None of the information on the Delegated Sponsor's website is incorporated by reference into this Prospectus.</u>** 

Any adjustments made to the Pricing Benchmark will be published on the Benchmark Provider's website at https://indices.coindesk.com/documentation-and-governance or any successor thereto. **<u>None of the information on the Benchmark Provider's website is incorporated by reference into this Prospectus.</u>** 

The selection of exchanges for use in the Pricing Benchmark is based on the accessible venues where execution transactions for bitcoin will occur. The exchanges on which market participants primarily execute transactions for bitcoin may evolve from time to time, and the Benchmark Provider may make changes to the Constituent Exchanges comprising the Pricing Benchmark from time to time for this or other reasons. To the extent the Trust executes transactions for bitcoin, the exchanges on which the Trust executes transactions do not impact the Constituent Exchanges comprising the Pricing Benchmark. Although Constituent Exchanges are selected for inclusion within the Pricing Benchmark in accordance with specified criteria and eligibility standards, changes to the Constituent Exchanges may result in an impact on the pricing information reflected in the Pricing Benchmark. Once it has actual knowledge of material changes to the Constituent Exchanges used to calculate the Pricing Benchmark, the Trust will notify the owners of the beneficial interests of Shares in a prospectus supplement or in its periodic Exchange Act reports, as applicable, and on the Delegated Sponsor's website.

The Delegated Sponsor may, in its sole discretion as a delegate of the Cayman Trustee, change either the Pricing Benchmark or Benchmark Provider without Shareholder approval. Should such a change take place, the Trust will notify the owners of the beneficial interests of Shares in a prospectus supplement or in its periodic Exchange Act reports, as applicable, and on the Delegated Sponsor's website.

The intra-day levels and closing levels of the Pricing Benchmark are published by the Benchmark Provider, and the closing NAV is published by the Administrator.

The Shares are not issued, sponsored, endorsed, sold or promoted by the Exchange, and the Exchange makes no representation regarding the advisability of investing in the Shares.

The Benchmark Provider makes no warranty, express or implied, as to the results to be obtained by any person or entity from the use of the Pricing Benchmark for any purpose. Pricing Benchmark information and any other data calculated and/or disseminated, in whole or part, by the Benchmark Provider is for informational purposes only, not intended for trading purposes, and provided on an "as is" basis. The Benchmark Provider does not warrant that the Pricing Benchmark information will be uninterrupted or error-free, or that defects will be corrected. The Benchmark Provider also does not recommend or make any representation as to possible benefits from any securities or investments, or third-party products or services. Shareholders should undertake their own due diligence regarding securities and investment practices.

For more information on the Pricing Benchmark and the Benchmark Provider, *see "The Trust and Bitcoin Prices"* below.

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#### The Trust's Legal Structure
The Trust is a Delaware statutory trust, formed on December 16, 2025 pursuant to the Delaware Statutory Trust Act ("DSTA"). The Trust continuously issues Shares representing fractional undivided beneficial interest in, and ownership of, the Trust that may be purchased and sold on the Exchange. The Trust will operate pursuant to an Amended and Restated Trust Agreement (the "Trust Agreement"). CSC Delaware Trust Company, a Delaware trust company, is the Delaware trustee of the Trust (the "DE Trustee"). AGS Trustees Limited, a Cayman Islands limited liability company, also serves as a trustee to the Trust (the "Cayman Trustee"). The Cayman Trustee has delegated substantially all day-to-day management and operational duties to the Delegated Sponsor pursuant to a Delegation of Trustee Duties Agreement dated [•], 2026 and the Cayman Trustee has otherwise entered into a Trustee Services Agreement dated [•] 2026 (the "Trustee Services Agreement") (the "Delegation Agreement" and together with the Trustee Services Agreement, the "Appleby Agreements"), subject to certain limitations. For a complete description of the delegation structure, including the scope of the Delegated Duties, the Cayman Trustee's reserved powers and approval rights, and the non-delegable responsibilities of the Cayman Trustee, see "Duties of the Delegated Sponsor and the Trustees" below. The Delegated Sponsor is a corporation formed in the state of Delaware on September 19, 1980.

#### The Trust's Service Providers

#### The Delegated Sponsor
As a result of the delegation of duties from the Cayman Trustee pursuant to the Appleby Agreements, the Delegated Sponsor has operational authority over the Trust and is responsible for the management and administration of the Trust, including arranging for the creation of the Trust, ongoing registration of the Shares for their public offering in the United States and the listing of Shares on the Exchange. The delegated duties include, but are not limited to: entering into and maintaining contracts and agreements; establishing and maintaining accounts; causing legal title to Trust property to be held in the name of the Delegated Sponsor; appointing custodians and other service providers (subject to Cayman Trustee approval for custodians); maintaining control over custody accounts; depositing, withdrawing, paying, retaining and distributing Trust assets; supervising preparation of offering materials and amendments; paying or authorizing distributions and Trust expenses; arranging for and managing exchange listing of Shares; admitting additional sponsors; delegating duties to service providers; effecting provisions regarding forks and airdrops; and exercising sole discretion over issuance of Shares, share divisions and combinations, and related matters (collectively, the "Delegated Duties"). The Cayman Trustee retains oversight responsibilities, the duty to monitor the Delegated Sponsor's performance, approval rights over certain material transactions (including custodian appointments and changes to Trust preferences and powers), and ultimate fiduciary responsibility as set forth under the Trust Agreement.

#### The Trustees
The Trustees of the Trust are CSC Delaware Trust Company, a Delaware trust company (the "DE Trustee"), and AGS Trustees Limited, a Cayman Islands limited liability company (the "Cayman Trustee") and act as the trustees of the Trust as required to, among other things, create a Delaware statutory trust in accordance with the Trust's Declaration of Trust and the DSTA. The Cayman Trustee has delegated substantially all day-to-day management and operational duties to the Delegated Sponsor pursuant to the Appleby Agreements.

#### The Administrator
The Bank of New York Mellon serves as the Trust's administrator (the "Administrator"). The Administrator's principal address is 240 Greenwich Street, New York, New York 10286. Under the Fund Administration and Accounting Agreement, the Administrator provides necessary fund administration, tax and accounting services, including valuation and computation accounting services, and financial reporting for the maintenance and operations of the Trust. In addition, the Administrator makes available the office space, facilities, equipment and personnel required to provide such services.

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#### The Transfer Agent
The Bank of New York Mellon serves as the transfer agent for the Trust (the "Transfer Agent"). The Transfer Agent: (1) performs and facilitates the purchases and redemption of Shares of the Trust and prepares and transmits information with respect to such purchases and redemptions; (2) prepares and transmits payments for dividends and distributions, if any, declared by the Trust; (3) maintains Shareholder accounts; (4) responds to correspondence by Trust Shareholders and others relating to its duties and (4) makes periodic reports to the Trust.

#### The Cash Custodian
The Bank of New York Mellon acts as custodian of the Trust's cash and cash equivalents (the "Cash Custodian"). Pursuant to a cash custody agreement entered into with the Trust (the "Cash Custody Agreement"), the Cash Custodian will establish and maintain cash account(s) for the Trust, and, upon instructions from the Delegated Sponsor acting on behalf of the Trust, facilitate cash transfers and cash payments from the Trust's account(s).

#### The Bitcoin Custodians
The Bank of New York Mellon and Coinbase Custody Trust Company, LLC serve as the Trust's Bitcoin custodians (the "Bitcoin Custodians").

The Bitcoin Custodians are authorized to serve as the Trust's custodians under the Trust Agreement and pursuant to the terms and provisions of the Custodial Services Agreements. Under the Custodial Services Agreements with the Bitcoin Custodians, the Bitcoin Custodians are responsible for safekeeping all of the Bitcoin owned by the Trust. The Bitcoin Custodians were selected by the Delegated Sponsor with the approval of the Cayman Trustee. The Bitcoin Custodians are responsible for opening accounts that hold the Trust's bitcoin (such accounts, collectively, the "Bitcoin Accounts"), as well as facilitating the transfer of bitcoin required for the operation of the Trust.

After diligent investigation, the Delegated Sponsor believes that the Bitcoin Custodians' policies, procedures, and controls for safekeeping, exclusively possessing, and controlling the Trust's bitcoin holdings are consistent with industry best practices to protect against theft, loss, and unauthorized and accidental use of the private keys.

Although the Bitcoin Custodians carry insurance, the Bitcoin Custodians' insurance does not cover any loss in value to bitcoin and only covers losses caused by certain events such as fraud or theft and, in such covered events, it is unlikely the insurance would cover the full amount of any losses incurred by the Trust. The insurance maintained by each Bitcoin Custodian is shared among all of the respective Bitcoin Custodians' customers, is not specific to the Trust or to customers holding bitcoin with the Bitcoin Custodians, and may not be available or sufficient to protect the Trust from all possible losses or sources of losses.

For more information on the Bitcoin Custodians, see *"Custody of the Trust's Assets"* below.

#### The Marketing Agent
Foreside Fund Services, LLC (the "Marketing Agent") is responsible for reviewing and approving the marketing materials prepared by the Delegated Sponsor for compliance with applicable SEC and Financial Industry Regulatory Authority ("FINRA") advertising laws, rules, and regulations.

#### The Trust's Fees and Expenses
The Trust will pay the unitary Delegated Sponsor Fee which is accrued daily at an annualized rate of [•]% of the net asset value of the Trust (the "Delegated Sponsor Fee") and the amount of bitcoin payable in respect of each daily accrual shall be determined by reference to the Pricing Benchmark. The Delegated Sponsor Fee is paid by the Trust to the Delegated Sponsor as compensation for services performed under the Trust Agreement.

The Delegated Sponsor Fee shall be paid in cash and not less than monthly in arrears by the Trust. The Delegated Sponsor has agreed to pay all operating expenses (except for litigation expenses and other

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extraordinary expenses) out of the Delegated Sponsor Fee. Operating expenses assumed by the Delegated Sponsor include (i) the fee payable to the Marketing Agent for services it provides to the Trust, if applicable (the "Marketing Fee"), (ii) fees to the Administrator, if any, (iii) fees to the Bitcoin Custodians, (iv) fees to the Transfer Agent, (v) fees to the Trustees, (vi) the fees and expenses related to the initial listing of Shares on the Exchange, (vii) the fees and expenses related to any future listing, trading or quotation of the Shares on any listing exchange or quotation system (including legal, marketing and audit fees and expenses), (viii) ordinary course legal fees and expenses but not litigation-related expenses, (ix) audit fees, (x) regulatory fees, including, if applicable, any fees relating to the registration of the Shares under the Securities Act of 1933, as amended (the "1933 Act"), or the Exchange Act, (xi) printing and mailing costs, (xii) costs of maintaining the Delegated Sponsor's website and (xiii) applicable license fees (each, a "Sponsor-paid Expense," and together, the "Sponsor-paid Expenses"), provided that any expense that qualifies as an Additional Trust Expense will be deemed to be an Additional Trust Expense and not a Sponsor-paid Expense. There is currently no predetermined cap on the aggregate amount of Sponsor-paid expenses. Should the Trust implement a predetermined cap on aggregate Sponsor-paid expenses, the Trust will notify the owners of the beneficial interests of Shares in a prospectus supplement or in its periodic Exchange Act reports, as applicable, and on the Delegated Sponsor's website.

The Delegated Sponsor will not, however, assume certain extraordinary, non-recurring expenses that are not Sponsor-paid Expenses, including, but not limited to, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Delegated Sponsor (or any other service provider) on behalf of the Trust to protect the Trust or the interests of Shareholders, any indemnification of the Bitcoin Custodians, Administrator or other agents, service providers or counter-parties of the Trust, and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters (collectively, "Additional Trust Expenses"). In the Delegated Sponsor's sole discretion as a delegate of the Cayman Trustee, all or any portion of a Sponsor-paid Expense may be re-designated as an Additional Trust Expense if, among other reasons, the Delegated Sponsor determines that a Sponsor-paid Expense is an extraordinary, non-recurring expense of the Trust. Should such a change take place, the Trust will notify the owners of the beneficial interests of Shares in a prospectus supplement or in its periodic Exchange Act reports, as applicable, and on the Delegated Sponsor's website. Pursuant to the Trust Agreement, the Delegated Sponsor or its delegates will direct the Bitcoin Custodians to transfer bitcoin from the Trust's Cold Vault Balance as needed to pay the Delegated Sponsor Fee and Additional Trust Expenses, if any. The Delegated Sponsor or its delegates will endeavor to transfer the smallest amount of bitcoin needed to pay applicable expenses. The Trust shall not be responsible for paying any fees or expenses associated with the transfer of bitcoin as needed to pay the Delegated Sponsor Fee or Additional Trust Expenses.

#### Custody of the Trust's Assets
The Bitcoin Custodians will maintain custody of all of the Trust's bitcoin. The Bitcoin Custodians provide insured safekeeping of digital assets using a multi-layer cold storage security platform designed to provide offline security of the digital assets held by the Bitcoin Custodians. The Bitcoin Custodians have insurance coverage as subsidiaries under their parent companies, which procure fidelity (e.g., crime) insurance to protect the organizations from risks such as theft of funds. Specifically, the fidelity program provides coverage for the theft of funds held in hot or cold storage. The insurance program is provided by a syndicate of industry-leading insurers. The insurance program does not cover, insure or guarantee the performance of the Trust. The Bitcoin Custodians are not FDIC-insured. The insurance maintained by the Bitcoin Custodians is shared among all of the Bitcoin Custodians' customers, is not specific to the Trust or to customers holding bitcoin with the Bitcoin Custodians, and may not be available or sufficient to protect the Trust from all possible losses or sources of losses.

Bitcoin may be held across multiple wallets, any of which will feature the following safety and security measures to be implemented by the Bitcoin Custodians:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Cold Storage:* Cold storage is a widely-used security precaution, especially when dealing with large amounts of bitcoin. Bitcoin held under custodianship with the Bitcoin Custodians will be kept in high-security, offline, multi-layer cold storage vaults. This means that the private keys, the cryptographic component that allows a user to access bitcoin, are stored offline (i.e. on hardware

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that is not connected to the internet. Storing the private keys offline significantly reduces the risk of the bitcoin being stolen. All of the Trust's assets and private keys will be held in cold storage of the Bitcoin Custodians on an ongoing basis, but a portion of the Trust's assets may be held in hot trading wallets, from time to time, in connection with the settlement, creation or redemption of a transaction (note, however, that not all Bitcoin Custodians may maintain hot wallets for the holding and storage of crypto assets). In connection with creations or redemptions, the Trust will, under most circumstances, process creations and redemptions by transferring bitcoin from its Cold Vault Balance to and/or from a Bitcoin Counterparty. From time to time, portions of the Trust's bitcoin temporarily may be held outside of cold storage in the Trading Balance maintained by Coinbase, Inc. (the "Prime Broker") or a Bitcoin Counterparty, including in circumstances in which it is necessary in connection with creations or redemptions of Baskets or to sell bitcoin to pay Trust expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Multiple Private Keys:* All private keys are securely stored using multiple layers of high-quality encryption and in Custodian-controlled offline hardware vaults in secure environments. No customers or third parties are given access to the Bitcoin Custodians' private keys. The use of multiple private keys makes retrieving bitcoin from the wallet more difficult, and aims to further reduce the risk of hacking, theft and/or robbery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Whitelisting:* Transactions are only sent to vetted, known addresses. The Bitcoin Custodians' platform supports pre-approval and test transactions. The Bitcoin Custodians require authentication when adding or removing addresses for whitelisting. All instructions to initiate a whitelist addition or removal must be submitted via the Coinbase Custodian's platform. When a whitelist addition or removal request is initiated, the initiating user will be prompted to authenticate their request using a two-factor authentication key. A consensus mechanism on the Coinbase Custodian's platform dictates how many approvals are required in order for the consensus to be achieved to add or remove a whitelisted address. Only when the consensus is met is the underlying transaction considered officially approved. An account's roster and user roles are maintained by the Bitcoin Custodians in a separate log, an Authorized User List ("AUL"). Any changes to the account's roster must be reflected on an updated AUL first and executed by an authorized signatory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Audit Trails:* Audit trails exist for all movement of bitcoin within Bitcoin Custodian-controlled bitcoin wallets and are audited annually for accuracy and completeness by an independent external audit firm.

In addition to the above measures, in accordance with the Custodial Services Agreements, bitcoin held in custody with the Bitcoin Custodians will be segregated from both the proprietary property of the Bitcoin Custodians and the assets of any other customer in accounts that clearly identify the Trust as the owner of the accounts. Therefore, in the event of an insolvency of the Bitcoin Custodians, assets held in the segregated accounts would not become property of the Bitcoin Custodians' estate and would not be available to satisfy claims of creditors of the Bitcoin Custodians.

The Bitcoin Custodians maintain internal audit teams that perform periodic internal audits over custody operations. Systems and Organizational Control ("SOC") attestations are also performed on the Bitcoin Custodians' services. BNY currently produces a SOC 1 Type 1 report and the Coinbase Custodian currently produces SOC 1 Type 2 and SOC 2 Type 2 reports.

The Transfer Agent will facilitate the settlement of Shares in response to the placement of creation orders and redemption orders from Authorized Participants. The Trust generally does not intend to hold cash or cash equivalents. However, there may be situations where the Trust will hold cash on a temporary basis, including in connection with the creation and redemption process.

The Trust has entered into the Cash Custody Agreement, pursuant to which the Cash Custodian will establish and maintain cash account(s) for the Trust and, upon instructions from the Delegated Sponsor acting on behalf of the Trust, facilitate cash transfers and cash payments from the Trust's account(s).

For more information on the Trust's custody arrangements with the Bitcoin Custodians and the Prime Broker, see "*Custody of the Trust's Assets*" and "*Prime Broker"* below.

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#### NAV Determinations
As described in more detail below in "*NAV Determinations*," the Administrator daily calculates NAV and NAV per Share on each day that the Exchange is open for regular trading, as promptly as practicable after 4:00 p.m. ET, based on the Pricing Benchmark. In determining the Trust's NAV, the Administrator values the bitcoin held by the Trust based on the price set by the Pricing Benchmark as of 4:00 p.m. ET. The Delegated Sponsor believes that use of the Pricing Benchmark mitigates against idiosyncratic market risk, as the failure of any individual spot market will not materially impact pricing for the Trust. It also allows the Administrator to calculate the NAV in a manner that significantly deters manipulation.

However, determining the value of the Trust's bitcoin using the Pricing Benchmark is not in accordance with U.S. generally accepted accounting principles ("GAAP"), and therefore, the Pricing Benchmark is not used in the Trust's financial statements. The Trust's bitcoin are carried, for financial statement purposes, at fair value, as required by GAAP. The Trust determines the fair value of bitcoin based on the price provided by the bitcoin market that the Trust considers its "principal market" as of 11:59:59 p.m. ET on the valuation date. The NAV of the Trust determined on a GAAP basis is referred to in this Prospectus as a "Principal Market NAV," and the NAV of the Trust per Share determined on a GAAP basis is referred to as "Principal Market NAV per Share."

NAV and NAV per Share are not measures calculated in accordance with GAAP and are not intended as a substitute for the Principal Market NAV and Principal Market NAV per Share, respectively.

#### Plan of Distribution; Selling Shareholder
Barring the liquidation of the Trust or extraordinary circumstances (including but not limited to, non-recurring expenses and costs of services performed by the Delegated Sponsor or a service provider on behalf of the Trust to protect the Trust or the interests of Shareholders, such as in connection with any fork of the bitcoin blockchain, any indemnification of agents, service providers or counterparties of the Trust and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters), the Trust will not purchase or sell bitcoin other than in connection with the creation and redemption of Shares. The Delegated Sponsor may also sell bitcoin to pay certain expenses, which may be facilitated by the Prime Broker or any other prime brokers with whom the Trust contracts.

When the Trust sells or redeems its Shares, bitcoin will be transferred into or out of the Trust, as applicable, in exchange for Baskets that are based on the quantity of bitcoin attributable to each Share of the Trust (net of accrued but unpaid Delegated Sponsor Fees and any accrued but unpaid extraordinary expenses or liabilities).

Authorized Participants may purchase Shares in cash by depositing cash in the Trust's account with the Cash Custodian. This will cause the Delegated Sponsor, on behalf of the Trust, to automatically instruct a Bitcoin Counterparty to (i) purchase the amount of bitcoin equivalent in value to the cash deposit amount associated with the order and (ii) deposit the resulting bitcoin amount in the Trust's account with the Bitcoin Custodians, resulting in the Transfer Agent crediting the applicable amount of Shares to the Authorized Participant. Authorized Participants may also purchase Shares in-kind. To purchase Shares in-kind, an Authorized Participant delivers, or arranges for the delivery by an Authorized Participant's designated agent of, bitcoin to the Trust's account with the Bitcoin Custodians in exchange for Shares.

When such an Authorized Participant redeems its Shares in cash, the Delegated Sponsor, on behalf of the Trust will direct the Bitcoin Custodians to transfer bitcoin to the Bitcoin Counterparty, who will sell the bitcoin to be executed, in the Delegated Sponsor's reasonable efforts, at the Pricing Benchmark price used by the Trust to calculate NAV, taking into account any spread, commissions, or other trading costs and deposit the cash proceeds of such sale in the Trust's account with the Cash Custodian for settlement with the Authorized Participant. Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on a cash equivalent basis, will be the responsibility of the Authorized Participant and not of the Trust or Delegated Sponsor. Authorized Participants may also redeem Shares in-kind. When such an Authorized Participant redeems Shares in-kind, the Trust, through the Bitcoin Custodians, will deliver bitcoin to the Authorized Participant, or a designated agent thereof, in exchange for its Shares.

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The Initial Seed Creation Investor, in its capacity as the Selling Shareholder, may sell some or all of the Shares pursuant to the registration statement of which this Prospectus forms a part, which Shares will have been registered to permit the resale from time to time after purchase. The Shares offered by the Selling Shareholder were acquired by the Selling Shareholder as described in the registration statement and could be sold at different times and at different offering prices. The Trust will not receive any of the proceeds from the resale or redemption by the Selling Shareholder of these Shares. The Selling Shareholder will not receive from the Trust or any of its affiliates any fee or other compensation in connection with the resale of these Shares.

The Trust and/or Delegated Sponsor will bear the expense and risk of delivery and ownership of bitcoin once such bitcoin has been received by the Bitcoin Custodians on behalf of the Trust and until transferred by the Bitcoin Custodians on behalf of the Trust to the Bitcoin Counterparty for conversion to cash.

Only Authorized Participants may purchase Shares from or redeem Shares to the Trust. Authorized Participants may then offer Shares to the public at prices that depend on various factors, including the supply and demand for Shares, the value of the Trust's assets, and market conditions at the time of a transaction. Shareholders who buy or sell Shares during the day from their broker may do so at a premium or discount relative to the NAV of the Shares of the Trust.

Shareholders who decide to buy or sell Shares of the Trust will place their trade orders through their brokers and will incur customary brokerage commissions and charges. Prior to this offering, there has been no public market for the Shares. The Shares are expected to be listed for trading, subject to notice of issuance, on the Exchange under the ticker symbol "MSBT".

The Delegated Sponsor may enter into marketing support arrangements with respect to the Trust, to which the Trust would not be party. Any fees under such agreements would be payable by the Delegated Sponsor, as applicable, and not by the Trust.

#### Federal Income Tax Considerations
It is expected that an owner of Shares will be treated, for U.S. federal income tax purposes, as if they owned a proportionate share of the assets of the Trust. A shareholder will accordingly include in the computation of their taxable income their proportionate share of the income and expenses realized by the Trust. Each sale or other disposition of bitcoin by the Trust (including, under current Internal Revenue Service ("IRS") guidance, the use or sale of bitcoin to pay expenses of the Trust) will give rise to gain or loss and will therefore constitute a taxable event for Shareholders. See "United States Federal Income Tax Consequences — Taxation of U.S. Shareholders."

#### Use of Proceeds
Proceeds received by the Trust from the issuance of Baskets consist of bitcoin. Such deposits are held by the Bitcoin Custodians on behalf of the Trust until (i) delivered out in connection with redemptions of Baskets; or (ii) transferred or sold by the Delegated Sponsor, which may be facilitated by the Bitcoin Custodians to pay fees due to the Delegated Sponsor and Trust expenses and liabilities not assumed by the Delegated Sponsor.

#### Emerging Growth Company
The Trust is an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). For as long as the Trust is an emerging growth company, unlike other public companies, it will not be required to, among other things: (i) provide an auditor's attestation report on management's assessment of the effectiveness of our system of internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002; or (ii) comply with any new audit rules adopted by the Public Company Accounting Oversight Board ("PCAOB") after April 5, 2012, unless the SEC determines otherwise.

The Trust will cease to be an "emerging growth company" upon the earliest of (i) it having $1.235 billion or more in gross annual revenues, (ii) at least $700 million in market value of Common Shares being held by

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non-affiliates, (iii) it issuing more than $1.0 billion of non-convertible debt over a three-year period or (iv) the last day of the fiscal year following the fifth anniversary of its initial public offering.

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the 1933 Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Trust intends to take advantage of the benefits of the extended transition period.

#### Principal Investment Risks of an Investment in the Trust
An investment in the Trust involves a high degree of risk. Any investment made in the Trust may result in a total loss of the investment. There is no assurance that the Trust will generate a profit for investors. Some of the risks you may face are summarized below. A more extensive discussion of these risks appears beginning on page [14](#tRIFA).

 *Risks Associated with Bitcoin and the Bitcoin network* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Digital assets such as bitcoin were only introduced within the past decade, and the medium-to-long term value of the Shares is subject to a number of factors relating to the capabilities and development of blockchain technologies and to the fundamental investment characteristics of digital assets that are uncertain and difficult to evaluate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The value of the Shares relates directly to the value of bitcoin, the value of which may be highly volatile and subject to fluctuations due to a number of factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The value of the Shares depends on the development and acceptance of the Bitcoin network. The slowing or stopping of the development or acceptance of the Bitcoin network may adversely affect an investment in the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Due to the nature of private keys, bitcoin transactions are irrevocable and stolen or incorrectly transferred bitcoin may be irretrievable. As a result, any incorrectly executed bitcoin transactions could adversely affect an investment in the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Security threats to the Trust's account with the Bitcoin Custodians could result in the halting of Trust operations and a loss of Trust assets or damage to the reputation of the Trust, each of which could result in a reduction in the price of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Potential amendments to the Bitcoin network's protocols and software could, if accepted and authorized by the Bitcoin network community, adversely affect an investment in the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A temporary or permanent "fork" of the Bitcoin blockchain could adversely affect an investment in the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Blockchain technologies are based on the theoretical conjectures as to the impossibility of solving certain cryptographical puzzles quickly. These premises may be incorrect or may become incorrect due to technological advances and could negatively impact the future usefulness of bitcoin and adversely affect an investment in the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The price of bitcoin on the bitcoin market has exhibited periods of extreme volatility, which could have a negative impact on the performance of the Trust. For example, from October 1, 2020 through September 30, 2025, the price of bitcoin ranged from $10,515.13 to $122,824.79. As of March 6, 2026, the price of a bitcoin was approximately $69,880.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Bitcoin exchanges on which bitcoin trades are relatively new and, in some cases, unregulated, and, therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments, which could have a negative impact on the performance of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • New competing digital assets may pose a challenge to bitcoin's current market position, resulting in a reduction in demand for bitcoin, which could have a negative impact on the price of bitcoin and may have a negative impact on the performance of the Trust.

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 *Risks Associated with Investing in the Trust* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The value of the Shares may be influenced by a variety of factors unrelated to the value of bitcoin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The NAV or Principal Market NAV may not always correspond to the market price of bitcoin and, as a result, Creation Baskets may be created or redeemed at a value that is different from the market price of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The inability of Authorized Participants and market makers to hedge their bitcoin exposure may adversely affect the liquidity of Shares and the value of an investment in the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Trust is subject to risks due to its concentration of investments in a single asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Possible illiquid markets may exacerbate losses or increase the variability between the Trust's NAV or the Principal Market NAV and its market price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The amount of bitcoin represented by the Shares is expected to decline over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Administrator is solely responsible for determining the value of the bitcoin holdings and bitcoin holdings per Share, and any errors, discontinuance or changes in such valuation calculations may have an adverse effect on the value of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The use of cash creations and redemptions, as opposed to in-kind creations and redemptions, may adversely affect the arbitrage transactions by Authorized Participants intended to keep the price of the Shares closely linked to the price of bitcoin and, as a result, the price of the Shares may fall or otherwise diverge from NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • If the process of creation and redemption of Baskets encounters any unanticipated difficulties, the possibility for arbitrage transactions by Authorized Participants intended to keep the price of the Shares closely linked to the price of bitcoin may not exist and, as a result, the price of the Shares may fall or otherwise diverge from NAV.

 *Risks Associated with the Regulatory Environment of Bitcoin* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Future and current regulations by a United States or foreign government or quasi-governmental agency could have an adverse effect on an investment in the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Shareholders do not have the protections associated with ownership of Shares in an investment company registered under the Investment Company Act of 1940 (the "1940 Act") or the protections afforded by the Commodity Exchange Act, as amended (the "CEA").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Future legal or regulatory developments may negatively affect the value of bitcoin or require the Trust or the Delegated Sponsor to become registered with the Securities and Exchange Commission ("SEC") or Commodity Futures Trading Commission ("CFTC"), which may cause the Trust to incur unforeseen expenses or liquidate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • If regulatory changes or interpretations of an Authorized Participant's, the Trust's or the Delegated Sponsor's activities require the regulation of an Authorized Participant, the Trust or the Delegated Sponsor as a money service business under the regulations promulgated by the Financial Crimes Enforcement Network ("FinCEN"), an Authorized Participant, the Trust or the Delegated Sponsor may be required to register and comply with such regulations, which could result in extraordinary, recurring and/or nonrecurring expenses.

 *Risks Associated with the Tax Treatment of Bitcoin* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Shareholders could incur a tax liability without an associated distribution of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The tax treatment of bitcoin and transactions involving bitcoin for state and local tax purposes is not settled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A hard "fork" of the Bitcoin blockchain or airdrop could result in Shareholders incurring a tax liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The tax treatment of bitcoin and transactions involving bitcoin for U.S. federal income tax purposes may change.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The intended tax treatment of the Trust will limit the flexibility of the Trust's investment decisions and the ability of Shareholders to participate in the economic benefit of forks and airdrops.

 *Other Risks* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Exchange on which the Shares are listed may halt trading in the Trust's Shares, which would adversely impact a Shareholder's ability to sell Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The market infrastructure of the bitcoin spot market could result in the absence of active Authorized Participants able to support the trading activity of the Trust, which would affect the liquidity of the Shares in the secondary market and make it difficult to dispose of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Shareholders that are not Authorized Participants may only purchase or sell their Shares in secondary trading markets, and the conditions associated with trading in secondary markets may adversely affect Shareholders' investment in the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Shareholders do not have the rights enjoyed by investors in certain other vehicles and may be adversely affected by a lack of statutory rights and by limited voting and distribution rights. In certain circumstances, Shareholders may vote to appoint a successor Delegated Sponsor following the Voluntary Withdrawal of the Delegated Sponsor, or to continue the Trust in certain instances of dissolution of the Trust. Shareholders shall otherwise have no voting rights with respect to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The liability of the Delegated Sponsor and the Trustees is limited, and the value of the Shares will be adversely affected if the Trust is required to indemnify the Trustees or the Delegated Sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Due to the increased use of technologies, intentional and unintentional cyber-attacks pose operational and information security risks, the occurrence of which can negatively impact an investment in the Trust.

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#### RISK FACTORS
You should consider carefully the risks described below before making an investment decision. You should also refer to the other information included in this Prospectus, as well as information found in documents incorporated by reference in this Prospectus, before you decide to purchase any Shares. These risk factors may be amended, supplemented or superseded from time to time by risk factors contained in any periodic report, prospectus supplement, post-effective amendment or in other reports filed with the SEC in the future. See "Glossary of Defined Terms" for an explanation of certain industry and technical terms used in this Prospectus.

#### Risks Associated with Bitcoin and the Bitcoin network
 ***The value of the Shares relates directly to the value of bitcoin, the value of which may be highly volatile and subject to fluctuations due to a number of factors.***

The value of the Shares relates directly to the value of the bitcoin held by the Trust and fluctuations in the price of bitcoin could adversely affect the value of the Shares. The market price of bitcoin may be highly volatile, and subject to a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an increase in the bitcoin supply that is publicly available for trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • manipulative trading activity on digital asset trading platforms, which, in many cases, are largely unregulated or may not be complying with existing regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the adoption of bitcoin as a medium of exchange, store-of-value or other consumptive asset and the maintenance and development of the open-source software protocol of the bitcoin blockchain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • forks in the bitcoin blockchain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • falling demand for bitcoin, or demand that does not keep pace with gradual unlocking of bitcoin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • delays or flaws in the execution of the Bitcoin blockchain expansion or adoption plans for bitcoin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the failure of one or more of bitcoin strategic partnerships with one or more institutional players;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the failure of, or perceptions of risk or negative publicity around one or more of the protocols based on the Bitcoin blockchain or that make use of bitcoin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • investors' expectations with respect to interest rates and rates of inflation experienced by fiat currencies or digital assets (including, in particular, bitcoin);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • consumer preferences and perceptions of bitcoin specifically and digital assets generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • fiat currency withdrawal and deposit policies on digital asset trading platforms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the liquidity of digital asset trading platforms and any increase or decrease in trading volume on digital asset trading platforms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • investment and trading activities of large investors that invest directly or indirectly in bitcoin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a "short squeeze" resulting from speculation on the price of bitcoin, if aggregate short exposure exceeds the number of Shares available for purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a final determination that bitcoin is offered or sold as a security or changes in bitcoin's status under the federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • monetary policies of governments, trade restrictions, currency devaluations and revaluations and regulatory measures or enforcement actions, if any, that restrict the use of bitcoin or the purchase of bitcoin on digital asset trading platforms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • global or regional political, economic or financial conditions, events and situations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • fees associated with processing a bitcoin transaction and the speed at which transactions are settled on the bitcoin blockchain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • interruptions in service from or closures or failures of major digital asset trading platforms;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • decreased confidence in digital asset trading platforms due to the unregulated nature and lack of transparency surrounding the operations of digital asset trading platforms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • smart contracts are new and their ongoing development and operation may result in problems or be subject to errors or hacks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • increased competition from other digital assets or other forms of blockchain-based services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the Trust's own acquisitions or dispositions of bitcoin, since there is no limit on the number of bitcoin that the Trust may acquire.

In addition, there is no assurance that bitcoin will maintain its value in the long or intermediate term. In the event that the price of bitcoin declines, the Delegated Sponsor expects the value of the Shares to decline proportionately. The value of bitcoin as represented by the Pricing Benchmark or by the Trust's principal market may also be subject to momentum pricing due to speculation regarding future appreciation in value, leading to greater volatility that could adversely affect the value of the Shares. Momentum pricing typically is associated with growth stocks and other assets whose valuation, as determined by the investing public, accounts for future appreciation in value, if any. The Delegated Sponsor believes that momentum pricing of bitcoin has resulted, and may continue to result, in speculation regarding future appreciation in the price of bitcoin, inflating and making the price of bitcoin more volatile. As a result, bitcoin may be more likely to fluctuate in value due to changing investor confidence, which could impact future appreciation or depreciation in the Pricing Benchmark and could adversely affect the value of the Shares.

#### Bitcoin is a relatively new technological innovation with a limited operating history.
Bitcoin has a relatively limited history of existence and operations compared to traditional commodities. There is a limited established performance record for the price of bitcoin and, in turn, a limited basis for evaluating an investment in bitcoin. Although past performance is not necessarily indicative of future results, if bitcoin had a more established history, such history might (or might not) provide investors with more information on which to evaluate an investment in the Trust.

#### Bitcoin generally.
The market value of bitcoin is not related to any specific company, government or asset. The valuation of bitcoin depends on future expectations for the value of the Bitcoin network, the number of bitcoin transactions, and the overall usage of bitcoin as an asset. This means that a significant amount of the value of bitcoin is speculative, which could lead to increased volatility. Investors could experience significant gains, losses and/or volatility in the Trust's holdings, depending on the valuation of bitcoin.

Several factors may affect the price of bitcoin, including, but not limited to, supply and demand, investors' expectations with respect to the rate of inflation, interest rates, currency exchange rates or future regulatory measures (if any) that restrict the trading of bitcoin or the use of bitcoin as a form of payment. The issuance of bitcoin is determined by a computer code, not by a central bank, and prices can be extremely volatile. For instance, during the period from December 17, 2017, to December 14, 2018, bitcoin experienced a decline of roughly 84%, and experienced a similar decline in value from November 2021 to June 2022. There is no assurance that bitcoin will maintain its long-term value in terms of purchasing power in the future, or that acceptance of bitcoin payments by mainstream retail merchants and commercial businesses will continue to grow. The value of the Trust's investments in bitcoin could decline rapidly, including to zero.

#### Limits on bitcoin supply.
Under the source code that governs the Bitcoin network, the supply of new bitcoin is mathematically controlled so that the number of bitcoin grows at a limited rate pursuant to a pre-set schedule. The number of bitcoin awarded for solving a new block is automatically halved after every 210,000 blocks are added to the Bitcoin blockchain, approximately every 4 years. Currently, the fixed reward for solving a new block is 3.125 bitcoin per block. The next halving event is expected to occur in approximately April 2028, at which point the block reward will decrease to 1.5625 bitcoin per block. This deliberately controlled rate of bitcoin creation means that the number of bitcoin in existence will increase at a controlled rate until the number of bitcoin in existence reaches the pre-determined 21 million bitcoin. However, the 21 million supply

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cap could be changed in a hard fork. As of December 31, 2025, approximately 19.8 million bitcoin were outstanding and the date when the 21 million Bitcoin limitation will be reached is estimated to be the year 2140.

 ***The trading prices of many digital assets, including bitcoin, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading prices of bitcoin, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value.***

The trading prices of many digital assets, including bitcoin, have experienced extreme volatility in recent periods and may continue to do so. For instance, there were steep increases in the value of certain digital assets, including bitcoin, over the course of 2021, and multiple market observers asserted that digital assets were experiencing a "bubble." These increases were followed by steep drawdowns throughout 2022 in digital asset trading prices, including for bitcoin. These episodes of rapid price appreciation followed by steep drawdowns have occurred multiple times throughout bitcoin's history, including in 2011, 2013-2014, and 2017-2018, before repeating again in 2021-2022. Since then, bitcoin prices have continued to exhibit extreme volatility.

Extreme volatility may persist, and the value of the Shares may significantly decline in the future without recovery. The digital asset markets may still be experiencing a bubble or may experience a bubble again in the future. For example, in the first half of 2022, each of Celsius Network, Voyager Digital Ltd., and Three Arrows Capital declared bankruptcy, resulting in a loss of confidence in participants of the digital asset ecosystem and negative publicity surrounding digital assets more broadly. In November 2022, FTX Trading Ltd. ("FTX") one of the largest digital asset exchanges by volume at the time, halted customer withdrawals amid rumors of the company's liquidity issues and likely insolvency, which were subsequently corroborated by its CEO. Shortly thereafter, FTX's CEO resigned, and FTX and many of its affiliates filed for bankruptcy in the United States, while other affiliates have entered insolvency, liquidation, or similar proceedings around the globe, following which the U.S. Department of Justice brought criminal fraud and other charges, and the SEC and CFTC brought civil securities and commodities fraud charges, against certain of FTX's and its affiliates' senior executives, including its former CEO, who was found guilty of these criminal charges in November 2023. In addition, several other entities in the digital asset industry filed for bankruptcy following FTX's bankruptcy filing, such as BlockFi Inc. and Genesis Global Capital, LLC ("Genesis"). In response to these events (collectively, the "2022 Events"), the digital asset markets have experienced extreme price volatility and other entities in the digital asset industry have been, and may continue to be, negatively affected, further undermining confidence in the digital asset markets. These events have also negatively impacted the liquidity of the digital asset markets as certain entities affiliated with FTX engaged in significant trading activity. If the liquidity of the digital asset markets continues to be negatively impacted by these events, digital asset prices, including bitcoin, may continue to experience significant volatility or price declines, and confidence in the digital asset markets may be further undermined. In addition, regulatory and enforcement scrutiny has increased, including from, among others, the U.S. Department of Justice, the SEC, the CFTC, the White House and Congress, as well as state regulators and authorities. These events are continuing to develop, and the full facts are continuing to emerge. It is not possible to predict at this time all of the risks that they may pose to the Trust, its service providers or to the digital asset industry as a whole.

Extreme volatility in the future, including further declines in the trading prices of bitcoin, could have a material adverse effect on the value of the Shares, and the Shares could lose all or substantially all of their value. The Trust is not actively managed and will not take any actions to take advantage, or mitigate the impacts, of volatility in the price of bitcoin.

#### Spot markets on which bitcoin trades are relatively new and largely unregulated.
Digital asset markets, including spot markets for bitcoin, are growing rapidly. The spot markets through which bitcoin and other digital assets trade are new and largely unregulated. These markets are local, national and international and include a broadening range of digital assets and participants. Significant trading may occur on systems and platforms with minimum predictability. Spot markets may impose daily, weekly, monthly or customer-specific transaction or withdrawal limits or suspend withdrawals entirely,

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rendering the exchange of bitcoin for fiat currency difficult or impossible. Participation in spot markets requires users to take on credit risk by transferring bitcoin from a personal account to a third party's account.

Digital asset exchanges do not appear to be subject to, or may not comply with, regulation in a similar manner as other regulated trading platforms, such as national securities exchanges or designated contract markets. Many digital asset exchanges are unlicensed, unregulated, operate without extensive supervision by governmental authorities, and do not provide the public with significant information regarding their ownership structure, management team, corporate practices, cybersecurity, and regulatory compliance. In particular, those located outside the United States may be subject to significantly less stringent regulatory and compliance requirements in their local jurisdictions.

As a result, trading activity on or reported by these digital asset exchanges is generally significantly less regulated than trading in regulated U.S. securities and commodities markets, and may reflect behavior that would be prohibited in regulated U.S. trading venues. Furthermore, many spot markets lack certain safeguards put in place by more traditional exchanges to enhance the stability of trading on the exchange and prevent flash crashes, such as limit-down circuit breakers. As a result, the prices of digital assets such as bitcoin on digital asset exchanges may be subject to larger and/or more frequent sudden declines than assets traded on more traditional exchanges. Tools to detect and deter fraudulent or manipulative trading activities (such as market manipulation, front-running of trades, and wash-trading) may not be available to or employed by digital asset exchanges or may not exist at all. As a result, the marketplace may lose confidence in, or may experience problems relating to, these venues.

No bitcoin exchange is immune from these risks. While the Trust itself does not buy or sell bitcoin on bitcoin spot markets, the closure or temporary shutdown of bitcoin exchanges due to fraud, business failure, hackers or malware, or government-mandated regulation may reduce confidence in the Bitcoin network and can slow down the mass adoption of bitcoin. Further, spot market failures or that of any other major component of the overall bitcoin ecosystem can have an adverse effect on bitcoin markets and the price of bitcoin and could therefore have a negative impact on the performance of the Trust.

In addition, the Prime Broker may route orders through connected trading venues ("Connected Trading Venue") when executing transactions on behalf of the Trust and may hold some of the Trust's bitcoin assets on Connected Trading Venues. See "The Prime Broker routes orders through Connected Trading Venues in connection with trading services under the Prime Broker Agreement. The loss or failure of any such Connected Trading Venues may adversely affect the Prime Broker's business and cause losses for the Trust."

Negative perception, a lack of stability in the bitcoin spot markets, manipulation of bitcoin spot markets by customers and/or the closure or temporary shutdown of such exchanges due to fraud, business failure, hackers or malware, or government-mandated regulation may reduce confidence in bitcoin generally and result in greater volatility in the market price of bitcoin and the Shares of the Trust. Furthermore, the closure or temporary shutdown of a bitcoin spot market may impact the Trust's ability to determine the value of its bitcoin holdings or for the Trust's Authorized Participants to effectively arbitrage the Trust's Shares.

 ***The use of cash creations and redemptions, as opposed to in-kind creations and redemptions, may adversely affect the arbitrage transactions by Authorized Participants intended to keep the price of the Shares closely linked to the price of bitcoin and, as a result, the price of the Shares may fall or otherwise diverge from NAV.***

Authorized Participants must be registered broker-dealers. Registered broker-dealers are subject to various requirements of the federal securities laws and rules, including financial responsibility rules such as the customer protection rule, the net capital rule and recordkeeping requirements. On May 15, 2025, the staff of the SEC's Division of Trading and Markets stated that broker-dealers are permitted to facilitate in-kind creations and redemptions in connection with spot crypto exchange-traded products; however, there is as yet no definitive regulatory guidance on the specific details of how registered broker-dealers can comply with SEC rules with regard to transacting in or holding spot bitcoin. Absent further regulatory clarity regarding whether and how registered broker-dealers can hold and deal in bitcoin under applicable broker-dealer financial responsibility and other rules, there is a risk that registered broker-dealers participating in the in-kind creation or redemption of Shares for bitcoin may be unable to demonstrate compliance with such rules. While compliance with rules such as the customer protection rule, the net capital rule and recordkeeping

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requirements are primarily the broker-dealer's responsibility, a national securities exchange is required to enforce compliance by its member broker-dealers with applicable federal securities law and rules. Only certain Authorized Participants at present have the ability (either acting themselves or through their affiliates) to support in-kind creation and redemption activity.

Even with the SEC Staff's recent statement clarifying that in-kind creations and redemptions are permitted, the Trust's limited ability to facilitate in-kind creations and redemptions could result in the exchange-traded product arbitrage mechanism failing to function as efficiently as it otherwise would, leading to the potential for the Shares to trade at premiums or discounts to the NAV per Share, and such premiums or discounts could be substantial. Furthermore, if cash creations or redemptions are unavailable, either due to the Delegated Sponsor's decision to reject or suspend such orders or otherwise, it will not be possible for Authorized Participants will be limited in their ability to redeem or create Shares, in which case the arbitrage mechanism may not function as efficiently. This could result in impaired liquidity for the Shares, wider bid/ask spreads in secondary trading of the Shares and greater costs to investors and other market participants. In addition, the Trust's limited ability to facilitate in-kind creations and redemptions, and resulting relative reliance on cash creations and redemptions, could cause the Delegated Sponsor to halt or suspend the creation or redemption of Shares during times of market volatility or turmoil, among other consequences. Further, there can be no assurance that broker-dealers would be willing to serve as Authorized Participants with respect to the in-kind creation and redemption of Shares. Any of these factors could adversely affect the performance of the Trust and the value of the Shares.

The use of cash creations and redemptions, as opposed to in-kind creations and redemptions, could cause delays in trade execution due to potential operational issues arising from implementing a cash creation and redemption model, which involves greater operational steps (and therefore execution risk) than the originally contemplated in-kind creation and redemption model, or the potential unavailability or exhaustion of the Trade Credits, which the Trust would not be able to use in connection with in-kind creations and redemptions. Such delays could cause the execution price associated with such trades to materially deviate from the Pricing Benchmark price used to determine the NAV. Even though the Authorized Participant is responsible for the dollar cost of such difference in prices, Authorized Participants could default on their obligations to the Trust, or such potential risks and costs could lead to Authorized Participants, who would otherwise be willing to purchase or redeem Baskets to take advantage of any arbitrage opportunity arising from discrepancies between the price of the Shares and the price of the underlying bitcoin, to elect to not participate in the Trust's Share creation and redemption processes. This may adversely affect the arbitrage mechanism intended to keep the price of the Shares closely linked to the price of bitcoin, and as a result, the price of the Shares may fall or otherwise diverge from NAV. If the arbitrage mechanism is not effective, purchases or sales of Shares on the secondary market could occur at a premium or discount to NAV, which could harm Shareholders by causing them buy Shares at a price higher than the value of the underlying bitcoin held by the Trust or sell Shares at a price lower than the value of the underlying bitcoin held by the Trust, causing Shareholders to suffer losses.

To the knowledge of the Delegated Sponsor, exchange-traded products for spot-market commodities other than bitcoin, such as gold and silver, generally employ in-kind creations and redemptions with the underlying asset. The Delegated Sponsor believes that it is generally more efficient, and therefore less costly, for spot commodity exchange-traded products to utilize in-kind orders rather than cash orders, because there are fewer steps in the process and therefore there is less operational risk involved when an authorized participant can manage the buying and selling of the underlying asset itself, rather than depend on an unaffiliated party such as the issuer or sponsor of the exchange-traded product.

As such, a spot commodity exchange-traded product that only employs cash creations and redemptions and does not permit in-kind creations and redemptions is a novel product that has not been tested, and could be impacted by any resulting operational inefficiencies.

 ***If the process of creation and redemption of Baskets encounters any unanticipated difficulties, the possibility for arbitrage transactions by Authorized Participants intended to keep the price of the Shares closely linked to the price of bitcoin may not exist and, as a result, the price of the Shares may fall or otherwise diverge from NAV.***

If the processes of creation and redemption of Shares (which depend on timely transfers of bitcoin to and by the Bitcoin Custodians) encounter any unanticipated difficulties due to, for example, the price

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volatility of bitcoin, the insolvency, business failure or interruption, default, failure to perform, security breach, or other problems affecting the Bitcoin Custodians, any operational issues that may arise from creating and redeeming Shares via cash transactions, the closing of bitcoin trading platforms due to fraud, failures, security breaches or otherwise, or network outages or congestion, spikes in transaction fees demanded by miners, or other problems or disruptions affecting the Bitcoin network, then potential market participants, such as the Authorized Participants and their customers, who would otherwise be willing to purchase or redeem Baskets to take advantage of any arbitrage opportunity arising from discrepancies between the price of the Shares and the price of the underlying bitcoin may not take the risk that, as a result of those difficulties, they may not be able to realize the profit they expect. In certain such cases, the Delegated Sponsor may suspend the process of creation and redemption of Baskets. During such times, trading spreads, and the resulting premium or discount, on Shares may widen. Alternatively, in the case of a network outage or other problems affecting the Bitcoin network, the processing of transactions on the Bitcoin network may be disrupted, which in turn could affect the creation or redemption of Baskets. If this is the case, the liquidity of the Shares may decline and the price of the Shares may fluctuate independently of the price of bitcoin and may fall or otherwise diverge from NAV. Furthermore, in the event that the market for bitcoin should become relatively illiquid and thereby materially restrict opportunities for arbitraging by delivering bitcoin in return for Baskets, the price of Shares may diverge from the value of bitcoin.

#### Authorized Participants may act in the same or similar capacity for other competing products.
Authorized Participants play a critical role in supporting the U.S. spot bitcoin exchange-traded product ecosystem. Currently, the number of potential Authorized Participants willing and capable of serving as Authorized Participants to the Trust or other competing products is limited. Authorized Participants may act in the same or similar capacity for other competing products, including exchange-traded products offering exposure to the spot bitcoin market or other digital assets. The Trust is therefore subject to risks associated with these competing products utilizing the same Authorized Participants to support the trading activity of the Trust and liquidity in the Trust's Shares.

To the extent Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, Shares may trade at a material discount to NAV and possibly face delisting. To the extent that exchange-traded products offering exposure to the spot bitcoin market or other digital assets utilize substantially the same Authorized Participants, this industry concentration may have the effect of magnifying the risks associated with the Authorized Participants, as operational disruptions or adverse developments impacting the Authorized Participants may be felt on an industry-wide basis, which, in turn, may adversely affect not only the Trust and the value of an investment in the Shares, but also these competing products utilizing the same Authorized Participants and, more generally, exchange-traded products offering exposure to the spot bitcoin market or other digital assets. These industry-wide adverse effects could result in a broader loss of confidence in exchange-traded products offering exposure to the spot bitcoin market or other digital assets, which could further impact the Trust and the value of an investment in the Shares.

#### Spot markets may be exposed to security breaches.
The nature of the assets held at bitcoin spot markets makes them appealing targets for hackers and a number of bitcoin spot markets have been victims of cybercrimes. Over the past several years, some digital asset exchanges have been closed due to security breaches. In many of these instances, the customers of such digital asset exchanges were not compensated or made whole for the partial or complete losses of their account balances in such digital asset exchanges. While, generally speaking, smaller digital asset exchanges are less likely to have the infrastructure and capitalization that make larger digital asset exchanges more stable, larger digital asset exchanges are more likely to be appealing targets for hackers and malware.

For example, the collapse of Mt. Gox, which filed for bankruptcy protection in Japan in late February 2014, demonstrated that even the largest digital asset exchanges could be subject to abrupt failure with consequences for both users of digital asset exchanges and the digital asset industry as a whole. In particular, in the two weeks that followed the February 7, 2014, halt of bitcoin withdrawals from Mt. Gox, the value of one bitcoin fell on other exchanges from around $795 on February 6, 2014, to $578 on February 20, 2014. Additionally, in January 2015, Bitstamp announced that approximately 19,000 bitcoin

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had been stolen from its operational or "hot" wallets. Further, in August 2016, it was reported that almost 120,000 bitcoin worth around $78 million were stolen from Bitfinex, a large digital asset exchange. The value of bitcoin and other digital assets immediately decreased over 10% following reports of the theft at Bitfinex. In July 2017, FinCEN assessed a $110 million fine against BTC-E, a now defunct digital asset exchange, for facilitating crimes such as drug sales and ransomware attacks. In addition, in December 2017, Yapian, the operator of Seoul-based digital asset exchange Youbit, suspended digital asset trading and filed for bankruptcy following a hack that resulted in a loss of 17% of Yapian's assets. Following the hack, Youbit users were allowed to withdraw approximately 75% of the digital assets in their exchange accounts, with any potential further distributions to be made following Yapian's pending bankruptcy proceedings. In addition, in January 2018, the Japanese digital asset exchange, Coincheck, was hacked, resulting in losses of approximately $535 million, and in February 2018, the Italian digital asset exchange, Bitgrail, was hacked, resulting in approximately $170 million in losses. In May 2019, one of the world's largest digital asset exchanges, Binance, was hacked, resulting in losses of approximately $40 million. On February 21, 2025, Bybit, a digital asset exchange, experienced a significant security breach resulting in the loss of nearly $1.5 billion worth of ether.

#### Spot markets may be exposed to fraud and market manipulation.
The blockchain infrastructure could be used by certain market participants to exploit arbitrage opportunities through schemes such as front-running, spoofing, pump-and-dump and fraud across different systems, platforms or geographic locations. As a result of reduced oversight, these schemes may be more prevalent in digital asset markets than in the general market for financial products.

The SEC has identified possible sources of fraud and manipulation in the bitcoin market generally, including, among others (1) "wash trading"; (2) persons with a dominant position in bitcoin manipulating bitcoin pricing; (3) hacking of the Bitcoin network and trading platforms; (4) malicious control of the Bitcoin network; (5) trading based on material, non-public information (for example, plans of market participants to significantly increase or decrease their holdings in bitcoin, new sources of demand for bitcoin, etc.) or based on the dissemination of false and misleading information; (6) manipulative activity involving purported "stablecoins," including Tether; and (7) fraud and manipulation at bitcoin trading platforms.

Over the past several years, a number of digital asset spot markets have been closed or faced issues due to fraud. In many of these instances, the customers of such spot markets were not compensated or made whole for the partial or complete losses of their account balances in such digital asset exchanges.

In 2019, there were reports claiming that 80.95% of bitcoin trading volume on digital asset exchanges was false or noneconomic in nature, with specific focus on unregulated exchanges located outside of the United States. Such reports alleged that certain overseas exchanges have displayed suspicious trading activity suggestive of a variety of manipulative or fraudulent practices. Other academics and market observers have put forth evidence to support claims that manipulative trading activity has occurred on certain bitcoin exchanges. For example, in a 2017 paper titled "Price Manipulation in the Bitcoin Ecosystem" sponsored by the Interdisciplinary Cyber Research Center at Tel Aviv University, a group of researchers used publicly available trading data, as well as leaked transaction data from a 2014 Mt. Gox security breach, to identify and analyze the impact of "suspicious trading activity" on Mt. Gox between February and November 2013, which, according to the authors, caused the price of bitcoin to increase from around $150 to more than $1,000 over a two-month period. In August 2017, it was reported that a trader or group of traders nicknamed "Spoofy" was placing large orders on Bitfinex without actually executing them, presumably in order to influence other investors into buying or selling by creating a false appearance that greater demand existed in the market. In December 2017, an anonymous blogger (publishing under the pseudonym Bitfinex'd) cited publicly available trading data to support his or her claim that a trading bot nicknamed "Picasso" was pursuing a paint-the-tape-style manipulation strategy by buying and selling bitcoin and bitcoin cash between affiliated accounts in order to create the appearance of substantial trading activity and thereby influence the price of such assets.

In November 2022, FTX, one of the largest digital asset exchanges by volume at the time, halted customer withdrawals amid rumors of the company's liquidity issues and likely insolvency, which were subsequently corroborated by its CEO. Shortly thereafter, FTX's CEO resigned and FTX and many of its affiliates filed for bankruptcy in the United States, while other affiliates have entered insolvency, liquidation,

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or similar proceedings around the globe, following which the U.S. Department of Justice brought criminal fraud and other charges, and the SEC and CFTC brought civil securities and commodities fraud charges, against certain of FTX's and its affiliates' senior executives, including its former CEO. Around the same time, there were reports that approximately $300-600 million worth of digital assets were removed from FTX and the full facts remain unknown, including whether such removal was the result of a hack, theft, insider activity, or other improper behavior.

The potential consequences of a spot market's failure or failure to prevent market manipulation could adversely affect the value of the Shares. Any market abuse, and a loss of investor confidence in bitcoin, may adversely impact pricing trends in bitcoin markets broadly, as well as an investment in the Shares of the Trust.

#### Spot markets may be exposed to wash trading.
Spot markets on which bitcoin trades may be susceptible to wash trading. Wash trading occurs when offsetting trades are entered into for other than bona fide reasons, such as the desire to inflate reported trading volumes. Wash trading may be motivated by non-economic reasons, such as a desire for increased visibility on popular websites that monitor markets for digital assets so as to improve their attractiveness to investors who look for maximum liquidity, or it may be motivated by the ability to attract listing fees from token issuers who seek the most liquid and high-volume exchanges on which to list their coins. Results of wash trading may include unexpected obstacles to trade and erroneous investment decisions based on false information.

Even in the United States, there have been allegations of wash trading even on regulated venues. Any actual or perceived false trading in the digital asset exchange market, and any other fraudulent or manipulative acts and practices, could adversely affect the value of bitcoin and/or negatively affect the market perception of bitcoin.

To the extent that wash trading either occurs or appears to occur in spot markets on which bitcoin trades, investors may develop negative perceptions about bitcoin and the digital assets industry more broadly, which could adversely impact the price bitcoin and, therefore, the price of Shares. Wash trading also may place more legitimate digital asset exchanges at a relative competitive disadvantage.

#### Spot markets may be exposed to front-running.
Spot markets on which bitcoin trades may be susceptible to "front-running," which refers to the process when someone uses technology or market advantage to get prior knowledge of upcoming transactions. Front-running is a frequent activity on centralized as well as decentralized exchanges. By using bots functioning on a millisecond-scale timeframe, bad actors are able to take advantage of the forthcoming price movement and make economic gains at the cost of those who had introduced these transactions. The objective of a front runner is to buy a chunk of tokens at a low price and later sell them at a higher price while simultaneously exiting the position. Front-running happens via manipulations of gas prices or timestamps, also known as slow matching. To the extent that front-running occurs, it may result in investor frustrations and concerns as to the price integrity of digital asset exchanges and digital assets more generally.

#### The market value of bitcoin is subject to momentum pricing.
The market value of bitcoin is not based on any kind of claim, nor backed by any physical asset. Instead, the market value depends on the expectation of being usable in future transactions and continued interest from investors. This strong correlation between an expectation and market value is the basis for the current (and probable future) volatility of the market value of bitcoin and may increase the likelihood of momentum pricing.

Momentum pricing typically is associated with growth stocks and other assets whose valuation, as determined by the investing public, is impacted by appreciation in value. Momentum pricing may result in speculation regarding future appreciation in the value of digital assets, which inflates prices and leads to increased volatility. As a result, bitcoin may be more likely to fluctuate in value due to changing investor

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confidence in future appreciation or depreciation in prices, which could adversely affect the price of bitcoin, and, in turn, an investment in the Trust.

The value of a bitcoin as represented by the Pricing Benchmark may also be subject to momentum pricing due to speculation regarding future appreciation in value, leading to greater volatility that could adversely affect the value of the Shares. Momentum pricing of bitcoin has previously resulted, and may continue to result, in speculation regarding future appreciation or depreciation in the value of bitcoin, further contributing to volatility and potentially inflating prices at any given time. These dynamics may impact the value of an investment in Trust.

Some market observers have asserted that in time, the value of bitcoin will fall to a fraction of its current value, or even to zero. Bitcoin has not been in existence long enough for market participants to assess these predictions with any precision, but if these observers are even partially correct, an investment in the Shares may turn out to be substantially worthless.

#### A decline in the adoption of bitcoin could negatively impact the Trust.
The Delegated Sponsor will not have any strategy relating to the development of bitcoin and the Bitcoin network. However, a lack of expansion in usage of bitcoin and the Bitcoin network could adversely affect an investment in Shares.

The further development and acceptance of the Bitcoin network, which is part of a new and rapidly changing industry, is subject to a variety of factors that are difficult to evaluate. For example, the Bitcoin network faces significant obstacles to increasing the usage of bitcoin without resulting in higher fees or slower transaction settlement times, and attempts to increase the volume of transactions may not be effective. The slowing, stopping or reversing of the development or acceptance of the Bitcoin network may adversely affect the price of bitcoin and therefore an investment in the Shares. The further adoption of bitcoin will require growth in its usage and in the Bitcoin network. Adoption of bitcoin will also require an accommodating regulatory environment.

The use of bitcoin to, among other things, buy and sell goods and services or facilitate cross-border payments, is part of a new and rapidly evolving industry that employs digital assets based upon computer-generated mathematical and/or cryptographic protocols. Bitcoin is a prominent, but not unique, part of this industry. The growth of this industry is subject to a high degree of uncertainty, as new assets and technological innovations continue to develop and evolve. Currently, there is relatively limited use of bitcoin in the retail and commercial marketplace in comparison to relatively extensive use as a store of value, thus contributing to price volatility that could adversely affect an investment in the Shares. However, bitcoin may not be suited for a number of commercial uses, including those requiring real time payments, partially due to the amount of time that bitcoin transactions may potentially require in order to clear. This could result in decreasing usage of the network, to the extent that bitcoin does not otherwise become a store of value asset or meet the needs of another commercial use.

Today, there is limited use of bitcoin in the retail, commercial, or payments spaces, and, on a relative basis, speculators make up a significant portion of users. Certain merchants and major retail and commercial businesses have only recently begun accepting bitcoin and the Bitcoin network as a means of payment for goods and services. This pattern may contribute to outsized price volatility, which in turn can make bitcoin less attractive to merchants and commercial parties as a means of payment. A lack of expansion by bitcoin into retail and commercial markets or a contraction of such use may result in a reduction in the price of bitcoin, which could adversely affect an investment in the Trust.

In addition, there is no assurance that bitcoin will maintain its value over the long-term. The value of bitcoin is subject to risks related to its usage. Even if growth in bitcoin adoption occurs in the near or medium-term, there is no assurance that bitcoin usage will continue to grow over the long-term. A contraction in use of bitcoin may result in increased volatility or a reduction in the price of bitcoin, which would adversely impact the value of Shares.

#### Irrevocable nature of blockchain-recorded transactions.
Bitcoin transactions recorded on the Bitcoin network are not, from an administrative perspective, reversible without the consent and active participation of the recipient of the transaction or, in theory,

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control or consent of a majority of the Bitcoin network's aggregate hash rate. Once a transaction has been verified and recorded in a block that is added to the blockchain, an incorrect transfer of bitcoin or a theft of bitcoin generally will not be reversible, and the Trust may not be capable of seeking compensation for any such transfer or theft. Although the Trust's transfers of bitcoin will regularly be made to or from the Trust's accounts at the Bitcoin Custodians, it is possible that, through computer or human error, or through theft or criminal action, the Trust's bitcoin could be transferred from the Trust's account at the Bitcoin Custodians in incorrect amounts or to unauthorized third parties, or to uncontrolled accounts. To the extent that the Trust is unable to successfully seek redress for such error or theft, such loss could adversely affect an investment in Trust.

#### The loss or destruction of a private key required to access bitcoin may be irreversible.
Digital assets, including bitcoin, are controllable only by the possessor of both the unique public key and private key or keys relating to the "digital wallet" in which the digital asset is held. Private keys must be safeguarded and kept private in order to prevent a third party from accessing the digital asset held in such wallet. To the extent a private key is lost, destroyed or otherwise compromised and no backup of the private key is accessible, the Trust will be unable to access, and will effectively lose, the bitcoin held in the related digital wallet. In addition, if the Trust's private keys are misappropriated and the Trust's bitcoin holdings are stolen, including from or by the Bitcoin Custodians, the Trust could lose some or all of its bitcoin holdings, which would adversely impact an investment in the Shares of the Trust. Any loss of private keys relating to digital wallets used to store the Trust's bitcoin would adversely affect the value of the Shares.

 ***An investment in the Trust is not a deposit and is not FDIC-insured. Shareholders' limited rights of legal recourse against the Trust, Trustee, Sponsor, Administrator, Prime Broker and Bitcoin Custodians expose the Trust and its Shareholders to the risk of loss of the Trust's bitcoin for which no person or entity is liable.***

The Trust is not a banking institution or otherwise a member of the FDIC or Securities Investor Protection Corporation ("SIPC") and, therefore, deposits held with or assets held by the Trust are not subject to the protections enjoyed by depositors with FDIC or SIPC member institutions. In addition, neither the Trust nor the Delegated Sponsor insures the Trust's bitcoin.

While the Bitcoin Custodians have advised the Delegated Sponsor that they have insurance coverage that covers losses of the digital assets it custodies on behalf of its clients, including the Trust's bitcoin, resulting from theft, Shareholders cannot be assured that the Bitcoin Custodians will maintain adequate insurance, that such coverage will cover losses with respect to the Trust's bitcoin, or that sufficient insurance proceeds will be available to cover the Trust's losses in full. The Bitcoin Custodians' insurance may not cover the type of losses experienced by the Trust. Alternatively, the Trust may be forced to share such insurance proceeds with other clients or customers of the Bitcoin Custodians, which could reduce the amount of such proceeds that are available to the Trust. In addition, the bitcoin insurance market is limited, and the level of insurance maintained by the Bitcoin Custodians may be substantially lower than the assets of the Trust. While the Bitcoin Custodians maintain certain capital reserve requirements depending on the assets under custody, and such capital reserves may provide additional means to cover client asset losses, the Trust cannot be assured that the Bitcoin Custodians will maintain capital reserves sufficient to cover actual or potential losses with respect to the Trust's digital assets. The insurance maintained by the Bitcoin Custodians is shared among all of the Bitcoin Custodians' customers, is not specific to the Trust or to customers holding bitcoin with the Bitcoin Custodians, and may not be available or sufficient to protect the Trust from all possible losses or sources of losses.

Furthermore, under each of the Custodial Services Agreements, the Bitcoin Custodians' liability is limited.

Similarly, under the Prime Broker Agreement, the Prime Broker's liability is limited as follows, among others. The Prime Broker is not liable for delays, suspension of operations, failure in performance, or interruption of service to the extent it is directly due to a cause or condition beyond the reasonable control of the Prime Broker. These and the other limitations on the Prime Broker's liability may allow it to avoid liability for potential losses or may be insufficient to cover the value of such potential losses, even if the Prime Broker directly caused such losses. Both the Trust and the Prime Broker and its affiliates are required to indemnify each other under certain circumstances.

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Moreover, in the event of an insolvency or bankruptcy of the Prime Broker (in the case of the Trading Balance) or the Bitcoin Custodians (in the case of the Cold Vault Balance) in the future, given that the contractual protections and legal rights of customers with respect to digital assets held on their behalf by third parties are relatively untested in a bankruptcy of an entity such as the Bitcoin Custodians or Prime Broker in the virtual currency industry, there is a risk that customers' assets — including the Trust's assets — may be considered the property of the bankruptcy estate of the Prime Broker (in the case of the Trading Balance) or the Bitcoin Custodians (in the case of the Cold Vault Balance), and customers — including the Trust — may be at risk of being treated as general unsecured creditors of such entities and subject to the risk of total loss or markdowns on value of such assets.

Due to the novelty of digital asset custodial arrangements courts have not yet considered this type of treatment for custodied digital assets and it is not possible to predict with certainty how they would rule in such a scenario. If the Bitcoin Custodians became subject to insolvency proceedings and a court were to rule that the custodied bitcoin were part of the Bitcoin Custodians' general estate and not the property of the Trust, then the Trust would be treated as a general unsecured creditor in the Bitcoin Custodians' insolvency proceedings and the Trust could be subject to the loss of all or a significant portion of its assets. Moreover, in the event of the bankruptcy of the Bitcoin Custodians, an automatic stay could go into effect and protracted litigation could be required in order to recover the assets held with the Bitcoin Custodians, all of which could significantly and negatively impact the Trust's operations and the value of the Shares.

With respect to the Prime Broker Agreement, there is a risk that the Trading Balance, in which the Trust's bitcoin and cash is held in omnibus accounts by the Prime Broker, could be considered part of the Prime Broker's bankruptcy estate in the event of the Prime Broker's bankruptcy. The Prime Broker Agreement contains an Article 8 opt-in clause with respect to the Trust's assets held in the Trading Balance.

The amount of bitcoin that may be held in the Trading Balance will be limited to the amount necessary to process a given creation or redemption transaction, as applicable, or to pay for Trust Expenses not assumed by the Delegated Sponsor in consideration for the Delegated Sponsor Fee.

The Prime Broker is not required to hold any of the bitcoin or cash in the Trust's Trading Balance in segregation. Within the Trading Balance, the Prime Broker Agreement provides that the Trust does not have an identifiable claim to any particular bitcoin (and cash). Instead, the Trust's Trading Balance represents an entitlement to a pro rata share of the bitcoin (and cash) the Prime Broker has allocated to the omnibus wallets the Prime Broker holds, as well as the accounts in the Prime Broker's name that the Prime Broker maintains at Connected Trading Venues (which are typically held on an omnibus, rather than segregated, basis). If the Prime Broker suffers an insolvency event, there is a risk that the Trust's assets held in the Trading Balance could be considered part of the Prime Broker's bankruptcy estate and the Trust could be treated as a general unsecured creditor of the Prime Broker, which could result in losses for the Trust and Shareholders. Moreover, in the event of the bankruptcy of the Prime Broker, an automatic stay could go into effect and protracted litigation could be required in order to recover the assets held with the Prime Broker, all of which could significantly and negatively impact the Trust's operations and the value of the Shares.

Under the Trust Agreement, the Trustees and the Delegated Sponsor will not be liable for any liability or expense incurred, including, without limitation, as a result of any loss of bitcoin by the Bitcoin Custodians or Prime Broker, absent fraud, gross negligence, bad faith or willful misconduct on the part of the Trustees or the Delegated Sponsor or breach by the Delegated Sponsor of the Trust Agreement, as the case may be. As a result, the recourse of the Trust or the Shareholders to the Trustees or the Delegated Sponsor, including in the event of a loss of bitcoin by the Bitcoin Custodians or Prime Broker, is limited.

The Shareholders' recourse against the Delegated Sponsor, the Trustees, and the Trust's other service providers for the services they provide to the Trust, including, without limitation, those relating to the holding of bitcoin or the provision of instructions relating to the movement of bitcoin, is limited. For the avoidance of doubt, neither the Delegated Sponsor, the Trustees, nor any of their affiliates, nor any other party has guaranteed the assets or liabilities, or otherwise assumed the liabilities, of the Trust, or the obligations or liabilities of any service provider to the Trust, including, without limitation, the Bitcoin Custodians and Prime Broker. The Prime Broker Agreement and Coinbase Custodial Services Agreement provide that neither the Delegated Sponsor, the Trustees, nor their affiliates shall have any obligation of any kind or nature whatsoever, by guaranty, enforcement or otherwise, with respect to the performance of any of the Trust's obligations,

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agreements, representations or warranties under the Prime Broker Agreement or Coinbase Custodial Services Agreement or any transaction thereunder. Consequently, a loss may be suffered with respect to the Trust's bitcoin that is not covered by the Bitcoin Custodians' insurance and for which no person is liable in damages. As a result, the recourse of the Trust or the Shareholders, under applicable law, is limited.

 ***Loss of a critical banking relationship for, or the failure of a bank used by, the Trust or the Prime Broker could adversely impact the Trust's ability to create or redeem Baskets, or could cause losses to the Trust.***

To the extent that the Trust or Prime Broker faces difficulty establishing or maintaining banking relationships, the loss of the Trust or Prime Broker's banking partners, the imposition of operational restrictions by these banking partners and the inability for the Trust or the Prime Broker to utilize other financial institutions may result in a disruption of creation and redemption activity of the Trust or the Prime Broker, or cause other operational disruptions or adverse effects for the Trust or the Prime Broker. In the future, it is possible that the Trust or the Prime Broker could be unable to establish accounts at new banking partners or establish new banking relationships, or that the banks with which the Trust or the Prime Broker is able to establish relationships may not be as large or well-capitalized or subject to the same degree of prudential supervision as the existing providers.

The Trust could also suffer losses in the event that a bank in which the Trust holds assets fails, becomes insolvent, enters receivership, is taken over by regulators, enters financial distress, or otherwise suffers adverse effects to its financial condition or operational status. Recently, some banks have experienced financial distress. For example, on March 8, 2023, the California Department of Financial Protection and Innovation ("DFPI") announced that Silvergate Bank had entered voluntary liquidation, and on March 10, 2023, Silicon Valley Bank ("SVB") was closed by the DFPI, which appointed the FDIC as receiver. Similarly, on March 12, 2023, the New York Department of Financial Services took possession of Signature Bank and appointed the FDIC as receiver. A joint statement by the U.S. Treasury Department, the Federal Reserve and the FDIC on March 12, 2023, stated that depositors in Signature and SVB will have access to all of their funds, including funds held in deposit accounts, in excess of the insured amount. On May 1, 2023, First Republic Bank was closed by the DFPI. Following a bidding process, the FDIC entered into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, to acquire the substantial majority of the assets and assume certain liabilities of First Republic Bank from the FDIC.

While the Delegated Sponsor does not believe there is a direct risk to the Trust's assets from the failures of either Silvergate Bank, Signature Bank or First Republic Bank, in the future, changing circumstances and market conditions, some of which may be beyond the Trust's or the Delegated Sponsor's control, could impair the Trust's ability to access the Trust's cash held with the Prime Broker. If the Prime Broker were to experience financial distress or its financial condition is otherwise affected by the failure of its banking partners, the Prime Broker's ability to provide services to the Trust could be affected. Moreover, the future failure of a bank at which the Prime Broker maintains customer cash could result in losses to the Trust, to the extent the balances are not subject to deposit insurance, notwithstanding the regulatory requirements to which the Prime Broker is subject or other potential protections.

 ***If the Custodial Services Agreements or Prime Broker Agreement is terminated or the Bitcoin Custodians or Prime Broker fails to provide services as required, the Delegated Sponsor may need to find and appoint a replacement custodian, which could pose a challenge to the safekeeping of the Trust's bitcoin, and the Trust's ability to continue to operate may be adversely affected.***

The Trust is dependent on the Bitcoin Custodians, which are BNY and the Coinbase Custodian, and the Prime Broker, Coinbase Inc. to operate. The Coinbase Custodian performs essential functions in terms of safekeeping the Trust's bitcoin in the Vault Balance, and its affiliate, Coinbase, Inc. in its capacity as Prime Broker, facilitates the selling of bitcoin by the Trust to pay the Delegated Sponsor Fee and, to the extent applicable, other Trust expenses, and in extraordinary circumstances, to liquidate the Trust. If the Coinbase Custodian or Coinbase, Inc. fails to perform the functions they perform for the Trust, the Trust may be unable to operate or create or redeem Baskets, which could force the Trust to liquidate or adversely affect the price of the Shares.

In March 2023, the Prime Broker and its parent, Coinbase Global, Inc. (such parent, "Coinbase Global" and together with Coinbase Inc., the "Relevant Coinbase Entities") received a "Wells Notice" from

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the SEC staff stating that the SEC staff made a "preliminary determination" to recommend that the SEC file an enforcement action against the Relevant Coinbase Entities alleging violations of the federal securities laws, including the Exchange Act and the 1933 Act. According to Coinbase Global's public reporting company disclosure, based on discussions with the SEC staff, the Relevant Coinbase Entities believe these potential enforcement actions would relate to aspects of the Relevant Coinbase Entities' Coinbase Prime service, spot market, staking service Coinbase Earn, and Coinbase Wallet, and the potential civil action may seek injunctive relief, disgorgement, and civil penalties. In June 2023, the SEC filed a complaint against the Relevant Coinbase Entities in federal district court in the Southern District of New York, alleging, inter alia: (i) that Coinbase Inc. has violated the Exchange Act by failing to register with the SEC as a national securities exchange, broker-dealer, and clearing agency, in connection with activities involving certain identified digital assets that the SEC's complaint alleges are securities, (ii) that Coinbase Inc. has violated the 1933 Act by failing to register with the SEC the offer and sale of its staking program, and (iii) that Coinbase Global is jointly and severally liable as a control person under the Exchange Act for Coinbase Inc.'s violations of the Exchange Act to the same extent as Coinbase Inc. On February 27, 2025, the SEC announced that it had filed a joint stipulation with Coinbase Inc. and Coinbase Global to dismiss the ongoing civil enforcement action against the two entities.

In the event of any future SEC or other governmental, regulatory or other enforcement action or litigation, Coinbase Inc., as Prime Broker, could be required, as a result of a judicial determination, or could choose, to restrict or curtail the services it offers, or its financial condition and ability to provide services to the Trust could be affected. If the Prime Broker were to be required or choose, as a result of a regulatory action or litigation, to restrict or curtail the services it offers, it could negatively affect the Trust's ability to operate or process creations or redemptions of Baskets, which could force the Trust to liquidate or adversely affect the price of the Shares.

Alternatively, the Trust could replace the Coinbase Custodian as a Bitcoin Custodian with custody of the Trust's bitcoin, pursuant to the Coinbase Custodial Services Agreement. Similarly, the Coinbase Custodian or Coinbase Inc. could terminate services under the Prime Broker Agreement respectively upon providing the applicable notice to the Trust for any reason, or immediately for Cause. Transferring maintenance responsibilities of the Trust's account at the Coinbase Custodian to another custodian will likely be complex and could subject the Trust's bitcoin to the risk of loss during the transfer, which could have a negative impact on the performance of the Shares or result in loss of the Trust's assets. As Prime Broker, Coinbase Inc. does not guarantee uninterrupted access to the Trading Platform or the services it provides to the Trust as Prime Broker. Under certain circumstances, Coinbase Inc. is permitted to halt or suspend trading on its trading platform, or impose limits on the amount or size of, or reject, the Trust's orders, including in the event of, among others, (a) delays, suspension of operations, failure in performance, or interruption of service that are directly due to a cause or condition beyond the reasonable control of Coinbase Inc, (b) the Trust has engaged in unlawful or abusive activities or fraud, (c) the acceptance of the Trust's order would cause the amount of Trade Credits extended to exceed the maximum amount of Trade Credit that the Trust's agreement with the Trade Credit Lender permits to be outstanding at any one time, or (d) a security or technology issue occurred and is continuing that results in Coinbase Inc. being unable to provide trading services or accept the Trust's order, in each case, subject to certain protections for the Trust. Also, if the Coinbase Custodian or Coinbase Inc. become insolvent, suffer business failure, cease business operations, default on or fail to perform their obligations under their contractual agreements with the Trust, or abruptly discontinue the services they provide to the Trust for any reason, the Trust's operations would be adversely affected.

The Delegated Sponsor may not be able to find a party willing to serve as a custodian of the Trust's bitcoin or as the Trust's prime broker under the same terms as the current Coinbase Custodial Services Agreement, the Prime Broker Agreement or at all. To the extent that the Delegated Sponsor is not able to find a suitable party willing to serve as a custodian or prime broker, the Cayman Trustee may be required to terminate the Trust and liquidate the Trust's bitcoin. In addition, to the extent that the Delegated Sponsor find a suitable party but must enter into a modified custodial services agreement or prime broker agreement that is less favorable for the Trust or the Delegated Sponsor, the value of the Shares could be adversely affected. If the Trust is unable to find a replacement prime broker, its operations could be adversely affected.

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#### The Bitcoin Custodians and Prime Broker may act in the same or similar capacity for other competing products.
Currently, the number of digital assets intermediaries with the reputation and operational capability to serve as Bitcoin Custodian and/or Prime Broker to the Trust or other competing products is limited. The Bitcoin Custodian and Prime Broker may act in the same or similar capacity for other competing products, including exchange-traded products offering exposure to the spot bitcoin market or other digital assets. The Trust is therefore subject to risks associated with these competing products utilizing the same service providers for bitcoin custodial and prime brokerage services.

To the extent that exchange-traded products offering exposure to the spot bitcoin market or other digital assets utilize substantially the same service providers for bitcoin custodial and prime brokerage services, this industry concentration may result in the development of fewer other digital assets intermediaries with the reputation and operational capability to provide bitcoin custodial and prime brokerage services to the Trust or other competing products. This, in turn, could make it difficult for the Trust to find and appoint a replacement bitcoin custodian or prime broker, to the extent the Delegated Sponsor deems such action necessary.

This industry concentration also may have the effect of magnifying the risks associated with the Bitcoin Custodian and Prime Broker, as operational disruptions or adverse developments impacting the Bitcoin Custodian or the Prime Broker may be felt on an industry-wide basis. A loss of confidence or breach of the Bitcoin Custodian or Prime Broker may adversely affect not only the Trust and the value of an investment in the Shares, but also these competing products utilizing the same service providers for bitcoin custodial and prime brokerage services and, more generally, exchange-traded products offering exposure to the spot bitcoin market or other digital assets. These industry-wide adverse effects could result in a broader loss of confidence in exchange-traded products offering exposure to the spot bitcoin market or other digital assets, which could further impact the Trust and the value of an investment in the Shares.

 ***The Prime Broker routes orders through Connected Trading Venues in connection with trading services under the Prime Broker Agreement. The loss or failure of any such Connected Trading Venues may adversely affect the Prime Broker's business and cause losses for the Trust.***

In connection with trading services under the Prime Broker Agreement, the Prime Broker routinely routes customer orders to Connected Trading Venues, which are third-party exchanges or other trading venues (including the trading venue operated by the Prime Broker). In connection with these activities, the Prime Broker may hold bitcoin with such Connected Trading Venues in order to effect customer orders, including the Trust's orders. However, the Prime Broker has represented to the Delegated Sponsor that no customer cash is held at Connected Trading Venues. If the Prime Broker were to experience a disruption in the Prime Broker's access to these Connected Trading Venues, the Prime Broker's trading services under the Prime Broker Agreement could be adversely affected to the extent that the Prime Broker is limited in its ability to execute order flow for its customers, including the Trust. In addition, while the Prime Broker has policies and procedures to help mitigate the Prime Broker's risks related to routing orders through third-party trading venues, if any of these third-party trading venues experience any technical, legal, regulatory, or other adverse events, such as shutdowns, delays, system failures, suspension of withdrawals, illiquidity, insolvency, or loss of customer assets, the Prime Broker might not be able to fully recover the customer's bitcoin that the Prime Broker has deposited with these third parties. As a result, the Prime Broker's business, operating results and financial condition could be adversely affected, potentially resulting in its failure to provide services to the Trust or perform its obligations under the Prime Broker Agreement, and the Trust could suffer resulting losses or disruptions to its operations. The failure of a Connected Trading Venue at which the Prime Broker maintains customer bitcoin, including bitcoin associated with the Trust, could result in losses to the Trust, notwithstanding the regulatory requirements to which the Prime Broker is subject or other potential protections.

#### A disruption of the Internet may affect bitcoin operations, which may adversely affect the bitcoin industry and an investment in the Trust.
The functionality of the Bitcoin network relies on the Internet. A significant disruption of Internet connectivity (*i.e.*, affecting large numbers of users or geographic regions) could disrupt the Bitcoin network's

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functionality and operations until the disruption in the Internet is resolved. A disruption in the Internet could adversely affect an investment in the Trust or the ability of the Trust to operate. In particular, some variants of digital assets have experienced a number of denial-of-service attacks, which have led to temporary delays in block creation and digital asset transfers. While in certain cases in response to an attack, an additional "hard fork" (discussed below) has been introduced to increase the cost of certain network functions, the relevant network has continued to be the subject of additional attacks. Moreover, it is possible that as bitcoin increases in value, it may become a bigger target for hackers and subject to more frequent hacking and denial-of-service attacks.

 ***Potential changes to the Bitcoin network's protocols and software could, if accepted and authorized by the Bitcoin network community, adversely affect an investment in the Trust.***

The Bitcoin network uses a cryptographic protocol to govern the interactions within the Bitcoin network. A loose community of core developers has evolved to informally manage the source code for the protocol. Membership in the community of core developers evolves over time, largely based on self-determined participation in the resource section dedicated to the Bitcoin network on <u>Github.com</u>. The core developers can propose amendments to the Bitcoin network's source code that, if accepted by miners and users, could alter the protocols and software of the Bitcoin network and the properties of bitcoin. These alterations occur through software upgrades and could potentially include changes to the irreversibility of transactions and limitations on the mining of new bitcoin, which could undermine the appeal and market value of bitcoin. Alternatively, software upgrades and other changes to the protocols of the Bitcoin network could fail to work as intended or could introduce bugs, security risks, or otherwise adversely affect, the Bitcoin network. As a result, the Bitcoin network could be subject to new protocols and software in the future that may adversely affect an investment in the Trust.

 ***The open-source structure of the Bitcoin network protocol means that the core developers and other contributors are generally not directly compensated for their contributions in maintaining and developing the Bitcoin network protocol. A failure to properly monitor and upgrade the Bitcoin network protocol could damage the Bitcoin network and an investment in the Trust.***

The Bitcoin network operates based on an open-source protocol maintained by a group of core developers and other contributors, largely on the GitHub resource section dedicated to development of the Bitcoin network. As the Bitcoin network protocol is not sold or made available subject to licensing or subscription fees and its use does not generate revenues for its development team, the core developers are generally not compensated for maintaining and updating the source code for the Bitcoin network protocol. Consequently, there is a lack of financial incentive for developers to maintain or develop the Bitcoin network and the core developers may lack the resources to adequately address emerging issues with the Bitcoin network protocol. Although the Bitcoin network is currently supported by the core developers, there can be no guarantee that such support will continue or be sufficient in the future. Alternatively, entities whose interests are at odds with other participants in the Bitcoin network may seek to obtain control over the Bitcoin network by influencing core developers. For example, malicious actors could attempt to bribe a core developer or group of core developers to propose certain changes to the network core developers. In addition, a bad actor could also attempt to interfere with the operation of the Bitcoin network by attempting to exercise a malign influence over a core developer. To the extent that material issues arise with the Bitcoin network protocol and the core developers and open-source contributors are unable to address the issues adequately or in a timely manner, the Bitcoin network and an investment in the Trust may be adversely affected.

#### Decentralized governance of the Bitcoin network could have a negative impact on the performance of the Trust.
Governance of decentralized networks, such as the Bitcoin network, is achieved through voluntary consensus and open competition. In other words, the Bitcoin network has no central decision-making body or clear manner in which participants can come to an agreement other than through overwhelming consensus. The lack of clarity on governance may adversely affect bitcoin's utility and ability to grow and face challenges, both of which may require solutions and directed effort to overcome problems, especially long-term problems. For example, a seemingly simple technical issue once divided the Bitcoin network

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community: namely, whether to increase the block size of the blockchain or implement another change to increase the scalability of bitcoin, known as "segregated witness," and help it continue to grow. See "Risk Factors — The Bitcoin network faces scaling challenges and efforts to increase the volume of transactions may not be successful."

To the extent lack of clarity in corporate governance of the Bitcoin network leads to ineffective decision-making that slows development and growth, the value of the Shares may be adversely affected.

#### Anonymity and illicit financing risk.
Although transaction details of peer-to-peer transactions are recorded on the Bitcoin blockchain, a buyer or seller of digital assets on a peer-to-peer basis directly on the Bitcoin network may never know to whom the public key belongs or the true identity of the party with whom it is transacting. Public key addresses are randomized sequences of alphanumeric characters that, standing alone, do not provide sufficient information to identify users. In addition, certain technologies may obscure the origin or chain of custody of digital assets. The opaque nature of the market poses asset verification challenges for market participants, regulators and auditors and gives rise to an increased risk of manipulation and fraud, including the potential for Ponzi schemes, bucket shops and pump and dump schemes. Digital assets have in the past been used to facilitate illicit activities. If a digital asset was used to facilitate illicit activities, businesses that facilitate transactions in such digital assets could be at increased risk of potential criminal or civil lawsuits, or of having banking or other services cut off, and such digital asset could be removed from digital asset exchanges. Any of the aforementioned occurrences could adversely affect the price of the relevant digital asset, the attractiveness of the respective blockchain network and an investment in the Shares. If the Trust, the Delegated Sponsor or the Trustees were to transact with a sanctioned entity, the Trust, the Delegated Sponsor or the Trustees would be at risk of potential criminal or civil lawsuits or liability.

The Trust takes measures with the objective of reducing illicit financing risks in connection with the Trust's activities. However, illicit financing risks are present in the digital asset markets, including markets for bitcoin. There can be no assurance that the measures employed by the Trust will prove successful in reducing illicit financing risks, and the Trust is subject to the complex illicit financing risks and vulnerabilities present in the digital asset markets. If such risks eventuate, the Trust, the Delegated Sponsor or the Trustees or their affiliates could face civil or criminal liability, fines, penalties, or other punishments, be subject to investigation, have their assets frozen, lose access to banking services or services provided by other service providers, or suffer disruptions to their operations, any of which could negatively affect the Trust's ability to operate or cause losses in value of the Shares.

The Delegated Sponsor and the Trust have adopted and implemented policies and procedures that are designed to ensure that they do not violate applicable AML and sanctions laws and regulations and to comply with any applicable KYC laws and regulations. The Delegated Sponsor and the Trust will only interact with known third party service providers with respect to whom it has engaged in a due diligence process to ensure a thorough KYC process, such as the Authorized Participants and the Bitcoin Custodians. Authorized Participants, as broker-dealers, and the Bitcoin Custodians, as entities subject to New York Banking Law. In addition, the Trust will only accept creations and redemption requests from regulated Authorized Participants who themselves are subject to applicable sanctions and anti-money laundering laws and have compliance programs that are designed to ensure compliance with those laws. In addition, Bitcoin Counterparties will be contractually obligated that all bitcoin they deliver to the Trust will be from lawful sources. The Trust will not hold any bitcoin except those that have been delivered by a Bitcoin Counterparty in connection with creation requests.

The Bitcoin Custodians have adopted and implemented anti-money laundering and sanctions compliance programs, which provide additional protections to ensure that the Delegated Sponsor and the Trust do not transact with a sanctioned party. Notably, the Bitcoin Custodians perform Know-Your-Transaction ("KYT") screening using blockchain analytics to identify, detect, and mitigate the risk of transacting with a sanctioned or other unlawful actor. Pursuant to the Bitcoin Custodians' KYT programs, any bitcoin that is delivered to the Trust's custody account will undergo screening to ensure that the origins of that bitcoin are not illicit.

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In accordance with their regulatory obligations, the Authorized Participants conduct customer due diligence and enhanced due diligence on their counterparties, which enable them to determine each counterparty's AML and other risks and assign an appropriate risk rating.

As part of their counterparty onboarding processes, the Authorized Participants use third-party services to screen prospective counterparties against various watch lists, including the Specially Designated Nationals List of the Treasury Department OFAC and countries and territories identified as non-cooperative by the Financial Action Task Force.

There is no guarantee that such procedures will always be effective. If the Authorized Participants or Bitcoin Counterparties have inadequate policies, procedures and controls for complying with applicable anti-money laundering and applicable sanctions laws or the Trust's diligence is ineffective, violations of such laws could result, which could result in regulatory liability for the Trust, the Delegated Sponsor, the Trustees or their affiliates under such laws, including governmental fines, penalties, and other punishments, as well as potential liability to or cessation of services by the Prime Broker and its affiliates, including the Bitcoin Custodians. Any of the foregoing could result in losses to the Shareholders or negatively affect the Trust's ability to operate.

 ***The actual or perceived use of bitcoin and other digital assets in illicit transactions, which may adversely affect the bitcoin industry and an investment in the Trust.***

Recent years have seen digital assets used at times as part of criminal activities and to launder criminal proceeds, as means of payment for illicit activities, or as an investment fraud currency. Although the number of cases involving cryptocurrencies for the financing of terrorism remains limited, criminals have nonetheless become more sophisticated in their use of digital assets.

Although bitcoin transaction details are logged on the blockchain, a buyer or seller of bitcoin may never know to whom the public key belongs or the true identity of the party with whom it is transacting, as public key addresses are randomized sequences of alphanumeric characters that, standing alone, do not provide sufficient information to identify users. Further, identifying users can be made even more difficult where a user utilizes a tumbling or mixing service (e.g., Tornado Cash) to further obfuscate transaction details.

The bitcoin industry and an investment in the Trust may be adversely affected to the extent that digital assets are increasingly used in connection with illicit transactions or are perceived as being used in connection with illicit transactions.

#### The inability to recognize the economic benefit of a "fork" or an "airdrop" could adversely impact an investment in the Trust.
From time to time, the Trust may be entitled to or come into possession of rights to acquire, or otherwise establish dominion and control over, any virtual currency or other asset or right, which rights are incident to the Trust's ownership of bitcoin and arise without any action of the Trust, or of the Delegated Sponsor on behalf of the Trust ("Incidental Rights") and/or virtual currency tokens, or other asset or right, acquired by the Trust through the exercise (subject to the applicable provisions of the Trust Agreement) of any Incidental Right ("IR Virtual Currency") by virtue of its ownership of bitcoin, generally through a fork in the Bitcoin blockchain, an airdrop offered to holders of bitcoin or other similar event. In an airdrop, the promoters of a new digital asset announce to holders of another digital asset that they will be entitled to claim a certain amount of the new digital asset for free, based on the fact that they hold such other digital asset. For example, in March 2017, the promoters of Stellar Lumens announced that anyone that owned bitcoin as of June 26, 2017, could claim, until August 27, 2017, a certain amount of Stellar Lumens. Airdrops are not included in the Pricing Benchmark under its current methodology.

Pursuant to the Trust Agreement and Delegation Agreement, the Delegated Sponsor has the right, in their discretion, to determine what action to take in connection with the Trust's entitlement to or ownership of Incidental Rights or any IR Virtual Currency. Under the terms of the Trust Agreement, the Trust may take any lawful action necessary or desirable in connection with the Trust's ownership of Incidental Rights, including the acquisition of IR Virtual Currency, as determined by the Delegated Sponsor (as such right has

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been delegated from the Cayman Trustee) in the Delegated Sponsor's sole discretion as a delegate of the Cayman Trustee, unless such action would adversely affect the status of the Trust as a grantor trust for U.S. federal income tax purposes or otherwise be prohibited by the Trust Agreement.

With respect to any fork, airdrop or similar event, the Delegated Sponsor will cause the Trust to irrevocably abandon the Incidental Rights or IR Virtual Currency. In the event the Trust seeks to change this position, an application would need to be filed with the SEC by the Exchange seeking approval to amend its listing rules. If such regulatory approval is received, the Trust will notify the owners of the beneficial interests of Shares in a prospectus supplement, in its periodic Exchange Act reports, as applicable, and on the Delegated Sponsor's website.

Investors should be aware that investing in Shares of the Trust is not equivalent to investing directly in bitcoin. An investor does not have a claim to any "forked" assets. Unless otherwise announced, the Delegated Sponsor, on behalf of the Trust, will not support the inclusion of any forked assets.

Unless an announcement is made informing investors that a fork will be supported, a newly-forked asset should be considered ineligible for inclusion in the Trust.

#### Network Forks.
Bitcoin, along with many other digital assets, are open source projects. The infrastructure and ecosystem that powers the Bitcoin network are developed by different parties, including affiliated and non-affiliated engineers, developers, miners, platform developers, evangelists, marketers, exchange operators and other companies based around a service regarding bitcoin, each of whom may have different motivations, drivers, philosophies and incentives.

As a result, any individual can propose refinements or improvements to the Bitcoin network's source code through one or more software upgrades that could alter the protocols governing the Bitcoin network and the properties of bitcoin. When a modification is proposed and a substantial majority of users and miners consent to the modification, the change is implemented and the Bitcoin network remains uninterrupted. However, a "hard fork" occurs if less than a substantial majority of users and miners consent to the proposed modification, and the modification is not compatible with the software prior to its modification. In other words, two incompatible networks would then exist: (1) one network running the pre-modified software and (2) another network running the modified software. The effect of such a fork would be the existence of two versions of bitcoin running in parallel, and the creation of a new digital asset which lacks interchangeability with its predecessor. This is in contrast to a "soft fork," or a proposed modification to the software governing the network that results in a post-update network that is compatible with the network as it existed prior to the update, because it restricts the network operations that can be performed after the update.

Forks occur for a variety of reasons. A fork could occur after a significant security breach. Participants on the network could elect to "fork" the network to its state before the hack, effectively reversing the hack. A fork could also be introduced by an unintentional, unanticipated software flaw in the multiple versions of otherwise compatible software users run. Such a fork could adversely affect bitcoin's viability. It is possible, however, that a substantial number of users and miners could adopt an incompatible version of the digital asset while resisting community-led efforts to merge the two chains. This would result in a permanent fork. For example, in July 2016, Ethereum "forked" into Ethereum and a new digital asset, Ethereum Classic, as a result of the Ethereum network community's response to a significant security breach in which an anonymous hacker exploited a smart contract running on the Ethereum network to syphon approximately $60 million of ETH held by the DAO, a distributed autonomous organization, into a segregated account. In response to the hack, most participants in the Ethereum community elected to adopt a "fork" that effectively reversed the hack. However, a minority of users continued to develop the original blockchain, now referred to as "Ethereum Classic" with the digital asset on that blockchain now referred to as Ethereum Classic, or ETC. ETC now trades on several digital asset exchanges.

A fork may occur as a result of disagreement among network participants as to whether a proposed modification to the network should be accepted. For example, on August 1, 2017, after extended debates among developers as to how to improve the Bitcoin network's transaction capacity, the Bitcoin network was

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forked by a group of developers and miners resulting in the creation of a new blockchain, which underlies the new digital asset "Bitcoin Cash." Bitcoin and Bitcoin Cash now operate on separate, independent blockchains. Since then, the Bitcoin network has forked several times to launch new digital assets, such as Bitcoin Gold, Bitcoin Silver and Bitcoin Diamond. Litecoin was also the result of a fork from the original Bitcoin blockchain.

Significant forks are typically announced several months in advance. The circumstances of each fork are unique, and their relative significance varies. It is possible that a particular fork may result in a significant disruption to bitcoin and, potentially, may result in broader market disruption should pricing become difficult following the fork. It is not possible to predict with accuracy the impact that any anticipated fork could have or for how long any resulting disruption may exist.

Forks may have a detrimental effect on the value of bitcoin, including by negatively affecting digital asset allocations or by failing to capture of the full value of the newly-forked bitcoin if it is excluded from the Pricing Benchmark. Forks can also introduce new security risks. For example, forks may result in "replay attacks," or attacks in which transactions from one network were rebroadcast to nefarious effect on the other network. After a hard fork, it may become easier for an individual miner or mining pool's hashing power to exceed 50% of the processing power of the digital asset network, thereby making digital assets that rely on proof of work more susceptible to attack. For example, when the Ethereum and Ethereum Classic networks, two other digital asset networks, split in July 2016, replay attacks, in which transactions from one network were rebroadcast to nefarious effect on the other network, plagued Ethereum exchanges through at least October 2016. An Ethereum exchange announced in July 2016 that it had lost 40,000 Ethereum Classic, worth about $100,000 at that time, as a result of replay attacks. Similar replay attack concerns occurred in connection with the Bitcoin Cash and Bitcoin SV networks split in November 2018. Another possible result of a hard fork is an inherent decrease in the level of security due to significant amounts of mining power remaining on one network or migrating instead to the new forked network. After a hard fork, it may become easier for an individual miner or mining pool's hashing power to exceed 50% of the processing power of a digital asset network that retained or attracted less mining power, thereby making digital assets that rely on proof-of-work more susceptible to attack.

A hard fork may adversely affect the price of bitcoin at the time of announcement or adoption. For example, the announcement of a hard fork could lead to increased demand for the pre fork digital asset, in anticipation that ownership of the pre fork digital asset would entitle holders to a new digital asset following the fork. The increased demand for the pre fork digital asset may cause the price of the digital asset to rise. After the hard fork, it is possible the aggregate price of the two versions of the digital asset running in parallel would be less than the price of the digital asset immediately prior to the fork. Furthermore, the Delegated Sponsor will, as permitted by the terms of the Trust Agreement, determine which network is generally accepted as the Bitcoin network and should therefore be considered the appropriate network for the Trust's purposes. The Delegated Sponsor will base its determination on a variety of then relevant factors, including, but not limited to, the Delegated Sponsor's beliefs regarding expectations of the core developers of bitcoin, users, service providers, businesses, miners and other constituencies, as well as the actual continued acceptance of, mining power on, and community engagement with, the Bitcoin network. There is no guarantee that the Delegated Sponsor will choose the network and the associated digital asset that is ultimately the most valuable fork. Either of these events could therefore adversely impact the value of the Shares. When Bitcoin Cash forked from the Bitcoin network, the value of Bitcoin went from $2,800 to $2,700.

In principle, a hard fork could change the source code for the Bitcoin network, including the source code which limits the supply of bitcoin to 21 million. Although many observers believe this is unlikely at present, there is no guarantee that the current 21 million supply cap for outstanding bitcoin, which is estimated to be reached by approximately the year 2140, will not be changed. If a hard fork changing the 21 million supply cap is widely adopted, the limit on the supply of bitcoin could be lifted, which could have an adverse impact on the value of bitcoin and the value of the Shares.

If bitcoin were to fork into two digital assets, the Trust may hold, in addition to its existing bitcoin balance, a right to claim an equivalent amount of the new "forked" asset following the hard fork. However, the Pricing Benchmark does not track forks involving bitcoin. The Trust has adopted procedures to address situations involving a fork that results in the issuance of new alternative bitcoin that the Trust may receive.

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The holder of bitcoin has no discretion in a hard fork; it merely has the right to claim the new bitcoin on a pro rata basis while it continues to hold the same number of bitcoin.

#### Airdrops.
Bitcoin may become subject to an occurrence similar to a fork, which is known as an "airdrop." In an airdrop, the promoters of a new digital asset announce to holders of another digital asset that they will be entitled to claim a certain amount of the new digital asset for free, based on the fact that they hold such other digital asset. For example, in March 2017, the promoters of Stellar Lumens announced that anyone that owned bitcoin as of June 26, 2017, could claim, until August 27, 2017, a certain amount of Stellar Lumens. The Pricing Benchmark does not include airdrops under its current methodology.

The Pricing Benchmark does not currently track airdrops involving bitcoin. Accordingly, the Trust will not participate in airdrops.

#### Bitcoin is subject to cybersecurity risks, which could adversely affect an investment in the Trust or the ability of the Trust to operate.
Users of bitcoin, and therefore investors in bitcoin-related investment products such as the Trust, are exposed to an elevated risk of fraud and loss, including, but not limited to, through cyber-attacks. Bitcoin can be stolen, and bitcoin stored in a digital wallet, accessible via private key, can be compromised. While digital wallets do not store or contain the actual bitcoin, they store public and private keys, which are used as an address for receiving bitcoin or for spending the bitcoin, with both forms of transactions recorded on the public immutable ledger, the blockchain. By using the private key, a person is able to spend bitcoin, effectively sending it away from the account and recording that transaction on the blockchain. If a private key is compromised, bitcoin associated with that specific public key may be stolen. Unlike traditional banking transactions, once a transaction has been added to the blockchain, it cannot be reversed. Several exchanges specializing in sales of bitcoin, for example, have already had their operations impacted by cyber-attacks.

Thefts and cyber-attacks can have a negative impact on the reputation, market price, value, or liquidity of bitcoin. Through investment in the Trust, investors would be indirectly exposed to the risk and potential impact of a cyber-attack. A loss associated with cyberattack, including a total loss, is possible. While the Delegated Sponsor and the Bitcoin Custodians have taken reasonable measures to prevent a theft or hacking of the Trust's bitcoin holdings, such an event cannot be fully excluded from the Trust's overall market exposure, and the losses associated with such an event would be borne by investors.

Digital asset networks, including the Bitcoin network, are subject to control by entities that capture a significant amount of the network's processing power or a significant number of developers important for the operation and maintenance of such digital asset network.

If a single miner, or a group of miners acting in concert, control (even temporarily) a majority of the network mining power (known as hash power) of a particular blockchain network, this control could be used to undertake harmful acts. Such an attack is called a "51%" attack. For example, an individual or group controlling a majority of the Bitcoin network could prevent transactions from posting accurately, or at all, on the blockchain. It could be possible for the malicious actor to control, exclude or modify the ordering of transactions, though it could not generate new bitcoin or transactions. Further, a bad actor could "double-spend" its own bitcoin (i.e., spend the same bitcoin in more than one transaction) and prevent the confirmation of other users' transactions for so long as it maintained control. To the extent that such malicious actor or botnet did not yield its control of the processing power on the Bitcoin network or the network community did not reject the fraudulent blocks as malicious, reversing any changes made to the blockchain may not be possible. Further, a malicious actor or botnet could create a flood of transactions in order to slow down confirmations of transactions on the Bitcoin network.

Other digital asset networks have been subject to malicious activity achieved through control of over 50% of the processing power on the network. Any similar attacks on the Bitcoin network could negatively impact the value of bitcoin and the value of the Shares.

In the past, mining pools have gained control of significant amounts of the processing power or "hash rate" of the Bitcoin network. If a mining pool obtains control of more than 50% of the hash rate of the

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Bitcoin network, a malicious actor would be able to gain full control of the network and the ability to alter the blockchain. During May and June 2014, mining pool gHash.IO's processing power approached and, during a twenty-four to forty-eight hour period, may have exceeded 50% of the processing power on the Bitcoin network. Although no malicious activity or abnormal transaction recording was observed at the time, the incident focused attention on the influence of mining pools. Mining pools have become increasingly concentrated both in terms of the providers and the geographic distribution of providers in recent years.

Moreover, certain hardware providers may create hardware that collectively has majority power, and the manufacturer could potentially exert control itself. For example, it was discovered that the mining machines produced by Bitmain contained backdoor code that would allow Bitmain to remotely shut down the mining machines. This vulnerability is colloquially referred to as the "Antbleed backdoor." At worst, the Antbleed backdoor could have allowed Bitmain to shut off up to an estimated 70% of the global hash rate. Bitmain released an official response to the controversy claiming that the Antbleed backdoor had no malicious intent, and on April 28, 2017, the day following the discovery of the Antbleed backdoor, Bitmain released new source code and firmware upgrades for its mining hardware to remove the backdoor. The provision of bitcoin mining hardware is also becoming increasingly centralized and concentrated among a few key players such as Bitmain.

A 51% attack is more likely to happen in the context of digital assets with smaller market capitalizations due to the reduced computing power threshold required to control a majority of a given network. Nevertheless, it is theoretically possible, albeit computationally expensive, to mount a similar 51% attack on bitcoin or other digital assets with large market capitalization. If the feasibility of a bad actor gaining control of the processing power on the Bitcoin network increases, there may be a negative effect on an investment in the Trust.

A malicious actor may also obtain control over the Bitcoin network through its influence over core developers by gaining direct control over a core developer or an otherwise influential programmer. To the extent that users and miners accept amendments to the source code proposed by the controlled core developer, other core developers do not counter such amendments, and such amendments enable the malicious exploitation of the Bitcoin network, the risk that a malicious actor may be able to obtain control of the Bitcoin network in this manner exists, which may adversely affect the value of the Shares. If the malicious actor cannot control the miner nodes directly, they might attempt to compromise the miners that are already trusted by the network. This could involve hacking, bribery, deception or coercion.

To the extent that the Bitcoin ecosystem, including the core developers and the administrators of mining pools, does not act to ensure greater decentralization, the feasibility of a malicious actor obtaining control of the processing power on the Bitcoin network will increase, which may adversely affect the value of the Shares.

If any of these exploitations or attacks occur, it could result in a loss of public confidence in bitcoin and a decline in the value of bitcoin and, as a result, adversely impact an investment in the Shares.

#### If miners expend less processing power on the Bitcoin network, it could increase the likelihood of a malicious actor obtaining control.
Miners ceasing operations would reduce the collective processing power on the Bitcoin network, which would adversely affect the confirmation process for transactions (i.e., temporarily decreasing the speed at which blocks are added to the Bitcoin blockchain until the next scheduled adjustment in difficulty for block solutions). If a reduction in processing power occurs, the Bitcoin network may be more vulnerable to a malicious actor obtaining control in excess of fifty percent (50%) of the processing power on the Bitcoin network. As a result, it may be possible for a bad actor to manipulate the Bitcoin network and hinder transactions. Any reduction in confidence in the confirmation process or processing power of the Bitcoin network may adversely affect an investment in the Trust.

#### Cancer nodes.
Cancer nodes are computers that appear to be participating in the Bitcoin network but that are not in fact connected to the Bitcoin network, which a malicious actor sets up to place users onto a separate network

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or disconnect them from the Bitcoin network. By using cancer nodes, a malicious actor can disconnect the target user from the bitcoin economy entirely by refusing to relay any blocks or transactions.

#### Double-spending risks.
A malicious actor may attempt to double spend bitcoin (i.e., allow for the same units of bitcoin to be spent on multiple occasions) by altering the formation of the blockchain, where the malicious actor has enough network control to confirm and post such transactions to the blockchain. In a double spending situation, the related record of the transaction, posted on the Bitcoin network, would become falsified. This could have a detrimental effect on both the sender and the receiver.

There are several ways a malicious actor could attempt a double-spend, including, but not limited to, sending two conflicting transactions to the network, and creating one transaction but sending the bitcoin before releasing that associated block to the blockchain, which would invalidate it. On an exchange with multiple currency trading pairs, it would be possible for a person or individual controlling the majority of a blockchain network to double-spend the coins they control and then subsequently trade them for other currency pairs and transfer them off the exchange to their own private wallet(s).

All double-spend attacks require that the miner sequence and execute the steps of its attack with sufficient speed and accuracy. Double-spend attacks require extensive coordination and are very expensive. Typically, transactions that allow for a zero-confirmation acceptance tend to be prone to these types of attacks. Accordingly, traders and merchants may execute instantaneous/zero-confirmation transactions only if they are of sufficiently low-value. Users and merchants can take additional precautions by adjusting their network software programs to connect only to other well-connected participants in the Bitcoin network and to disable incoming connections. Tactics to avoid double-spend such as requiring multiple confirmations can slow down transaction speeds on the Bitcoin network and could impact the value of bitcoin.

#### Flaws in source code.
It is possible that flaws or mistakes in the released and public source code could lead to catastrophic damage to bitcoin, the Bitcoin network, and any underlying technology. It is possible that contributors to the Bitcoin network would be unable to stop this damage before it spreads further. It is further possible that a dedicated team or a group of contributors or other technical group may attack the code, directly leading to catastrophic damage. In any of these situations, the value of Shares of the Trust can be adversely affected.

In the past, flaws in the source code for digital asset networks have been exposed and exploited, including flaws that disabled some functionality for users, exposed users' personal information and/or resulted in the theft of users' digital assets. Several errors and defects have been publicly found and corrected, including those that disabled some functionality for users and exposed users' personal information. Discovery of flaws in or exploitations of the source code that allow malicious actors to take or create money in contravention of known network rules have occurred. The cryptography underlying bitcoin could prove to be flawed or ineffective, or negatively impacted by developments in mathematics and/or technology, such as advances in digital computing, algebraic geometry and quantum computing. In any of these circumstances, a malicious actor may be able to steal bitcoin held by others, which could adversely affect the demand for bitcoin and therefore adversely impact the price of bitcoin and the value of the Shares. Even if another digital asset other than bitcoin were affected by similar circumstances, any reduction in confidence in the robustness of the source code or cryptography underlying digital assets generally could negatively affect the demand for all digital assets, including bitcoin, and therefore adversely affect the value of the Shares.

#### Mathematical or technological advances could undermine the Bitcoin network's consensus mechanism.
The Bitcoin network is premised on multiple persons competing to solve cryptographic puzzles quickly. It is possible that mathematical or technological advances, such as the development of quantum computers with significantly more power than computers presently available, could undermine or vitiate the cryptographic consensus mechanism underpinning the Bitcoin network.

#### The Bitcoin network faces scaling challenges and efforts to increase the volume and speed of transactions may not be successful.
Many digital asset networks face significant scaling challenges due to the fact that public blockchains generally face a tradeoff between security and scalability.

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As of July 2017, bitcoin could handle, on average, five to seven transactions per second. For several years, participants in the Bitcoin ecosystem debated potential approaches to increasing the average number of transactions per second that the Bitcoin network could handle. As of August 2017, the Bitcoin network was upgraded with a technical feature known as "segregated witness" that, among other things, could potentially approximately double the transactions per second that can be handled on-chain. More importantly, segregated witness also enables so-called second layer solutions, such as the Lightning Network or payment channels, which could potentially allow faster transaction settlement.

An increasing number of wallets and digital asset intermediaries, such as bitcoin spot markets, have begun supporting segregated witness and the Lightning Network, or similar technology. The Lightning Network is an open-source decentralized network that enables instant off-Bitcoin blockchain transfers of the ownership of bitcoin without the need of a trusted third party. The system utilizes bidirectional payment channels that consist of multi-signature addresses. One on-blockchain transaction is needed to open a channel and another on-blockchain transaction can close the channel. Once a channel is open, value can be transferred instantly between counterparties, who are engaging in real bitcoin transactions without broadcasting them to the Bitcoin network. New transactions will replace previous transactions and the counterparties will store everything locally as long as the channel stays open to increase transaction throughput and reduce computational burden on the Bitcoin network.

As the use of digital asset networks increases without a corresponding increase in transaction processing speed of the networks, average fees and settlement times can increase significantly. Bitcoin's network has been, at times, at capacity, which has led to increased transaction fees. As of September 30, 2025, bitcoin transaction fees were $0.67 per transaction, on average. Increased fees and decreased settlement speeds could preclude certain use cases for bitcoin (e.g., micropayments), and can reduce demand for and the price of bitcoin, which could adversely impact the value of the Shares. In May 2023, events related to the adoption of ordinals, which are a means of inscribing digital content on the bitcoin blockchain, caused transaction fees to temporarily spike above $30 per transaction. In April 2024, bitcoin transaction fees spiked to $128.50 in connection with the Bitcoin Network halving and the rollout of the Runes protocol. The fifth and next bitcoin halving is expected to occur in or around April 2028 at block height 1,050,000, reducing the block reward from 3.125 to 1.5625 bitcoins per block. There is no guarantee that any of the mechanisms in place or being explored for increasing the scale of settlement of transactions in bitcoin will be effective, or how long these mechanisms will take to become effective, which could adversely impact an investment in the Shares.

 ***New competing digital assets may pose a challenge to bitcoin's current market position, resulting in a reduction in demand for bitcoin, which could have a negative impact on the price of bitcoin and may have a negative impact on the performance of the Trust.***

Bitcoin faces significant competition from other digital assets as well as from other technologies or payment forms, such as Swift, ACH, remittance networks, credit cards and cash. There is no guarantee that bitcoin will become a dominant form of payment, store of value or method of exchange.

The Bitcoin network and bitcoin, as an asset, hold a "first-to-market" advantage over other digital assets. This first-to-market advantage has resulted in the Bitcoin network evolving into the most well-developed network of any digital asset. The Bitcoin network enjoys the largest user base and has more mining power in use to secure the Bitcoin network than any other digital asset. However, despite the first-mover advantage of the Bitcoin network over other digital assets, it is possible that real or perceived shortcomings in the Bitcoin network, or technological, regulatory or other developments, could result in a decline in popularity and acceptance of bitcoin and the Bitcoin network, and other digital currencies and trading systems could become more widely accepted and used than the Bitcoin network. Bitcoin is one of the few virtual currencies in which there are strong arguments that bitcoin is not a "security" under the federal securities laws. See "Risk Factors — Future legal or regulatory developments may negatively affect the value of bitcoin or require the Trust or the Delegated Sponsor to become registered with the SEC or CFTC, which may cause the Trust to incur unforeseen expenses or liquidate." Regulatory changes or guidance that result in other virtual currencies not meeting the definition of "security" will reduce advantages associated with bitcoin's current regulatory status, which could adversely impact an investment in the Shares. Promoters of other digital assets claim that those digital assets have solved certain of the purported drawbacks of the

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Bitcoin network, for example, allowing faster settlement times, reducing mining fees, or reducing electricity usage in connection with mining. If these digital assets are successful, such success could reduce demand for bitcoin and adversely affect the value of bitcoin and an investment in the Trust. It is currently unclear which digital assets, if any, will become and remain dominant, as the sector continues to innovate and evolve. Changes in the viability of any digital asset ecosystem may adversely impact pricing and liquidity of bitcoin and, therefore, of the Trust.

#### Competition from central bank digital currencies ("CBDCs") could adversely affect the value of bitcoin and other digital assets.
Central banks have introduced digital forms of legal tender. China's CBDC project, known as Digital Currency Electronic Payment, has reportedly been tested in a live pilot program conducted in multiple cities in China. A recent study published by the Bank for International Settlements estimated that at least 36 central banks have published retail or wholesale CBDC work ranging from research to pilot projects. Whether or not they incorporate blockchain or similar technology, CBDCs, as legal tender in the issuing jurisdiction, could have an advantage in competing with, or replacing, bitcoin and other cryptocurrencies as a medium of exchange or store of value. Central banks and other governmental entities have also announced cooperative initiatives and consortia with private sector entities, with the goal of leveraging blockchain and other technology to reduce friction in cross-border and interbank payments and settlement, and commercial banks and other financial institutions have also recently announced a number of initiatives of their own to incorporate new technologies, including blockchain and similar technologies, into their payments and settlement activities, which could compete with, or reduce the demand for bitcoin. As a result of any of the foregoing factors, the value of bitcoin could decrease, which could adversely affect an investment in the Trust.

#### Prices of bitcoin may be affected due to stablecoins, the activities of stablecoin issuers and their regulatory treatment.
While the Trust does not invest in stablecoins, it may nonetheless be exposed to these and other risks that stablecoins pose for the bitcoin market through its investment in bitcoin. Stablecoins are digital assets designed to have a stable value over time as compared to typically volatile digital assets and are typically marketed as being pegged to a fiat currency, such as the U.S. dollar. Although the prices of stablecoins are intended to be stable, in many cases their prices fluctuate, sometimes significantly. This volatility has in the past apparently impacted the price of bitcoin. Stablecoins are a relatively new phenomenon and it is impossible to know all of the risks that they could pose to participants in the bitcoin market. In addition, some have argued that some stablecoins, particularly Tether, are improperly issued without sufficient backing in a way that could cause artificial rather than genuine demand for bitcoin, raising its price, and also argue that those associated with certain stablecoins are involved in laundering money. On February 17, 2021, the New York Attorney General entered into an agreement with Tether's operators, requiring them to cease any further trading activity with New York persons and pay $18.5 million in penalties for false and misleading statements made regarding the assets backing Tether. On October 15, 2021, the CFTC announced a settlement with Tether's operators in which they agreed to pay $42.5 million in fines to settle charges that, among others, Tether's claims that it maintained sufficient U.S. dollar reserves to back every Tether stablecoin in circulation with the "equivalent amount of corresponding fiat currency" held by Tether were untrue.

Stablecoins are reliant on the U.S. banking system and U.S. treasuries, and the failure of either to function normally could impede the function of stablecoins and therefore could adversely affect the value of the Shares.

Given the role that stablecoins play in global digital asset markets, their fundamental liquidity can have a dramatic impact on the broader digital asset market, including the market for bitcoin.

Volatility in stablecoins, operational issues with stablecoins (for example, technical issues that prevent settlement), concerns about the sufficiency of any reserves that support stablecoins, or regulatory concerns about stablecoin issuers or intermediaries, such as exchanges, that support stablecoins, could impact individuals' willingness to trade on trading venues that rely on stablecoins and could impact the price of bitcoin, and in turn, an investment in the Shares.

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#### Operational cost may exceed the award for validating transaction, and increased transaction fees may adversely affect the usage of the Bitcoin network.
Miners generate revenue from both newly created bitcoin (known as the "block reward") and from fees taken upon verification of transactions. If the aggregate revenue from transaction fees and the block reward is below a miner's cost, the miner may cease operations. Additionally, in the event of a fork of the Bitcoin network, some miners may choose to mine the alternative new bitcoin resulting from the fork, thus reducing processing power on the original blockchain.

Furthermore, the incentives for miners to contribute processing power to the Bitcoin network is set to decrease over time. As a result of the Bitcoin network's "halving" mechanism, the block reward that miners receive for successfully mining a block are cut in half each time the Bitcoin network mines 210,000 blocks. This type of "halving" event generally occurs once every four years and will continue until the maximum possible 21 million bitcoin have been mined and released into circulation. Currently, there are approximately 19 million bitcoin that have been mined and are in circulation. The next halving event is expected to occur in approximately April 2028, at which point the block reward will decrease to 1.5625 bitcoin per block.

Once new bitcoin tokens are no longer awarded for adding a new block, miners will only have transaction fees to incentivize them, and as a result, it is expected that miners will need to be better compensated with higher transaction fees to ensure that there is adequate incentive for them to continue mining.

If transaction confirmation fees become too high, the marketplace may be reluctant to use bitcoin. This may result in decreased usage and limit expansion of the Bitcoin network in the retail, commercial and payments space, adversely impacting investment in the Trust. Conversely, if the reward for miners or the value of the transaction fees is insufficient to motivate miners, they may cease expending processing power for any blockchain to solve blocks and confirm transactions.

Ultimately, if the awards of new bitcoin for solving blocks declines and transaction fees for recording transactions are not sufficiently high to incentivize miners, or if the costs of validating transactions grow disproportionately, miners may operate at a loss, transition to other networks, or cease operations altogether. Each of these outcomes could, in turn, slow transaction validation and usage, which could have a negative impact on the Bitcoin network and could adversely affect the value of the bitcoin held by the Trust.

An acute cessation of mining operations would reduce the collective processing power on the Bitcoin network, which would adversely affect the transaction verification process by temporarily decreasing the speed at which blocks are added to the blockchain and make the blockchain more vulnerable to a malicious actor obtaining control in excess of 50% of the processing power on the blockchain. Reductions in processing power could result in material, though temporary, delays in transaction confirmation time. Any reduction in confidence in the transaction verification process or mining processing power may adversely impact the value of Shares of the Trust or the ability of the Delegated Sponsor to operate.

#### Electricity usage.
Bitcoin uses a system called proof-of-work to validate transaction information. It's called proof-of-work because solving the encrypted hash takes time and energy, which acts as proof that work was done. Proof-of-stake cryptocurrencies allow people to pledge or lock up some of their holdings as a way of vouching for the accuracy of newly added information. Meanwhile, proof-of-work cryptocurrencies require people to solve complex cryptographic puzzles — which can incur significant energy costs — before they're allowed to propose a new block. Proof of work requires users to mine or complete complex computational puzzles before submitting new transactions to the network. This expenditure of time, computing power and energy is intended to make the cost of fraud higher than the potential rewards of a dishonest action.

Anyone that owns the specific proof-of-stake cryptocurrency can participate in staking, subject to certain minimum amounts as determined by the applicable proof-of-stake cryptocurrency. Generally, the higher the amount staked by any actor, the higher the chances of being chosen by the applicable blockchain to act as miner and reaping miner rewards; in other words, the higher the stake, the higher the chances of earning a staking reward. This has led to the creation of staking pools, where third parties combine smaller stakes into large pools, which leads to higher returns for owners of small stakes, in return for a fee collected by the third parties.

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Digital asset mining operations can consume significant amounts of electricity, which may have a negative environmental impact and give rise to public opinion against allowing, or government regulations restricting, the use of electricity for mining operations. Additionally, miners may be forced to cease operations during an electricity shortage or power outage, or if electricity prices increase where the mining activities are performed. This could adversely affect the price of bitcoin, or the operation of the Bitcoin network, and accordingly decrease the value of the Shares.

Concerns have been raised about the electricity required to secure and maintain digital asset networks. For example, as of February 27, 2026, approximately 1,055 million tera hashes are performed every second in connection with mining on the Bitcoin network. Although measuring the electricity consumed by this process is difficult because these operations are performed by various machines with varying levels of efficiency, the process consumes a significant amount of energy. The operations of the Bitcoin network and other digital asset networks may also consume significant amounts of energy. Further, in addition to the direct energy costs of performing calculations on any given digital asset network, there are indirect costs that impact a network's total energy consumption, including the costs of cooling the machines that perform these calculations.

Driven by concerns around energy consumption and the impact on public utility companies, various states and cities have implemented, or are considering implementing, moratoriums on mining activity in their jurisdictions. A significant reduction in mining activity as a result of such actions could adversely affect the security of the Bitcoin network by making it easier for a malicious actor or botnet to manipulate the relevant blockchain. If regulators or public utilities take action that restricts or otherwise impacts mining activities, such actions could result in decreased security of a digital asset network, including the Bitcoin network, and consequently adversely impact the value of the Shares.

#### Miners could act in collusion to raise transaction fees, which may adversely affect the usage of the Bitcoin network.
Bitcoin miners collect fees for each transaction they confirm. Miners validate unconfirmed transactions by adding the previously unconfirmed transactions to new blocks in the blockchain. Miners are not forced to confirm any specific transaction, but they are economically incentivized to confirm valid transactions as a means of collecting fees. To the extent that any miners cease to record transactions in solved blocks, such transactions will not be recorded on the Bitcoin network until a block is solved by a miner who does not require the payment of transaction fees. Miners have historically accepted relatively low transaction confirmation fees, because miners have a very low marginal cost of validating unconfirmed transactions. If miners collude in an anticompetitive manner to reject low transaction fees, then bitcoin users could be forced to pay higher fees, thus reducing the attractiveness of the Bitcoin network, or to wait longer times for their transactions to be validated by a miner who does not require the payment of a transaction fee. Bitcoin mining occurs globally, and it may be difficult for authorities to apply antitrust regulations across multiple jurisdictions. Any collusion among miners may adversely impact an investment in the Trust or the ability of the Trust to operate.

 ***As technology advances, miners may be unable to acquire the digital asset mining hardware necessary to develop and launch their operations. A decline in the bitcoin mining population could adversely affect the Bitcoin network and an investment in the Trust.***

Due to the increasing demand for digital asset mining hardware, miners may be unable to acquire the proper mining equipment or suitable amounts of equipment necessary to continue their operations or develop and launch their operations. In addition, because successful mining of a digital asset that uses "proof of work" validation requires maintaining or exceeding a certain level of computing power relative to other miners, miners will need to upgrade their mining hardware periodically to keep up with their competition. The development of supercomputers with disproportionate computing power may threaten the integrity of the bitcoin market by concentrating mining power, which would make it unprofitable for other miners to mine. The expense of purchasing or upgrading new equipment may be substantial and diminish returns to miners dramatically. A decline in miners may result in a decrease in the value of bitcoin and the value of the Trust.

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 ***If profit margins of bitcoin mining operations are not high, miners may elect to immediately sell bitcoin earned by mining, resulting in a reduction in the price of bitcoin that could adversely affect an investment in the Trust.***

Bitcoin network mining operations have rapidly evolved over the past several years from individual users mining with computer processors, graphics processing units and first-generation ASIC (application-specific integrated circuit) machines. New processing power is predominantly added to the Bitcoin network currently by "professionalized" mining operations. Such operations may use proprietary hardware or sophisticated ASIC machines acquired from ASIC manufacturers. Significant capital is necessary for mining operations to acquire this hardware, lease operating space (often in data centers or warehousing facilities), afford electricity costs and employ technicians to operate the mining farms. As a result, professionalized mining operations are of a greater scale than prior Bitcoin network miners and have more defined, regular expenses and liabilities. In past years, individual miners are believed to have been more likely to hold newly mined bitcoin for extended periods.

A professional mining operation operating at a low profit margin may be more likely to sell a higher percentage of its newly mined bitcoin rapidly, and it may partially or completely cease operations if its profit margin is negative. In a low profit margin environment, a higher percentage of the new bitcoin mined each day will be sold into the bitcoin market more rapidly, thereby reducing bitcoin prices. The network effect of reduced profit margins resulting in greater sales of newly mined bitcoin could result in a reduction in the price of bitcoin that could adversely affect an investment in the Trust.

#### Large-Scale Sales or Distributions.
Some entities hold large amounts of bitcoin relative to other market participants, and to the extent such entities engage in large-scale hedging, sales or distributions on non-market terms, or sales in the ordinary course, it could result in a reduction in the price of bitcoin and adversely affect the value of the Shares. Additionally, political or economic crises may motivate large-scale acquisitions or sales of digital assets, including bitcoin, either globally or locally. Such large-scale sales or distributions could result in selling pressure that may reduce the price of bitcoin and adversely affect an investment in the Shares.

As of the date of this Prospectus, the largest 100 bitcoin wallets held a substantial amount of the outstanding supply of bitcoin, and it is possible that some of these wallets are controlled by the same person or entity. Moreover, it is possible that other persons or entities control multiple wallets that collectively hold a significant number of bitcoin, even if each wallet individually only holds a small amount. As a result of this concentration of ownership, large sales by such holders could have an adverse effect on the market price of bitcoin.

Satoshi Nakamoto, the pseudonymous creator or creators of bitcoin, is believed to control approximately one million bitcoin (approximately 5% of the total bitcoin supply that will ever exist). This bitcoin has remained dormant since it was mined, but if Satoshi Nakamoto or other early miners and stakeholders were to sell any substantial portion of their holdings, it could cause significant market disruption and a material decline in the price of bitcoin. The identities and motivations of these holders are generally unknown, and their selling behavior cannot be predicted. Any such decline in the price of bitcoin would correspondingly reduce the value of the Shares.

#### Congestion or delay in the Bitcoin network may delay purchases or sales of bitcoin by the Trust.
The size of each block on the Bitcoin blockchain is currently limited and is significantly below the level that centralized systems can provide. Increased transaction volume could result in delays in the recording of transactions due to congestion in the Bitcoin network. Moreover, unforeseen system failures, disruptions in operations, or poor connectivity may also result in delays in the recording of transactions on the Bitcoin network. Any delay in the Bitcoin network could affect the Authorized Participant's ability to buy or sell bitcoin at an advantageous price resulting in decreased confidence in the Bitcoin network. Over the longer term, delays in confirming transactions could reduce the attractiveness to merchants and other commercial parties as a means of payment. As a result, the Bitcoin network and the value of the Trust's Shares would be adversely affected.

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#### Risks Associated with Investing in the Trust

#### Investment Related Risks.
Investing in bitcoin and, consequently, the Trust, is speculative. The price of bitcoin is volatile, and market movements of bitcoin are difficult to predict. Supply and demand changes rapidly and is affected by a variety of factors, including regulation and general economic trends, such as interest rates, availability of credit, credit defaults, inflation rates and economic uncertainty. All investments made by the Trust will risk the loss of capital. Therefore, an investment in the Trust involves a high degree of risk, including the risk that the entire amount invested may be lost. No guarantee or representation is made that the Trust's investment program will be successful, that the Trust will achieve its investment objective or that there will be any return of capital invested to investors in the Trust, and investment results may vary.

#### The NAV or the Principal Market NAV may not always correspond to the market price of bitcoin.
The NAV or the Principal Market NAV of the Trust will change as fluctuations occur in the market price of the Trust's bitcoin holdings. Shareholders should be aware that the public trading price per share may be different from the NAV for a number of reasons, including price volatility and the fact that supply and demand forces at work in the secondary trading market for Shares are related, but not identical, to the supply and demand forces influencing the market price of bitcoin as reflected in the Pricing Benchmark.

An Authorized Participant may be able to create or redeem a Basket at a discount or a premium to the public trading price per Share and the Trust will therefore maintain its intended fractional exposure to a specific amount of bitcoin per share.

#### Deviations between the Trust's NAV and NAV per Share versus the Trust's Principal Market NAV and Principal Market NAV per Share may occur.
The Trust uses the Pricing Benchmark to determine its NAV and NAV per Share. However, for financial statement purposes, the Trust's bitcoin is carried at fair value as required by GAAP, which requires a determination based on the price of bitcoin on principal market as identified by the Trust as set for in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 820-10, Fair Value Measurements and Disclosures ("ASC 820-10"). See "*NAV Determinations*" below. The Trust expects the applicable NAV and NAV per Share and corresponding Principal Market NAV and Principal Market NAV to accurately reflect the price of bitcoin. However, deviations can occur between the prices from the principal market chosen by the GAAP fair value methodology and Pricing Benchmark, which takes into consideration prices from all of the markets used to calculate the Pricing Benchmark.

#### Different from directly owning bitcoin.
Investors should be aware that the market value of Shares of the Trust may not have a direct relationship with the prevailing price of bitcoin, and changes in the prevailing price of bitcoin similarly will not necessarily result in a comparable change in the market value of Shares of the Trust. The performance of the Trust will not reflect the specific return an investor would realize if the investor actually held or purchased bitcoin directly. The differences in performance may be due to factors such as fees, transaction costs, operating hours of the Exchange and Pricing Benchmark tracking risk. Investors will also forgo certain rights conferred by owning bitcoin directly, such as the right to claim airdrops. *See "Risk Factors — The inability to recognize the economic benefit of a "fork" or an "airdrop" could adversely impact an investment in the Trust".* 

#### Pricing Benchmark tracking risk.
Although the Trust will attempt to structure its portfolio so that investments track the Pricing Benchmark, the Trust may not achieve the desired degree of correlation between its performance and that of the Pricing Benchmark and thus may not achieve its investment objective. The difference in performance may be due to factors such as fees, transaction costs, redemptions of, and subscriptions for, Shares, pricing differences or the cost to the Trust of complying with various new or existing regulatory requirements.

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#### Liquidity risk.
The ability of the Trust or a Bitcoin Counterparty to buy or sell bitcoin may be adversely affected by limited trading volume, lack of a market maker in the digital asset markets, or legal restrictions. It is also possible that a bitcoin spot market or regulatory or governmental authority may suspend or restrict trading in bitcoin altogether. Therefore, it may not always be possible to execute a buy or sell order at the desired price or to liquidate an open position due to market conditions on spot markets, regulatory issues affecting bitcoin or other issues affecting counterparties. Bitcoin is a new asset with a very limited trading history. Therefore, the markets for bitcoin may be less liquid and more volatile than other markets for more established products.

Shares of the Trust are intended to be listed and traded on the Exchange. There is no certainty that there will be liquidity available on the Exchange or that the market price will be in line with the NAV or the Principal Market NAV at any given time. There is also no guarantee that once the Shares of the Trust are listed or traded on the Exchange that they will remain so listed or traded.

If demand for Shares of the Trust exceeds the availability of bitcoin from exchanges and the Trust is not able to secure additional supply, Shares of the Trust may trade at a premium to their underlying value. Investors who pay a premium risk losing such premium if demand for the Shares of the Trust abates or the Delegated Sponsor is able to source more bitcoin. In such circumstances, Shares of the Trust could also trade at a discount.

Prior to their issuance, there was no public market for Shares of the Trust.

#### Counterparty risk.
The Delegated Sponsor, Trust, Bitcoin Counterparty, and Authorized Participants are subject to counterparty risk. A Bitcoin Counterparty may fail to deliver to the Trust's account at the Bitcoin Custodians the amount of bitcoin associated with a creation order, a Bitcoin Counterparty may fail to deliver to the Trust's account at the Cash Custodian the amount of cash associated with a redemption order, or the Cash Custodian may fail to deliver to the Authorized Participant at settlement the cash proceeds from the sale of bitcoin associated with a redemption order.

#### The value of the Shares may be influenced by a variety of factors unrelated to the value of bitcoin.
The value of the Shares may be influenced by a variety of factors unrelated to the price of bitcoin and the bitcoin exchanges included in the Pricing Benchmark that may have an adverse effect on the price of the Shares. These factors include, but are not limited to, the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Unanticipated problems or issues with respect to the mechanics of the Trust's operations and the trading of the Shares may arise, in particular due to the fact that the mechanisms and procedures governing the creation and offering of the Shares and storage of bitcoin have been developed specifically for this product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Trust could experience difficulties in operating and maintaining its technical infrastructure, including in connection with expansions or updates to such infrastructure, which are likely to be complex and could lead to unanticipated delays, unforeseen expenses and security vulnerabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Trust could experience unforeseen issues relating to the performance and effectiveness of the security procedures used to protect the Trust's account with the Bitcoin Custodians, or the security procedures may not protect against all errors, software flaws or other vulnerabilities in the Trust's technical infrastructure, which could result in theft, loss or damage of its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Service providers may decide to terminate their relationships with the Trust due to concerns that the introduction of privacy enhancing features to the Bitcoin network may increase the potential for bitcoin to be used to facilitate crime, exposing such service providers to potential reputational harm.

Any of these factors could affect the value of the Shares, either directly or indirectly through their effect on the Trust's assets.

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 ***The Administrator is solely responsible for determining the value of the Trust's bitcoin, the Trust's NAV and the Trust's Principal Market NAV. The value of the Shares may experience an adverse effect in the event of any errors, discontinuance or changes in such valuation calculations.***

The Administrator will determine the Trust's NAV and the Trust's Principal Market NAV. The Administrator's determination is made utilizing data from the Bitcoin Custodians' operations and the Pricing Benchmark (in the case of the NAV) and the principal market for bitcoin as determined by the Trust (in the case of the Principal Market NAV). To the extent that the Trust's NAV or the Principal Market NAV are incorrectly calculated, the Administrator may not be liable for any error and such misreporting of valuation data could adversely affect an investment in the Shares.

The Administrator determines the NAV of the Trust as of 4:00 p.m. ET on each Business Day as soon as practicable after that time and determines the Principal Market NAV as of 11:59:59 p.m. ET on the valuation date. If the Pricing Benchmark is not available, or if the Delegated Sponsor determines in good faith that the Pricing Benchmark does not reflect an accurate bitcoin price, then the Administrator will determine NAV by reference to the Trust's principal market. There are no predefined criteria to make a good faith assessment as to which of the rules the Delegated Sponsor will apply, and the Delegated Sponsor may make this determination in its sole discretion as a delegate of the Cayman Trustee.

The Trust is subject to the risk that the Administrator may utilize the Pricing Benchmark in a manner that ultimately inaccurately reflects the price of bitcoin. To the extent that the NAV, Principal Market NAV, the Pricing Benchmark, the Administrator's or the Delegated Sponsor's other valuation methodology are incorrectly calculated, neither the Delegated Sponsor, the Administrator nor the Trustees will be liable for any error and such misreporting of valuation data could adversely affect the value of the Shares and investors could suffer a substantial loss on their investment in the Trust. Moreover, the terms of the Trust Agreement do not prohibit the Delegated Sponsor from changing the Pricing Benchmark or other valuation method used to calculate the NAV and Principal Market NAV of the Trust. Any such change in the Pricing Benchmark or other valuation method could affect the value of the Shares and investors could suffer a substantial loss on their investment in the Trust.

#### The Delegated Sponsor has limited experience with digital asset ETPs, which may adversely affect the Trust.
The Delegated Sponsor currently sponsors 19 traditional ETFs with approximately $11,916,029,791 in assets under management as of March 11, 2026 across equity, fixed income, and multi-asset strategies. However, the Delegated Sponsor has no prior experience sponsoring ETPs that hold digital assets.

Digital asset markets require specialized knowledge of blockchain technology and security, and have evolving regulatory requirements that differ materially from traditional asset markets. The Delegated Sponsor has not previously operated a registered digital asset ETP.

The Delegated Sponsor's limited experience may not fully encompass the technical expertise required to mitigate risks such as cyber threats, technological failures, or operational errors related to digital asset transactions and custody. This limited experience could result in suboptimal decision-making, increased operational risks, and potential legal or regulatory non-compliance. These factors could adversely affect the Trust's operations, leading to potential losses for investors or a decrease in the Trust's overall value.

Furthermore, the Delegated Sponsor is currently engaged in the management of other investment vehicles which could divert their attention and resources. If the Delegated Sponsor were to experience difficulties in the management of such other investment vehicles that damaged the Delegated Sponsor or its reputation, it could have an adverse impact on the Delegated Sponsor's ability to continue to serve as Delegated Sponsor for the Trust.

 ***The Trust's operations depend substantially on the Delegated Sponsor as a result of the Cayman Trustee's delegation of substantially all management duties, and any failure by the Delegated Sponsor to perform its delegated responsibilities could adversely affect the Trust and the value of the Shares.***

The Cayman Trustee has delegated substantially all of its management and operational duties to the Delegated Sponsor pursuant to the Appleby Agreements, subject to the Cayman Trustee's retained oversight responsibilities and reserved powers. The Delegated Sponsor shall remain liable to the Cayman Trustee for

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services delegated as detailed in the Appleby Agreements. As a result, the Delegated Sponsor has broad operational authority over the day-to-day management and administration of the Trust, including entering into and maintaining contracts with service providers, establishing and maintaining accounts, supervising custody arrangements, processing creation and redemption orders, supervising offering materials and regulatory filings, managing the exchange listing of the Shares, and exercising discretion over fork, airdrop, and related matters. The Trust's ability to achieve its investment objective and to operate as described in this prospectus depends to a substantial degree on the Delegated Sponsor performing these functions adequately, on a timely basis, and in compliance with applicable law and the terms of the governing documents. If the Delegated Sponsor fails to perform any of its delegated responsibilities, the Trust may be unable to operate as intended. Any such failure could delay or disrupt creation and redemption activity, impair the Trust's custody and administrative processes, interfere with the Trust's regulatory or reporting obligations, or otherwise adversely affect the Trust and the value of the Shares.

 ***The Cayman Trustee's delegation of management duties to the Delegated Sponsor is governed by the Appleby Agreements, which are subject to amendment, reduction, or termination, and any such event could result in significant operational disruption and could adversely affect the Trust and the value of the Shares.***

The authority of the Delegated Sponsor to perform management and operational functions on behalf of the Trust derives entirely from the delegation effected by the Cayman Trustee under the Appleby Agreements. The Cayman Trustee retains the right to amend, reduce, or terminate the delegation at any time in accordance with the terms of the Appleby Agreements and the Trust Agreement. If the delegation is terminated, all delegated duties will revert automatically to the Cayman Trustee. The Cayman Trustee may not have the operational capacity, infrastructure, or regulatory status to perform those duties directly, and any period during which the Cayman Trustee is performing such duties while a replacement delegated sponsor is sought could result in significant disruption to the Trust's operations, including the suspension of creation and redemption activity and disruption to the Trust's custody and administrative arrangements. There is no assurance that a replacement delegated sponsor with equivalent expertise and capabilities could be identified and appointed in a timely manner. Any of these events could adversely affect the Trust and the value of the Shares.

 ***The Delegated Sponsor acts as agent of and delegate for the Cayman Trustee and is not itself a trustee of the Trust; the allocation of authority and responsibility between the Cayman Trustee and the Delegated Sponsor may be unclear in certain circumstances, which could adversely affect the Trust's operations and Shareholders' ability to seek recourse.***

The Delegated Sponsor exercises its operational authority as agent of and delegate for the Cayman Trustee, and not as a trustee or independent sponsor of the Trust in its own right. The Delegated Sponsor shall remain liable to the Cayman Trustee for services delegated as detailed in the Delegation Agreement. The Delegated Sponsor is not a trustee of the Trust for purposes of the Delaware Statutory Trust Act and has no authority or responsibility beyond the scope of the Delegated Duties as defined in the Delegation Agreement. Certain functions are retained by the Cayman Trustee as reserved powers and may not be performed by the Delegated Sponsor without the prior written consent of the Cayman Trustee. The allocation of specific functions between the Cayman Trustee and the Delegated Sponsor is governed by the Delegation Agreement. In circumstances where the scope of the Delegated Sponsor's authority is unclear or disputed, there may be uncertainty as to which party is responsible for taking a required action. Any such uncertainty could delay operational decisions or interfere with the Trust's relationships with service providers and counterparties.

 ***The Cayman Trustee retains ultimate responsibility for the Delegated Duties but does not perform them directly, and the Cayman Trustee's oversight of the Delegated Sponsor may be insufficient to prevent operational failures or losses that adversely affect the Trust and the value of the Shares.***

Notwithstanding the delegation of substantially all management duties to the Delegated Sponsor, the Cayman Trustee retains ultimate responsibility for the performance of those duties in its capacity as trustee of the Trust under the Delaware Statutory Trust Act. The Cayman Trustee is required to exercise ongoing oversight of the Delegated Sponsor's performance of the Delegated Duties and to take such steps as are necessary to address any material deficiency in that performance. However, the Cayman Trustee does not

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perform the Delegated Duties directly and relies on the Delegated Sponsor to carry them out on a day-to-day basis. The Cayman Trustee's oversight of the Delegated Sponsor's performance is exercised at a supervisory level and does not involve the Cayman Trustee in individual operational decisions. There is no assurance that the Cayman Trustee's oversight will be sufficient to detect or prevent all operational failures, errors, or misconduct by the Delegated Sponsor in a timely manner. If the Delegated Sponsor commits an error, acts negligently, or fails to perform a delegated function, the Cayman Trustee may not become aware of the failure in time to prevent loss to the Trust. The liability of the Cayman Trustee for losses arising from the Delegated Sponsor's conduct is subject to the exculpation and indemnification provisions of the Trust Agreement, which limit the Cayman Trustee's liability except in cases of fraud, gross negligence, bad faith, or willful misconduct. As a result, Shareholders may bear losses arising from the Delegated Sponsor's performance of delegated functions even where the Cayman Trustee has exercised reasonable oversight.

#### Bitcoin Counterparties' buying and selling activity associated with the creation and redemption of Baskets may adversely affect an investment in the Shares.
The purchase of bitcoin in connection with Basket creation orders may cause the price of bitcoin to increase, which will result in higher prices for the Shares. Increases in the bitcoin prices may also occur as a result of bitcoin purchases by other market participants who attempt to benefit from an increase in the market price of bitcoin when Baskets are created. The market price of bitcoin may therefore decline immediately after Baskets are created.

Selling activity associated with sales of bitcoin in connection with redemption orders may decrease the bitcoin prices, which will result in lower prices for the Shares. Decreases in bitcoin prices may also occur as a result of selling activity by other market participants.

In addition to the effect that purchases and sales of bitcoin as part of the creation and redemption process may have on the price of bitcoin, sales and purchases of bitcoin by similar investment vehicles (if developed) could impact the price of bitcoin. If the price of bitcoin declines, the trading price of the Shares will generally also decline.

 ***The inability of Bitcoin Counterparties to hedge their bitcoin exposure may adversely affect the liquidity of Shares and the value of an investment in the Shares.***

Authorized Participants and market makers will generally want to hedge their exposure in connection with Basket creation and redemption orders. To the extent Authorized Participants and market makers are unable to hedge their exposure due to market conditions (e.g., insufficient bitcoin liquidity in the market, inability to locate an appropriate hedge counterparty, etc.), such conditions may make it difficult for Authorized Participants to create or redeem Baskets (or cause them to not create or redeem Baskets). In addition, the hedging mechanisms employed by Bitcoin Counterparties to hedge their exposure to bitcoin may not function as intended, which may make it more difficult for them to enter into such transactions. Such events could negatively impact the market price of Shares and the spread at which Shares trade on the open market. To the extent Bitcoin Counterparties wish to use futures to hedge their exposure, note that while growing in recent years, the market for exchange-traded bitcoin futures has a limited trading history and operational experience and may be less liquid, more volatile and more vulnerable to economic, market and industry changes than more established futures markets. The liquidity of the market will depend on, among other things, the adoption of bitcoin and the commercial and speculative interest in the market.

 ***Arbitrage transactions intended to keep the price of Shares closely linked to the price of bitcoin may be problematic if the process for the creation and redemption of Baskets encounters difficulties, which may adversely affect an investment in the Shares.***

If the processes of creation and redemption of the Shares encounter any unanticipated difficulties, potential market participants who would otherwise be willing to purchase or redeem Baskets to take advantage of any arbitrage opportunity arising from discrepancies between the price of the Shares and the price of the underlying bitcoin may not take the risk that, as a result of those difficulties, they may not be able to realize the profit they expect. If this is the case, the liquidity of Shares may decline and the price of the Shares may fluctuate independently of the price of bitcoin and may fall.

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 ***Security threats and cyber-attacks could result in the halting of Trust operations and a loss of Trust assets or damage to the reputation of the Trust, each of which could result in a reduction in the price of the Shares.***

Security breaches, cyber-attacks, computer malware and computer hacking attacks have been a prevalent concern in relation to digital assets. Multiple thefts of bitcoin and other digital assets from other holders have occurred in the past.

Because of the decentralized process for transferring bitcoin, thefts can be difficult to trace, which may make bitcoin a particularly attractive target for theft. Cyber security failures or breaches of one or more of the Trust's service providers (including but not limited to, the Benchmark Provider, the Transfer Agent, the Administrator, or the Bitcoin Custodians) have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs.

The Trust and its service providers' use of internet, technology and information systems (including mobile devices and cloud-based service offerings) may expose the Trust to potential risks linked to cyber-security breaches of those technological or information systems. Security breaches, computer malware, ransomware and computer hacking attacks have been a prevalent concern in relation to digital assets. The Delegated Sponsor believes that the Trust's bitcoin held in the Trust's account with the Bitcoin Custodians will be an appealing target to hackers or malware distributors seeking to destroy, damage or steal the Trust's bitcoin or private keys and will only become more appealing as the Trust's assets grow. To the extent that the Trust, the Delegated Sponsor or the Bitcoin Custodians are unable to identify and mitigate or stop new security threats or otherwise adapt to technological changes in the digital asset industry, the Trust's bitcoin may be subject to theft, loss, destruction or other attack.

The Delegated Sponsor has evaluated the security procedures in place for safeguarding the Trust's bitcoin. Nevertheless, the security procedures cannot guarantee the prevention of any loss due to a security breach, software defect or act of God that may be borne by the Trust. Access to the Trust's bitcoin could be restricted by natural events (such as an earthquake or flood) or human actions (such as a terrorist attack).

The security procedures and operational infrastructure may be breached due to the actions of outside parties, error or malfeasance of an employee of the Delegated Sponsor, the Bitcoin Custodians, or otherwise, and, as a result, an unauthorized party may obtain access to the Trust's account with the Bitcoin Custodians, the private keys (and therefore bitcoin) or other data of the Trust. Additionally, outside parties may attempt to fraudulently induce employees of the Delegated Sponsor, the Bitcoin Custodians, or the Trust's other service providers to disclose sensitive information in order to gain access to the Trust's infrastructure. As the techniques used to obtain unauthorized access, disable or degrade service, or sabotage systems change frequently, or may be designed to remain dormant until a predetermined event and often are not recognized until launched against a target, the Delegated Sponsor and the Bitcoin Custodians may be unable to anticipate these techniques or implement adequate preventative measures.

An actual or perceived breach of the Trust's accounts with the Bitcoin Custodians could harm the Trust's operations, result in partial or total loss of the Trust's assets, damage the Trust's reputation and negatively affect the market perception of the effectiveness of the Trust, all of which could in turn reduce demand for the Shares, resulting in a reduction in the price of the Shares. The Trust may also cease operations, the occurrence of which could similarly result in a reduction in the price of the Shares.

While the Delegated Sponsor has established business continuity plans and systems that it believes are reasonably designed to prevent cyber attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been, or cannot be, identified. Service providers may have limited indemnification obligations to the Trust, as such, the Trust could be negatively impacted as a result.

If the Trust's holdings of bitcoin are lost, stolen or destroyed under circumstances rendering a party liable to the Trust, the responsible party may not have the financial resources, including insurance coverage, sufficient to satisfy the Trust's claim. For example, as to a particular event of loss, the only source of recovery for the Trust may be limited to the relevant custodian or, to the extent identifiable, other responsible third parties (for example, a thief or terrorist), any of which may not have the financial resources (including

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liability insurance coverage) to satisfy a valid claim of the Trust. Similarly, as noted below, the Trust's Bitcoin Custodians have extraordinarily limited liability to the Trust, which will adversely affect the Trust's ability to seek recovery from them, even when they are at fault.

It may not be possible, either because of a lack of available policies or because of prohibitive cost, for the Trust to obtain insurance that would cover losses of the Trust's bitcoin. If an uninsured loss occurs or a loss exceeds policy limits, the Trust could lose all of its assets.

#### The Trust's Bitcoin Custodians could become insolvent.
The Trust's assets will be held in one or more accounts maintained for the Trust by the Bitcoin Custodians or at other custodian banks which may be located in other jurisdictions. The Bitcoin Custodians are not depository institutions as they are not insured by the FDIC. The insolvency of the Bitcoin Custodians or of any broker, custodian bank or clearing corporation used by the Bitcoin Custodians, may result in the loss of all or a substantial portion of the Trust's assets or in a significant delay in the Trust having access to those assets. Additionally, custody of digital assets presents inherent and unique risks relating to access loss, theft and means of recourse in such scenarios. These risks are applicable to the Trust's use of the Bitcoin Custodians.

The Trust may change the custodial arrangements described in this Prospectus at any time without notice to Shareholders.

#### The Trust is subject to risks due to its concentration of investments in a single asset.
Unlike other funds that may invest in diversified assets, the Trust's investment strategy is concentrated in a single asset within a single asset class. This concentration maximizes the degree of the Trust's exposure to a variety of market risks associated with bitcoin and digital assets. By concentrating its investment strategy solely in bitcoin, any losses suffered as a result of a decrease in the value of bitcoin can be expected to reduce the value of an interest in the Trust and will not be offset by other gains if the Trust were to invest in underlying assets that were diversified.

#### The lack of active trading markets for the Shares may result in losses on Shareholders' investments at the time of disposition of Shares.
Although Shares of the Trust will be publicly listed and traded on an exchange, there can be no guarantee that an active trading market for the Shares will develop or be maintained. If Shareholders need to sell their Shares at a time when no active market for them exists, the price Shareholders receive for their Shares, assuming that Shareholders are able to sell them, may be lower than the price that Shareholders would receive if an active market did exist and, accordingly, a Shareholder may suffer losses.

#### Several factors may affect the Trust's ability to achieve its investment objective on a consistent basis.
There can be no assurance that the Trust will achieve its investment objective. Prospective investors should read this entire Prospectus and consult with their own advisers before subscribing for Shares. Factors that may affect the Trust's ability to meet its investment objective include: (1) The Trust's, a Bitcoin Counterparty's or an Authorized Participant's ability to purchase and sell or transfer and receive bitcoin in an efficient manner to effectuate creation and redemption orders; (2) transaction fees associated with the Bitcoin network; (3) the bitcoin market becoming illiquid or disrupted; (4) the need to conform the Trust's portfolio holdings to comply with investment restrictions or policies or regulatory or tax law requirements; (5) early or unanticipated closings of the markets on which bitcoin trades, resulting in the inability of Authorized Participants to execute intended portfolio transactions; and (6) accounting standards.

#### The amount of bitcoin represented by the Shares is expected to decline over time.
The amount of bitcoin represented by the Shares will continue to be reduced during the life of the Trust due to the transfer of the Trust's bitcoin to pay for the Delegated Sponsor Fee and other liabilities.

Each outstanding Share represents a fractional, undivided interest in the bitcoin held by the Trust. The Trust does not generate any income and transfers bitcoin to pay for the Delegated Sponsor Fee and other

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liabilities. Therefore, the amount of bitcoin represented by each Share will gradually decline over time. This is also true with respect to Shares that are issued in exchange for additional bitcoin over time, as the amount of bitcoin required to create Shares proportionally reflects the amount of bitcoin represented by the Shares outstanding at the time of such Creation Basket being created. Assuming a constant bitcoin price, the trading price of the Shares is expected to gradually decline relative to the price of bitcoin as the amount of bitcoin represented by the Shares gradually declines.

Shareholders should be aware that the gradual decline in the amount of bitcoin represented by the Shares will occur regardless of whether the trading price of the Shares rises or falls in response to changes in the price of bitcoin.

#### The development and commercialization of the Trust is subject to competitive pressures.
The Trust and the Delegated Sponsor face competition with respect to the creation of competing products, such as exchange-traded products offering exposure to the spot bitcoin market or other digital assets. Since 2024, the SEC has approved several exchange-traded bitcoin products, and many of such products, including the Trust, could fail to acquire substantial assets, or fail to retain acquired assets due to competition and/or market conditions.

The Delegated Sponsor's competitors may have greater financial, technical and human resources than the Delegated Sponsor. Smaller or early-stage companies may also prove to be effective competitors, particularly through collaborative arrangements with large and established companies. The Trust's competitors may also charge a substantially lower fee than the Delegated Sponsor Fee in order to achieve initial market acceptance and scale. Accordingly, the Delegated Sponsor's competitors may commercialize a competing product more rapidly or effectively than the Delegated Sponsor is able to, which could adversely affect the Delegated Sponsor's competitive position, and the likelihood that the Trust will achieve market acceptance, and could have a detrimental effect on the scale and sustainability of the Trust and the Delegated Sponsor's ability to generate meaningful revenues from the Trust.

If the Trust fails to achieve sufficient scale due to competition, the Delegated Sponsor may have difficulty raising sufficient revenue to cover the costs associated with launching and maintaining the Trust, and such shortfalls could impact the Delegated Sponsor's ability to properly invest in robust ongoing operations and controls of the Trust to minimize the risk of operating events, errors, or other forms of losses to the Shareholders. In addition, the Trust may also fail to attract adequate liquidity in the secondary market due to such competition, resulting in a sub-standard number of Authorized Participants willing to make a market in the Shares, which in turn could result in a significant premium or discount in the Shares for extended periods and the Trust's failure to reflect the performance of the price of bitcoin. There can be no assurance that the Trust will grow to or maintain an economically viable size. There is no guarantee that the Delegated Sponsor will maintain a commercial advantage relative to competitors offering similar products. Whether or not the Trust and the Delegated Sponsor are successful in achieving the intended scale for the Trust may be impacted by a range of factors, such as the Trust's timing in entering the market and its fee structure relative to those of competitive products.

#### A loss of confidence or breach of the Bitcoin Custodians may adversely affect the Trust and the value of an investment in the Shares.
Custody and security services for the Trust's bitcoin are provided by the Bitcoin Custodians, although the Trust may retain one or more additional bitcoin custodians at a later date. Bitcoin held by the Trust may be custodied or secured in different ways (for example, a portion of the Trust's bitcoin holdings may be custodied by the Bitcoin Custodians and another portion by another third-party custodian). Over time, the Trust may change the custody or security arrangement for all or a portion of its holdings. The Delegated Sponsor will decide the appropriate custody and arrangements based on, among other factors, the availability of experienced bitcoin custodians and the Trust's ability to securely safeguard the bitcoin.

The Trust expects that the Bitcoin Custodians will custody most or all of its bitcoin holdings. A loss of confidence or breach of the Bitcoin Custodians may adversely affect the Trust and the value of an investment in the Shares.

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 ***The Delegated Sponsor may need to find and appoint a replacement custodian or prime broker quickly, which could pose a challenge to the safekeeping of the Trust's bitcoin.***

The Delegated Sponsor, with the prior approval of the Cayman Trustee, could replace the Bitcoin Custodians as custodians of the Trust's bitcoin or the Prime Broker as the provider of prime brokerages to the Trust. Transferring maintenance responsibilities of the Trust's accounts with the Bitcoin Custodians and the Prime Broker to another party will likely be complex and could subject the Trust's bitcoin to the risk of loss during the transfer, which could have a negative impact on the performance of the Shares or result in loss of the Trust's assets.

The Delegated Sponsor may not be able to find a party willing to serve as a bitcoin custodian under the same terms as the current Custodial Services Agreements, or as the prime broker under the same terms as the current Prime Broker Agreement. To the extent that the Delegated Sponsor is not able to find a suitable party willing to serve as a bitcoin custodian or prime broker, as applicable, the Cayman Trustee may be required to terminate the Trust and liquidate the Trust's bitcoin. In addition, to the extent that the Delegated Sponsor finds a suitable party but must enter into a modified custodial services agreement or prime broker agreement that costs more, the value of the Shares could be adversely affected.

#### Lack of recourse.
The Bitcoin Custodians have limited liability, impairing the ability of the Trust to recover losses relating to its bitcoin and any recovery may be limited, even in the event of fraud. In addition, the Bitcoin Custodians may not be liable for any delay in performance of any of its custodial obligations by reason of any cause beyond their reasonable control, including force majeure events, war or terrorism, and may not be liable for any system failure or third-party penetration of their systems. As a result, the recourse of the Trust to the Bitcoin Custodians may be limited.

Under the Trust Agreement, the Trustees and the Delegated Sponsor will not be liable for any liability or expense incurred absent gross negligence or willful misconduct on the part of the Trustees or the Delegated Sponsor or breach by the Delegated Sponsor of the Trust Agreement, as the case may be. As a result, the recourse of the Trust or the Shareholder to Trustee or the Delegated Sponsor may be limited.

The Benchmark Provider has limited liability relating to the use of the Pricing Benchmark, impairing the ability of the Trust to recover losses relating to its use of the Pricing Benchmark. The Benchmark Provider does not guarantee the accuracy, completeness, or performance of the Pricing Benchmark or the data included therein and shall have no liability in connection with the Pricing Benchmark calculation, errors, omissions or interruptions of the Pricing Benchmark or any data included therein. The Pricing Benchmark could be calculated now or in the future in a way that adversely affects an investment in the Trust.

 ***The value of the Shares will be adversely affected if the Trust is required to indemnify the Delegated Sponsor, the Trustees, the Administrator, the Transfer Agent, the Bitcoin Custodians or the Prime Broker.***

Each of the Delegated Sponsor, the Trustees, the Administrator, the Transfer Agent, the Bitcoin Custodians, and the Prime Broker has a right to be indemnified by the Trust for certain liabilities or expenses that it incurs without gross negligence, bad faith or willful misconduct on its part. Therefore, the Delegated Sponsor, the Trustees, the Administrator, the Transfer Agent, the Bitcoin Custodians or the Prime Broker may require that the assets of the Trust be sold in order to cover losses or liability suffered by it. Any sale of that kind would reduce the bitcoin holdings of the Trust and the value of the Shares.

#### Intellectual property rights claims may adversely affect the Trust and the value of the Shares.
The Delegated Sponsor is not aware of any intellectual property rights claims that may prevent the Trust from operating and holding bitcoin. However, third parties may assert intellectual property rights claims relating to the operation of the Trust and the mechanics instituted for the investment in, holding of and transfer of bitcoin. Regardless of the merit of an intellectual property or other legal action, any legal expenses to defend or payments to settle such claims would be extraordinary expenses that would be borne by the Trust through the sale or transfer of its bitcoin and any threatened action that reduces confidence in long-term viability or the ability of end-users to hold and transfer bitcoin may adversely affect the value

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of the Shares. Additionally, a meritorious intellectual property rights claim could prevent the Trust from operating and force the Cayman Trustee to terminate the Trust and liquidate its bitcoin. As a result, an intellectual property rights claim against the Trust could adversely affect the value of the Shares.

#### Amendment of Trust Agreement Without Shareholder Consent.
Subject to certain exceptions set forth in the Trust Agreement, the Trust Agreement can be amended by the Cayman Trustee in its sole discretion and without the shareholders' consent. These amendments may materially adversely affect the interests of the Shareholders.

The Trust Agreement can be amended by the Cayman Trustee in its sole discretion and without the Shareholders' consent by making an amendment, a Trust Agreement supplemental thereto, or an amended and restated trust agreement. Any such restatement, amendment and/or supplement to the Trust Agreement will be effective on such date as designated by the Cayman Trustee in its sole discretion. However, any amendment to the Trust Agreement that affects the duties, liabilities, rights or protections of the Trustees will require the Trustees' prior written consent, which they may grant or withhold in their sole discretion. Every Shareholder, at the time any amendment so becomes effective, will be deemed, by continuing to hold any Shares or an interest therein, to consent and agree to such amendment and to be bound by the Trust Agreement as amended thereby. In no event will any amendment impair the right of Authorized Participants to surrender baskets and receive therefor the amount of Trust assets represented thereby (less fees in connection with the surrender of Shares and any applicable taxes or other governmental charges), except in order to comply with mandatory provisions of applicable law. The Trust will notify the owners of the beneficial interests of Shares in a prospectus supplement or in its periodic Exchange Act reports, as applicable, and on the Delegated Sponsor's website.

 ***Potential conflicts of interest may arise among the Delegated Sponsor or its affiliates and the Trust. The Delegated Sponsor and its affiliates have no fiduciary duties to the Trust and its shareholders other than as provided in the Trust Agreement, which may permit them to favor their own interests to the detriment of the Trust and its shareholders.***

The Delegated Sponsor will manage certain affairs of the Trust. Conflicts of interest may arise among the Delegated Sponsor and its affiliates, on the one hand, and the Trust and its shareholders, on the other hand. As a result of these conflicts, the Delegated Sponsor may favor its own interests and the interests of its affiliates over the Trust and its shareholders. These potential conflicts include, among others, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Delegated Sponsor has no fiduciary duties to, and is allowed to take into account the interests of parties other than, the Trust and its shareholders in resolving conflicts of interest, provided the Delegated Sponsor does not act in bad faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Trust has agreed to indemnify the Delegated Sponsor and its affiliates pursuant to the Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Delegated Sponsor is responsible for allocating its own limited resources among different clients and potential future business ventures, to each of which it owes fiduciary duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Delegated Sponsor and its staff also service affiliates of the Delegated Sponsor, including several other digital asset investment vehicles, and their respective clients and cannot devote all of its, or their, respective time or resources to the management of the affairs of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Delegated Sponsor, its affiliates and their respective officers and employees are not prohibited from engaging in other businesses or activities, including those that might be in direct competition with the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Affiliates of the Delegated Sponsor have substantial direct investments in bitcoin that they are permitted to manage taking into account their own interests without regard to the interests of the Trust or its shareholders, and any increases, decreases or other changes in such investments could affect the value of the Shares.

By purchasing the Shares, shareholders agree and consent to the provisions set forth in the Trust Agreement.

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 ***The Cayman Trustee has a financial interest in the continuation of the Trust and the Delegation Agreement that may conflict with its supervisory responsibilities over the Delegated Sponsor, and there is no assurance that the Cayman Trustee's oversight of the Delegated Sponsor will be exercised independently of that interest.***

The Cayman Trustee has delegated substantially all day-to-day management and operational duties to the Delegated Sponsor pursuant to the Appleby Agreements, while retaining oversight responsibilities, the duty to monitor the Delegated Sponsor's performance, approval rights over certain material transactions, and ultimate fiduciary responsibility as set forth under the Trust Agreement. The Cayman Trustee also retains the authority to change, reduce or terminate the delegation.

At the same time, the Trust pays to the Cayman Trustee compensation for its services as Cayman Trustee. This compensation structure creates an inherent tension between the Cayman Trustee's role as supervisory principal and its financial interest in the continuation of the current arrangement. The Cayman Trustee's fees are contingent on the Trust remaining in operation and on the delegation arrangement remaining in place. If the delegation is terminated, all delegated duties will revert automatically to the Cayman Trustee, and the Cayman Trustee may not have the operational capacity, infrastructure, or regulatory status to perform those duties directly. The Cayman Trustee's oversight of the Delegated Sponsor's performance is exercised at a supervisory level and does not involve the Cayman Trustee in individual operational decisions. There is no assurance that the Cayman Trustee's oversight will be sufficient to detect or prevent all operational failures, errors, or misconduct by the Delegated Sponsor in a timely manner.

#### Unforeseeable risks.
Bitcoin has gained commercial acceptance only within recent years and, as a result, there is little data on its long-term investment potential. Additionally, due to the rapidly evolving nature of the bitcoin market, including advancements in the underlying technology or advancements in competing technologies, changes to bitcoin may expose investors in the Trust to additional risks which are impossible to predict.

#### Risks Associated with the Pricing Benchmark and Pricing Benchmark Pricing

#### The Pricing Benchmark has a limited history.
The Pricing Benchmark has only been in operation since February 28, 2022, and the Pricing Benchmark has only featured its current roster of Constituent Exchanges since July 31, 2025. A longer history of actual performance through various economic and market conditions would provide greater and more reliable information for an investor to assess the Pricing Benchmark's performance. The Benchmark Provider has substantial discretion at any time to change the methodology used to calculate the Pricing Benchmark, including the spot markets that contribute prices to the Trust's NAV. The Benchmark Provider does not have any obligation to take the needs of the Trust, the Trust's Shareholders, or anyone else into consideration in connection with such changes. There is no guarantee that the methodology currently used in calculating the Pricing Benchmark will appropriately track the price of bitcoin in the future. The Benchmark Provider has no obligation to take the needs of the Trust or the Shareholders into consideration in determining, composing, or calculating the Pricing Benchmark.

Pricing sources used by the Pricing Benchmark are digital asset spot markets that facilitate the buying and selling of bitcoin and other digital assets. Although many pricing sources refer to themselves as "exchanges," they are not registered with, or supervised by, the SEC or CFTC and do not meet the regulatory standards of a national securities exchange or designated contract market. For these reasons, among others, purchases and sales of bitcoin may be subject to temporary distortions or other disruptions due to various factors, including the lack of liquidity in the markets and government regulation and intervention. These circumstances could affect the price of bitcoin used in Pricing Benchmark calculations and, therefore, could adversely affect the bitcoin price as reflected by the Pricing Benchmark.

The Pricing Benchmark is based on various inputs which include price data from various third-party bitcoin spot markets. The Benchmark Provider does not guarantee the validity of any of these inputs, which may be subject to technological error, manipulative activity, or fraudulent reporting from their initial source.

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#### Right to change the pricing benchmark.
The Delegated Sponsor, in its sole discretion as a delegate of the Cayman Trustee, may cause the Trust to track (or price its portfolio based upon) a pricing benchmark or standard other than the Pricing Benchmark at any time, with prior notice to the Shareholders, if investment conditions change or the Delegated Sponsor believes that another pricing benchmark or standard better aligns with the Trust's investment objective and strategy. The Delegated Sponsor may make this decision for a number of reasons, including, but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Third parties may be able to purchase and sell bitcoin on public or private markets not included among the Constituent Exchanges, and such transactions may take place at prices materially higher or lower than the Pricing Benchmark price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • There may be variances in the prices of bitcoin on the various Constituent Exchanges, including as a result of differences in fee structures or administrative procedures on different Constituent Exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The prices on each Constituent Exchange or pricing source may not be equal to the value of an bitcoin as represented by the Pricing Benchmark.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • To the extent the Pricing Benchmark price differs materially from the actual prices available on a Constituent Exchange, or the global market price of bitcoin, the price of the Shares may no longer track, whether temporarily or over time, the global market price of bitcoin, which could adversely affect an investment in the Trust by reducing investors' confidence in the Shares' ability to track the market price of bitcoin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • To the extent market prices differ materially from the Pricing Benchmark price, investors may lose confidence in the Shares' ability to track the market price of bitcoin, which could adversely affect the value of the Shares.

The Delegated Sponsor, however, is under no obligation whatsoever to make such changes in any circumstance.

#### Risks related to pricing.
As set forth under *"NAV Determinations"* below, the Trust's portfolio will be priced, including for purposes of determining the NAV, based upon the Pricing Benchmark. The price of bitcoin in U.S. Dollars or in other currencies available from other data sources may not be equal to the prices used to calculate the NAV.

The NAV or the Principal Market NAV of the Trust will change as fluctuations occur in the market price of the Trust's bitcoin holdings as reflected in the Pricing Benchmark. Shareholders should be aware that the public trading price per Share may be different from the NAV and the Principal Market NAV for a number of reasons, including price volatility, trading activity, the closing of bitcoin trading platforms due to fraud, failure, security breaches or otherwise, and the fact that supply and demand forces at work in the secondary trading market for Shares are related, but not identical, to the supply and demand forces influencing the market price of bitcoin.

An Authorized Participant may be able to create or redeem a Basket at a discount or a premium to the public trading price per Share and the Trust will therefore maintain its intended fractional exposure to a specific amount of bitcoin per Share.

Shareholders also should note that the size of the Trust in terms of total bitcoin held may change substantially over time and as Baskets are created and redeemed.

In the event that the value of the Trust's bitcoin holdings or bitcoin holdings per Share is incorrectly calculated, neither the Delegated Sponsor nor the Administrator will be liable for any error and such misreporting of valuation data could adversely affect the value of the Shares.

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#### Regulatory Risk

#### There is a lack of consensus regarding the regulation of digital assets, including bitcoin.
Regulation of digital assets continues to evolve across different jurisdictions worldwide, which may cause uncertainty and insecurity as to the legal and tax status of a given digital asset. As bitcoin and digital assets have grown in both popularity and market size, the U.S. Congress and a number of U.S. federal and state agencies have been examining the operations of digital asset networks, digital asset users and the digital asset spot market. Many of these state and federal agencies have brought enforcement actions and issued advisories and rules relating to digital asset markets. Ongoing and future regulatory actions with respect to digital assets generally or any single digital asset in particular may alter, perhaps to a materially adverse extent, the nature of an investment in the Shares and/or the ability of the Trust to continue to operate.

The transparency of blockchains has in the past facilitated investigations by law enforcement agencies. However, certain privacy-enhancing features have been or are expected to be introduced to a number of digital asset networks, and these features may provide law enforcement agencies with less visibility into transaction histories. Although no regulatory action has been taken to treat privacy-enhancing digital assets differently, this may change in the future.

 ***Shareholders do not have the protections associated with ownership of shares in an investment company registered under the 1940 Act or commodity pools under the CEA.***

The 1940 Act establishes a comprehensive federal regulatory framework for investment companies. Regulation of investment companies under the 1940 Act is designed to, among other things: prevent insiders from managing the companies to their benefit and to the detriment of public investors; prevent the inequitable or discriminate issuance of investment company securities and prevent the use of unsound or misleading methods of computing asset values. For example, registered investment companies subject to the 1940 Act must have a board of directors, a certain minimum percentage of whom must be independent (generally, at least a majority). Further, after an initial two-year period, such registered investment companies' advisory and sub-advisory contracts must be annually reapproved by a majority of (1) the entire board of directors and (2) the independent directors. Additionally, such registered investment companies are subject to prohibitions and restrictions on transactions with their affiliates and required to maintain fund assets with special types of custodians (generally, banks or broker-dealers). Moreover, such registered investment companies are subject to significant limits on the use of leverage, as well as limits on the form of capital structure and the types of securities a registered fund can issue.

The Trust is not registered as an investment company under the 1940 Act, and the Delegated Sponsor believes that the Trust is not permitted or required to register under such act. Consequently, Shareholders do not have the regulatory protections provided to investors in investment companies.

The Trust will not hold or trade in commodity interests regulated by the CEA, as administered by the CFTC. Furthermore, the Delegated Sponsor believes that the Trust is not a commodity pool for purposes of the CEA, and that neither the Delegated Sponsor nor the Trustees are subject to regulation by the CFTC as a commodity pool operator or a commodity trading advisor in connection with the operation of the Trust. Consequently, Shareholders will not have the regulatory protections provided to investors in CEA-regulated instruments or commodity pools.

 ***Future and current laws and regulations by a United States or foreign government or quasi-governmental agencies could have an adverse effect on an investment in the Trust.***

The regulation of bitcoin and related products and services continues to evolve, may take many different forms and will, therefore, impact bitcoin and its usage in a variety of manners. The inconsistent, unpredictable, and sometimes conflicting regulatory landscape may make it more difficult for bitcoin businesses to provide services, which may impede the growth of the bitcoin economy and have an adverse effect on consumer adoption of bitcoin. There is a possibility of future regulatory change altering, perhaps to a material extent, the nature of an investment in the Trust or the ability of the Trust to continue to operate. Additionally, changes to current regulatory determinations of bitcoin's status as not being offered and sold as a security, changes to regulations surrounding bitcoin futures or related products, or actions by a United

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States or foreign government or quasi-governmental agencies exerting regulatory authority over bitcoin, the Bitcoin network, bitcoin trading, or related activities impacting other parts of the digital asset market, may adversely impact bitcoin and therefore may have an adverse effect on the value of your investment in the Trust.

A number of jurisdictions worldwide have adopted prohibitions or restrictions on bitcoin trading and other activity relating to virtual currencies and digital assets, which could negatively affect bitcoin prices or demand. For instance, some observers believe that Chinese governmental regulatory actions regarding bitcoin mining and trading activity were one factor that contributed to the drawdowns in global bitcoin prices in May 2021.

Furthermore, legal claims have been filed in the United Kingdom by an entity associated with an individual named Craig Wright. The entity alleges that the private keys to bitcoin purportedly worth several billion dollars were rendered inaccessible to it in a hack, and advances a series of novel legal theories in support of its request that the court compel certain core developers associated with the Bitcoin network to either somehow transfer the bitcoin out of the bitcoin address to which the entity no longer can access the private keys to a new bitcoin address that it currently does control, or alternatively amend the source code to the Bitcoin network itself to restore its access to the stranded bitcoin. If a court decides to grant the relief requested, wide-ranging and fundamental changes to the source code, operations, and governance of, and basic principles underlying, the Bitcoin network might be required, and a loss of public confidence in the Bitcoin network could result, leading to a decrease in the value of bitcoin, which could negatively impact the value of the Shares.

The legal status of bitcoin and other digital assets varies substantially from country to country. In many countries, the legal status of bitcoin is still undefined or changing. Some countries have deemed the usage of certain digital assets illegal. Other countries have banned digital assets or securities or derivatives in respect to them (including for certain categories of investors), banned the local banks from working with digital assets or have restricted digital assets in other ways. For example, bitcoin and other digital assets currently face an uncertain regulatory landscape in many foreign jurisdictions, such as the European Union, China, the United Kingdom, Australia, Russia, Israel, Poland, India and Canada. In some countries, such as the United States, different government agencies define digital assets differently, leading to further regulatory conflict and uncertainty.

In addition, cybersecurity attacks by state actors, particularly for the purpose of evading international economic sanctions, are likely to attract additional regulatory scrutiny to the acquisition, ownership, sale and use of digital assets, including bitcoin. The effect of any existing regulation or future regulatory change on the Trust or bitcoin is impossible to predict, but such change could be substantial and adverse to the Trust and the value of the Shares.

Various foreign jurisdictions have adopted, and may continue to adopt in the near future, laws, regulations or directives that affect bitcoin, particularly with respect to bitcoin spot markets, trading venues and service providers that fall within such jurisdictions' regulatory scope. Countries may, in the future, explicitly restrict, outlaw or curtail the acquisition, use, trade or redemption of bitcoin. Such laws, regulations or directives may conflict with those of the United States and may negatively impact the acceptance of bitcoin by users, merchants and service providers outside the United States and may therefore impede the growth or sustainability of the bitcoin economy in these jurisdictions as well as in the United States and elsewhere, or otherwise negatively affect the value of bitcoin, and, in turn, the value of the Shares.

Any change in regulation in any particular jurisdiction may impact the supply and demand of that specific jurisdiction and other jurisdictions due to the global network of exchanges for bitcoin, as well as composite prices used to calculate the underlying value of the Trust's bitcoin, as such data sources span multiple jurisdictions.

 ***Future legal or regulatory developments may negatively affect the value of bitcoin or require the Trust or the Delegated Sponsor to become registered with the SEC or CFTC, which may cause the Trust to incur unforeseen expenses or liquidate.***

Current and future legislation, SEC and CFTC rulemaking, and other regulatory developments may impact the manner in which bitcoin are treated for classification and clearing purposes. In particular,

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although bitcoin is currently understood to be a commodity when transacted on a spot basis, bitcoin itself in the future might be classified by the CFTC as a "commodity interest" under the CEA, subjecting all transactions in bitcoin to full CFTC regulatory jurisdiction. Alternatively, in the future bitcoin might be classified by the SEC as a "security" under U.S. federal securities laws. In the face of such developments, the required registrations and compliance steps may result in extraordinary, nonrecurring expenses to the Trust. In particular, the Trust may be required to rapidly unwind its entire position in bitcoin at potentially unfavorable prices and potentially terminate, in the event that bitcoin were determined to fall under the definition of being offered and sold as a security under U.S. securities laws. If the Cayman Trustee decides to terminate the Trust in response to the changed regulatory circumstances, the Trust may be dissolved or liquidated at a time that is disadvantageous to Shareholders. As of the date of this Prospectus, the Delegated Sponsor is not aware of any rules that have been proposed to regulate bitcoin as a commodity interest or as being offered and sold as a security.

To the extent that bitcoin is determined to be offered and sold as a security, the Trust and the Delegated Sponsor may also be subject to additional regulatory requirements, including under the 1940 Act, and the Delegated Sponsor may be required to register as an investment adviser under the Advisers Act. If the Delegated Sponsor determines not to comply with such additional regulatory and registration requirements, the Cayman Trustee will terminate the Trust. Any such termination could result in the liquidation of the Trust's bitcoin at a time that is disadvantageous to Shareholders. Alternatively, compliance with these requirements could result in additional expenses to the Trust or significantly limit the ability of the Trust to pursue its investment objective.

To the extent that bitcoin is deemed to fall within the definition of a "commodity interest" under the CEA, the Trust and the Delegated Sponsor may be subject to additional regulation under the CEA and CFTC regulations. The Delegated Sponsor may be required to register as a commodity pool operator or commodity trading advisor with the CFTC and become a member of the National Futures Association and may be subject to additional regulatory requirements with respect to the Trust, including disclosure and reporting requirements. These additional requirements may result in extraordinary, recurring and/or nonrecurring expenses of the Trust, thereby materially and adversely impacting the Shares. If the Delegated Sponsor and/or the Trust determines not to comply with such additional regulatory and registration requirements, the Cayman Trustee may terminate the Trust. Any such termination could result in the liquidation of the Trust's bitcoin at a time that is disadvantageous to Shareholders.

The SEC has not asserted regulatory authority over bitcoin or trading or ownership of bitcoin and has not expressed the view that bitcoin should be classified or treated as a security for purposes of U.S. federal securities laws. In fact, senior members of the staff of the SEC have expressed the view that bitcoin is not a security under the federal securities laws. However, the SEC has commented on bitcoin and bitcoin-related market developments and has taken action against investment schemes involving bitcoin. For example, in a recent letter regarding the SEC's review of proposed rule changes to list and trade shares of certain bitcoin-related investment vehicles on public markets, the SEC staff stated that it has significant investor protection concerns regarding the markets for digital assets, including the potential for market manipulation and fraud. In March 2018, it was reported that the SEC was examining as many as 100 investment funds with strategies focused on digital assets. The reported focus of the examinations is on the accuracy of risk disclosures to investors in these funds, digital asset pricing practices, and compliance with rules meant to prevent the theft of investor funds, as well as on information gathering so that the SEC can better understand new technologies and investment products. It has further been reported that some of these funds have received subpoenas from the SEC's Enforcement Division. The SEC also recently determined that certain digital assets are securities under the U.S. securities laws. In these determinations, the SEC reasoned that the unregistered offer and sale of digital assets can, in certain circumstances, including ICOs, be considered illegal public offering of securities. A significant amount of funding for digital asset startups has come from ICOs, and if ICOs are halted or face obstacles, or companies that rely on them face legal action or investigation, it could have a negative impact on the value of digital assets, including bitcoin. Finally, the SEC's Division of Examinations (then the Office of Compliance Inspections and Examinations ("OCIE")) stated that digital assets were an examination priority for 2020. In particular, OCIE intended to focus its examination on portfolio management of digital assets, safety of client funds and assets, pricing and valuation of client portfolios, compliance and internal controls, and supervision of employee outside business activities.

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 ***If regulatory changes or interpretations of an Authorized Participant's, the Trust's or the Delegated Sponsor's activities require the regulation of an Authorized Participant, the Trust or the Delegated Sponsor as a money service business under the regulations promulgated by FinCEN under the authority of the U.S. Bank Secrecy Act or as a money transmitter or digital asset business under state regimes for the licensing of such businesses, an Authorized Participant, the Trust or the Delegated Sponsor may be required to register and comply with such regulations, which could result in extraordinary, recurring and/or nonrecurring expenses to the Authorized Participant, Trust or Delegated Sponsor or increased commissions for the Authorized Participant's clients, thereby reducing the liquidity of the Shares.***

To the extent that the activities of any Authorized Participant, the Trust or the Delegated Sponsor cause it to be deemed a "money services business" under the regulations promulgated by FinCEN under the authority of the BSA, such Authorized Participant, the Trust or the Delegated Sponsor may be required to comply with FinCEN regulations, including those that would mandate the Authorized Participant to implement anti-money laundering programs, make certain reports to FinCEN and maintain certain records. Similarly, the activities of an Authorized Participant, the Trust or the Delegated Sponsor may require it to be licensed as a money transmitter or as a digital asset business, such as under NYDFS' BitLicense regulation.

Such additional regulatory obligations may cause the Authorized Participant, the Trust or the Delegated Sponsor to incur extraordinary expenses. If the Authorized Participant, the Trust or the Delegated Sponsor decide to seek the required licenses, there is no guarantee that they will receive them in a timely manner. In addition, to the extent an Authorized Participant, the Trust, or the Delegated Sponsor is found to have operated without appropriate state or federal licenses, it may be subject to investigation, administrative or court proceedings, and civil or criminal monetary fines and penalties, all of which could harm the reputation of the Authorized Participant, the Trust or the Delegated Sponsor and affect the value of the Shares. Furthermore, an Authorized Participant, the Trust, or the Delegated Sponsor may not be able to acquire necessary state licenses or be capable of complying with certain federal or state regulatory obligations applicable to money services businesses, money transmitters, and businesses engaged in digital asset activity in a timely manner. The Authorized Participant may also instead decide to terminate its role as Authorized Participant of the Trust, or the Cayman Trustee may decide to terminate the Trust. Termination by the Authorized Participant may decrease the liquidity of the Shares, which may adversely affect the value of the Shares, and any termination of the Trust in response to the changed regulatory circumstances may be at a time that is disadvantageous to the Shareholders.

#### Tax Risk

#### The ongoing activities of the Trust may generate tax liabilities for Shareholders.
As described below under "United States Federal Income Tax Consequences — Taxation of U.S. Shareholders," it is expected that each Shareholder will include in the computation of their taxable income their proportionate share of the taxable income and expenses of the Trust, including gains and losses realized in connection with the use of bitcoin to pay Trust expenses. The Trust does not anticipate making distributions to Shareholders, so any tax liability that a Shareholder incurs as a result of holding Shares will need to be satisfied from some other source of funds. If a Shareholder sells Shares in order to raise funds to satisfy such a tax liability, the sale itself may generate additional taxable gain or loss.

#### The tax treatment of bitcoin and transactions involving bitcoin for United States federal income tax purposes may change.
Under current IRS guidance, bitcoin is treated as property, not as currency, for U.S. federal income tax purposes and transactions involving payment in bitcoin in return for goods and services are treated as barter exchanges. Such exchanges result in capital gain or loss measured by the difference between the price at which bitcoin is exchanged and the taxpayer's basis in the bitcoin. However, because bitcoin is a new technological innovation, because IRS guidance has taken the form of administrative pronouncements that may be modified without prior notice and comment, and because there is as yet little case law on the subject, the U.S. federal income tax treatment of an investment in bitcoin or in transactions relating to investments in bitcoin may change from that described in this Prospectus, possibly with retroactive effect. Any such change in the U.S. federal income tax treatment of bitcoin may have a negative effect on prices of

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bitcoin and may adversely affect the value of the Shares. In this regard, the IRS has indicated that it has made it a priority to issue additional guidance related to the taxation of digital asset transactions, such as transactions involving bitcoin. In addition, the IRS and U.S. Department of Treasury have finalized regulations regarding the tax information reporting and basis rules for digital asset transactions and a safe harbor for certain trusts holding digital assets and engaging in staking activities. While it has started to issue such additional guidance, whether any future guidance will adversely affect the U.S. federal income tax treatment of an investment in bitcoin or in transactions relating to investments in bitcoin is unknown. Moreover, future developments that may arise with respect to digital currencies may increase the uncertainty with respect to the treatment of digital currencies for U.S. federal income tax purposes.

Investors should consult their personal tax advisors before making any decision to purchase the Shares of the Trust. Additionally, the tax considerations contained herein are in summary form and may not be used as the sole basis for the decision to invest in the Shares from a tax perspective, since the individual situation of each investor must also be taken into account. Accordingly, the considerations regarding taxation contained herein any sort of material information or tax advice nor are they in any way to be construed as a representation or warranty with respect to specific tax consequences.

#### The tax treatment of bitcoin and transactions involving bitcoin for state and local tax purposes is not settled.
Because bitcoin is a new technological innovation, the tax treatment of bitcoin for state and local tax purposes, including without limitation state and local income and sales and use taxes, is not settled. It is uncertain what guidance, if any, on the treatment of bitcoin for state and local tax purposes may be issued in the future. A state or local government authority's treatment of bitcoin may have negative consequences, including the imposition of a greater tax burden on investors in bitcoin or the imposition of a greater cost on the acquisition and disposition of bitcoin generally. Moreover, it cannot be ruled out that the tax treatment by tax authorities and courts could be interpreted differently or could be subject to changes in the future. Any such treatment may have a negative effect on prices of bitcoin and may adversely affect the value of the Shares.

The taxation of bitcoin and associated companies can vary significantly by jurisdiction and is subject to risk of significant revision. Such revision, or the application of new tax schemes or taxation in additional jurisdictions, may adversely impact the Trust's performance. Before making a decision to invest in the Trust, investors should consult their local tax advisor on taxation.

#### A hard "fork" of the Bitcoin blockchain or airdrop could result in Shareholders incurring a tax liability.

If a hard fork occurs in the Bitcoin blockchain and the Trust claims the new forked asset, the Trust could hold both the original bitcoin and the new "forked" asset. Under current IRS guidance, a hard fork resulting in the receipt of new units of cryptocurrency is a taxable event giving rise to ordinary income equal to the value of the new digital asset. The Trust Agreement will require that, if such a transaction occurs, the Trust will as soon as possible direct the Bitcoin Custodians to distribute the new forked asset in-kind to the Delegated Sponsor, as agent for the Shareholders, and the Delegated Sponsor will arrange to sell the new forked asset and for the proceeds to be distributed to the Shareholders. Such a sale will give rise to gain or loss, for U.S. federal income tax purposes, if the amount realized on the sale differs from the value of the new forked asset at the time it was received by the Trust. A hard fork may therefore give rise to additional tax liabilities for Shareholders.

Likewise, under the IRS guidance on airdrops and similar occurrences with respect to digital assets will under certain circumstances be treated as taxable events giving rise to ordinary income. In the absence of guidance to the contrary, it is possible that any such income recognized by a U.S. tax-exempt Shareholder

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would constitute "unrelated business taxable income" ("UBTI"). A tax-exempt Shareholder should consult its tax adviser regarding whether such Shareholder may recognize UBTI as a consequence of an investment in Shares.

#### The intended tax treatment of the Trust will limit the flexibility of the Trust's investment decisions.
The Trust is intended to be a grantor trust for federal income tax purposes. A grantor trust is not permitted to vary the investment portfolio of the Shareholders to take advantage of market fluctuations. Thus, the Delegated Sponsor may allow the Trust to hold when an actively managed fund would sell. The Delegated Sponsor may distribute proceeds when an actively managed fund would reinvest the proceeds. In addition, a fund treated as a grantor trust may not participate in trading or lending activity without raising a risk of change in status. This means that the returns of the Trust may be less than a successfully actively managed fund.

#### Other Risks
 ***The Exchange on which the Shares are listed may halt trading in the Trust's Shares, which would adversely impact a Shareholder's ability to sell Shares.***

The Trust's Shares are expected to be listed for trading on the Exchange under the market symbol, "MSBT". Trading in Shares may be halted due to market conditions or, in light of the Exchange rules and procedures, for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading is subject to trading halts or pauses caused by extraordinary market volatility pursuant to "circuit breaker" rules and/or "limit up/limit down" rules that require trading to be halted or paused for a specified period based on a specified market decline. Additionally, there can be no assurance that the requirements necessary to maintain the listing of the Trust's Shares will continue to be met or will remain unchanged.

 ***The liquidity of the Shares may also be affected by the withdrawal from participation of Authorized Participants, which could adversely affect the market price of the Shares.***

In the event that one or more Authorized Participants or market makers that have substantial interests in the Trust's Shares withdraw or "step away" from participation in the purchase (creation) or sale (redemption) of the Trust's Shares, the liquidity of the Shares will likely decrease, which could adversely affect the market price of the Shares and result in Shareholders incurring a loss on their investment.

 ***The market infrastructure of the bitcoin spot market could result in the absence of active Authorized Participants able to support the trading activity of the Trust, which would affect the liquidity of the Shares in the secondary market and make it difficult to dispose of Shares.***

Bitcoin is extremely volatile, and concerns exist about the stability, reliability and robustness of many spot markets where bitcoin trade. In a highly volatile market, or if one or more spot markets supporting the bitcoin market faces an issue, it could be extremely challenging for any Authorized Participants to provide continuous liquidity in the Shares. There can be no guarantee that the Delegated Sponsor will be able to find an Authorized Participant to actively and continuously support the Trust.

 ***Shareholders that are not Authorized Participants may only purchase or sell their Shares in secondary trading markets, and the conditions associated with trading in secondary markets may adversely affect Shareholders' investment in the Shares.***

Only Authorized Participants may create or redeem Baskets. All other Shareholders that desire to purchase or sell Shares must do so through the Exchange or in other markets, if any, in which the Shares may be traded. Shares may trade at a premium or discount to the NAV per Share or the Principal Market NAV per Share.

 ***The Delegated Sponsor relies heavily on key personnel. The departure of any such key personnel could negatively impact the Trust's operations and adversely impact an investment in the Trust.***

The Delegated Sponsor relies heavily on key personnel to manage its activities. These key personnel intend to allocate their time managing the Trust in a manner that they deem appropriate. If such key personnel

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were to leave or be unable to carry out their present responsibilities, it may have an adverse effect on the management of the Delegated Sponsor.

Shareholders have no right or power to take part in the management of the Trust. Accordingly, no investor should purchase Shares unless such investor is willing to entrust all aspects of the management of the Trust to the Trustees and the Delegated Sponsor.

In addition, certain personnel performing services on behalf of the Delegated Sponsor will be shared with the respective affiliates of the Delegated Sponsor, including with respect to execution, Trust operations and legal, regulatory and tax oversight. Such individuals will devote a small percentage of their time to those activities.

Additionally, there can be no assurance that all of the personnel who provide services to the Trust will continue to be associated with the Trust for any length of time. The loss of the services of one or more such individuals could have an adverse impact on the Trust's ability to realize its investment objective.

#### The Trust is new, and if it is not profitable, the Trust may terminate and liquidate at a time that is disadvantageous to Shareholders.
The Trust is new. If the Trust does not attract sufficient assets to remain open (such as, for example, where the current and anticipated total assets of the Trust relative to the current and anticipated total expenses of the Trust would make continued operation of the Trust impracticable), then the Trust could be terminated and liquidated at the direction of the Delegated Sponsor (or required to do so because it is delisted by the Exchange). Termination and liquidation of the Trust could occur at a time that is disadvantageous to Shareholders. When the Trust's assets are sold as part of the Trust's liquidation, the resulting proceeds distributed to Shareholders may be less than those that may be realized in a sale outside of a liquidation context.

 ***The exclusive jurisdiction for certain types of actions and proceedings and waiver of trial by jury clauses set forth in the Trust Agreement may have the effect of limiting a Shareholder's rights to bring legal action against the Trust and could limit a purchaser's ability to obtain a favorable judicial forum for disputes with the Trust.***

By purchasing Shares in the Trust, Shareholders waive certain claims that the courts of the state of Delaware and any federal courts located in Wilmington, Delaware is an inconvenient venue or is otherwise inappropriate. As such, Shareholders could be required to litigate a matter relating to the Trust in a Delaware court, even if that court may otherwise be inconvenient for the Shareholder.

The Trust Agreement also waives the right to trial by jury in any such claim, suit, action or proceeding, provided that causes of actions for violations of the Exchange Act or the 1933 Act will not be governed by the waiver of the right to trial by jury provision of the Trust Agreement. If a lawsuit is brought against the Trust, it may be heard only by a judge or justice of the applicable trial court, which would be conducted according to different civil procedures and may result in different outcomes than a trial by jury would have, including results that could be less favorable to the plaintiffs in any such action. By purchasing Shares in the Trust, Shareholders waive a right to a trial by jury which may limit a Shareholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with the Trust.

#### Shareholders may be adversely affected by creation or redemption orders that are subject to postponement, suspension or rejection under certain circumstances.
The Trust may, in its discretion, suspend the right of creation or redemption or may postpone the redemption or purchase settlement date, for (1) any period during which an emergency exists as a result of

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which the fulfillment of a purchase order or the redemption distribution is not reasonably practicable (for example, as a result of a significant technical failure, power outage, or network error), or (2) such other period as the Delegated Sponsor determines to be necessary for the protection of the Shareholders of the Trust (for example, where acceptance of the total deposit required to create each Basket ("Creation Basket Deposit") would have certain adverse tax consequences to the Trust or its Shareholders). In addition, the Trust may reject a redemption order if the order is not in proper form as described in the Authorized Participant Agreement or if the fulfillment of the order might be unlawful. Any such postponement, suspension or rejection could adversely affect a redeeming Authorized Participant. Suspension of creation privileges may adversely impact how the Shares are traded and arbitraged on the secondary market, which could cause them to trade at levels materially different (premiums and discounts) from the fair value of their underlying holdings.

 ***Shareholders may be adversely affected by an overstatement or understatement of the NAV or the Principal Market NAV calculation of the Trust due to the valuation methodology employed on the date of the NAV or the Principal Market NAV calculation.***

The value established by using the Pricing Benchmark may be different from what would be produced through the use of another methodology. Bitcoin valued using techniques other than those employed by the Pricing Benchmark, including bitcoin investments that are "fair valued," may differ from the value established by the Pricing Benchmark.

 ***Shareholders do not have the rights enjoyed by investors in certain other vehicles and may be adversely affected by a lack of statutory rights and by limited voting and distribution rights.***

The Shares have limited voting and distribution rights. For example, Shareholders do not have the right to elect directors, the Trust may enact splits or reverse splits without Shareholder approval, and the Trust is not required to pay regular distributions, although the Trust may pay distributions at the discretion of the Delegated Sponsor.

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#### BITCOIN, BITCOIN MARKETS AND REGULATION OF BITCOIN
This section of the Prospectus provides a more detailed description of bitcoin, including information about the historical development of bitcoin, how a person holds bitcoin, how to use bitcoin in transactions, how to trade bitcoin, the spot markets where bitcoin can be bought, held and sold, the bitcoin OTC market and bitcoin mining.

#### Bitcoin and the Bitcoin Network
Bitcoin is based on the decentralized, open-source protocol of a peer-to-peer electronic network. No single entity owns or operates the Bitcoin network. Bitcoin is not issued by governments, banks or any other centralized authority. The infrastructure of the Bitcoin network is collectively maintained on a distributed basis by the network's participants, consisting of "miners," who run special software to validate transactions, developers, who maintain and contribute updates to the Bitcoin network's source code, and users, who download and maintain on their individual computer a full or partial copy of the Bitcoin blockchain and related software. Anyone can be a user, developer, or miner. The Bitcoin network is accessed through software, and software governs bitcoin's creation, movement, and ownership. The source code for the Bitcoin network and related software protocol is open-source, and anyone can contribute to its development. The value of bitcoin is in part determined by the supply of, and demand for, bitcoin in the global markets for the trading of bitcoin, market expectations for the adoption of bitcoin as a decentralized store of value, the number of merchants and/or institutions that accept bitcoin as a form of payment, and the volume of peer-to-peer transactions, among other factors.

Bitcoin transaction and ownership records are reflected on the Bitcoin blockchain. Miners authenticate and bundle bitcoin transactions sequentially into files called "blocks," which requires performing computational work to solve a cryptographic puzzle set by the Bitcoin network's software protocol. Because each solved block contains a reference to the previous block, they form a chronological "chain" back to the first bitcoin transaction. Copies of the Bitcoin blockchain are stored in a decentralized manner on the computers of each individual Bitcoin network full node, i.e., any user who chooses to maintain on their computer a full copy of the Bitcoin blockchain as well as related software. Each bitcoin is associated with a set of unique cryptographic "keys," in the form of a string of numbers and letters, which allow whoever is in possession of the private key to assign that bitcoin in a transfer that the Bitcoin network will recognize.

#### Bitcoin
Bitcoin is a digital asset that can be transferred among participants on the Bitcoin network on a peer-to-peer basis via the Internet. Unlike other means of electronic payments, bitcoin can be transferred without the use of a central administrator or clearing agency. Because a central party is not necessary to administer bitcoin transactions or maintain the bitcoin ledger, the term decentralized is often used in descriptions of bitcoin.

#### Bitcoin Network
Bitcoin was first described in a white paper released in 2008 and published under the name "Satoshi Nakamoto." The protocol underlying bitcoin was subsequently released in 2009 as open-source software and currently operates on a worldwide network of computers.

The first step in using bitcoin for transactions is to download specialized software referred to as a "bitcoin wallet." A user's bitcoin wallet can run on a computer or smartphone and can be used both to send and to receive bitcoin. Within a bitcoin wallet, a user can generate one or more unique "bitcoin addresses," which are conceptually similar to bank account numbers on the Bitcoin blockchain and are associated with a pair of public and private keys. After establishing a bitcoin address, a user can send or receive bitcoin from his or her bitcoin address to another user's address using the public and private keys. Sending bitcoin from one bitcoin address to another is similar in concept to sending a bank wire from one person's bank account to another person's bank account.

The amount of bitcoin associated with each bitcoin address is listed in a public ledger, referred to as a "blockchain." Copies of the Bitcoin blockchain exist on thousands of computers on the Bitcoin network

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throughout the Internet. A user's bitcoin wallet will either contain a copy of the Bitcoin blockchain or be able to connect with another computer that holds a copy of the Bitcoin blockchain.

When a bitcoin user wishes to transfer bitcoin to another user, the sender must first request a bitcoin address from the recipient. The sender then uses his or her bitcoin wallet software to create a data packet containing the proposed addition (often referred to as a "transaction") to the Bitcoin blockchain. The proposed transaction would reduce the sender's address and increase the recipient's address by the amount of bitcoin desired to be transferred and is sent on a peer-to-peer basis to other computers participating in the Bitcoin network.

#### Bitcoin Protocol
Bitcoin is an open-source project with no central authority that controls the Bitcoin network, and anyone can review the underlying code and suggest changes. There are, however, a number of individual developers that regularly contribute to a specific distribution of Bitcoin network software known as the "Bitcoin Core," and who loosely oversee the development of its source code. There are many other compatible versions of Bitcoin network software, but Bitcoin Core is the most widely adopted and currently provides the de facto standard for the Bitcoin protocol. The core developers are able to access, and can alter, the Bitcoin network source code and, as a result, they are responsible for quasi-official releases of updates and other changes to the Bitcoin network's source code. However, because bitcoin has no central authority, the release of updates to the Bitcoin network's source code by the core developers does not guarantee that the updates will be automatically adopted by the other participants in the Bitcoin network. Users and miners must accept any changes made to the Bitcoin network source code by downloading the proposed modification of the Bitcoin network's source code. A modification of the Bitcoin network's source code is effective only with respect to those Bitcoin users and miners who choose to download it. If a modification is accepted by only a percentage of users and miners, a division in the Bitcoin network will occur such that one network will run the pre-modification source code and the other network will run the modified source code. Such a division is known as a "fork." See "Risk Factors — Risks Associated with bitcoin and the Bitcoin network." A modification to the source code becomes part of the Bitcoin network only if accepted by participants collectively having most of the processing power on the Bitcoin network. In recent years, there have been several forks in the Bitcoin network, including, but not limited to, forks resulting in the creation of Bitcoin Cash (August 1, 2017), Bitcoin Gold (October 24, 2017) and Bitcoin SegWit2X (December 28, 2017), among others. For example, on August 1, 2017, a group of developers and miners accepted certain changes to the Bitcoin network software intended to increase transaction capacity, while the rest of the Bitcoin network did not, causing a hard fork. Blocks mined on this new network, called Bitcoin Cash, now diverge from blocks mined on the Bitcoin network, which has resulted in the creation of a new blockchain whose digital asset is referred to as "bitcoin cash." Bitcoin and Bitcoin Cash now operate as separate, independent networks, and have different native digital assets (bitcoin versus bitcoin cash).

The Trust has adopted the following procedures to address situations involving a fork that results in the issuance of new cryptocurrency that the Trust may receive. Typically, the holder of bitcoin has no discretion in a hard fork transaction; it merely receives the new cryptocurrency while it continues to hold the same number of bitcoin. The Trust Agreement will stipulate that if such a transaction does occur, the Trust will as soon as possible direct the Bitcoin Custodian to distribute the new cryptocurrency in-kind to the Delegated Sponsor, as agent for the Shareholders, and the Delegated Sponsor will arrange to sell the new cryptocurrency and for the proceeds to be distributed to the Shareholders. The Trust is under no obligation to claim the forked asset if doing so will expose the Trust's (original) bitcoin holdings to risk. Alternatively, the Bitcoin Custodian may not agree to provide the Trust with access to the forked asset.

Core development of the Bitcoin Network source code has increasingly focused on modifications of the Bitcoin network protocol to increase speed and scalability and also allow for non-financial, next generation uses. For example, following the activation of Segregated Witness on the Bitcoin network, an alpha version of the Lightning Network was released. The Lightning Network is an open-source decentralized network that enables instant off-Bitcoin blockchain transfers of the ownership of bitcoin without the need of a trusted third party. The system utilizes bidirectional payment channels that consist of multi-signature addresses. One on-blockchain transaction is needed to open a channel and another on-blockchain transaction can close the channel. Once a channel is open, value can be transferred instantly between

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counterparties who are engaging in real bitcoin transactions without broadcasting them to the Bitcoin network. New transactions will replace previous transactions, and the counterparties will store everything locally as long as the channel stays open to increase transaction throughput and reduce computational burden on the Bitcoin network. Other efforts include increased use of smart contracts and distributed registers built into, built atop or pegged alongside the Bitcoin blockchain. The Trust's activities will not directly relate to such projects, though such projects may utilize bitcoin as tokens for the facilitation of their non-financial uses, thereby potentially increasing demand for bitcoin and the utility of the Bitcoin network as a whole. Conversely, projects that operate and are built within the Bitcoin blockchain may increase the data flow on the Bitcoin network and could either bloat the size of the Bitcoin blockchain or slow confirmation times. At this time, such projects remain in early stages and have not been materially integrated into the Bitcoin blockchain or the Bitcoin network.

In 2021, the Bitcoin protocol implemented the Taproot upgrade to add enhanced support for complex transactions on the network such as multi-signature transactions, which require two or more parties to execute a transaction on the Bitcoin Network. Prior to the upgrade, multi-signature transactions were historically slow, expensive, and easily identifiable. Taproot is intended to reduce the amount of data written to a block and makes multi-signature transactions indistinguishable from regular transactions, adding an enhanced layer of privacy.

#### Bitcoin Transactions
A bitcoin transaction is similar in concept to an irreversible digital check. The transaction contains the sender's bitcoin address, the recipient's bitcoin address, the amount of bitcoin to be sent, a transaction fee and the sender's digital signature. The sender's use of his or her digital signature enables participants on the Bitcoin network to verify the authenticity of the bitcoin transaction.

A user's digital signature is generated via usage of the user's so-called "private key," one of two numbers in a so-called cryptographic "key pair." A key pair consists of a "public key" and its corresponding private key, both of which are lengthy alphanumeric codes, derived together and possessing a unique relationship.

Public keys are associated with bitcoin addresses that are publicly known and can accept a bitcoin transfer. Private keys are used to sign transactions that initiate the transfer of bitcoin from a sender's bitcoin address to a recipient's bitcoin address. Only the holder of the private key associated with a particular bitcoin address can digitally sign a transaction proposing a transfer of bitcoin from that particular bitcoin address.

A user's bitcoin address may be safely distributed, but a user's private key must be kept in accordance with appropriate controls and procedures to ensure it is used only for legitimate and intended transactions. Only by using a private key can a bitcoin user create a digital signature to transfer bitcoin to another user. In addition, if an unauthorized third person learns of a user's private key, that third person could forge the user's digital signature and send the user's bitcoin to any arbitrary bitcoin address, thereby stealing the user's bitcoin.

The usage of key pairs is a cornerstone of the Bitcoin network. This is because the use of a private key is the only mechanism by which a bitcoin transaction can be signed. If a private key is lost, the corresponding bitcoin is thereafter permanently non-transferable. Moreover, the theft of a private key enables the thief immediate and unfettered access to the corresponding bitcoin. Bitcoin users must therefore understand that in this regard, bitcoin is a bearer asset, similar to cash: that is, the person or entity in control of the private key corresponding to a particular quantity of bitcoin has de facto control of the bitcoin. For large quantities of bitcoin, holders often employ sophisticated security measures. For a discussion of how the Trust secures its bitcoin, see "The Bitcoin Custodian" below.

The Bitcoin network incorporates a system to prevent double spending of a single bitcoin. To prevent the possibility of double-spending a single bitcoin, each validated transaction is recorded, time stamped and publicly displayed in a "block" in the Bitcoin blockchain, which is publicly available. Thus, the Bitcoin network provides confirmation against double-spending by memorializing every transaction in the Bitcoin blockchain, which is publicly accessible and downloaded in part or in whole by all users of the Bitcoin network software program.

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The process by which bitcoin are created and bitcoin transactions are verified is called mining. To begin mining, a user, or "miner," can download special mining software, which, like regular Bitcoin network software programs, turns the user's computer into a "node" on the Bitcoin network. A node may validate transactions and add new blocks of transactions to the Bitcoin blockchain.

Miners, through the use of the bitcoin software program, engage in a set of prescribed complex mathematical calculations imposed by the Bitcoin network's software protocol, called "proof of work," in order to validate proposed transactions and bundle them into a data packet known as a "block." The first miner who successfully solves the cryptographic puzzle imposed by the Bitcoin network's software protocol is permitted to add a block of transactions to the Bitcoin blockchain and is rewarded by a grant of newly-issued bitcoin, known as the "block reward." Bitcoin is created and allocated by the Bitcoin network protocol and distributed through a "mining" process subject to a strict, well-known issuance schedule. Block rewards for mining are the method by which new bitcoin is issued. The supply of bitcoin is limited to 21 million by the Bitcoin network's software protocol. Miners may also be paid an optional transaction fee by the users whose transactions are contained in the mined block.

Confirmed and validated bitcoin transactions are recorded in blocks added to the Bitcoin blockchain. Each block contains the details of some or all of the most recent transactions that are not memorialized in prior blocks, as well as a record of the award of bitcoin to the miner who added the new block. Each unique block can only be solved and added to the Bitcoin blockchain by one miner; as a result, individual miners and mining pools on the Bitcoin network engage in a competitive process of constantly increasing their computing power to improve their individual likelihood of solving new blocks. As more miners join the Bitcoin network and its processing power increases, or if miners leave the Bitcoin network and its processing power declines, the Bitcoin network adjusts the complexity of a block-solving equation to maintain a predetermined pace of adding a new block to the Bitcoin blockchain approximately every ten minutes.

#### Bitcoin Markets
Bitcoin can be transferred in direct peer-to-peer transactions through the direct sending of bitcoin over the Bitcoin blockchain from one bitcoin address to another. Among end-users, bitcoin can be used to pay other members of the Bitcoin network for goods and services under what resembles a barter system. Consumers can also pay merchants and other commercial businesses for goods or services through direct peer-to-peer transactions on the Bitcoin blockchain or through third-party service providers.

In addition to using bitcoin to engage in transactions, investors may purchase and sell bitcoin to speculate as to the value of bitcoin in the bitcoin market, or as a long-term investment to diversify their portfolio. The value of bitcoin within the market is determined, in part, by the supply of and demand for bitcoin in the global bitcoin market, market expectations for the adoption of bitcoin as a store of value, the number of merchants that accept bitcoin as a form of payment, and the volume of peer-to-peer transactions, among other factors.

Bitcoin spot markets typically permit investors to open accounts with the market and then purchase and sell bitcoin via websites or through mobile applications. Prices for trades on bitcoin spot markets are typically reported publicly. An investor opening a trading account must deposit an accepted government-issued currency into their account with the spot market, or a previously acquired digital asset, before they can purchase or sell assets on the spot market. The process of establishing an account with a bitcoin market and trading bitcoin is different from, and should not be confused with, the process of users sending bitcoin from one bitcoin address to another bitcoin address on the Bitcoin blockchain. This latter process is an activity that occurs on the Bitcoin network, while the former is an activity that occurs entirely within the order book operated by the spot market. The spot market typically records the investor's ownership of bitcoin in its internal books and records, rather than on the Bitcoin blockchain. The spot market ordinarily does not transfer bitcoin to the investor on the Bitcoin blockchain unless the investor makes a request to the exchange to withdraw the bitcoin in their exchange account to an off-exchange bitcoin wallet.

Outside of the spot markets, bitcoin can be traded OTC. The OTC market is largely institutional in nature, and OTC market participants generally consist of institutional entities, such as firms that offer two-sided liquidity for bitcoin, investment managers, proprietary trading firms, high-net-worth individuals that trade bitcoin on a proprietary basis, entities with sizeable bitcoin holdings, and family offices. The OTC

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market provides a relatively flexible market in terms of quotes, price, quantity, and other factors, although it tends to involve large blocks of bitcoin. The OTC market has no formal structure and no open-outcry meeting place. Parties engaging in OTC transactions will agree upon a price — often via phone or email — and then one of the two parties will then initiate the transaction. For example, a seller of bitcoin could initiate the transaction by sending the bitcoin to the buyer's bitcoin address. The buyer would then wire U.S. dollars to the seller's bank account. OTC trades are sometimes hedged and eventually settled with concomitant trades on bitcoin spot markets.

In addition, bitcoin futures and options trading occurs on exchanges in the U.S. regulated by the CFTC. The market for CFTC-regulated trading of bitcoin derivatives has developed substantially. As of November 24, 2025, CFTC regulated cryptocurrency derivatives, including bitcoin futures, represented approximately $14.2 billion in notional trading volume on Chicago Mercantile Exchange ("CME"). Bitcoin futures on the CME traded over $1.2 billion per day in December 2020 and represented $1.6 billion in open interest. Although bitcoin was the first digital asset, in the ensuing years, the number of digital assets, market participants and companies in the space has increased dramatically. In addition to bitcoin, other well-known digital assets include ether, solana, XRP, bitcoin cash, and litecoin. As of February 26, 2026, bitcoin had a total market capitalization of approximately $1.35 trillion.

As discussed in more detail below, barring the liquidation of the Trust or extraordinary circumstances, the Trust will not directly purchase or sell bitcoin, although the Delegated Sponsor may direct the Bitcoin Custodian to sell bitcoin to pay certain expenses. Instead, Authorized Participants will deliver bitcoin to the Trust's account with the Bitcoin Custodian in exchange for Shares of the Trust, and the Trust, through the Bitcoin Custodian, will deliver bitcoin to Authorized Participants when those Authorized Participants redeem Shares.

#### Government Oversight, Though Increasing, Remains Limited
As digital assets have grown in both popularity and market size, the U.S. Congress and a number of U.S. federal and state agencies (including FinCEN, SEC, the Office of the Comptroller of the Currency, CFTC, FINRA, the U.S. Consumer Financial Protection Bureau ("CFPB"), the Department of Justice, the Department of Homeland Security, the Federal Bureau of Investigation, the IRS, the Federal Deposit Insurance Corporation, the Federal Reserve and state financial institution regulators) have been examining the operations of digital asset networks, digital asset users and the digital asset exchanges, with particular focus on the extent to which digital assets can be used to launder the proceeds of illegal activities or fund criminal or terrorist enterprises and the safety and soundness of exchanges or other service-providers that hold or custody digital assets for users. Many of these state and federal agencies have issued consumer advisories regarding the risks posed by digital assets to investors.

Federal and state agencies, and other countries and international bodies have issued rules or guidance about the treatment of digital asset transactions or requirements for businesses engaged in digital asset activity. However, no US federal or state agency exercises comprehensive supervisory jurisdiction over global or domestic markets for bitcoin. Moreover, the failure of FTX in November 2022 and the resulting market turmoil substantially increased regulatory scrutiny in the United States and globally and led to SEC and criminal investigations, enforcement actions and other regulatory activity across the digital asset ecosystem.

In addition, the SEC, U.S. state securities regulators and several foreign governments have issued warnings that certain digital assets or activities involving them, including, without limitation, those sold in ICOs, may be classified as securities and that both those digital assets and ICOs may be subject to securities regulations. Ongoing and future regulatory actions may alter, perhaps to a materially adverse extent, the nature of an investment in the Shares or the ability of the Trust to continue to operate. Additionally, U.S. state and federal, and foreign regulators and legislatures have taken action against digital asset businesses or enacted restrictive regimes in response to adverse publicity arising from hacks, consumer harm, or criminal activity stemming from digital asset activity. The U.S. Treasury Department has expressed concern regarding digital assets' potential to be used to fund illicit activities and may seek to implement new regulations governing digital asset activities to address these concerns. Digital asset markets in the United States exist in a state of regulatory uncertainty, and adverse legislative or regulatory developments could significantly harm the value of bitcoin or the Shares, such as by banning, restricting or imposing onerous conditions or

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prohibitions on the use of bitcoin, mining activity, digital wallets, the provision of services related to trading and custodying bitcoin, the operation of the Bitcoin network, or the digital asset markets generally."

Various foreign jurisdictions have, and may continue to, in the near future, adopt laws, regulations or directives that may affect the Bitcoin network, digital asset platforms, and their users, particularly digital asset platforms and service providers that fall within such jurisdictions' regulatory scope.

There remains significant uncertainty regarding foreign governments' future actions with respect to the regulation of digital assets and digital asset platforms. Such laws, regulations or directives may conflict with those of the United States and may negatively impact the acceptance of bitcoin by users, merchants and service providers outside the United States and may therefore impede the growth or sustainability of the bitcoin economy in their jurisdictions or globally, or otherwise negatively affect the value of bitcoin. The effect of any future regulatory change on the Trust or bitcoin is impossible to predict, but such change could be substantial and adverse to the Trust and the value of the Shares.

#### THE TRUST AND BITCOIN PRICES

#### Overview of the Trust
The Trust is an exchange-traded fund that issues Shares that trade on the Exchange. The Trust's investment objective is to reflect the performance of bitcoin, as measured by the performance of the Pricing Benchmark, adjusted for the Trust's expenses and liabilities. In seeking to achieve its investment objective, the Trust will hold bitcoin and will value its Shares daily based on the bitcoin prices reported by the Pricing Benchmark. The Delegated Sponsor of the Trust is Morgan Stanley Investment Management Inc., a wholly owned subsidiary of Morgan Stanley.

The Delegated Sponsor believes that the Trust will provide a cost-efficient way for Shareholders to implement strategic and tactical asset allocation strategies that use bitcoin by investing in the Trust's Shares rather than purchasing, holding and trading bitcoin directly. The latter alternative would require selecting a bitcoin spot market and opening an account or arranging a private transaction, establishing a personal computer system capable of transacting directly on the blockchain, and incurring the risk associated with maintaining and protecting a private key that is irrecoverable if lost, among other difficulties.

#### Use of CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate
The net assets of the Trust and its Shares are valued on a daily basis with reference to CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate, a standardized reference rate published by CoinDesk Indices, Inc., the Benchmark Provider, that is designed to reflect the performance of bitcoin in U.S. dollars. The Pricing Benchmark is calculated daily and aggregates the notional value of bitcoin trading activity across major bitcoin spot exchanges. The Benchmark Provider is the administrator of the Pricing Benchmark. The Trust also uses the Pricing Benchmark to calculate its NAV, which is the aggregate U.S. Dollar value of bitcoin in the Trust, based on the Pricing Benchmark, less its liabilities and expenses. "NAV per Share" is calculated by dividing NAV by the number of Shares currently outstanding. NAV and NAV per Share are not measures calculated in accordance with GAAP. NAV is not intended to be a substitute for the Trust's Principal Market NAV calculated in accordance with GAAP, and NAV per Share is not intended to be a substitute for the Trust's Principal Market NAV per Share calculated in accordance with GAAP.

The Pricing Benchmark's methodology is as follows:

Each day at 4 p.m. ET, CoinDesk Indices calculates a Benchmark Settlement Rate for bitcoin using a 60-minute volume weighted average of all CoinDesk Bitcoin (Spot) Benchmark Rates calculated during the prior one-hour period. The inputs to the calculation are each CoinDesk Bitcoin (Spot) Benchmark Rate and the accumulated volume for all eligible pairs since the prior calculation.

Calculation steps on any given day for which the Pricing Benchmark is published are as follows:

The Bitcoin Spot Rates used in the Bitcoin Settlement Rate are calculated and published every five (5) seconds between the one-hour period between 3 and 4 p.m. Eastern Time and incorporate /USD

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and /USDC pairs with specific requirements for contributing exchanges, listing jurisdictions, and trading volume. Exchange eligibility is reviewed and updated on a regular basis according to the CoinDesk Exchange Eligibility Methodology.

The Bitcoin Spot Rate uses the following inputs at the time of calculation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. Latest traded spot price of all eligible bitcoin trading pairs across a set of approved exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. Total volume over the prior 24 hour period for each eligible bitcoin trading pair which is used for weighting.

The weight of each eligible bitcoin trading pair is based on its volume over the prior 24 hour period divided by the total volume of all eligible bitcoin trading pairs over the prior 24 hour period.

To help improve the reliability and integrity of each Bitcoin Spot Rate, the calculation algorithm includes the following features:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Outlier detection**: Traded prices that exceed pre-defined thresholds are subject to exclusion from calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Inactivity adjustments:** The weight of one or more exchanges may be reduced in the event of inactivity beyond defined thresholds.

#### Bitcoin Settlement Rate Example
*The following example is for illustrative purposes only. An official calculation would include 720 observations.* Based on the Bitcoin Spot Rate observations included in Table 1, the Bitcoin Settlement Rate for this period would be:

Bitcoin Settlement Rate = 339,054.43 / 4.799314 = 70,646.44

#### Table 1: Bitcoin Spot Rate Observations

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| | | | |
|:---|:---|:---|:---|
| **Observation <br> (5 second intervals)** | **Bitcoin Spot <br> Rate**  | **Accumulated Volume <br> since prior Observation**  | **Total Value**  |
| Observation 1  | 70641.48 | 0.794199 | 56103.39 |
| Observation 2  | 70642.61 | 0.524188 | 37030.01 |
| Observation 3  | 70648.29 | 2.727285 | 192678.02 |
| Observation 4  | 70647.62 | 0.753642 | 53243.01 |
| &nbsp;&nbsp;&nbsp; **Totals**  |  | **4.799314** | **339054.43** |

---

For more information on how the Benchmark Provider calculates the Pricing Benchmark, visit the Benchmark Provider's website at https://indices.coindesk.com/documentation-and-governance.

The Pricing Benchmark is subject to oversight by the CCData Benchmark Oversight Committee.

The Delegated Sponsor believes that the use of the Pricing Benchmark is reflective of a reasonable valuation of the average spot price of bitcoin. The Delegated Sponsor holds full discretion to change either the Pricing Benchmark or the Benchmark Provider subject to proper notification to shareholders. Shareholder approval is not required. Adjustments to the Pricing Benchmark could impact the NAV of the Trust. These adjustments may result in variations in the calculated spot price of bitcoin, thereby affecting the valuation of the Trust's assets and the NAV per Share.

Pricing Benchmark data and the description of the Pricing Benchmark are based on information made publicly available by the Benchmark Provider on its website at https://indices.coindesk.com/documentation-and-governance. **<u>None of the information on the Benchmark Provider's website is incorporated by reference into this Prospectus.</u>** 

The Delegated Sponsor has entered into a licensing agreement with the Benchmark Provider to use the Pricing Benchmark (the "Pricing Benchmark Licensing Agreement").

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 *As the Pricing Benchmark is calculated as a price return, it does not track airdrops involving bitcoin. Accordingly, the Trust does not participate in airdrops, as further described above in "Risk Factors — The inability to recognize the economic benefit of a "fork" or an "airdrop" could adversely impact an investment in the Trust."* 

COINDESK INDICES, INC. DATA IS USED UNDER LICENSE AS A SOURCE OF INFORMATION FOR THE TRUST'S PRODUCTS. COINDESK INDICES, INC., ITS AGENTS AND LICENSORS HAVE NO OTHER CONNECTION TO THE TRUST'S PRODUCTS AND SERVICES AND DOES NOT SPONSOR, ENDORSE, RECOMMEND OR PROMOTE ANY OF THE TRUST'S PRODUCTS OR SERVICES. COINDESK INDICES, INC., ITS AGENTS AND LICENSORS HAVE NO OBLIGATION OR LIABILITY IN CONNECTION WITH THE TRUST'S PRODUCTS AND SERVICES. COINDESK INDICES, INC., ITS AGENTS AND LICENSORS DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF ANY BENCHMARK LICENSED TO THE TRUST AND SHALL NOT HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

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#### NAV DETERMINATIONS
 *Calculation of NAV and NAV per Share* 

The Trust's NAV will be calculated each Business Day as of 4:00 p.m. ET. In determining the Trust's NAV, the Administrator values the bitcoin held by the Trust based on the price set by the Pricing Benchmark as of 4:00 p.m. ET. The Delegated Sponsor believes that use of the Pricing Benchmark mitigates against idiosyncratic market risk, as the failure of any individual spot market will not materially impact pricing for the Trust. It also allows the Administrator to calculate the NAV in a manner that significantly deters manipulation.

As discussed, the fact that there are multiple bitcoin spot markets contributing prices to the NAV makes manipulation more difficult in a well-arbitraged and fractured market, as a malicious actor would need to manipulate multiple spot markets simultaneously to impact the NAV, or dramatically skew the historical distribution of volume between the various exchanges.

The Trust's NAV per Share is calculated by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • taking the current market value of its bitcoin (based on the bitcoin price determined by the Pricing Benchmark) plus its cash and any other assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • subtracting any liabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • dividing that total by the total number of outstanding Shares.

The Administrator calculates the NAV of the Trust once each Exchange trading day. The NAV for a normal trading day will be released as promptly as practicable after 4:00 p.m. ET. Trading during the core trading session on the Exchange typically closes at 4:00 p.m. ET. However, NAVs are not officially struck until later in the day (often by 5:30 p.m. ET and almost always by 8:00 p.m. EST). The pause between 4:00 p.m. ET and 5:30 p.m. ET (or later) provides an opportunity for the Administrator to algorithmically detect, flag, investigate, and correct unusual pricing should it occur. Any such correction could adversely affect the value of the Shares. In addition, in order to provide updated information relating to the Trust for use by Shareholders and market professionals, the Trust will calculate and disseminate throughout the core trading session on each trading day an updated intraday indicative value ("IIV"). The IIV will be calculated by using the prior day's closing NAV as a base and updating that value during the trading day based off of more recent bitcoin pricing information to reflect any changes in the value of the Trust's underlying assets and, therefore, the Trust's NAV.

The IIV disseminated during the Exchange core trading session hours should not be viewed as an actual real time update of the NAV, because NAV per Share is calculated only once at the end of each trading day based upon the relevant end of day values of the Trust's investments. The IIV will be disseminated on a per Share basis every 15 seconds during regular Exchange core trading session hours of 9:30 a.m. ET to 4:00 p.m. ET. The Trust will disseminate the IIV value through the facilities of CTA/CQ High Speed Lines. In addition, the IIV will be available through on-line information services such as Bloomberg and Reuters. The IIV may differ from the NAV due to the differences in the time window of trades used to calculate each price (the NAV uses a sixty-minute window, whereas the IIV draws prices from the last trade on each exchange in an effort to produce a relevant, real-time price). The Delegated Sponsor does not believe this will cause confusion in the marketplace, as Authorized Participants are the only Shareholders who interact with the NAV and the Delegated Sponsor will communicate its NAV calculation methodology clearly.

Dissemination of the IIV provides additional information that is not otherwise available to the public and is useful to Shareholders and market professionals in connection with the trading of the Trust's Shares on the Exchange. Shareholders and market professionals will be able throughout the trading day to compare the market price of the Trust and the IIV. If the market price of the Trust's Shares diverges significantly from the IIV, market professionals will have an incentive to execute arbitrage trades. For example, if the Trust appears to be trading at a discount compared to the IIV, a market professional could buy the Trust's Shares on the Exchange and sell short futures contracts. Such arbitrage trades can tighten the tracking between the market price of the Trust and the IIV and thus can be beneficial to all market participants.

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The Trust does not expect that price differentials for bitcoin across exchanges would have a meaningful impact on this arbitrage mechanism. Furthermore, the Trust does not expect that the closure of any single one exchange would meaningfully impact the arbitrage mechanism because Authorized Participants typically source underlying spot bitcoin liquidity from multiple exchanges. The Trust acknowledges, however, that this arbitrage mechanism could potentially be adversely impacted if halts in the trading of spot bitcoin were to occur across multiple exchanges, whether due to breaches or otherwise.

The Delegated Sponsor reserves the right to adjust the Share price of the Trust in the future to maintain convenient trading ranges for Shareholders. Any adjustments would be accomplished through stock splits or reverse stock splits. Such splits would decrease (in the case of a split) or increase (in the case of a reverse split) the proportionate NAV per Share but would have no effect on the net assets of the Trust or the proportionate voting rights of Shareholders or the value of any Shareholder's investment.

 *Calculation of Principal Market NAV and Principal Market NAV per Share* 

In addition to calculating NAV and NAV per Share, for purposes of the Trust's financial statements, the Trust determines the Principal Market NAV and Principal Market NAV per Share on each valuation date for such financial statements. The determination of the Principal Market NAV and Principal Market NAV per Share is identical to the calculation of NAV and NAV per Share, respectively, except that the value of bitcoin is determined using the fair value of bitcoin based on the price in the bitcoin market that the Trust considers its "principal market" as of 11:59:59 p.m. ET on the valuation date, rather than using the Pricing Benchmark.

The Trust has adopted a valuation policy, which provides for the procedure for valuing the Trust's assets. The policy also sets forth the procedures to determine the principal market (or in the absence of a principal market, the most advantageous market) for purposes of determining the Principal Market NAV and Principal Market NAV per Share in accordance with FASB ASC 820-10, which outlines the application of fair value accounting. Under its valuation policy, the Trust determines its principal market (or in the absence of a principal market the most advantageous market) annually and conducts an analysis at least on a quarterly basis to determine whether there have occurred any changes in bitcoin markets and its operations that would require a change in the Delegated Sponsor's determination of the Trust's principal market.

The Trust identifies and determines the bitcoin principal market (or in the absence of a principal market, the most advantageous market) for GAAP purposes consistent with the application of fair value measurement framework in FASB ASC 820-10. This analysis is performed from the perspective of both the Trust and the Bitcoin Counterparty.

ASC 820-10 determines fair value to be the price that would be received for bitcoin in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Trust to assume that bitcoin is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable and willing and able to transact.

Under ASC 820-10, a principal market is generally the market with the greatest volume and activity level for the asset or liability. The determination of the principal market will be based on the market with the greatest volume and level of activity that can be accessed.

The Trust receives bitcoin from Bitcoin Counterparties and may also transact on any "Digital Asset Markets," which are defined as Exchange Markets, Brokered Markets, Dealer Markets, and Principal-to-Principal Markets, each as defined in ASC 820-10-35-36A.

The Trust will update its Principal Market analysis periodically and as needed to the extent that events have occurred, or activities have changed in a manner that could change the Delegated Sponsor's determination of the Trust's principal market.

The Delegated Sponsor on behalf of the Trust will determine in its sole discretion as a delegate of the Cayman Trustee the valuation sources and policies used to prepare the Trust's financial statements in accordance with GAAP.

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The cost basis of the investment in bitcoin recorded by the Trust for financial reporting purposes is the fair value of bitcoin at the time of transfer. The cost basis recorded by the Trust may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors.

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#### ADDITIONAL INFORMATION ABOUT THE TRUST

#### The Trust
The Trust is a Delaware statutory trust, formed on December 16, 2025 pursuant to the DSTA. The Trust continuously issues common shares representing fractional undivided beneficial interest in and ownership of the Trust ("Shares") that may be purchased and sold on the Exchange. The Trust will operate pursuant to the Trust Agreement.

Morgan Stanley Investment Management Inc. serves as the Delegated Sponsor of the Trust. Unlike a traditional sponsor, who would hold direct, independent authority over the management and administration of a trust, the Delegated Sponsor exercises its authority as delegate of the Cayman Trustee pursuant to the Appleby Agreements.

The Trust has appointed CSC Delaware Trust Company as the Delaware Trustee solely to satisfy the requirement under the Delaware Statutory Trust Act that the Trust have at least one trustee with a principal place of business in Delaware. AGS Trustees Limited serves as the Cayman Trustee and holds primary governance and oversight responsibility for the Trust (similar to a traditional sponsor) and has delegated certain of its authority to the Delegated Sponsor, The Delaware Trustee has no active management or operational role. The dual-trustee structure is intended to comply with applicable regulatory requirements and to ensure independent oversight and control of the Trust.

Operationally, all day-to-day responsibilities are carried out by the Delegated Sponsor pursuant to the Appleby Agreements. The Cayman Trustee retains approval rights over certain material matters and ongoing oversight obligations.See "Duties of the Delegated Sponsor and the Trustees." From a legal standpoint, the Cayman Trustee bears ultimate fiduciary responsibility under the Trust Agreement, while the Delegated Sponsor acts as its delegate. The Cayman Trustee's status as a regulated Cayman Islands entity subject to oversight by the Cayman Islands Monetary Authority is designed to protect the interests of the Trust and its shareholders. The presence of the Cayman Trustee is not expected to affect the tax treatment of the Trust.

The number of outstanding Shares is expected to increase and decrease from time to time as a result of the creation and redemption of Baskets. The creation and redemption of Baskets requires the delivery to the Trust or the distribution by the Trust of the amount of cash equivalent to the amount of bitcoin represented by the NAV of the Baskets being created or redeemed. The total amount of bitcoin required for the creation of Baskets will be based on the combined net assets represented by the number of Baskets being created or redeemed.

The Trust has no operating history. The Trust and the Delegated Sponsor face competition with respect to the creation of competing products, such as exchange-traded products offering exposure to the spot bitcoin market or other digital assets. There can be no assurance that the Trust will grow to or maintain an economically viable size. There is no guarantee that the Delegated Sponsor will maintain a commercial advantage relative to competitors offering similar products. Whether or not the Trust is successful in achieving its intended scale may be impacted by a range of factors, such as the Trust's timing in entering the market and its fee structure relative to those of competitive products.

The Trust has no fixed termination date.

#### The Trust's Fees and Expenses
The Trust will pay the unitary Delegated Sponsor Fee which is accrued daily at an annualized rate of [•]% of the net asset value of the Trust (the "Delegated Sponsor Fee") and the amount of bitcoin payable in respect of each daily accrual shall be determined by reference to the Pricing Benchmark. The Delegated Sponsor Fee is paid by the Trust to the Delegated Sponsor as compensation for services performed under the Trust Agreement.

The Delegated Sponsor Fee shall be paid in cash and not less than monthly in arrears by the Trust. The Delegated Sponsor has agreed to pay all operating expenses (except for litigation expenses and other extraordinary expenses) out of the Delegated Sponsor Fee.

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As partial consideration for receipt of the Delegated Sponsor Fee, the Delegated Sponsor shall assume and pay all fees and other expenses incurred by the Trust in the ordinary course of its affairs, excluding taxes, but including (i) the Marketing Fee, (ii) fees to the Administrator, if any, (iii) fees to the Bitcoin Custodians, (iv) fees to the Transfer Agent, (v) fees to the Trustees, (vi) the fees and expenses related to the initial listing of Shares on the Exchange, (vii) the fees and expenses related to any future listing, trading or quotation of the Shares on any listing exchange or quotation system (including legal, marketing and audit fees and expenses), (viii) ordinary course legal fees and expenses but not litigation-related expenses, (ix) audit fees, (x) regulatory fees, including if applicable any fees relating to the registration of the Shares under the 1933 Act or Exchange Act, (xi) printing and mailing costs, (xii) costs of maintaining the Delegated Sponsor's website and (xiii) applicable license fees (each, a "Sponsor-paid Expense" and together, the "Sponsor-paid Expenses"), provided that any expense that qualifies as an Additional Trust Expense will be deemed to be an Additional Trust Expense and not a Sponsor-paid Expense. There is currently no predetermined cap on the aggregate amount of Sponsor-paid expenses. Should the Trust implement a predetermined cap on aggregate Sponsor-paid expenses, the Trust will notify the owners of the beneficial interests of Shares in a prospectus supplement or in its periodic Exchange Act reports, as applicable, and on the Delegated Sponsor's website.

The Delegated Sponsor will not, however, assume certain extraordinary, non-recurring expenses that are not Sponsor-paid Expenses, including, but not limited to, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Delegated Sponsor (or any other service provider) on behalf of the Trust to protect the Trust or the interests of Shareholders, any indemnification of the Bitcoin Custodians, Administrator or other agents, service providers or counterparties of the Trust, and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters (collectively, "Additional Trust Expenses"). In the Delegated Sponsor's sole discretion as a delegate of the Cayman Trustee, all or any portion of a Sponsor-paid Expense may be redesignated as an Additional Trust Expense, if, among other reasons, the Delegated Sponsor determines that a Sponsor-paid Expense is an extraordinary, non-recurring expense of the Trust.

The Delegated Sponsor will consider re-designating a Sponsor-paid Expense as an Additional Trust Expense if the Delegated Sponsor determines that (i) the expense is extraordinary, non-recurring, or unusual in nature or amount; (ii) the expense was not reasonably anticipated at the time the Delegated Sponsor agreed to assume such category of expenses; (iii) the expense results from changes in applicable law, regulation, or regulatory guidance that impose new or additional obligations on the Trust; (iv) the expense arises from circumstances outside the ordinary course of the Trust's operations; or (v) bearing such expense would be materially adverse to the Delegated Sponsor's ability to continue performing its obligations under the Trust Agreement. Shareholders will be notified of any re-designation of a Sponsor-paid Expense as an Additional Trust Expense through disclosure on the Delegated Sponsor's website and disclosure in the Trust's next periodic report.

The Bitcoin Custodians will assume the transfer fees associated with the transfer of bitcoin to the Delegated Sponsor with respect to the Delegated Sponsor Fee, and any further expenses associated with such transfer will be assumed by the Delegated Sponsor. The Trust shall not be responsible for any fees and expenses associated with the transfer of bitcoin to pay the Delegated Sponsor Fee and Additional Trust Expenses, including any fees and expenses incurred by the Delegated Sponsor to convert bitcoin received in payment of the Delegated Sponsor Fee into cash.

Pursuant to the Trust Agreement, the Delegated Sponsor or its delegates will direct the Bitcoin Custodians to transfer bitcoin from the Trust's Cold Vault Balance as needed to pay the Delegated Sponsor's Fee and Additional Trust Expenses, if any. The Delegated Sponsor or its delegates will endeavor to transfer the smallest amount of bitcoin needed to pay applicable expenses. The Delegated Sponsor, in arranging for payment of Additional Trust Expenses, may in its discretion direct that the Trust's bitcoin be exchanged for U.S. Dollars. Under such circumstances, the Trust will not utilize the Bitcoin Custodians to arrange for the sale of the Trust's bitcoin to pay the Trust's expenses and liabilities. Rather, the Delegated Sponsor will arrange for the Prime Broker, an affiliate of the Bitcoin Custodians, or another third-party digital asset trading platform to exchange the Trust's bitcoin for U.S. dollars in such a situation.

In addition to the Delegated Sponsor Fee, the Trust pays to the Cayman Trustee an annual trustee fee of $20,000, locked in until December 31, 2027, and an onboarding fee of $1,500. After December 31, 2027,

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the annual trustee fee will be based on assets under management ("AUM") as follows: $27,500 for AUM over $150 million; $35,000 for AUM over $300 million; and $50,000 for AUM over $400 million. Should the Cayman Trustee be required to spend in excess of 20 hours per calendar year to discharge its duties under the Trustee Services Agreement, the Cayman Trustee shall charge the Trust for the provision of its services over and above the 20-hour threshold on a time spent basis at such rates from time to time in effect and notified to the Trust. The Trust also reimburses the Cayman Trustee for reasonable out-of-pocket expenses, including faxes, telephone calls, couriers and other expenses reasonably incurred by the Cayman Trustee in furtherance of its duties. The Cayman Trustee may refer any legal question in relation to the Trust Agreement and the exercise of any discretion vested in it to attorneys-at-law as the Cayman Trustee may select, and the Trust agrees to reimburse the Cayman Trustee on demand for all such legal costs and expenses properly incurred.

#### Termination of the Trust
The Delegated Sponsor will notify Shareholders at least 30 days before the date for termination of the Trust Agreement and the Trust if any of the following occurs, in a prospectus supplement or in its periodic Exchange Act reports, as applicable, and on the Delegated Sponsor's website:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Shares are delisted from the Exchange and are not approved for listing on another national securities exchange within five Business Days of their delisting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 180 days have elapsed since the DE Trustee has notified the Cayman Trustee of such Trustee's election to resign or since the Cayman Trustee removes the DE Trustee, and a successor trustee has not been appointed and accepted its appointment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the SEC determines that the Trust is an investment company under the 1940 Act, and the Cayman Trustee has made the determination that termination of the Trust is advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the CFTC determines that the Trust is a commodity pool under the CEA, and the Cayman Trustee has made the determination that termination of the Trust is advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the Trust is determined to be a "money service business" under the regulations promulgated by FinCEN under the authority of the US Bank Secrecy Act and is required to comply with certain FinCEN regulations thereunder or is determined to be a "money transmitter" (or equivalent designation) under the laws of any state in which the Trust operates and is required to seek licensing or otherwise comply with state licensing requirements, and the Cayman Trustee has made the determination that termination of the Trust is advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a United States regulator requires the Trust to shut down or forces the Trust to liquidate its bitcoin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any ongoing event exists that either prevents the Trust from making or makes impractical the Trust's reasonable efforts to make a fair determination of the price of bitcoin for purposes of determining the NAV of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the Cayman Trustee determines that the aggregate net assets of the Trust in relation to the operating expenses of the Trust make it unreasonable or imprudent to continue the business of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the Trust fails to qualify for treatment, or ceases to be treated, as a "grantor trust" under the Code or any comparable provision of the laws of any State or other jurisdiction where that treatment is sought, and the Cayman Trustee determines that, because of that tax treatment or change in tax treatment, termination of the Trust is advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 60 days have elapsed since the Depository Trust Company ("DTC") or another depository has ceased to act as depository with respect to the Shares, and the Cayman Trustee has not identified another depository that is willing to act in such capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a Trustee elects to terminate the Trust after the Cayman Trustee is conclusively deemed to have resigned effective immediately as a result of the Cayman Trustee being adjudged bankrupt or insolvent, or a receiver of the Cayman Trustee or of its property being appointed, or a trustee or liquidator or any public officer taking charge or control of the Cayman Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation and a Cayman Trustee has not been appointed; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the Cayman Trustee or the Delegated Sponsor, with the approval of the Cayman Trustee, elects to terminate the Trust after the DE Trustee, the Administrator or one of the Bitcoin Custodians (or any successor trustee, administrator or custodian) resigns or otherwise ceases to be a trustee, administrator or custodian of the Trust, as applicable, and no replacement or other trustee, administrator and/or custodian acceptable to the Cayman Trustee is engaged.

In respect of termination events that rely on Cayman Trustee determinations to terminate the Trust (e.g., if the SEC determines that the Trust is an investment company under the 1940 Act; the CFTC determines that the Trust is a commodity pool under the CEA; the Trust is determined to be a money transmitter under the regulations promulgated by FinCEN or require a BitLicense under New York law; the Trust fails to qualify for treatment, or ceases to be treated, as a grantor trust for U.S. federal income tax purposes; or, following a resignation by a trustee or custodian, the Delegated Sponsor determines that no replacement is acceptable to it), the Delegated Sponsor may consider, without limitation, the profitability to the Delegated Sponsor and other service providers of the operation of the Trust, any obstacles or costs relating to the operation or regulatory compliance of the Trust relating to the determination's triggering event, and the ability to market the Trust to investors. To the extent that the Delegated Sponsor determines to continue operation of the Trust following a determination's triggering event, the Trust will be required to alter its operations to comply with the triggering event. In the instance of a determination that the Trust is an investment company, the Trust and Sponsor would have to comply with the regulations and disclosure and reporting requirements applicable to investment companies and investment advisers. In the instance of a determination that the Trust is a commodity pool, the Trust and the Delegated Sponsor would have to comply with regulations and disclosure and reporting requirements applicable to commodity pools and commodity pool operators or commodity trading advisers. In the event that the Trust is determined to be a money transmitter, the Trust and the Delegated Sponsor will have to comply with applicable federal and state registration and regulatory requirements for money transmitters and/or money service businesses. In the event that the Trust ceases to qualify for treatment as a grantor trust for U.S. federal income tax purposes, the Trust will be required to alter its disclosure and tax reporting procedures and may no longer be able to operate or to rely on pass-through tax treatment. In each such case and in the case of the Cayman Trustee's determination as to whether a potential successor trustee or custodian is acceptable to it, the Cayman Trustee will not be liable to anyone for its determination of whether to continue or to terminate the Trust.

Upon the dissolution of the Trust, the Delegated Sponsor (or in the event there is no Sponsor, such person (the "Liquidating Trustee") as the majority in interest of the beneficial owners of the Trust may propose and approve) shall take full charge of the property of the Trust. Any Liquidating Trustee so appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the Delegated Sponsor under the terms of the Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions, obligations and expenses of the Trust. Thereafter, in accordance with section 3808(e) of the DSTA, the affairs of the Trust shall be wound up and all assets owned by the Trust shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom shall be applied and distributed in the following order of priority: (a) to the expenses of liquidation and termination and to creditors, including registered owners and beneficial owners of the Trust who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Trust (whether by payment or the making of reasonable provision for payment thereof) other than liabilities for distributions to registered owners of the Trust, and (b) to the beneficial owners of the Trust pro rata in accordance with their respective percentage interests of the property of the Trust. The proceeds of the liquidation of the Trust's assets will be distributed in cash. The Delegated Sponsor, on behalf of the Trust, will sell the Trust's bitcoin assets at market prices and will distribute to the Shareholders any amounts of the cash proceeds of the liquidation remaining after the satisfaction of all outstanding liabilities of the Trust and the establishment of reserves for applicable taxes, other governmental charges and contingent or future liabilities as the Delegated Sponsor will determine. Shareholders are not entitled to any of the Trust's underlying bitcoin holdings upon the dissolution of the Trust.

Upon termination of the Trust, following completion of winding up of its business by the Delegated Sponsor, the DE Trustee, upon written directions of the Delegated Sponsor, will cause a certificate of cancellation of the Trust's Certificate of Trust to be filed in accordance with applicable Delaware law. Upon

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the termination of the Trust, the Delegated Sponsor will be discharged from all obligations under the Trust Agreement except for its certain obligations that survive termination of the Trust Agreement.

#### Amendments
The Trust Agreement can be amended by the Cayman Trustee or Delegated Sponsor in their sole discretion and without the Shareholders' consent by making an amendment, a Trust Agreement supplemental thereto, or an amended and restated trust agreement. Any such restatement, amendment and/or supplement to the Trust Agreement will be effective on such date as designated by the Delegated Sponsor in its sole discretion as a delegate of the Cayman Trustee. However, any amendment to the Trust Agreement that affects the duties, liabilities, rights or protections of the Trustees will require the Trustees' prior written consent, which they may grant or withhold in their sole discretion. Every Shareholder, at the time any amendment so becomes effective, will be deemed, by continuing to hold any Shares or an interest therein, to consent and agree to such amendment and to be bound by the Trust Agreement as amended thereby. In no event will any amendment impair the right of Authorized Participants to surrender baskets and receive therefor the amount of Trust assets represented thereby (less fees in connection with the surrender of Shares and any applicable taxes or other governmental charges), except in order to comply with mandatory provisions of applicable law. The Trust will notify the owners of the beneficial interests of Shares in a prospectus supplement or in its periodic Exchange Act reports, as applicable, and on the Delegated Sponsor's website.

#### Litigation and Claims
Within the past five years of the date of this Prospectus, there have been no material administrative, civil or criminal actions against the Delegated Sponsor, the Trust or any principal or affiliate of any of them. This includes any actions pending, on appeal, concluded, threatened, or otherwise known to them.

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#### THE TRUST'S SERVICE PROVIDERS

#### The Delegated Sponsor
The Delegated Sponsor arranged for the creation of the Trust and is responsible for the ongoing registration of the Shares for their public offering in the United States and the listing of Shares on the Exchange. The Delegated Sponsor will not exercise day-to-day oversight over the Trustees or the Benchmark Provider. The Delegated Sponsor will develop a marketing plan for the Trust, will prepare marketing materials regarding the Shares of the Trust, and will exercise the marketing plan of the Trust on an ongoing basis.

The Delegated Sponsor currently sponsors 19 traditional ETPs with approximately $11,916,029,791 in assets under management as of March 11, 2026 across equity, fixed income, and multi-asset strategies. However, the Delegated Sponsor has no prior experience sponsoring ETPs that hold digital assets.

The Delegated Sponsor is a wholly-owned subsidiary of Morgan Stanley.

The principal office of the Delegated Sponsor is:

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036

#### The Trustees
CSC Delaware Trust Company, a Delaware trust company, acts as the DE Trustee of the Trust for the purpose of creating a Delaware statutory trust in accordance with the DSTA. The DE Trustee is appointed to serve as the trustee of the Trust in the State of Delaware for the sole purpose of satisfying the requirement of Section 3807(a) of the DSTA that the Trust have at least one trustee with a principal place of business in the State of Delaware.

AGS Trustees Limited, a Cayman Islands limited liability company, serves as the Cayman Trustee to the Trust. The Cayman Trustee is a wholly owned controlled subsidiary of Appleby Global Services (Cayman) Limited, also a company incorporated in the Cayman Islands with limited liability, which holds a Full Mutual Fund Administrator and Trust license with the Cayman Islands Monetary Authority. Each of the Cayman Trustee and Appleby Global Services (Cayman) Limited is a regulated entity in the Cayman Islands.

The Cayman Trustee has delegated substantially all of its day-to-day management and operational duties under the Trust Agreement to the Delegated Sponsor pursuant to the Delegation Agreement. The Delegated Sponsor shall remain liable to the Cayman Trustee for services delegated as detailed in the Delegation Agreement. The delegated duties include, but are not limited to: entering into and maintaining contracts and agreements; establishing and maintaining accounts; causing legal title to Trust property to be held in the name of the Delegated Sponsor; appointing custodians and other service providers (subject to Cayman Trustee approval for custodians); maintaining control over custody accounts; depositing, withdrawing, paying, retaining and distributing Trust assets; supervising preparation of offering materials and amendments; paying or authorizing distributions and Trust expenses; arranging for and managing exchange listing of Shares; delegating duties to service providers; effecting provisions regarding forks and airdrops; and exercising sole discretion over issuance of Shares, share divisions and combinations, and related matters (collectively, the "Delegated Duties"). The Cayman Trustee retains oversight responsibilities, the duty to monitor the Delegated Sponsor's performance, approval rights over certain material transactions (including custodian appointments and changes to Trust preferences and powers), and ultimate fiduciary responsibility as set forth under the Trust Agreement.

#### General duty of care of Trustees.
The Trustees are fiduciaries under the Trust Agreement; provided, however, that the fiduciary duties and responsibilities and liabilities of the Trustees are limited by, and are only those specifically set forth in, the Trust Agreement.

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#### Resignation, discharge or removal of Trustees; successor Trustees.
A Trustee may resign at any time by giving at least 30 days' advance written notice to the Delegated Sponsor. The Delegated Sponsor may remove a Trustee at any time by giving at least 30 days' advance written notice to such Trustee. Upon effective resignation or removal, such Trustee will be discharged of its duties and obligations.

If the DE Trustee resigns or is removed, the Delegated Sponsor, acting on behalf of the Shareholders, is required to use reasonable efforts to appoint a successor Delaware trustee. Any successor Delaware Trustee must satisfy the requirements of Section 3807 of the DSTA. If the Cayman Trustee resigns or is removed, the Delegated Sponsor, acting on behalf of the Shareholders, is required to use reasonable efforts to appoint a successor. Any successor Trustee must satisfy the applicable laws and regulations. Any resignation or removal of a Trustee and appointment of a successor Trustee cannot become effective until a written acceptance of appointment is delivered by the successor Trustee to the outgoing Trustee and the Delegated Sponsor and any fees and expenses due to the outgoing Trustee are paid or waived by the outgoing Trustee. Following compliance with the preceding sentence, the successor will become fully vested with the rights, powers, duties and obligations of the outgoing Trustee under the Trust Agreement, with like effect as if originally named as Trustee, and the outgoing Trustee shall be discharged of its duties and obligations herein. If no successor Trustee shall have been appointed and shall have accepted such appointment within forty-five (45) days after the giving of such notice of resignation or removal, the Cayman Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, where applicable.

If the DE Trustee resigns and no successor trustee is appointed within 180 days after the date the DE Trustee issues its notice of resignation, the Cayman Trustee will terminate and liquidate the Trust and distribute its remaining assets.

#### The Administrator
Under the Trust Administration and Accounting Agreement, the Administrator shall provide necessary fund administration, tax and accounting services, including valuation and computation accounting services, and financial reporting for the maintenance and operations of the Trust. In addition, the Administrator shall make available the office space, facilities, equipment and personnel required to provide such services.

#### The Bitcoin Custodians
The Bitcoin Custodians are responsible for safekeeping all of the bitcoin owned by the Trust. The Bitcoin Custodians were selected by the Delegated Sponsor with the approval of the Cayman Trustee. The Bitcoin Custodians have responsibility for opening the Bitcoin Accounts, as well as facilitating the transfer of bitcoin required for the operation of the Trust.

#### The Transfer Agent
The Transfer Agent shall (1) perform and facilitate the purchases and redemption of Shares of the Trust and prepares and transmit information with respect to such purchases and redemptions; (2) prepare and transmit payments for dividends and distributions, if any, declared by the Trust; (3) maintain Shareholder accounts; (4) respond to correspondence by Trust Shareholders and others relating to its duties and (4) make periodic reports to the Trust.

#### Pricing Benchmark Services
The Benchmark Provider is responsible for analyzing bitcoin market data relating to the calculation and maintenance of the Pricing Benchmark.

#### The Marketing Agent
Foreside Fund Services, LLC (the "Marketing Agent") is responsible for reviewing and approving the marketing materials prepared by the Delegated Sponsor for compliance with applicable SEC and FINRA advertising laws, rules, and regulations.

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#### CUSTODY OF THE TRUST'S ASSETS
The Trust will enter into arrangements with multiple custodians to custody its bitcoin (the "Bitcoin Custodians"), and may, from time to time, decide, to custody its bitcoin with one or more of such custodians. The Bitcoin Custodians will keep custody of the Trust's bitcoin. The transfer of bitcoin to and from Bitcoin Counterparties is directed by the Delegated Sponsor. The Delegated Sponsor's decision to move bitcoin to, or from one Bitcoin Custodian to another may be driven by a number of factors including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the custodial features and technologies used at a given Bitcoin Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the nature of the wallets used at a Bitcoin Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the Bitcoin Custodian's connectivity or other arrangements with trading venues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • forks, events and trends on the Bitcoin blockchain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the fees and charges of the Bitcoin Custodian; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the Bitcoin Custodian's security, audit and insurance arrangements.

At a given time, a Bitcoin Custodian may hold all or any portion of the Trust's bitcoin, or none of the Trust's bitcoin.

The Bitcoin Custodians will keep custody of all of the Trust's bitcoin, other than that which is maintained in the Trading Balance with the Prime Broker, in the Vault Balance. All of the Trust's assets and private keys will be held in cold storage of the Bitcoin Custodians on an ongoing basis, but a portion of the Trust's assets may be held in hot trading wallets, from time to time, in connection with the settlement, creation or redemption of a transaction (note, however, that not all Bitcoin Custodians may maintain hot wallets for the holding and storage of crypto assets).

While the specific security measures around custody may vary across Bitcoin Custodians, cold storage locations of Bitcoin Custodians often feature monitoring by 24-7 on-site security, video surveillance and alarms, hardened room structures, and access to facilities controlled by multi-person controls, multi-team access rules, and multi-factor authentication. The locations of the cold storage sites may change at the discretion of the Bitcoin Custodian and are kept confidential by the Bitcoin Custodian for security purposes.

To the extent a Bitcoin Custodian maintains hot storage locations, transfers from cold to hot storage or vice versa require physical access to one or more cold storage facilities, as well as systematically enforced approvals and integrity verifications, before the secure device can be used to cryptographically complete the transaction. At no point during this process is the private key removed from the secure device(s) or the hot or cold storage facility. Once these security processes have been completed, a transfer on the Bitcoin network can be executed, signed using the private keys held offline in cold storage.

Similarly secure technology used by the Bitcoin Custodians includes a combination of Multi-Party Computation ("MPC"), Hardware Security Modules ("HSMs"), and Cross-Domain Security ("CDS") to safeguard digital assets. MPC is a cryptographic framework that ensures private keys are never fully assembled or exposed during the transaction process. Instead, key shares are distributed across secure, isolated environments, reducing single points of compromise and enabling secure, multi-party transaction approvals. HSMs are dedicated, tamper-resistant cryptographic devices used to securely generate, store, and manage key fragments. HSMs enforce role-based access controls and support transaction signing workflows across designated approval parties. CDS is a high-assurance security architecture originally developed for sensitive government environments. It enhances the integrity of cold storage systems by strictly isolating secure processing domains and preventing unauthorized cross-network interactions. These technologies support cold storage to maintain private key materials offline and physically secured in air-gapped environments. This layered approach ensures that private keys are protected.

Cold storage is a safeguarding method with multiple layers of protections and protocols, by which the private key(s) corresponding to the Trust's bitcoin is (are) generated and stored in an offline manner. Private keys are generated in offline computers that are not connected to the internet so that they are resistant to being hacked. By contrast, in hot storage, the private keys are necessarily used online, where they are more accessible, leading to more efficient transfers, though they are potentially more vulnerable to being hacked.

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There is no limit on the size of each cold storage address, and the Bitcoin Custodians will generally keep a substantial portion of the Trust's bitcoin in cold storage on an ongoing basis. However, it is possible that, from time to time, portions of the Trust's bitcoin will be held outside of cold storage temporarily in the Trading Balance maintained by the Prime Broker as part of trade facilitation in connection with creations and redemptions of Baskets, to sell bitcoin including to pay Trust expenses, or to pay the Delegated Sponsor Fee, as necessary. The Trust's bitcoin held in the Cold Vault Balance by the Bitcoin Custodians are held in segregated wallets and therefore are not commingled with the Bitcoin Custodians' or other customer assets.

Cold storage of private keys may involve keeping such keys on a non-networked computer or electronic device or storing the public key and private keys on a storage device or printed medium and deleting the keys from all computers. The Bitcoin Custodians may receive deposits of bitcoin but may not send bitcoin without use of the corresponding private keys. In order to send bitcoin when the private keys are kept in cold storage, unsigned transactions must be physically transferred to the offline cold storage facility and signed using a software/hardware utility with the corresponding offline keys. At that point, the Bitcoin Custodians can upload the fully signed transaction to an online network and transfer the bitcoin. Such private keys are stored in cold storage facilities within the United States and Europe, and Asia, exact locations of which are not disclosed for security reasons. A limited number of employees at the Bitcoin Custodians are involved in private key management operations, and the Bitcoin Custodians have represented that no single individual has access to full private keys.

The Bitcoin Custodians' internal audit team performs periodic internal audits over custody operations, and the Bitcoin Custodians have represented that SOC attestations covering private key management controls are also performed on the Bitcoin Custodians by an external provider. BNY currently produces a SOC 1 Type 1 report and the Coinbase Custodian currently produces SOC 1 Type 2 and SOC 2 Type 2 reports.

The Bitcoin Custodians maintain a commercial crime insurance policy, which is intended to cover the loss of client assets held in cold storage, including from employee collusion or fraud, physical loss including theft, damage of key material, security breaches or hacks, and fraudulent transfers. The insurance maintained by the Bitcoin Custodians is shared among all of the Bitcoin Custodians' customers, is not specific to the Trust or to customers holding bitcoin with the Bitcoin Custodians, and may not be available or sufficient to protect the Trust from all possible losses or sources of losses.

Bitcoin held in the Trust's account with the Bitcoin Custodians is the property of the Trust. The Trust, the Delegated Sponsor and the service providers will not loan or pledge the Trust's assets, nor will the Trust's assets, serve as collateral for any loan or similar arrangement. The Trust will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective.

In the event of a fork, the Custodial Services Agreements provide that the Bitcoin Custodians may temporarily suspend services, and may, in their sole discretion, determine whether or not to support (or cease supporting) either branch of the forked protocol entirely, provided that the Bitcoin Custodians shall use commercially reasonable efforts to avoid ceasing to support both branches of such forked protocol and will support, at a minimum, the original digital asset. The Custodial Services Agreements provide that, other than as set forth therein, and provided that the Bitcoin Custodians shall make commercially reasonable efforts to assist the Trust to retrieve and/or obtain any assets related to a fork, airdrop or similar event the Bitcoin Custodians shall have no liability, obligation or responsibility whatsoever arising out of or relating to the operation of the underlying software protocols relating to the Bitcoin network or an unsupported branch of a forked protocol and, accordingly, the Trust acknowledges and assumes the risk of the same. The Custodial Services Agreements further provide that, unless specifically communicated by the Bitcoin Custodians and their affiliates through a written public statement on their respective website, the Bitcoin Custodians do not support airdrops, metacoins, colored coins, side chains, or other derivative, enhanced or forked protocols, tokens or coins, which supplement or interact with bitcoin.

Under the Trust Agreement and Delegation Agreement, the Delegated Sponsor has the right, in its sole discretion as a delegate of the Cayman Trustee, to determine what action to take in connection with the Trust's entitlement to or ownership of Incidental Rights or any IR Virtual Currency, and the Trust may take any lawful action necessary or desirable in connection with the Trust's ownership of Incidental Rights, including the acquisition of IR Virtual Currency, as determined by the Delegated Sponsor in the Delegated Sponsor's sole discretion as a delegate of the Cayman Trustee, unless such action would adversely affect the status of the

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Trust as a grantor trust for U.S. federal income tax purposes or otherwise be prohibited by this Trust Agreement. With respect to any fork, airdrop or similar event, the Delegated Sponsor will cause the Trust to irrevocably abandon the Incidental Rights or IR Virtual Currency. In the event the Trust seeks to change this position, an application would need to be filed with the SEC by the Exchange seeking approval to amend its listing rules.

With respect to any fork, airdrop or similar event, the Delegated Sponsor will cause the Trust to irrevocably abandon the Incidental Rights or IR Virtual Currency. In the event the Trust seeks to change this position, an application would need to be filed with the SEC by the Exchange seeking approval to amend its listing rules.

Under each of the Custodial Services Agreements, the Bitcoin Custodians' liability is limited. Under the BNY Custodial Services Agreement, BNY's liability is limited as follows: in no event will BNY, its affiliates and service providers, or any of its respective officers, directors, agents, employees or representatives be liable for any indirect, incidental, consequential, exemplary, punitive or special losses or damages, or for any loss of revenues, profits or business opportunity, arising out of or relating to the BNY Custodial Services Agreement (whether or not foreseeable and even if BNY has been advised of the possibility of such losses or damages); provided, that none of the forgoing limitations will apply to direct damages suffered by the Trust or losses arising from BNY's breach of the standard of care; and in no event will BNY, its affiliates and service providers, or any of its respective officers, directors, agents, employees or representatives, be liable in aggregate for any amount greater than the U.S. Dollar value of the credited bitcoin lost, such value being determined as of the time such loss is sustained. BNY shall not be responsible for (i) reliance on instructions; (ii) BNY's receipt or acceptance of fraudulent or invalid bitcoin; (iii) BNY's review or non-acceptance of any bitcoin, including but not limited to delay of the Trust to issue instructions with respect to such bitcoin pending the completion of such review; (iv) BNY's approval, refusal, or withdrawal of approval with respect to any authorized counterparty; (v) as to any matter with respect to which BNY is required to act only upon the receipt of instructions, (A) BNY's failure to act in the absence of such instructions or (B) instructions that are late or incomplete, whether or not BNY acted upon such Instructions; (vi) BNY's receipt or transmission of any data to or from the Trust or any authorized person via any non-secure method of transmission or communication selected by the Trust; (vii) the Trust's use of any accounts on a basis inconsistent with the BNY Custodial Services Agreement; (viii) BNY's disposition of any bitcoin, including without limitation (A) provided such bitcoin was sold on an established exchange for digital assets, any failure to receive best execution therefor, or (B) the imposition of any tax obligations in connection with the disposition of such bitcoin; the insolvency of any person, including any service provider, digital asset exchange or trading facility, or counterparty to the settlement of a transaction; and (ix) any tax obligations of the Trust or any losses of the Trust in relation to tax obligations; (x) the Trust's or an authorized person's decision to invest in digital assets or to hold Cash in any currency. BNY is not responsible for, and in no event will BNY be liable for any losses arising out of, the operation of any protocols or networks, including any losses resulting from delays in the processing or validation of transfers of supported digital assets on a protocol or network, BNY's inability to retrieve or otherwise deal with any digital asset delivered to BNY without authority hereunder, any hacking or manipulation on any protocols or networks, any on-chain events, or any loss of, or inability of BNY to access or transfer, any digital asset other than as a result of (i) the unauthorized transfer of a credited asset by BNY, or (ii) the disclosure by BNY of any private key with respect to a credited asset in breach of the standard of care, or (iii) delays in BNY own processing of an instruction in breach of the standard of care. The liability of BNY will not exceed, solely in respect of custodial services provided pursuant to the BNY Custodial Services Agreement, the value, at the time the event giving rise to liability occurred, of the bitcoin on deposit in Trust's wallet(s) or account(s) directly affected by such event. BNY will value the bitcoin using commercially reasonable valuation methods as determined by BNY in its sole discretion; provided that no limitation or exclusion of BNY liability shall apply with respect to any claim arising out of or relating to BNY's breach of certain obligations set forth in the BNY Custodial Services Agreement, including certain confidentiality obligations, business continuity and disaster recovery obligations, any warranty, BNY's willful misconduct, bad faith, gross negligence or fraud or any fines, penalties, sanctions, or similar charges levied on or imposed upon the Trust by any governmental or regulatory authority arising out of or relating to BNY's acts or omissions under the BNY Custodial Services Agreement.

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Under the Coinbase Custodial Services Agreement, the Coinbase Custodian's liability is limited as follows, among others: (i) the Coinbase Custodian's aggregate liability under the Coinbase Custodial Services Agreement shall not exceed the greater of (A) (1) the aggregate fees paid by the Trust to the Coinbase Custodian in respect of the custodial services in the 12 months prior to the event giving rise to the Coinbase Custodian's liability and (2) $5 million, and (B) the value of the supported bitcoin on deposit in the Trust's custodial account(s) giving rise to the Coinbase Custodian's liability at the time of the event giving rise to the Coinbase Custodian's liability; (ii) the Coinbase Custodian's aggregate liability in respect of each cold storage address shall not exceed $100 million; (iii) in respect of any incidental, indirect, special, punitive, consequential or similar losses, Coinbase Custodian is not liable, even if the Coinbase Custodian has been advised of or knew of or should have known of the possibility thereof; and (iv) in no event shall the Coinbase Custodian or its affiliates have any liability to the Trust or any third party with respect to any breach of its obligations under the Coinbase Custodial Services Agreement, express or implied, which does not result solely from its gross negligence, fraud or willful misconduct. The Coinbase Custodian is not liable for delays, suspension of operations, failure in performance, or interruption of service which result directly or indirectly from any cause or condition beyond the reasonable control of the Coinbase Custodian. In the event of potential losses incurred by the Trust as a result of the Coinbase Custodian losing control of the Trust's bitcoin or failing to properly execute instructions on behalf of the Trust, the Coinbase Custodian's liability with respect to the Trust will be subject to certain limitations which may allow it to avoid liability for potential losses or may be insufficient to cover the value of such potential losses, even if the Coinbase Custodian directly caused such losses. Furthermore, the insurance maintained by Coinbase Custodian may be insufficient to cover its liabilities to the Trust.

The Bitcoin Custodians are not liable for delays, suspension of operations, failure in performance, or interruption of service to the extent it is directly due to a cause or condition beyond the reasonable control of the Bitcoin Custodians. Under the Custodial Services Agreements, except in the case of their negligence, fraud, material violation of applicable law or willful misconduct, the Bitcoin Custodians shall not have any liability, obligation, or responsibility for any damage or interruptions caused by any computer viruses, spyware, scareware, Trojan horses, worms or other malware that may affect the Trust's computer or other equipment, or any phishing, spoofing or other attack, unless the Bitcoin Custodians fail to have commercially reasonable policies, procedures and technical controls in place to prevent such damages or interruptions.

BNY may terminate the BNY Custodial Services Agreement for any reason, or if any regulator or governmental authority so requests or if continuing would place BNY, the Trust, or any of their affiliates in breach of applicable law, upon providing the applicable notice to the Trust.

Coinbase Custodian may terminate the Coinbase Custodial Services Agreement for any reason upon providing the applicable notice to the Trust, or immediately for Cause (as defined in the applicable Custodial Services Agreement), including, among others, if the Trust: materially breaches the Prime Broker Agreement and such breach remains uncured, or undergoes a bankruptcy event.

The Trust's Transfer Agent will facilitate the settlement of Shares in response to the placement of creation orders and redemption orders from Authorized Participants. The Trust generally does not intend to hold cash or cash equivalents. However, there may be situations where the Trust will unexpectedly hold cash on a temporary basis, including in connection with the settlement of creation and redemption transactions. The Trust's cash and cash equivalents will be held at its account at the Cash Custodian, pursuant to the Cash Custody Agreement.

The Delegated Sponsor may, with the approval of the Cayman Trustee, add or terminate bitcoin custodians at any time. The Delegated Sponsor may, with the approval of the Cayman Trustee, change the Bitcoin Custodians for the Trust's bitcoin holdings, but it will have no obligation whatsoever to do so or to seek any particular terms for the Trust from other such bitcoin custodians. Should the Delegated Sponsor choose to terminate a bitcoin custodian, the Trust will notify Shareholders in a prospectus supplement and/or a current report on periodic Exchange Act reports or in its annual or quarterly reports.

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#### PRIME BROKER
Pursuant to the Prime Broker Agreement, a portion of the Trust's bitcoin holdings and cash holdings from time to time may be held with the Prime Broker, an affiliate of the Bitcoin Custodians, in the Trading Balance, in connection with the creation and redemption of Shares via cash transactions or to pay for Trust Expenses not assumed by the Delegated Sponsor in consideration for the Delegated Sponsor Fee. The amount of bitcoin that may be held in the Trading Balance will be limited to the amount necessary to process a given creation or redemption transaction, as applicable, or to pay for Trust Expenses not assumed by the Delegated Sponsor in consideration for the Delegated Sponsor Fee.

The Delegated Sponsor may, in its sole discretion as a delegate of the Cayman Trustee, add or terminate prime brokers at any time. The Delegated Sponsor may, in its sole discretion as a delegate of the Cayman Trustee, change the prime broker for the Trust, but it will have no obligation whatsoever to do so or to seek any particular terms for the Trust from other such prime brokers.

These periodic holdings held in the Trading Balance with the Prime Broker represent an omnibus claim on the Prime Broker's bitcoin held on behalf of clients; these holdings exist across a combination of omnibus hot wallets, omnibus cold wallets or in accounts in the Prime Broker's name on a trading venue (including third-party venues and the Prime Broker's own execution venue) where the Prime Broker executes orders to buy and sell bitcoin on behalf of clients (each such venue, a "Connected Trading Venue"). The Prime Broker is not required to hold any of the bitcoin in the Trust's Trading Balance in cold storage or to hold any such bitcoin in segregation, and neither the Trust nor the Delegated Sponsor can control the method by which the Prime Broker holds the bitcoin credited to the Trust's Trading Balance. Within the Trust's Trading Balance, the Prime Broker Agreement provides that the Trust does not have an identifiable claim to any particular bitcoin (and cash). Instead, the Trust's Trading Balance represents an entitlement to a pro rata share of the bitcoin (and cash) the Prime Broker holds on behalf of customers who hold similar entitlements against the Prime Broker. In this way, the Trust's Trading Balance represents an omnibus claim on the Prime Broker's bitcoin (and cash) held on behalf of the Prime Broker's customers.

Within such omnibus hot and cold wallets and accounts, the Prime Broker has represented to the Delegated Sponsor that it keeps the majority of assets in cold wallets, to promote security, while the balance of assets are kept in hot wallets to facilitate rapid withdrawals. However, the Delegated Sponsor has no control over, and for security reasons the Prime Broker does not disclose to the Delegated Sponsor, the percentage of bitcoin that the Prime Broker holds for customers holding similar entitlements as the Trust which are kept in omnibus cold wallets, as compared to omnibus hot wallets or omnibus accounts in the Prime Broker's name on a trading venue. The Prime Broker has represented to the Delegated Sponsor that the percentage of assets maintained in cold versus hot storage is determined by ongoing risk analysis and market dynamics, in which the Prime Broker attempts to balance anticipated liquidity needs for its customers as a class against the anticipated greater security of cold storage.

The Prime Broker is not required by the Prime Broker Agreement to hold any of the bitcoin in the Trust's Trading Balance in cold storage or to hold any such bitcoin in segregation, and neither the Trust nor the Delegated Sponsor can control the method by which the Prime Broker holds the bitcoin credited to the Trust's Trading Balance.

To the extent the Trust sells bitcoin through the Prime Broker, the Trust's orders will be executed at Connected Trading Venues that have been approved in accordance with the Prime Broker's due diligence and risk assessment process. The Prime Broker has represented that its due diligence on Connected Trading Venues includes reviews conducted by the legal, compliance, security, finance and credit-risk teams. The Connected Trading Venues, which are subject to change from time to time, currently include exchanges and non bank market makers.

Pursuant to the Prime Broker Agreement, the Trust may engage in purchases or sales of bitcoin by placing orders with the Prime Broker. The Prime Broker will route orders placed by the Delegated Sponsor through the Prime Broker's execution platform (the "Trading Platform") to a Connected Trading Venue where the order will be executed. Each order placed by the Delegated Sponsor will be sent, processed and settled at each Connected Trading Venue to which it is routed. The Prime Broker Agreement provides that the Prime Broker is subject to certain conflicts of interest, including: (i) the Trust's orders may be routed to a Coinbase

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owned execution venue where the Trust's orders may be executed against other customers of the Prime Broker or with Coinbase filling orders from inventory when small residual fills are below minimum Connect Trading Venue size as well as trading on Prime for operational purposes, (ii) the beneficial identity of the counterparty purchaser or seller with respect to the Trust's orders may be unknown and therefore may inadvertently be another client of the Prime Broker, (iii) the Prime Broker does not engage in front-running, but is aware of the Trust's orders or imminent orders and may execute a trade for its own inventory (or the account of an affiliate) while in possession of that knowledge. As a result of these and other conflicts, the Prime Broker may have an incentive to favor its own interests and the interests of its affiliates over the Trust's interests.

Subject to the foregoing, and to certain policies and procedures that the Prime Broker Agreement requires the Prime Broker to have in place to mitigate conflicts of interest when executing the Trust's orders, the Prime Broker Agreement provides that other Connected Trading Venues and/or trading venues not used by Coinbase may offer better prices and/or lower costs than the Connected Trading Venue used to execute the Trust's orders.

Either party may terminate the Prime Broker Agreement in its entirety for any reason by providing at least ninety (90) days' prior written notice to the Trust.

The Prime Broker may, in its sole discretion, suspend, restrict or terminate the Trust's prime broker services, including by suspending, restricting or closing any account of the Trust covered under the Prime Broker Agreement immediately upon an Event of Default, at any time and with prior notice to the Trust.

For purposes of the Prime Broker Agreement, an "Event of Default" shall mean: (i) the Trust materially breaches any provision of this Prime Broker Agreement and such breach is not cured within one (1) business day after notice of such breach is given to Trust in the case of a payment-related breach or is not cured within seven (7) business days after notice of such breach is given to Trust in the case of a non-payment related breach; (ii) the Trust breaches any of the representations or warranties contained in the Prime Broker Agreement; (iii) a default or event of default under, or termination of, any other agreement between the Trust and the Prime Broker or its specified affiliates; (iv) the Trust takes any action to dissolve or liquidate, in whole or part; (v) the Trust becomes insolvent, makes an assignment for the benefit of creditors, becomes subject to direct control of a trustee, receiver or similar authority; (vi) the Trust becomes subject to any bankruptcy or insolvency proceeding under any applicable laws, rules and regulations, such termination being effective immediately upon any declaration of bankruptcy; (vii) termination is required pursuant to a court order or binding order of a government authority; (viii) the Prime Broker reasonably perceives a heightened risk of legal regulatory non-compliance, in relation to any account or the Trust's use of the prime broker services; and (ix) The Prime Broker reasonably suspects Trust of attempting to circumvent the Prime Broker's controls or uses the Prime Broker's services in a manner the Prime Broker otherwise deems inappropriate or potentially harmful to itself or third parties, and Trust fails to provide the Prime Broker written evidence reasonably acceptable to the Prime Broker of Trust's non-circumvention of such controls within three (3) business days following written notice from the Prime Broker.

The Trust may terminate the Prime Broker Agreement upon prior notice to the Prime Broker upon an event which constitutes a "Coinbase Event of Default." A "Coinbase Event of Default" means (i) the Prime Broker takes any action to dissolve or liquidate, in whole or part; (ii) the Prime Broker becomes insolvent, makes an assignment for the benefit of creditors, becomes subject to direct control of a trustee, receiver or similar authority; or (iii) the Prime Broker becomes subject to any bankruptcy or insolvency proceeding under any applicable laws, rules and regulations, such termination being effective immediately upon any declaration of bankruptcy.

A decision by the Prime Broker to take certain actions, including suspending, restricting or terminating the Trust's accounts covered under the Prime Broker Agreement, may be based on confidential criteria that are essential to the Prime Broker's risk management and security practices and agrees that the Prime Broker is under no obligation to disclose the details of its risk management and security practices to the Trust. The parent company of the Prime Broker, Coinbase Global, Inc. ("Coinbase Global") maintains a commercial crime insurance policy, which is intended to cover the loss of client assets held by Coinbase Global and all of its subsidiaries, including the Prime Broker (collectively, Coinbase Global and its subsidiaries are referred to as the "Coinbase Insureds"). This policy covers the loss of client assets held by the Prime Broker, including

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from employee collusion or fraud, physical loss including theft, damage of key material, security breach or hack and fraudulent transfer. The insurance maintained by the Coinbase Insureds is shared among all of their customers, is not specific to the Trust or to customers holding bitcoin with the Prime Broker and may not be available or sufficient to protect the Trust from all possible losses or sources of losses.

Under the Prime Broker Agreement, the Prime Broker's liability is limited as follows, among others: in no event shall the Prime Broker or its specified affiliates be responsible or liable for any loss, claim, or damage suffered by the Trust, except to the extent that such loss, claim, or damage directly resulted from the negligence, willful misconduct, or fraud of the Prime Broker or its specified affiliates. Neither the Prime Broker nor its specified affiliates shall be liable for any loss caused directly or indirectly by (a) the failure of the Trust to adhere to the Prime Broker's policies and procedures that have been disclosed to the Trust, (b) any failure or delay to act by any service provider to the Trust, or (c) any system failure (other than a system failure caused by the gross negligence, willful misconduct, or fraud of the Prime Broker or its specified affiliates) that prevents the Prime Broker or any of its specified affiliates from fulfilling its obligations under the Prime Broker Agreement. Other than with respect to claims and losses arising from fraud or willful misconduct, among others, the Prime Broker's aggregate liability shall not exceed the greater of (A) the greater of (x) $5 million and (y) the aggregate fees paid by the Trust to the Prime Broker in the 12 months prior to the event giving rise to the Prime Broker's liability, and (B) the value of the cash or affected bitcoin giving rise to the Prime Broker's liability; (ii) in respect of the Prime Broker's obligations to indemnify the Trust and its affiliates against third party claims and losses to the extent arising out of or relating to, among others, the Prime Broker's violation of any law, rule or regulation with respect to the provision of its services, the Prime Broker's liability shall not exceed the greater of (A) $5 million and (B) the aggregate fees paid by the Trust to the Prime Broker in the 12 months prior to the event giving rise to the Prime Broker's liability; and (iii) in respect of any incidental, indirect, special, punitive, consequential or similar losses, the Prime Broker is not liable, even if the Prime Broker has been advised of or knew or should have known of the possibility thereof. The Prime Broker is not liable for delays, suspension of operations, failure in performance, or interruption of service to the extent it is directly due to a cause or condition beyond the reasonable control of the Prime Broker. Both the Trust and the Prime Broker and its affiliates (including Coinbase Custodian) are required to indemnify each other under certain circumstances. The Prime Broker Agreement is governed by New York law and provides that disputes arising under it are subject to arbitration.

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#### FORM OF SHARES

#### Registered Form
Shares are issued in registered form in accordance with the Trust Agreement. The Transfer Agent has been appointed registrar and transfer agent for the purpose of transferring Shares in certificated form. The Transfer Agent keeps a record of all Shareholders and holders of the Shares in certified form in the registry ("Register"). The Delegated Sponsor recognizes transfers of Shares in certificated form only if done in accordance with the Trust Agreement. The beneficial interests in such Shares are held in book-entry form through participants and/or accountholders in DTC.

#### Book Entry
Individual certificates are not issued for the Shares. Instead, Shares are represented by one or more global certificates, which are deposited by the Administrator with DTC and registered in the name of Cede & Co., as nominee for DTC. The global certificates evidence all of the Shares outstanding at any time. Shareholders are limited to (1) participants in DTC such as banks, brokers, dealers and trust companies ("DTC Participants"), (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC Participant ("Indirect Participants"), and (3) those who hold interests in the Shares through DTC Participants or Indirect Participants, in each case who satisfy the requirements for transfers of Shares. DTC Participants acting on behalf of Shareholders holding Shares through such participants' accounts in DTC will follow the delivery practice applicable to securities eligible for DTC's Same-Day Funds Settlement System. Shares are credited to DTC Participants' securities accounts following confirmation of receipt of payment.

#### DTC
DTC is a limited purpose trust company organized under the laws of the State of New York and is a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code and a "clearing agency" registered pursuant to the provisions of Section 17A of the Exchange Act. DTC holds securities for DTC Participants and facilitates the clearance and settlement of transactions between DTC Participants through electronic book-entry changes in accounts of DTC Participants.

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#### TRANSFER OF SHARES
The Shares are only transferable through the book-entry system of DTC. Shareholders who are not DTC Participants may transfer their Shares through DTC by instructing the DTC Participant holding their Shares (or by instructing the Indirect Participant or other entity through which their Shares are held) to transfer the Shares. Transfers are made in accordance with standard securities industry practice.

Transfers of interests in Shares with DTC are made in accordance with the usual rules and operating procedures of DTC and the nature of the transfer. DTC has established procedures to facilitate transfers among the participants and/or accountholders of DTC. Because DTC can only act on behalf of DTC Participants, who in turn act on behalf of Indirect Participants, the ability of a person or entity having an interest in a global certificate to pledge such interest to persons or entities that do not participate in DTC, or otherwise take actions in respect of such interest, may be affected by the lack of a certificate or other definitive document representing such interest.

DTC will take any action permitted to be taken by a Shareholder (including, without limitation, the presentation of a global certificate for exchange) only at the direction of one or more DTC Participants in whose account with DTC interests in global certificates are credited and only in respect of such portion of the aggregate principal amount of the global certificate as to which such DTC Participant or Participants has or have given such direction.

#### AUDIT SEED/INITIAL SEED CREATION INVESTOR/SELLING SHAREHOLDER
The Delegated Sponsor served as the Audit Seed Investor to the Trust. On March 9, 2026, the Delegated Sponsor, in its capacity as Audit Seed Investor, subject to conditions, purchased Seed Creation Baskets comprising 2 Shares at a per-Share price of $50. Total proceeds to the Trust from the sale of these Seed Creation Baskets were $100. Delivery of the Seed Creation Baskets was made on March 9, 2026. These Seed Creation Baskets will be redeemed for cash prior to the effectiveness of the registration statement that this prospectus forms a part.

In connection with the initial listing of the Shares on the Exchange, we expect the Delegated Sponsor to purchase the initial seed creation baskets comprising 50,000 Shares ("Initial Seed Creation Baskets"). In this capacity, the Initial Seed Creation Investor will act as a statutory underwriter in connection with this purchase. The total proceeds to the Trust from the sale of the Initial Seed Creation Baskets are anticipated to be $1 million. Prior to the listing of the Shares on the Exchange, the Trust expects to purchase bitcoin with the proceeds of the Initial Seed Creation Baskets by transacting with a Bitcoin Counterparty to acquire bitcoin on behalf of the Trust in exchange for cash provided by the Initial Seed Creation Investor. The bitcoin acquired in connection with the Initial Seed Creation Baskets will be held by the Bitcoin Custodians. The price of the Shares comprising the Initial Seed Creation Baskets will be determined as of the effective date of the registration statement of which this Prospectus forms a part as described in this Prospectus, and such Shares could be sold at different prices if sold by the Initial Seed Creation Investor at different times. It is anticipated that the Initial Seed Creation Investor may redeem its Shares or sell its Shares to a third party in the weeks following the initial listing of Shares on the Exchange.

The Initial Seed Creation Investor may sell some or all of the Shares pursuant to the registration statement that this Prospectus forms a part (in such capacity, the "Selling Shareholder"), which Shares will have been registered to permit the resale from time to time after purchase. The Shares offered by the Selling Shareholder were acquired by the Selling Shareholder as described in the registration statement and could be sold at different times and at different offering prices. The Trust will not receive any of the proceeds from the resale or redemption by the Selling Shareholder of these Shares. The Delegated Sponsor will not receive from the Trust or any of its affiliates any fee or other compensation in connection with the resale of these Shares.

A Selling Shareholder may sell Shares owned by the Selling Shareholder directly or through broker-dealers, in accordance with applicable law, on any national securities exchange on which the Shares may be listed or quoted at the time of sale, through trading systems, in the OTC market or in transactions other than on these exchanges or systems at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales may be effected

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through brokerage transactions, privately negotiated trades, block sales, entry into options or other derivatives transactions or through any other means authorized by applicable law. A Selling Shareholder may redeem Shares held in Basket size through an Authorized Participant. See "Conflicts of Interest."

#### PLAN OF DISTRIBUTION

#### Buying and Selling Shares
Most investors buy and sell Shares of the Trust in secondary market transactions through brokers. Shares are expected to trade on the Exchange under the ticker symbol "MSBT". Shares are expected to be bought and sold throughout the trading day like other publicly traded securities. When buying or selling Shares through a broker, most investors will incur customary brokerage commissions and charges. Shareholders are encouraged to review the terms of their brokerage account for details on applicable charges.

#### Authorized Participants
The offering of the Trust's Shares is a best-efforts offering. The Trust continuously offers Baskets consisting of 10,000 Shares to Authorized Participants. Authorized Participants pay a transaction fee for each order they place to create or redeem one or more Baskets.

The offering of Baskets is being made in compliance with Rule 2310 of the FINRA Rules. Accordingly, Authorized Participants will not make any sales to any account over which they have discretionary authority without the prior written approval of a purchaser of Shares.

The per share price of Shares offered in Baskets on any subsequent day will be the total NAV of the Trust calculated shortly after the close of the Exchange on that day divided by the number of issued and outstanding Shares of the Trust. An Authorized Participant is not required to sell any specific number or dollar amount of Shares.

By executing an Authorized Participant Agreement, an Authorized Participant becomes part of the group of parties eligible to purchase Baskets from, and put Baskets for redemption to, the Trust. An Authorized Participant is under no obligation to create or redeem Baskets or to offer to the public Shares of any Baskets it does create.

Because new Shares can be created and issued on an ongoing basis, at any point during the life of the Trust, a "distribution," as such term is used in the 1933 Act, will be occurring. Authorized Participants, other broker-dealers and other persons are cautioned that some of their activities may result in their being deemed participants in a distribution in a manner that would render them statutory underwriters and subject them to the prospectus-delivery and liability provisions of the 1933 Act. Any purchaser who purchases Shares with a view towards distribution of such Shares may be deemed to be a statutory underwriter. In addition, an Authorized Participant, other broker-dealer firm or its client will be deemed a statutory underwriter if it purchases a Basket from the Trust, breaks the Basket down into the constituent Shares and sells the Shares to its customers; or if it chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary market demand for the Shares. In contrast, Authorized Participants may engage in secondary market or other transactions in Shares that would not be deemed "underwriting." For example, an Authorized Participant may act in the capacity of a broker or dealer with respect to Shares that were previously distributed by other Authorized Participants. A determination of whether a particular market participant is an underwriter must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that would lead to designation as an underwriter and subject them to the prospectus-delivery and liability provisions of the 1933 Act.

Dealers who are neither Authorized Participants nor "underwriters" but are nonetheless participating in a distribution (as contrasted to ordinary secondary trading transactions), and thus dealing with Shares that are part of an "unsold allotment" within the meaning of Section 4(a)(3)(C) of the 1933 Act, would be unable to take advantage of the prospectus-delivery exemption provided by Section 4(a)(3) of the 1933 Act.

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While the Authorized Participants may be indemnified by the Delegated Sponsor, they will not be entitled to receive a discount or commission from the Trust or the Delegated Sponsor for their purchases of Baskets.

#### CREATION AND REDEMPTION OF SHARES
The Trust creates and redeems Shares from time to time, but only in one or more Baskets. Baskets are only made in exchange for delivery to the Trust or the distribution by the Trust of, in the event of an in-kind transaction, the amount of bitcoin represented by the Baskets being created or redeemed, or in the event of a cash transaction, the amount of cash equivalent to the amount of bitcoin represented by the Baskets being created or redeemed, the amount of which is based on the quantity of bitcoin attributable to each Share of the Trust (net of accrued but unpaid Delegated Sponsor Fees and any accrued but unpaid extraordinary expenses or liabilities) being created or redeemed determined as promptly as practicable after 4:00 p.m. ET on the day the order to create or redeem Baskets is properly received. For in-kind purchases, Authorized Participants will deliver, or arrange for the delivery by the Authorized Participant's designated agent, of bitcoin to the Trust's account with the Bitcoin Custodians in exchange for Shares. For in-kind redemptions, when Authorized Participants redeem Shares with the Trust, the Trust, through the Bitcoin Custodians, will deliver bitcoin to such Authorized Participants or a designated agent thereof, in exchange for their Shares.

Authorized Participants are the only persons that may place orders to create and redeem Baskets. Authorized Participants must be (1) registered broker-dealers or other securities market participants, such as banks and other financial institutions, which are not required to register as broker-dealers to engage in securities transactions described below, and (2) DTC Participants. In May 2025, the staff of the SEC's Division of Trading and Markets stated that broker-dealers are permitted to facilitate in-kind creations and redemptions in connection with spot crypto exchange-traded products. As part of the same set of Frequently Asked Questions ("FAQs") clarifying its views on broker-dealers' digital asset activities, the staff noted, among other things, that (i) SEC Rule 15c3-3 applies only to those digital assets that were securities, and (ii) broker-dealers are permitted to facilitate in-kind creations and redemptions in connection with spot crypto exchange-traded products. To become an Authorized Participant, a person must enter into an Authorized Participant Agreement with the Delegated Sponsor. The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets and for the delivery of the bitcoin required for such creation and redemptions. The Authorized Participant Agreement and the related procedures attached thereto may be amended by the Trust, without the consent of any Shareholder or Authorized Participant. Authorized Participants pay the Transfer Agent a fee for each order they place to create or redeem one or more Baskets. The transaction fee may be reduced, increased or otherwise changed by the Delegated Sponsor.

Authorized Participants will deliver only cash or bitcoin to create Shares and will (either directly, or through their designated agents) receive cash or bitcoin when redeeming Shares.

The Bitcoin Counterparty is a designated third party with whom the Delegated Sponsor has entered into an agreement on behalf of the Trust that will deliver, receive or convert to U.S. dollars the bitcoin related to the Authorized Participant's creation or redemption order. The Trust will create Shares by receiving bitcoin from a Bitcoin Counterparty that is not the Authorized Participant, and the Trust — not the Authorized Participant — is responsible for selecting the Bitcoin Counterparty to deliver the bitcoin. Further, the Bitcoin Counterparty will not be acting as an agent of the Authorized Participant with respect to the delivery of the bitcoin to the Trust or acting at the direction of the Authorized Participant with respect to the delivery of the bitcoin to the Trust.

The Trust will redeem Shares by delivering bitcoin to a Bitcoin Counterparty that is not the Authorized Participant, and the Trust — not the Authorized Participant — is responsible for selecting the Bitcoin Counterparty to receive the bitcoin. Further, the Bitcoin Counterparty will not be acting as an agent of the Authorized Participant with respect to the receipt of the bitcoin from the Trust or acting at the direction of the Authorized Participant with respect to the receipt of the bitcoin from the Trust. The Bitcoin Counterparty reserves the right to refuse or to cancel any pending redemption order at any time before the Delegated Sponsor places a redemption order.

Generally speaking, Bitcoin Counterparties deliver bitcoin related to the Authorized Participant's purchase order to the Trust's Cold Balance Vault Account. Authorized Participants and Bitcoin Counterparties are not required to maintain an account with the Bitcoin Custodians.

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Creations and redemptions of Shares may result in certain slippage being incurred as a result of, for example, trading fees, spreads, or commissions. Any slippage so incurred will be the responsibility of the Authorized Participant, as a cash liability, and not of the Trust or Delegated Sponsor.

Each Authorized Participant will be required to be registered as a broker-dealer under the Exchange Act and a member in good standing with FINRA, or exempt from being or otherwise not required to be licensed as a broker-dealer or a member of FINRA, and will be qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. Certain Authorized Participants may also be regulated under federal and state banking laws and regulations. Each Authorized Participant has its own set of rules and procedures, internal controls and information barriers as it determines is appropriate in light of its own regulatory regime.

The Delegated Sponsor performs extensive due diligence as a part of its Bitcoin Counterparty selection and onboarding process. As part of this process the Delegated Sponsor assesses Bitcoin Counterparty candidates against various criteria, including those relating to candidates' (1) financial standing, (2) reputation, (3) settlement history with the Delegated Sponsor and (4) regulatory oversight. No affiliates of the Trust or the Delegated Sponsor are expected to serve as a Bitcoin Counterparty.

Creations and redemptions will generally be "on-chain" transactions reflected in the Trust's Vault Account. For example, transfers of bitcoin to the Trust's Vault Balance are "on-chain" transactions represented on the bitcoin blockchain. When the Authorized Participant or its designated agent or client deposits bitcoin related to the Authorized Participant's purchase order to the Trust's Vault Balance, such transfer is an "on-chain" transaction that is recorded on the Bitcoin blockchain.

Under certain circumstances, these transactions may be "off-chain" transactions that are represented in the books and records of the Prime Broker. For example, transfers of bitcoin into the Trust's Trading Balance are off-chain transactions. When the Authorized Participant or its designated agent or client deposits bitcoin related to the Authorized Participant's purchase order to the Trust's Trading Balance, such transfer is an "off-chain" transaction that is represented in the books and records of the Prime Broker.

The Trust will be responsible for bitcoin-related on-chain transaction fees associated with creation and redemption transactions and transactions with the Prime Broker, and the Delegated Sponsor will assume such expenses of the Trust in consideration for the Delegated Sponsor Fee. The Authorized Participant is responsible for only a cash liability relating to creation and redemption costs, such as trading fees and slippage.

Authorized Participants will place orders through the Transfer Agent. The Transfer Agent will coordinate with the Bitcoin Custodians in order to facilitate settlement of the Shares and bitcoin as described in more detail in the Creation Procedures and Redemption Procedures sections below.

The following description of the procedures for the creation and redemption of Baskets is only a summary and a Shareholder should refer to the relevant provisions of the Trust Agreement and the form of Authorized Participant Agreement for more detail. The Trust Agreement and form of Authorized Participant Agreement will be filed as exhibits to the registration statement of which this Prospectus is a part.

#### Creation Procedures
On any Business Day, an Authorized Participant may place an order with the Transfer Agent via the order taking portal to create one or more Baskets via a cash or in-kind transaction.

Purchase orders must be placed by 2:00 p.m., Eastern Time (in the case of cash orders) and 4:00 p.m., Eastern Time (in the case of in-kind orders), the close of regular trading on the Exchange, or another time determined by the Delegated Sponsor. The day on which an order is received by the Transfer Agent is considered the purchase order date.

Upon the Delegated Sponsor's approval, a creation request by an Authorized Participant will produce an affirmation confirming the acceptance of the order by the Delegated Sponsor. Upon publication of the Trust's NAV, the Delegated Sponsor, Transfer Agent and Authorized Participant will receive a confirmation receipt including trade details such as trade date, settlement date, direction of trade, number of Shares,

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bitcoin entitlement and Authorized Participant details. On the settlement date, the Delegated Sponsor and Authorized Participant will settle entirely in cash.

Prior to the delivery of Baskets for a purchase order, the Authorized Participant must also have wired to the Transfer Agent the nonrefundable transaction fee due for the creation order. Authorized Participants may not withdraw a creation request. By placing a cash creation order, an Authorized Participant agrees to facilitate the deposit of cash with the Cash Custodian. By placing an in-kind creation order, an Authorized Participant agrees to facilitate the deposit directly, through its designated agents, of bitcoin with the Bitcoin Custodians.

To effectuate a cash creation order, the Authorized Participant will be required to transfer the cash deposit amount associated with such creation order to the Trust's account with the Cash Custodian. The Delegated Sponsor, on behalf of the Trust, will instruct a Bitcoin Counterparty to purchase the amount of bitcoin equivalent in value to the cash deposit amount associated with the creation order, with such purchase transaction prearranged to be executed, in the Delegated Sponsor's reasonable efforts, at the Pricing Benchmark price used by the Trust to calculate NAV, taking into account any spread, commissions, or other trading costs on the applicable Creation Order Date. The resulting bitcoin will be deposited in the Trust's account with the Bitcoin Custodians. Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on a cash equivalent basis, will be the responsibility of the Authorized Participant and not of the Trust or Delegated Sponsor.

To the extent the execution price of the bitcoin acquired by the Bitcoin Counterparty at settlement is less than the cash deposit amount, such cash difference will be remitted to the Authorized Participant. To the extent the execution price of the bitcoin acquired by the Bitcoin Counterparty exceeds the cash deposit amount, such cash difference will be the responsibility of the Authorized Participant and not the Trust or Delegated Sponsor.

No Shares will be issued unless and until the Delegated Sponsor and Transfer Agent have confirmed that any outstanding bitcoin or cash (as applicable) due from the Authorized Participant has been settled with the Trust. Disruption of services at the Prime Broker or Bitcoin Custodians would have the potential to delay settlement of the bitcoin related to Share creations. To the extent the Bitcoin Counterparty is not able to deliver bitcoin associated with a cash purchase order as of a specified time on the settlement date, the Delegated Sponsor or Transfer Agent will cancel the purchase order. To the extent that bitcoin transfers from the Trust's Trading Balance to the Trust's Vault are delayed due to congestion or other issues with the Bitcoin network, such bitcoin will not be held in cold storage in the Vault until such transfers can occur.

For an in-kind creation, following an Authorized Participant's purchase order, the Trust's Bitcoin Custodian account must be credited with the required bitcoin by the end of the Business Day following the purchase order date, or in the case of cash deposits, the Trust's Cash Custodian account must be credited with the required cash by the end of the Business Day following the purchase order date, as applicable. Under most circumstances, the bitcoin associated with a Creation Basket Deposit will be deposited with the Bitcoin Custodians in the Trust's Cold Vault Balance, although in some circumstances, bitcoin may be deposited outside of cold storage. For example, portions of the Trust's bitcoin may be deposited and held outside of cold storage temporarily in the Trading Balance maintained by the Prime Broker as part of trade facilitation in connection with creations and redemptions of Baskets, to sell bitcoin including to pay Trust expenses, or to pay the Delegated Sponsor Fee. Upon receipt of the bitcoin amount in the Trust's Bitcoin Custodian account, or the cash deposit amount in the Trust's Cash Custodian account, the Bitcoin Custodians or the Cash Custodian, as applicable, will notify the Transfer Agent, the Authorized Participant, and the Delegated Sponsor that the bitcoin or cash has been deposited. Upon confirmation by the Delegated Sponsor and Transfer Agent that any outstanding cash or bitcoin due from the Authorized Participant has been settled with the Trust, the Transfer Agent will then direct DTC to credit the number of Shares created to the applicable DTC account of the Authorized Participant.

The Authorized Participant understands and agrees that in the event the Creation Basket Deposit is not deposited to the Trust by the time specified above and in compliance with the applicable procedures, and any outstanding cash or bitcoin due from the Authorized Participant has not been settled with the Trust, the applicable Purchase Order will be canceled by the Delegated Sponsor. In the event the Authorized Participant, or its designated agent, has not deposited the bitcoin to the Trust by the applicable time on the

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settlement date of the in-kind creation order, the Authorized Participant will be given the option to (1) cancel the in-kind creation order, (2) delay settlement of the order to enable delivery of bitcoin at a later date, or (3) accept that the Trust will execute a bitcoin transaction required for the creation and the Authorized Participant will deliver the U.S. dollars required for this purchase. The Authorized Participant is responsible for the dollar cost of the difference between the bitcoin price utilized in calculating NAV per Share on trade date and the price at which the Trust acquires the bitcoin to the extent the price realized in buying the bitcoin is higher than the bitcoin price utilized in the NAV. To the extent the price realized in buying the bitcoin is lower than the price utilized in the NAV, the Authorized Participant shall get to keep the dollar impact of any such difference. For a cash redemption order, an Authorized Participant will deliver Shares to the Trust and will receive cash for the Shares delivered. For an in-kind redemption order, an Authorized Participant will deliver Shares to the Trust and will receive bitcoin or will have its designated agent receive bitcoin for the Shares delivered.

None of the Delegated Sponsor, the Trust, the Marketing Agent, or the Transfer Agent shall be liable to the Authorized Participant if a Bitcoin Counterparty fails to deliver bitcoin or cash, respectively, representing the Creation Basket Deposit for such Authorized Participant's Purchase Order to the Trust's account with the Bitcoin Custodians or Cash Custodian, as applicable, unless such failure is due to an act or omission of the Delegated Sponsor or Trust.

Bitcoin held in the Trust's account with the Bitcoin Custodians is the property of the Trust. The Trust, the Delegated Sponsor and the service providers will not loan or pledge the Trust's assets, nor will the Trust's assets, serve as collateral for any loan or similar arrangement.

#### Determination of Required Deposits
For a creation, the total amount of bitcoin (for in-kind creations), or cash (for cash creations), required to create each Basket ("Basket Deposit") is the amount of bitcoin or its cash equivalent that is in the same proportion to the total assets of the Trust, net of accrued expenses and other liabilities, as the number of Shares being created bears to the total number of Shares outstanding on the date the order is properly received, plus a cash buffer determined by the Delegated Sponsor.

The Basket Deposit changes from day to day. On each day that the Exchange is open for regular trading, the Administrator adjusts the quantity of bitcoin represented by the Basket Deposit as appropriate to reflect accrued expenses and any loss of bitcoin that may occur. Each night, the Delegated Sponsor will publish the amount of bitcoin that is represented by each Basket Deposit.

#### Delivery of Required Deposits
An Authorized Participant who places a purchase order must follow the procedures outlined in the "Creation Procedures" section of this Prospectus. When a creation occurs, after the Bitcoin Custodians receive the required bitcoin (for in-kind creations) or a Cash Custodian receives the required cash (for cash creations), the Delegated Sponsor will notify the Transfer Agent that the bitcoin or cash, as applicable, has been received, and the Transfer Agent and Sponsor will then determine whether any outstanding cash or bitcoin due from the Authorized Participant has been settled with the Trust, and the Transfer Agent will direct DTC to credit the number of Shares ordered to the Authorized Participant's DTC account on the Business Day following the purchase order date.

#### Suspension or Rejection of Purchase Orders
The Delegated Sponsor may, in its discretion, suspend the right to submit purchase orders, or postpone the purchase settlement date (1) for any period during which the Exchange is closed other than customary weekend or holiday closings, or trading on the Exchange is suspended or restricted, (2) for any period during which an emergency exists as a result of which acceptance, delivery, or evaluation of bitcoin is not reasonably practicable, or (3) for such other period as the Delegated Sponsor determines to be necessary for the protection of the Shareholders. For example, the Delegated Sponsor may determine that it is necessary to suspend purchase orders to allow for the orderly acquisition of the Trust's assets or to protect existing Shareholders from dilution. If the Delegated Sponsor has difficulty acquiring bitcoin positions, e.g., because of a market disruption event, extreme price volatility, or unanticipated constraints on bitcoin custody

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capacity, it may be appropriate to suspend purchase orders until such time as such circumstances are rectified. None of the Delegated Sponsor, the person authorized to take purchase orders in the manner provided in the Authorized Participant Agreement, or the Bitcoin Custodians will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

The Delegated Sponsor or its designee has the absolute right, but does not have any obligation, to suspend or reject any purchase order or Basket Deposit if the Delegated Sponsor determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the purchase order or Basket Deposit is not in proper form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • it would not be in the best interest of the Shareholders of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the acceptance of the purchase order or the Basket Deposit would have adverse tax consequences to the Trust or its Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the acceptance or receipt of which would, in the opinion of counsel to the Delegated Sponsor, be unlawful; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • circumstances outside the control of the Trust, the Delegated Sponsor, the Marketing Agent or the Bitcoin Custodians make it, for all practical purposes, not feasible to process Creations Baskets (including if the Delegated Sponsor determines that the investments available to the Trust at that time will not enable it to meet its investment objective).

None of the Delegated Sponsor, the Transfer Agent or the Bitcoin Custodians will be liable for the suspension or rejection of any purchase order or Basket Deposit.

The Delegated Sponsor will notify shareholders of a suspension of any creation order in a prospectus supplement or in its periodic Exchange Act reports, as applicable, and on the Delegated Sponsor's website. The Delegated Sponsor shall notify the Authorized Participant of a rejection or revocation of any Purchase Order. The Delegated Sponsor is under no duty, however, to give notification of any specific defects or irregularities in the delivery of the Creation Basket Deposit nor shall the Delegated Sponsor or the Trust incur any liability for the failure to give any such notification. The Trust and the Delegated Sponsor may not revoke a previously accepted Purchase Order.

#### Redemption Procedures
On any Business Day, an Authorized Participant may place an order with the Transfer Agent via the order taking portal to redeem one or more Baskets. For purposes of processing redemption orders, a "Business Day" means any day other than a day when the Exchange is closed for regular trading.

Sell orders must be placed by 2:00 p.m., Eastern Time (in the case of cash orders) and 4:00 p.m., Eastern Time (in the case of in-kind orders), or the close of regular trading on the Exchange, or another time as determined by the Delegated Sponsor. The day on which an order is received by the Transfer Agent is considered the sell order date.

Upon the Delegated Sponsor's approval, a redemption request by an Authorized Participant will produce an affirmation confirming the acceptance of the order by the Delegated Sponsor. Upon publication of the Trust's NAV, the Delegated Sponsor, Transfer Agent and Authorized Participant will receive a confirmation receipt including trade details such as trade date, settlement date, direction of trade, number of Shares, bitcoin entitlement and Authorized Participant details. On the settlement date, the Delegated Sponsor and Authorized Participant will settle entirely in cash in the case of a cash redemption and in bitcoin in the case of an in-kind redemption.

Because the Shares associated with the redemption order may not be available at the time that the Authorized Participant places the redemption order, the Delegated Sponsor may require cash to be pre-funded to cover related trading costs. The Shares associated with the redemption order are due to be delivered to the Trust's DTC account on the settlement date. Upon receipt of the required cash indicated in the redemption order, the Delegated Sponsor, on behalf of the Trust, will instruct the Bitcoin Counterparty to convert bitcoin into cash by effectuating a bitcoin sale executed, in the Delegated Sponsor's reasonable efforts, at the Pricing Benchmark price used by the Trust to calculate NAV, and deposit the cash proceeds of such

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sale in the Trust's account with the Cash Custodian for settlement with the Authorized Participant (taking into account any spread, commission, or other trading costs).

The redemption distribution due from the Trust is delivered to the Bitcoin Counterparty on the Redemption Distribution Date (which is the next Business Day after the redemption order is received) if the Trust's DTC account has been credited with the Baskets to be redeemed. Once the Delegated Sponsor determines that the Shares have been received in the Trust's DTC account, the Delegated Sponsor authorizes the Bitcoin Custodians to transfer the redemption bitcoin amount from the Trust's Bitcoin Custodian account to the Bitcoin Counterparty for conversion to cash to be distributed to the Authorized Participant upon settlement. To the extent the Shares associated with the redemption order are not received in the Trust's DTC account on the settlement date, the redemption order will be canceled.

Upon receipt of the redemption distribution of bitcoin by the Bitcoin Counterparty, the Bitcoin Counterparty, as a counterparty to the Trust, shall convert the bitcoin associated with the redemption order to cash for settlement with the Trust. Under most circumstances, this transfer of bitcoin will be made from the Trust's Cold Vault Balance with the Bitcoin Custodians, although in some circumstances, bitcoin may be transferred from outside of cold storage.

To effectuate a redemption order via an in-kind transaction, the Trust, through a Bitcoin Custodian, will deliver bitcoin to an Authorized Participant, or designed agent thereof, in exchange for Shares.

Bitcoin held in the Trust's account with the Bitcoin Custodians is the property of the Trust. The Trust, the Delegated Sponsor and the service providers will not loan or pledge the Trust's assets, nor will the Trust's assets, serve as collateral for any loan or similar arrangement.

#### Determination of Redemption Distribution
The redemption distribution for cash redemptions from the Trust consists of a transfer to a Bitcoin Counterparty of an amount of bitcoin equal to the NAV of the Trust multiplied by the number of Shares to be redeemed under the redemption order, with such amount of bitcoin to be converted by the Trust to cash for settlement with the redeeming Authorized Participant. The redemption distribution for in-kind redemptions from the Trust consists of a transfer to the Authorized Participant or its designated agent of an amount of bitcoin equal to the NAV of the Trust multiplied by the number of Shares to be redeemed under the redemption order,

#### Delivery of Redemption Distribution
In the case of a cash redemption, the Trust, through the Cash Custodian, will deliver cash to the Authorized Participants when they redeem Shares with the Trust. This distribution of cash will be delivered to the Authorized Participant on the Business Day following the Redemption Order Date if the Trust's DTC account has been credited with the Baskets to be redeemed. If the Trust's DTC account has not been credited with all of the Baskets to be redeemed by such time, the redemption distribution will also be delayed. In the case of an in-kind redemption, the Trust will deliver bitcoin to the Authorized Participants (or their designated agents) when they redeem Shares with the Trust. This distribution of bitcoin will be delivered to the Authorized Participant (or its designated agent) on the Business Day following the Redemption Order Date if the Trust's DTC account has been credited with the baskets to be redeemed by such time. If the Trust's DTC account has not been credited with all of the Baskets to be redeemed by such time, the redemption distribution will also be delayed.

#### Suspension or Rejection of Redemption Orders
The Delegated Sponsor may, in its discretion, suspend the right of redemption, or postpone the redemption settlement date (1) for any period during which the Exchange is closed other than customary weekend or holiday closings, or trading on the Exchange is suspended or restricted, (2) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of bitcoin is not reasonably practicable, or (3) for such other period as the Delegated Sponsor determines to be necessary for the protection of the Shareholders. For example, the Delegated Sponsor may determine that it is necessary to suspend redemptions to allow for the orderly liquidation of the Trust's assets. If the Delegated Sponsor has difficulty

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liquidating the Trust's positions, e.g., because of a market disruption event or an unanticipated delay in the liquidation of a position in an over-the-counter contract, it may be appropriate to suspend redemptions until such time as such circumstances are rectified. None of the Delegated Sponsor, the person authorized to take redemption orders in the manner provided in the Authorized Participant Agreement, or the Bitcoin Custodians will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

Redemption orders must be made in whole Baskets. The Delegated Sponsor acting by itself or through the person authorized to take redemption orders in the manner provided in the Authorized Participant Agreement may, in its sole discretion, reject any redemption order (1) the Delegated Sponsor determines not to be in proper form, (2) the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, or (3) if circumstances outside the control of the Delegated Sponsor, the person authorized to take redemption orders in the manner provided in the Authorized Participant Agreement or the Bitcoin Custodians make it for all practical purposes not feasible for the Shares to be delivered under the redemption order. The Delegated Sponsor may also reject a redemption order if the number of Shares being redeemed would reduce the remaining outstanding Shares to 10,000 Shares (i.e., 1 Basket) or less.

The Delegated Sponsor will notify shareholders of a suspension of any redemption order in a prospectus supplement or in its periodic Exchange Act reports, as applicable, and on the Delegated Sponsor's website. The Delegated Sponsor shall notify the Authorized Participant of a rejection or suspension of any redemption order via periodic Exchange Act reports, a prospectus supplement, or the Delegated Sponsor's website. The Delegated Sponsor is under no duty, however, to give notification of any specific defects or irregularities nor shall the Delegated Sponsor or the Trust incur any liability for the failure to give any such notification. The Trust and the Delegated Sponsor may not revoke a previously accepted redemption order.

#### Creation and Redemption Transaction Fee
To compensate the Transfer Agent for expenses incurred in connection with the creation and redemption of Baskets, an Authorized Participant is required to pay a transaction fee to the Transfer Agent to create or redeem Baskets, which does not vary in accordance with the number of Baskets in such order. The transaction fee may be reduced, increased or otherwise changed by the Delegated Sponsor. The Delegated Sponsor will notify DTC of any change in the transaction fee and will not implement any increase in the fee for the redemption of Baskets until thirty (30) days after the date of notice.

#### Tax Responsibility
Authorized Participants are responsible for any transfer tax, sales or use tax, stamp tax, recording tax, value added tax or similar tax or governmental charge applicable to the creation or redemption of Baskets, regardless of whether or not such tax or charge is imposed directly on the Authorized Participant, and agree to indemnify the Delegated Sponsor and the Trust if they are required by law to pay any such tax, together with any applicable penalties, additions to tax and interest thereon.

#### Secondary Market Transactions
As noted, the Trust will create and redeem Shares from time to time, but only in one or more Baskets. The creation and redemption of Baskets are only made in exchange for delivery to the Trust or the distribution by the Trust of the amount of cash equivalent to the amount of bitcoin, or bitcoin, represented by the number of Shares included in the Baskets being created or redeemed, as determined on the day the order to create or redeem Baskets is properly received.

As discussed above, Authorized Participants are the only persons that may place orders to create and redeem Baskets. Authorized Participants must be registered broker-dealers or other securities market participants, such as banks and other financial institutions, which are not required to register as broker-dealers to engage in securities transactions. An Authorized Participant is under no obligation to create or redeem Baskets, and an Authorized Participant is under no obligation to offer to the public Shares of any Baskets it does create.

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Exchange, the NAV of the Trust at the time the Authorized Participant purchased the Baskets, the NAV of the Shares at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of bitcoin or other portfolio investments. Baskets are generally redeemed when the price per Share is at a discount to the NAV per Share. Shares initially comprising the same Basket but offered by Authorized Participants to the public at different times may have different offering prices. An order for one or more Baskets may be placed by an Authorized Participant on behalf of multiple clients. Authorized Participants who make deposits with the Trust in exchange for Baskets receive no fees, commissions or other forms of compensation or inducement of any kind from the Trust or the Delegated Sponsor and no such person has any obligation or responsibility to the Delegated Sponsor or the Trust to effect any sale or resale of Shares.

Shares are expected to trade in the secondary market on the Exchange. Shares may trade in the secondary market at prices that are lower or higher relative to their NAV per Share. The amount of the discount or premium in the trading price relative to the NAV per Share may be influenced by various factors, including the number of Shareholders who seek to purchase or sell Shares in the secondary market and the liquidity of bitcoin.

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#### USE OF PROCEEDS
Proceeds received by the Trust from the issuance of Baskets consist of bitcoin. Such deposits are held by the Bitcoin Custodians on behalf of the Trust until (i) delivered out in connection with redemptions of Baskets or (ii) transferred or sold by the Bitcoin Custodians to pay fees due to the Delegated Sponsor and to pay the Trust's expenses and liabilities not assumed by the Delegated Sponsor.

#### OWNERSHIP OF BENEFICIAL INTEREST IN THE TRUST
The beneficial interest in the Trust is divided into Shares. Each Share of the Trust represents an equal beneficial interest in the net assets of the Trust, and each holder of Shares is entitled to receive such holder's pro rata share of distributions of income and capital gains, if any.

All Shares are fully paid and non-assessable. No Share will have any priority or preference over any other Share of the Trust. All distributions, if any, will be made ratably among all Shareholders from the assets of the Trust according to the number of Shares held of record by such Shareholders on the record date for any distribution or on the date of termination of the Trust, as the case may be. Except as otherwise provided by the Delegated Sponsor, Shareholders will have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust.

The Delegated Sponsor will have full power and authority, in its sole discretion as a delegate of the Cayman Trustee, without seeking the approval of the Trustees or the Shareholders (a) to establish and designate and to change in any manner and to fix such preferences, voting powers, rights, duties and privileges of the Trust as the Delegated Sponsor may from time to time determine, (b) to authorize the division of the beneficial interest in the Trust into an unlimited amount of Shares, with or without par value, as the Delegated Sponsor will determine, (c) to authorize the issuance of Shares without limitation as to number (including fractional Shares), to such persons and for such amount of consideration, subject to any restriction set forth in the Trust Agreement, if any, at such time or times and on such terms as the Delegated Sponsor may deem appropriate, (d) to authorize the division or combination of the Shares into a greater or lesser number without thereby materially changing the proportionate beneficial interest of the Shares in the assets held, and (e) to take such other action with respect to the Shares as the Delegated Sponsor may deem desirable. The ownership of Shares will be recorded on the books of the Trust or a transfer or similar agent for the Trust. No certificates certifying the ownership of Shares will be issued except as the Delegated Sponsor may otherwise determine from time to time. The Delegated Sponsor may make such rules as it considers appropriate for the issuance of share certificates, transfer of Shares and similar matters. The record books of the Trust as kept by the Trust, or any transfer or similar agent, as the case may be, will be conclusive as to the identity of the Shareholders and as to the number of Shares held from time to time by each.

#### CONFLICTS OF INTEREST
There are present and potential future conflicts of interest inherent in the Trust's structure and operation you should consider before you purchase Shares. The Delegated Sponsor will use this notice of conflicts as a defense against any claim or other proceeding made. If the Delegated Sponsor is not able to resolve these conflicts of interest adequately, it may impact the Trust's ability to achieve its investment objective.

The Delegated Sponsor has implemented policies and procedures reasonably designed to ensure compliance with applicable law, including a Code of Ethics providing guidance on conflicts of interest. A copy of the Code of Ethics is available on the Delegated Sponsor's website at www.morganstanley.com/im.

The officers, directors and employees of the Delegated Sponsor do not devote their time exclusively to the Trust. These persons are directors, officers or employees of other entities which may compete with the Trust for their services. They could have a conflict between their responsibilities to the Trust and to those other entities.

The Delegated Sponsor has the authority to manage the investments and operations of the Trust, and this may allow them to act in a way that furthers their own interests which may create a conflict with shareholders' best interests. Shareholders have very limited voting rights, which limits their ability to influence

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matters such as amendment of the Trust Agreement, change in the Trust's basic investment policy, dissolution of the Trust, or the sale or distribution of the Trust's assets.

The Delegated Sponsor serves as the delegated sponsor to the Trust. The Delegated Sponsor may have a conflict to the extent that its trading decisions for the Trust may be influenced by the effect they would have on other funds its affiliates may manage. In addition, the Delegated Sponsor may be required to indemnify its officers, directors and key employees with respect to their activities on behalf of other funds, if the need for indemnification arises. This potential indemnification could cause the Delegated Sponsor's assets to decrease. If the Delegated Sponsor's other sources of income are not sufficient to compensate for the indemnification, it could cease operations, which could in turn result in Trust losses and/or termination of the Trust.

Furthermore, the Delegated Sponsor or its affiliates may participate in transactions related to bitcoin, either for their own account or for the account of a client. Such transactions may not serve to benefit the shareholders of the Trust and may have a positive or negative effect on the value of the bitcoin held by the Trust and, consequently, on the market value of bitcoin. In addition, the Delegated Sponsor or its affiliates may act in other capacities with regard to other investment products offered by either party.

The Delegated Sponsor or its affiliates may issue derivative instruments relating to bitcoin. The Delegated Sponsor's affiliate(s) may offer investment products that offer short exposure to bitcoin and does offer other products that offer long exposure to bitcoin, which may take market share from the Trust or affect the value of bitcoin or an investment in the Trust. Introduction of such competing products may affect the market value of bitcoin and an investment in the Trust. The Delegated Sponsor and its affiliated companies may also receive non-public information relating to bitcoin and neither the Delegated Sponsor nor any of its affiliates will undertake to make this information available to investors in the Trust.

The Delegated Sponsor and its employees and affiliates may engage in long or short transactions in bitcoin in their personal accounts (subject to certain internal employee trading policies and procedures), and in doing so may take positions opposite to those held by the Trust or may compete with the Trust for positions in the marketplace.

Records of trading by these parties will not be available for inspection by shareholders. Because these parties may trade bitcoin for their own accounts at the same time as the Trust, prospective shareholders should be aware that such persons may take positions in bitcoin which are opposite, or ahead of, the positions taken for the Trust. There can be no assurance that any of the foregoing will not have an adverse effect on the performance of the Trust.

If the Delegated Sponsor acquires knowledge of a potential transaction or arrangement that may be an opportunity for the Trust, it will have no duty to offer such opportunity to the Trust. The Delegated Sponsor will not be liable to the Trust or the Shareholders for breach of any fiduciary or other duty if Sponsor pursues such opportunity or directs it to another person or does not communicate such opportunity to the Trust. Neither the Trust nor any Shareholder will have any rights or obligations by virtue of the Trust Agreement, the trust relationship created thereby, or this Prospectus in such business ventures or the income or profits derived from such business ventures. The pursuit of such business ventures, even if competitive with the activities of the Trust, will not be deemed wrongful or improper.

From time to time, a portion of the Trust's bitcoin holdings and cash holdings may be held with the Prime Broker, in the Trading Balance, in connection with the creation and redemption of Shares via cash transactions or to pay for Trust Expenses not assumed by the Delegated Sponsor in consideration for the Delegated Sponsor Fee. For a discussion on the potential conflicts of interest associated with such an arrangement, see "Prime Broker."

The Cayman Trustee is responsible for supervising the Delegated Sponsor's performance of Delegated Duties and retains reserved powers requiring the Delegated Sponsor to obtain the Cayman Trustee's prior written consent for certain material actions. However, the Cayman Trustee is itself a paid service provider to the Trust and receives fees and expense reimbursements that continue so long as the Trust and the Delegation Agreement remain in effect. This creates an inherent tension between the Cayman Trustee's role as supervisory principal and its financial interest in the continuation of the current arrangement.

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#### Resolution of Conflicts Procedures
The Trust Agreement provides that (i) whenever a conflict of interest exists or arises between the Delegated Sponsor or any of its Affiliates, on the one hand, and the Trust, any shareholder or any other person, on the other hand; or (ii) whenever the Trust Agreement or any other agreement contemplated by the Trust Agreement provides that the Delegated Sponsor shall act in a manner that is, or provides terms that are, fair and reasonable to the Trust, any shareholder or any other person, the Delegated Sponsor shall resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the Delegated Sponsor, the resolution, action or terms so made, taken or provided by the Delegated Sponsor shall not constitute a breach of this Trust Agreement or any other agreement contemplated herein or of any duty or obligation of the Delegated Sponsor at law or in equity or otherwise.

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#### DUTIES OF THE DELEGATED SPONSOR AND THE TRUSTEES
Under the Trust Agreement, the Cayman Trustee has certain enumerated duties and responsibilities for the operation and management of the Trust, substantially all of which have been delegated to the Delegated Sponsor, as described below.

The general fiduciary duties which would otherwise be imposed on the Cayman Trustee (and any that may be imposed on the Delegated Sponsor) (which would make its operation of the Trust as described herein impracticable due to the strict prohibition imposed by such duties on, for example, conflicts of interest on behalf of a fiduciary in its dealings with its beneficiaries), will be replaced entirely by the terms of the Trust Agreement (to which terms all Shareholders, by subscribing to the Shares, are deemed to consent).

Pursuant to the Delegation Agreement, the Delegated Sponsor will have the following duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • To enter into, execute, accept, deliver and maintain, and to cause the Trust to perform its obligations under, contracts, agreements and any or all other documents and instruments incidental to the Trust's purposes, including, but not limited to, contracts with third parties to provide various services, except as noted below regarding the Bitcoin Custodians or other security vendors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • To establish, maintain, deposit into, and sign checks and/or otherwise draw upon, accounts on behalf of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • To cause legal title to any Trust property to be held by or in the name of the Delegated Sponsor, or to have any contract entered into in the name of the Delegated Sponsor, on such terms as the Delegated Sponsor may determine, with the same effect as if such property were held in the name of the Trust or such contract were entered into in the name of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • To purchase, sell, exchange, hold, and otherwise trade bitcoin through one or more exchanges, brokers, custodians, or other counterparties, on such terms and at such times as the Cayman Trustee deems advisable in furtherance of the Trust's purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • To terminate, or replace the custodian or other security vendors for the Trust, with the prior approval of the Cayman Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • To maintain control over the Custody Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • To deposit, withdraw, pay, retain and distribute the assets of the Trust Estate or any portion thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Supervise the preparation of any offering materials for the Trust and supplements and amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Pay or authorize the payment of distributions to the shareholders and expenses of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Arrange for and manage the exchange listing of the shares of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Delegate those of its duties hereunder to one or more service providers, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the Administrator

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the Transfer Agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the Bitcoin Custodians

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the Benchmark Provider

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the Marketing Agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Authorized Participants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • insurer(s)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any other service provider(s) as needed

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Recommend such other services as the Delegated Sponsor believes that each Trust may from time to time require for approval by the Cayman Trustee and perform such services upon the Cayman Trustee's approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Effect the provisions of the Trust Agreement regarding forks, airdrops and the like and exercise discretion regarding hard forks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Sole discretion, without seeking the approval of the Cayman Trustee or the Trust's shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to divide the beneficial interest in the Trust into an unlimited amount of shares, with or without par value, as the Delegated Sponsor will determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to issue shares without limitation as to number (including fractional shares), to such persons and for such amount of consideration, subject to any restriction set forth in the Trust Agreement, if any, at such time or times and on such terms as the Delegated Sponsor may deem appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • make such rules as it considers appropriate for the issuance of share certificates, transfer of shares, and similar matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to divide or combine the shares into a greater or lesser number without thereby materially changing the proportionate beneficial interest of the shares in the assets held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The discretion, with the approval of the Cayman Trustee but not the Trust's shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to establish and designate and to change in any manner and to fix such preferences, voting powers, rights, duties and privileges of the Trust as the Delegated Sponsor may from time to time determine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to take such other action with respect to the shares as the Delegated Sponsor may deem desirable.

The Cayman Trustee retains certain non-delegable responsibilities, including: ultimate responsibility for performance of duties under the Trust Agreement; oversight and monitoring of the Delegated Sponsor's performance; approval rights over material transactions and decisions, including custodian appointments and changes to the preferences, voting powers, rights, duties and privileges of the Trust; the authority to change, reduce or terminate the delegation; and ultimate fiduciary responsibility as set forth under the Trust Agreement.

To the extent that at law (common or statutory) or in equity, the Delegated Sponsor has duties (including fiduciary duties) and liabilities relating thereto to the Trust, the Shareholders or to any other person, the Delegated Sponsor will not be liable to the Trust, the Shareholders or to any other person for its good faith reliance on the provisions of the Trust Agreement or this Prospectus unless such reliance constitutes gross negligence, bad faith, or willful misconduct on the part of the Delegated Sponsor, as applicable.

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#### LIABILITY AND INDEMNIFICATION

#### The DE Trustee
As further discussed in the Trust Agreement, the DE Trustee will not be liable for the acts or omissions of the Delegated Sponsor, nor will the DE Trustee be liable for supervising or monitoring the performance and the duties and obligations of the Delegated Sponsor or the Trust under the Trust Agreement. The DE Trustee will not be personally liable under any circumstances, except for its own willful misconduct, bad faith or gross negligence. In particular, but not by way of limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

the DE Trustee will not be personally liable for any error of judgment made in good faith except to the extent such error of judgment constitutes gross negligence on its part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

no provision of the Trust Agreement will require the DE Trustee to expend or risk its personal funds or otherwise incur any financial liability in the performance of its rights or powers hereunder, if the DE Trustee shall have reasonable grounds for believing that the payment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)

under no circumstances will the DE Trustee be personally liable for any representation, warranty, covenant, agreement, or indebtedness of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)

the DE Trustee will not be personally responsible for or in respect of the validity or sufficiency of the Trust Agreement or for the due execution hereof by the Delegated Sponsor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)

the DE Trustee will incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper reasonably believed by it to be genuine and reasonably believed by it to be signed by the proper party or parties. The DE Trustee may accept a certified copy of a resolution of any governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the manner of ascertainment of which is not specifically prescribed herein, the DE Trustee may for all purposes hereof rely on a certificate, signed by an authorized officer of the Delegated Sponsor or any other corresponding directing party, as to such fact or matter, and such certificate will constitute full protection to the DE Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)

in the exercise or administration of the trust hereunder, the DE Trustee (i) may act directly or through agents or attorneys pursuant to agreements entered into with any of them, and the DE Trustee will not be liable for the default or misconduct of such agents or attorneys if such agents or attorneys will have been selected by the DE Trustee in good faith and with due care and (ii) may consult with counsel, accountants and other skilled persons to be selected by it in good faith and with due care and employed by it, and it will not be liable for anything done, suffered or omitted in good faith by it in accordance with the advice or opinion of any such counsel, accountants or other skilled persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g)

except as will be expressly provided in the Trust Agreement, the DE Trustee will act solely as a trustee under the Trust Agreement and not in its individual capacity, and all persons having any claim against the DE Trustee by reason of the transactions contemplated by the Trust Agreement will look only to the Trust's property for payment or satisfaction thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h)

the DE Trustee will not be liable for punitive, exemplary, consequential, special or other similar damages under any circumstances.

The DE Trustee or any officer, affiliate, director, employee, or agent of the DE Trustee (each, an "Indemnified Person") will be entitled to indemnification from the Delegated Sponsor or the Trust, to the fullest extent permitted by law, from and against any and all losses, claims, taxes, damages, reasonable expenses, and liabilities (including liabilities under State or federal securities laws) of any kind and nature whatsoever (collectively, "Expenses"), to the extent that such Expenses arise out of or are imposed upon or asserted against such Indemnified Persons with respect to the creation, operation or termination of the Trust, the execution, delivery or performance of the Trust Agreement or the transactions contemplated in the Trust

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Agreement; provided, however, that the Delegated Sponsor and the Trust will not be required to indemnify any Indemnified Person for any Expenses that are a result of the willful misconduct, bad faith or gross negligence of such Indemnified Person.

The obligations of the Delegated Sponsor and the Trust to indemnify the Indemnified Persons will survive the termination of the Trust Agreement.

#### The Cayman Trustee
Under the Trust Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The definition of "Covered Person" includes the Cayman Trustee and, amongst others, its shareholders, members, directors, officers, employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A Covered Person shall have no liability to the Trust, any Shareholder or any other Covered Person for any loss suffered by the Trust which arises out of any action or inaction of such Covered Person if such Covered Person, in good faith, determined that such course of conduct was in the best interest of the Trust and such course of conduct did not constitute fraud, gross negligence, bad faith or willful misconduct of such Covered Person. Subject to the foregoing, neither the Cayman Trustee nor any other Covered Person shall be personally liable for the return or repayment of all or any portion of the capital or profits of any Shareholder or assignee thereof, it being expressly agreed that any such return of capital or profits made pursuant to this Trust Agreement shall be made solely from the assets of the Trust without any rights of contribution from the Cayman Trustee or any other Covered Person. A Covered Person shall not be liable for the conduct or misconduct of any delegatee selected by the Cayman Trustee with reasonable care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Cayman Trustee will not be liable to the Trust, the Shareholders or to any other person for its good faith reliance on the provisions of the Trust Agreement or the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Cayman Trustee and any Covered Person shall be indemnified by the Trust against any losses, judgments, liabilities, expenses and amounts paid in settlement of any claims arising out of or in connection with the performance of its obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement, provided that (i) the Cayman Trustee was acting on behalf of, or performing services for, the Trust and has determined, in good faith, that such course of conduct was in the best interests of the Trust and such liability or loss was not the result of fraud, gross negligence, bad faith, willful misconduct, or a material breach of this Trust Agreement on the part of the Cayman Trustee and (ii) any such indemnification will be recoverable only from the Trust Estate.

Pursuant to the relevant powers to do so under the Trust Agreement, the Cayman Trustee will enter into various agreements, including the Appleby Agreements. The Cayman Trustee's liability under the Appleby Agreements is limited to losses or damage arising by reason of its fraud, gross negligence, bad faith, or willful misconduct. The Trust has agreed to indemnify the Cayman Trustee against all actions, suits, proceedings, claims, demands, costs and expenses arising in connection with the provision of services under those agreements, other than those arising by reason of the Cayman Trustee's fraud, gross negligence, bad faith, or willful misconduct. In addition, pursuant to the Appleby Agreements, the Trust shall advance to the Cayman Trustee any expenses (including reasonable legal fees and expenses) incurred by the Cayman Trustee in defending any actions, suits, proceedings, claims or demands arising in connection with the provision of services to the Trust. Notwithstanding the foregoing, the Cayman Trustee shall reimburse the Trust for, and hereby indemnifies the Trust against, any such advanced amounts in the event that a final judgment is entered against the Cayman Trustee finding that it acted fraudulently or with gross negligence, bad faith, or willful misconduct.

#### The Delegated Sponsor
The Delegated Sponsor will not be under any liability to the Trust, the Trustees or any Shareholder for any action taken or for refraining from the taking of any action in good faith pursuant to the Trust Agreement, or for errors in judgment or for depreciation or loss incurred by reason of the sale of any bitcoin or other assets held in trust hereunder; provided, however, that this provision will not protect the Delegated

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Sponsor against any liability to which it would otherwise be subject by reason of its own gross negligence, bad faith, or willful misconduct. The Delegated Sponsor may rely in good faith on any paper, order, notice, list, affidavit, receipt, evaluation, opinion, endorsement, assignment, draft or any other document of any kind prima facie properly executed and submitted to it by the Trustees, the Trustees' counsel or by any other Person for any matters arising hereunder. The Delegated Sponsor will in no event be deemed to have assumed or incurred any liability, duty, or obligation to any Shareholder or to the Trustees other than as expressly provided for herein. The Trust will not incur the cost of that portion of any insurance which insures any party against any liability, the indemnification of which is herein prohibited.

In addition, as described in the Trust Agreement, (i) whenever a conflict of interest exists or arises between the Delegated Sponsor or any of its affiliates, on the one hand, and the Trust, on the other hand; or (ii) whenever the Trust Agreement or any other agreement contemplated herein or therein provides that the Delegated Sponsor will act in a manner that is, or provides terms that are, fair and reasonable to the Trust, the Delegated Sponsor will resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the Delegated Sponsor, the resolution, action or terms so made, taken or provided by the Delegated Sponsor will not constitute a breach of the Trust Agreement or any other agreement contemplated herein or of any duty or obligation of the Delegated Sponsor at law or in equity or otherwise.

The Delegated Sponsor and its shareholders, members, directors, officers, employees, affiliates and subsidiaries (each a "Sponsor Indemnified Party") will be indemnified by the Trust against any losses, judgments, liabilities, expenses and amounts paid in settlement of any claims arising out of or in connection with the performance of its obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement, provided that (i) the Delegated Sponsor was acting on behalf of, or performing services for, the Trust and has determined, in good faith, that such course of conduct was in the best interests of the Trust and such liability or loss was not the result of fraud, gross negligence, bad faith, willful misconduct, or a material breach of this Trust Agreement on the part of the Delegated Sponsor and (ii) any such indemnification will be recoverable only from the Trust Estate. Any amounts payable to a Sponsor Indemnified Party under the Trust Agreement may be payable in advance or will be secured by a lien on the Trust. The Delegated Sponsor will not be under any obligation to appear in, prosecute or defend any legal action that in its opinion may involve it in any expense or liability; provided, however, that the Delegated Sponsor may, in its discretion, undertake any action that it may deem necessary or desirable in respect of the Trust Agreement and the rights and duties of the parties hereto and the interests of the Shareholders and, in such event, the legal expenses and costs of any such action will be expenses and costs of the Trust and the Delegated Sponsor will be entitled to be reimbursed therefor by the Trust. The obligations of the Trust to indemnify the Delegated Sponsor Indemnified Parties will survive the termination of the Trust Agreement.

#### Bitcoin Custodians
The Bitcoin Custodians have limited liability, impairing the ability of the Trust to recover losses relating to its bitcoin and any recovery may be limited, even in the event of fraud. In addition, the Bitcoin Custodians may not be liable for any delay in performance of any of its custodial obligations by reason of any cause beyond their reasonable control, including force majeure events, war or terrorism, and may not be liable for any system failure or third-party penetration of its systems. As a result, the recourse of the Trust to the Bitcoin Custodians may be limited.

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#### PROVISIONS OF LAW
According to applicable law, indemnification of the Delegated Sponsor is payable only if the Delegated Sponsor determined, in good faith, that the act, omission or conduct that gave rise to the claim for indemnification was in the best interest of the Trust and the act, omission or activity that was the basis for such loss, liability, damage, cost or expense was not the result of negligence or misconduct and such liability or loss was not the result of negligence or misconduct by the Delegated Sponsor, and such indemnification or agreement to hold harmless is recoverable only out of the assets of the Trust.

#### Provisions of Federal and State Securities Laws
This offering is made pursuant to federal and state securities laws. The SEC and state securities agencies take the position that indemnification of the Delegated Sponsor that arises out of an alleged violation of such laws is prohibited unless certain conditions are met.

These conditions require that no indemnification of the Delegated Sponsor or any underwriter for the Trust may be made in respect of any losses, liabilities or expenses arising from or out of an alleged violation of federal or state securities laws unless: (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the party seeking indemnification and the court approves the indemnification; (ii) such claim has been dismissed with prejudice on the merits by a court of competent jurisdiction as to the party seeking indemnification; or (iii) a court of competent jurisdiction approves a settlement of the claims against the party seeking indemnification and finds that indemnification of the settlement and related costs should be made, provided that, before seeking such approval, the Delegated Sponsor or other indemnitee must apprise the court of the position held by regulatory agencies against such indemnification. These agencies are the SEC and the securities administrator of the State or States in which the plaintiffs claim they were offered or sold interests.

#### MANAGEMENT; VOTING BY SHAREHOLDERS
Each Share represents a fractional undivided beneficial interest in the net assets of the Trust. Upon redemption of the Shares, the applicable Authorized Participant shall be paid solely out of the funds and property of the Trust. All Shares are transferable, fully paid and non-assessable. The assets of the Trust consist primarily of bitcoin held by the Bitcoin Custodians on behalf of the Trust.

The Shareholders of the Trust take no part in the management or control, and have no voice in, the Trust's operations or business. Except in limited circumstances described below, Shareholders will have no voting rights under the Trust Agreement. Under the Trust Agreement, Shareholders holding Shares representing (i) at least a majority (over 50%) of the Shares (not including Shares held by the Delegated Sponsor and its Affiliates) may vote to appoint a successor Delegated Sponsor or to continue the Trust.

Owners of Shares do not generally have any voting rights. The Shares do not represent a traditional investment and are not similar to shares of a corporation operating a business enterprise with management and a board of directors. All Shares are of the same class with equal rights and privileges. By acquiring Shares, you are not acquiring the right to elect directors, to receive dividends, to vote on certain matters regarding the issuer of your Shares or to take other actions normally associated with the ownership of shares. The Shares do not entitle their holders to any conversion or pre-emptive rights or any redemption rights. In certain circumstances, Shareholders may vote to appoint a successor Delegated Sponsor following the Voluntary Withdrawal of the Delegated Sponsor, or to continue the Trust in certain instances of dissolution of the Trust. Shareholders shall otherwise have no voting rights with respect to the Trust.

The Delegated Sponsor and the Cayman Trustee will generally have the right to amend the Trust Agreement as it applies to the Trust provided that the Shareholders have the right to vote only if expressly required under Delaware or federal law or rules or regulations of the Exchange, or if submitted to the Shareholders by the Delegated Sponsor in its sole discretion as a delegate of the Cayman Trustee.

The Trust does not have any directors, officers or employees. The creation and operation of the Trust has been arranged by the Delegated Sponsor. The following persons, in their capacities as executive officers of the Delegated Sponsor, a Delaware limited liability company, perform certain functions with respect to the Trust that, if the Trust had directors or executive officers, would typically be performed by them.

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Benjamin Huneke is the President of the Delegated Sponsor and Rohit Goenka is the Chief Financial Officer of the Delegated Sponsor. Eric Kayne, Ruairi O'Healai, Tatiana Segal, Lisa Buhain Winslow and Scott Steel are directors of the Delegated Sponsor.

***Benjamin Huneke*** is head of Morgan Stanley Investment Management and a member of the Morgan Stanley Management Committee. From 2016 to 2023, Ben was head of investment solutions at Morgan Stanley Wealth Management, focused on delivering industry-leading investment products, programs and platforms to financial advisors and their retail and institutional clients. Previous roles included chief operating officer of field management and head of strategy and business management for the Firm's international Wealth Management businesses across Europe, Latin America and Asia.

Prior to joining Morgan Stanley in 2006, Ben was a management consultant with McKinsey & Co. specializing in advising clients in the wealth and asset management industries. He started his career in investment banking as an analyst working at Donaldson, Lufkin & Jenrette in their Financial Services Group. He has over 20 years of financial services experience. Ben holds an AB from Princeton University and an MBA from Columbia University. He serves on the board and executive committee of the Investment Company Institute.

***Rohit Goenka*** is a Managing Director and Chief Financial Officer of Morgan Stanley's Investment Management division. Rohit is a member of both the Morgan Stanley Investment Management Operating Committee and the Finance Management Committee.

Prior to his current role, Rohit was a sell-side analyst in Equity Research covering large Wealth and Asset Management Firms and has held various leadership roles in Investor Relations, the Firm Strategy and Execution Group and Treasury.

Rohit holds a Bachelor of Engineering from Birla Institute of Technology & Science, Pilani, India and an MBA from Indian School of Business, Hyderabad, India.

***Eric Kayne*** is Co-Chief Operating Officer, a member of the Morgan Stanley Investment Management Operating Committee and senior sponsor of the Morgan Stanley Investment Management Diversity Council. Prior to that, Eric was the chief administrative officer of Morgan Stanley Investment Management. He previously held numerous senior positions within Morgan Stanley's Human Resources division, including the head of HR for Investment Management and the Firm's Corporate Infrastructure functions, head of HR for Technology, head of HR for Wealth Management and the COO of Human Resources.

Prior to joining Morgan Stanley, Eric worked at Bear Stearns and Kwasha Lipton. He has over 30 years of financial services experience. Eric has a BA in human resources from the University of Michigan.

***Ruairi O'Healai*** is a Managing Director of Morgan Stanley Investment Management and serves as the division's Co-Chief Operating Officer. Ruairi has served as a Board director for Morgan Stanley Investment Management Ltd for the past 14 years and MSIM Fund Management (Ireland) Limited for the past 5 years.

Ruairi is a member of both the Morgan Stanley Investment Management Operating Committee and the Morgan Stanley EMEA Operating Committee. Ruairi has over 28 years industry experience.

Prior to joining Morgan Stanley Investment Management, he was the Global Head of Risk Management for Pioneer Investments, where he worked for 12 years. Ruairi holds a B.A. Banking and Finance degree from the University of Ulster and a Masters of Commerce from the Graduate School of Business, University College Dublin.

***Tatiana Segal*** is a Managing Director and Head of Global Risk & Analysis, responsible for financial and nonfinancial risk management, performance attribution and portfolio analysis across Investment Management, and chair of the Morgan Stanley Investment Management Risk Committee. She is a member of the MSIM Operating Committee, the Global Diversity and Inclusion Council, the Morgan Stanley Risk Committee, and the boards for MSIM Ltd. and Morgan Stanley Funds.

Prior to joining Morgan Stanley in 2019, Tatiana was a partner and head of risk management at SkyBridge. Previously, she was chief risk officer at Cerebus Capital Management LLC and senior risk

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manager at Citigroup Alternative Investments. She began her career at BlackRock Financial Management. She has over 30 years of financial services experience.

Tatiana is co-chair of Risk PAG NY for 100 Women in Finance, a contributing member of the council of the Directors and Chief Risk Officers and a trustee emeritus of the Tenement Museum. She has a BA in economics from Columbia University.

***Lisa Buhain Winslow*** is the Chief Operating Officer of the Global Public Equity business at Morgan Stanley Investment Management, and a Managing Director at Morgan Stanley. She joined Morgan Stanley in 2009 and has 25+ years of investment industry experience. In this capacity, she is responsible for the operational infrastructure and control environment for the $275B Active Fundamental Equity franchise. Lisa develops and executes initiatives for strategic change/restructuring, client governance/policy and regulatory reform across seven distinct investment teams.

Lisa is a senior executive with extensive experience in all aspects of asset management operations, investment risk management and business management combined with the leadership ability to guide and manage a diverse team. She manages a Global Equity trading team of 22 across US, Europe and Asia. Additionally, Lisa is the Co-Chair of the MSIM Philanthropy Committee, participating in key initiatives with strategic philanthropic partners to engage employees in giving back to the community.

Prior to joining MSIM, Lisa was a trader on the Corporate Loan Portfolio desk at Merrill Lynch. Previously, she spent more than a decade at Merrill Lynch in a variety of roles within debt capital markets, corporate strategy and risk management. Lisa received a dual bachelor's degree in International Relations and Economics from Boston University.

***Scott M. Steel*** is a Managing Director and the Global Head of Product and Corporate Development at Morgan Stanley Investment Management based in New York City. His responsibilities include global product development, strategy, capital markets, marketing as well as leading Investment Management's efforts as part of the Integrated Firm initiative. Scott is a member of the Investment Management Operating Committee and was recently recognized as a Morgan Stanley MAKER for embracing and promoting women's empowerment and gender equality.

Scott has been at Morgan Stanley for over 10 years, and most recently served as the Chief Operating Officer of the Investment Solutions organization which was responsible for the development, sourcing, onboarding, distribution and servicing of all investment products and solutions across Wealth Management as well as managing its relationships with traditional and alternative asset managers as well as insurance carriers.

Prior to joining the Firm, Scott worked at Merrill Lynch where he was an Investment Banker in the Financial Institutions Group as well as the head of several business strategy teams within investment banking and wealth management.

Scott graduated from Villanova University and lives in New Jersey with his wife and two daughters. He is a member of the Villanova School of Business Deans Advisory Council as well as a member of the Augustinian Province of St. Thomas of Villanova Investment Committee.

#### BOOKS AND RECORDS
The Trust keeps its books of record and account at the office of the Administrator, or such office, including of an administrative agent, as it may subsequently designate upon notice. The books and records are open to inspection by any person who establishes to the Trust's satisfaction that such person is a Shareholder upon reasonable advance notice at all reasonable times during usual business hours of the Trust.

The Trust will also keep a copy of the Trust Agreement on file in the Delegated Sponsor's office which will be available for inspection by any Shareholder at all times during its usual business hours upon reasonable advance notice.

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#### STATEMENTS, FILINGS, AND REPORTS TO SHAREHOLDERS
After the end of each fiscal year, the Delegated Sponsor will cause to be prepared an annual report for the Trust containing audited financial statements. The annual report will be in such form and contain such information as will be required by applicable laws, rules and regulations and may contain such additional information which the Delegated Sponsor determines shall be included. The annual report will be filed with the SEC and the Exchange and will be distributed to such persons and in such manner, as is required by applicable laws, rules and regulations.

The Delegated Sponsor is responsible for the registration and qualification of the Shares under the federal securities laws. The Delegated Sponsor will also prepare, or cause to be prepared, and file any periodic reports or updates required under the Exchange Act. The Administrator will assist and support the Delegated Sponsor in the preparation of such reports.

The Administrator will make such elections, file such tax returns, and prepare, disseminate and file such tax reports, as it is advised to by its counsel or accountants or as required from time to time by any applicable statute, rule or regulation.

#### FISCAL YEAR
The fiscal year of the Trust is the calendar year. The Delegated Sponsor may select an alternate fiscal year.

#### GOVERNING LAW; CONSENT TO DELAWARE JURISDICTION
The rights of the Delegated Sponsor, the Trust, DTC (as registered owner of the Trust's global certificate for Shares) and the Shareholders are governed by the laws of the State of Delaware. The Delegated Sponsor, the Trust and DTC and, by accepting Shares, each DTC Participant and each Shareholder, consent to the exclusive jurisdiction of the courts of the State of Delaware and any federal courts located in Delaware. Such consent is not required for any person to assert a claim of Delaware jurisdiction over the Delegated Sponsor, the Trust.

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#### LEGAL MATTERS
Dechert LLP has advised the Delegated Sponsor in connection with the Shares being offered. Dechert LLP advises the Delegated Sponsor with respect to its responsibilities as sponsor of, and with respect to matters relating to, the Trust. An opinion of counsel is filed with the SEC as an exhibit to the Registration Statement of which this Prospectus is a part.

#### EXPERTS
The financial statements of the Trust will be included herein in reliance on the report of Ernst & Young LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

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#### OTHER MATERIAL CONTRACTS

#### Trustee Services Agreement
Under the Trustee Services Agreement, the Cayman Trustee agrees to provide services to the Trust in exchange for fees and other compensation, as further detailed in the agreement. The Trustee Services Agreement is governed by the laws of the Cayman Islands and may be amended, supplemented, or updated from time to time by mutual agreement of the parties.

#### Delegation Agreement
Under the Delegation Agreement, the Cayman Trustee has delegated substantially all of its day-to-day management and operational duties under the Trust Agreement to the Delegated Sponsor. The Delegated Sponsor shall remain liable to the Cayman Trustee for services delegated as detailed in the Delegation Agreement. The delegated duties include, but are not limited to: entering into and maintaining contracts and agreements; establishing and maintaining accounts; causing legal title to Trust property to be held in the name of the Delegated Sponsor; appointing custodians and other service providers (subject to Cayman Trustee approval for custodians); maintaining control over custody accounts; depositing, withdrawing, paying, retaining and distributing Trust assets; supervising preparation of offering materials and amendments; paying or authorizing distributions and Trust expenses; arranging for and managing exchange listing of Shares; delegating duties to service providers; effecting provisions regarding forks and airdrops; and exercising sole discretion over issuance of Shares, share divisions and combinations, and related matters.

The Cayman Trustee retains oversight responsibilities, the duty to monitor the Delegated Sponsor's performance, approval rights over certain material transactions (including custodian appointments and changes to Trust preferences and powers), and ultimate fiduciary responsibility as set forth under the Trust Agreement.

#### Cash Custody Agreement
The Delegated Sponsor, on behalf of the Trust, has entered into a cash custody agreement ("Cash Custody Agreement") with The Bank of New York Mellon under which The Bank of New York Mellon acts as custodian of the Trust's cash and cash equivalents (in such capacity, the "Cash Custodian"). The Cash Custodian has agreed to provide its services under the Cash Custody Agreement until terminated in accordance with the provisions of the Cash Custody Agreement. Either the Cash Custodian or the Trust may terminate the Cash Custody Agreement with respect to one or more series of the Trust by giving written notice to the counterparty as set forth in the Cash Custody Agreement.

The fees of the Cash Custodian are paid by the Trust. In addition, the Trust shall reimburse the Cash Custodian for any out-of-pocket and incidental expenses incurred by the Cash Custodian in connection with the Cash Custody Agreement.

The Cash Custodian shall exercise the standard of care and diligence that a professional custodian engaged in the banking or trust company industry ("Standard of Care"). Except as otherwise expressly provided in the Cash Custody Agreement, the Cash Custodian's liability arising out of or relating to the Cash Custody Agreement shall be limited solely to those direct damages that are caused by the Cash Custodian's failure to perform its obligations under the Cash Custody Agreement in accordance with the Standard of Care, subject to exceptions set forth in the Cash Custody Agreement. The Trust agrees to indemnify the Cash Custodian and hold the Cash Custodian harmless from and against all losses, costs, expenses, damages and liabilities(including reasonable counsel fees and expenses) incurred by the Cash Custodian arising out of or relating to the Cash Custodian's performance under the Cash Custody Agreement, except to the extent resulting from the Cash Custodian's failure to perform its obligations under the Cash Custody Agreement in accordance with the Standard of Care.

The Cash Custody Agreement is governed by the laws of the state of New York.

#### Fund Administration and Accounting Agreement
Under the Fund Administration and Accounting Agreement, the Administrator has agreed to provide its services for an initial term of three years with an automatic renewal of successive one-year terms unless earlier terminated pursuant to the Fund Administration and Accounting Agreement.

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In addition, the Administrator may terminate its services for certain material breaches of the Fund Administration and Accounting Agreement.

Pursuant to the Fund Administration and Accounting Agreement, the Administrator is generally responsible for the day-to-day administration of the Trust. The responsibilities of the Administrator include (i) establishing appropriate expense accruals and compute expense ratios, maintaining expense files and coordinating the payment of Trust approved invoices; (ii) calculating Trust approved income and per share amounts required for periodic distributions to be made by the Trust; (iii) calculating total return information; (iv) coordinating the Trust's annual audit and (v) supplying various normal and customary portfolio and Trust statistical data as requested on an ongoing basis.

The responsibilities of the Administrator also include providing various valuation and computation accounting services for the Trust, including (i) maintaining certain financial books and records for the Trust, including creation and redemptions books and records, and Trust accounting records; (ii) computing the Trust's NAV; (iii) obtaining quotes from pricing services as directed and approved by the Delegated Sponsor, or if such quotes are unavailable, then obtaining such prices from the Delegated Sponsor, and in either case, calculating the market value of the Trust's assets in accordance with the Trust's valuation policies or guidelines; and (iv) transmitting or making available a copy of the daily portfolio valuation to the Delegated Sponsor.

The responsibilities of the Administrator also include providing financial reporting services for the Trust, including (i) preparing financial statements for the Trust; (ii) preparing periodic shareholder reports for the Trust; and (iii) preparing, circulating and maintaining the Trust's financial reporting production calendar.

The responsibilities of the Administrator also include providing tax services for the Trust, including preparing annual grantor trust tax reporting statements for the Trust's review and approval.

In addition, the Administrator shall provide, at its expense, office space, facilities, equipment and personnel required to provide such services. The Administrator's principal address is 240 Greenwich Street, New York, New York 10286.

The fees of the Administrator are paid by the Trust. In addition, the Trust shall reimburse Administrator for reasonably and documented out-of-pocket expenses as are incurred by the Administrator in performing its duties under the Fund Administration and Accounting Agreement.

The Administrator shall exercise the standard of care and diligence that a professional fund administrator engaged in the banking or trust company industry would observe in the provision of the services rendered pursuant to this Agreement, without bad faith, gross negligence or willful misconduct. Except as otherwise provided in the Fund Administration and Accounting Agreement, the Administrator and any affiliate of the Administrator shall not be liable for any costs, expenses, losses, charges, damages, liabilities or claims, including reasonable and documented attorney's and accountants' fees (collectively, "Losses") incurred by or asserted against the Trust, except those Losses arising out of the Administrator's own gross negligence, bad faith or willful misconduct. In addition, the Administrator shall not be liable for any Losses for delays caused by circumstances beyond the reasonable control of the Administrator or any agent of the Administrator and which adversely affect the performance by the Administrator of its obligations and duties under the Fund Administration and Accounting Agreement or by any other agent of the. Upon the occurrence of any such delay or failure, the Administrator shall use commercially reasonable efforts to resume performance as soon as practicable under the circumstances.

The Trust will indemnify the Administrator and any affiliate of the Administrator ("Indemnitees"), and the Indemnitees will incur no liability for its reliance upon (i) any law, act, regulation or interpretation of the same even though the same may thereafter have been altered, changed, amended or repealed, (ii) the Trust's offering materials or documents (excluding information provided by the Administrator), (iii) any instructions or (iv) any written opinion of legal counsel for the Trust or the Administrator, or arising out of transactions or other activities of the Trust which occurred prior to the commencement of the Fund Administration and Accounting Agreement; provided however, that the Trust shall not indemnify any Indemnitee for any losses arising out of the Indemnitees' own bad faith, gross negligence or willful misconduct in the performance of the Fund Administration and Accounting Agreement.

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#### Transfer Agency and Services Agreement
Pursuant to the Transfer Agency and Services Agreement, the Transfer Agent is generally responsible for the day-to-day administration of the Trust. The responsibilities of the Transfer Agent include: (i) performing and facilitating the performance of purchases and redemption of Creation Baskets; (ii) preparing and transmitting by means of DTC's book entry system payments for dividends and distributions on or with respect to the Shares, if any, declared by the Trust; (iii) maintaining the record of the name and address of the Shareholder and the number of Shares issued by the Trust and held by the Shareholder; and (iv) recording the issuance of Shares of the Trust and maintain a record of the total number of Shares of the Trust which are outstanding and authorized, based upon data provided to it by the Trust.

The Transfer Agency and Services Agreement will have an initial term beginning on the commencement of trading of the Shares on the Exchange and will automatically be renewed for successive one-year periods, unless terminated pursuant to the terms of the agreement.

The Transfer Agent shall not be liable for any loss, costs, expenses or damage whatsoever which the Trust may sustain or suffer as a result of or in the course of the discharge of its duties hereunder other than loss or damage arising by reason of the fraud, gross negligence, bad faith or willful misconduct of the Transfer Agent.

The Trust shall indemnify the Transfer Agent against all actions, suits, proceedings, claims, demands, costs and expenses which may be made against the Transfer Agent in respect of any loss or damage sustained or suffered by any third party in connection with the provision of the services or the performance of the Transfer Agency Agreement, otherwise than by reason of the fraud, gross negligence, bad faith or willful misconduct of the Transfer Agent.

#### Custodial Services Agreements
The Coinbase Custodian and BNY are the Bitcoin Custodians for the Trust and hold all of the Trust's bitcoin on the Trust's behalf.

The Bitcoin Custodians will keep custody of all of the Trust's bitcoin, other than that which is maintained in the Trading Balance with the Prime Broker, in the Vault Balance. All of the Trust's assets and private keys will be held in cold storage of the Bitcoin Custodians on an ongoing basis, but a portion of the Trust's assets may be held in hot trading wallets, from time to time, in connection with the settlement of a creation or redemption transaction (note, however, that not all Bitcoin Custodians may maintain hot wallets for the holding and storage of crypto assets).

While the specific security measures around custody may vary across Bitcoin Custodians, cold storage locations of Bitcoin Custodians often feature monitoring by 24x7 on-site security, video surveillance and alarms, hardened room structures, and access to facilities controlled by multi-person controls, multi-team access rules, and multi-factor authentication. The locations of the cold storage sites may change at the discretion of the Bitcoin Custodian and are kept confidential by the Bitcoin Custodian for security purposes.

To the extent a Bitcoin Custodian maintains hot storage locations, transfers from cold to hot storage or vice versa require physical access to one or more cold storage facilities, as well as systematically enforced approvals and integrity verifications, before the secure device can be used to cryptographically complete the transaction. At no point during this process is the private key removed from the secure device(s) or the hot or cold storage facility. Once these security processes have been completed, a transfer on the Bitcoin network can be executed, signed using the private keys held offline in cold storage.

Similarly secure technology used by the Bitcoin Custodians includes a combination of Multi-Party Computation ("MPC"), Hardware Security Modules ("HSMs"), and Cross-Domain Security ("CDS") to safeguard digital assets. MPC is a cryptographic framework that ensures private keys are never fully assembled or exposed during the transaction process. Instead, key shares are distributed across secure, isolated environments, reducing single points of compromise and enabling secure, multi-party transaction approvals. HSMs are dedicated, tamper-resistant cryptographic devices used to securely generate, store, and manage key fragments. HSMs enforce role-based access controls and support transaction signing workflows across designated approval parties. CDS is a high-assurance security architecture originally developed for sensitive

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government environments. It enhances the integrity of cold storage systems by strictly isolating secure processing domains and preventing unauthorized cross-network interactions. These technologies operate alongside cold storage, where private key material remains entirely offline and physically secured in air-gapped environments. This layered approach ensures that private keys are protected.

Cold storage is a safeguarding method with multiple layers of protections and protocols, by which the private key(s) corresponding to the Trust's bitcoin is (are) generated and stored in an offline manner. Private keys are generated in offline computers that are not connected to the internet so that they are resistant to being hacked. By contrast, in hot storage, the private keys are necessarily used online, where they are more accessible, leading to more efficient transfers, though they are potentially more vulnerable to being hacked. There is no limit on the size of each cold storage address, and the Bitcoin Custodians will generally keep a substantial portion of the Trust's bitcoin in cold storage on an ongoing basis. However, it is possible that, from time to time, portions of the Trust's bitcoin will be held outside of cold storage temporarily in the Trading Balance maintained by the Prime Broker as part of trade facilitation in connection with creations and redemptions of Baskets, to sell bitcoin including to pay Trust expenses, or to pay the Delegated Sponsor Fee, as necessary. The Trust's bitcoin held in the Cold Vault Balance by the Bitcoin Custodians are held in segregated wallets and therefore are not commingled with the Bitcoin Custodians' or other customer assets.

Cold storage of private keys may involve keeping such keys on a non-networked computer or electronic device or storing the public key and private keys on a storage device or printed medium and deleting the keys from all computers. The Bitcoin Custodians may receive deposits of bitcoin but may not send bitcoin without use of the corresponding private keys. In order to send bitcoin when the private keys are kept in cold storage, unsigned transactions must be physically transferred to the offline cold storage facility and signed using a software/hardware utility with the corresponding offline keys. At that point, the Bitcoin Custodians can upload the fully signed transaction to an online network and transfer the bitcoin. Such private keys are stored in cold storage facilities within the United States and Europe and Asia, exact locations of which are not disclosed for security reasons. A limited number of employees at the Bitcoin Custodians are involved in private key management operations, and the Bitcoin Custodians have represented that no single individual has access to full private keys.

The Bitcoin Custodians' internal audit team performs periodic internal audits over custody operations, and the Bitcoin Custodians have represented that SOC attestations covering private key management controls are also performed on the Bitcoin Custodians by an external provider.

The Bitcoin Custodians maintain a commercial crime insurance policy, which is intended to cover the loss of client assets held in cold storage, including from employee collusion or fraud, physical loss including theft, damage of key material, security breaches or hacks, and fraudulent transfers. The insurance maintained by the Bitcoin Custodians is shared among all of the Bitcoin Custodians' customers, is not specific to the Trust or to customers holding bitcoin with the Bitcoin Custodians, and may not be available or sufficient to protect the Trust from all possible losses or sources of losses.

Bitcoin held in the Trust's account with the Bitcoin Custodians is the property of the Trust. The Trust, the Delegated Sponsor and the service providers will not loan or pledge the Trust's assets, nor will the Trust's assets, serve as collateral for any loan or similar arrangement. The Trust will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective.

In the event of a fork, the Custodial Services Agreements provide that the Bitcoin Custodians may temporarily suspend services, and may, in their sole discretion, determine whether or not to support (or cease supporting) either branch of the forked protocol entirely, provided that the Bitcoin Custodians shall use commercially reasonable efforts to avoid ceasing to support both branches of such forked protocol and will support, at a minimum, the original digital asset. The Custodial Services Agreements provide that, other than as set forth therein, and provided that the Bitcoin Custodians shall make commercially reasonable efforts to assist the Trust to retrieve and/or obtain any assets related to a fork, airdrop or similar event the Bitcoin Custodians shall have no liability, obligation or responsibility whatsoever arising out of or relating to the operation of the underlying software protocols relating to the Bitcoin network or an unsupported branch of a forked protocol and, accordingly, the Trust acknowledges and assumes the risk of the same. The Custodial Services Agreements further provide that, unless specifically communicated by the Bitcoin Custodians and their affiliates through a written public statement on their respective website, the Bitcoin

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Custodians do not support airdrops, metacoins, colored coins, side chains, or other derivative, enhanced or forked protocols, tokens or coins, which supplement or interact with bitcoin.

Under the Trust Agreement and Delegation Agreement, the Delegated Sponsor has the right, in its sole discretion as a delegate of the Cayman Trustee, to determine what action to take in connection with the Trust's entitlement to or ownership of Incidental Rights or any IR Virtual Currency, and the Trust may take any lawful action necessary or desirable in connection with the Trust's ownership of Incidental Rights, including the acquisition of IR Virtual Currency, as determined by the Delegated Sponsor in the Delegated Sponsor's sole discretion as a delegate of the Cayman Trustee, unless such action would adversely affect the status of the Trust as a grantor trust for U.S. federal income tax purposes or otherwise be prohibited by this Trust Agreement. With respect to any fork, airdrop or similar event, the Delegated Sponsor will cause the Trust to irrevocably abandon the Incidental Rights or IR Virtual Currency. In the event the Trust seeks to change this position, an application would need to be filed with the SEC by the Exchange seeking approval to amend its listing rules.

With respect to any fork, airdrop or similar event, the Delegated Sponsor will cause the Trust to irrevocably abandon the Incidental Rights or IR Virtual Currency. In the event the Trust seeks to change this position, an application would need to be filed with the SEC by the Exchange seeking approval to amend its listing rules.

Under each of the Custodial Services Agreements, the Bitcoin Custodians' liability is limited. Under the BNY Custodial Services Agreement, BNY's liability is limited as follows: in no event will BNY, its affiliates and service providers, or any of its respective officers, directors, agents, employees or representatives be liable for any indirect, incidental, consequential, exemplary, punitive or special losses or damages, or for any loss of revenues, profits or business opportunity, arising out of or relating to the BNY Custodial Services Agreement (whether or not foreseeable and even if BNY has been advised of the possibility of such losses or damages); provided, that none of the forgoing limitations will apply to direct damages suffered by the Trust or losses arising from BNY's breach of the standard of care; and in no event will BNY, its affiliates and service providers, or any of its respective officers, directors, agents, employees or representatives, be liable in aggregate for any amount greater than the U.S. Dollar value of the credited bitcoin lost, such value being determined as of the time such loss is sustained. BNY shall not be responsible for (i) reliance on instructions; (ii) BNY's receipt or acceptance of fraudulent or invalid bitcoin; (iii) BNY's review or non-acceptance of any bitcoin, including but not limited to delay of the Trust to issue instructions with respect to such bitcoin pending the completion of such review; (iv) BNY's approval, refusal, or withdrawal of approval with respect to any authorized counterparty; (v) as to any matter with respect to which BNY is required to act only upon the receipt of instructions, (A) BNY's failure to act in the absence of such instructions or (B) instructions that are late or incomplete, whether or not BNY acted upon such Instructions; (vi) BNY's receipt or transmission of any data to or from the Trust or any authorized person via any non-secure method of transmission or communication selected by the Trust; (vii) the Trust's use of any accounts on a basis inconsistent with the BNY Custodial Services Agreement; (viii) BNY's disposition of any bitcoin, including without limitation (A) provided such bitcoin was sold on an established exchange for digital assets, any failure to receive best execution therefor, or (B) the imposition of any tax obligations in connection with the disposition of such bitcoin; the insolvency of any person, including any service provider, digital asset exchange or trading facility, or counterparty to the settlement of a transaction; and (ix) any tax obligations of the Trust or any losses of the Trust in relation to tax obligations; (x) the Trust's or an authorized person's decision to invest in digital assets or to hold Cash in any currency. BNY is not responsible for, and in no event will BNY be liable for any losses arising out of, the operation of any protocols or networks, including any losses resulting from delays in the processing or validation of transfers of supported digital assets on a protocol or network, BNY's inability to retrieve or otherwise deal with any digital asset delivered to BNY without authority hereunder, any hacking or manipulation on any protocols or networks, any on-chain events, or any loss of, or inability of BNY to access or transfer, any digital asset other than as a result of (i) the unauthorized transfer of a credited asset by BNY, or (ii) the disclosure by BNY of any private key with respect to a credited asset in breach of the standard of care, or (iii) delays in BNY own processing of an instruction in breach of the standard of care. The liability of BNY will not exceed, solely in respect of custodial services provided pursuant to the BNY Custodial Services Agreement, the value, at the time the event giving rise to liability occurred, of the bitcoin on deposit in Trust's wallet(s) or account(s) directly affected by such event. BNY will value the bitcoin using commercially reasonable valuation methods as

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determined by BNY in its sole discretion; provided that no limitation or exclusion of BNY liability shall apply with respect to any claim arising out of or relating to BNY's breach of certain obligations set forth in the BNY Custodial Services Agreement, including certain confidentiality obligations, business continuity and disaster recovery obligations, any warranty, BNY's willful misconduct, bad faith, gross negligence or fraud or any fines, penalties, sanctions, or similar charges levied on or imposed upon the Trust by any governmental or regulatory authority arising out of or relating to BNY's acts or omissions under the BNY Custodial Services Agreement.

Under the Coinbase Custodial Services Agreement, the Coinbase Custodian's liability is limited as follows, among others: (i) the Coinbase Custodian's aggregate liability under the Coinbase Custodial Services Agreement shall not exceed the greater of (A) (1) the aggregate fees paid by the Trust to the Coinbase Custodian in respect of the custodial services in the 12 months prior to the event giving rise to the Coinbase Custodian's liability and (2) $5 million, and (B) the value of the supported bitcoin on deposit in the Trust's custodial account(s) giving rise to the Coinbase Custodian's liability at the time of the event giving rise to the Coinbase Custodian's liability; (ii) the Coinbase Custodian's aggregate liability in respect of each cold storage address shall not exceed $100 million; (iii) in respect of any incidental, indirect, special, punitive, consequential or similar losses, Coinbase Custodian is not liable, even if the Coinbase Custodian has been advised of or knew of or should have known of the possibility thereof; and (iv) in no event shall the Coinbase Custodian or its affiliates have any liability to the Trust or any third party with respect to any breach of its obligations under the Coinbase Custodial Services Agreement, express or implied, which does not result solely from its gross negligence, fraud or willful misconduct. The Coinbase Custodian is not liable for delays, suspension of operations, failure in performance, or interruption of service which result directly or indirectly from any cause or condition beyond the reasonable control of the Coinbase Custodian. In the event of potential losses incurred by the Trust as a result of the Coinbase Custodian losing control of the Trust's bitcoin or failing to properly execute instructions on behalf of the Trust, the Coinbase Custodian's liability with respect to the Trust will be subject to certain limitations which may allow it to avoid liability for potential losses or may be insufficient to cover the value of such potential losses, even if the Coinbase Custodian directly caused such losses. Furthermore, the insurance maintained by Coinbase Custodian may be insufficient to cover its liabilities to the Trust.

The Bitcoin Custodians are not liable for delays, suspension of operations, failure in performance, or interruption of service to the extent it is directly due to a cause or condition beyond the reasonable control of the Bitcoin Custodians. Under the Custodial Services Agreements, except in the case of their negligence, fraud, material violation of applicable law or willful misconduct, the Bitcoin Custodians shall not have any liability, obligation, or responsibility for any damage or interruptions caused by any computer viruses, spyware, scareware, Trojan horses, worms or other malware that may affect the Trust's computer or other equipment, or any phishing, spoofing or other attack, unless the Bitcoin Custodians fail to have commercially reasonable policies, procedures and technical controls in place to prevent such damages or interruptions.

BNY may terminate the BNY Custodial Services Agreement for any reason, or if any regulator or governmental authority so requests or if continuing would place BNY, the Trust, or any of their affiliates in breach of applicable law, upon providing the applicable notice to the Trust.

Coinbase Custodian may terminate the Coinbase Custodial Services Agreement for any reason upon providing the applicable notice to the Trust, or immediately for Cause (as defined in the applicable Custodial Services Agreement), including, among others, if the Trust: materially breaches the Prime Broker Agreement and such breach remains uncured, or undergoes a bankruptcy event.

#### Marketing Agent Agreement
Pursuant to the Marketing Agent Agreement, the Marketing Agent is generally responsible for the day-to-day administration of the Trust. The responsibilities of the Marketing Agent include (i) at the request of the Trust, assisting the Trust with facilitating Authorized Participant Agreements between and among Authorized Participants, the Trust, and the applicable Transfer Agent, for the creation and redemption of Creation Baskets of the Trust; (ii) maintaining copies of confirmations of Creation Basket creation and redemption order acceptances and producing such copies upon reasonable request from the Trust or Delegated Sponsor; (iii) making available copies of the Prospectus to Authorized Participants who have purchased

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Creation Baskets in accordance with the Authorized Participant Agreements; (iv) maintaining telephonic, facsimile and/or access to direct computer communications links with the Transfer Agent; (v) reviewing and approving, prior to use, certain Trust marketing materials submitted by the Trust for review ("Marketing Materials") for compliance with applicable SEC and FINRA advertising rules, and filing all such Marketing Materials required to be filed with FINRA; (vi) ensuring that all direct requests by Authorized Participants for Prospectuses are fulfilled; and (vii) working with the Transfer Agent to review and approve orders placed by Authorized Participants and transmitted to the Transfer Agent. The Marketing Agent Agreement shall have an initial term of two years, which may be renewed for successive one-year terms.

The Trust shall indemnify, defend and hold the Marketing Agent, its affiliates and each of their respective members, managers, directors, officers, employees, representatives and any person who controls or previously controlled the Marketing Agent within the meaning of Section 15 of the 1933 Act (collectively, the "Marketing Agent Indemnitees"), free and harmless from and against any and all losses, claims, demands, liabilities, damages and expenses (including the costs of investigating or defending any alleged losses, claims, demands, liabilities, damages or expenses and any reasonable counsel fees incurred in connection therewith) (collectively, "Losses") that any Marketing Agent Indemnitee may incur arising out of or relating to (i) the Trust's breach of any of its obligations, representations, warranties or covenants contained in the Marketing Agent Agreement; (ii) the Trust's failure to comply in all material respects with any applicable laws, rules or regulations; or (iii) any claim that the Prospectus, sales literature and advertising materials or other information filed or made public by the Trust (as from time to time amended) includes or included an untrue statement of a material fact or omits or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading provided, however, that the Trust's obligation to indemnify any of the Marketing Agent Indemnitees shall not be deemed to cover any Losses arising out of any untrue statement or alleged untrue statement or omission or alleged omission made in the Prospectus or any such advertising materials or sales literature or other information filed or made public by the Trust in reliance upon and in conformity with information provided by the Marketing Agent to the Trust, in writing, for use in such Prospectus or any such advertising materials or sales literature.

#### Pricing Benchmark Licensing Agreement
Pursuant to the Pricing Benchmark Licensing Agreement, the Benchmark Provider provides the Delegated Sponsor and its affiliates (including the Trust) a global, irrevocable, non-exclusive, transferable license to access, view and use the Index Data for the purposes of the Trust. Such license will have three-year initial term and will automatically be renewed for successive one-year periods, unless terminated pursuant to the terms of the agreement. The liability of the Benchmark Provider and its covered persons shall not exceed the greater of (i) total fees actually received or yet to be received by the Benchmark Provider from the Delegated Sponsor for the service during the 12-month period before the claim or cause of action arose; or (ii) $2,000,000.

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#### UNITED STATES FEDERAL INCOME TAX CONSEQUENCES
The following discussion describes the material U.S. federal income tax consequences associated with the purchase, ownership and disposition of Shares by a U.S. Shareholder, and certain U.S. federal income consequences that may apply to an investment in Shares by a Non-U.S. Shareholder. The discussion represents, insofar as it describes conclusions as to U.S. federal income tax law and subject to the limitations and qualifications described below, the opinion of Dechert LLP. The opinion of Dechert LLP, however, is not binding on the United States Internal Revenue Service (the "IRS") or on the courts, and does not preclude the IRS from taking a contrary position. The discussion below is based on the Internal Revenue Code of 1986, as amended (the "Code"), Treasury Regulations promulgated thereunder and judicial and administrative interpretations of the Code, all as in effect on the date of this Prospectus and all of which are subject to change either prospectively or retroactively. The tax treatment of Shareholders may vary depending upon their own particular circumstances. Except where noted, this discussion only deals with Shares held as capital assets (generally, property held for investment), and does not address special situations, including those of banks, financial institutions, insurance companies, regulated investment companies, real estate investment trusts, dealers in securities, currencies, or commodities, tax-exempt organizations, tax-exempt or tax-advantaged retirement plans or accounts, traders using a mark-to-market method of accounting, entities that are partnerships for U.S. federal income tax purposes, persons holding Shares as a position in a "hedging," "straddle," "conversion," "constructive sale" or other integrated transaction for U.S. federal income tax purposes, persons whose "functional currency" is not the U.S. dollar, persons required for U.S. federal income tax purposes to accelerate the recognition of any item of gross income with respect to the Shares as a result of such income being recognized on an applicable financial statement, or persons subject to the federal alternative minimum tax. Moreover, the discussion below does not address the effect of any state, local or foreign tax law consequences that may apply to an investment in Shares. Purchasers of Shares are urged to consult their own tax advisers with respect to all federal, state, local and foreign tax law considerations potentially applicable to their investment in Shares.

For purposes of this discussion, a "U.S. Shareholder" is a Shareholder that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an individual who is treated as a citizen or resident of the United States for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a corporation (or entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an estate, the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a trust, if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons have the authority to control all substantial decisions of the trust.

If a partnership or other entity or arrangement treated as a partnership for U.S. federal income tax purposes holds Shares, the tax treatment of a partner generally depends upon the status of the partner and the activities of the partnership. If you are a partner of a partnership holding Shares, the discussion below may not be applicable and we urge you to consult your own tax adviser for the U.S. federal income tax implications of the purchase, ownership and disposition of such Shares.

#### Taxation of the Trust
The Delegated Sponsor and the Trustees will treat the Trust as a "grantor trust" for U.S. federal income tax purposes.

As a grantor trust, the Trust can undertake only certain types of activities. For example, generally, the Trust cannot vary its investment portfolio to take advantage of market fluctuations. In the opinion of Dechert LLP, although not free from doubt due to the lack of directly governing authority, the Trust should be classified as a "grantor trust" for U.S. federal income tax purposes (and the following discussion assumes such classification).

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The Trust intends to operate so that it will qualify to be treated for U.S. federal income tax purposes as a grantor trust. The opinion of Dechert LLP is based on various assumptions and representations relating to the Trust's organization, operation, assets, activities, and income, including that all such assumptions representations on which the opinion is based and all other factual information set forth in the relevant documents, records, and instruments are true and correct, that all actions described in this offering are completed in a timely fashion and that the Trust will at all times operate in accordance with the method of operation described in the Trust's organizational documents and this offering.

The opinion of Dechert LLP is not binding on the IRS or any court. Accordingly, there can be no assurance that the IRS will agree with the conclusions herein and it is possible that the IRS or another tax authority could assert a position contrary to one or all of those conclusions and that a court could sustain that contrary position. Neither the Delegated Sponsor nor the Trustees will request a ruling from the IRS with respect to the classification of the Trust for U.S. federal income tax purposes or with respect to any other matter. If the IRS were to assert successfully that the Trust is not classified as a "grantor trust," the Trust would likely be classified as a partnership for U.S. federal income tax purposes, which may affect the timing and other tax consequences to the Shareholders. Under such circumstances, the Trust might be classified as a publicly traded partnership that would be taxable as a corporation for U.S. federal income tax purposes, in which case the Trust would be taxed in the same manner as a corporation on its taxable income and distributions to Shareholders out of the earnings and profits of the Trust would be taxed to Shareholders as ordinary dividend income. However, due to the uncertain treatment of digital asset for U.S. federal income tax purposes, there can be no assurance in this regard.

Except as otherwise indicated, the remainder of this discussion assumes that the Trust is classified as a grantor trust for U.S. federal income tax purposes.

#### Taxation of U.S. Shareholders
Each Shareholder will be treated, for U.S. federal income tax purposes, as if it directly owned a pro rata share of the underlying assets held in the Trust. A Shareholder also will be treated as if it directly received its respective pro rata share of the Trust's income, if any, and as if it directly incurred its respective pro rata share of the Trust's expenses. In the case of a Shareholder that acquires Shares as part of the creation of a Basket, the delivery of bitcoin to the Trust in exchange for a pro rata share of the underlying bitcoin represented by the Shares will not be a taxable event to the Shareholder, and the Shareholder's tax basis and holding period for the Shareholder's pro rata share of the bitcoin held in the Trust will be the same as its tax basis and holding period for the bitcoin delivered in exchange therefor. For purposes of this discussion, and unless stated otherwise, it is assumed that all of a Shareholder's Shares are acquired on the same date and at the same price per Share. Shareholders that hold multiple lots of Shares, or that are contemplating acquiring multiple lots of Shares, should consult their own tax advisers as to the determination of the tax basis and holding period for the underlying bitcoin related to such Shares.

Current IRS guidance on the treatment of digital assets classifies bitcoin as "property" that is not currency for U.S. federal income tax purposes and clarifies that bitcoin can be held as a capital asset, but it does not address several other aspects of the U.S. federal income tax treatment of bitcoin. Because bitcoin is a new technological innovation, the U.S. federal income tax treatment of bitcoin or transactions relating to investments in bitcoin may evolve and change from that discussed below, possibly with retroactive effect. In this regard, the IRS has indicated that it has made it a priority to issue additional guidance related to the taxation of digital asset transactions, such as transactions involving bitcoin. In addition, the IRS and U.S. Treasury Department have issued final regulations regarding the tax information reporting obligations and tax basis for certain digital asset transactions, as well as a safe harbor for certain investment trusts staking digital assets. While the U.S. federal government has started to issue such additional guidance, whether any future guidance will adversely affect the U.S. federal income tax treatment of an investment in bitcoin or in transactions relating to investments in bitcoin is unknown. Moreover, future developments that may arise with respect to digital assets may increase the uncertainty with respect to the treatment of digital currencies for U.S. federal income tax purposes.

The Trust will use bitcoin to pay certain expenses of the Trust, which under current IRS guidance will be treated as a sale of such bitcoin. Although the Trust generally does not intend to sell bitcoin, it may do so in connection with cash redemption transactions, or if necessary to pay certain expenses that must be paid

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in cash. If the Trust sells bitcoin (for example to generate cash to pay fees or expenses) or is treated as selling bitcoin (for example by using bitcoin to pay fees or expenses), a Shareholder will recognize gain or loss in an amount equal to the difference between (a) the Shareholder's pro rata share of the amount realized by the Trust upon the sale and (b) the Shareholder's tax basis for its pro rata share of the bitcoin that was sold. A Shareholder's tax basis for its share of any bitcoin sold by the Trust will generally be a pro rata portion of the Shareholder's total tax basis for its share of all of the bitcoin held in the Trust. After any such sale, a Shareholder's tax basis for its pro rata share of the bitcoin remaining in the Trust should be equal to its tax basis for its share of the total amount of the bitcoin held in the Trust immediately prior to the sale less the portion of such basis allocable to its share of the bitcoin that was sold or treated as sold.

Upon a Shareholder's sale of some or all of its Shares (other than a redemption), the Shareholder will be treated as having sold the pro rata share of the bitcoin held in the Trust at the time of the sale that is attributable to the Shares sold. Accordingly, the Shareholder generally will recognize gain or loss on the sale in an amount equal to the difference between (a) the amount realized pursuant to the sale of the Shares, and (b) the Shareholder's tax basis for the pro rata share of the bitcoin held in the Trust at the time of sale that is attributable to the Shares sold, as determined in the manner described in the preceding paragraph. Based on current IRS guidance, such gain or loss (as well as any gain or loss realized by a Shareholder on account of the Trust selling bitcoin) will generally be long-term capital gain or loss if the Shareholder has a holding period of greater than one year in its pro rata share of the bitcoin that was sold and otherwise will be short-term capital gain or loss.

The Trust's sales of bitcoin to fund cash redemptions are expected to result in gains or losses with such gains or losses expected to be treated as incurred by the Shareholder that is being redeemed. These gains or losses generally would equal the difference between the amount realized from the sale of the bitcoin and the Shareholder's tax basis for the portion of the Shareholder's pro rata share of the bitcoin held in the Trust that is sold to fund the redemption, as determined in the manner described above. A redemption of some or all of a Shareholder's Shares in exchange for the cash received from such sale is not expected to be treated as a separate taxable event for the Shareholder.

An in-kind redemption of some or all of a Shareholder's Shares in exchange for the underlying bitcoin represented by the Shares redeemed generally should not be a taxable event to the Shareholder. The Shareholder's tax basis and holding period for the bitcoin received in the redemption generally will be the same as the Shareholder's tax basis and holding period for the pro rata share of the bitcoin held in the Trust immediately prior to the redemption that is attributable to the Shares redeemed. A Shareholder's tax basis for bitcoin received in a redemption generally will be the same as the Shareholder's tax basis for the portion of the Shareholder's pro rata share of the bitcoin held in the Trust immediately prior to the redemption that is attributable to the Shares redeemed. The Shareholder's holding period for the bitcoin received generally will include the period during which the Shareholder held the Shares being redeemed. A subsequent sale of the bitcoin received the Shareholder generally will be a taxable event.

After any sale or redemption of less than all of a Shareholder's Shares, the Shareholder's tax basis for its pro rata share of the bitcoin held in the Trust immediately after such sale or redemption generally will be equal to its tax basis in its share of the total amount of the bitcoin held in the Trust immediately prior to the sale or redemption, less the portion of such basis which is taken into account in determining the amount of gain or loss recognized by the Shareholder upon such sale or cash redemption or, in the case of an in-kind redemption, that is treated as the basis of the bitcoin received by the Shareholder in the redemption.

If a hard fork occurs in the Bitcoin blockchain and the Trust claims the new forked asset, the Trust could hold both the original bitcoin and the new "forked" asset. Under current IRS guidance, a hard fork resulting in the receipt of new units of cryptocurrency is a taxable event giving rise to ordinary income equal to the value of the new cryptocurrency. The Trust Agreement will require that, if such a transaction occurs, the Trust

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will as soon as possible direct the Bitcoin Custodians to distribute the new forked asset in-kind to the Delegated Sponsor, as agent for the Shareholders, and the Delegated Sponsor will arrange to sell the new forked asset and for the proceeds to be distributed to the Shareholders. Such a sale will give rise to gain or loss, for U.S. federal income tax purposes, if the amount realized on the sale differs from the value of the new forked asset at the time it was received by the Trust. A hard fork may therefore give rise to additional tax liabilities for Shareholders.

While the IRS has not addressed all situations in which airdrops occur, it is clear from the reasoning of current IRS guidance that it generally would treat an airdrop as a taxable event giving rise to ordinary income. If the Trust were to receive the economic benefit of an airdrop, it would have similar tax consequences to those described above for a hard fork.

#### 3.8% Medicare Tax on Net Investment Income
Certain U.S. Shareholders who are individuals are required to pay a 3.8% Medicare tax on the lesser of the excess of their modified adjusted gross income over a threshold amount ($250,000 for married persons filing jointly and $200,000 for single taxpayers) or their "net investment income," which generally includes capital gains from the disposition of property. This tax is in addition to any capital gains taxes due on such investment income. A similar tax applies to estates and trusts. U.S. Shareholders should consult their own tax advisers regarding the effect, if any, this tax may have on their investment in the Shares.

#### Brokerage Fees and Trust Expenses
Any brokerage or other transaction fee incurred by a Shareholder in purchasing Shares will be treated as part of the Shareholder's tax basis in the underlying assets of the Trust. Similarly, any brokerage fee incurred by a Shareholder in selling Shares will reduce the amount realized by the Shareholder with respect to the sale.

Shareholders will be required to recognize the full amount of gain or loss upon a sale or deemed sale of bitcoin by the Trust (as discussed above), even though some or all of the proceeds of such sale are used by the Delegated Sponsor to pay Trust expenses. Shareholders may deduct their respective pro rata shares of each expense incurred by the Trust to the same extent as if they directly incurred the expense. However, most trust expenses are expected to result in miscellaneous itemized deductions, and noncorporate taxpayers generally are not allowed any deduction with respect to miscellaneous itemized deductions.

#### Investment by Certain Retirement Plans
Individual retirement accounts ("IRAs") and participant-directed accounts under tax-qualified retirement plans are limited in the types of investments they may make under the Code. Potential purchasers of Shares that are IRAs or participant-directed accounts under a Code section 401(a) plan should consult with their own tax advisors as to the tax consequences of a purchase of Shares.

#### United States Information Reporting and Backup Withholding; Tax Return Reporting for Digital Assets
The Delegated Sponsor will file certain information returns with the IRS, and provide certain tax-related information to Shareholders, in connection with the Trust. To the extent required by applicable regulations, each Shareholder will be provided with information regarding its portion of the Trust's annual income, expenses, gains and losses (if any). A U.S. Shareholder may be subject to United States backup withholding tax in certain circumstances unless it provides its taxpayer identification number and complies with certain certification procedures. Non-U.S. Shareholders may have to comply with certification procedures to establish that they are not a United States person, and some Non-U.S. Shareholders may be required to meet certain information reporting or certification requirements imposed by Code requirements popularly referred to as "FATCA" in order to avoid certain information reporting and withholding tax requirements.

The amount of any backup withholding will be allowed as a credit against a Shareholder's U.S. federal income tax liability and may entitle the Shareholder to a refund, provided that the required information is furnished to the IRS in a timely manner.

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Individual U.S. Shareholders will be required to report on their federal income tax return the receipt, acquisition, sale, or exchange of any financial interest in virtual currency, which includes a Shareholder's interest in bitcoin held by the Trust.

#### Taxation in Jurisdictions Other Than the United States
As used herein, the term "non-U.S. Shareholder" means a beneficial owner of a Share for U.S. federal income tax purposes that is not a U.S. Shareholder. The term "non-U.S. Shareholder" does not include (i) a nonresident alien individual who is present in the United States for 183 days or more in a taxable year, (ii) a former U.S. citizen or U.S. resident or an entity that has expatriated from the United States; (iii) a person whose income in respect of Shares is effectively connected with the conduct of a trade or business in the United States; or (iv) an entity that is treated as a partnership for U.S. federal income tax purposes. Shareholders described in the preceding sentence should consult their tax advisers regarding the U.S. federal income tax consequences of owning Shares.

If the Trust were to receive and retain IR Virtual Currency arising from a future fork, airdrop or similar occurrence, the ordinary income resulting from such occurrence may be subject to U.S. withholding at source if it were treated as arising from sources within the United States.

A non-U.S. Shareholder generally will not be subject to U.S. federal income or withholding tax with respect to the sale or disposition of bitcoin at the Trust level or on the disposition of Shares.

Prospective purchasers of Shares that are based in or acting out of a jurisdiction other than the United States are advised to consult their own tax advisers as to the tax consequences under the laws of such jurisdiction (or any other jurisdiction other than the United States in which they are subject to taxation) of their purchase, holding, sale and redemption of or any other dealing in Shares and, in particular, as to whether any value added tax, other consumption tax or transfer tax is payable in relation to such purchase, holding, sale, redemption or other dealing.

The foregoing is only a general summary of the material U.S. federal income tax consequences associated with the purchase, ownership and disposition of Shares by a U.S. Shareholder. Each prospective Shareholder should consult the Shareholder's own tax advisor concerning the U.S. federal, state, local, and non-U.S. tax considerations relevant to an investment in Shares in the Shareholder's particular tax situation.

#### PROSPECTIVE SHAREHOLDERS ARE URGED TO CONSULT THEIR LEGAL AND TAX ADVISERS BEFORE DECIDING WHETHER TO INVEST IN THE SHARES OF THE TRUST.

#### PURCHASES BY EMPLOYEE BENEFIT PLANS
The Employee Retirement Income Security Act of 1974 ("ERISA") and/or Section 4975 of the Code impose certain requirements on: (i) employee benefit plans and certain other plans and arrangements, including IRAs and annuities, Keogh plans and certain collective investment funds or insurance company general or separate accounts in which such plans or arrangements are invested, that are subject to Title I of ERISA and/or Section 4975 of the Code (collectively, "Plans"); and (ii) persons who are fiduciaries with respect to the investment of assets treated as "plan assets" within the meaning of U.S. Department of Labor (the "DOL") regulation 29 C.F.R. § 2510.3-101, as modified by Section 3(42) of ERISA (the "Plan Assets Regulation"), of a Plan ((i) and (ii) collectively, a "Benefit Plan Investor"). Investments by Plans are subject to the fiduciary requirements and the applicability of prohibited transaction restrictions under ERISA and the Code. It is anticipated that the Shares will constitute "publicly-held offered securities" as defined in the Department of Labor Regulations § 2510.3-101(b)(2). Accordingly, Shares purchased by a Plan, and not the Plan's interest in the underlying bitcoin held in the Trust represented by the Shares, should be treated as assets of the Plan, for purposes of applying the "fiduciary responsibility" and "prohibited transaction" rules of ERISA and the Code.

"Governmental plans" within the meaning of Section 3(32) of ERISA, certain "church plans" within the meaning of Section 3(33) of ERISA and "non-U.S. plans" described in Section 4(b)(4) of ERISA, while not subject to the fiduciary responsibility and prohibited transaction provisions of Title I of ERISA or Section 4975 of the Code, may be subject to any federal, state, local, non-U.S. or other law or regulation that

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is substantially similar to the foregoing provisions of ERISA and the Code. Fiduciaries of any such plans are advised to consult with their counsel prior to an investment in the Shares.

In contemplating an investment of a portion of Plan assets in the Shares, the Plan fiduciary responsible for making such investment should carefully consider, taking into account the facts and circumstances of the Plan, the "Risk Factors" discussed above and whether such investment is consistent with its fiduciary responsibilities. The Plan fiduciary should consider, among other issues, whether: (1) the fiduciary has the authority to make the investment under the appropriate governing plan instrument; (2) the investment would constitute a direct or indirect non-exempt prohibited transaction with a "party in interest" or "disqualified person" within the meaning of ERISA and Section 4975 of the Code respectively; (3) the investment is in accordance with the Plan's funding objectives; and (4) such investment is appropriate for the Plan under the general fiduciary standards of investment prudence and diversification, taking into account the overall investment policy of the Plan, the composition of the Plan's investment portfolio and the Plan's need for sufficient liquidity to pay benefits when due. When evaluating the prudence of an investment in the Shares, the Plan fiduciary should consider the DOL's regulation on investment duties, which can be found at 29 C.F.R. § 2550.404a-1.

The Delegated Sponsor or one or more of its affiliates may be a party in interest or a disqualified person with respect to one or more Benefit Plan Investors considering an investment in the Trust. If the Delegated Sponsor's or an affiliate's initial ownership interest is 50% or more of the Trust (as described in "Audit Seed/Initial Seed Creation Investor/Selling Shareholder"), the Trust would be a party in interest to any Benefit Plan Investor with respect to which the Delegated Sponsor or an affiliate is a party in interest or a disqualified person. Therefore, the purchase by any such Benefit Plan Investor in the Trust would be prohibited under ERISA and/or Section 4975 of the Code absent an exemption. Fiduciaries of Benefit Plan Investors should consider whether a purchase of interests constitutes a non-exempt prohibited transaction under ERISA and/or Section 4975 of the Code. Available exemptions from the prohibited transaction rules of ERISA and the Code include PTCE 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23, and Section 408(b)(17) of ERISA (and the corresponding provisions of Section 4975(d)(20) of the Code).

By investing, each Plan shall be deemed to acknowledge and agree that: (a) none of the Delegated Sponsor, the Trustees, the Bitcoin Custodians or any of their respective affiliates (the "Transaction Parties") has through this report and related materials provided any investment advice within the meaning of Section 3(21) of ERISA to the Plan in connection with the decision to purchase, acquire, hold or dispose of such Shares; and (b) the information provided in this report and related materials will not make a Transaction Party a fiduciary to the Plan.

It is anticipated that the Shares will constitute "publicly-held offered securities" as defined in Department of Labor Regulations §2510.3-101(b)(2). Accordingly, Shares purchased by a Plan, and not the Plan's interest in the underlying bitcoin held in the Trust represented by the Shares, should be treated as assets of the Plan, for purposes of applying the "fiduciary responsibility" and "prohibited transaction" rules of ERISA and the Code.

#### INFORMATION YOU SHOULD KNOW
This Prospectus contains information you should consider when making an investment decision about the Shares. You should rely only on the information contained in this Prospectus or any applicable prospectus supplement. Neither the Trust nor the Delegated Sponsor has authorized any person to provide you with different information and, if anyone provides you with different or inconsistent information, you should not rely on it. This Prospectus is not an offer to sell the Shares in any jurisdiction where the offer or sale of the Shares is not permitted.

The information contained in this Prospectus was obtained from us and other sources we believe to be reliable.

You should disregard anything we said in an earlier document that is inconsistent with what is included in this Prospectus or any applicable prospectus supplement. Where the context requires, when we refer to this "Prospectus," we are referring to this Prospectus and (if applicable) the relevant prospectus supplement.

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You should not assume that the information in this Prospectus or any applicable prospectus supplement is current as of any date other than the date on the front page of this Prospectus or the date on the front page of any applicable prospectus supplement.

We include cross references in this Prospectus to captions in these materials where you can find further related discussions. The table of contents tells you where to find these captions.

#### SUMMARY OF PROMOTIONAL AND SALES MATERIAL
The Trust expects to use the following sales material it has prepared:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the Delegated Sponsor's website, www.morganstanley.com/im; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the Trust Fact Sheet found on the Delegated Sponsor's website.

The materials described above are not a part of this Prospectus or the registration statement of which this Prospectus is a part.

#### INTELLECTUAL PROPERTY
The Delegated Sponsor owns trademark registrations for the Trust. The Delegated Sponsor relies upon these trademarks through which it markets its services and strives to build and maintain brand recognition in the market and among current and potential investors. So long as the Delegated Sponsor continues to use these trademarks to identify its services, without challenge from any third party, and properly maintains and renews the trademark registrations under applicable laws, rules and regulations, it will continue to have indefinite protection for these trademarks under current laws, rules and regulations.

The Delegated Sponsor also owns trademark registrations for the Delegated Sponsor. The Delegated Sponsor relies upon these trademarks through which it markets its services and strives to build and maintain brand recognition in the market and among current and potential investors. So long as the Delegated Sponsor continues to use these trademarks to identify its services, without challenge from any third party, and properly maintains and renews the trademark registrations under applicable laws, rules and regulations; it will continue to have indefinite protection for these trademarks under current laws, rules and regulations.

#### WHERE YOU CAN FIND MORE INFORMATION
The Trust has filed a registration statement on Form S-1 with the SEC under the 1933 Act. This Prospectus does not contain all of the information set forth in the registration statement (including the exhibits to the registration statement), parts of which have been omitted in accordance with the rules and regulations of the SEC. For further information about the Trust or the Shares, please refer to the registration statement, which is available online at www.sec.gov.

Information about the Trust and the Shares can also be obtained from the Delegated Sponsor's website, which is www.morganstanley.com/im. The Delegated Sponsor's website address is only provided here as a convenience to you and the information contained on or connected to the website is not part of this Prospectus or the registration statement of which this Prospectus is part. The Trust is subject to the informational requirements of the Exchange Act and will file certain reports and other information with the SEC under the Exchange Act.

The reports and other information are available online at www.sec.gov.

#### PRIVACY POLICY
The Trust and the Delegated Sponsor may collect or have access to certain nonpublic personal information about current and former Shareholders. Nonpublic personal information may include information received from Shareholders, such as a Shareholder's name, social security number and address, as well as information received from brokerage firms about Shareholder holdings and transactions in Shares of the Trust.

The Trust and the Delegated Sponsor do not disclose nonpublic personal information except as required by law or as described in their Privacy Policy. In general, the Trust and the Delegated Sponsor

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restrict access to the nonpublic personal information they collect about Shareholders to those of their and their affiliates' employees and service providers who need access to such information to provide products and services to Shareholders.

The Trust and the Delegated Sponsor maintain safeguards that comply with federal law to protect Shareholders' nonpublic personal information. These safeguards are reasonably designed to (1) ensure the security and confidentiality of Shareholders' records and information, (2) protect against any anticipated threats or hazards to the security or integrity of Shareholders' records and information, and (3) protect against unauthorized access to or use of Shareholders' records or information that could result in substantial harm or inconvenience to any Shareholder.

Third-party service providers with whom the Trust and the Delegated Sponsor share nonpublic personal information about Shareholders must agree to follow appropriate standards of security and confidentiality, which includes safeguarding such nonpublic personal information physically, electronically and procedurally.

A copy of the Delegated Sponsor's current Privacy Policy, which is applicable to the Trust, is provided to Shareholders annually and is also available at https://www.morganstanley.com/disclosures/us-privacy-policy-and-notice. The website address is only provided here as a convenience to you and the information contained on or connected to the website is not part of this Prospectus or the registration statement of which this Prospectus is part.

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#### Report of Independent Registered Public Accounting Firm
To the Shareholder of Morgan Stanley Bitcoin Trust

Opinion on the Financial Statement

We have audited the accompanying statement of assets and liabilities of Morgan Stanley Bitcoin Trust (the "Trust") as of March 9, 2026, and the related notes (the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Trust at March 9, 2026, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

This financial statement is the responsibility of the Trust's management. Our responsibility is to express an opinion on the Trust's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud.

The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

New York, New York

March 16, 2026

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#### Morgan Stanley Bitcoin Trust

#### Statement of Assets and Liabilities March 9, 2026

---

| | |
|:---|:---|
| **ASSETS** |  |
| Cash  | $100 |
| &nbsp;&nbsp;&nbsp; Total Assets  | 100 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp; Total Liabilities  |  |
| Commitments and Contingent Liabilities (Note 6)  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets  | $100 |
| **NET ASSETS CONSIST OF:** |  |
| Paid-in Capital  | $100 |
| Shares Outstanding, held by the Delegated Sponsor (unlimited amount authorized, no par value)  | 2 |
| Net Asset Value per Share  | $50.00 |

---

The accompanying notes are an integral part of this financial statement.

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#### M organ Stanley Bitcoin Trust

#### Notes to Financial Statement
1. Organization

The Morgan Stanley Bitcoin Trust (the "Trust") was organized on December 16, 2025, as a Delaware Statutory Trust. The Trust is sponsored by Morgan Stanley Investment Management Inc. (the "Delegated Sponsor"), a wholly owned subsidiary of Morgan Stanley.

CSC Delaware Trust Company, a Delaware trust company (the "DE Trustee"), acts as the DE Trustee of the Trust for the purpose of creating a Delaware statutory trust in accordance with the Delaware Statutory Trust Act ("DSTA"). The DE Trustee is appointed to serve as the trustee of the Trust in the State of Delaware for the sole purpose of satisfying the requirement of Section 3807(a) of the DSTA that the Trust have at least one trustee with a principal place of business in the State of Delaware.

The Bank of New York Mellon ("BNY") serves as the Trust's administrator and cash custodian (the "Administrator" or the "Cash Custodian").

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statement. The financial statement has been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Trust is an investment company and follows the specialized accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC" or "Codification") Topic 946, Financial Services — Investment Companies. Rules and interpretive releases of the Securities and Exchange Commission ("SEC") under authority of federal laws are also sources of authoritative GAAP for SEC registrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **A. Use of Estimates**. The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of increases and decreases in the net assets from operations during the reporting period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **B. Cash.** Cash includes non-interest bearing non-restricted cash with one financial institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **C. Income Taxes.** The Trust is classified as a "grantor trust" for United States federal income tax purposes. As a result, the Trust itself will not be subject to United States federal income tax. Instead, the Trust's income and expenses will "flow through" to the shareholders. Consequently, each sale of bitcoin by the Trust would constitute a taxable event to shareholders.

3. Indemnifications

The Delegated Sponsor has agreed to indemnify, defend and hold harmless the Trustee and its officers, directors, employees and agents from and against any losses, damages, liabilities, claims, actions, suits, costs, expenses, disbursements (including the reasonable fees and expenses of counsel), taxes and penalties of any kind arising out of or in connection with the performance of the Trust Agreement, the creation, operation, administration or termination of the Trust, or the transactions contemplated thereby, except to the extent resulting from the willful misconduct, bad faith or gross negligence of the indemnified party.

In addition, in the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses.

4. Expenses, Organization and Offering Costs

The Delegated Sponsor will pay all the organizational and offering costs of the Trust.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

5. Beneficial Ownership

As of March 9, 2026, the Delegated Sponsor owned 100% of the outstanding shares of beneficial interests of the Trust. The Trust had no operations to date other than matters relating to its organization and registration under the Securities Act of 1933, as amended, and the sale and issuance of 2 common shares of beneficial interest for $100 ($50.00 per share) on March 9, 2026. Proceeds from the issuance of these shares were held in cash as presented on the Trust's statement of assets and liabilities.

6. Commitments and Contingent Liabilities

In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses, as disclosed in Note 3, Indemnifications. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust which cannot be predicted with any certainty.

7. Subsequent Events

In preparation of this financial statement, management has evaluated the events and transactions subsequent to March 9, 2026, through March 16, 2026, the date when the financial statement was issued, and determined that there are no subsequent events or transactions that would require adjustments to or disclosures in the Trust's financial statement other than those disclosed above.

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#### APPENDIX A

#### GLOSSARY OF DEFINED TERMS
In this Prospectus, each of the following terms have the meanings set forth after such term:

"1933 Act": The Securities Act of 1933.

"1940 Act": Investment Company Act of 1940.

"2022 Events": Collectively, a reference to the following events: In the first half of 2022, Celsius Network, Voyager Digital Ltd., and Three Arrows Capital declaring bankruptcy; In November 2022, FTX halted customer withdrawals after corroborated rumors involving liquidity issues and likely insolvency; the resignation of FTX's CEO and many of its affiliates filing for bankruptcy in the United States and abroad following which the U.S. Department of Justice brought criminal fraud and other charges; the SEC and CFTC bringing civil securities and commodities fraud charges against certain of FTX's and its affiliates' senior executives, including its former CEO, who was found guilty of these criminal charges; and, several other entities in the digital asset industry filed for bankruptcy following FTX's bankruptcy filing, such as BlockFi Inc. and Gensis Global Capital, LLC.

"Accepted Asset": A digital asset that is a fully reserve backed digital token, commonly referred to as a "stablecoin", that seeks to peg its value to that of the quote asset, where the issuer operates a 1:1 redemption facility and solely holds reserve assets that are in line with the prevailing regulations enforced for government security money market funds in major jurisdictions such as the United States, United Kingdom and European Union.

"Additional Trust Expenses": Certain extraordinary, non-recurring expenses that are not Sponsor-paid Expenses, which the Delegated Sponsor does not assume, including, but not limited to, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Delegated Sponsor (or any other service provider) on behalf of the Trust to protect the Trust or the interests of Shareholders, any indemnification of the Bitcoin Custodians, Administrator or other agents, service providers or counterparties of the Trust, the fees and expenses related to the initial listing of Shares on the Exchange, and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters.

"Administrator": The Bank of New York Mellon.

"Advisers Act": The Investment Advisers Act of 1940.

"API": Application Programming Interface.

"Article 8": Article 8 of the New York Uniform Commercial Code.

"ASC": Accounting Standards Codification.

"ASC 820-10": Accounting Standards Codification 820-10, Fair Value Measurements and Disclosures

"AUL": Authorized User List.

"Authorized Amount": An amount to be determined, on a daily basis, based on the Lender's sole discretion considering factors including, but not limited to, availability of financing and credit due diligence of the Trust.

"Authorized Participant": One that purchases or redeems Baskets from or to the Trust.

"Available Balance": The then-current amount available to the Trust to place orders.

"Basket": A block of 10,000 Shares used by the Trust to issue or redeem Shares.

"Basket Deposit": The total deposit required to create each Basket.

"Benchmark Provider": CoinDesk Indices, Inc.

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"Binance": Binance Holdings Ltd.

"Binance Complaint": A June 2023 complaint brought by the SEC against Binance alleging violations of a variety of securities laws.

"Bitcoin": Is a system for decentralized digital value exchange that is designed to enable units of bitcoin to be transferred across borders without the need for currency conversion. Bitcoin is not legal tender. The supply of bitcoin is not determined by a central government, but rather by an open-source software program that limits both the total amount of bitcoin that will be produced and the rate at which it is released into the network. The responsibility for maintaining the official ledger of who owns what bitcoin and for validating new bitcoin transactions is not entrusted to any single central entity. Instead, it is distributed among the network's participants.

"Bitcoin Account": An account, opened by one of the Bitcoin Custodians, that holds the Trust's bitcoin.

"Bitcoin Counterparty": Designated third party, who is not an Authorized Participant but who may be an affiliate of an Authorized Participant, or the Prime Broker or Lender, as applicable, with whom the Delegated Sponsor has entered into an agreement on behalf of the Trust, that will, acting as a counterparty, deliver, receive or convert to U.S. dollars the bitcoin related to the Authorized Participant's creation or redemption order.

"Bitcoin Custodians": The Bank of New York Mellon and Coinbase Custody Trust Company, LLC.

"Blockchain" or "Bitcoin blockchain": The public transaction ledger of the Bitcoin network on which miners or mining pools solve algorithmic equations allowing them to add records of recent transactions (called "blocks") to the chain of transactions in exchange for an award of bitcoin from the Bitcoin network and the payment of transaction fees, if any, from users whose transactions are recorded in the block being added.

"BNY": The Bank of New York Mellon.

"BSA": The U.S. Bank Secrecy Act.

"Business Day": Any day other than a day when the Exchange is closed for regular trading.

"Cash Custodian": The Bank of New York Mellon.

"Cash Custody Agreement": An agreement entered into with the Delegated Sponsor, on behalf of the Trust, and the Cash Custodian stating that the Cash Custodian will establish and maintain cash account(s) for the trust, and, upon instructions from the Delegated Sponsor acting on behalf of the Trust, facilitate cash transfers and cash payments from the Trust's account(s).

"CBDCs": Central bank digital currencies.

"CDS": Cross-Domain Security.

"CEA": Commodity Exchange Act of 1936, as amended.

"CFPB": The U.S. Consumer Financial Protection Bureau.

"CFTC": Commodity Futures Trading Commission, an independent agency with the mandate to regulate commodity futures and options in the United States.

"CME": Chicago Mercantile Exchange.

"Code": Internal Revenue Code of 1986, as amended.

"Coinbase Complaint": A June 2023 complaint brought by the SEC against Coinbase alleging violations of a variety of securities laws.

"Coinbase Custodian": Coinbase Custody Trust Company, LLC.

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"Cold Vault Balance": The substantial portion of the private keys associated with the Trust's bitcoin kept by the Bitcoin Custodians in "cold storage" or similarly secure technology.

"Connected Trading Venue": Third-party exchanges or other trading venues (including the trading venue operated by the Prime Broker).

"Constituent Exchanges": An aggregation of executed trade flow of major bitcoin trading platforms.

"Creation Basket Deposit": The total deposit required to create each Basket.

"Custodial Services Agreements": means the BNY Custodial Services Agreement and the Coinbase Custodial Services Agreement.

"DApps": Decentralized applications.

"DE Trustee": CSC Delaware Trust Company.

"DeFi": Decentralized financial services.

"Delegated Sponsor Fee": The feed paid by the Trust to the Delegated Sponsor as compensation for services performed under the Trust Agreement.

"DFPI": California Department of Financial Protection and Innovation.

"DOL": U.S. Department of Labor.

"DSTA": The Delaware Statutory Trust Act.

"DTC": The Depository Trust Company. DTC will act as the securities depository for the Shares.

"DTC Participant": An entity that has an account with DTC.

"ECASH Act": The Electronic Currency and Secure Hardware Act.

"ERISA": Employee Retirement Income Security Act of 1974.

"Exchange": NYSE Arca, Inc.

"Exchange Act": The Securities Exchange Act of 1934, as amended.

"Expenses": Any and all losses, claims, taxes, damages, reasonable expenses, and liabilities (including liabilities under State or federal securities laws) of any kind and nature whatsoever.

"FASB": Financial Accounting Standards Board.

"FDIC" Federal Deposit Insurance Corporation.

"Financing Fee": Interest rates on Trade Credits.

"FinCEN": The Financial Crimes Enforcement Network.

"FINRA": Financial Industry Regulatory Authority, formerly the National Association of Securities Dealers.

"FIT21": Financial Innovation and Technology for the 21<sup>st</sup> Century Act.

"FTX": FTX Trading Ltd.

"GAAP": U.S. generally accepted accounting principles.

"Genesis": Genesis Global Capital, LLC.

"HSMs": Hardware Security Modules.

"ICO": An initial coin offering.

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"IIV": Intraday Indicative Value.

"Incidental Rights": Rights to acquire, or otherwise establish dominion and control over, any virtual currency or other asset or right, which rights are incident to the Trust's ownership of bitcoin and arise without any action of the Trust, or of the Delegated Sponsor on behalf of the Trust.

"Indemnified Person": The DE Trustee or any officer, affiliate, director, employee, or agent of the DE Trustee.

"Indirect Participants": Banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly.

"Initial Seed Creation Baskets": Initial seed creation baskets comprising 50,000 Shares.

"Initial Seed Creation Investor": Morgan Stanley Investment Management Inc.

"IRAs": Individual retirement accounts.

"IRS": U.S. Internal Revenue Service.

"IR Virtual Currency": Virtual currency tokens, or other assets or rights, acquired by the Trust through the exercise (subject to the applicable provisions of the Trust Agreement) of any Incidental Right.

"JOBS Act": The Jumpstart Our Business Startups Act of 2012.

"KYT": Know Your Transaction.

"Lender": Coinbase Credit, Inc.

"Liquidating Trustee": Such person as the majority in interest of the beneficial owners of the Trust may propose and approve that shall take full charge of the property of the Trust.

"Marketing Agent": Foreside Fund Services, LLC.

"Marketing Fee": The fee payable to the Marketing Agent for services it provides to the Trust, if applicable.

"McHenry Bill": The Clarity for Payment Stablecoins Act of 2023, as introduced by House Finance Committee Chair Patrick McHenry which would make it unlawful for any entity other than a permitted payment stablecoin issuer to issue a payment stablecoin.

"MPC": Multi-Party Computation.

"NAV": Net asset value of the Trust.

"NAV per Share": NAV per Share outstanding.

"NBMMs": Non-bank market makers.

"NFTs": Non-fungible tokens.

"NYDFS": The New York State Department of Financial Services.

"OFAC": The Office of Foreign Assets Control of the U.S. Treasury Department.

"OTC": Over the counter.

"PCAOB": The Public Company Accounting Oversight Board.

"Plan Assets Regulation": Regulation 29 C.F.R. § 2510.3-101, as modified by Section 3(42) of ERISA.

"Plans": The Employee Retirement Income Security Act of 1974 and/or Section 4975 of the Code.

"PoH": Proof-of-history timestamping mechanism.

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"Pricing Benchmark": The performance of CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate, adjusted for the Trust's expenses and other liabilities.

"Pricing Benchmark Licensing Agreement": The licensing agreement between the Delegated Sponsor and the Benchmark Provider relating to the use of the Pricing Benchmark by the Delegated Sponsor and its permitted affiliates.

"Prime Broker": Coinbase, Inc.

"Principal Market NAV": Net asset value of the Trust determined on a GAAP basis.

"Principal Market NAV per Share": Net asset value of the Trust per Share determined on a GAAP basis.

"Redemption Order Date": The date a redemption order is received in satisfactory form by the Marketing Agent.

"Register": The record of all Shareholders and holders of the Shares in certificated form kept by the Administrator.

"Relevant Pair": A market that facilitates the spot trading of the relevant digital asset against the corresponding digital asset or legal tender pair, including markets where the digital asset or legal tender pair is made fungible with Accepted Assets.

"Relevant Transaction": Any digital asset base asset versus the quote asset spot trade that occurs during the TWAP Period on a Constituent Exchange in the Relevant Pair that is reported through its API to the Benchmark Provider.

"SEC": The U.S. Securities and Exchange Commission.

"Selling Shareholder": The Initial Seed Creation Investor in its capacity as a seller of some or all of the Shares pursuant to the registration statement that this Prospectus forms a part.

"Settlement Deadline": The Trust must generally repay Trade Credits by 6:00 PM E.T. on the Business Day immediately following the day the Trade Credit was extended by the Lender to the Trust (or, if such day is not a Business Day, on the next Business Day).

"Shareholders": Holders of Shares.

"Shares": Common shares representing fractional undivided beneficial interests in the Trust.

"SIPC": Securities Investor Protection Corporation.

"SOC": Systems and Organizational Control.

"Delegated Sponsor": Morgan Stanley Investment Management Inc., a Delaware corporation.

"Sponsor Indemnified Party": The Delegated Sponsor and its shareholders, members, directors, officers, employees, affiliates and subsidiaries.

"Sponsor-paid Expense(s)": The fees and other expenses incurred by the Trust in the ordinary course of its affairs, which the Delegated Sponsor assumes and pays, excluding taxes, but including (i) the Marketing Fee, (ii) fees to the Administrator, if any, (iii) fees to the Bitcoin Custodians, (iv) fees to the Transfer Agent, (v) fees to the Trustees, (vi) the fees and expenses related to the initial listing of Shares on the Exchange, (vii) the fees and expenses related to any listing, trading or quotation of the Shares on any future listing exchange or quotation system (including legal, marketing and audit fees and expenses), (viii) ordinary course legal fees and expenses but not litigation-related expenses, (ix) audit fees, (x) regulatory fees, including if applicable any fees relating to the registration of the Shares under the 1933 Act or the Exchange Act, (xi) printing and mailing costs; (xii) costs of maintaining the Delegated Sponsor's website and (xiii) applicable license fees, provided that any expense that qualifies as an Additional Trust Expense will be deemed to be an Additional Trust Expense and not a Sponsor-paid Expense.

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"SVB": Silicon Valley Bank.

"Trade Credit": bitcoin or cash the Trust may borrow from the Lender on a short-term basis to avoid having to pre-fund the Trust's Trading Balance,

"Trading Balance": A trading balance maintained by the Prime Broker or a Bitcoin Counterparty where portions of the Trust's bitcoin temporarily may be held outside of cold storage, including in circumstances in which it is necessary in connection with creations or redemptions of Baskets or to sell bitcoin to pay Trust expenses.

"Trading Platform": The Prime Broker's execution platform.

"Transaction Parties": The Delegated Sponsor, the Trustees, the Bitcoin Custodians or any of their respective affiliates.

"Transfer Agent": The Bank of New York Mellon.

"Trust": Morgan Stanley Bitcoin Trust.

"Trust Agreement": Amended and Restated Trust Agreement of Morgan Stanley Bitcoin Trust.

"Trust Estate": All of the bitcoin on deposit in the Custody Account and proceeds from the sale of bitcoin, as well as any other rights of the Trust pursuant to any agreements, other than the Trust Agreement, to which the Trust is a party.

"Trustees": CSC Delaware Trust Company and AGS Trustees Limited.

"TWAP Period": The 60 minutes leading up to 4:00 p.m. London time.

"U.S. Treasury Department": U.S. Department of the Treasury.

"You": The owner or holder of Shares.

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#### Morgan Stanley Bitcoin Trust

#### SHARES

#### PROSPECTUS

#### [•]
Until 25 calendar days after the date of this Prospectus, all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a Prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

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#### PART II INFORMATION NOT REQUIRED IN PROSPECTUS

#### Item 13. Other Expenses of Issuance and Distribution.
The Trust shall not bear any expenses incurred in connection with the issuance and distribution of the securities being registered. These expenses shall be paid by Morgan Stanley Investment Management Inc., the delegated sponsor of the Trust. Set forth below is an estimate (except as indicated) of these fees and expenses.

---

| | |
|:---|:---|
| SEC registration fee  | $† |
| Listing fee (actual)  | $10000 |
| Auditor's fees and expenses  | $8500 |
| Legal fees and expenses  | $200000 |
| Printing expenses  | $38000 |
| Miscellaneous expenses  | $200 |
| Total  | $256700 |

---

†

The Registrant notes that an indeterminate amount of securities are being registered to be offered or sold and that the filing fee will be calculated and paid in accordance with Rule 456(d) and Rule 457(u).

#### Item 14. Indemnification of Directors and Officers.
The Trust Agreement provides that the Delegated Sponsor and its shareholders, members, directors, officers, employees, Affiliates and subsidiaries (each a "Sponsor Indemnified Party") shall be indemnified by the Trust and held harmless against any loss, liability or expense incurred under the Trust Agreement without gross negligence, bad faith, or willful misconduct on the part of such Sponsor Indemnified Party arising out of or in connection with the performance of its obligations hereunder or any actions taken in accordance with the provisions of the Trust Agreement. Any amounts payable to a Sponsor Indemnified Party under the Trust Agreement may be payable in advance or will be secured by a lien on the Trust. The Delegated Sponsor will not be under any obligation to appear in, prosecute or defend any legal action that in its opinion may involve it in any expense or liability; provided, however, that the Delegated Sponsor may, in its discretion, undertake any action that it may deem necessary or desirable in respect of the Trust Agreement and the rights and duties of the parties hereto and the interests of the Shareholders and, in such event, the legal expenses and costs of any such action will be expenses and costs of the Trust and the Delegated Sponsor will be entitled to be reimbursed therefor by the Trust. The obligations of the Trust to indemnify the Delegated Sponsor Indemnified Parties will survive the termination of the Trust Agreement.

#### Item 15. Recent Sales of Unregistered Securities.
On March 9, 2026, the registrant issued 2 Shares to Morgan Stanley Investment Management Inc., the sponsor of the registrant, for total consideration of $100 in a private placement exempt from registration in reliance on Section 4(a)(2) of the 1933 Act in a transaction by an issuer not involving a public offering.

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#### Item 16. Exhibits and Financial Statement Schedules.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

#### Exhibits.

---

| |
|:---|
| **Exhibit <br> No.**  |
| 3.1 <br> [Trust Agreement](https://www.sec.gov/Archives/edgar/data/2103612/000110465926000959/tm2534140d2_ex3-1.htm)<sup>(1)</sup>  |
| 3.2 <br> Amended and Restated Trust Agreement<sup>(</sup><sup>3</sup><sup>)</sup> |
| 3.3 <br> [Certificate of Trust](https://www.sec.gov/Archives/edgar/data/2103612/000110465926000959/tm2534140d2_ex3-3.htm)<sup>(1)</sup>  |
| 3.4 <br> Trustee Services Agreement<sup>(3)</sup> |
| 3.5 <br> Delegation of Trustee Duties Agreement<sup>(3)</sup> |
| 5.1 <br> [Opinion of Dechert LLP as to legality](tm2534140d8_ex5-1.htm)<sup>(2)</sup>  |
| 8.1 <br> [Tax Opinion of Dechert LLP](tm2534140d8_ex8-1.htm)<sup>(2)</sup>  |
| 10.1 <br> Form of Sponsor Agreement<sup>(3)</sup> |
| 10.2 <br> [Form of Authorized Participant Agreement](tm2534140d8_ex10-2.htm)<sup>(2)</sup>  |
| 10.3 <br> [Form of Coinbase Prime Broker Agreement](tm2534140d8_ex10-3.htm)<sup>(2)</sup>  |
| 10.4 <br> [Form of Coinbase Custody Services Agreement (included as Exhibit A to Form of Coinbase Prime Broker Agreement)](tm2534140d8_ex10-4.htm)<sup>(2)</sup>  |
| 10.5 <br> [Form of Fund Administration and Accounting Agreement](tm2534140d8_ex10-5.htm)<sup>(2)</sup>  |
| 10.6 <br> [Form of Transfer Agency and Service Agreement](tm2534140d8_ex10-6.htm)<sup>(2)</sup>  |
| 10.7 <br> [Form of CoinDesk Indices Master License Agreement](tm2534140d8_ex10-7.htm)<sup>(2)</sup>  |
| 10.8 <br> [Form of Marketing Agent Agreement](tm2534140d8_ex10-8.htm)<sup>(2)</sup>  |
| 10.9 <br> [Form of BNY Cash Custody Agreement](tm2534140d8_ex10-9.htm)<sup>(2)</sup>  |
| 10.10 <br> [Audit Seed Subscription Agreement](tm2534140d8_ex10-10.htm)<sup>(2)</sup>  |
| 10.11 <br> [Form of BNY Digital Assets Custody Agreement](tm2534140d8_ex10-11.htm)<sup>(2)</sup>  |
| 14.1 <br> [Code of Ethics](tm2534140d8_ex14-1.htm)<sup>(2)</sup>  |
| 23.1 <br> [Consent of Independent Registered Public Accounting Firm](tm2534140d8_ex23-1.htm)<sup>(2)</sup>  |
| 23.2 <br> [Consent of Dechert LLP (included in Exhibit 5.1)](tm2534140d8_ex5-1.htm)<sup>(2)</sup>  |
| 23.3 <br> [Consent of Dechert LLP (included in Exhibit 8.1)](tm2534140d8_ex8-1.htm)<sup>(2)</sup>  |
| 107 <br> [Filing Fee Table](https://www.sec.gov/ix?doc=/Archives/edgar/data/2103612/000110465926000959/tm2534140d2_ex-filingfees.htm)<sup>(1)</sup>  |

---

(1) Previously filed.

(2) Filed herewith.

(3) To be filed by amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

Financial Statement Schedules.

Not applicable.

#### Item 17. Undertakings.
The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

to include any prospectus required by section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities

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offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

Provided, however, that:

Paragraphs (1)(i), (ii), and (iii) of this section do not apply if the registration statement is on Form S-1 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)) that are incorporated by reference in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)

To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

If the registrant is relying on Rule 430B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A)

each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (B)

each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

If the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or

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prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)

That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities:

The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

the portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv)

any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

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#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of New York, and the State of New York, on March 17, 2026.

#### Morgan Stanley Bitcoin Trust
Morgan Stanley Investment Management Inc., as the Delegated Sponsor of the Trust

By:

/s/ Scott Steel

Name: Scott Steel

Title\*: Managing Director

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been *signed* by the following persons in the capacities\* and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature**  | **Title\***  | **Date**  |
| /s/ Scott Steel <br>Scott Steel  | Managing Director <br> (Principal Executive Officer)  | March 17, 2026  |
| /s/ James Kirchner <br>James Kirchner  | Managing Director <br> (Principal Finance Officer)  | March 17, 2026  |

---

\*

The registrant is a trust and the persons are signing in their capacities as officers of Morgan Stanley Investment Management Inc., the Delegated Sponsor of the registrant.

------

## Exhibit 5.1

**Exhibit 5.1**

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| | |
|:---|:---|
| ![](tm2534140d8_ex5-1img001.jpg) | Three Bryant Park <br> 1095 Avenue of the Americas<br> New York, NY 10036-6797 <br> +1 212 698 3500 Main<br> +1 212 698 3599 Fax<br> www.dechert.com |

---

March 17, 2026

Morgan Stanley Investment Management Inc.

as sponsor to Morgan Stanley Bitcoin Trust

1585 Broadway

New York, NY 10036

Re: Morgan Stanley Bitcoin Trust<br> Registration Statement on Form S-1

Dear Ladies and Gentlemen:

We have acted as counsel for Morgan Stanley Investment Management Inc. (the "<u>Compan</u>y"), a Delaware corporation, the sponsor of Morgan Stanley Bitcoin Trust, a Delaware statutory trust (the "<u>Trust</u>"), in connection with the Trust's filing on March 17, 2026 of its Registration Statement on Form S-1 (the "<u>Registration Statement</u>") under the Securities Act of 1933, as amended (the "<u>1933 Act</u>"), relating to the issuance and sale by the Trust of an indeterminate number of shares of the Trust (the "<u>Shares</u>").

This opinion is limited to the laws of the State of Delaware governing statutory trusts, and we express no opinion with respect to the laws of any other jurisdiction or to any other laws of the State of Delaware. Further, we express no opinion as to compliance with any state or federal securities laws, including the securities laws of the State of Delaware.

In connection with the opinions set forth herein, we have examined the following documents: the Amended and Restated Trust Agreement between the Company, CSC Delaware Trust Company, as the Delaware trustee of the Trust, and AGS Trustees Limited, as the trustee of the Trust, as amended (the "<u>Trust A</u>g<u>reement</u>"), and such other Trust records, certificates, documents and statutes that we have deemed relevant in order to render the opinions expressed herein.

In rendering this opinion we have assumed, without independent verification, (i) the due authority of all individuals signing in representative capacities and the genuineness of signatures; (ii) the authenticity, completeness and continued effectiveness of all documents or copies furnished to us; (iii) that any resolutions provided have been duly adopted by the sole member of the Company; (iv) that the facts contained in the instruments and certificates or statements of public officials, officers and representatives of the Trust on which we have relied for the purposes of this opinion are true and correct; and (v) that no amendments, agreements, resolutions or actions have been approved, executed or adopted which would limit, supersede or modify the items described above. Where documents are referred to in resolutions approved by the sole member of the Company, or in the Registration Statement, we have assumed such documents are the same as in the most recent form provided to us, whether as an exhibit to the Registration Statement or otherwise.

Based upon the foregoing, we are of the opinion that the Shares have been duly authorized for issuance and, when issued and delivered against payment therefor in accordance with the terms, conditions, requirements and procedures described in the Registration Statement, will be validly issued and, subject to the qualifications set forth in the Trust Agreement, fully paid and non-assessable beneficial interests in the Trust.

Morgan Stanley Investment Management Inc.<br> March 17, 2026 <br> Page 2

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement, to be filed with the Securities and Exchange Commission, and to the reference to us and discussion of this opinion in the Registration Statement. In giving such consent, however, we do not admit that we are within the category of persons whose consent is required by Section 7 of the 1933 Act or the rules and regulations thereunder.

Very truly yours,

/s/ Dechert LLP

## Exhibit 8.1

**Exhibit 8.1**

---

| | |
|:---|:---|
| ![](tm2534140d8_ex8-1img001.jpg) | Three Bryant Park <br> 1095 Avenue of the Americas<br> New York, NY 10036-6797 <br> +1 212 698 3500 Main<br> +1 212 698 3599 Fax<br> www.dechert.com<br>|

---

March 17, 2026

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, NY 10036

Appleby Global Services (Cayman) Limited

71 Fort Street, PO Box 500

George Town, Grand Cayman, KY1–1106

Cayman Islands

CSC Delaware Trust Company

251 Little Falls Drive

Wilmington, DE 19808

Dear Ladies and Gentlemen:

We are acting as U.S. tax counsel to Morgan Stanley Bitcoin Trust (the "Trust"), a Delaware statutory trust formed pursuant to the Delaware Statutory Trust Act, in connection with the preparation of a Registration Statement on Form S-1 (the "Registration Statement") filed with the Securities and Exchange Commission (the "SEC") on the date hereof. The Trust was formed on December 15, 2025, and amended in connection with this Registration Statement.

In rendering this opinion, we have examined the Registration Statement and such other documents and materials as we have deemed necessary or appropriate to review for purposes of our opinion and have made such investigations of law as we have deemed appropriate as a basis for the opinion expressed below. In addition, in rendering this opinion, we have relied upon and have assumed, with your permission, the accuracy of the statements contained in the Registration Statement, and that the Trust will operate in the manner discussed in its organizational documents and the prospectus included in the Registration Statement (the "Prospectus").

---

| | |
|:---|:---|
| ![](tm2534140d8_ex8-1img001.jpg) | Page 2<br> Morgan Stanley Bitcoin Trust<br> March 17, 2026 |

---

Our opinion is based on the U.S. Internal Revenue Code of 1986, as amended (the "Code"), the U.S. Treasury Regulations promulgated thereunder, and administrative and judicial interpretations thereof, all as of the date hereof and all of which are subject to change, possibly on a retroactive basis. In rendering this opinion, we are expressing our views only as to United States federal income tax law.

Based on and subject to the foregoing, the discussion relating to tax matters under the heading "United States Federal Income Tax Consequences" in the Prospectus (subject to the qualifications contained therein) expresses our opinion as to the material aspects of the United States federal income tax treatment to a Shareholder, as of the date hereof, of the acquisition, ownership and disposition of a Share pursuant to the Prospectus.

Our opinion relies on, and is subject to, the facts, representations and assumptions set forth or referenced herein. Any inaccuracy or subsequent change in such facts, representations or assumptions could adversely affect our opinion.

We hereby consent to the filing with the SEC of this letter as an exhibit to the Registration Statement and the reference to this letter and to us under the heading "United States Federal Income Tax Consequences" in the Prospectus. In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933.

Very truly yours,

/s/ Dechert LLP

## Exhibit 10.2

**Exhibit 10.2**

**FORM OF AUTHORIZED PARTICIPANT AGREEMENT<br> FOR Morgan STanley CRYPTO EXCHANGE-TRADED PRODUCTS**

This Authorized Participant Agreement (the "Agreement" or the "Authorized Participant Agreement"), dated as of [ ], 2026, is entered into by and between, Morgan Stanley Investment Management Inc., a Delaware corporation and the sponsor (the "Delegated Sponsor") of each of the trusts named on Annex I hereto (each a "Trust" and together the "Trusts"), for itself, and as sponsor of the Trusts, and [●], a [●] (the "Authorized Participant" or "AP"), and is subject to acceptance by The Bank of New York Mellon (the "Transfer Agent").

**SUMMARY**

The Delegated Sponsor serves in its capacity as Delegated Sponsor of each Trust, pursuant to an Amended and Restated Declaration of Trust and Trust Agreement for each Trust, (each a "Trust Agreement"). Transfer Agent and Foreside Fund Services, LLC (the "Order Examiner") each serve as agents of the Delegated Sponsor and/or each Trust for the purposes of this Agreement, and all references to agreements, obligations or duties of Transfer Agent, or Order Examiner herein shall be deemed references to agreements, obligations or duties of the Delegated Sponsor or the Trust acting through the relevant agent. As provided in each Trust Agreement and described in each Trust's prospectus, which is contained in each Trust's Registration Statement (as defined below) as supplemented and amended from time to time (the "Prospectus"), common units of fractional undivided beneficial interest in and ownership of the Trust (the "Shares") may be created or redeemed through the Transfer Agent by the Authorized Participant in aggregations of a specified number of Shares stated in the Prospectus (each aggregation, a "Creation Basket" or "Redemption Basket," respectively; collectively, "Baskets"). Creation Baskets are offered only pursuant to the most recent registration statement of each Trust, as declared effective by the Securities and Exchange Commission (the "SEC") and remaining effective and current, and no stop order having been issued with respect to it, and as the same may be amended from time to time thereafter (collectively, the "Registration Statement"). Authorized Participants are the only persons that may place orders to create and redeem Creation Baskets or Redemption Baskets.

Capitalized terms used but not defined in this Agreement shall have the meanings assigned to such terms in the applicable Prospectus. To the extent there is a conflict between any provision of this Agreement (other than the indemnities and limitations on liability provided herein) and the provisions of the relevant Prospectus, the provisions of the relevant Prospectus shall control.

To give effect to the foregoing premises and in consideration of the mutual covenants and agreements set forth below, the parties hereto agree as follows:

**Section 1. Order Placement.**

To place an order for the creation or redemption of one or more Baskets on its behalf or on behalf of a designated agent or client of the Authorized Participant (an "Authorized Participant Client") an Authorized Participant must follow the procedures for creation and redemption referred to in Section 4 of this Agreement and attached to this Agreement as Annex II (the "Procedures") and in the applicable Prospectus.

**Section 2. Status and Obligations of Authorized Participant.**

The Authorized Participant represents and warrants and covenants the following:

(a) The Authorized Participant is a participant of the Depository Trust Company ("DTC") (as such a participant, a "DTC Participant"). If the Authorized Participant ceases to be a DTC Participant, the Authorized Participant shall give prompt notice to the Delegated Sponsor of such event, and this Agreement shall terminate immediately as of the date the Authorized Participant ceased to be a DTC Participant.

(b) Unless Section 2(c) applies, the Authorized Participant either (i) is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and is a member in good standing of the Financial Industry Regulatory Authority, Inc. ("FINRA"), or (ii) is exempt from being, or otherwise is not required to be, licensed as a broker-dealer or a member of FINRA, and in either case is qualified to act as a broker or dealer in the states or other jurisdictions where its responsibilities under this Agreement so require. The Authorized Participant will maintain any such registrations, qualifications and membership in good standing and in full force and effect throughout the term of this Agreement. The Authorized Participant will comply with all applicable federal law, the laws of the states or other jurisdictions in connection with creations and redemptions of the Shares, and the rules and regulations promulgated thereunder, including, but not limited to those applicable to securities and commodities transactions, and with the Constitution, By-Laws and Conduct Rules of FINRA (if it is a FINRA member, and when and as applicable) to the extent the foregoing relate to the Authorized Participant's transactions in, and activities with respect to the Baskets. The Authorized Participant will not directly or indirectly offer or sell Shares in or from any state or jurisdiction where the applicable Prospectus indicates that they may not lawfully be offered or sold.

(c) If the Authorized Participant is offering or selling Shares in jurisdictions outside the several states, territories and possessions of the United States, the Authorized Participant will (i) observe the applicable laws of the jurisdiction in which such offer and/or sale is made, and (ii) comply with the full disclosure requirements of the Securities Act of 1933, as amended (the "1933 Act") and, if applicable, the Commodities Exchange Act (the "CEA"), and the rules and regulations promulgated thereunder (to the extent applicable).

(d) With respect to any Digital Assets that the Authorized Participant sells, transfers and/or delivers hereunder, Authorized Participant is the lawful owner of such Digital Assets with good and marketable title thereto, and Authorized Participant has the absolute right to sell, assign, convey, transfer and deliver such Digital Assets. Such Digital Assets are free and clear of any and all security interests, liens, pledges, claims (pending or threatened), charges, escrows, encumbrances or similar rights.

(e) Authorized Participant is the sole owner of all Digital Assets in each Authorized Participant wallet, and no person or entity, other than the Authorized Participant, has any right, title, or interest in any such Digital Assets. Each Authorized Participant wallet is controlled by, and operated solely for the benefit of, the Authorized Participant.

(f) With respect to any cash that Authorized Participant transfers and/or delivers hereunder, the Authorized Participant is the lawful owner of such cash and the Authorized Participant has the absolute right to transfer and/or deliver such cash. Such cash is free and clear of any and all security interests, liens, pledges, claims (pending or threatened), charges, escrows, encumbrances or similar rights.

(g) Neither Authorized Participant nor any of its subsidiaries, nor any of their respective controlled affiliates, directors, or officers, nor to Authorized Participant's knowledge, any of their respective employees, agents, or representatives is an individual or entity ("**Person**") that is, or is owned or controlled by one or more Persons that are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the subject of any sanctions administered or enforced by the United States Government (including the U.S. Department of the Treasury's Office of Foreign Assets Control ("**OFAC**") and the U.S. Department of State), the United Nations Security Council, the European Union, His Majesty's Treasury, or any other relevant sanctions authority (collectively, "**Sanctions**"), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) located, organized or resident in a country or territory that is the subject of comprehensive territorial Sanctions (including, without limitation, the so-called Donetsk People's Republic, the so-called Luhansk People's Republic, or any other Covered Region of Ukraine identified pursuant to Executive Order 14065, Crimea, Cuba, Iran, and North Korea)

((1) and (2) above, collectively, the "**Sanctioned Persons**").

(h) In connection with this Agreement, the Authorized Participant and its subsidiaries have and will act in compliance with (i) all applicable anti-money laundering laws, rules, and regulations, including the financial recordkeeping and reporting requirements contained therein, and including the Bank Secrecy Act of 1970, applicable provisions of the USA PATRIOT Act of 2001, the Money Laundering Control Act of 1986, and the Anti-Money Laundering Act of 2020, (ii) all applicable anti-corruption laws, rules, and regulations, including the U.S. Foreign Corrupt Practices Act of 1977, and (iii) Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Authorized Participant maintains policies, procedures, and controls reasonably designed to comply with the laws, rules, and regulations listed in (i) – (iii) above of this paragraph (h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In connection with this Agreement, including the transfer pursuant to this Agreement of any Digital Assets in-kind, the Authorized Participant will apply such policies, procedures, and controls, including (i) sanctions screening reasonably designed to identify any Sanctioned Persons associated with transactions, Digital Assets, and Digital Asset wallets, and (ii) customer due diligence and enhanced due diligence on counterparties, where required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In connection with this Agreement, the Authorized Participant will not deliver to the applicable Trust any assets (i) derived from unlawful sources or (ii) that would cause or result in a violation of applicable anti-money laundering laws, rules, or regulations, applicable anti-corruption laws, rules, or regulations, or Sanctions.

(i) To the fullest extent permitted by law, the Authorized Participant shall promptly notify the Delegated Sponsor in writing if (i) it becomes aware, through screening or otherwise, of property or transactions in connection with this Agreement that require blocking pursuant to Sanctions and/or reporting to an applicable Sanctions authority, including OFAC, and (ii) if it identifies, in connection with this Agreement, any suspicious activity or any activity that may require further review to determine whether it is suspicious (including, but not limited to, any concerns with the sources of Digital Assets delivered in-kind pursuant to this Agreement).

(j) The Authorized Participant will, to the extent permitted by applicable law, cooperate with the Delegated Sponsor and provide assistance reasonably requested by the Delegated Sponsor in connection with any anti-money laundering and terrorist financing, anti-corruption, or Sanctions government or regulatory inquiries.

(k) The Authorized Participant has the capability to send and receive communications via an authenticated telecommunication facility to and from the Delegated Sponsor and its agents, the Order Examiner and Transfer Agent. The Authorized Participant shall confirm such capability to the satisfaction of the Delegated Sponsor, Transfer Agent and the Order Examiner by the end of the Business Day before placing its first order with Transfer Agent (whether such order is to create or to redeem Baskets). If required by the Order Examiner or Transfer Agent with respect to authorized telecommunications by telephonic facsimile, the Authorized Participant shall enter into a separate agreement with the Order Examiner or Transfer Agent, as the case may be, indemnifying such party with respect to its communications by telephonic facsimile.

(l) Because new Baskets can be created and Shares therein issued on an ongoing basis, at any point during the life of a Trust, a "distribution," as such term is used in the 1933 Act, may be occurring with respect to resales of these Shares. The Authorized Participant understands that some of its activities may result in its being deemed a participant in a distribution in a manner that would render it a statutory underwriter and subject it to the prospectus delivery and liability provisions of the 1933 Act. The Authorized Participant will review the "Plan of Distribution" portion of the applicable Prospectus and consult with its own counsel in connection with entering into this Agreement and placing an Order (as defined in Section 4). The Authorized Participant understands that in addition to satisfying the prospectus delivery and disclosure requirements of the 1933 Act applicable to it, the Authorized Participant and any other participant in the distribution of the Shares purchased by the Authorized Participant also has the obligation to comply with any disclosure delivery requirements under the CEA applicable to it through delivery of the applicable Prospectus to purchasers of Shares.

**Section 3. Procedures.**

This Agreement is intended to set forth certain premises and the procedures by which the Authorized Participant may purchase and/or redeem outside the CNS Clearing Process (i.e., through the manual process of The Depository Trust Company ("**DTC**")) (the "**DTC Process**").

**Section 4. Orders.**

(a) All orders to create or redeem Baskets shall be made in accordance with the terms of the applicable Prospectus, this Agreement and the Procedures. Each party will comply with such foregoing terms to the extent applicable to it. The Delegated Sponsor may issue additional or other procedures from time to time relating to the manner of creating or redeeming Baskets and the Authorized Participant will comply with such procedures.

(b) The Authorized Participant acknowledges and agrees on behalf of itself and any party for which it is acting or which is acting on its behalf (whether such party is a customer or otherwise) that each order to create a Basket or Baskets (a "Purchase Order") and each order to redeem a Basket or Baskets (a "Redemption Order," and each Purchase Order and Redemption Order, an "Order") may not be withdrawn by the Authorized Participant after it has been accepted by the applicable Trust (directly or through the Delegated Sponsor or Order Examiner).

(c) The Delegated Sponsor shall treat the Authorized Participant in an identical manner as it treats other participants with which it has entered in an authorized participant agreement and shall not reject an Order of the Authorized Participant other than for the same reasons as it would reject an Order of any other participant.

(d) The Delegated Sponsor acting by itself or through the Transfer Agent or the Order Examiner shall have the absolute right, but shall have no obligation, to reject any Purchase Order or Creation Basket Deposit (as defined in Section 7) if (i) the order is not in proper form as determined by the Delegated Sponsor, Order Examiner or Transfer Agent, (ii) the Creation Basket Deposit delivered is not as specified by Delegated Sponsor, Order Examiner or Transfer Agent; (iii) acceptance of the Creation Basket Deposit would have certain adverse tax consequences to the Delegated Sponsor or any Trust; (iv) the acceptance of the Creation Basket Deposit would, in the opinion of counsel, be unlawful; (v) the acceptance of the Creation Basket Deposit would otherwise, in the discretion of the Delegated Sponsor, have an adverse effect on the Delegated Sponsor or the rights of beneficial owners of any Trust; or (vi) circumstances outside the control of Delegated Sponsor, Order Examiner or Transfer Agent make it for all practical purposes not feasible to process a Purchase Order. None of the Delegated Sponsor, the Order Examiner or Transfer Agent shall be liable to any person by reason of the rejection of any Purchase Order or Creation Basket Deposit provided such rejection complies with applicable law and the requirements of this Agreement.

(e) The Delegated Sponsor acting by itself or through Transfer Agent may, in its sole discretion, reject any Redemption Order (i) determined by the Delegated Sponsor not to be in proper form provided the Delegated Sponsor discloses to the Authorized Participant the basis for its conclusion and a reasonable opportunity to correct the order so as to allow it to be accepted; (ii) the fulfillment of which its counsel advises would be unlawful and the Delegated Sponsor has disclosed to the Authorized Participant how to revise the order so that it can be accepted without being unlawful, or (iii) if, as a result of the redemption, the number of remaining outstanding Shares would be reduced to fewer than the number of Shares in one Basket or as otherwise stated in the Prospectus provided such rejection complies with applicable law and the requirements of this Agreement.

**Section 5. Fees.**

In connection with each Order by an Authorized Participant to create or redeem one or more Baskets, unless waived by the Delegated Sponsor, the Delegated Sponsor shall charge, and the Authorized Participant shall pay to the Delegated Sponsor, the transaction fee (the "Transaction Fee") prescribed in the Prospectus applicable to such creation or redemption. The Transaction Fee may be adjusted from time to time as set forth in the applicable Prospectus and will on any given day be determined in a uniform manner for all authorized participants for the applicable Trust.

**Section 6. Authorized Persons.**

Concurrently with the execution of this Agreement and as requested in writing from time to time thereafter, the Authorized Participant shall deliver to the Delegated Sponsor and Transfer Agent, duly certified as appropriate by its secretary or other duly authorized official, a certificate in the form of Annex III setting forth the names and signatures of all persons authorized to give instructions relating to activity contemplated hereby or by any other notice, request or instruction given on behalf of the Authorized Participant (each, an "Authorized Person"). The Delegated Sponsor and Transfer Agent may accept and rely upon such certificate as conclusive evidence of the facts set forth therein and shall consider such certificate to be in full force and effect until the Delegated Sponsor and Transfer Agent receive a superseding certificate bearing a subsequent date. Upon the termination or revocation of authority of any Authorized Person by the Authorized Participant, the Authorized Participant shall give immediate written notice of such fact to the Delegated Sponsor and the Transfer Agent, and such notice shall be effective upon receipt by the Delegated Sponsor and Transfer Agent, so long as such notice is received by the Delegated Sponsor and Transfer Agent reasonably in advance of any instructions or orders.

**Section 7. Creation Procedures.**

(a) To the extent permitted under the registration statement for an applicable Trust, Creation Baskets will be created in exchange for a deposit of cash or the applicable digital asset (the "Digital Asset"), in accordance with the terms of the Purchase Order submitted by the Authorized Participant and the procedures set forth in Annex II hereto. The Authorized Participant shall have no obligation to submit a Purchase Order ever hereunder.

(b) On any Business Day, an Authorized Participant, for itself as principal or as an agent for an Authorized Participant Client, may place an order with the Transfer Agent to create one or more Creation Baskets of the applicable Trust in accordance with this Agreement and the Procedures (a "Purchase Order"). Purchase Orders must be placed (and in the cash of cash Orders, to the extent required by the Delegated Sponsor, pre-funded) by 2:00 p.m. ET (in the case of cash Orders) and 4:00 p.m. ET (in the case of in-kind Orders), the close of regular trading on NYSE Arca, or another similar Exchange identified by the Delegated Sponsor (the "Exchange"), or another time determined by the Delegated Sponsor. Except as provided herein, all Purchase Orders of the Authorized Participant shall be accepted by the Delegated Sponsor and the Order Examiner when submitted in good form. The day on which the Order Examiner receives a valid Purchase Order, as approved by the Order Examiner, is the "Purchase Order Date". Under certain circumstances, the Delegated Sponsor, in its sole discretion, may limit Authorized Participant's ability to place Purchase Orders if Digital Asset Counterparties are not able to provide sufficient Digital Asset liquidity to the applicable Trust and if any such Purchase Order has been accepted in such circumstance, the Trust may promptly cancel such Purchase Order before the applicable market close on the Purchase Order Date, return all cash deposited by the Authorized Participant or Authorized Participant Client, as applicable, including the Transaction Fee, and in such event the Authorized Participant and Authorized Participant Client shall have no liability for fees or costs associated with such canceled order. Prior to the delivery of cash or Digital Assets for a Purchase Order, the Authorized Participant must also have wired to the Transfer Agent for the applicable Trust the non-refundable (except upon Order cancellation or non-acceptance of the Order as specified herein) Transaction Fee due for the Purchase Order.

(c) To effectuate a cash Creation Order, the Authorized Participant may, at the Delegated Sponsor's discretion, be required to pre-fund with cash the applicable Trust's purchase of the Digital Asset in an amount set by the Delegated Sponsor. To effectuate a cash Creation Order, the Authorized Participant will be required to transfer the cash deposit amount associated with such Creation Order to the applicable Trust's account with the Cash Custodian. The Delegated Sponsor, on behalf of the applicable Trust, will instruct a Digital Asset Counterparty to purchase the amount of the Digital Asset equivalent in value to the cash deposit amount associated with the Creation Order, with such purchase transaction prearranged to be executed, in the Delegated Sponsor's reasonable efforts, at the Index price used by the applicable Trust to calculate NAV, taking into account any spread, commissions, or other trading costs on the applicable Creation Order Date. The resulting Digital Assets will be deposited in the applicable Trust's account with the applicable Digital Asset Custodian. Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on a cash equivalent basis, will be the responsibility of the Authorized Participant and not of the applicable Trust or Delegated Sponsor.

(d) To the extent the execution price of the Digital Asset acquired by the Digital Asset Counterparty at settlement is less than the cash deposit amount, such cash difference will be remitted to the Authorized Participant. To the extent the execution price of the Digital Asset acquired by the Digital Asset Counterparty exceeds the cash deposit amount, such cash difference will be the responsibility of the Authorized Participant and not the applicable Trust or Delegated Sponsor.

(e) To effectuate an in-kind Creation Order, the Authorized Participant or an Authorized Participant Client will be required to deposit the required amount of the Digital Asset associated with such Creation Order to the applicable Trust's account with the Digital Asset Custodian. Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on a Digital Asset basis, will be the responsibility of the Authorized Participant and not of the applicable Trust or Delegated Sponsor.

(f) No Shares will be issued unless and until the Delegated Sponsor and Transfer Agent of the applicable Trust have confirmed that any outstanding cash or Digital Assets due from the Authorized Participant or Authorized Participant Client, as applicable, have been settled with the applicable Trust. To the extent that Digital Asset transfers from the applicable Trust's Trading Balance to the Trust's vault with the Digital Asset Custodian ("Vault") are delayed due to congestion or other issues with the Digital Asset network, such Digital Asset will not be held in cold storage in the Vault until such transfers can occur.

(g) Following acceptance of an Authorized Participant's in-kind Purchase Order, the applicable Trust's Digital Asset Custodian account must be credited with the required Digital Asset by the end of the next succeeding Business Day following the Purchase Order Date. Under most circumstances, the Digital Assets associated with a Creation Basket Deposit will be deposited with the Digital Asset Custodian in the applicable Trust's Cold Vault Balance, although in some circumstances, Digital Asset may be deposited outside of cold storage. Upon confirmation by the Delegated Sponsor and Transfer Agent that any outstanding cash or Digital Assets, as applicable, due from the Authorized Participant or Authorized Participant Client, as applicable, have been settled with the applicable Trust, the Transfer Agent of the Trust will then direct DTC to credit the number of Shares created to the applicable DTC account of the Authorized Participant.

(h) The total deposit required to create each Basket ("Creation Basket Deposit") changes from day to day. On each day that the Exchange is open for regular trading, the Administrator adjusts the quantity of Digital Assets and/or cash constituting the Creation Basket Deposit as appropriate to reflect accrued expenses and any loss of Digital Asset that may occur. The computation is made by the applicable Trust's Administrator as promptly as practicable after 4:00 p.m. ET.

(i) Where an Authorized Participant purchases Shares via a cash transaction, the total deposit amount required to create each Basket ("Basket Deposit") is the amount of cash equivalent to the amount of Digital Assets that is in the same proportion to the total assets of the applicable Trust, net of accrued expenses and other liabilities, on the Purchase Order Date, as the number of Shares to be created under the Purchase Order is in proportion to the total number of Shares outstanding on the Purchase Order Date, plus a cash buffer set by the Delegated Sponsor. Where an Authorized Participant purchases Shares via an in-kind transaction, the total Basket Deposit is the amount of Digital Assets that is in the same proportion to the total assets of the applicable Trust, net of accrued expenses and other liabilities, on the Purchase Order Date, as the number of Shares to be created under the Purchase Order is in proportion to the total number of Shares outstanding on the Purchase Order Date. It is the responsibility of the Delegated Sponsor and the Trust to communicate such amount to the Authorized Participant and the Authorized Participant shall have no liability for any failure to deliver such excess upon a failure by the Delegated Sponsor and Trust (or its agents) to communicate such amount to the Authorized Participant.

(j) Each Business Day and after market close, the Delegated Sponsor will publish the amount of cash or Digital Asset that will be required in exchange for each Creation Basket Deposit. By placing a cash Purchase Order, an Authorized Participant agrees to deposit the cash comprising the Creation Basket Deposit. By placing an in-kind Purchase Order, an Authorized Participant agrees that it, or the Authorized Participant Client will deposit the Creation Basket Deposit.

(k) The Authorized Participant shall not have any liability in regard to cancellation of a cash Order (before the cut off time) other than reimbursement of reasonable costs, although the Delegated Sponsor may terminate this Agreement if such failures occur frequently. The applicable Trust and Delegated Sponsor shall not have any liability with regard to any cancellation of a cash Order in accordance with reasons permitted in the applicable Prospectus. Failure to consummate such a deposit (before the cut off time) shall result in the cancellation of the cash Order. Authorized Participants may not withdraw a cash Creation Order request. Once a Purchase Order is accepted by the Delegated Sponsor, the Authorized Participant cannot cancel that Purchase Order.

(l) For an in-kind Purchase Order, in the event the Authorized Participant or an Authorized Participant Client has not deposited the Digital Assets to the applicable Trust by the applicable time on the settlement date of the in-kind Creation Order, the Authorized Participant will be given one of the following options by the Trust to: (i) delay settlement of the order to enable delivery of the Digital Assets at a later date to be determined by the Delegated Sponsor or (ii) accept that the applicable Trust will execute a Digital Asset transaction required for the creation and the Authorized Participant will deliver the U.S. dollars required for this purchase. The Authorized Participant shall be responsible for the dollar cost of the difference between the Digital Asset price utilized in calculating NAV per Share on trade date and the price at which the applicable Trust acquires the Digital Assets to the extent the price realized in buying the Digital Assets is higher than the Digital Asset price utilized in the NAV. To the extent the price realized in buying the Digital Asset is lower than the Digital Asset price utilized in the NAV, the Authorized Participant shall get to keep the dollar impact of any such difference.

(m) The Authorized Participant shall not have any liability in regard to delay or acceptance of the substitution of cash for an in-kind Order in accordance with the procedure provided in the preceding paragraph other than reimbursement of reasonable costs, although the Delegated Sponsor may terminate this Agreement if such failures occur frequently. The applicable Trust and Delegated Sponsor shall not have any liability with regard to any delay or acceptance of the substitution of cash for an in-kind Order in accordance with the procedure provided in the preceding paragraph.

(n) An Authorized Participant who places a Purchase Order is responsible for transferring in accordance with the applicable procedures set forth in Annex II hereto to the applicable Trust the required amount of cash, and the Authorized Participant or Authorized Participant Client is responsible for transferring the Digital Assets, in each case before the cut off time on the Purchase Order Date (T) and shall settle no later than the next Business Day following the Purchase Order Date (T+1) any residual cash amount, except in the case of an Authorized Participant's initial order to purchase one or more Creation Baskets of the applicable Trust on the first day the Baskets of the Trust are to be offered and sold, when the Creation Basket Deposit will be due on the date the Purchase Order was accepted by the Transfer Agent. Upon confirmation by the Delegated Sponsor and Transfer Agent that any outstanding cash or Digital Assets due from the Authorized Participant or Authorized Participant Client, as applicable, has been settled with the applicable Trust, Transfer Agent will direct DTC to credit the number of Baskets ordered to the Authorized Participant's DTC account. Upon the Authorized Participant's failure to deliver the deposit amount by the cut off time on the next Business Day following the Purchase Order Date (T+1), the order will fail.

**Section 8. Redemption Procedures.**

(a) To the extent permitted under the Registration Statement for an applicable Trust, an Authorized Participant may redeem a Basket via cash or in-kind in accordance with Annex II hereto). The Authorized Participant shall have no obligation to submit a Redemption Order ever hereunder.

(b) On any Business Day, an Authorized Participant may, for itself as principal or as an agent for an Authorized Participant Client, place an order with the Transfer Agent of the applicable Trust to redeem one or more Redemption Baskets of the applicable Trust in accordance with this Agreement and the Procedures. Redemption Orders must be placed by 2:00 p.m. ET (in the case of cash Orders) and 4:00 pm ET (in the case of in-kind Orders), or the close of regular trading on the Exchange, or another time as determined by the Delegated Sponsor. Except as provided herein, all Redemption Orders of the Authorized Participant shall be accepted by the Delegated Sponsor and the Order Examiner and shall be accepted when submitted in good form. The day on which the Transfer Agent of the applicable Trust receives a valid Redemption Order, as approved by the Order Examiner, is the "Redemption Order Date."

(c) By placing a Redemption Order, (i) an Authorized Participant agrees to deliver the required cash indicated in the Redemption Order to the applicable Trust's account with Transfer Agent, or (ii) the Authorized Participant or Authorized Participant Client will deliver the required Digital Assets indicated in the Redemption Order to the applicable Trust's account with the Digital Asset Custodian, in each case not later than 4:00 pm ET, or another time as determined by the Delegated Sponsor. Failure to consummate such delivery by the cut off time shall result in the cancellation of the order, and the Authorized Participant shall have no liability in respect thereto other than for reimbursement of costs related to the cancellation. Prior to the delivery of the redemption distribution for a Redemption Order, the Authorized Participant must also have wired to the Transfer Agent of the applicable Trust the non-refundable (except upon cancellation or non-acceptance of the Redemption Order as specified herein) Transaction Fee due for the Redemption Order. Once a Redemption Order is accepted by the Delegated Sponsor, the Authorized Participant cannot cancel that Redemption Order. Under certain circumstances set forth in the applicable Prospectus, the Delegated Sponsor may limit Authorized Participants to place Redemption Orders if Digital Asset Counterparties are not able to provide sufficient Digital Asset liquidity to the applicable Trust.

(d) To effectuate a cash Redemption Order, the Authorized Participant will be required to deposit the Shares into the applicable Trust's DTC account. Once the Delegated Sponsor determines that the Shares have been received in the applicable Trust's DTC account, the Delegated Sponsor authorizes the Digital Asset Custodian to transfer the redemption Digital Asset amount from the Trust's Digital Asset Custodian account to the Digital Asset Counterparty for conversion to cash to be distributed to the Authorized Participant upon settlement.

(e) The Delegated Sponsor, on behalf of the applicable Trust, will instruct a Digital Asset Counterparty to sell the amount of Digital Assets equivalent in value to the Redemption Basket associated with the Redemption Order, with such purchase transaction prearranged to be executed, in the Delegated Sponsor's reasonable efforts, at the Index price used by the applicable Trust to calculate NAV, taking into account any spread, commissions, or other trading costs on the applicable Redemption Order Date. Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on a cash equivalent basis, will be the responsibility of the Authorized Participant and not of the applicable Trust or Delegated Sponsor provided that it is the responsibility of the Delegated Sponsor and the Trust to communicate such amount to the Authorized Participant and the Authorized Participant and the Authorized Participant Client shall have no liability for any failure to deliver such amount upon a failure by the Delegated Sponsor and Trust (or its agents) to communicate such amount to the Authorized Participant.

(f) The redemption distribution and any pre-funded cash due from the applicable Trust is delivered to the Authorized Participant on the Redemption Distribution Date if the Trust's DTC account has been credited with the Baskets to be redeemed, the Redemption Order accepted by the Delegated Sponsor, and the Delegated Sponsor and Transfer Agent for the applicable Trust confirm that any outstanding Shares and cash due from the Authorized Participant have been settled with the Trust.

(g) To effectuate an in-kind Redemption Order, the Authorized Participant will be required to deposit the Shares into the applicable Trust's DTC account. Once the Delegated Sponsor determines that the Shares have been received in the applicable Trust's DTC account, the Delegated Sponsor will authorize the Digital Asset Custodian to transfer the redeemed Digital Asset amount from the Trust's Digital Asset Custodian account to the Authorized Participant or, at the Authorized Participant's direction to the Authorized Participant Client.

(h) The in-kind redemption distribution is delivered to the Authorized Participant or, at the Authorized Participant's direction to the Authorized Participant Client on the Redemption Distribution Date if the applicable Trust's DTC account has been credited with the Baskets to be redeemed, the Redemption Order is accepted by the Delegated Sponsor, and the Delegated Sponsor and Transfer Agent for the applicable Trust confirm that any outstanding Shares from the Authorized Participant have been settled with the Trust.

(i) The Delegated Sponsor, acting by itself or through Transfer Agent, or the Order Examiner may, in its discretion, suspend the right of redemption, or postpone the Redemption Distribution Date subject to prior disclosure to the public, in the case of (i), (iii) and (iv) (below) together with amendment of the Registration Statement and notice as to when redemptions will re-commence and, in the case of (ii) (below) disclosure to the Authorized Participant of all changes to be made to the Redemption Order to cause it to be accepted as in proper form, (i) for any period during which the Exchange is closed other than customary weekend or holiday closings, or trading on the Exchange is suspended or restricted; (ii) the order is not in proper form as determined by the applicable Trust, Transfer Agent or the Order Examiner; (iii) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of Digital Asset is not reasonably practicable; or (iv) for such other period as the Delegated Sponsor reasonably determines to be necessary for the protection of shareholders. None of the Delegated Sponsor, the Order Examiner, or Transfer Agent will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

**Section 9. Role of Authorized Participant.**

(a) The Authorized Participant acknowledges that, for all purposes of this Agreement, the Authorized Participant is and shall be deemed to be an independent contractor and has and shall have no authority to act as agent for any Trust, the Order Examiner, Transfer Agent or the Delegated Sponsor in any matter or in any respect.

(b) The Authorized Participant will, to the extent reasonably practicable, make itself and its employees available, upon reasonable prior request, during normal business hours to consult with the Delegated Sponsor and Transfer Agent concerning the performance of the Authorized Participant's responsibilities under this Agreement; provided that the Authorized Participant shall be under no obligation to divulge or otherwise discuss any information that the Authorized Participant believes (i) is confidential or proprietary in nature or (ii) the disclosure of which to third parties would be prohibited by applicable law or by a non-disclosure agreement to which the Authorized Participant is bound.

(c) Notwithstanding the provisions of Section 9(b), the Authorized Participant will, to the extent required by applicable law and consistent with the provisions of law applicable to it, maintain records of all sales of Creation Baskets made by or through it and, upon reasonable request of the Delegated Sponsor, except if prohibited by applicable law and subject to any privacy obligations or other obligations it may have to its customers arising under contract or the federal or state securities laws, will use its reasonable efforts to furnish the Delegated Sponsor with the names and addresses of the purchasers of such Creation Baskets and the number of Creation Baskets purchased if and to the extent that the Delegated Sponsor has been requested to provide such information to a governmental agency or department or self-regulatory organization that regulates the applicable Trust and its activities and the Delegated Sponsor and its activities (to the extent such activities pertain to such applicable Trust), including but not limited to the Securities Exchange Commission, Financial Industry Regulatory Authority, National Futures Association, Commodity Futures Trading Commission, Internal Revenue Service, FinCen or applicable state regulators ("Trust Regulators"). For the avoidance of doubt, all such information provided by the Authorized Participant shall be confidential and shall not be used for any purpose other than to satisfy requests of Trust Regulators.

(d) Each Trust may from time to time be obligated under applicable law to deliver prospectuses, proxy materials, annual or other reports of the Trust or other similar information ("Trust Documents") to such Trust's shareholders. The Authorized Participant agrees (i) subject to any contractual obligations, privacy obligations, or obligations arising under federal or state securities laws it may have to its customers, to reasonably assist the Delegated Sponsor in ascertaining certain information regarding sales of Creation Baskets made by or through the Authorized Participant that is necessary for the applicable Trust to comply with such obligations upon written request of the Delegated Sponsor or (ii) in lieu thereof, and at the option of the Authorized Participant, the Authorized Participant may undertake to deliver Trust Documents to the Authorized Participant's customers that custody Shares with the Authorized Participant, after receipt from the applicable Trust of sufficient quantities of such Trust Documents to allow mailing thereof to such customers. The expenses associated with such transmissions shall be borne in full by the Delegated Sponsor, and the Delegated Sponsor shall promptly reimburse the Authorized Participant for such costs upon request. The Delegated Sponsor agrees that the names, addresses and other information concerning the Authorized Participant's customers are and shall remain the sole property of the Authorized Participant, and none of the Delegated Sponsor, any Trust or any of their respective affiliates shall use such names, addresses or other information for any purposes except in connection with the performance of their duties and responsibilities hereunder and except to the extent necessary for the applicable Trust to meet its regulatory requirements as set forth in Section 9(c) and in this Section 9(d) of the Agreement.

**Section 10. Indemnification.**

(a) Indemnification of Authorized Participant. The Delegated Sponsor agrees to indemnify, defend and hold harmless the Authorized Participant, its directors, officers, employees, agents and any person who controls such persons within the meaning of Section 15 of the 1933 Act or Section 20 of the Exchange Act, and the successors and assigns of all of the foregoing persons (each a "Delegated Sponsor Indemnified Person"), from and against any loss, damage, expense, liability or which the Authorized Participant or any such person may incur under the 1933 Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or in the Registration Statement as amended or supplemented) or in a Prospectus (the term Prospectus for the purpose of this Section 10 being deemed to include the Prospectus and the Prospectus as amended or supplemented) or any omission or alleged omission to state a material fact required to be stated in either such Registration Statement or such Prospectus or necessary to make the statements made therein not misleading, except insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in and in conformity with information concerning the Authorized Participant furnished in writing by or on behalf of the Authorized Participant to the Delegated Sponsor expressly for use in such Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any breach by the Delegated Sponsor of any covenant, representation or warranty contained in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the failure by the Delegated Sponsor, a Trust or their respective agents to perform when and as required, any agreement, obligation, duty or covenant contained herein or in the Prospectus unless such failure occurred as a result of the Delegated Sponsor's strict adherence to instructions reasonably given to it by such Delegated Sponsor Indemnified Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) actions of such Delegated Sponsor Indemnified Person in reasonable reliance upon any instructions issued or representations made by the Delegated Sponsor or the applicable Trust in accordance with this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the failure by the Delegated Sponsor, a Trust or their respective agents to comply with applicable laws and the rules and regulations of any governmental entity or any self-regulatory organization to the extent the foregoing relates to transactions in and activities with respect to Baskets.

In no case is the indemnity of the Delegated Sponsor in favor of the Authorized Participant and such other persons as are specified in this Section 10(a): (x) to be deemed to protect the Authorized Participant and such persons against any liability to the Delegated Sponsor or the applicable Trust to which the Authorized Participant would otherwise be subject by reason of willful misfeasance, bad faith or negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement or (y) intended to cover any loss of cash or Digital Assets by any third party used by an Authorized Participant in connection with Purchase Orders and Redemption Orders as set forth in Annex II hereto.

If any action, suit or proceeding (each, a "Proceeding") is brought against a Delegated Sponsor Indemnified Person or any such person in respect of which indemnity may be sought against the Delegated Sponsor pursuant to the foregoing paragraph, such Delegated Sponsor Indemnified Person shall promptly notify the Delegated Sponsor in writing of the institution of such Proceeding, provided, however, that the omission to so notify the Delegated Sponsor shall not relieve the Delegated Sponsor or the applicable Trust from any liability which it may have to the Delegated Sponsor Indemnified Person except to the extent that it has been materially prejudiced by such failure and has not otherwise learned of such Proceeding. The Delegated Sponsor Indemnified Person shall have the right to employ its own counsel in any such case and the fees and expenses of such counsel shall be borne by the Delegated Sponsor and the applicable Trust and paid as incurred (it being understood, however, that the Delegated Sponsor shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the Delegated Sponsor Indemnified Persons who are parties to such Proceeding), except for the expenses and fees incurred with respect to matters that are not indemnifiable in accordance with the preceding paragraph. A Delegated Sponsor Indemnified Person shall give the Delegated Sponsor reasonable prior notice of settlement of any Proceeding in respect of which indemnity may be sought against the Delegated Sponsor pursuant to this Section 10(a), provided, however that the omission to so notify the Delegated Sponsor shall not relieve the Delegated Sponsor or the applicable Trust from any liability which it may have to the Delegated Sponsor Indemnified Person.

(b) The Authorized Participant agrees to indemnify, defend and hold harmless each of the applicable Trust, the Transfer Agent, the Delegated Sponsor and its partners, stockholders, members, directors, officers, employees and any person who controls the Delegated Sponsor within the meaning of Section 15 of the 1933 Act or Section 20 of the Exchange Act, and the successors and assigns of all of the foregoing persons (each, an "AP Indemnified Person"), from and against any loss, damage, expense, liability or claim (including reasonable attorney fees and the reasonable cost of investigation) which the AP Indemnified Person may incur (i) as a result of or in connection with any untrue statement or alleged untrue statement of a material fact contained in and in conformity with information furnished in writing by or on behalf of the Authorized Participant to the Delegated Sponsor expressly for use in the Registration Statement (or in the Registration Statement as amended or supplemented by any post-effective amendment thereof) or in a Prospectus, (ii) that arises out of or is based upon any omission or alleged omission to state a material fact in connection with such information required to be stated in such Registration Statement or such Prospectus or necessary to make such information not misleading; (iii)(A) any representation by the Authorized Participant, its employees or its agents or other representatives about the Shares, any AP Indemnified Party or the applicable Trust that is not consistent in any material way with the applicable Trust's then-current Prospectus made in connection with the offer or the solicitation of an offer to buy or sell Shares and (B) any untrue statement or alleged untrue statement of a material fact contained in any research reports, marketing material and sales literature described in Section 14(b) or any alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein when read together with the Prospectus, in the light of the circumstances under which they were made, not misleading to the extent that such statement or omission relates to the Shares or any AP Indemnified Party, unless, in either case of clauses (iii)(A) and (iii)(B), such representation, statement or omission was made or included by the Authorized Participant at the written direction of the Delegated Sponsor, the applicable Trust or a service provider to the applicable Trust or is based upon any omission or alleged omission by the Delegated Sponsor or the applicable Trust to state a material fact in connection with such representation, statement or omission necessary to make such representation, statement or omission not misleading (but the Authorized Participant shall not be required to indemnify and hold harmless an AP Indemnified Party for any losses to the extent caused by the gross negligence, fraud or willful malfeasance of an AP Indemnified Party, or violation of law or of the Procedures by any other authorized participant or its agent or customers); (iv) any material breach by the Authorized Participant of any provisions of this Agreement that relates to the Authorized Participant, including its representations, warranties and covenants, unless such breach occurred as a result of the Authorized Participant's strict adherence to instructions reasonably given to it by such AP Indemnified Party; (v) any material failure on the part of the Authorized Participant to perform any of its obligations set forth in this Agreement, unless such failure occurred as a result of the Authorized Participant's strict adherence to instructions reasonably given to it by such AP Indemnified Party; (vi) the Authorized Participant's failure to complete an Order that has been accepted; or (vii) any failure by the Authorized Participant to comply with applicable laws and the rules and regulations of any governmental entity or any self-regulatory organization to the extent the foregoing relates to the Authorized Participant's transactions in, and activities with respect to, Shares under this Agreement, unless such failure occurred as a result of the Authorized Participant's strict adherence to instructions reasonably given to the Authorized Participant by such AP Indemnified Party.

The Authorized Participant will also indemnify each AP Indemnified Person from and against any reasonable loss, damage, expense, liability or claim (including the reasonable cost of investigation) which such AP Indemnified Person may incur as a result of or in connection with any actions of an AP Indemnified Person in accordance with any instructions reasonably believed by an AP Indemnified Party to be genuine and have been given by the Authorized Participant except in the case of any loss, damage, expense, liability or claim resulting from the gross negligence or willful misconduct of an AP Indemnified Person. In no case is the indemnity of the Authorized Participant in favor of each AP Indemnified Person to be deemed to protect the AP Indemnified Person and such persons against any liability to the Authorized Participant to which the AP Indemnified Person would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement.

If any Proceeding is brought against an AP Indemnified Person, such AP Indemnified Person shall promptly notify the Authorized Participant in writing of the institution of such Proceeding; provided, however, that the omission to so notify the Authorized Participant shall not relieve the Authorized Participant from any liability which it may have to such AP Indemnified Person except to the extent that it has been materially prejudiced by such failure and has not otherwise learned of such Proceeding. The AP Indemnified Person shall have the right, at its sole discretion, to employ its own, reasonably priced counsel and the fees and expenses of such counsel shall be borne by the Authorized Participant and paid as incurred (it being understood, however, that the Authorized Participant shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the AP Indemnified Persons who are parties to such Proceeding), except for the expenses and fees incurred with respect to matters that are not indemnifiable in accordance with the preceding paragraph. An AP Indemnified Person shall give the Authorized Participant reasonable prior notice of settlement of any Proceeding in respect of which indemnity may be sought against the Authorized Participant pursuant to this Section 10(b), provided, however that the omission to so notify the Authorized Participant shall not relieve the Authorized Participant from any liability which it may have to the AP Indemnified Person.

(c) The indemnity agreements contained in this Section 10 shall remain in full force and effect regardless of any investigation made by or on behalf of the Authorized Participant, its partners, stockholders, members, directors, officers, employees and or any person (including each partner, stockholder, member, director, officer or employee of such person) who controls the Authorized Participant within the meaning of Section 15 of the 1933 Act or Section 20 of the Exchange Act, or by or on behalf of each of the Delegated Sponsor, any applicable Trust, their partners, stockholders, members, directors, officers, employees or any person who controls the Delegated Sponsor or such Trust within the meaning of Section 15 of the 1933 Act or Section 20 of the Exchange Act, and shall survive any termination of this Agreement or the initial issuance and delivery of the Shares. The Delegated Sponsor and the Authorized Participant agree promptly to notify each other of the commencement of any Proceeding against it and, in the case of the Delegated Sponsor, against any of the Delegated Sponsor's officers or directors in connection with the issuance and sale of the Shares, or in connection with the Registration Statement or the Prospectus.

**Section 11.**

(a) Limitation of Liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In the absence of gross negligence, bad faith or willful misconduct, none of the Delegated Sponsor, the Order Examiner, or Transfer Agent, shall be liable to each other or to any other person, including any party claiming by, through or on behalf of the Authorized Participant, for any losses, liabilities, damages, costs or expenses arising out of any mistake or error in data or other information provided to any of them by each other or any other person or out of any interruption or delay in the electronic means of communications used by them or any interruption or delay in any means of transferring the Digital Asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the Delegated Sponsor, the Order Examiner, each applicable Trust or Transfer Agent, shall be liable to the Authorized Participant, each other or to any other person, including any party claiming by, through or on behalf of the Authorized Participant, for any losses, liabilities, damages, costs or expenses arising out of any mistake or by a third party facilitator used by such Authorized Participant in connection with Purchase Orders and Redemption Orders set forth in Exhibit B hereto except to the extent caused by the gross negligence, bad faith or willful misconduct of any of such Delegated Sponsor, Order Examiner, Trust or Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In no event shall the Delegated Sponsor, the Order Examiner or Transfer Agent be liable for punitive, special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profit), even if such parties have been advised of the likelihood of such loss or damage and regardless of the form of action. In no event shall the Delegated Sponsor, the Order Examiner or Transfer Agent be liable for the acts or omissions of DTC, NSCC or any other securities depository or clearing corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Delegated Sponsor, the Order Examiner, each Trust, and Transfer Agent may conclusively rely upon, and shall be fully protected in acting or refraining from acting upon, any communication authorized under this Agreement and upon any written or oral instruction, notice, request, direction or consent reasonably believed by them to be genuine, and in no event shall any of the Delegated Sponsor, the Order Examiner, the Trusts, or Transfer Agent be liable for any losses incurred as a result of unauthorized use of any PIN.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The Order Examiner and Transfer Agent undertake to perform such duties and only such duties as are expressly set forth herein, or expressly incorporated herein by reference, and no implied covenants of obligations shall be read into this Agreement against the Order Examiner or Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) In the absence of bad faith, gross negligence, or willful misconduct, the Transfer Agent, whether acting directly or through its agents, affiliates or attorneys, shall not be liable for any action taken, suffered or omitted or for any error or judgment made by it in the performance of its duties hereunder. Transfer Agent, acting as Transfer Agent or otherwise, shall not be required to advance, expend or risk its own funds or otherwise incur or become exposed to financial liability in the performance of its duties hereunder, except as may be required as a result of its own gross negligence, willful misconduct or bad faith.

(b) Tax Liability.

The Authorized Participant shall be responsible for the payment of any transfer tax, sales or use tax, stamp tax, recording tax, value added tax and any other similar tax or government charge applicable to the creation or redemption of any Basket made pursuant to this Agreement, regardless of whether or not such tax or charge is imposed directly on the Authorized Participant. To the extent the Delegated Sponsor or the applicable Trust is required by law to pay any such tax or charge, the Authorized Participant agrees to promptly indemnify such party for any such payment, together with any applicable penalties, additions to tax or interest thereon.

**Section 12. Acknowledgment.**

The Authorized Participant acknowledges receipt of a copy of the Prospectus and represents that it has reviewed and understands such document and has had an opportunity to ask questions with respect to the terms thereof. The Delegated Sponsor and the applicable Trust agree to process Orders, or cause its agents to process Orders, in accordance with the provisions of the Prospectus of the Trust, the Trust Agreement, and the Procedures.

**Section 13. Effectiveness and Termination.**

Upon the execution of this Agreement by the parties hereto, this Agreement shall become effective in this form as of the date first set forth above, and may be terminated at any time by any party upon thirty (30) days prior written notice to the other parties unless earlier terminated: (i) in accordance with Section 2(a); (ii) upon notice to the Authorized Participant by the Delegated Sponsor in the event of a breach by the Authorized Participant of this Agreement or the procedures described or incorporated herein; (iii) at such time as the applicable Trust is terminated; or (iv) by the Authorized Participant at any time upon prior written notice in the event of a breach by the applicable Trust or the Delegated Sponsor of any provision of this Agreement, upon the insolvency or bankruptcy of any of them or of the applicable Trust.

**Section 14. Marketing Materials; Representations Regarding Baskets; Identification in Registration Statement.**

(a) The Authorized Participant represents, warrants and covenants that, (i) without the written consent of the Delegated Sponsor, the Authorized Participant will not make, or permit any of its representatives to make, in connection with any sale or solicitation of a sale of Baskets any representations concerning the Shares or the Delegated Sponsor, any Trust, or any AP Indemnified Person other than representations consistent with (A) the then-current Prospectus of the Trust, (B) printed information approved by the Delegated Sponsor as information supplemental to such Prospectus or (C) any promotional materials or sales literature furnished to the Authorized Participant by the Delegated Sponsor or the distributor for the applicable Trust, and (ii) the Authorized Participant will not furnish or cause to be furnished to any person or display or publish any information or material relating to the Baskets or any AP Indemnified Person that is not consistent with the applicable Trust's then current Prospectus. Copies of the then-current Prospectus of the applicable Trust and any such printed supplemental information will be supplied by the Delegated Sponsor to the Authorized Participant in reasonable quantities upon request.

(b) The Authorized Participant agrees to comply with the prospectus and disclosure delivery requirements of the federal securities laws to the extent applicable to it. In connection therewith, the Authorized Participant will provide each purchaser of Shares with a copy of the applicable Trust's Prospectus if required under applicable law.

(c) The Authorized Participant hereby agrees that for the term of this Agreement the Delegated Sponsor or its agent, the Order Examiner, may deliver the then-current Prospectus, and any supplements or amendments thereto or recirculation thereof, to the Authorized Participant in Portable Document Format ("PDF") via electronic mail to such addresses as it provides to the Delegated Sponsor from time to time, in lieu of delivering the Prospectus in paper form. The Authorized Participant may revoke the foregoing agreement at any time by delivering written notice to the Delegated Sponsor and, whether or not such agreement is in effect, the Authorized Participant may, at any time, request reasonable quantities of the Prospectus, and any supplements or amendments thereto or recirculation thereof, in paper form from the Delegated Sponsor or its agent, the Order Examiner. The Authorized Participant acknowledges that it has the capability to access, view, save and print material provided to it in PDF and that it will incur no appreciable extra costs by receiving the Prospectus in PDF instead of in paper form. The Delegated Sponsor will, when requested by the Authorized Participant, make available at no cost the software and technical assistance necessary to allow the Authorized Participant to access, view and print the PDF version of the Prospectus.

(d) The parties acknowledge and agree that the Authorized Participant is not acting as an underwriter for the Shares, and the Delegated Sponsor agrees not to and to cause the other service providers to agree not (both during the term of this Agreement and thereafter) to describe the role of the Authorized Participant as that of an "underwriter" or to name the Authorized Participant in the Prospectus, without written consent of the Authorized Participant regarding the manner it is named, which shall not state or imply that the Authorized Participant is an underwriter for the Shares or the issuer of the Shares. For as long as this Agreement is effective, the Authorized Participant shall not be named or identified as an authorized participant on the Delegated Sponsor's or the applicable Trust's website or in the Trust's Prospectus included within the Registration Statement unless required by the SEC. Upon the termination of this Agreement as to the applicable Trust, (i) during the period prior to when the Delegated Sponsor qualifies and elects to file on Form S-3, the Delegated Sponsor will remove such identification from the Prospectus in the amendment of the Registration Statement next occurring after the date of the termination of this Agreement and, during the period after when the Delegated Sponsor qualifies and elects to file on Form S-3, the Delegated Sponsor will promptly file a current report on Form 8-K indicating the withdrawal of the Authorized Participant as an Authorized Participant of the applicable Trust and (ii) the Delegated Sponsor will promptly update the applicable Trust's website to remove any identification of the Authorized Participant as an Authorized Participant of the applicable Trust.

**Section 15. Certain Representations, Warranties and Covenants of the Delegated Sponsor.**

The Delegated Sponsor, on its own behalf and on behalf of the Trust, covenants and agrees:

(a) to notify in writing the Authorized Participant promptly of the happening of any event during the term of this Agreement which could require the making of any change in the Prospectus then being used so that the Prospectus would not include an untrue statement of material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they are made, not misleading, and, during such time, to prepare and deliver or otherwise make available, at the expense of the applicable Trust, to the Authorized Participant copies of such amendments or supplements to such Prospectus as may be necessary to reflect any such change at such time and in such numbers as necessary to enable the Authorized Participant to comply with any obligation it may have to deliver such revised, supplemented or amended Prospectus to customers;

(b) to furnish directly or cause to be furnished to the Authorized Participant, at each time (i) the Registration Statement or the Prospectus is amended or supplemented by the filing of a post-effective amendment, (ii) a new Registration Statement is filed to register additional Shares and a single Prospectus is used in reliance on Rule 429 under the 1933 Act, and (iii) there is financial information incorporated by reference into the Registration Statement or the Prospectus, such customary documents and certificates in form and content as reasonably requested and agreed;

(c) to deliver to the Authorized Participant (i) at the time of purchase of the initial Basket of the applicable Trust by such Trust's initial Authorized Participant, and (ii) if requested by the Authorized Participant, at the time of purchase of the first Basket of the applicable Trust subsequent to the registration of additional Shares of such Trust, a certification by a duly authorized officer of the Delegated Sponsor in substantially the form attached hereto as Exhibit D. In addition, any certificate signed by any officer of the Delegated Sponsor and delivered to the Authorized Participant or counsel for the Authorized Participant pursuant hereto shall be deemed to be a representation and warranty by the Delegated Sponsor as to matters covered thereby to the Authorized Participant; and

(d) to furnish directly or through the Transfer Agent or the Order Examiner to the Authorized Participant (i) at the time of purchase of the initial Basket of the applicable Trust by the Trust's initial Authorized Participant, and (ii) at the time of purchase of the first Basket of the applicable Trust subsequent to the registration of additional Shares of the applicable Trust, such documents and certificates in the form as reasonably requested.

The Delegated Sponsor, on its own behalf and on behalf of each applicable Trust, represents and warrants to the Authorized Participant continuously as follows:

(a) The Registration Statement on Form S-1 for each of the Trusts identified in Annex I hereto in respect to the Shares has been filed with the SEC, has been declared effective by the SEC in such form, and no stop order suspending the effectiveness of the Registration Statement, as amended, has been issued and no proceeding for that purpose has been initiated or, to the Delegated Sponsor's knowledge, threatened by the SEC; the Registration Statement complies in all material respects with the requirements of the 1933 Act and the rules thereunder;

(b) The Prospectus, at the time of filing thereof, did not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

(c) The Registration Statement and the Prospectus and all amendments or supplements thereto do and will conform, in all material respects to the requirements of the 1933 Act and the rules and regulations of the SEC thereunder and do not and will not, as of the applicable effective date as to each part of the Registration Statement and as of the applicable filing date as to the Prospectus and any amendment or supplement thereto, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading;

(d) The Shares, when issued in accordance with a Creation Order, as described in the Prospectus, will be duly and validly authorized and duly and validly issued and fully paid and non-assessable and will conform in all material respects to the description of the Stock contained in the Prospectus, and the issuance of the Shares is not subject to any preemptive or similar rights;

(e) The Trust is not and, immediately after giving effect to the offering and sale of the Shares and the application of the proceeds thereof as described in the Prospectus, will not be an "investment company" as such term is defined in the Investment Company Act of 1940, as amended;

(f) The issue, sale and redemption of the Shares and the consummation of the transactions contemplated in the Prospectus, including, without limitation, execution of Creation and Redemption Orders and listing and trading of the Shares on the Exchange do not and will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under any agreement to which the Trust or the Delegated Sponsor is a party or to which any of their respective assets are subject, (ii) result in any violation of the organizational documents of the Trust or of the Delegated Sponsor, or (iii) result in any violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body having jurisdiction over the Trust or the Delegated Sponsor or their properties; and

(g) The Trust maintains disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) that comply with the requirements of the Exchange Act; such disclosure controls and procedures have been designed to ensure that material information relating to the Trust is made known to the Trust's principal financial officer and chief executive officer by others and such disclosure controls and procedures are effective.

**Section 16. Third Party Beneficiaries.**

Each AP Indemnified Person, to the extent it is not a party to this Agreement, is a third-party beneficiary of this Agreement and may proceed directly against the Authorized Participant (including by bringing proceedings against the Authorized Participant in its own name) to enforce any obligation of the Authorized Participant under this Agreement which directly or indirectly benefits such AP Indemnified Person. Each AP Indemnified Person and Delegated Sponsor Indemnified Person, to the extent it is not a party to this Agreement, is a third party beneficiary of this Agreement and may proceed directly against the indemnifying party in respect to its indemnity.

**Section 17. Force Majeure.**

No party to this Agreement shall incur any liability for any delay in performance, or for the nonperformance, of any of its obligations under this Agreement by reason of any cause beyond its reasonable control. This includes any act of God or war or terrorism, any breakdown, malfunction or failure of transmission in connection with or other unavailability of any wire, communication or computer facilities, an extreme weather event or any statutory or regulatory developments that prohibit the performance of obligations under this Agreement.

**Section 18. Miscellaneous.**

(a) Ambiguous Instructions. If a Purchase Order Form or a Redemption Order Form contains order terms that differ from the information provided in the telephone call at the time of issuance of the applicable order number, the Delegated Sponsor will use commercially reasonable efforts to contact one of the Authorized Persons of the Authorized Participant to request confirmation of the terms of the Order. If an Authorized Person confirms the terms as they appear in the Order, then the Order will be accepted and processed. If an Authorized Person contradicts the Order terms, the Order will be deemed invalid, and a corrected Order must be received by the Delegated Sponsor. If the Delegated Sponsor is not able to contact an Authorized Person, then the Order shall be accepted and processed in accordance with its terms notwithstanding any inconsistency from the terms of the telephone information. In the event that an Order contains terms that are not complete or are illegible, the Order will be deemed invalid and the Delegated Sponsor will attempt to contact one of the Authorized Persons of the Authorized Participant to request retransmission of the Order.

(b) Entire Agreement. This Agreement (including any schedules and exhibits attached hereto) contains all of the agreements among the parties with respect to the transactions contemplated hereby and supersedes all prior agreements or understandings, whether written or oral, among the parties with respect thereto.

(c) Amendment and Modification. This Agreement may be amended, modified or supplemented only by a written instrument executed by all the parties. The list of Trusts on Annex I hereto may be amended, modified or supplemented by the Delegated Sponsor and the Authorized Participant from time to time and at any time, including to add or remove one or more Trusts to or from Annex I, and the Delegated Sponsor and Authorized Participant may agree to any such amendment, modification, addition or deletion to Annex I in writing, including by exchange of electronic mails (e-mails). The Procedures attached as Annex II and the other Annexes hereto may be amended, modified or supplemented by the Trust and the Delegated Sponsor, without consent of the Authorized Participant from time to time by the following procedure. Any amendment to the Procedures shall not apply retroactively to Orders submitted prior to the effectiveness of such amendment. After the amendment, modification or supplement has been agreed to, the Delegated Sponsor will mail a copy of the proposed amendment, modification or supplement to the Authorized Participant in accordance with Section 18(g) below. For the purposes of this Agreement, mail will be deemed received by the recipient thereof on the third (3rd) day following the deposit of such mail into the United States postal system and e-mail will be deemed received on the day the message was sent. Within fifteen (15) calendar days after its deemed receipt, the amendment, modification or supplement will become part of this Agreement, the Attachments or the Exhibits, as the case may be, in accordance with its terms. If at any time there is any material amendment, modification or supplement of any Authorized Participant Agreement for any Trust (other than this Agreement), the Delegated Sponsor will promptly mail a copy of such amendment, modification or supplement to the Authorized Participant. The Delegated Sponsor will prominently post an updated and amended copy of the Agreement on its website, identified as amended, immediately upon adoption and at or about the time of mailing to the Authorized Participant.

(d) Successors and Assigns; Assignment. All the terms and provisions of this Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. This Agreement shall not be assigned by any party without the prior written consent of the other parties (which shall not be unreasonably withheld), except that any entity into which a party hereto may be merged or converted or with which it may be consolidated or any entity resulting from any merger, conversion, or consolidation to which such party hereunder shall be a party, or any entity succeeding to all or substantially all of the business of the party, shall be the successor of the party under this Agreement and except that the Delegated Sponsor may delegate its obligations hereunder to the Transfer Agent by advance written notice to the Authorized Participant. The party resulting from any such merger, conversion, consolidation or succession shall notify the other parties hereto of the change in writing. Any purported assignment in violation of the provisions hereof shall be null and void. Notwithstanding the foregoing, this Agreement shall be automatically assigned to any successor trustee or Delegated Sponsor at such time such successor qualifies as a successor trustee or Delegated Sponsor under the terms of the Trust Agreement. Furthermore, the Authorized Participant may assign its rights, interests or obligations hereunder to an affiliate without mutual written consent of any other party.

(e) Waiver of Compliance. Except as otherwise provided in this Agreement, any failure of any of the parties to comply with any obligation, covenant, agreement or condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but any such waiver, or the failure to insist upon strict compliance with any obligation, covenant, agreement or condition herein, shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure or breach.

(f) Severability. The parties hereto desire that the provisions of this Agreement be enforced to the fullest extent permissible under the law and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, in the event that any provision of this Agreement would be held in any jurisdiction to be invalid, prohibited or unenforceable for any reason, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.

(g) Notices. All notices, waivers, or other communications pursuant to this Agreement shall be in writing and shall be deemed to be sufficient if delivered personally, sent by nationally-recognized express courier or mailed by registered or certified mail (return receipt requested), postage prepaid, electronic mail (e-mail), Bloomberg messaging or similar electronic or non-electronic means to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) if to Delegated Sponsor or any Trust, to:

One Post Office Square

Boston, Massachusetts 02109<br> Attn: Jon Lahey

Email: jonathan.lahey@morganstanley.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if to the Authorized Participant, to:

[●]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) if to Transfer Agent, to:

The Bank of New York Mellon

Attn: ETF Services

240 Greenwich St.

New York, NY 10286

Telephone: (855) 545-1258

bnymETForderdesk@bny.com

All such notices and other communications shall be deemed to have been delivered and received (i) in the case of personal delivery or delivery by e-mail or Bloomberg messaging or similar electronic means, on the date of such delivery if delivered during business hours on a Business Day or, if not delivered during business hours on a Business Day, the first Business Day thereafter, (ii) in the case of delivery by nationally-recognized express courier, on the first Business Day following dispatch, and (iii) in the case of mailing, on the third Business Day following such mailing.

(h) Governing Law; Jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) All questions concerning the construction, interpretation and validity of this Agreement and all transactions hereunder shall be governed by and construed and enforced in accordance with the domestic laws of the State of New York, without giving effect to any choice or conflict of law provision or rule (whether in the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York. In furtherance of the foregoing, the internal law of the State of New York will control the interpretation and construction of this Agreement, even if under such jurisdiction's choice of law or conflict of law analysis, the substantive law of some other jurisdiction would ordinarily or necessarily apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each party irrevocably consents and agrees, for the benefit of the other parties, that any legal action, suit or proceeding against it with respect to its obligations, liabilities or any other matter arising out of or in connection with this Agreement or any related agreement may be brought in the courts of the State of New York and to the appellate courts therefrom and hereby irrevocably consents and submits to the exclusive jurisdiction of each such court in person, generally and unconditionally with respect to any action, suit or proceeding for itself and in respect of its properties, assets and revenues. Each party irrevocably waives any immunity to jurisdiction to which it may otherwise be entitled or become entitled (including sovereign immunity, immunity to pre-judgment attachment and execution) in any legal suit, action or proceeding against it arising out of or based on this Agreement or any related agreement or the transactions contemplated hereby or thereby which is instituted in any court of the State of New York. EACH PARTY HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT.

(i) Survival. The provisions of Sections 10 (Indemnification), 11 (Limitation of Liability), 14(d) (Marketing Material), 16 (Third Party Beneficiaries), 18 (Miscellaneous) and 19 (No Promotion) hereof as well as all confidentiality undertakings contained herein shall survive any termination of this Agreement, in whole or in part.

(j) No Partnership. Nothing in this Agreement is intended to, or will be construed to constitute the Delegated Sponsor or each Trust, on the one hand, and the Authorized Participant or any of its Affiliates, on the other hand, as partners or joint venturers; it being intended that the relationship between them will at all times be that of independent contractors.

(k) Interpretation. The article and section headings contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the parties and shall not in any way affect the meaning or interpretation of this Agreement.

(l) No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party.

(m) Counterparts; Facsimile Signatures. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. Facsimile, PDF, DocuSign or other electronic counterpart signatures to this Agreement shall be acceptable and binding.

(n) Other Usages. The following usages shall apply in interpreting this Agreement: (i) references to a governmental or quasi-governmental agency, authority or instrumentality shall also refer to a regulatory body that succeeds to the functions of such agency, authority or instrumentality; (ii) "including" means "including, but not limited to"; and (iii) references to any "Trust" in the singular shall, unless the context otherwise dictates, include references to "Trusts" in the plural.

**Section 19. No Promotion**

(a) Except as provided in Section 14(d) of this Agreement, Authorized Participant agrees that it will not, without the prior written consent of the applicable Trust and the Delegated Sponsor in each instance, (i) use in advertising, publicity or otherwise the name of the applicable, Trust, Delegated Sponsor or any affiliate of Trust and/or Delegated Sponsor, or any partner or employee of the applicable Trust or the Delegated Sponsor, nor any trade name, trademark, trade device, service mark, symbol or any abbreviation, contraction or simulation thereof owned by the applicable Trust or the Delegated Sponsor or any affiliate of such Trust or the Delegated Sponsor, or (ii) represent, directly or indirectly, that any product or any service provided by the Authorized Participant has been approved or endorsed by any Trust, the Delegated Sponsor or any affiliate of the Trust or the Delegated Sponsor.

IN WITNESS WHEREOF, the Authorized Participant and the Delegated Sponsor have caused this Agreement to be executed by their duly authorized representatives as of the date first set forth above.

**SPONSOR**

**MORGAN STANLEY INVESTMENT MANAGEMENT INC.,** as Delegated Sponsor of each of the Trusts named in Annex I

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| Address: | 1585 Broadway, New York, New York 10036 |
| Telephone: |  |
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**[AUTHORIZED PARTICIPANT]**

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Accepted by: **THE BANK OF NEW YORK MELLON**

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**ANNEX I<br> TO<br> AUTHORIZED PARTICIPANT AGREEMENT**

**LIST OF TRUST PARTIES<br> TO AUTHORIZED PARTICIPANT AGREEMENT**

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| | | |
|:---|:---|:---|
| **Trusts** | **Trusts** | **CUSIP** |
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Morgan Stanley Bitcoin Trust | 61692G109 |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Morgan Stanley Ethereum Trust | 61780R108 |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Morgan Stanley Solana Trust | 61780V109 |

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**ANNEX II**

**TO**

**AUTHORIZED PARTICIPANT AGREEMENT**

**FOR MORGAN STANLEY CRYPTO EXCHANGE-TRADED PRODUCTS**

**<u>PROCEDURES FOR PROCESSING</u>**

**<u>PURCHASE ORDERS AND REDEMPTION ORDERS</u>**

This Annex II to the Authorized Participant Agreement supplements the Prospectus with respect to the procedures to be used in processing (1) a Purchase Order for the purchase of Shares of any Trust in Creation Baskets of each Trust and (2) a Redemption Order for the redemption of Shares of each Trust in Creation Baskets of each Trust. Capitalized terms, unless otherwise defined in this Annex II, have the meanings attributed to them in the Authorized Participant Agreement or the Prospectus.

An Authorized Participant is required to have signed the Authorized Participant Agreement. Upon acceptance of the Agreement and execution thereof by the Delegated Sponsor (acting for each of the Trusts) and in connection with the initial Purchase Order submitted by the Authorized Participant, the Transfer Agent will assign a PIN to each Authorized Person authorized to act for an Authorized Participant. This will allow an Authorized Participant through its Authorized Person(s) to place a Purchase Order or Redemption Order with respect to the purchase or redemption of Creation Baskets of Shares of each Trust. **Purchase and Redemption Orders will only be accepted in accordance with the applicable Trust's then-current registration statement.**

**ANNEX II -- PART A**

**TO**

**AUTHORIZED PARTICIPANT AGREEMENT**

**FOR** **MORGAN STANLEY CRYPTO EXCHANGE-TRADED PRODUCTS**

**TO PLACE A PURCHASE ORDER FOR**

**CREATION BASKET(S) OF SHARES OF ONE OR MORE**

**MORGAN STANLEY CRYPTO EXCHANGE-TRADED PRODUCTS**

**1. PLACING A PURCHASE ORDER.**

The AP submitting an order to create shall submit such orders containing the information required by to the Transfer Agent in the following manner: (a) by telephone to the Transfer Agent's representative ("Transfer Agent Representative") followed up with the faxed order form according to the procedures set forth below, or; (b) through Transfer Agent's electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the terms and conditions attached hereto as Annex V; or (c) by telephone to the Transfer Agent Representative according to the procedures set forth below. The order so transmitted (either in writing, orally or electronic form) is hereinafter referred to as the "Submission" or the "Purchase Order" as applicable, and the Business Day on which a Submission is made is hereinafter referred to as the "Transmittal Date". Notwithstanding the foregoing, the Delegated Sponsor may, but is not required to, permit an order until 4:00 p.m., Eastern time, or until the market close (in the event the Exchange closes early).

NOTE THAT WHEN THE TELEPHONIC METHOD OF SUBMITTING ORDERS IS USED, THE TELEPHONE CALL IN WHICH THE SUBMISSION NUMBER IS ISSUED INITIATES THE ORDER PROCESS BUT DOES NOT ALONE CONSTITUTE THE ORDER. AN ORDER OR REQUEST IS ONLY COMPLETED AND PROCESSED UPON RECEIPT OF THE FAXED SUBMISSION.

To begin a Purchase Order that is not submitted through the BNYM Interface, the AP must telephone the BNYM ETF Order Desk Administrator at 844-545-1258 or such other number as the Transfer Agent designates in writing to the AP. This telephone call must be made by an Authorized Person of the AP and answered by the BNYM ETF Order Desk before the closing time of the regular trading session on the Exchange, which is ordinarily 4:00 p.m. Eastern Standard Time ("Exchange Closing Time or Order Cutoff Time"). Upon verifying the authenticity of the AP (as determined by the use of the appropriate PIN), the BNYM ETF Order Desk Administrator will request that the AP place the Purchase Order. To do so, the AP must provide the appropriate ticker symbols when referring to each Trust. After the AP has placed the Purchase Order, the BNYM ETF Order Desk Administrator will read the Purchase Order back to the AP. The AP then must affirm that the Purchase Order has been taken correctly by the BNYM ETF Order Desk Administrator. If the AP affirms that the Purchase Order has been taken correctly, the BNYM ETF Order Desk Administrator will issue a confirmation number to the AP, which completes the order. All orders may also be placed by the AP via the BNYM Interface by the times described above.

Purchase Orders for select Trusts T-1 (T minus 1) Next Day are to be placed (and if so required by the Delegated Sponsor, pre-funded) after the Exchange Closing Time of 4:00 PM Eastern Standard Time on any Business Day. Such Purchase Orders, if accepted, will receive the next Business Day's NAV per Creation Basket. The Transfer Agent's telephone number for all T- l orders is 844-545-1261.

Upon verifying the authenticity of the AP (as determined by the use of the appropriate PIN), Transfer Agent will request that the AP place the Purchase Order. To do so, the AP must provide the appropriate ticker symbols when referring to each Trust. After the AP has placed the Purchase Order, Transfer Agent will read the Purchase Order back to the AP. The AP then must affirm that the Purchase Order has been taken correctly by Transfer Agent. If the AP affirms that Purchase Order has been taken correctly, Transfer Agent will issue a Confirmation Number to the AP. PLEASE NOTE: A PURCHASE ORDER REQUEST IS NOT COMPLETE UNTIL THE CONFIRMATION NUMBER IS ISSUED BY THE TRANSFER AGENT REPRESENTATIVE. AN ORDER CANNOT BE CANCELED BY THE AP REPRESENTATIVE AFTER THE PURCHASE CLOSING TIME APPLICABLE TO THAT ORDER. INCOMING TELEPHONE CALLS ARE QUEUED AND WILL BE HANDLED IN THE SEQUENCE RECEIVED. ACCORDINGLY, THE AP SHOULD NOT HANG UP AND REDIAL. FOR STANDARD ORDERS, CALLS THAT ARE IN PROGRESS BY 3:59:59 ARE VALID FOR PROCESSING AND IF OTHERWISE IN ORDER, WILL BE TAKEN SUBMITTED FOR ACCEPTANCE. FOR CUSTOM ORDERS, CALLS THAT ARE IN PROGRESS BY 2:59:59 ARE VALID FOR PROCESSING AND IF OTHERWISE IN ORDER, WILL BE TAKEN SUBMITTED FOR ACCEPTANCE. PLEASE NOTE THAT "IN PROGRESS" IS DEFINED AS AN AP ACTUALLY SPEAKING WITH A TRANSFER AGENT REPRESENTATIVE. CALLS THAT ARE PLACED BEFORE 3:59:59 (OR 2:59:59 FOR CUSTOM ORDERS) BUT THAT ARE STILL HOLDING IN QUEUE UNANSWERED AT OR AFTER 4:00 PM (OR 3:00 PM FOR CUSTOM ORDERS) WILL NOT BE PROCESSED OR ACCEPTED. INCOMING CALLS RECEIVED AFTER THE APPLICABLE PURCHASE CLOSING TIME WILL NOT BE ANSWERED. ALL TELEPHONE CALLS WILL BE RECORDED.

**2. RECEIPT OF TRADE CONFIRMATION**.

Subject to the conditions that a properly completed telephone Purchase Order has been placed by the AP (either on its own or its customer's behalf) not later than the applicable Purchase Closing Time, the Order Examiner will accept the Purchase Order on behalf of Delegated Sponsor and Order Examiner and will confirm in writing to the AP that its Purchase Order has been accepted within 45 minutes after the designated Order Cutoff Time (i.e., 4:45 p.m. Eastern Time) on the Business Day the Purchase Order is received. Once the Purchase Order has been approved by the Order Examiner, the Order Examiner will sign or time-stamp the order and send the Purchase Order to the Transfer Agent.

**3. QUALITY ASSURANCE.**

After a Confirmation Number is issued by Administrator to the AP, AP will fax a written version of the Purchase Order to Administrator. Upon receipt, Administrator should immediately telephone AP if Administrator believes that the Purchase Order has not been indicated correctly by AP. In addition, Administrator will telephone the AP within 15 minutes of the call if the Purchase Order form has not been received.

**4. REJECTING OR SUSPENDING PURCHASE ORDERS.**

The Delegated Sponsor reserves the absolute right to reject or revoke acceptance of a Purchase Order if (i) the order is not in proper form as determined by the Delegated Sponsor, Order Examiner or Transfer Agent, (ii) the Creation Basket Deposit delivered is not as specified by Delegated Sponsor, Order Examiner or Transfer Agent; (iii) acceptance of the Creation Basket Deposit would have certain adverse tax consequences to the Delegated Sponsor or any Trust; (iv) the acceptance of the Creation Basket Deposit would, in the opinion of counsel, be unlawful; (v) the acceptance of the Creation Basket Deposit would otherwise, in the discretion of the Delegated Sponsor, have an adverse effect on the Delegated Sponsor or the rights of beneficial owners of any Trust; or (vi) circumstances outside the control of Delegated Sponsor, Order Examiner or Transfer Agent make it for all practical purposes impossible to process a Purchase Order. The Delegated Sponsor, Order Examiner or Transfer Agent shall notify the AP of a rejection or revocation of any Purchase Order. The Delegated Sponsor, Order Examiner and Transfer Agent are under no duty, however, to give notification of any defects or irregularities in the delivery of Creation Basket Deposits nor shall either of them incur any liability for the failure to give any such notification.

Except as provided herein, all Purchase Orders for Creation Baskets of Shares of the applicable Trust are irrevocable by the AP.

**5. CONTRACTUAL SETTLEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Except as provided below, the cash comprising the Creation Basket Deposit (the "Cash Component") may be delivered through the National Securities Clearing Corporation ("NSCC") to a Depository Trust Company ("DTC") account maintained at the applicable custodian of any Trust on or before the Contractual Settlement Date (defined below). The AP must also make available on or before the Contractual Settlement Date, by means satisfactory to Delegated Sponsor, immediately available or same day funds estimated by Delegated Sponsor to be sufficient to pay the Cash Component next determined after acceptance of the Purchase Order, together with the applicable purchase Transaction Fee. Any excess funds will be returned following settlement of the issue of the Creation Basket of Shares of the applicable Trust. The "Contractual Settlement Date" is the earlier of (i) date upon which all of the required Creation Basket Deposit and any other cash amounts which may be due are delivered to Delegated Sponsor, Order Examiner or Transfer Agent and (ii) trade date plus one (T+1) Business Day. Except as provided in the next two paragraphs, a Creation Basket of Shares of any Trust will be issued concurrently with the transfer to the Trust of the Creation Basket Deposit through the NSCC's Continuous Net Settlement ("CNS") system and the payment of the Cash Component and the purchase Transaction Fee through CNS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In the event that a Creation Basket Deposit is incomplete on the settlement date for a Creation Basket of Shares because certain or all of the Digital Assets are missing, the Trust may issue a Creation Basket of Shares notwithstanding such deficiency in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by such the AP's delivery and maintenance of collateral consisting of cash having a value at least equal to 115% of the value of the missing Digital Assets. The parties hereto agree that the delivery of such collateral shall be made in accordance with the terms of this Agreement. The parties hereto further agree that the Delegated Sponsor, acting in good faith on behalf of the applicable Trust, may purchase the missing Digital Assets at any time and the AP agrees to accept liability for any shortfall between the cost to the Trust of purchasing such securities and the value of the collateral, which may be sold by the Trust at such time, and in such manner, as the Delegated Sponsor may determine in its sole discretion.

**6.** **CASH PURCHASES**

When, in the sole discretion of the Delegated Sponsor, cash purchases of Creation Baskets of Shares are available or specified for a Trust, such purchases shall be effected in essentially the same manner as in-kind purchases thereof. In the case of a cash purchase, the AP must pay the cash equivalent of the Digital Assets it would otherwise be required to provide through an in-kind purchase, plus the Cash Component required to be paid by an in-kind purchaser. In addition, to offset the Delegated Sponsor's brokerage and other transaction costs associated with using the cash to purchase the requisite Deposit Securities, the AP must pay a Transaction Fee. The Transaction Fees for in-kind and cash purchases of Creation Baskets of Shares are described in the Prospectus.

**ANNEX II -- PART B**

**TO**

**AUTHORIZED PARTICIPANT AGREEMENT**

**FOR** **MORGAN STANLEY CRYPTO EXCHANGE-TRADED PRODUCTS**

**PROCEDURES TO PLACE A REDEMPTION ORDER FOR**

**CREATION BASKET(S) OF SHARES OF ONE OR MORE**

**MORGAN STANLEY CRYPTO EXCHANGE-TRADED PRODUCTS**

**1. PLACING A REDEMPTION ORDER**

**Redemption Orders for Creation Baskets of Shares may be initiated only on days that the Exchange is open for trading. Redemption Orders may only be made in whole Creation Baskets of shares of each Trust.**

The AP submitting a request to redeem shall submit such requests containing the information required to the Transfer Agent in the following manner: (a) by telephone to the Transfer Agent Representative followed up with the faxed or e-mailed order form according to the procedures set forth below, or; (b) through Transfer Agent's electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the terms and conditions attached hereto as Annex V; or (c) by telephone to the Transfer Agent Representative and the Order Examiner, as applicable, according to the procedures set forth below. The request so transmitted (either in writing, orally or electronic form) is hereinafter referred to as the "Submission" or the "Redemption Order" as applicable, and the Business Day on which a Submission is made is hereinafter referred to as the "Transmittal Date." Notwithstanding the foregoing, the Delegated Sponsor may, but is not required to, permit an order until 4:00 p.m., Eastern time, or until the market close (in the event the Exchange closes early).

NOTE THAT WHEN THE TELEPHONIC METHOD OF REQUESTING A REDEMPTION IS USED, THE TELEPHONE CALL IN WHICH THE REQUEST NUMBER IS ISSUED INITIATES THE REQUEST PROCESS BUT DOES NOT ALONE CONSTITUTE THE REQUEST. A REQUEST IS ONLY COMPLETED AND PROCESSED UPON RECEIPT OF THE FAXED SUBMISSION.

Redemption Orders for Creation Baskets of Shares may be initiated only on days that the Exchange is open for trading. Redemption Orders may only be made in whole Creation Baskets of shares of each Trust. To begin a Redemption Order, that is not submitted through the BNYM Interface, the AP must telephone the BNYM ETF Order Desk Administrator at 844-545-1258. This telephone call must be made by an Authorized Person of the AP and answered by the BNYM ETF Order Desk before the closing time of the regular trading session on the Exchange which is ordinarily 4:00 p.m. Eastern Standard Time ("Exchange Closing Time or Order Cutoff Time"). Upon verifying the authenticity of the AP (as determined by the use of the appropriate PIN), the BNYM ETF Order Desk Administrator will request that the AP place the Redemption Order. To do so, the AP must provide the appropriate ticker symbols when referring to a Trust. After the AP has placed the Redemption Order, the BNYM ETF Order Desk Administrator will read the Redemption Order back to the AP. The AP then must affirm that the Redemption Order has been taken correctly by the BNYM ETF Order Desk Administrator. If the AP affirms that the Redemption Order has been taken correctly, the BNYM ETF Order Desk Administrator will issue a confirmation number to the AP which completes the order. All orders may also be placed by the AP via the BNYM ETF Center Interface by the times described above.

Upon verifying the authenticity of the AP (as determined by the use of the appropriate PIN), Transfer Agent will request that the AP place the Redemption Order. To do so, the AP must provide the appropriate ticker symbols when referring to each Trust. After the AP has placed the Redemption Order, Transfer Agent will read the Redemption Order back to the AP. The AP then must affirm that the Redemption Order has been taken correctly by Transfer Agent. If the AP affirms that Redemption Order has been taken correctly, Transfer Agent will issue a Confirmation Number to the AP. PLEASE NOTE: A REDEMPTION ORDER REQUEST IS NOT COMPLETE UNTIL THE CONFIRMATION NUMBER IS ISSUED BY THE TRANSFER AGENT REPRESENTATIVE. AN ORDER CANNOT BE CANCELED BY THE AP REPRESENTATIVE AFTER THE REDEMPTION ORDER CLOSING TIME APPLICABLE TO THAT ORDER. INCOMING TELEPHONE CALLS ARE QUEUED AND WILL BE HANDLED IN THE SEQUENCE RECEIVED. ACCORDINGLY, THE AP SHOULD NOT HANG UP AND REDIAL. FOR STANDARD ORDERS, CALLS THAT ARE IN PROGRESS BY 3:59:59 ARE VALID FOR PROCESSING AND IF OTHERWISE IN ORDER, WILL BE TAKEN SUBMITTED FOR ACCEPTANCE. PLEASE NOTE THAT "IN PROGRESS" IS DEFINED AS AN AP ACTUALLY SPEAKING WITH A TRANSFER AGENT REPRESENTATIVE. CALLS THAT ARE PLACED BEFORE 3:59:59 BUT THAT ARE STILL HOLDING IN QUEUE UNANSWERED AT OR AFTER 4:00 PM (OR 3:00 PM FOR CUSTOM ORDERS) WILL NOT BE PROCESSED OR ACCEPTED. INCOMING CALLS RECEIVED AFTER THE APPLICABLE REDEMPTION CLOSING TIME WILL NOT BE ANSWERED. ALL TELEPHONE CALLS WILL BE RECORDED.

**2. RECEIPT OF CONFIRMATION.**

Subject to the conditions that a duly completed Redemption Order is received by Transfer Agent from the AP on behalf of itself or another redeeming investor by the applicable Redemption Closing Time, the Transfer Agent will accept the Redemption Order on behalf of Delegated Sponsor and Order Examiner and will confirm in writing to the AP that its Redemption Order has been accepted within 45 minutes after the designated Order Window Cut-off Time (e.g., 4:45 p.m. or 5:30 p.m. Eastern Time, as appropriate) on the Business Day the Redemption Order is received.

**3. QUALITY ASSURANCE**.

(a) After a Confirmation Number is issued by Administrator to the AP, AP will fax a copy of the Redemption Order to the Transfer Agent. Upon receipt, Transfer Agent should immediately telephone AP if the Transfer Agent believes that the Redemption Order has not been indicated correctly by the AP. In addition, Administrator will telephone the AP within 15 minutes of the call if the Redemption Order form has not been received.

(b) In the Redemption Order, the AP will be required to acknowledge its agreement on behalf of itself and any party for which it is acting (whether as a customer or otherwise) to return to the applicable Trust any yield from staking, dividend, distribution or other corporate action paid to it or to the party for which it is acting in respect of any Digital Asset that is transferred to the AP or any party for which it is acting that, based on the valuation of such Digital Asset at the time of transfer, should be paid to the Trust to which the Redemption Order relates. In the Redemption Order, the AP will also be required to acknowledge its agreement on behalf of itself and any party for which it is acting (whether as a customer or otherwise) that Trust is entitled to reduce the amount of money or other proceeds due to the AP or any party for which it is acting by an amount equal to any yield from staking, dividend, distribution or other corporate action to be paid to it or to the party for which it is acting in respect of any Digital Asset that is transferred to the AP or any party for which it is acting that, based on the valuation of such Digital Asset at the time of transfer, should be paid to the Trust to which the Redemption Order relates.

**4. TAKING DELIVERY OF DIGITAL ASSETS.**

The Digital Assets constituting in-kind redemption proceeds will be delivered to the appropriate account which must be indicated in the AP's Standing Redemption Instructions. An Authorized Person of the AP may amend the AP's Standing Redemption Instructions from time to time in writing to Administrator and Delegated Sponsor in a form approved by Delegated Sponsor. The AP or the Authorized Participant must maintain an appropriate wallet or other custody arrangements to which account such Digital Assets will be delivered. Redemptions of Shares for Digital Assets will be subject to compliance with applicable United States federal and state securities laws.

**5.** **CONTRACTUAL SETTLEMENT.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Except as provided below, the Shares of any Trust must be delivered through the National Securities Clearing Corporation ("NSCC") to a Depository Trust Company ("DTC") account maintained at the applicable custodian of any Trust on or before the Contractual Settlement Date (defined below). The Delegated Sponsor will make available on the Contractual Settlement Date, the Cash Component next determined after acceptance of the Redemption Order, less the applicable purchase Transaction Fee. The "Domestic Contractual Settlement Date" is the date upon which all of the required Shares must be delivered to the Delegated Sponsor and, the Digital Assets, Cash Component less any fees are delivered by the Delegated Sponsor to the AP (ordinarily trade date plus one (T+1) Business Day). Except as provided in the next two paragraphs, the Digital Assets representing Creation Baskets of Shares will be issued concurrently with the transfer of good title to Delegated Sponsor of the required number of Shares through the NSCC's Continuous Net Settlement (CNS) system and the delivery of the Cash Component less the purchase Transaction Fee through CNS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In the event that the number of Shares is insufficient on the settlement date for Creation Basket(s) of Shares, the Delegated Sponsor may deliver the Digital Assets notwithstanding such deficiency in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by the AP's delivery and maintenance of collateral consisting of cash having a value at least equal to 115% of the value of the missing Shares marked to market daily. The parties hereto further agree that the Delegated Sponsor may purchase the missing Shares at any time and the AP agrees to accept liability for any shortfall between the cost to the Delegated Sponsor of purchasing such Shares and the value of the collateral, which may be sold by the Delegated Sponsor at such time, and in such manner, as the Delegated Sponsor may determine in its sole discretion.

**6. CASH REDEMPTIONS**.

In the event that, in the sole discretion of Delegated Sponsor, cash redemptions are permitted or required by Delegated Sponsor, proceeds will be paid to the AP redeeming Shares on behalf of the redeeming investor as soon as practicable after the date of redemption.

**8. STANDING REDEMPTION INSTRUCTIONS.**

Annex IV hereto contains the AP's Standing Redemption Instructions, which includes information identifying the account(s) and/or wallet(s) into which the cash and Digital Assets of each Trust and any other redemption proceeds should be delivered by the Delegated Sponsor pursuant to a Redemption Order.

**ANNEX III**

**<u>FORM OF CERTIFIED AUTHORIZED PERSONS</u>**

**<u>OF THE AUTHORIZED PARTICIPANT</u>**

The following are the names, titles and signatures of all persons (each an "Authorized Person") authorized to give instructions relating to any activity contemplated by this Agreement on behalf of the AP pursuant to this Agreement.

Name: __________________

Title: __________________

Signature: __________________

Email address:______________________

Telephone Number:_____________________

Name: __________________

Title: __________________

Signature: __________________

Email address:______________________

Telephone Number:_____________________

Name: __________________

Title: __________________

Signature: __________________

Email address:______________________

Telephone Number:_____________________

The undersigned, [name], [title], _________________________________, does hereby certify that the persons listed above have been duly elected to the offices set forth beneath their names, that they presently hold such offices, that they have been duly authorized to act as Authorized Persons of this institution in its capacity as an AP pursuant to the Agreement by and between [_______________ ] (the "Trust"), Morgan Stanley Investment Management Inc. (as Delegated Sponsor), The Bank of New York Mellon (as Transfer Agent) and _________________________________ (the AP) dated [date] and that their signatures set forth above are their own true and genuine signatures.

IN WITNESS WHEREOF, the undersigned has hereby set his/her hand and the seal of _________________________________.

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| |
|:---|
| By: |
| Name: |
| Title: |
| Date: |

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**ANNEX IV**

**TO**

**AUTHORIZED PARTICIPANT AGREEMENT**

**<u>THE AP ACCOUNT AND WALLET</u>**

**<u>FOR DELIVERY OF CASH AND DIGITAL ASSETS RESPECTIVELY</u>**

The account into which each Trust should, through the Cash Custodian, deposit the cash distribution from the Trust upon redemption by the AP is set forth below:

Account: __________________

The wallet address into which each Trust should, through the applicable Digital Asset Custodian, deposit the Digital Asset distribution from the Trust upon redemption by the AP is set forth below:

Account: __________________

**ANNEX V**

**TO**

**AUTHORIZED PARTICIPANT AGREEMENT**

**FOR (XXX) TRUST**

**ORDER ENTRY SYSTEM TERMS AND CONDITIONS**

This Annex shall govern use by an Authorized Participant of the electronic order entry system for placing Purchase Orders and Redemption Orders for Shares (the "System"). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Authorized Participant Agreement. In the event of any conflict between the terms of this Annex V and the main body of the AP Agreement with respect to the placing of Purchase Orders and Redemption Orders, the terms of this Annex V shall control.

1. (a) Authorized Participant shall provide to the Transfer Agent a duly executed authorization letter, in a form satisfactory to Transfer Agent, identifying those Authorized Persons who will access the System. Authorized Participant shall notify the Transfer Agent promptly in writing, including, but not limited to, by electronic mail, in the event that any person's status as an Authorized Person is revoked or terminated, in order to give the Transfer Agent a reasonable opportunity to terminate such Authorized Person's access to the System. The Transfer Agent shall promptly revoke access of such Authorized Person to the electronic entry systems through which Purchase Orders and Redemption are submitted by such person on behalf of the Authorized Participant.

(b) It is understood and agreed that each Authorized Person shall be designated as an authorized user of Authorized Participant for the purpose of the Agreement. Upon termination of the Agreement, the Authorized Participant's and each Authorized Person's access rights with respect to System shall be immediately revoked.

2. Transfer Agent grants to Authorized Participant a personal, nontransferable and nonexclusive license to use the System solely for the purpose of transmitting Purchase Orders and Redemption Orders and otherwise communicating with Transfer Agent in connection with the same. Authorized Participant shall use the System solely for its own internal and proper business purposes. Except as set forth herein, no license or right of any kind is granted to Authorized Participant with respect to the System. Authorized Participant acknowledges that Transfer Agent and its suppliers retain and have title and exclusive proprietary rights to the System. Authorized Participant further acknowledges that all or a part of the System may be copyrighted or trademarked (or a registration or claim made therefore) by Transfer Agent or its suppliers. Authorized Participant shall not take any action with respect to the System inconsistent with the foregoing acknowledgments. Authorized Participant may not copy, distribute, sell, lease or provide, directly or indirectly, the System or any portion thereof to any other person or entity without Transfer Agent's prior written consent. Authorized Participant may not remove any statutory copyright notice or other notice included in the System. Authorized Participant shall reproduce any such notice on any reproduction of any portion of the System and shall add any statutory copyright notice or other notice upon Transfer Agent's request.

3. (a) Authorized Participant acknowledges that any user manuals or other documentation (whether in hard copy or electronic form) (collectively, the "Material"), which is delivered or made available to Authorized Participant regarding the System is the exclusive and confidential property of Transfer Agent. Authorized Participant shall keep the Material confidential by using the same care and discretion that Authorized Participant uses with respect to its own confidential property and trade secrets, but in no event less than reasonable care. Authorized Participant may make such copies of the Material as is reasonably necessary for Authorized Participant to use the System and shall reproduce Transfer Agent's proprietary markings on any such copy. The foregoing shall not in any way be deemed to affect the copyright status of any of the Material which may be copyrighted and shall apply to all Material whether or not copyrighted. TRANSFER AGENT AND ITS SUPPLIERS MAKE NO WARRANTIES, EXPRESS OR IMPLIED, CONCERNING THE MATERIAL OR ANY PRODUCT OR SERVICE, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

(b) Upon termination of the Agreement for any reason, Authorized Participant shall return to Transfer Agent all copies of the Material which is in Authorized Participant 's possession or under its control.

4. Authorized Participant agrees that it shall have sole responsibility for maintaining adequate security and control of the user IDs, passwords and codes for access to the System, which shall not be disclosed to any third party without the prior written consent of Transfer Agent. Transfer Agent shall be entitled to rely on the information received by it from the Authorized Participant and Transfer Agent may assume that all such information was transmitted by or on behalf of an Authorized Person regardless of by whom it was actually transmitted, unless the Authorized Participant shall have notified the Transfer Agent a reasonable time prior that such person is not an Authorized Person.

5. Transfer Agent shall have no liability in connection with the use of the System, the access granted to the Authorized Participant and its Authorized Persons hereunder, or any transaction effected or attempted to be effected by the Authorized Participant hereunder, except for damages incurred by the Authorized Participant as a direct result of Transfer Agent's gross negligence or willful misconduct. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, IT IS HEREBY AGREED THAT IN NO EVENT SHALL TRANSFER AGENT OR ANY MANUFACTURER OR SUPPLIER OF EQUIPMENT, SOFTWARE OR SERVICES BE RESPONSIBLE OR LIABLE FOR ANY SPECIAL, INDIRECT, OR CONSEQUENTIAL DAMAGES WHICH THE AUTHORIZED PARTICIPANT MAY INCUR OR EXPERIENCE BY REASON OF ITS HAVING ENTERED INTO OR RELIED ON THIS AGREEMENT, OR IN CONNECTION WITH THE ACCESS GRANTED TO THE AUTHORIZED PARTICIPANT HEREUNDER, OR ANY TRANSACTION EFFECTED OR ATTEMPTED TO BE EFFECTED BY THE AUTHORIZED PARTICIPANT HEREUNDER, EVEN IF TRANSFER AGENT OR SUCH MANUFACTURER OR SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, NOR SHALL TRANSFER AGENT OR ANY SUCH MANUFACTURER OR SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE OR COMPUTER BREAKDOWN OR MALFUNCTION, INTERRUPTION OR MALFUNCTION OF COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR CAUSE BEYOND SUCH PERSON'S REASONABLE CONTROL.

6. Transfer Agent reserves the right to revoke Authorized Participant's access to the System, with written notice, upon any breach by the Authorized Participant of the terms and conditions of this Annex V.

7. Transfer Agent shall acknowledge through the System its receipt of each Purchase Order or Redemption Order communicated through the System, and in the absence of such acknowledgment Transfer Agent shall not be liable for any failure to act in accordance with such orders and Authorized Participant may not claim that such Purchase Order or Redemption Order was received by Transfer Agent. Transfer Agent may in its discretion decline to act upon any instructions or communications that are insufficient or incomplete or are not received by Transfer Agent in sufficient time for Transfer Agent to act upon, or in accordance with such instructions or communications.

8. Authorized Participant agrees to use its reasonable best efforts consistent with its own procedures used in the ordinary course of business to prevent the transmission through the System of any software or file which contains any viruses, worms, harmful component or corrupted data and agrees not to use any device, software, or routine to interfere or attempt to interfere with the proper working of the Systems.

9. Authorized Participant acknowledges and agrees that encryption may not be available for every communication through the System, or for all data. Authorized Participant agrees that Transfer Agent may deactivate any encryption features at any time, without notice or liability to Authorized Participant, for the purpose of maintaining, repairing or troubleshooting its systems.

## Exhibit 10.3

**Exhibit 10.3**

**COINBASE PRIME BROKER AGREEMENT**

**General Terms and Conditions**

**1.** **Introduction** 

1.1 This agreement dated as of March [ ], 2026 (the " <u>Effective Date</u> ") (including, the
Coinbase Custody Services Agreement attached hereto as Exhibit A (the " <u>Custody Agreement</u> "), the Coinbase Master
Trading Agreement attached hereto as Exhibit B (the " <u>MTA</u> "), and all other exhibits, addenda, and supplements attached
hereto or referenced herein, (collectively, the " <u>Coinbase PBA</u> ")), is entered into by and between each entity listed
in Schedule A, (each a " <u>Client</u> " and referred to together herein as the "Client", except as otherwise expressly
indicated), and Coinbase, Inc. (" <u>Coinbase</u> "), for and on behalf of itself and on behalf of Coinbase Custody Trust
Company, LLC (" <u>Coinbase Custody</u> "), and, if applicable, Coinbase Credit, Inc. (" <u>Coinbase Credit</u>,")
or Coinbase Custody International Ltd. (" <u>CCI")</u> and collectively with Coinbase and Coinbase Custody, the " <u>Coinbase Entities</u> "). This Coinbase PBA shall constitute separate agreements, each between a single Client and the Coinbase Entities,
as if such Client had executed a separate Coinbase PBA naming only itself as the Client, and no Client shall have any liability for the
obligations of any other Client.

1.2 This Coinbase PBA sets forth the terms and conditions pursuant to which the Coinbase Entities will provide
to Client custody, trade execution, lending, post-trade credit (if applicable), and other services (collectively, the " <u>PB Services</u> ")
for certain digital assets (" <u>Digital Assets</u> ") and cash as set forth herein. As part of the PB Services, Coinbase will
establish and maintain for Client the Trading Account (as defined and described in Section 2 of the MTA), and Coinbase Custody will
establish and maintain for Client the Vault Account (as defined and described in Sections 1.1 and 2 of the Custody Agreement) (collectively
with the Trading Account, the " <u>Accounts</u> ").

1.3 Client's Digital Assets are referred to as " <u>Client Digital Assets</u>," Client's
cash is referred to as " <u>Client Cash</u>," and Client Digital Assets and Client Cash are together referred to as " <u>Client Assets</u>."

1.4 Client and the Coinbase Entities (individually or collectively, as the context requires) may also be referred
to as a " <u>Party</u>." Capitalized terms not defined in these General Terms and Conditions (the " <u>General Terms</u> ")
shall have the meanings assigned to them in the respective exhibit, addendum, or supplement. Any singular term in this Coinbase PBA will
be deemed to include the plural, and any plural term the singular and the words "such as," "include," "includes,"
or "including" are deemed to be followed by the words "without limitation," whether or not expressly stated. The
word "will" shall be construed to have the same meaning and effect as the word "shall." In the event of a conflict
between these General Terms and any exhibit, addendum, or supplement hereto, the document governing the specific relevant PB Service shall
control in respect of such PB Service.

**2.** **Conflicts of Interest Acknowledgement** 

Client acknowledges that the Coinbase Entities may have actual or potential conflicts of interest in connection with providing the PB Services including that (i) Orders (as such term is defined in the MTA) may be routed to Coinbase's exchange platform where Orders may be executed against other Coinbase clients or with Coinbase acting as principal, (ii) the beneficial identity of the purchaser or seller with respect to an Order is unknown and therefore may be another Coinbase client, (iii) Coinbase does not engage in front-running, but is aware of Orders or imminent Orders and may execute a trade for its own inventory (or the account of an affiliate) while in possession of that knowledge; provided that, in no event shall any Coinbase Entity use any Client Confidential Information to execute a trade for its own inventory (or the account of an affiliate), and (iv) Coinbase may act in a principal capacity with respect to certain Orders (e.g., to fill residual Order size when a portion of an Order may be below the minimum size accepted by the CTV (as defined in Section 1.1 of the MTA)). As a result of these and other conflicts, the Coinbase Entities may have an incentive to favor their own interests and the interests of their affiliates over a particular client's (including Client's) interests. Coinbase has in place certain policies and procedures that are designed to mitigate such conflicts. To manage this risk, Coinbase has implemented and maintains policies, processes and controls, including the use of separate teams and an information barrier between the agency trading business and principal trading at Coinbase, intended to avoid any conflicts of interest and ensure compliance with applicable law and regulation. Notwithstanding anything herein to the contrary, the Coinbase Entities shall execute trades pursuant to such policies and procedures; provided that the Coinbase Entities (a) shall execute (i) any marketable orders sent by Client and (ii) any other pending Client orders received by the Coinbase Entities that become marketable, and (b) shall not knowingly enter into a transaction for the benefit of (x) the Coinbase Entities, or (y) any other client received after Client's order, ahead of any order received from Client. For purposes of the foregoing, a marketable order is a sell order equivalent to or better than the best bid price, or a buy order equivalent to or better than the best ask price, on any Connected Trading Venue (or any venue that a Coinbase Entity may use) at a given moment.

**3.** **Account Statements** 

Coinbase will make available to Client an electronic account statement every month. Each account statement will identify the amount of cash and each Digital Asset credited to Client's Accounts at the end of the period and set forth of Client's activity during that period.

**4.** **Client Instructions** 

4.1 In a written notice to the relevant Coinbase Entity, Client may designate persons or entities authorized
to act on behalf of Client with respect to the PB Services (the " <u>Authorized Representative</u> "). Upon such designation,
the Coinbase Entities may rely on the validity of such appointment until such time as Coinbase receives Instructions from Client revoking
such appointment or designating a new Authorized Representative.

4.2 The Coinbase Entities may only act upon instructions duly received from Client or Client's Authorized
Representative (" <u>Instructions</u> ") provided that such Instructions are received by the Coinbase Entities pursuant to the
reasonable security procedures set forth by Coinbase Entities (" <u>Security Procedures</u> "), which may involve two-factor
authentication and messaging only through certain Coinbase systems. For the avoidance of doubt, the Coinbase Entity shall only act upon
Instructions if the Coinbase Entity reasonably believes that such Instructions have been provided by Client's Authorized Representatives
and have been authorized and approved in accordance with Coinbase's multi-approval authorization process. When taking action upon
Instructions, the applicable Coinbase Entity shall act in a reasonable manner, and in conformance with the following: (a) Instructions
shall continue in full force and effect until executed, canceled, or superseded; (b) if any Instructions are ambiguous, the applicable
Coinbase Entity shall as soon as reasonably practicable notify Client or Client's Authorized Representative of any ambiguity and
may refuse to execute such Instructions until any such ambiguity has been resolved to the Coinbase Entity's reasonable satisfaction;
(c) the Coinbase Entities may refuse to execute Instructions if in the applicable Coinbase Entity's reasonable opinion such
Instructions are outside the scope of its obligations under this Coinbase PBA or are contrary to any applicable law, rule, regulation,
court order, or binding order of a government authority, provided that it shall, as soon as reasonably practicable, notify Client or Client's
Authorized Representative of its decision to refuse to execute such Instruction and its basis for the foregoing (provided such notification
is not prohibited under law, a government order or similar binding legal or regulatory order); and (d) the Coinbase Entities may
rely on any Instructions, notice, or other communication believed by it in good faith to be given by Client or Client's Authorized
Representative. Client shall be fully responsible and liable for, and the Coinbase Entities shall have no liability with respect to, any
and all Claims and Losses (each as defined below) arising out of or relating to inaccurate or ambiguous Instructions. If Client is a trust,
Client agrees that the Coinbase Entities shall have no liability for following the trustee's Instructions.

4.3 Each Coinbase Entity will comply with Client's Instructions to stake, stack, or vote Client Digital
Assets to the extent the applicable Coinbase Entity supports proof of stake validation, proof of transfer validation, or voting for such
Digital Assets. The Coinbase Entities may, in their sole discretion, decide whether or not to support or cease supporting staking services,
stacking, or voting for a Digital Asset; provided that in each case where the Coinbase Entities have decided to change their practices
with respect to staking, stacking or voting for one or more Digital Assets, the relevant Coinbase Entity shall inform the Client, provided
that (i) such notice is being given to all Clients of the PB Services, and (ii) that such notice may be in the same form and
manner as Coinbase provides to its other Clients.

**5.** **Representations, Warranties, and Additional Covenants** 

The Client represents, warrants, and covenants (which shall be deemed to repeat each of the following on each day on which it provides an Instruction) that:

5.1 Client has the full power, authority, and capacity to enter into this Coinbase PBA and to engage in transactions
with respect to all Digital Assets relating to the PB Services;

5.2 To the best of its knowledge, Client is and shall remain in material compliance with all applicable laws,
rules, and regulations in each jurisdiction in which Client operates or otherwise uses the PB Services, including U.S. securities laws
and regulations, as well as any applicable state and federal laws, including applicable AML and Sanctions Laws and Regulations (as defined
below), and other applicable anti-terrorism statutes, regulations, and conventions of the U.S. or other international jurisdictions; provided
that any violation or alleged violation of law by Client resulting from or in connection with (a) Client's use of the services
provided by the Coinbase Entities pursuant to this Coinbase PBA and (b) Coinbase's violation of Section 5.25 hereof, shall
not be in violation of this Section 5.2;

5.3 Client is and shall remain in good standing with all relevant government agencies, departments, regulatory,
self-regulatory, and supervisory bodies in all relevant jurisdictions in which it does business, and to the extent relevant and material
to its performance hereunder or its use of the PB Services, it will promptly notify Coinbase if it ceases to be in good standing with
any regulatory authority;

5.4 Client is not a resident in or organized under the laws of any country that is the subject of comprehensive
economic sanctions imposed by the U.S., the United Nations, the European Union, or the United Kingdom (collectively, " <u>Sanctions Regimes</u> "), nor is it a person or entity that is, or is owned or controlled by one or more persons, entities or governments that
are, the subject of economic sanctions issued by an applicable Sanctions Regime;

5.5 To the extent required by applicable law, it has implemented an AML and sanctions program that is reasonably
designed to comply with applicable AML, anti-terrorist, anti-bribery/corruption, and Sanctions Regime laws and regulations, including,
but not limited to, the Bank Secrecy Act, as amended by the USA PATRIOT Act (collectively, " <u>AML and Sanctions Laws and Regulations</u> ").
Said program includes: (a) a customer due diligence program designed to identify and verify the identities of Client's customers;
(b) enhanced due diligence on high-risk customers, including but not limited to customers designated
as politically exposed persons; (c) processes to conduct ongoing monitoring of customer transactional activity and report, as required
by applicable law, any activity deemed to be suspicious; (d) ongoing customer sanctions screening against applicable Sanctions Regimes
lists; and (e) processes to maintain records related to the above controls as required by applicable law;

5.6 To the best of its knowledge, Client does not maintain any asset in an Account which is derived from any
unlawful activity and it will use commercially reasonable efforts not to instruct or otherwise cause Coinbase to hold any assets or engage
in any transaction that would cause Coinbase to violate applicable laws and regulations, including applicable AML and Sanctions Laws and
Regulations;

5.7 Client shall reasonably promptly provide such information as the Coinbase Entities may reasonably request
from time to time regarding: (a) its policies, procedures, and activities which relate to the PB Services, including information
on Client's underlying customers, where applicable; and (b) its use of the PB Services, in each case to the extent reasonably
necessary for the Coinbase Entities to comply with any applicable laws, rules, and regulations (including money laundering statutes, regulations,
and conventions of the U.S. or other jurisdictions), or the guidance or direction of, or request from, any regulatory authority or financial
institution, provided that such information may be redacted to remove Confidential information not relevant to the scope of this Agreement;

5.8 Client's use of the PB Services shall be for commercial, business purposes to the extent relevant
or material to either Party's performance under this Coinbase PBA or the Client's use of the PB Services, and shall not include
any personal, family, or household purposes. It shall promptly notify Coinbase in writing in the event it intends to use the PB Services
in connection with any business activities not previously disclosed to Coinbase. Coinbase may, in its sole discretion, prohibit Client
from using the PB Services in connection with any business activities not previously disclosed;

5.9 Client's Authorized Representatives have the: (a) full power, authority, and capacity to access
and use the PB Services; and (b) appropriate sophistication, expertise, and knowledge necessary to understand the nature and risks,
and make informed decisions, in respect of Digital Assets and the PB Services;

5.10 This Coinbase PBA is a legal, valid, and binding obligation, enforceable against it in accordance with its
terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors' rights generally
and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding
in equity or at law));

5.11 Client has not relied on any Coinbase Entity for any investment, legal, tax, or accounting advice, and Client
is solely responsible, and shall not rely on any Coinbase Entity, for determining whether any investment, investment strategy, transaction,
legal consideration, or tax or accounting treatment involving any assets (including Digital Assets) is appropriate for Client based on
its investment objectives, financial circumstances, risk tolerance, legal considerations, and tax or accounting consequences;

5.12 Client has duly appointed and authorized the individual(s) whose signatures are stated below to execute
and deliver this Coinbase PBA;

5.13 Client has the right to deliver any assets it transfers to a Coinbase Entity and all such assets are free
and clear of all liens, claims, and encumbrances and Client will not cause or allow any of the Accounts, whether now owned or hereafter
acquired, to be or become subject to any liens, security interests, mortgages, or encumbrances of any nature (other
than liens solely in favor of any of the Coinbase Entities);

5.14 To the best of Client's knowledge, there is no pending action, suit, or proceeding at law or in equity
or before any court, tribunal, governmental body, agency, official, or arbitrator against Client that is likely to affect the legality,
validity, or enforceability against it of this Coinbase PBA or the ability of Client to perform its obligations hereunder;

5.15 Unless it advises Coinbase to the contrary in writing, at all times, none of Client's assets constitute,
directly or indirectly, plan assets subject to the fiduciary responsibility and prohibited transaction sections of the Employment Retirement
Income Security Act of 1974, as amended (" <u>ERISA</u> "), the prohibited transaction provisions of the Internal Revenue Code
of 1986, as amended, or any federal, state, local, or non-U.S. law that is similar to the prohibited transaction provisions of Section 406
of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended, and Client shall immediately provide Coinbase with a written
notice in the event that it becomes aware that it is in breach of the foregoing;

5.16 To the extent Client provides a Coinbase Entity with Instructions (which may include standing Instructions)
to implement a vesting or lockup schedule for a particular token in connection with Client's obligations to a token issuer, such vesting
or lockup schedule (and any subsequent changes made by Client to the vesting or lockup schedule, if any) will accurately reflect the terms
of Client's obligations to the token issuer; and

5.17 Client will promptly inform Coinbase in writing if any of the above representations, warranties, and covenants
cease to be true.

For the avoidance of doubt, each Client has made each of the above representations and warranties in Sections 5.1 through 5.18 (inclusive) solely as to itself and not as to any other Client.

Coinbase, on behalf of itself and each other Coinbase Entity, represents, warrants, and covenants that:

5.18 Coinbase possesses and will maintain all licenses, registrations, authorizations, and approvals required
by any applicable government agency or regulatory authority for it to operate its business and provide the PB Services;

5.19 Coinbase will not, directly or indirectly, lend, pledge, hypothecate, rehypothecate or otherwise alienate
or transfer Client Assets unless otherwise agreed in writing by Client;

5.20 Coinbase has the full power, authority, and capacity to enter into and be bound by this Coinbase PBA;

5.21 This Coinbase PBA is a legal, valid, and binding obligation, enforceable against it in accordance with its
terms;

5.22 Other than the rights set forth in Section 10 and Section 19 of this Coinbase PBA and the rights
set forth in Appendix 1 attached hereto, Coinbase has no right, interest, or title in Client's Digital Assets;

5.23 Coinbase will maintain adequate capital and reserves to the extent required by applicable law;

5.24 Coinbase will not make any public statement, including any press release, media release, or blog post which
mentions or refers to Client or a partnership between Coinbase and Client, without the prior written consent of Client;

5.25 To the best of its knowledge, Coinbase is and shall remain in compliance in all material respects with all
applicable laws, rules, and regulations in each jurisdiction in which Coinbase operates, including U.S. securities laws and regulations,
as well as any applicable state and federal laws, including applicable AML and Sanctions Laws and Regulations, USA Patriot Act and Bank
Secrecy Act requirements, and other anti-terrorism statutes, regulations, and conventions of the United States or other international
jurisdictions;

5.26 Coinbase is not a resident in or organized under the laws of any country that is the subject of comprehensive
economic sanctions imposed by the Sanctions Regimes, nor is it a person or entity that is, or is owned or controlled by one or more persons,
entities or governments that are, the subject of economic sanctions issued by an applicable Sanctions Regime;

5.27 Its performance under this Coinbase PBA will not breach (a) any agreement between it and a third party;
(b) any obligation of confidentiality regarding the proprietary information of a third party or (c) any third party intellectual property rights;

5.28 Reserved.

5.29 To the best of Coinbase's knowledge, it is currently in good standing with all relevant government
agencies, departments, regulatory, self-regulatory and supervisory bodies in all relevant jurisdictions in which it does business, including,
as applicable, the Financial Industry Regulatory Authority, the Municipal Securities Rulemaking Board, the Securities Investor Protection
Corporation, the National Futures Association, the Commodity Futures Trading Commission, the Securities and Exchange Commission, Federal
Deposit Insurance Corporation, and the New York State Department of Financial Services;

5.30 To the extent permitted by law, Coinbase shall promptly notify the Client in writing if, in connection with
this Agreement, (i) Coinbase blocks or freezes property or assets pursuant to Sanctions Regime laws and regulations and/or reports
it to an applicable Sanctions Regime authority, including the Office of Foreign Assets Control
of the U.S. Department of the Treasury , and (ii) if it identifies, in connection with this Agreement, any suspicious activity
or any activity that may require further review to determine whether Morgan Stanley Investment Management, Inc., as delegated sponsor
for and on behalf of Morgan Stanley Bitcoin Trust, has any reporting obligations related to the activity; and

5.31 It will promptly provide such information as Client reasonably requests from time to time regarding the
use of the PB Services, to the extent required to comply with any applicable laws, rules and regulations; provided that such information
may be redacted to remove Confidential Information not relevant to the requirements of this Coinbase PBA.

For the avoidance of doubt, Coinbase, on behalf of itself and each other Coinbase Entity, has made each of the above representations and warranties in Sections 5.19 through 5.30 (inclusive) to each Client individually.

**6.** **No Investment Advice or Brokerage** 

6.1 Client assumes responsibility for each transaction executed by or for it in connection with this Coinbase
PBA. For the avoidance of doubt, nothing in this paragraph is intended to modify Coinbase's responsibility for carrying
out Client's Instructions in accordance with Section 4. Client understands and agrees that none of the Coinbase Entities is acting
as a "broker" as defined in the Securities Exchange Act of 1934 or as an investment adviser as defined in the Investment Advisers
Act of 1940 (the " <u>Investment Advisers Act</u> ") with respect to their activities in connection with this Coinbase PBA,
and except as expressly set forth herein, the Coinbase Entities have no liability, obligation, or responsibility whatsoever for Client
decisions relating to the PB Services. Client should consult its own legal, tax, investment, and accounting professionals.

6.2 While the Coinbase Entities may make certain general information available to Client (including Market Data,
as defined in Section 7 of the MTA), the Coinbase Entities are not providing and will not provide Client with any investment, legal,
tax, or accounting advice regarding Client's specific situation. Except as expressly set forth herein, the Coinbase Entities shall
have no liability, obligation, or responsibility whatsoever regarding any decision to enter into in any transaction with respect to any
asset (including Digital Assets).

**7.** **Opt-In to Article 8 of the Uniform Commercial Code** 

Each item of property (including Client Assets) credited to an Account will be treated as "financial assets" under Article 8 of the New York Uniform Commercial Code ("<u>Article 8</u>"). Coinbase and Coinbase Custody are "securities intermediaries," the Accounts are each "securities accounts," and Client is an "entitlement holder" under Article 8. This Coinbase PBA sets forth how the Coinbase Entities will satisfy their Article 8 duties. Treating property in the Accounts as financial assets under Article 8 does not determine the characterization or treatment of such property under any other law or rule. New York will be the securities intermediary's jurisdiction with respect to Coinbase and Coinbase Custody, and New York law will govern all issues addressed in Article 2(1) of the Hague Securities Convention. Coinbase and Coinbase Custody will credit Client with any payments or distributions on any Client Assets it holds for Client's Accounts, unless (i) the payment or distribution is an Advanced Protocol (as defined below) that Coinbase does not support (as described in Section 14.2), (ii) Coinbase lacks the technological capabilities to provide Client with these payments or distributions, or (iii) Coinbase cannot deliver the distributions for legal or other reasons that make providing such distributions impossible or impracticable. Coinbase and Coinbase Custody will comply with Client's Instructions with respect to Client Assets in the Accounts, subject to the terms of this Coinbase PBA, and related Coinbase rules, including the Prime Trading Rules (as defined in preamble to the MTA).

**8.** **General Use, Security and Prohibited Use** 

8.1 *Prime Broker Site and Content*. During the term of this Coinbase PBA, the Coinbase Entities hereby
grant Client a limited, nonexclusive, non-transferable, non-sublicensable, revocable, and royalty-free license, subject to the terms of
this Coinbase PBA, to access and use the Coinbase Prime Broker Site accessible at prime.coinbase.com (the " <u>Coinbase PB Site</u> ")
and related content, materials, Market Data, and information (collectively, the " <u>Content</u> ") solely for Client's
internal business use and other purposes as permitted by Coinbase in writing from time to time. Any other use of the Coinbase PB Site
or Content is hereby prohibited. All other right, title, and interest (including all copyright, trademark, patent, trade secrets, and
all other intellectual property rights) in the Coinbase PB Site, Content, and PB Services is and will remain the exclusive property of
the Coinbase Entities and their licensors. Client shall not copy, transmit, distribute, sell, license, reverse engineer, modify, publish,
or participate in the transfer or sale of, create derivative works from, or in any other way exploit any of the PB Services or Content,
in whole or in part. "Coinbase," "Coinbase Prime," "prime.coinbase.com," and all logos related to
the PB Services or displayed on the Coinbase PB Site are either trademarks or registered marks of the Coinbase Entities or their licensors.
Client may not copy, imitate, or use them without Coinbase's prior written consent. The license granted under this Section will
automatically terminate upon termination of this Coinbase PBA, or the suspension or termination of Client's access
to the Coinbase PB Site or PB Services. Coinbase may not use the Client's logos, trademarks, copyrights or other intellectual property
without the prior written consent of Client.

8.2 *Supported Digital Assets*. Coinbase determines in its sole discretion which Digital Assets to support
for use with the Trading Services (as defined in the preamble to the MTA), as specified on the Coinbase PB Site. Not all Digital Assets
supported for Custodial Services (as defined in Section 1.1 of the Custody Agreement) are also supported for Trading Services.

8.3 *Use of the Coinbase PB Site.* Client agrees to access and use the Coinbase PB Site to review any Orders,
deposits, or withdrawals or required actions to confirm the authenticity of any communication or notice from the Coinbase Entities.

8.4 *Unauthorized Users.* Client shall not permit any person or entity that is not Client or an
 Authorized Representative (each, an " <u>Unauthorized User</u> ") to access, connect to, or use the Coinbase PB Site or
 the PB Services. Except to the extent caused by a Coinbase Entity's gross negligence, fraud, or willful misconduct, the Coinbase
 Entities shall have no liability, obligation, or responsibility whatsoever for, and Client shall be fully responsible and liable
 for, any and all Claims and Losses arising out of or relating to the acts and omissions of any Unauthorized User in respect of the
 Coinbase PB Site or the PB Services. Client shall notify Coinbase immediately if Client believes or becomes aware that an
 Unauthorized User has accessed, connected to, or used the Coinbase PB Site or the PB Services (each such notification, an
 "Access Compromise Notice") and request that the Client's Prime Broker Account is suspended. Upon the suspension
 of the Client's Prime Broker Account, Client shall not be responsible for any subsequent act or omission of the Unauthorized
 User responsible for the initial suspension of the Prime Broker Account. Upon the cessation of the suspension of the Client's
 Prime Broker Account then the Client's obligations under this Section 8.4 will resume. Coinbase shall use
commercially reasonable efforts to cancel, terminate or otherwise disable the unauthorized access method as soon as reasonably practicable
but in no event later than two Business Days following receipt of an Access Compromise Notice.

8.5 *Password Security; Contact Information*. Client is fully responsible for maintaining adequate security
and control of any and all IDs, passwords, hints, personal identification numbers (PINs), API keys, YubiKeys, other security or confirmation
information or hardware, and any other codes that Client or an Authorized Representative uses to access the Coinbase PB Site or the PB
Services. Client agrees to keep Client's email address and telephone number on the Coinbase PB Site up to date in order to receive
any notices or alerts that the Coinbase Entities may send to Client. Client shall be fully responsible for, and the Coinbase Entities
shall have no liability, obligation, or responsibility whatsoever for, any Losses that Client may sustain due to compromise of Client's
login credentials. In the event Client believes Client's login credentials or other information with respect to the Coinbase PB
Site or the PB Services has been compromised, Client must contact Coinbase immediately.

8.6 *AML and Sanctions Compliance:* The Coinbase Entities have adopted and implemented, and will continue
to maintain and implement, compliance programs reasonably designed to comply with AML and Sanctions Laws and Regulations. Such programs
provide additional protections to ensure that the Client and its sponsor do not transact with any individual or entity that is, or is
owned or controlled by one or more individuals or entities that are, (i) resident in or organized under any country that is the subject
of comprehensive economic sanctions imposed by the Sanctions Regimes, or (ii) the subject of economic sanctions issued by an applicable
Sanctions Regime. The Coinbase Entities perform Know-Your-Transaction ("KYT") screening using blockchain analytics to identify,
detect, and mitigate the risk of transacting with a sanctioned or other unlawful actor, and the Coinbase Entities will apply
such KYT screening processes to all Digital Assets that are delivered to the Client's Accounts.

8.7 *Prohibited Use*. Client will comply with the Prohibited Use Policy found at https://www.coinbase.com/legal/prohibited_use
and the Coinbase Entities shall provide the Client with commercially reasonable notice of amendments and/or updates to such policy to
the same extent and in the same manner as provided to all other Clients of the PB Services.

**9.** **Taxes** 

9.1 *Taxes*. Except as otherwise expressly stated herein, Client shall be fully responsible and liable
for, and the Coinbase Entities shall have no liability, obligation, or responsibility whatsoever for, the payment of any and all present
and future tariffs, duties, or taxes (including withholding taxes, transfer taxes, stamp taxes, documentary taxes, value added taxes,
personal property taxes, and all similar costs) imposed or levied by any government or governmental agency (collectively, " <u>Taxes</u> ")
and any related Claims and Losses or the accounting or reporting of income or other Taxes arising from or relating to any transactions
Client conducts through the PB Services. Client acknowledges that Coinbase shall have no responsibility to file any tax returns, reports,
and disclosures required by applicable law for Client.

9.2 *Withholding Tax*. Except as required by applicable law, each payment under this Coinbase PBA or collateral
deliverable by Client to any Coinbase Entities shall be made, and the value of any collateral or margin shall be calculated, without withholding
or deducting of any Taxes. If any Taxes are required to be withheld or deducted, Client (a) authorizes the Coinbase Entities to effect
such withholding or deduction and remit such Taxes to the relevant taxing authorities and (b) shall pay such additional amounts or
deliver such further collateral as necessary to ensure that the actual net amount received by the Coinbase Entities is equal to the amount
that the Coinbase Entities would have received had no such withholding or deduction been required. Client agrees that the Coinbase Entities
may disclose any information with respect to Client Assets and the PB Services, including the Accounts and Client's transactions
and Orders, required by any applicable taxing authority or other governmental entity, provided that such disclosure is limited to information
that is legally required to be disclosed to the applicable taxing authority or other governmental entity. Client agrees that the Coinbase
Entities may withhold or deduct Taxes as may be required by applicable law. From time to time, Coinbase Entities shall ask Client for
tax documentation or certification of Client's taxpayer status as required by applicable law, and any failure by Client to comply
with this request in the time frame identified may result in withholding or remission of taxes to a tax authority as required by applicable
law. Coinbase will provide Client tax receipts issued by the appropriate taxing authority or such other evidence as is reasonably requested
by Client to establish that such taxes have been paid.

**10.** **PB Services Fees** 

10.1 Client agrees to pay all undisputed commissions and fees in connection with Orders and the PB Services on
a timely basis. This includes the fees set out in the Fee Schedule, as amended from time-to-time, pass-through fees such as bank fees,
and network fees (as calculated by the Coinbase Entities in their sole discretion). If such fees remain unpaid following the payment date,
Client authorizes the Coinbase Entities to deduct any such unpaid amounts from Client's Accounts. The Coinbase Entities will in
their sole discretion determine the appropriate level of rounding of amounts to minimize any rounding error. In the event that Client
in good faith disputes any commissions or fees owed under this Coinbase PBA, Client shall provide notice in writing to the appropriate
Coinbase Entity within seven (7) days of an applicable Order. The undisputed portion of the commissions and fees of an applicable
Order shall be paid in accordance with the payment terms set forth in this Section 10
and the disputed portion of any commissions and fees shall be resolved by the Parties within seven (7) days of the notice and that
agreed upon amount shall be paid within seven (7) days after resolution of the dispute in accordance with the payment terms of this
Section 10.1. If the Parties do not resolve the dispute, then the Parties' liabilities and remedies shall be in accordance with the
terms of this Coinbase PBA, which may include termination or suspension of the PB Services.

10.2 In addition to any fees payable pursuant to the Fee Schedule, as payment in part for the Custodial Services
Coinbase provides under this Coinbase PBA, Client agrees to pay Coinbase an additional fee equal to the amount of any interest and other
earnings attributable or allocable to Client Cash. Client agrees and understands that Coinbase will collect any such fees at the time
such interest or other earnings are received by Coinbase and therefore Client's account statements will not reflect any such interest.

**11.** **Confidentiality** 

11.1 Client and the Coinbase Entities each agree that with respect to: (i) any non-public information regarding
Client's use of or Coinbase's performance of the Prime Services, including but not limited to any technical issues, errors,
omissions, delays, or service interruptions, regardless of whether such issues, errors, omissions, delays, or service interruptions were
experienced or caused by Client or Coinbase; and (ii) any non-public, confidential, or proprietary information of the other Party,
including the existence and terms of this Coinbase PBA, the other Party's business operations or business relationships (including
the Coinbase Entities' fees), (collectively, " <u>Confidential Information</u> "), it will not disclose such Confidential
Information to any third party except to such party's officers, directors, agents, employees, consultants, contractors and professional
advisors who need to know the Confidential Information for the purpose of assisting in the performance of this Coinbase PBA and who are
informed of, and agree to be bound by obligations of confidentiality no less restrictive than those set forth herein, and will protect
such Confidential Information from unauthorized use and disclosure. Each Party shall use any Confidential Information that it receives
pursuant to or in connection with this Coinbase PBA solely for purposes of providing or using the Prime Broker Services with respect to
the Accounts, exercising their rights and performing their duties under this Coinbase PBA, complying with any applicable laws, rules and
regulations and in the case of the Coinbase Entities, for internal risk management purposes and to develop and enhance products and services,
using only aggregated and de identified information that does not identify the Accounts or Client. In addition, the Coinbase Entities
may use and disclose personal information as otherwise provided in the Coinbase Privacy Policy at https://www.coinbase.com/legal/privacy,
and may use and disclose other Confidential Information to the same extent. Confidential Information shall not include any (i) information
that is or becomes generally publicly available through no fault of the recipient, (ii) information that the recipient obtains from
a third party (other than in connection with this Test Agreement) that, to the recipient's best knowledge, is not bound by a confidentiality
agreement prohibiting such disclosure; (iii) information that is independently developed or acquired by the recipient without the
use of Confidential Information provided by the disclosing Party; (iv) disclosure with the prior written consent of the disclosing
Party.

11.2 Notwithstanding the foregoing, (i) each party may disclose Confidential Information of the other party
to the extent required by a court of competent jurisdiction or governmental authority or otherwise required by law (additionally, in Coinbase's
case, to the extent so requested by its partners); provided, however, the Party making such required disclosure shall first notify the
other Party (to the extent legally permissible) and shall afford the other Party a reasonable opportunity to seek confidential treatment
if it wishes to do so; (ii) each party may disclose Confidential Information of the other party in connection with examination and
oversight of the disclosing party by a governmental authority with supervisory
authority over such party and (iii) no affiliate of Coinbase shall be considered a third party of any Coinbase Entity for purposes
of this Coinbase PBA and the Coinbase Entities may freely share Client's Confidential Information among each other and the Client,
as well as Morgan Stanley Investment Management Inc. and its affiliates, may share Confidential Information of the Coinbase Entities among
each other to the same extent as personal information consistent with the Coinbase Privacy Policy, as amended and updated from time to
time at https://www.coinbase.com/legal/privacy or a successor website. All documents and other tangible objects containing or representing
Confidential Information and all copies or extracts thereof or notes derived therefrom that are in the possession or control of the recipient
shall be and remain the property of the disclosing party and shall be promptly returned to the disclosing party or destroyed, each upon
the disclosing party's request; provided, however, notwithstanding the foregoing, the recipient may retain one (1) copy of
Confidential Information if (a) required by law or regulation, or (b) retained pursuant to a bona fide and consistently applied
document retention policy; provided, further, that in either case, any Confidential Information so retained shall remain subject to the
confidentiality obligations of this Coinbase PBA.

11.3 Notwithstanding anything contained in this Section 11, the Parties agree that the Client may file the
Coinbase PBA as an exhibit in public filings with the Securities and Exchange Commission or equivalent regulatory body in the applicable
jurisdiction, as may be required under applicable law, provided that Client shall give the Coinbase Entities reasonable advance notice
of such filing and shall comply with the Coinbase Entities' instruction to redact certain information in the Coinbase PBA that the
Coinbase Entities deem proprietary and confidential. Client acknowledges and agrees that any pricing or fee information is highly confidential
and shall not be shared with any third parties or included in any public filings without the prior express written approval of Coinbase,
which shall not be unreasonably withheld.

**12.** **Security and Business Continuity** 

Coinbase's information security standards and business continuity standards shall at minimum comply with the terms addressing information security, data protection and business continuity standards as set forth in Addendum No. 1.

**13.** **Acknowledgement of Risks** 

Client hereby acknowledges, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Digital Assets are not legal tender, are not backed by any government or government agency, and the Vault Account and the Trading
Account are not subject to the Federal Deposit Insurance Corporation or Securities Investor Protection Corporation protections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Legislative and regulatory changes or actions at the state, federal, or international level may adversely affect (1) the use,
transfer, exchange, and value of Digital Assets or (2) Coinbase's ability or willingness to support one or more Digital Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Transactions in Digital Assets are irreversible, and, accordingly, Digital Assets lost due to fraudulent or accidental transactions
may not be recoverable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Certain Digital Asset transactions will be deemed to be made when recorded on a public blockchain ledger, which is not necessarily
the date or time that Client initiates the transaction or such transaction enters the pool;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The value of Digital Assets may be derived from the continued willingness of market participants to exchange any fiat currency for
Digital Assets, which may result in the permanent and total loss of value of a Digital Asset should the market for that Digital Asset
disappear;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) There is no assurance that a person or entity who accepts any Digital Asset as payment today will continue to do so in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The volatility and unpredictability of the price of Digital Assets relative to fiat currency may result in significant losses over
a short period of time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The nature of Digital Assets may lead to an increased risk of fraud or cyber-attack;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The nature of Digital Assets means that any technological difficulties experienced by a Coinbase Entity may prevent access to or use
of Client Digital Assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Any bond or trust account maintained by Coinbase Entities for the benefit of its customers may not be sufficient to cover all losses
(including Losses) incurred by customers.

**14.** **Operation of Digital Asset Protocols** 

14.1 The Coinbase Entities do not own or control the underlying software protocols which govern the operation
of Digital Assets. Generally, the underlying software protocols and, if applicable, related smart contracts (referred to collectively
as " <u>Protocols</u> " for purposes of this Section) are open source and anyone can use, copy, modify, or distribute them.
By using the PB Services, Client acknowledges and agrees that: (i) the Coinbase Entities make no guarantee of the functionality,
security, or availability of underlying Protocols; (ii) some underlying Protocols are subject to consensus-based proof of stake validation
methods which may allow, by virtue of their governance systems, changes to the associated blockchain or digital ledger (" <u>Governance Modifiable Blockchains</u> "), and that any Client transactions validated on such Governance Modifiable Blockchains may be affected
accordingly; and (iii) the underlying Protocols are subject to sudden changes in operating rules (a/k/a "forks"),
and that such forks may materially affect the value, function, and even the name of the Digital Assets. In the event of a fork relating
to a Supported Digital Asset, Client agrees that the Coinbase Entities may temporarily suspend PB Services (with or without notice to
Client) and that the Coinbase Entities may, in their sole discretion, determine whether or not to support or cease supporting either branch
of the forked protocol entirely. The Coinbase Entities shall use commercially reasonable efforts to timely select at least one of the
forked protocol branches to support and will identify such selection in a notice reasonably in advance of such fork (to the extent practicable)
to provide Client the opportunity to arrange for the transfer of the relevant Digital Assets, which the Coinbase Entities shall use commercially
reasonable efforts to accomplish in advance of such fork. In the event that Coinbase decides not to support (or ceases supporting) either
branch of a forked protocol, Coinbase will use reasonable efforts to notify Client in advance wherever reasonably practicable to do so.
Client agrees that the Coinbase Entities shall have no liability, obligation, or responsibility whatsoever arising out of or relating
to the operation of Protocols, transactions affected by Governance Modifiable Blockchains, or an unsupported branch of a forked protocol
and, accordingly, as between Coinbase and Client, Client acknowledges and assumes the risk of the same.

14.2 Except to the extent otherwise specifically communicated by the Coinbase Entities through a written public
statement on the Coinbase website, the Coinbase Entities do not support airdrops, metacoins, colored coins, side chains, or other derivative,
enhanced, or forked protocols, tokens, or coins, which supplement or interact with a Digital Asset (collectively, " <u>Advanced Protocols</u> ")
in connection with the PB Services. The
PB Services are not configured to detect, process, or secure Advanced Protocol transactions and neither Client nor any Coinbase Entity
will be able to retrieve any unsupported Advanced Protocol. No Coinbase Entity shall have liability, obligation, or responsibility whatsoever
in respect of Advanced Protocols.

**15.** **Disclaimer of Warranties** 

EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE PB SERVICES AND THE COINBASE WEBSITE ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS WITHOUT ANY WARRANTY OF ANY KIND, AND THE COINBASE ENTITIES HEREBY SPECIFICALLY DISCLAIM ALL WARRANTIES WITH RESPECT TO THE PB SERVICES, WHETHER EXPRESS, IMPLIED, OR STATUTORY, INCLUDING THE IMPLIED WARRANTIES OR CONDITIONS OF TITLE, MERCHANTABILITY, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN, THE COINBASE ENTITIES DO NOT WARRANT THAT THE PB SERVICES, INCLUDING ACCESS TO AND USE OF THE COINBASE WEBSITES, OR ANY OF THE CONTENT CONTAINED THEREIN, WILL BE CONTINUOUS, UNINTERRUPTED, TIMELY, COMPATIBLE WITH ANY SOFTWARE, SYSTEM OR OTHER SERVICES, SECURE, COMPLETE, FREE OF HARMFUL CODE, OR ERROR-FREE.

**16.** **Indemnification** 

16.1 Client shall defend, indemnify, and hold harmless each Coinbase Entity, its affiliates, and their respective
officers, directors, agents, employees, and representatives (each, a " <u>Coinbase Party</u> " and collectively, the " <u>Coinbase Parties</u> ") from and against any and all Claims and Losses arising out of, or relating to (i) Client's material breach
of this Coinbase PBA, (ii) Client's violation of any applicable law, rule, or regulation, (iii) any negligent, dishonest,
fraudulent, or criminal act or omission on the part of the Client or any Client Party (as defined below), (iv) Client's gross
negligence, willful misconduct, or fraud, in each case unless such Claims or Losses arise out of or relate to Coinbase's gross negligence,
fraud, or willful misconduct. This obligation will survive any termination of this Coinbase PBA. Client shall not accept any settlement
of any Claims or Losses if such settlement imposes any financial or non-financial liabilities, obligations or restrictions on, or requires
an admission of guilt or wrong-doing from, any Coinbase Party, without such Coinbase Party's prior written consent.

16.2 Coinbase shall defend and indemnify and hold harmless Client and their respective officers, directors, agents,
employees and representatives (each, a " <u>Client Party</u> " and collectively, the " <u>Client Parties</u> ") from
and against any and all direct Claims and Losses arising out of or relating to any (i) violation, misappropriation, or infringement
by Client in its access or use of the PB Services in accordance with the terms and conditions of this Coinbase PBA upon any United States
patent, copyright, trademark, trade secret or other intellectual property right of a third party, (ii) breach by Coinbase of the
confidentiality, data protection, or information security obligations of Coinbase expressly provided in this Coinbase PBA, (iii) violation
of applicable law, rule or regulation by Coinbase with respect to the provision of the PB Services, or (iv) gross negligence,
fraud, or willful misconduct of Coinbase; unless such Claims or Losses arise out of or relate to Client's gross negligence, fraud,
willful misconduct, or breach of this Coinbase PBA. This obligation will survive any termination of this Coinbase PBA. Coinbase shall
not accept any settlement of any Claims or Losses if such settlement imposes any financial or non-financial liabilities, obligations or
restrictions on, or requires an admission of guilt or wrong-doing from, any Client Party, without such Client Party's prior written
consent.

16.3 Each Party's indemnification obligation under Section 16 of this Coinbase PBA shall apply only
if the indemnified Party does the following: (a) notifies the indemnifying Party promptly in writing, not later than thirty (30)
days after the indemnified Party receives notice of the Claim (or sooner if required by applicable law); (b) gives the relevant indemnifying
Party sole control of the defense and any settlement negotiations (subject to the below); and (c) gives the relevant indemnifying
Party the information, authority, and assistance such indemnifying Party needs to defend against or settle the Claim. In any such Claim
brought against any indemnified party, the indemnifying party shall assume the defense thereof, subject to the provisions herein stated,
with counsel reasonably satisfactory to such indemnified party. The indemnifying party shall keep the indemnified party informed of the
status of the defense of such Claims. The indemnified party shall have the right to employ separate counsel in any such action and to
participate in the defense thereof, but the fees and expenses of such counsel shall not be at the expense of the indemnifying party. If
the indemnifying party fails to appoint counsel within 10 days after the indemnified party has notified the indemnifying party of the
Claim, or after the indemnifying party becomes aware of it, whichever is earlier, the indemnified party shall have the right to select
and appoint counsel and conduct the defense of such Claim, and the reasonable expense thereof shall be paid by the indemnifying party.

16.4 For the avoidance of doubt, Coinbase shall not be obligated to defend or indemnify Client (1) to the
extent that such a Claim is based upon any information, specification, instruction, software, service, data, or material not furnished
by Coinbase; (2) for any portion of such a Claim that is based upon the combination of the PB Services with any information, specification,
instruction, software, service, data, or material not provided by Coinbase; or (3) for any such Claims known to Client at the time
the PB Services are used or accessed.

16.5 No Party providing indemnification pursuant to this Section 16 shall accept any settlement of any Claims
or Losses if such settlement imposes any financial or non-financial liabilities, obligations, or restrictions on, or requires an admission
of guilt or wrong-doing from, any party indemnified pursuant to this Section 16, without such party's prior written consent.

16.6 For the purposes of this Coinbase PBA:

(a) "<u>Claim</u>" means any action, suit, litigation, demand, charge, arbitration, proceeding (including any civil, criminal, administrative, investigative, or appellate proceeding), hearing, inquiry, audit, examination, or investigation commenced, brought, conducted, or heard by or before, or otherwise involving, any court or other governmental, regulatory, or administrative body, or any arbitrator or arbitration panel; and

(b) "<u>Losses</u>" means any liabilities, damages, diminution in value, payments, obligations, losses, interest, costs and expenses, security, or other remediation costs (including any regulatory investigation or third party subpoena costs, reasonable attorneys' fees, court costs, expert witness fees, and other expenses relating to investigating or defending any Claim); fines, taxes, fees, restitution, or penalties imposed by any governmental, regulatory, or administrative body, interest on and additions to tax with respect to, or resulting from, Taxes imposed on Client's assets, cash, other property, or any income or gains derived therefrom; and judgments (at law or in equity) or awards of any nature.

16.7 For the avoidance of doubt, (a) the indemnification of the Coinbase Parties under Section 16.1
above is provided by each Client severally, and not jointly with any other Client; and (b) the indemnification by Coinbase under
Section 16.2 above is provided to each Client severally, and not jointly with any other Client.

**17.** **Limitation of Liability** 

17.1 *Standard of Care*.

IN NO EVENT SHALL ANY COINBASE PARTY BE RESPONSIBLE OR LIABLE FOR ANY LOSS, CLAIM, OR DAMAGE SUFFERED BY CLIENT, EXCEPT TO THE EXTENT THAT SUCH LOSS, CLAIM, OR DAMAGE DIRECTLY RESULTED FROM THE NEGLIGENCE, WILLFUL MISCONDUCT, OR FRAUD OF A COINBASE ENTITY.

NO COINBASE PARTY SHALL BE LIABLE FOR ANY LOSS CAUSED DIRECTLY OR INDIRECTLY BY (A) THE FAILURE OF CLIENT TO ADHERE TO COINBASE'S POLICIES AND PROCEDURES THAT HAVE BEEN DISCLOSED TO THE CLIENT, (B) ANY FAILURE OR DELAY TO ACT BY ANY SERVICE PROVIDER TO CLIENT, OR (C) ANY SYSTEM FAILURE (OTHER THAN A SYSTEM FAILURE CAUSED BY THE GROSS NEGLIGENCE, WILLFUL MISCONDUCT, OR FRAUD OF A COINBASE ENTITY) THAT PREVENTS A COINBASE ENTITY FROM FULFILLING ITS OBLIGATIONS UNDER THIS COINBASE PBA.

17.2 *Liability Caps*.

THE LIABILITY OF SUCH COINBASE PARTY WILL NOT EXCEED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) THE GREATER OF (A) THE AGGREGATE AMOUNT OF FEES PAID BY CLIENT TO THE RELEVANT COINBASE ENTITY IN RESPECT OF THE PB SERVICES IN THE 12-MONTH PERIOD PRIOR TO THE OCCURRENCE OF THE EVENT GIVING RISE TO SUCH LIABILITY (SUCH EVENT, THE "<u>LIABILITY EVENT</u>") AND (B) FIVE MILLION U.S. DOLLARS (US$5,000,000), OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) SOLELY IN RESPECT OF CUSTODIAL SERVICES PROVIDED PURSUANT TO THE CUSTODY AGREEMENT, THE GREATER OF:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) THE GREATER OF (A) THE AGGREGATE AMOUNT OF FEES PAID BY CLIENT TO COINBASE CUSTODY IN RESPECT OF THE
CUSTODIAL SERVICES IN THE 12-MONTH PERIOD PRIOR TO THE LIABILITY EVENT, AND (B) FIVE MILLION U.S. DOLLARS
(US$5,000,000); OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) THE VALUE, AT THE TIME THE LIABILITY EVENT OCCURRED, OF THE SUPPORTED DIGITAL ASSETS ON DEPOSIT IN CLIENT'S
VAULT ACCOUNT(S) DIRECTLY AFFECTED BY SUCH LIABILITY EVENT. THE COINBASE ENTITIES WILL VALUE THE SUPPORTED DIGITAL ASSETS USING THE
SAME VALUATION METHODS AND PROCESSES THAT ARE OTHERWISE USED WHEN A COINBASE CUSTOMER SELLS AN ASSET ON THE COINBASE PB SITE OR ANY OTHER
COMMERCIALLY REASONABLE VALUATION METHOD AS DETERMINED BY COINBASE IN ITS SOLE DISCRETION;

PROVIDED THAT, NOTWITHSTANDING THE FOREGOING OR ANYTHING TO THE CONTRARY CONTAINED IN THIS SECTION 17, NO LIMITATION OR EXCLUSION SHALL APPLY TO EITHER PARTY'S LIABILITY FOR: (a) FRAUD OR WILLFUL MISCONDUCT; OR (b) ANY MATTER FOR WHICH LIABILITY MAY NOT LAWFULLY BE LIMITED OR EXCLUDED.

PROVIDED FURTHER THAT IN NO EVENT SHALL COINBASE CUSTODY'S AGGREGATE LIABILITY IN RESPECT OF ANY CUSTODY WALLET EXCEED ONE HUNDRED MILLION U.S. DOLLARS (US$100,000,000). IN THE EVENT OF ANY LOSS SUSTAINED BY CLIENT FOR WHICH A COINBASE PARTY IS LIABLE HEREUNDER, THE LIABILITY OF SUCH COINBASE PARTY SHALL BE REDUCED TO THE EXTENT THAT CLIENT'S OWN BREACH CONTRIBUTED TO SUCH LOSS.

17.3 *Waiver of Consequential Damages* 

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, NO PARTY HERETO SHALL BE LIABLE FOR ANY CONSEQUENTIAL, INCIDENTAL, INDIRECT, SPECIAL, OR PUNITIVE LOSS OR DAMAGE OR SIMILAR LOSSES OR DAMAGES (INCLUDING LOST PROFITS), EVEN IF THE OTHER PARTY HAD BEEN ADVISED OF OR KNEW OR SHOULD HAVE KNOWN OF THE POSSIBILITY THEREOF.

21.1 *No Joint and Several Liability* 

NOTHING IN THIS COINBASE PBA SHALL BE DEEMED TO CREATE ANY JOINT OR SEVERAL LIABILITY AMONG ANY OF THE COINBASE ENTITIES.

**18.** **Term, Termination and Suspension** 

This Coinbase PBA shall remain in effect until terminated by a Coinbase Entity or Client as follows:

18.1 Client or any Coinbase Entity may terminate this Coinbase PBA in whole or in part for any reason and absent
an Event of Default by providing at least 90 days' prior notice to the other party.

18.2 Regardless of any other provision of this Coinbase PBA, the Coinbase Entities may, in their sole discretion,
suspend, restrict, or terminate Client's PB Services, including by suspending, restricting, or closing Client's Accounts or
any provision of credit (as applicable), immediately upon the occurrence of an Event of Default, at any time and with notice to Client
where practicable and not prohibited by applicable law, orders, rules or regulations. Coinbase will promptly restore any suspended
or restricted access upon Client's cure of the cause. Client may terminate this Agreement for Coinbase Event of Default, at any
time. An Event of Default by one Client shall not constitute an Event of Default by any other Client unless an Event of Default has also
independently occurred with respect to such other Client.

"<u>Event of Default</u>" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Client breaches any material provision of this Coinbase PBA and such breach is not cured within one (1) Business Day after notice
of such breach is given to Client in the case of a payment-related breach or is not cured within seven (7) Business Days after notice
of such breach is given to Client in the case of a non-payment related breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Client breaches any of the representations or warranties contained in Section 5 of this Coinbase PBA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A default or event of default under, or termination of, any other agreement between Client and a Coinbase Entity, including the Events
of Default listed in the Post Trade Financing Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Client takes any action to dissolve or liquidate, in whole or in part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Client becomes insolvent, makes an assignment for the benefit of creditors, or becomes subject to the direct control of a trustee,
receiver, or similar authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Client institutes or becomes subject to any bankruptcy or insolvency proceeding under any applicable laws, rules, or regulations,
such termination being effective immediately upon any declaration of bankruptcy ; provided
however, that solely in respect of a petition or proceeding against Client seeking a judgment of insolvency or bankruptcy that is not
instituted by Client, such petition or proceeding is not dismissed, discharged, stayed or restrained within 15 days of the institution
or presentation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Termination is required pursuant to a facially valid subpoena, court order, or binding order of a government authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Any Account or Client's use of the PB Services is subject to any pending litigation, investigation, or government proceeding
or a Coinbase Entity reasonably perceives a heightened risk of legal regulatory non-compliance, in each case as associated with any Account
or Client's use of the PB Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) A Coinbase Entity reasonably suspects Client of attempting to circumvent a Coinbase Entity's controls or uses the PB Services
in a manner a Coinbase Entity otherwise deems inappropriate or potentially harmful to itself or third parties, and
Client fails to provide Coinbase written evidence reasonably acceptable to Coinbase of Client's non-circumvention of such controls
within 3 Business Days following written notice from Coinbase; except that such notice
may not be provided in cases involving transfers to wallet addresses associated with the identity of an individual or entity that is on
the Specially Designated Nationals and Blocked Persons List published by the Office of Foreign Assets Control of the U.S. Department of
the Treasury from time to time or in the event such notice is not permitted under applicable law ; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) " <u>Coinbase Event of Default</u> " shall mean: (i) Coinbase takes any action to dissolve or liquidate, in whole or
part; (ii) Coinbase becomes insolvent, makes an assignment for the benefit of creditors, becomes subject to direct control of a trustee,
receiver or similar authority; or (iii) Coinbase becomes subject to any bankruptcy or insolvency proceeding under any applicable
laws, rules and regulations, such termination being effective immediately upon any declaration of bankruptcy.

18.3 If Client receives written notice from Coinbase specifically stating or referencing that there has occurred
an event which would give rise to a termination of this Agreement pursuant to section 18.2, ("Termination Event of Default"),
then notwithstanding anything in this Agreement to the contrary, upon receipt of a notice from Client requesting a waiver by Coinbase
of such Termination Event of Default, if Coinbase fails (i) to provide such waiver or (ii) to exercise any of its rights and
remedies above for a period of 90 days following the receipt of such notice requesting a waiver from Client, then Coinbase shall have
waived its right to terminate by reason of such event; provided however that this provision (i) does not limit Coinbase's right
to designate a Termination Event of Default as the result of the separate occurrence of such event or the occurrence of any other such
event, (ii) shall not apply in the case of termination pursuant to section (vi) of Event of Default above and (iii) does
not limit Coinbase's right to designate a Termination Event of Default absent a notice from Client.

18.4 Client acknowledges that the Coinbase Entities' decision to take certain actions, including suspending,
restricting, or terminating the provision of PB Services, may be based on confidential criteria that are essential to a Coinbase Entity's
risk management and security practices and agrees that the Coinbase Entities are under no obligation to disclose the details of its risk
management and security practices to Client.

18.5 *Inactive Accounts*. Client agrees that to the extent that Client has not utilized the PB Services
or the Accounts have been inactive or dormant for a period of at least twelve (12) months, the Coinbase Entities may close any such dormant
Accounts or cease to provide one or more PB Services or immediately, upon notice, terminate this Coinbase PBA.

18.6 *Termination and Closure*.

Upon notice by one Party hereunder to the other of the termination of this Coinbase PBA or the termination of a service provided hereunder or closure of an Account pursuant to 18.1, Client shall withdraw affected Client Assets ("<u>Affected Assets</u>") within ninety (90) days following such notice to the extent not prohibited under applicable law, including applicable AML and Sanctions Laws and Regulations, or by a facially valid subpoena, court order, or binding order of a government authority. Client agrees that failure to do so within such period may result in Client Assets being transferred to Client's linked bank account or Digital Asset wallet on file.

Client is liable to pay fees until all Client Assets are removed. However, the relevant Coinbase Entities will provide no services other than continuing to maintain Affected Assets following termination or closure. Notwithstanding anything provided herein to the contrary, the relevant Coinbase Entities may retain sufficient Client Assets to close out or complete any transaction that was in process prior to such termination or to satisfy any remaining obligations or indebtedness. Client is responsible for all fees, debits, costs, commissions, and losses arising from any actions a Coinbase Entity must take to liquidate or close transactions. In the event that Client terminates this Coinbase PBA in accordance with the terms herein, Coinbase shall use reasonable efforts to assist Client to transfer any Digital Assets, Fiat Currency or funds associated with the Digital Assets Wallet(s) or Fiat Wallet(s) as applicable to another provider within ninety (90) days of receipt of *Client's termination notice.*

18.7 For the avoidance of doubt, the termination of this PBA by, or with respect to any Client shall not be interpreted
as the termination of this PBA by, or with respect to any other Client.

**19.** **Set off** 

Upon the occurrence of an Event of Default, each Coinbase Entity may set off and net the amounts due from it or any other Coinbase Entity to Client and from Client to it or any other Coinbase Entity, so that a single payment (the "<u>Net Payment</u>") shall be immediately due and payable by Client or the Coinbase Entity to the other (subject to the other provisions hereof and of any agreement with a Coinbase Entity). If any amounts cannot be included within the Net Payment, such amounts shall be excluded but may still be netted against any other similarly excluded amounts. Upon the occurrence of an Event of Default, each Coinbase Entity may also (a) liquidate, apply, and set off any or all Client Assets against any Net Payment, unpaid trade credits, or any other obligation owed by Client to any Coinbase Entity and (b) set off and net any Net Payment or any other obligation owed to Client by any Coinbase Entity against (i) any or all collateral or margin posted by any Coinbase Entity to Client (or the U.S. dollar value thereof, determined by Coinbase in its sole discretion on the basis of a recent price at which the relevant Digital Asset was sold to clients via the Trading Services), and (ii) any Net Payment, unpaid trade credits, or any other obligation owed by Client to any Coinbase Entity (in each case, whether matured or unmatured, fixed or contingent, or liquidated or unliquidated). Client agrees that in the exercise of setoff rights or secured party remedies, the Coinbase Entities may value Client Digital Assets using the same valuation methods and processes that are otherwise used when a Coinbase client sells an asset via the Trading Services or any other commercially reasonable valuation method as determined by Coinbase in its sole discretion. In taking any actions under this Section 19, subject to the prevailing market conditions, the liquidity of the relevant assets and the Coinbase Entities' rights to preserve or protect the value of assets in order to fully satisfy any outstanding obligations of Client, the Coinbase Entities will use their reasonable efforts to take such actions, first, with respect to the Trading Balance and, second, with respect to the Vault Balance. For the avoidance of doubt, and notwithstanding anything to the contrary contained in this Agreement, this Section 19 shall not permit any Coinbase Entity to set-off any amount owed to, or by any one Client against any amount owed to, or by any other Client.

**20.** **Privacy** 

The Coinbase Entities shall use and disclose Client's and its Authorized Representatives' non-public personal information in accordance with the Coinbase Privacy Policy, as set forth at https://www.coinbase.com/legal/privacy or a successor website, and as amended and updated from time to time; provided, however, that Coinbase may not use any trade related information or data about the Client in a manner that is adverse to Client.

**21.** **Arbitration** 

21.1 Any Claim arising out of or relating to this Coinbase PBA, or the breach, termination, enforcement, interpretation,
or validity thereof, including any determination of the scope or applicability of the agreement to arbitrate as set forth in this Section,
shall be determined by arbitration in the state of New York or another mutually agreeable location before three arbitrators. The arbitration
shall be administered by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures, and the award of the arbitrator (the
 " <u>Award</u> ") shall be accompanied by a reasoned opinion. Judgment on the Award may be entered in any court having jurisdiction.

21.2 Within 15 days after the commencement of the arbitration, each Party shall select one person to act as arbitrator,
and the two so selected shall select a third arbitrator within 30 days of the commencement of the arbitration. If the arbitrators selected
by the Parties are unable or fail to agree upon the third arbitrator within the allotted time, the third arbitrator shall be appointed
by JAMS in accordance with its rules. All arbitrators shall serve as neutral, independent and impartial arbitrators.

21.3 This Agreement shall not preclude the Parties from seeking provisional relief, including injunctive relief,
in any court of competent jurisdiction. Seeking any such provisional relief shall not be deemed to be a waiver of such party's right
to compel arbitration. The Parties expressly waive their right to a jury trial to the extent permitted by applicable law.

21.4 The Parties acknowledge that this Coinbase PBA evidences a transaction involving interstate commerce. Notwithstanding
the provision herein with respect to applicable substantive law, any arbitration conducted pursuant to the terms of this Coinbase PBA
shall be governed by the Federal Arbitration Act (9 U.S.C. §§ 1‒16).

**22.** **Recording of Conversations** 

For compliance and monitoring purposes, Client authorizes each Coinbase Entity at its sole discretion to record conversations between such Coinbase Entity and Client or its Authorized Representatives relating to this Coinbase PBA and the PB Services. In the event a dispute arises between Client and a Coinbase entity, the Coinbase Entity shall provide any available recordings to the Client upon request.

**23.** **Waiver** 

Any waivers of rights by the Coinbase Entities or the Client under this Coinbase PBA must be in writing and signed by Coinbase on behalf of the relevant Coinbase Entities, or by the Client, as applicable. A waiver will apply only to the particular circumstance giving rise to the waiver and will not be considered a continuing waiver in other similar circumstances. A Party's failure to insist on strict compliance with this Coinbase PBA or any other course of conduct by such Party shall not be considered a waiver of its rights under this Coinbase PBA.

**24.** **Survival** 

All provisions of this Coinbase PBA which by their nature extend beyond the expiration or termination of this Coinbase PBA shall survive the termination or expiration of this Coinbase PBA.

**25.** **Governing Law** 

This Coinbase PBA and the PB Services will be governed by and construed in accordance with the laws of the State of New York, excluding its conflicts of laws principles.

**26.** **Force Majeure** 

Neither any Coinbase Entity nor the Client shall be liable to the other for delays, suspension of operations, whether temporary or permanent, failure in performance (except for any Client obligations to make payments to Coinbase hereunder), or interruption of service which result directly or indirectly from any cause or condition beyond the reasonable control of the Party affected by it, including any act of God; embargo; natural disaster; act of civil or military authorities; act of terrorists; hacking; government restrictions; market volatility or disruptions in order trading on any CTV, exchange or market; suspension of trading; civil disturbance; war; strike or other labor dispute; fire; severe weather; interruption in telecommunications, Internet services, or network provider services; failure of equipment or software; failure of computer or other electronic or mechanical equipment or communication lines; unauthorized access; theft; outbreaks of infectious disease or any other public health crises, including quarantine or other employee restrictions; acts or omissions of any CTV; or any other catastrophe or other occurrence which is beyond the reasonable control of the Party affected by it; provided, however, that this Section 26 shall only apply for so long as such delay or prevention is occurring.

In the event that Client fails to perform its obligations hereunder as a result of the unavailability of the Federal Reserve Bank Wire or other systems required for the transfer of money or assets (an "<u>Extraordinary Event</u>"), such failure shall not result in a default, event of default, termination event, or constitute Cause, in each case, under this Coinbase PBA if (i) Client is able to demonstrate that such failure is materially due to an Extraordinary Event as determined by Coinbase in its reasonable good faith discretion, (ii) Client would have otherwise would have been able to perform the relevant obligations when due, and (iii) Client promptly performs its obligations following the termination or completion of the Extraordinary Event or upon being able to operationally perform its obligations if able to do so earlier than the termination or completion of the relevant Extraordinary Event.

**27.** **Unclaimed Property** 

If a Coinbase Entity (i) is holding Client Assets, (ii) has no record of Client's use of the Custodial Services or Trading Services as applicable for an extended period, and/or (iii) is otherwise unable to contact Client or its Authorized Representative, then the Coinbase Entity may be required under applicable laws, rules, or regulations to report these assets as unclaimed property and to deliver such unclaimed property to the applicable authority. The Coinbase Entity may deduct a dormancy fee or other administrative charge from such unclaimed funds, as permitted by applicable laws, rules, or regulations.

**28.** **Independent Contractor; Personnel Matters** 

Coinbase acknowledges that it is acting as an independent contractor, that Coinbase is solely responsible for its acts and omissions, and that nothing in this Agreement shall be construed to create an employment, worker, agency, partnership or joint venture relationship between the Client or any of its affiliates and Coinbase or any Coinbase personnel.

**29.** **Entire Agreement; Headings; Severability** 

This Coinbase PBA, together with all exhibits, addenda, and supplements attached hereto or referenced herein, comprise the entire understanding between Client and the Coinbase Entities as to the PB Services and supersedes all prior discussions, agreements, and understandings, including any previous version of this Coinbase PBA, and a Custodial Services Agreement between Client and any Coinbase Entity, including all exhibits, addenda, policies, and supplements attached thereto or referenced therein. Section headings in this Coinbase PBA are for convenience only and shall not govern the meaning or interpretation of any provision of this Coinbase PBA.

If any provision or condition of this Coinbase PBA shall be held invalid or unenforceable, the remainder of this Coinbase PBA shall continue in full force and effect.

**30.** **Amendments** 

Any modification or addition to this Coinbase PBA must be in writing and either (a) signed by a duly authorized representative of each party, or (b) approved by Coinbase and accepted and agreed to by Client.

**31.** **Assignment** 

Any assignment of Client's rights or licenses granted under this Coinbase PBA without obtaining the prior written consent of Coinbase shall be null and void; provided such consent shall not be unreasonably withheld, conditioned, or delayed. Coinbase reserves the right to assign its rights under this Coinbase PBA without restriction, including to any of the Coinbase Entities or their affiliates or subsidiaries, or to any successor in interest of any business associated with the PB Services (such affiliate, subsidiary or successor, an "<u>Assignee</u>"), provided that Coinbase shall notify Client within a commercially reasonable amount of time after such assignment; provided further, that any such Assignee has at the time of such assignment the operational capacity and all necessary legal and/or regulatory approvals, licenses and permissions to provide the PB Services to Client, and that the security measures utilized by such Assignee shall be substantially as secure as those employed by Coinbase. Subject to the foregoing, this Coinbase PBA will bind and inure to the benefit of the Parties, their successors, and permitted assigns.

**32.** **Electronic Delivery of Communications and Notices** 

32.1 Client agrees and consents to receive electronically (including through a posting on the Coinbase PB Site)
all communications, agreements, documents, notices, information, and disclosures (collectively, " <u>Communications</u> ") that
the Coinbase Entities provide in connection with the PB Services. Communications include: (a) terms of use and policies Client agrees
to, including updates to policies or the Coinbase PBA; (b) details of Client's use of the PB Services, including transaction
receipts, confirmations, records of deposits, withdrawals, or transaction information; (c) legal, regulatory, and tax disclosures
or statements the Coinbase Entities may be required to make available to Client; (d) responses to claims or customer support inquiries
filed in connection with Client's use of the PB Services; and (e) notice of termination or closure.

32.2 Client agrees that electronically delivered Communications may be accepted and agreed to by Client through
the PB Services interface. Furthermore, the Parties consent to the use of electronic signatures in connection with Client's use
of the PB Services.

32.3 If a notice is not provided electronically as provided for in Section 32.1 above, then the notice shall
be in writing delivered to the Party at its address specified below via an overnight mailing company of national reputation. Any Party
that changes its notice address or principal place of business must notify the other Party promptly of such change.

If to any Coinbase Entity:

Legal Department

Coinbase, Inc.

248 3rd St, #434

Oakland, CA 94607

legal@coinbase.com

If to Client:

CSC Delaware Trust Company

Attention: Corporate Trust Administration

251 Little Falls Drive

Wilmington, DE 19808

**with a copy to Sponsor of the Client:**

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036

Attn: Clare Wlodarcyzk

32.4 In the event of any market operations,
 connectivity, or erroneous trade issues that require immediate attention including any unauthorized
 access to the PB Services or the Coinbase PB Site, please contact:

To Coinbase: https://help.coinbase.com/en/contact-us

To Client: <u>msim_crypto_etp@morganstanley.com</u>

Client has the sole responsibility to provide the Coinbase Entities with true, accurate, and complete contact information including any e-mail address, and to keep such information up to date. Client understands and agrees that if a Coinbase Entity sends Client an electronic Communication but Client does not receive it because Client's primary email address on file is incorrect, out of date, blocked by Client's service provider, or Client is otherwise unable to receive electronic Communications, such Coinbase Entity will be deemed to have provided the Communication to Client. Client may update Client's information on the Coinbase PB Site or by providing a notice to Coinbase as prescribed above.

Any notice or other communication in respect of this Coinbase PBA shall be deemed effective: (i) if sent by email, on the date it is sent; (ii) if posted on a website, the date on which it is posted; or (iii) if by overnight mail, the following Business Day after it is sent. If a communication is sent (or delivery is attempted) on a non-Business Day, the communication will be deemed effective on the first following day that is a Business Day.

"<u>Business Day</u>" means any day on which it is not (i) a public holiday in New York, or (ii) a Saturday or Sunday.

32.5 To see more information about our regulators,
 licenses, and contact information for feedback, questions, or complaints, please visit *https://www.coinbase.com/legal/licenses*.

**33.** **Address for Process** 

Client hereby appoints the entity located in the state of New York detailed below to receive for itself and on its behalf any service of process (the "<u>Process Agent</u>") with respect to any claim, action, or proceeding arising hereunder or related to this Coinbase PBA. Client will promptly notify Coinbase of any change in Process Agent and provide details of the substitute process agent who is acceptable to Coinbase.

Process Agent:

Address:

CSC Delaware Trust Company

Attention: Corporate Trust Administration

251 Little Falls Drive

Wilmington, DE 19808

Client irrevocably consents to service of process in a manner provided for in Section 32. Nothing in this Coinbase PBA will affect the right of Coinbase to serve process in any other manner permitted by applicable law.

**34.** **Natural Persons** 

To the extent Client is a natural person over 18 years of age, if Coinbase receives legal documentation confirming Client's death or other information leading Coinbase to believe Client is deceased, Coinbase will freeze Client's access to the PB Services ("<u>Freeze Period</u>"). During the Freeze Period, no transactions may be completed until (i) Client's designated fiduciary has entered into a new Coinbase Prime Broker Agreement and the entirety of Client Assets have been transferred to the accounts subject to that Coinbase Prime Broker Agreement, or (ii) Coinbase has received proof in a form satisfactory to Coinbase that Client is not deceased. If Coinbase has reason to believe Client is deceased but Coinbase does not have proof of Client's death in a form satisfactory to Coinbase, Client authorizes Coinbase to make inquiries, whether directly or through third parties, that Coinbase considers necessary to ascertain whether Client is deceased. Upon receipt by Coinbase of proof satisfactory to Coinbase that Client is deceased, the fiduciary Client designated in a valid will or similar testamentary document will be required to enter into a new Coinbase Prime Broker Agreement. If Client has not designated a fiduciary, then Coinbase reserves the right to (i) treat as Client's fiduciary any person entitled to inherit Client's Client Assets, as determined by Coinbase upon receipt and review of the documentation Coinbase, in its sole and absolute discretion, deems necessary or appropriate, including (but not limited to) a will, a living trust, or a small estate affidavit, or (ii) require an order designating a fiduciary from a court having competent jurisdiction over Client's estate. In the event Coinbase determines, in its sole and absolute discretion, that there is uncertainty regarding the validity of the fiduciary designation, Coinbase reserves the right to require an order resolving such issue from a court of competent jurisdiction before taking any action relating to the PB Services. Pursuant to the above, the entry into a new Coinbase Prime Broker Agreement by a designated fiduciary is mandatory following the death of Client, and Client hereby agrees that its fiduciary shall be required to enter into a new Coinbase Prime Broker Agreement and provide required account opening information to gain access to the contents of Client's PB Services.

**35.** **Counterparts** 

This Coinbase PBA may be executed in one or more counterparts, including by email of .pdf signatures or DocuSign (or similar electronic signature software), each of which shall be deemed to be an original document, but all such separate counterparts shall constitute only one and the same Coinbase PBA.

***[Signatures on following page]***

**IN WITNESS WHEREOF**, the Parties have caused this Coinbase PBA, including the Custody Agreement and MTA, to be duly executed and delivered on the Effective Date.

![](tm2534140d8_ex10-3img001.jpg)

---

| | |
|:---|:---|
| **COINBASE, INC. For itself and as agent for the Coinbase Entities** | **COINBASE, INC. For itself and as agent for the Coinbase Entities** |
| **By:** | /s/ Lauren Abendschein |
| **Name:** | Lauren Abendschein |
| **Title:** | VP |
| **Date:** | March [ ], 2026 |

---

---

| | |
|:---|:---|
| **MORGAN STANLEY INVESTMENT MANAGEMENT, INC. AS DELEGATED SPONSOR FOR AND ON BEHALF OF MORGAN STANLEY BITCOIN TRUST** | **MORGAN STANLEY INVESTMENT MANAGEMENT, INC. AS DELEGATED SPONSOR FOR AND ON BEHALF OF MORGAN STANLEY BITCOIN TRUST** |
| **By:** | [/s/ Scott Steel] |
| **Name:** | Scott Steel |
| **Title:** | Managing Director |
| **Date:** | March [ ], 2026 |
| **Address:** | 1585 Broadway, New York NY 10036 |
| **E-Mail:** | Scott.Steel@morganstanley.com |

---

**Schedule A**

**List of Client Entities**

**Clients:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Morgan Stanley Bitcoin Trust

**EXHIBIT A**

**to the Coinbase Prime Broker Agreement**

**<u>COINBASE CUSTODY SERVICES AGREEMENT</u>**

This Coinbase Custody Services Agreement (the "Custody Agreement") is entered into between by and between each entity listed in Schedule A to then Coinbase PBA, (each a "Client" and referred to together herein as the "Client", except as otherwise expressly indicated) and Coinbase Custody and forms a part of the respective Coinbase PBA between each Client and the Coinbase Entities. Capitalized terms used in this Custody Agreement that are not defined herein shall have the meanings assigned to them in the other parts of the Coinbase PBA. This Custody Agreement shall constitute separate agreements, each between a single Client and the Coinbase Custody, as if such Client had executed a separate Custody Agreement naming only itself as the Client, and no Client shall have any liability for the obligations of any other Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Custody Accounts.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 *Accounts Established*. Coinbase Custody
 shall establish and maintain a vault account for the purpose of storing Digital Assets (the
 "Vault Account") and effecting Custody Transactions (as defined below) (the " <u>Custodial Services</u> "). Digital Assets credited to the Vault Account will be held by Coinbase
 Custody in one or more segregated cold wallets (each, a " <u>Custody Wallet</u> ")
 in Client's name controlled and secured by Coinbase Custody. Coinbase Custody shall,
 upon written request, provide Client's authorized independent auditor confirmation
 of or access to information sufficient to confirm (i) Client's Digital Assets
 held and all Custody Transactions undertaken during any relevant period of investigation
 as reasonably requested by the auditor, and (ii) Client's Digital Assets are held
 either in a separate account under Client's name or in accounts under Client's
 name as agent or trustee for Client's clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 *Maintenance of Assets.* Coinbase Custody
 is a fiduciary under Section 100 of the New York Banking Law and a qualified custodian
 for purposes of Rule 206(4)-2(d)(6) under the Investment Advisers Act, and has
 the regulatory approvals necessary to custody Client Digital Assets in trust on Client's
 behalf. Unless Client instructs Coinbase Custody to hold these assets as a bailee, Coinbase
 Custody will hold these assets in trust and administer them for Client's benefit consistent
 with New York Estates, Powers, and Trusts Law § 13-A-4.1 and New York Banking Law §
 100. Client Assets in Client's Vault Account shall (i) be segregated from, and
 not commingled with, the assets held by Coinbase Custody as principal and the assets of other
 clients of Coinbase Custody, (ii) not be treated as general assets of Coinbase Custody,
 and except as otherwise provided herein, Coinbase Custody shall have no right, title, or
 interest in such Client Assets, and (iii) at all times, constitute custodial assets
 and Client's property. Coinbase Custody shall maintain adequate capital and reserves
 to the extent required by applicable law. Coinbase Custody shall not sell, transfer, assign,
 lend, hypothecate, pledge, or otherwise use or encumber Client Digital Assets in the Vault
 Account, except to sell, transfer, or assign such assets upon the Client's Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Vault Account.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 *Services Provided.* The Custodial Services
 shall (a) permit Client (i) to transfer Client Digital Assets to and from the Vault
 Account, (ii) to deposit supported Digital Assets from a public blockchain address controlled
 by Client into the Vault Account, and (iii) to withdraw supported Digital Assets from
 the Vault Account to a public blockchain address controlled by Client, and (b) include
 certain additional services as may be agreed to between Client and Coinbase Custody from
 time to time. Each such transfer, deposit, or withdrawal shall be referred to as a " <u>Custody Transaction</u> " and shall conform to Instructions provided by Client through the Coinbase
 PB Site. Client must withdraw or deposit Digital Assets to public blockchain addresses and
 accounts owned by Client or an address for which Client (or a third party at the direction
 of the Client) has conducted the necessary Know Your Customer (" <u>KYC</u> ")
 and anti-money laundering (" <u>AML</u> ") due diligence. **Coinbase Custody reserves the right to delay, refuse to process, or to cancel any pending Custody Transaction to comply with applicable law, including in response to a facially valid subpoena, court order, or other binding government order, or to enforce transaction, threshold, and condition limits, or if Coinbase Custody reasonably believes that the Custody Transaction may violate or facilitate the violation of an applicable law, regulation, or rule of a governmental authority or self-regulatory organization, or if it reasonably perceives a risk of fraud or illegal activity.** Where Coinbase Custody refuses to process or cancels any pending Custody Transaction
 pursuant to this Section, it shall notify Client's Authorized Representative as soon
 as practicable that it has taken such action, provided such notification is not prohibited
 under law, or a binding legal or regulatory order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 *Digital Asset Deposits and Withdrawals.* Coinbase Custody will process Custody Transactions according to Instructions received
 from Client or Client's Authorized Representatives. Client must verify all deposit
 and withdrawal information prior to submitting Instructions to Coinbase Custody regarding
 a Custody Transaction. Coinbase Custody shall have no liability, obligation, or responsibility
 whatsoever for Client Digital Asset transfers sent to or received from a wrong party or sent
 or received with inaccurate Instructions, and Coinbase Custody does not guarantee the identity
 of any user, receiver, requestee, or other party. Coinbase Custody reserves the right to
 charge network fees (reasonably calculated by Coinbase Custody) to process a Custody Transaction
 on Client's behalf. Once Client has initiated a Digital Asset withdrawal, the associated
 Client Digital Assets will be in a pending state and will not be included in the Vault Account.
 Client acknowledges that Coinbase may not be able to reverse a withdrawal once initiated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 *Digital Asset Storage and Transmission Delays.* Coinbase Custody requires up to twenty-four (24) hours between any request to
 withdraw Digital Assets held in a Custody Wallet and submission of Client's withdrawal
 to the applicable Digital Asset network. Coinbase Custody securely stores all Digital Asset
 private keys in offline storage, so it may be necessary to retrieve certain information from
 offline storage in order to facilitate a withdrawal in accordance with Client's Instructions,
 which may delay the initiation or crediting of such withdrawal. Client acknowledges and agrees
 that a Custody Transaction may be delayed, and that Digital Assets shall not be deposited
 or withdrawn upon less than twenty-four (24) hours' notice initiated from a Custody
 Wallet. The time of such request shall be the time such notice is transmitted from a Custody
 Wallet. With respect to the foregoing, Coinbase Custody makes no representations or warranties
 with respect to the availability or accessibility of (1) the Digital Assets, (2) a
 Custody Transaction, (3) the Vault Account, or (4) the Custodial Services. While
 Coinbase Custody will make reasonable efforts to process Client-initiated deposits in a timely
 manner, Coinbase Custody makes no representations or warranties regarding the amount of time
 needed to complete processing, as such processing is dependent upon many factors outside
 of Coinbase Custody's control. Digital Assets deposited by Client will be regarded
 as within the custody of Coinbase Custody if a Custody Transaction achieves a sufficient
 number of confirmations on the relevant blockchain and appears in Client's Custodial Account.
 Coinbase Custody will endeavor to process Client-initiated withdrawals in a timely manner
 and will as soon as practicable notify Client of any anticipated delays in processing a withdrawal
 beyond forty-eight (48) hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 *Supported Digital Assets.* The Custodial
 Services are available only in connection with those Digital Assets that Coinbase Custody,
 in its sole discretion, decides to support, which may change from time to time. Prior to
 initiating a deposit of a Digital Asset to Coinbase Custody, Client must confirm that Coinbase
 Custody offers Custodial Services for that specific Digital Asset. By initiating a deposit
 of any Digital Asset to the Vault Account, Client attests that Client has confirmed that
 the Digital Asset being transferred is a supported Digital Asset offered by Coinbase Custody.
 Under no circumstances should Client attempt to initiate a Custody Transaction or use the
 Custodial Services to deposit or store Digital Assets in any forms that are not supported
 by Coinbase Custody. Depositing or attempting to deposit Digital Assets that are not supported
 by Coinbase Custody may result in such Digital Asset being irretrievable by Client and Coinbase
 Custody. Client shall be fully responsible and liable, and Coinbase Custody shall have no
 liability, obligation, or responsibility whatsoever, regarding any unsupported Digital Asset
 sent or attempted to be sent to it, or regarding any attempt to use the Custodial Services
 for Digital Assets that Coinbase Custody does not support. Digital Assets supported by Coinbase
 Custody shall be listed on the Coinbase PB Site. Coinbase Custody shall provide Client with
 thirty (30) days' written notice before ceasing to support a Digital Asset, unless
 Coinbase Custody is required to cease such support sooner by court order, statute, law, rule (including
 a self-regulatory organization rule), regulation, code, or other similar requirement, in
 which case Coinbase Custody shall provide Client with notice as soon as reasonably practicable
 thereafter, provided such notification is not prohibited under law, a government order or
 similar binding legal or regulatory order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 *Use of the Custodial Services.* Client
 acknowledges and agrees that Coinbase Custody may monitor use of the Vault Account and the
 Custodial Services. The resulting information may be utilized, reviewed, retained, and or
 disclosed by Coinbase Custody for its internal purposes or in accordance with the rules of
 any applicable legal, regulatory, or self-regulatory organization or as otherwise may be
 required to comply with relevant law, sanctions programs, legal process, or government request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 *Independent Verification.* If Client
 is subject to Rule 206(4)-2 under the Investment Advisers Act, Coinbase Custody shall,
 upon written request, provide Client's authorized independent public accountant confirmation
 of or access to information sufficient to confirm (i) Client's Assets as of the
 date of an examination conducted pursuant to Rule 206(4)-2(a)(4) or an audit conducted
 pursuant to Rule 206(4)-2(b)(4), and (ii) that Client Digital Assets are held either
 in a separate account under Client's name or in accounts under Client's name
 as agent or trustee for Client's clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 *Third Party Payments.* The Custodial
 Services are not intended to facilitate third party payments of any kind. As such, Coinbase
 Custody has no control over, or liability for, the delivery, quality, safety, legality, or
 any other aspect of any goods or services that Client may purchase or sell to or from a third
 party (including other users of Custodial Services) involving Digital Assets that Client
 intends to store, or have stored, in Client's Vault Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Staking** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 *Staking with Coinbase Custody Validators.* For certain supported Digital Assets, Client may engage with Coinbase Custody to provide
 validator services for such supported Digital Assets pursuant to a separate agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 *Staking With Third Party Validators*.
 Client may engage with third-party service providers (" <u>Third Party Staking Service Providers</u> ") to provide validator services for Client's Digital Assets. From
 time to time, Coinbase Custody may allow Client to select or designate (A) certain Third
 Party Staking Service Providers directly via the Coinbase PB Site, or (B) an arbitrary
 Third Party Staking Service Provider by manually entering the applicable staking or delegate
 address for such provider via the Coinbase PB Site (collectively, the " <u>Third Party Staking Services</u> "). Notwithstanding the affiliate relationship between the Coinbase
 Entities and Coinbase Crypto Services, LLC (d/b/a " <u>Coinbase Cloud</u>," f/k/a
 Bison Trails), all staking services provided by Coinbase Cloud shall be deemed Third Party
 Staking Services and Coinbase Cloud shall be deemed a Third Party Staking Service Provider
 for purposes of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Third Party Staking Service Providers may
 require that Client withdraw its Digital Assets from Client's Vault Account and transfer
 such assets to such Third Party Staking Service Provider, in which case, subject to any bonding,
 unbonding, warm-up, lockup, or any other restrictions on the applicable blockchain network,
 Client may do so in accordance with this Coinbase PBA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Client hereby acknowledges and agrees
 that: (1) the availability of any Third Party Staking Service Providers on the Coinbase
 PB Site does not constitute an endorsement or approval by any Coinbase Entity of any such
 Third Party Staking Service Provider; (2) by electing to stake or delegate Client's
 Digital Assets to any Third Party Staking Service Provider, including via the Third Party
 Staking Services, Client is subject to such Third Party Staking Service Provider's
 terms of use, terms of service, or other applicable agreements; and (3) Third Party
 Staking Service Providers may require that Client's Digital Assets be transferred on-chain
 to a wallet, public key, or smart contract address not controlled by Coinbase Custody or
 any other Coinbase Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Client is solely responsible for Client's
 use of any Third Party Staking Service Providers and Third Party Staking Services. Client
 must ensure that the applicable staking or delegate address for any Third Party Staking Service
 Provider is accurately entered and updated from time to time, as necessary. There is no assurance
 that the Third Party Staking Services or any Third Party Staking Service Provider will be
 available, function, or operate as expected. Client may not receive any rewards regardless
 of the amount of time or the number of Digital Assets staked or delegated to Third Party
 Staking Service Providers. In addition, Client's Digital Assets may be subject to slashing
 or a total loss due to Client's use of Third Party Staking Service Providers, including
 via the Third Party Staking Services. The Coinbase Entities bear no responsibility whatsoever
 with respect to any decision made by Client to stake or delegate Digital Assets to any Third
 Party Staking Service Provider, including via the Third Party Staking Services, or any losses,
 damages, or liabilities arising therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Coinbase Custody Obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 *Bookkeeping*. Coinbase Custody shall
 keep timely and accurate records as to the deposit, disbursement, investment, and reinvestment
 of Client Assets, as required by applicable law and in accordance with Coinbase Custody's
 internal document retention policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 [Redacted].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Additional Matters** 

In addition to any additional service providers that may be described in an addendum or attachment hereto, Client acknowledges and agrees that the Custodial Services may be provided from time to time by, through, or with the assistance of affiliates of, or vendors to, Coinbase Custody. Client shall receive notice of any material change in the entities that provide the Custodial Services, and Coinbase Custody shall remain subject to all obligations set forth herein notwithstanding such delegation.

***[Remainder of page intentionally left blank]***

**EXHIBIT B**

**to the Coinbase Prime Broker Agreement**

**<u>COINBASE MASTER TRADING AGREEMENT</u>**

Client should carefully consider whether trading or holding Digital Assets is suitable for its purpose, including in relation to Client's knowledge of Digital Assets and Digital Asset markets and Client's financial condition. All investments involve risk, and the past performance of a financial product does not guarantee future results or returns.

This MTA sets forth the terms and conditions for Client to access Coinbase's trade execution and automated trade routing services and Coinbase Execution Services to enable Client to submit orders ("<u>Orders</u>") to purchase and sell specified Digital Assets (such services, the "<u>Trading Services</u>"). Client's use of the PB Services, including the Trading Services, is subject to the terms of the Prime Trading Rules set forth at *https://www.coinbase.com/legal/trading_rules* or a successor website (as amended and updated from time to time, the "<u>Prime Trading Rules</u>"). Capitalized terms used in this MTA that are not defined herein shall have the meanings assigned to them in the other parts of the Coinbase PBA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Order Routing and CTVs** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 *Trade Execution Service.* The Trading
 Services include a trade execution service through which Client may submit Orders to purchase
 or sell Digital Assets. After Client submits an eligible Order, Coinbase will automatically
 route Orders, or a portion of such Orders, to one of the trading venues to which Coinbase
 has established connections (each such venue, a " <u>CTV</u> "), with the exception
 of certain stablecoins transactions, which Coinbase may execute on its exchange. Each Order
 sent to a CTV will be processed and settled at each CTV to which it is routed. Once an Order
 to purchase Digital Assets has been placed, the associated Client Assets (as defined below)
 used to fund the Order will be placed on hold and will generally not be eligible for other
 use or withdrawal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 *CTVs.* With each CTV, Coinbase shall
 establish an account in its name, or in its name for the benefit of its clients, to trade
 on behalf of its clients. Neither the establishment of such accounts nor the use of the Trading
 Services will cause Client to have a direct legal relationship, or account with, any CTV.
 Coinbase conducts commercially reasonable diligence prior to establishing connections to
 a new CTV. Coinbase will not intentionally match the buy and sell orders of its clients against
 each other and will not intentionally settle Orders against or otherwise trade with Coinbase's
 principal funds. Client acknowledges that Coinbase and its other clients may trade in their
 own interests on the CTVs and could, therefore, be the counterparty to a Client's Order
 on a CTV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 *Selection of CTVs.* Client acknowledges
 that Coinbase has sole discretion to determine the CTVs with which it will establish connections.
 Coinbase conducts commercially reasonable diligence prior to establishing connections to
 a new CTV. Coinbase directs Orders to the CTVs on an automated basis and generally will not
 manually route orders. In designing algorithms that determine an Order's routing logic,
 Coinbase considers a variety of factors relating to the Order and the CTVs, including the
 speed of execution, whether the venue is able to consummate off-chain transactions, the availability
 of efficient and reliable systems, the level of service provided, and the cost of executing
 orders. Coinbase may receive cash payments or other financial incentives (such as reciprocal
 business arrangements) from CTVs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 *Responsibility for CTVs.* Other than
 with respect to any CTV that is an affiliate of Coinbase, Coinbase makes no representation
 or warranty of any kind regarding any CTV, including as to its financial condition, data,
 security, or quality of its execution services, and Coinbase shall have no liability, obligation,
 or responsibility whatsoever for the selection or performance of any CTV. Digital Assets
 may trade at different prices on different trading venues, and other CTVs or trading venues
 not used by Coinbase may offer better prices or lower costs than the CTV used to execute
 Client's Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 *Coinbase as Agent and Principal.* Coinbase
 acts in an agency capacity for purposes of certain Orders, and may also act in a principal
 capacity for certain other Orders, as specified in the Prime Trading Rules. Each Client must
 independently evaluate whether such services are appropriate given its own investing profile
 and sophistication, among other considerations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 Unless otherwise disclosed, Coinbase agrees
 to direct Client's Orders in a manner that does not systematically favor Coinbase's
 exchange platform or CTVs that provide financial incentives to Coinbase; provided, however,
 that under certain circumstances Coinbase may choose to intentionally route to the Coinbase
 exchange platform due to temporary conditions affecting CTVs (e.g. connectivity problems
 or funding constraints).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Accounts for Trading** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 *The Accounts.* In connection with the
 Trading Services, the Coinbase Entities may provide access to two types of accounts: (1) the
 " <u>Trading Account</u> " (as described below in Sections 2.2 and 2.3), and (2) the
 Vault Account described in the Custody Agreement. The Coinbase PB Site provides Client a
 record of the Accounts. Client determines the allocation of Client Digital Assets between
 the Accounts. Maintenance of the Vault Account shall be subject to the terms of the Custody
 Agreement. The Trading Account is separate from any Digital Assets Client maintains directly
 with Coinbase Custody.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 *Client Digital Assets in the Trading Account.* Client Digital Assets credited to the Trading Account are immediately available to Client
 for purposes of submitting an Order. Coinbase holds Digital Assets credited to the Trading
 Account in one of three ways: (i) in hot wallets containing the assets of multiple clients
 (each, an " <u>Omnibus Hot Wallet</u> "); (ii) in cold wallets containing
 multiple client assets (each, an " <u>Omnibus Cold Wallet</u> "); and (iii) in
 Coinbase's accounts with CTVs (each, a " <u>Coinbase CTV Digital Asset Account</u> ").
 Client agrees that Coinbase has sole discretion in determining the allocation of Digital
 Assets credited to the Trading Account. Because Digital Assets credited to the Trading Account
 may be held on an omnibus basis and because of the nature of certain Digital Assets, Client
 does not have an identifiable claim to any particular Digital Asset. Instead, the Trading
 Account represents an entitlement to a *pro rata* share of the Digital Assets Coinbase
 has allocated to the Omnibus Hot Wallets, Omnibus Cold Wallets, and Coinbase CTV Digital
 Asset Accounts. Coinbase relies on the CTVs for the Coinbase CTV Digital Asset Accounts,
 and Client has no contractual relationship with the CTVs with respect to Digital Assets credited
 to the Trading Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 *Client Cash in Trading Account.* Coinbase
 may hold Client Cash credited to the Trading Account in the following manner: (i) in
 one or more omnibus accounts in Coinbase's name for the benefit of Coinbase's
 clients at one or more U.S. insured depository institutions (each, a " <u>Trading FBO Account</u> "); or (ii) with respect to USD, liquid investments, which may include
 but are not limited to U.S. treasuries and money market funds, in accordance with state money
 transmitter laws. Each such account is separate from any Coinbase business or operating account.
 Coinbase will title the Trading FBO Accounts it maintains with U.S. insured depository institutions
 and maintain records of Client's interest therein in a manner designed to make available
 Federal Deposit Insurance Corporation (" <u>FDIC</u> ") pass-through deposit insurance,
 up to the per-depositor coverage limit then in place (currently $250,000 per depositor per
 insured depository institution). Availability of pass-through deposit insurance with respect
 to the portion of Client Cash held in a Trading FBO Account is contingent upon Coinbase having
 correct information about Client as a customer, maintaining accurate records, and on a determination
 by the FDIC as receiver, at the time of a receivership of an insured depository institution
 holding a Trading FBO Account, that all regulatory conditions have been satisfied. Coinbase
 does not guarantee that pass-through FDIC deposit insurance will apply to Client Cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 *Pass-Through Insurance Availability.* The
 list of the insured depository institutions at which Coinbase may place Client Cash in a
 Trading FBO Account is located at: https://help.coinbase.com/en/coinbase/other-topics/legal-policies/how-is-coinbase-insured.
 If Client holds other deposits at one of these institutions, it is possible that Client's
 total deposits at such institution may exceed the per-depositor coverage limit. FDIC deposit
 insurance applies to cash deposits at an insured depository institution in the event of a
 failure of that institution. FDIC deposit insurance does not apply in the event of a failure
 of any Coinbase Entity or to any Digital Asset held by a Coinbase Entity on Client's
 behalf. Client Cash is immediately available for purposes of submitting an Order, unless
 a restriction applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 *Transfer of Client Digital Assets Between Accounts.* At Client's election, all or a portion of Client Digital Assets may also
 be allocated, pursuant to the Custody Agreement, to the Vault Account at Coinbase Custody.
 A transfer of Client Digital Assets held in a Custody Wallet to Client's Trading Account
 will be subject to Coinbase Custody's standard cold storage withdrawal procedures.
 Client agrees that an Instruction to Coinbase to settle an Order to or from the Vault Account
 constitutes authorization to Coinbase to transfer Client Digital Assets to or from the Vault
 Account as necessary or appropriate to consummate such settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 *Internal Ledgers.* In all circumstances
 and consistent with laws and regulations applicable to the Coinbase Entities, the Coinbase
 Entities will keep an internal ledger that specifies Client Assets credited to each Account
 in each instance to enable the Coinbase Entities and their auditors and regulators to identify
 Client and Client Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 *Ownership of Client Assets.* Coinbase
 treats all Client Assets as custodial assets held for the benefit of Client. No Client Assets
 shall be considered to be the property of, or loaned to, Coinbase, except as provided in
 any loan agreement between Client and any Coinbase Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Role of Coinbase Custody** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 *Relationship with Coinbase Custody.* To
 facilitate the Trading Services with respect to the Trading Account, Coinbase may at its
 sole discretion maintain portions of the Omnibus Hot Wallet and the Omnibus Cold Wallet in
 one or more custodial accounts with its affiliate, Coinbase Custody, in the name of Coinbase
 for the benefit of its clients. In such circumstances, although the Omnibus Hot Wallet and
 the Omnibus Cold Wallet are held in Coinbase's accounts at Coinbase Custody for the
 benefit of its clients, Client's legal relationship for purposes of Digital Assets
 held in the Omnibus Hot Wallet and the Omnibus Cold Wallet will not be, directly or indirectly,
 with Coinbase Custody and the terms, conditions, and agreements relating to those wallets
 are to be governed by this MTA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 *Client Digital Assets Held in Vault Account.* Client Digital Assets held in the Vault Account are maintained directly with Coinbase
 Custody in Client's name and are subject to the terms of the Custody Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Cash and Digital Asset Deposits and Withdrawals (Trading Account)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 *Deposits of Client Cash in the Trading Account*. Client must initiate a transfer from a linked bank account, a wire transfer,
 a SWIFT transfer, a deposit, or other form of electronic payment approved by Coinbase from
 time to time to a Trading FBO Account, the instructions for which are available on the Coinbase
 PB Site. Coinbase will credit the Trading Account with Client Cash once the applicable insured
 depository institution reflects the deposit into the Trading FBO Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 *Withdrawal of Client Cash from the Trading Accounts.* Client may also initiate a withdrawal of Client Cash from the Trading Account
 at any time using the withdrawal function on the Coinbase PB Site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 *Deposits of Client Digital Assets in the Trading Account.* Client may transfer Client Digital Assets directly to the Omnibus Hot
 Wallet or Omnibus Cold Wallet, the instructions for which are available on the Coinbase PB
 Site. When Client transfers Digital Assets to Coinbase, it delivers custody and control of
 the Digital Assets to Coinbase or Coinbase's designee, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 *Withdrawal of Client Digital Assets from the Trading Account.* In order to withdraw Digital Assets from the Trading Account, Client
 must provide applicable withdrawal Instructions via the Coinbase PB Site (each, a " <u>Withdrawal Transfer</u> "). Once Client has initiated a Withdrawal Transfer, the associated Client
 Digital Assets will be in a pending state and will not be included in Client's Trading
 Account balance. Client acknowledges that Coinbase may not be able to reverse a Withdrawal
 Transfer once initiated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 *Verification of Transactions.* Client
 must verify all transaction information prior to submitting withdrawal Instructions to Coinbase,
 as Coinbase cannot and does not guarantee the identity of the wallet owner or bank account
 to which Client is sending Client Digital Assets or Client Cash, as applicable. Coinbase
 shall have no liability, obligation, or responsibility whatsoever for Client Digital Assets
 or Client Cash transfers sent to or received from an incorrect party or sent or received
 via inaccurate Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Disruption to Coinbase Systems** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 *Client Acknowledgement of Risks.* Client
 acknowledges that electronic facilities and systems such as trade routing, Coinbase PB Site,
 and other systems used by Coinbase to process orders are vulnerable to disruption, delay,
 or failure and, consequently, such facilities and systems may be unavailable to Client as
 a result of foreseeable and unforeseeable events. Client understands and agrees that the
 Coinbase Entities do not guarantee uninterrupted access to the Trading Services or all features
 of the Trading Services. Client acknowledges that although Coinbase will attempt to provide
 notice of any scheduled unavailability that would result in Client being unable to access
 the Trading Services, the Coinbase Entities cannot guarantee advanced notice to Client. Coinbase
 will use reasonable efforts to attempt to provide notice of any scheduled unavailability
 that would result in Client being unable to access the Trading Platform or the Trading Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 *Coinbase Actions Upon Disruption.* Coinbase
 may, in its sole discretion, take any of the following actions: (i) halt or suspend
 Trading Services, including the trading of any Digital Assets or currency, and Coinbase shall
 use reasonable efforts to provide Client with prior notice if practicable, or (ii) impose
 limits on the amount or size of Client's Orders. The Coinbase Entities shall have no
 liability, obligation, or responsibility to Client as a result of making any changes to or
 suspending Trading Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Prime Trading Rules and Order Types** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 *Prime Trading Rules.* Client agrees
 to comply with the Prime Trading Rules in effect at the time of any Order. Client agrees
 to review and become familiar with the terms of the various types of Orders (each, an " <u>Order Type</u> ") available through the Trading Services. Coinbase reserves the right to modify
 the terms of any Order Type and the Prime Trading Rules at any time and without prior
 notice to Client, and Client acknowledges that it is solely responsible for ensuring its
 knowledge of applicable Order Types and Prime Trading Rules prior to placing an Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 *Modifications.* Coinbase may cancel
 any Order if Coinbase determines in its sole reasonable discretion that the Order was clearly
 erroneous according to the Prime Trading Rules; provided, however, Coinbase will notify Client
 prior to taking such action where practicable. The Coinbase Entities shall have no liability,
 obligation, or responsibility to Client as a result of exercising its rights under this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Market Data** 

Client agrees that its use of data made available to it through the Coinbase PB Site or any application programming interface(s), which may include the prices and quantities of orders and transactions executed on via the Trading Services (collectively "<u>Market Data</u>"), is subject to the Market Data Terms of Use, as amended and updated from time to time at https://www.coinbase.com/legal/market_data or a successor website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Coinbase Execution Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 *Coinbase Execution Services.* At Coinbase's
 sole discretion, Client may elect to submit Orders (which terms shall include asset, quantity,
 price, settlement timing and fees) to Coinbase Execution Services (" <u>CES</u> "),
 a Trading Service through which CES personnel will execute Orders on behalf of Client. CES
 will execute Orders by using automated trade routing services or by filling Orders on Coinbase's
 over-the-counter (" <u>OTC</u> ") trading service (" <u>OTC Services</u> ").
 Coinbase has sole and absolute discretion to accept or reject any Order. Coinbase and Client
 may communicate regarding Instructions related to Orders on a mutually agreed communication
 medium, including instant messaging, email, and telephone.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 *CES Order Process.* CES brokers Orders
 on a commercially reasonable basis as Client's agent and may exercise discretion in
 executing Orders. Client must pre-fund its Trading Account or establish a credit arrangement
 with Coinbase prior to submitting Orders. By electing to use CES, Client agrees that it is
 authorizing CES personnel to access the Accounts to initiate and execute Orders on Client's
 behalf. Client acknowledges that CES personnel will retain the ability to execute Orders
 on Client's behalf until Client provides Coinbase with Instructions to terminate such
 ability. Absent express written agreement between the Parties, Coinbase will accept Orders
 only from Authorized Representatives as having trading authority for Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 *OTC Services.* For OTC Services, CES
 personnel will confirm the Order with Client prior to executing the Order. Coinbase has policies
 and procedures in place that are reasonably designed to prevent the disclosure of any Client
 identity to its OTC counterparty. Coinbase may, in its sole and absolute discretion, accept
 the following statements (or similar or analogous statements) as Client's final and
 binding agreement to the terms of an Order: "done," "I buy," "bought,"
 "I sell," or "sold." A completed, executed, and settled Order will
 be reflected on the Coinbase PB Site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 For Orders fulfilled via OTC Services (" <u>OTC Orders</u> "), each of Client's and its OTC counterparty's confirmations
 of the terms of the OTC Order deems such OTC Order as binding and final, and thereby executed.
 Client's failure to timely settle an executed OTC Order in accordance with the settlement
 terms will constitute a default under the Coinbase PBA. Upon Client's default of an
 OTC Order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In addition to all rights under this Coinbase
 PBA, Coinbase may exercise any rights of a secured creditor with respect to its interests
 in Client's assets, and may exercise all other rights under agreements between Client
 and any of the Coinbase Entities. The Coinbase Entities agree that they will exercise their
 secured creditor rights, including rights to setoff under Section 19 of the General
 Terms, with respect to Client's Trading Account before exercising their secured creditor
 rights with respect to the Vault Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Client hereby grants to Coinbase a continuing
 first priority security interest in, lien on and right of set off against all of Client's
 right, title and interest, whether now owned or existing or hereafter acquired or arising,
 in Client's Trading Account and Vault Account in the Client's Custodial Account
 together with proceeds thereof, in order to secure repayment of costs, fees, and all other
 obligations of Client to Coinbase arising hereunder from time to time. Client shall execute
 such documents and take such other actions as Coinbase shall reasonably request in order
 to perfect and maintain the priority of the Coinbase's security interest with respect
 to Client's Trading Account and Vault Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Client hereby authorizes Coinbase Custody,
 as securities intermediary with respect to the Vault Account, to comply with all instructions
 and entitlement orders from Coinbase, as secured party, with respect to the disposition of
 assets in Client's Vault Account as contemplated herein without further consent or
 direction from Client or any other party. Coinbase Custody agrees to follow such instructions
 and entitlement orders without further consent or direction from Client or any other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without prior notice to Client, Coinbase
 shall have the right to: (i) transfer Client Assets from Client's Trading Account
 to Coinbase to settle the OTC Order subject to default, and/or (ii) liquidate or cancel
 outstanding OTC Orders (including OTC Orders that have been submitted or are in the process
 of being fulfilled).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Without prior notice to Client, Coinbase
 may suspend or terminate the Client's ability to receive extensions of credit from
 Coinbase Credit, regardless of whether Client has cured the default.

If the above actions are not sufficient to satisfy all obligations of Client to Coinbase in respect of OTC Orders subject to default, Coinbase shall have the right to liquidate any and all of Client's assets and positions held with Coinbase or Coinbase Custody, including the Trading Account and Vault Account, to cover any Losses incurred by Client's failure to settle the OTC Order. In connection with liquidating such assets, Client authorizes Coinbase, in Coinbase's sole discretion, to liquidate any of Client's Digital Assets in a commercially reasonable sale at the market price that otherwise applies to such Digital Assets at the time of liquidation, without regard to whether Client would recognize a gain or loss on such sale or would recognize a greater or lesser gain or loss if different Digital Assets were sold. Client understands that the value of Digital Assets may rise or fall quickly, and Coinbase has no obligation to liquidate Client's Digital Assets at a time that provides the best price for Client. Client agrees that Digital Assets held in its Trading Account and the Vault Account are of a kind or type customarily sold on recognized markets, subject to standard price quotations and may decline speedily in value. Client agrees that if Coinbase exercises its setoff rights or secured party remedies against Client's Digital Assets, that Coinbase may value such Digital Assets using the same valuation method and same process that is otherwise used when Digital Assets are sold on the Trading Platform or any other commercially reasonable valuation method. A sale by Coinbase of Client's Digital Assets, without notice, at a private sale using the valuation and method described above shall be a commercially reasonable method of disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Determination of Suitability; All Risks Not Disclosed** 

Coinbase's provision of the Trading Services is neither a recommendation that Client enter into a particular Order nor a representation that any product described on the Coinbase PB Site is suitable or appropriate for Client. Many of the Trading Services described on Coinbase PB Site involve significant risks, and Client should not use the Trading Services unless it has fully understood all such risks and has independently determined that such Orders are appropriate. Any discussion of the risks contained in this MTA or on the Coinbase PB Site should not be considered to be a disclosure of all risks or a complete discussion of the applicable risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Characterization of Trading Services; Not a Registered Broker-Dealer or Investment Adviser** 

Client understands and acknowledges that no transactions executed in connection with the Trading Services are securities transactions, and the Coinbase Entities are not registered with either of the U.S. Securities and Exchange Commission or Financial Industry Regulatory Authority as broker-dealers or investment advisers or licensed under any state securities laws. Further, Coinbase is not acting as a fiduciary in respect of Client (including in connection with its rights under this MTA) and does not have any responsibility under the standards governing the conduct of broker-dealers, fiduciaries, investment advisers, or investment managers. Client agrees and acknowledges that any information or advice provided by Coinbase or any other Coinbase Entity does not and will not serve as the basis of any investment decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Coinbase Corporate Accounts** 

Coinbase and its affiliates may transact through corporate trading accounts ("<u>Coinbase Corporate Accounts</u>") for purposes including inventory management, to facilitate Orders, and for other corporate purposes. To the extent that a Coinbase Corporate Account transacts through Coinbase or the Coinbase PB Site, the Coinbase Corporate Account (i) will not have any special priority vis-a-vis Client Orders and will be subject to the Prime Trading Rules, (ii) will trade only on Market Data available to all Clients, and (iii) will not access any non-public data of other Clients. The Coinbase Entities' internal ledger(s) will indicate the amount of each Digital Asset held for each Client and each such Coinbase Corporate Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Term, Termination and Suspension** 

Regardless of any other provision of this MTA, Coinbase may, in its sole discretion, suspend, restrict, or terminate the Trading Services, including by suspending, restricting, or closing Client's access to the Trading Account and related services, or CES, in accordance with the General Terms.

**ADDENDUM NO. 1**

**<u>COINBASE SECURITY ADDENDUM</u>**

[Redacted]

**Appendix 1**

**to the Coinbase Prime Broker Agreement**

**<u>COINBASE PRIME FEE SCHEDULE</u>**

[Redacted]

## Exhibit 10.4

**Exhibit 10.4**

**COINBASE PRIME BROKER AGREEMENT**

**General Terms and Conditions**

**1. Introduction**

1.1 This agreement dated as of March [ ], 2026 (the " <u>Effective Date</u> ") (including,
the Coinbase Custody Services Agreement attached hereto as Exhibit A (the " <u>Custody Agreement</u> "), the Coinbase Master
Trading Agreement attached hereto as Exhibit B (the " <u>MTA</u> "), and all other exhibits, addenda, and supplements attached
hereto or referenced herein, (collectively, the " <u>Coinbase PBA</u> ")), is entered into by and between each entity listed
in Schedule A, (each a " <u>Client</u> " and referred to together herein as the "Client", except as otherwise expressly
indicated), and Coinbase, Inc. (" <u>Coinbase</u> "), for and on behalf of itself and on behalf of Coinbase Custody Trust
Company, LLC (" <u>Coinbase Custody</u> "), and, if applicable, Coinbase Credit, Inc. (" <u>Coinbase Credit</u>,")
or Coinbase Custody International Ltd. (" <u>CCI")</u> and collectively with Coinbase and Coinbase Custody, the " <u>Coinbase Entities</u> "). This Coinbase PBA shall constitute separate agreements, each between a single Client and the Coinbase Entities,
as if such Client had executed a separate Coinbase PBA naming only itself as the Client, and no Client shall have any liability for the
obligations of any other Client.

1.2 This Coinbase PBA sets forth the terms and conditions pursuant to which the Coinbase Entities will provide
to Client custody, trade execution, lending, post-trade credit (if applicable), and other services (collectively, the " <u>PB Services</u> ")
for certain digital assets (" <u>Digital Assets</u> ") and cash as set forth herein. As part of the PB Services, Coinbase will
establish and maintain for Client the Trading Account (as defined and described in Section 2 of the MTA), and Coinbase Custody will
establish and maintain for Client the Vault Account (as defined and described in Sections 1.1 and 2 of the Custody Agreement) (collectively
with the Trading Account, the " <u>Accounts</u> ").

1.3 Client's Digital Assets are referred to as " <u>Client Digital Assets</u>," Client's
cash is referred to as " <u>Client Cash</u>," and Client Digital Assets and Client Cash are together referred to as " <u>Client Assets</u>."

1.4 Client and the Coinbase Entities (individually or collectively, as the context requires) may also be referred
to as a " <u>Party</u>." Capitalized terms not defined in these General Terms and Conditions (the " <u>General Terms</u> ")
shall have the meanings assigned to them in the respective exhibit, addendum, or supplement. Any singular term in this Coinbase PBA will
be deemed to include the plural, and any plural term the singular and the words "such as," "include," "includes,"
or "including" are deemed to be followed by the words "without limitation," whether or not expressly stated. The
word "will" shall be construed to have the same meaning and effect as the word "shall." In the event of a conflict
between these General Terms and any exhibit, addendum, or supplement hereto, the document governing the specific relevant PB Service shall
control in respect of such PB Service.

**2. Conflicts of Interest Acknowledgement**

Client acknowledges that the Coinbase Entities may have actual or potential conflicts of interest in connection with providing the PB Services including that (i) Orders (as such term is defined in the MTA) may be routed to Coinbase's exchange platform where Orders may be executed against other Coinbase clients or with Coinbase acting as principal, (ii) the beneficial identity of the purchaser or seller with respect to an Order is unknown and therefore may be another Coinbase client, (iii) Coinbase does not engage in front-running, but is aware of Orders or imminent Orders and may execute a trade for its own inventory (or the account of an affiliate) while in possession of that knowledge; provided that, in no event shall any Coinbase Entity use any Client Confidential Information to execute a trade for its own inventory (or the account of an affiliate), and (iv) Coinbase may act in a principal capacity with respect to certain Orders (e.g., to fill residual Order size when a portion of an Order may be below the minimum size accepted by the CTV (as defined in Section 1.1 of the MTA)). As a result of these and other conflicts, the Coinbase Entities may have an incentive to favor their own interests and the interests of their affiliates over a particular client's (including Client's) interests. Coinbase has in place certain policies and procedures that are designed to mitigate such conflicts. To manage this risk, Coinbase has implemented and maintains policies, processes and controls, including the use of separate teams and an information barrier between the agency trading business and principal trading at Coinbase, intended to avoid any conflicts of interest and ensure compliance with applicable law and regulation. Notwithstanding anything herein to the contrary, the Coinbase Entities shall execute trades pursuant to such policies and procedures; provided that the Coinbase Entities (a) shall execute (i) any marketable orders sent by Client and (ii) any other pending Client orders received by the Coinbase Entities that become marketable, and (b) shall not knowingly enter into a transaction for the benefit of (x) the Coinbase Entities, or (y) any other client received after Client's order, ahead of any order received from Client. For purposes of the foregoing, a marketable order is a sell order equivalent to or better than the best bid price, or a buy order equivalent to or better than the best ask price, on any Connected Trading Venue (or any venue that a Coinbase Entity may use) at a given moment.

**3. Account Statements**

Coinbase will make available to Client an electronic account statement every month. Each account statement will identify the amount of cash and each Digital Asset credited to Client's Accounts at the end of the period and set forth of Client's activity during that period.

**4. Client Instructions**

4.1 In a written notice to the relevant Coinbase Entity, Client may designate persons or entities authorized
to act on behalf of Client with respect to the PB Services (the " <u>Authorized Representative</u> "). Upon such designation,
the Coinbase Entities may rely on the validity of such appointment until such time as Coinbase receives Instructions from Client revoking
such appointment or designating a new Authorized Representative.

4.2 The Coinbase Entities may only act upon instructions duly received from Client or Client's Authorized
Representative (" <u>Instructions</u> ") provided that such Instructions are received by the Coinbase Entities pursuant to the
reasonable security procedures set forth by Coinbase Entities (" <u>Security Procedures</u> "), which may involve two-factor
authentication and messaging only through certain Coinbase systems. For the avoidance of doubt, the Coinbase Entity shall only act upon
Instructions if the Coinbase Entity reasonably believes that such Instructions have been provided by Client's Authorized Representatives
and have been authorized and approved in accordance with Coinbase's multi-approval authorization process. When taking action upon
Instructions, the applicable Coinbase Entity shall act in a reasonable manner, and in conformance with the following: (a) Instructions
shall continue in full force and effect until executed, canceled, or superseded; (b) if any Instructions are ambiguous, the applicable
Coinbase Entity shall as soon as reasonably practicable notify Client or Client's Authorized Representative of any ambiguity and
may refuse to execute such Instructions until any such ambiguity has been resolved to the Coinbase Entity's reasonable satisfaction;
(c) the Coinbase Entities may refuse to execute Instructions if in the applicable Coinbase Entity's reasonable opinion such
Instructions are outside the scope of its obligations under this Coinbase PBA or are contrary to any applicable law, rule, regulation,
court order, or binding order of a government authority, provided that it shall, as soon as reasonably practicable, notify Client or Client's
Authorized Representative of its decision to refuse to execute such Instruction and its basis for the foregoing (provided such notification
is not prohibited under law, a government order or similar binding legal or regulatory order); and (d) the Coinbase Entities may
rely on any Instructions, notice, or other communication believed by it in good faith to be given by Client or Client's Authorized
Representative. Client shall be fully responsible and liable for, and the Coinbase Entities shall have no liability with respect to, any
and all Claims and Losses (each as defined below) arising out of or relating to inaccurate or ambiguous Instructions. If Client is a trust,
Client agrees that the Coinbase Entities shall have no liability for following the trustee's Instructions.

4.3 Each Coinbase Entity will comply with Client's Instructions to stake, stack, or vote Client Digital
Assets to the extent the applicable Coinbase Entity supports proof of stake validation, proof of transfer validation, or voting for such
Digital Assets. The Coinbase Entities may, in their sole discretion, decide whether or not to support or cease supporting staking services,
stacking, or voting for a Digital Asset; provided that in each case where the Coinbase Entities have decided to change their practices
with respect to staking, stacking or voting for one or more Digital Assets, the relevant Coinbase Entity shall inform the Client, provided
that (i) such notice is being given to all Clients of the PB Services, and (ii) that such notice may be in the same form and
manner as Coinbase provides to its other Clients.

**5. Representations, Warranties, and Additional Covenants**

The Client represents, warrants, and covenants (which shall be deemed to repeat each of the following on each day on which it provides an Instruction) that:

5.1 Client has the full power, authority, and capacity to enter into this Coinbase PBA and to engage in transactions
with respect to all Digital Assets relating to the PB Services;

5.2 To the best of its knowledge, Client is and shall remain in material compliance with all applicable laws,
rules, and regulations in each jurisdiction in which Client operates or otherwise uses the PB Services, including U.S. securities laws
and regulations, as well as any applicable state and federal laws, including applicable AML and Sanctions Laws and Regulations (as defined
below), and other applicable anti-terrorism statutes, regulations, and conventions of the U.S. or other international jurisdictions; provided
that any violation or alleged violation of law by Client resulting from or in connection with (a) Client's use of the services
provided by the Coinbase Entities pursuant to this Coinbase PBA and (b) Coinbase's violation of Section 5.25 hereof, shall
not be in violation of this Section 5.2;

5.3 Client is and shall remain in good standing with all relevant government agencies, departments, regulatory,
self-regulatory, and supervisory bodies in all relevant jurisdictions in which it does business, and to the extent relevant and material
to its performance hereunder or its use of the PB Services, it will promptly notify Coinbase if it ceases to be in good standing with
any regulatory authority;

5.4 Client is not a resident in or organized under the laws of any country that is the subject of comprehensive
economic sanctions imposed by the U.S., the United Nations, the European Union, or the United Kingdom (collectively, " <u>Sanctions Regimes</u> "), nor is it a person or entity that is, or is owned or controlled by one or more persons, entities or governments that
are, the subject of economic sanctions issued by an applicable Sanctions Regime;

5.5 To the extent required by applicable law, it has implemented an AML and sanctions program that is reasonably
designed to comply with applicable AML, anti-terrorist, anti-bribery/corruption, and Sanctions Regime laws and regulations, including,
but not limited to, the Bank Secrecy Act, as amended by the USA PATRIOT Act (collectively, " <u>AML and Sanctions Laws and Regulations</u> ").
Said program includes: (a) a customer due diligence program designed to identify and verify the identities of Client's customers;
(b) enhanced due diligence on high-risk customers, including but not limited
to customers designated as politically exposed persons; (c) processes to conduct ongoing monitoring of customer transactional activity
and report, as required by applicable law, any activity deemed to be suspicious; (d) ongoing customer sanctions screening against
applicable Sanctions Regimes lists; and (e) processes to maintain records related to the above controls as required by applicable
law;

5.6 To the best of its knowledge, Client does not maintain any asset in an Account which is derived from any
unlawful activity and it will use commercially reasonable efforts not to instruct or otherwise cause Coinbase to hold any assets or engage
in any transaction that would cause Coinbase to violate applicable laws and regulations, including applicable AML and Sanctions Laws and
Regulations;

5.7 Client shall reasonably promptly provide such information as the Coinbase Entities may reasonably request
from time to time regarding: (a) its policies, procedures, and activities which relate to the PB Services, including information
on Client's underlying customers, where applicable; and (b) its use of the PB Services, in each case to the extent reasonably
necessary for the Coinbase Entities to comply with any applicable laws, rules, and regulations (including money laundering statutes, regulations,
and conventions of the U.S. or other jurisdictions), or the guidance or direction of, or request from, any regulatory authority or financial
institution, provided that such information may be redacted to remove Confidential information not relevant to the scope of this Agreement;

5.8 Client's use of the PB Services shall be for commercial, business purposes to the extent relevant
or material to either Party's performance under this Coinbase PBA or the Client's use of the PB Services, and shall not include
any personal, family, or household purposes. It shall promptly notify Coinbase in writing in the event it intends to use the PB Services
in connection with any business activities not previously disclosed to Coinbase. Coinbase may, in its sole discretion, prohibit Client
from using the PB Services in connection with any business activities not previously disclosed;

5.9 Client's Authorized Representatives have the: (a) full power, authority, and capacity to access
and use the PB Services; and (b) appropriate sophistication, expertise, and knowledge necessary to understand the nature and risks,
and make informed decisions, in respect of Digital Assets and the PB Services;

5.10 This Coinbase PBA is a legal, valid, and binding obligation, enforceable against it in accordance with
its terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors' rights
generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought
in a proceeding in equity or at law));

5.11 Client has not relied on any Coinbase Entity for any investment, legal, tax, or accounting advice, and
Client is solely responsible, and shall not rely on any Coinbase Entity, for determining whether any investment, investment strategy,
transaction, legal consideration, or tax or accounting treatment involving any assets (including Digital Assets) is appropriate for Client
based on its investment objectives, financial circumstances, risk tolerance, legal considerations, and tax or accounting consequences;

5.12 Client has duly appointed and authorized the individual(s) whose
signatures are stated below to execute and deliver this Coinbase PBA;

5.13 Client has the right to deliver any assets it transfers to a Coinbase Entity and all such assets are free
and clear of all liens, claims, and encumbrances and Client will not cause or allow any of the Accounts, whether now owned or hereafter
acquired, to be or become subject to any liens, security interests, mortgages, or encumbrances of any nature (other than liens solely
in favor of any of the Coinbase Entities);

5.14 To the best of Client's knowledge, there is no pending action, suit, or proceeding at law or in
equity or before any court, tribunal, governmental body, agency, official, or arbitrator against Client that is likely to affect the legality,
validity, or enforceability against it of this Coinbase PBA or the ability of Client to perform its obligations hereunder;

5.15 Unless it advises Coinbase to the contrary in writing, at all times, none of Client's assets constitute,
directly or indirectly, plan assets subject to the fiduciary responsibility and prohibited transaction sections of the Employment Retirement
Income Security Act of 1974, as amended (" <u>ERISA</u> "), the prohibited transaction provisions of the Internal Revenue Code
of 1986, as amended, or any federal, state, local, or non-U.S. law that is similar to the prohibited transaction provisions of Section 406
of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended, and Client shall immediately provide Coinbase with a written
notice in the event that it becomes aware that it is in breach of the foregoing;

5.16 To the extent Client provides a Coinbase Entity with Instructions (which may include standing
 Instructions) to implement a vesting or lockup schedule for a particular token in connection with Client's obligations to a token issuer, such vesting or lockup schedule (and
any subsequent changes made by Client to the vesting or lockup schedule, if any) will accurately reflect the terms of Client's
obligations to the token issuer; and

5.17 Client will promptly inform Coinbase in writing if any of the above representations, warranties, and covenants
cease to be true.

For the avoidance of doubt, each Client has made each of the above representations and warranties in Sections 5.1 through 5.18 (inclusive) solely as to itself and not as to any other Client.

Coinbase, on behalf of itself and each other Coinbase Entity, represents, warrants, and covenants that:

5.18 Coinbase possesses and will maintain all licenses, registrations, authorizations, and approvals required
by any applicable government agency or regulatory authority for it to operate its business and provide the PB Services;

5.19 Coinbase will not, directly or indirectly, lend, pledge, hypothecate, rehypothecate or otherwise alienate
or transfer Client Assets unless otherwise agreed in writing by Client;

5.20 Coinbase has the full power, authority, and capacity to enter into and be bound by this Coinbase PBA;

5.21 This Coinbase PBA is a legal, valid, and binding obligation, enforceable against it in accordance with
its terms;

5.22 Other than the rights set forth in Section 10 and Section 19 of this Coinbase PBA and the rights
set forth in Appendix 1 attached hereto, Coinbase has no right, interest, or title in Client's Digital Assets;

5.23 Coinbase will maintain adequate capital and reserves to the extent required by applicable law;

5.24 Coinbase will not make any public statement, including any press release, media release, or blog post
which mentions or refers to Client or a partnership between Coinbase and Client, without the prior written consent of Client;

5.25 To the best of its knowledge, Coinbase is and shall remain in compliance in all material respects with
all applicable laws, rules, and regulations in each jurisdiction in which Coinbase operates, including U.S. securities laws and regulations,
as well as any applicable state and federal laws, including applicable AML and Sanctions Laws and Regulations, USA Patriot Act and Bank
Secrecy Act requirements, and other anti-terrorism statutes, regulations, and conventions of the United States or other international
jurisdictions;

5.26 Coinbase is not a resident in or organized under the laws of any country that is the subject of comprehensive
economic sanctions imposed by the Sanctions Regimes, nor is it a person or entity that is, or is owned or controlled by one or more persons,
entities or governments that are, the subject of economic sanctions issued by an applicable Sanctions Regime;

5.27 Its performance under this Coinbase PBA will not breach (a) any agreement between it and a third
party; (b) any obligation of confidentiality regarding the proprietary information of a third party or (c) any third party intellectual
property rights;

5.28 Reserved.

5.29 To the best of Coinbase's knowledge, it is currently in good standing with all relevant government
agencies, departments, regulatory, self-regulatory and supervisory bodies in all relevant jurisdictions in which it does business, including,
as applicable, the Financial Industry Regulatory Authority, the Municipal Securities Rulemaking Board, the Securities Investor Protection
Corporation, the National Futures Association, the Commodity Futures Trading Commission, the Securities and Exchange Commission, Federal
Deposit Insurance Corporation, and the New York State Department of Financial Services;

5.30 To the extent permitted by law, Coinbase shall promptly notify the Client in writing if, in connection
with this Agreement, (i) Coinbase blocks or freezes property or assets pursuant to Sanctions Regime laws and regulations and/or reports
it to an applicable Sanctions Regime authority, including the Office of Foreign Assets Control
of the U.S. Department of the Treasury , and (ii) if it identifies, in connection with this Agreement, any suspicious activity
or any activity that may require further review to determine whether Morgan Stanley Investment Management, Inc., as delegated sponsor
for and on behalf of Morgan Stanley Bitcoin Trust, has any reporting obligations related to the activity; and

5.31 It will promptly provide such information as Client reasonably requests from time to time regarding the
use of the PB Services, to the extent required to comply with any applicable laws, rules and regulations; provided that such information
may be redacted to remove Confidential Information not relevant to the requirements of this Coinbase PBA.

For the avoidance of doubt, Coinbase, on behalf of itself and each other Coinbase Entity, has made each of the above representations and warranties in Sections 5.19 through 5.30 (inclusive) to each Client individually.

**6. No Investment Advice or Brokerage**

6.1 Client assumes responsibility for each transaction executed by or for it in connection with this Coinbase
PBA. For the avoidance of doubt, nothing in this paragraph is intended to modify Coinbase's responsibility for carrying out Client's Instructions
in accordance with Section 4. Client understands and agrees that none of the Coinbase Entities is acting as a "broker"
as defined in the Securities Exchange Act of 1934 or as an investment adviser as defined in the Investment Advisers Act of 1940 (the " <u>Investment Advisers Act</u> ") with respect to their activities in connection with this Coinbase PBA, and except as expressly set forth herein,
the Coinbase Entities have no liability, obligation, or responsibility whatsoever for Client decisions relating to the PB Services. Client
should consult its own legal, tax, investment, and accounting professionals.

6.2 While the Coinbase Entities may make certain general information available to Client (including Market
Data, as defined in Section 7 of the MTA), the Coinbase Entities are not providing and will not provide Client with any investment,
legal, tax, or accounting advice regarding Client's specific situation. Except as expressly set forth herein, the Coinbase Entities
shall have no liability, obligation, or responsibility whatsoever regarding any decision to enter into in any transaction with respect
to any asset (including Digital Assets).

**7. Opt-In to Article 8 of the Uniform Commercial Code**

Each item of property (including Client Assets) credited to an Account will be treated as "financial assets" under Article 8 of the New York Uniform Commercial Code ("<u>Article 8</u>"). Coinbase and Coinbase Custody are "securities intermediaries," the Accounts are each "securities accounts," and Client is an "entitlement holder" under Article 8. This Coinbase PBA sets forth how the Coinbase Entities will satisfy their Article 8 duties. Treating property in the Accounts as financial assets under Article 8 does not determine the characterization or treatment of such property under any other law or rule. New York will be the securities intermediary's jurisdiction with respect to Coinbase and Coinbase Custody, and New York law will govern all issues addressed in Article 2(1) of the Hague Securities Convention. Coinbase and Coinbase Custody will credit Client with any payments or distributions on any Client Assets it holds for Client's Accounts, unless (i) the payment or distribution is an Advanced Protocol (as defined below) that Coinbase does not support (as described in Section 14.2), (ii) Coinbase lacks the technological capabilities to provide Client with these payments or distributions, or (iii) Coinbase cannot deliver the distributions for legal or other reasons that make providing such distributions impossible or impracticable. Coinbase and Coinbase Custody will comply with Client's Instructions with respect to Client Assets in the Accounts, subject to the terms of this Coinbase PBA, and related Coinbase rules, including the Prime Trading Rules (as defined in preamble to the MTA).

**8. General Use, Security and Prohibited Use**

8.1 *Prime Broker Site and Content*. During the term of this Coinbase PBA, the Coinbase Entities hereby
grant Client a limited, nonexclusive, non-transferable, non-sublicensable, revocable, and royalty-free license, subject to the terms of
this Coinbase PBA, to access and use the Coinbase Prime Broker Site accessible at prime.coinbase.com (the " <u>Coinbase PB Site</u> ")
and related content, materials, Market Data, and information (collectively, the " <u>Content</u> ") solely for Client's
internal business use and other purposes as permitted by Coinbase in writing from time to time. Any other use of the Coinbase PB Site
or Content is hereby prohibited. All other right, title, and interest (including all copyright, trademark, patent, trade secrets, and
all other intellectual property rights) in the Coinbase PB Site, Content, and PB Services is and will remain the exclusive property of
the Coinbase Entities and their licensors. Client shall not copy, transmit, distribute, sell, license, reverse engineer, modify, publish,
or participate in the transfer or sale of, create derivative works from, or in any other way exploit any of the PB Services or Content,
in whole or in part. "Coinbase," "Coinbase Prime," "prime.coinbase.com," and all logos related to
the PB Services or displayed on the Coinbase PB Site are either trademarks or registered marks of the Coinbase Entities or their licensors.
Client may not copy, imitate, or use them without Coinbase's prior written consent. The license granted under this Section will
automatically terminate upon termination of this Coinbase PBA, or the suspension or termination of Client's access to the Coinbase
PB Site or PB Services. Coinbase may not use the Client's logos, trademarks, copyrights or other intellectual property without the
prior written consent of Client.

8.2 *Supported Digital Assets*. Coinbase determines in its sole discretion which Digital Assets to support
for use with the Trading Services (as defined in the preamble to the MTA), as specified on the Coinbase PB Site. Not all Digital Assets
supported for Custodial Services (as defined in Section 1.1 of the Custody Agreement) are also supported for Trading Services.

8.3 *Use of the Coinbase PB Site.* Client agrees to access and use the Coinbase PB Site to review any
Orders, deposits, or withdrawals or required actions to confirm the authenticity of any communication or notice from the Coinbase Entities.

8.4 *Unauthorized Users.* Client shall not permit any person or entity that is not Client or an Authorized
Representative (each, an " <u>Unauthorized User</u> ") to access, connect to, or use the Coinbase PB Site or the PB Services.
Except to the extent caused by a Coinbase Entity's gross negligence, fraud, or willful misconduct, the Coinbase Entities shall have no
liability, obligation, or responsibility whatsoever for, and Client shall be fully responsible and liable for, any and all Claims and
Losses arising out of or relating to the acts and omissions of any Unauthorized User in respect of the Coinbase PB Site or the PB Services.
Client shall notify Coinbase immediately if Client believes or becomes aware that an Unauthorized User has accessed, connected to, or
used the Coinbase PB Site or the PB Services (each such notification, an "Access Compromise Notice") and request that the
Client's Prime Broker Account is suspended. Upon the suspension of the Client's Prime Broker Account, Client shall not be
responsible for any subsequent act or omission of the Unauthorized User responsible for the initial suspension of the Prime Broker Account.
Upon the cessation of the suspension of the Client's Prime Broker Account then the Client's obligations under this Section 8.4
will resume. Coinbase shall use commercially reasonable efforts to cancel, terminate or otherwise disable the unauthorized access method
as soon as reasonably practicable but in no event later than two Business Days following receipt of an Access Compromise Notice.

8.5 *Password Security; Contact Information*. Client is fully responsible for maintaining adequate security
and control of any and all IDs, passwords, hints, personal identification numbers (PINs), API keys, YubiKeys, other security or confirmation
information or hardware, and any other codes that Client or an Authorized Representative uses to access the Coinbase PB Site or the PB
Services. Client agrees to keep Client's email address and telephone number on the Coinbase PB Site up to date in order to receive
any notices or alerts that the Coinbase Entities may send to Client. Client shall be fully responsible for, and the Coinbase Entities
shall have no liability, obligation, or responsibility whatsoever for, any Losses that Client may sustain due to compromise of Client's
login credentials. In the event Client believes Client's login credentials or other information with respect to the Coinbase PB
Site or the PB Services has been compromised, Client must contact Coinbase immediately.

8.6 *AML and Sanctions Compliance:* The Coinbase Entities have adopted and implemented, and will continue
to maintain and implement, compliance programs reasonably designed to comply with AML and Sanctions Laws and Regulations. Such programs
provide additional protections to ensure that the Client and its sponsor do not transact with any individual or entity that is, or is
owned or controlled by one or more individuals or entities that are, (i) resident in or organized under any country that is the subject
of comprehensive economic sanctions imposed by the Sanctions Regimes, or (ii) the subject of economic sanctions issued by an applicable
Sanctions Regime. The Coinbase Entities perform Know-Your-Transaction ("KYT") screening using blockchain analytics to
identify, detect, and mitigate the risk of transacting with a sanctioned or other unlawful actor, and the Coinbase Entities will apply
such KYT screening processes to all Digital Assets that are delivered to the Client's Accounts.

8.7 *Prohibited Use*. Client will comply with the Prohibited Use Policy found at https://www.coinbase.com/legal/prohibited_use
and the Coinbase Entities shall provide the Client with commercially reasonable notice of amendments and/or updates to such policy to
the same extent and in the same manner as provided to all other Clients of the PB Services.

**9. Taxes**

9.1 *Taxes*. Except as otherwise expressly stated herein, Client shall be fully responsible and liable
for, and the Coinbase Entities shall have no liability, obligation, or responsibility whatsoever for, the payment of any and all present
and future tariffs, duties, or taxes (including withholding taxes, transfer taxes, stamp taxes, documentary taxes, value added taxes,
personal property taxes, and all similar costs) imposed or levied by any government or governmental agency (collectively, " <u>Taxes</u> ")
and any related Claims and Losses or the accounting or reporting of income or other Taxes arising from or relating to any transactions
Client conducts through the PB Services. Client acknowledges that Coinbase shall have no responsibility to file any tax returns, reports,
and disclosures required by applicable law for Client.

9.2 *Withholding Tax*. Except as required by applicable law, each payment under this Coinbase PBA or
collateral deliverable by Client to any Coinbase Entities shall be made, and the value of any collateral or margin shall be calculated,
without withholding or deducting of any Taxes. If any Taxes are required to be withheld or deducted, Client (a) authorizes the Coinbase
Entities to effect such withholding or deduction and remit such Taxes to the relevant taxing authorities and (b) shall pay such additional
amounts or deliver such further collateral as necessary to ensure that the actual net amount received by the Coinbase Entities is equal
to the amount that the Coinbase Entities would have received had no such withholding or deduction been required. Client agrees that the
Coinbase Entities may disclose any information with respect to Client Assets and the PB Services, including the Accounts and Client's
transactions and Orders, required by any applicable taxing authority or other governmental entity, provided that such disclosure is limited
to information that is legally required to be disclosed to the applicable taxing authority or other governmental entity. Client agrees
that the Coinbase Entities may withhold or deduct Taxes as may be required by applicable law. From time to time, Coinbase Entities shall
ask Client for tax documentation or certification of Client's taxpayer status as required by applicable law, and any failure by
Client to comply with this request in the time frame identified may result in withholding or remission of taxes to a tax authority as
required by applicable law. Coinbase will provide Client tax receipts issued by the appropriate taxing authority or such other evidence
as is reasonably requested by Client to establish that such taxes have been paid.

**10. PB Services Fees**

10.1 Client agrees to pay all undisputed commissions and fees in connection with Orders and the PB Services
on a timely basis. This includes the fees set out in the Fee Schedule, as amended from time-to-time, pass-through fees such as bank fees,
and network fees (as calculated by the Coinbase Entities in their sole discretion). If such fees remain unpaid following the payment date,
Client authorizes the Coinbase Entities to deduct any such unpaid amounts from Client's Accounts. The Coinbase Entities will in
their sole discretion determine the appropriate level of rounding of amounts to minimize any rounding error. In the event that Client
in good faith disputes any commissions or fees owed under this Coinbase PBA, Client shall provide notice in writing to the appropriate
Coinbase Entity within seven (7) days of an applicable Order. The undisputed portion of the commissions and fees of an applicable
Order shall be paid in accordance with the payment terms set forth in this Section 10 and the disputed portion of any commissions
and fees shall be resolved by the Parties within seven (7) days of the notice and that agreed upon amount shall be paid within seven
(7) days after resolution of the dispute in accordance with the payment terms of this Section 10.1. If the Parties do not resolve
the dispute, then the Parties' liabilities and remedies shall be in accordance with the terms of this Coinbase PBA, which may include
termination or suspension of the PB Services.

10.2 In addition to any fees payable pursuant to the Fee Schedule, as payment in part for the Custodial Services
Coinbase provides under this Coinbase PBA, Client agrees to pay Coinbase an additional fee equal to the amount of any interest and other
earnings attributable or allocable to Client Cash. Client agrees and understands that Coinbase will collect any such fees at the time
such interest or other earnings are received by Coinbase and therefore Client's account statements will not reflect any such interest.

**11. Confidentiality**

11.1 Client and the Coinbase Entities each agree that with respect to: (i) any non-public information
regarding Client's use of or Coinbase's performance of the Prime Services, including but not limited to any technical issues,
errors, omissions, delays, or service interruptions, regardless of whether such issues, errors, omissions, delays, or service interruptions
were experienced or caused by Client or Coinbase; and (ii) any non-public, confidential, or proprietary information of the other
Party, including the existence and terms of this Coinbase PBA, the other Party's business operations or business relationships (including
the Coinbase Entities' fees), (collectively, " <u>Confidential Information</u> "), it will not disclose such Confidential
Information to any third party except to such party's officers, directors, agents, employees, consultants, contractors and professional
advisors who need to know the Confidential Information for the purpose of assisting in the performance of this Coinbase PBA and who are
informed of, and agree to be bound by obligations of confidentiality no less restrictive than those set forth herein, and will protect
such Confidential Information from unauthorized use and disclosure. Each Party shall use any Confidential Information that it receives
pursuant to or in connection with this Coinbase PBA solely for purposes of providing or using the Prime Broker Services with respect to
the Accounts, exercising their rights and performing their duties under this Coinbase PBA, complying with any applicable laws, rules and
regulations and in the case of the Coinbase Entities, for internal risk management purposes and to develop and enhance products and services,
using only aggregated and de identified information that does not identify the Accounts or Client. In addition, the Coinbase Entities
may use and disclose personal information as otherwise provided in the Coinbase Privacy Policy at https://www.coinbase.com/legal/privacy,
and may use and disclose other Confidential Information to the same extent. Confidential Information shall not include any (i) information
that is or becomes generally publicly available through no fault of the recipient, (ii) information that the recipient obtains from
a third party (other than in connection with this Test Agreement) that, to the recipient's best knowledge, is not bound by a confidentiality
agreement prohibiting such disclosure; (iii) information that is independently developed or acquired by the recipient without the
use of Confidential Information provided by the disclosing Party; (iv) disclosure with the prior written consent of the disclosing
Party.

11.2 Notwithstanding the foregoing, (i) each party may disclose Confidential Information of the other
party to the extent required by a court of competent jurisdiction or governmental authority or otherwise required by law (additionally,
in Coinbase's case, to the extent so requested by its partners); provided, however, the Party making such required disclosure shall
first notify the other Party (to the extent legally permissible) and shall afford the other Party a reasonable opportunity to seek confidential
treatment if it wishes to do so; (ii) each party may disclose Confidential Information of the other party in connection with examination
and oversight of the disclosing party by a governmental authority with supervisory authority over such party and (iii) no affiliate
of Coinbase shall be considered a third party of any Coinbase Entity for purposes of this Coinbase PBA and the Coinbase Entities may freely
share Client's Confidential Information among each other and the Client, as well as Morgan Stanley Investment Management Inc. and
its affiliates, may share Confidential Information of the Coinbase Entities among each other to the same extent as personal information
consistent with the Coinbase Privacy Policy, as amended and updated from time to time at <u>https://www.coinbase.com/legal/privacy</u> or a successor website. All documents and other tangible objects containing or representing Confidential Information and all copies or
extracts thereof or notes derived therefrom that are in the possession or control of the recipient shall be and remain the property of
the disclosing party and shall be promptly returned to the disclosing party or destroyed, each upon the disclosing party's request;
provided, however, notwithstanding the foregoing, the recipient may retain one (1) copy of Confidential Information if (a) required
by law or regulation, or (b) retained pursuant to a bona fide and consistently applied document retention policy; provided,
further, that in either case, any Confidential Information so retained shall remain subject to the confidentiality obligations of this
Coinbase PBA.

11.3 Notwithstanding anything contained in this Section 11, the Parties agree that the Client may file
the Coinbase PBA as an exhibit in public filings with the Securities and Exchange Commission or equivalent regulatory body in the applicable
jurisdiction, as may be required under applicable law, provided that Client shall give the Coinbase Entities reasonable advance notice
of such filing and shall comply with the Coinbase Entities' instruction to redact certain information in the Coinbase PBA that the
Coinbase Entities deem proprietary and confidential. Client acknowledges and agrees that any pricing or fee information is highly confidential
and shall not be shared with any third parties or included in any public filings without the prior express written approval of Coinbase,
which shall not be unreasonably withheld.

**12. Security and Business Continuity**

Coinbase's information security standards and business continuity standards shall at minimum comply with the terms addressing information security, data protection and business continuity standards as set forth in Addendum No. 1.

**13. Acknowledgement of Risks**

Client hereby acknowledges, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Digital Assets are not legal tender, are not backed by any government or government agency, and the Vault
Account and the Trading Account are not subject to the Federal Deposit Insurance Corporation or Securities Investor Protection Corporation
protections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Legislative and regulatory changes or actions at the state, federal, or international level may adversely
affect (1) the use, transfer, exchange, and value of Digital Assets or (2) Coinbase's ability or willingness to support
one or more Digital Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Transactions in Digital Assets are irreversible, and, accordingly, Digital Assets lost due to fraudulent
or accidental transactions may not be recoverable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Certain Digital Asset transactions will be deemed to be made when recorded on a public blockchain ledger,
which is not necessarily the date or time that Client initiates the transaction or such transaction enters the pool;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The value of Digital Assets may be derived from the continued willingness of market participants to exchange
any fiat currency for Digital Assets, which may result in the permanent and total loss of value of a Digital Asset should the market for
that Digital Asset disappear;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) There is no assurance that a person or entity who accepts any Digital Asset as payment today will continue
to do so in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The volatility and unpredictability of the price of Digital Assets relative to fiat currency may result
in significant losses over a short period of time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The nature of Digital Assets may lead to an increased risk of fraud or cyber-attack;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The nature of Digital Assets means that any technological difficulties experienced by a Coinbase Entity
may prevent access to or use of Client Digital Assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Any bond or trust account maintained by Coinbase Entities for the benefit of its customers may not be
sufficient to cover all losses (including Losses) incurred by customers.

**14. Operation of Digital Asset Protocols**

14.1 The Coinbase Entities do not own or control the underlying software protocols which govern the operation
of Digital Assets. Generally, the underlying software protocols and, if applicable, related smart contracts (referred to collectively
as " <u>Protocols</u> " for purposes of this Section) are open source and anyone can use, copy, modify, or distribute them.
By using the PB Services, Client acknowledges and agrees that: (i) the Coinbase Entities make no guarantee of the functionality,
security, or availability of underlying Protocols; (ii) some underlying Protocols are subject to consensus-based proof of stake validation
methods which may allow, by virtue of their governance systems, changes to the associated blockchain or digital ledger (" <u>Governance Modifiable Blockchains</u> "), and that any Client transactions validated on such Governance Modifiable Blockchains may be affected
accordingly; and (iii) the underlying Protocols are subject to sudden changes in operating rules (a/k/a "forks"),
and that such forks may materially affect the value, function,
and even the name of the Digital Assets. In the event of a fork relating to a Supported Digital Asset, Client agrees that the Coinbase
Entities may temporarily suspend PB Services (with or without notice to Client) and that the Coinbase Entities may, in their sole discretion,
determine whether or not to support or cease supporting either branch of the forked protocol entirely. The Coinbase Entities shall use
commercially reasonable efforts to timely select at least one of the forked protocol branches to support and will identify such selection
in a notice reasonably in advance of such fork (to the extent practicable) to provide Client the opportunity to arrange for the transfer
of the relevant Digital Assets, which the Coinbase Entities shall use commercially reasonable efforts to accomplish in advance of such
fork. In the event that Coinbase decides not to support (or ceases supporting) either branch of a forked protocol, Coinbase will use reasonable
efforts to notify Client in advance wherever reasonably practicable to do so. Client agrees that the Coinbase Entities shall have no liability,
obligation, or responsibility whatsoever arising out of or relating to the operation of Protocols, transactions affected by Governance
Modifiable Blockchains, or an unsupported branch of a forked protocol and, accordingly, as between Coinbase and Client, Client acknowledges
and assumes the risk of the same.

14.2 Except to the extent otherwise specifically communicated by the Coinbase Entities through a written public
statement on the Coinbase website, the Coinbase Entities do not support airdrops, metacoins, colored coins, side chains, or other derivative,
enhanced, or forked protocols, tokens, or coins, which supplement or interact with a Digital Asset (collectively, " <u>Advanced Protocols</u> ")
in connection with the PB Services. The PB Services are not configured to detect, process, or secure Advanced Protocol transactions and
neither Client nor any Coinbase Entity will be able to retrieve any unsupported Advanced Protocol. No Coinbase Entity shall have liability,
obligation, or responsibility whatsoever in respect of Advanced Protocols.

**15. Disclaimer of Warranties**

EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE PB SERVICES AND THE COINBASE WEBSITE ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS WITHOUT ANY WARRANTY OF ANY KIND, AND THE COINBASE ENTITIES HEREBY SPECIFICALLY DISCLAIM ALL WARRANTIES WITH RESPECT TO THE PB SERVICES, WHETHER EXPRESS, IMPLIED, OR STATUTORY, INCLUDING THE IMPLIED WARRANTIES OR CONDITIONS OF TITLE, MERCHANTABILITY, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN, THE COINBASE ENTITIES DO NOT WARRANT THAT THE PB SERVICES, INCLUDING ACCESS TO AND USE OF THE COINBASE WEBSITES, OR ANY OF THE CONTENT CONTAINED THEREIN, WILL BE CONTINUOUS, UNINTERRUPTED, TIMELY, COMPATIBLE WITH ANY SOFTWARE, SYSTEM OR OTHER SERVICES, SECURE, COMPLETE, FREE OF HARMFUL CODE, OR ERROR-FREE.

**16. Indemnification**

16.1 Client shall defend, indemnify, and hold harmless each Coinbase Entity, its affiliates, and their respective
officers, directors, agents, employees, and representatives (each, a " <u>Coinbase Party</u> " and collectively, the " <u>Coinbase Parties</u> ") from and against any and all Claims and Losses arising out of, or relating to (i) Client's material breach
of this Coinbase PBA, (ii) Client's violation of any applicable law, rule, or regulation, (iii) any negligent, dishonest,
fraudulent, or criminal act or omission on the part of the Client or any Client Party (as defined below), (iv) Client's gross
negligence, willful misconduct, or fraud, in each case unless such Claims or Losses arise out of or relate to Coinbase's gross negligence,
fraud, or willful misconduct. This obligation will survive any termination of this Coinbase PBA. Client shall not accept any settlement
of any Claims or Losses if such settlement imposes any financial or non-financial liabilities, obligations or restrictions on, or requires
an admission of guilt or wrong-doing from, any Coinbase Party, without such Coinbase Party's prior written consent.

16.2 Coinbase shall defend and indemnify and hold harmless Client and their respective officers, directors,
agents, employees and representatives (each, a " <u>Client Party</u> " and collectively, the " <u>Client Parties</u> ")
from and against any and all direct Claims and Losses arising out of or relating to any (i) violation, misappropriation, or infringement
by Client in its access or use of the PB Services in accordance with the terms and conditions of this Coinbase PBA upon any United States
patent, copyright, trademark, trade secret or other intellectual property right of a third party, (ii) breach by Coinbase of the
confidentiality, data protection, or information security obligations of Coinbase expressly provided in this Coinbase PBA, (iii) violation
of applicable law, rule or regulation by Coinbase with respect to the provision of the PB Services, or (iv) gross negligence,
fraud, or willful misconduct of Coinbase; unless such Claims or Losses arise out of or relate to Client's gross negligence, fraud,
willful misconduct, or breach of this Coinbase PBA. This obligation will survive any termination of this Coinbase PBA. Coinbase shall
not accept any settlement of any Claims or Losses if such settlement imposes any financial or non-financial liabilities, obligations or
restrictions on, or requires an admission of guilt or wrong-doing from, any Client Party, without such Client Party's prior written
consent.

16.3 Each Party's indemnification obligation under Section 16 of this Coinbase PBA shall apply only
if the indemnified Party does the following: (a) notifies the indemnifying Party promptly in writing, not later than thirty (30)
days after the indemnified Party receives notice of the Claim (or sooner if required by applicable law); (b) gives the relevant indemnifying
Party sole control of the defense and any settlement negotiations (subject to the below); and (c) gives the relevant indemnifying
Party the information, authority, and assistance such indemnifying Party needs to defend against or settle the Claim. In any
such Claim brought against any indemnified party, the indemnifying party shall assume the defense thereof, subject to the provisions herein
stated, with counsel reasonably satisfactory to such indemnified party. The indemnifying party shall keep the indemnified party informed
of the status of the defense of such Claims. The indemnified party shall have the right to employ separate counsel in any such action
and to participate in the defense thereof, but the fees and expenses of such counsel shall not be at the expense of the indemnifying party.
If the indemnifying party fails to appoint counsel within 10 days after the indemnified party has notified the indemnifying party of the
Claim, or after the indemnifying party becomes aware of it, whichever is earlier, the indemnified party shall have the right to select
and appoint counsel and conduct the defense of such Claim, and the reasonable expense thereof shall be paid by the indemnifying party.

16.4 For the avoidance of doubt, Coinbase shall not be obligated to defend or indemnify Client (1) to
the extent that such a Claim is based upon any information, specification, instruction, software, service, data, or material not furnished
by Coinbase; (2) for any portion of such a Claim that is based upon the combination of the PB Services with any information, specification,
instruction, software, service, data, or material not provided by Coinbase; or (3) for any such Claims known to Client at the time
the PB Services are used or accessed.

16.5 No Party providing indemnification pursuant to this Section 16 shall accept any settlement of any
Claims or Losses if such settlement imposes any financial or non-financial liabilities, obligations, or restrictions on, or requires an
admission of guilt or wrong-doing from, any party indemnified pursuant to this Section 16, without such party's prior written
consent.

16.6 For the purposes of this Coinbase PBA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) " <u>Claim</u> " means any action, suit, litigation, demand, charge, arbitration, proceeding
(including any civil, criminal, administrative, investigative, or appellate proceeding), hearing, inquiry, audit, examination, or investigation
commenced, brought, conducted, or heard by or before, or otherwise involving, any court or other governmental, regulatory, or administrative
body, or any arbitrator or arbitration panel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) " <u>Losses</u> " means any liabilities, damages, diminution in value, payments, obligations,
losses, interest, costs and expenses, security, or other remediation costs (including any regulatory investigation or third party subpoena
costs, reasonable attorneys' fees, court costs, expert witness fees, and other expenses relating to investigating or defending any
Claim); fines, taxes, fees, restitution, or penalties imposed by any governmental, regulatory, or administrative body, interest on and
additions to tax with respect to, or resulting from, Taxes imposed on Client's assets, cash, other property, or any income or gains
derived therefrom; and judgments (at law or in equity) or awards of any nature.

16.7 For the avoidance of doubt, (a) the indemnification of the Coinbase Parties under Section 16.1
above is provided by each Client severally, and not jointly with any other Client; and (b) the indemnification by Coinbase under
Section 16.2 above is provided to each Client severally, and not jointly with any other Client.

**17. Limitation of Liability**

17.1 *Standard of Care*.

IN NO EVENT SHALL ANY COINBASE PARTY BE RESPONSIBLE OR LIABLE FOR ANY LOSS, CLAIM, OR DAMAGE SUFFERED BY CLIENT, EXCEPT TO THE EXTENT THAT SUCH LOSS, CLAIM, OR DAMAGE DIRECTLY RESULTED FROM THE NEGLIGENCE, WILLFUL MISCONDUCT, OR FRAUD OF A COINBASE ENTITY.

NO COINBASE PARTY SHALL BE LIABLE FOR ANY LOSS CAUSED DIRECTLY OR INDIRECTLY BY (A) THE FAILURE OF CLIENT TO ADHERE TO COINBASE'S POLICIES AND PROCEDURES THAT HAVE BEEN DISCLOSED TO THE CLIENT, (B) ANY FAILURE OR DELAY TO ACT BY ANY SERVICE PROVIDER TO CLIENT, OR (C) ANY SYSTEM FAILURE (OTHER THAN A SYSTEM FAILURE CAUSED BY THE GROSS NEGLIGENCE, WILLFUL MISCONDUCT, OR FRAUD OF A COINBASE ENTITY) THAT PREVENTS A COINBASE ENTITY FROM FULFILLING ITS OBLIGATIONS UNDER THIS COINBASE PBA.

17.2 *Liability Caps*.

THE LIABILITY OF SUCH COINBASE PARTY WILL NOT EXCEED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) THE GREATER OF (A) THE AGGREGATE AMOUNT OF FEES PAID BY CLIENT TO THE RELEVANT COINBASE ENTITY IN RESPECT OF THE PB SERVICES IN THE 12-MONTH PERIOD PRIOR TO THE OCCURRENCE OF THE EVENT GIVING RISE TO SUCH LIABILITY (SUCH EVENT, THE "<u>LIABILITY EVENT</u>") AND (B) FIVE MILLION U.S. DOLLARS (US$5,000,000), OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) SOLELY IN RESPECT OF CUSTODIAL SERVICES PROVIDED PURSUANT TO THE CUSTODY AGREEMENT, THE GREATER OF:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) THE GREATER OF (A) THE AGGREGATE AMOUNT OF FEES PAID BY CLIENT TO COINBASE CUSTODY IN RESPECT OF
THE CUSTODIAL SERVICES IN THE 12-MONTH PERIOD PRIOR TO THE LIABILITY EVENT, AND (B) FIVE MILLION U.S. DOLLARS (US$5,000,000); OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) THE VALUE, AT THE TIME THE LIABILITY EVENT OCCURRED, OF THE SUPPORTED DIGITAL ASSETS ON DEPOSIT IN CLIENT'S
VAULT ACCOUNT(S) DIRECTLY AFFECTED BY SUCH LIABILITY EVENT. THE COINBASE ENTITIES WILL VALUE THE SUPPORTED DIGITAL ASSETS USING THE
SAME VALUATION METHODS AND PROCESSES THAT ARE OTHERWISE USED WHEN A COINBASE CUSTOMER SELLS AN ASSET ON THE COINBASE PB SITE OR ANY OTHER
COMMERCIALLY REASONABLE VALUATION METHOD AS DETERMINED BY COINBASE IN ITS SOLE DISCRETION;

PROVIDED THAT, NOTWITHSTANDING THE FOREGOING OR ANYTHING TO THE CONTRARY CONTAINED IN THIS SECTION 17, NO LIMITATION OR EXCLUSION SHALL APPLY TO EITHER PARTY'S LIABILITY FOR: (a) FRAUD OR WILLFUL MISCONDUCT; OR (b) ANY MATTER FOR WHICH LIABILITY MAY NOT LAWFULLY BE LIMITED OR EXCLUDED.

PROVIDED FURTHER THAT IN NO EVENT SHALL COINBASE CUSTODY'S AGGREGATE LIABILITY IN RESPECT OF ANY CUSTODY WALLET EXCEED ONE HUNDRED MILLION U.S. DOLLARS (US$100,000,000). IN THE EVENT OF ANY LOSS SUSTAINED BY CLIENT FOR WHICH A COINBASE PARTY IS LIABLE HEREUNDER, THE LIABILITY OF SUCH COINBASE PARTY SHALL BE REDUCED TO THE EXTENT THAT CLIENT'S OWN BREACH CONTRIBUTED TO SUCH LOSS.

17.3 *Waiver of Consequential Damages* 

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, NO PARTY HERETO SHALL BE LIABLE FOR ANY CONSEQUENTIAL, INCIDENTAL, INDIRECT, SPECIAL, OR PUNITIVE LOSS OR DAMAGE OR SIMILAR LOSSES OR DAMAGES (INCLUDING LOST PROFITS), EVEN IF THE OTHER PARTY HAD BEEN ADVISED OF OR KNEW OR SHOULD HAVE KNOWN OF THE POSSIBILITY THEREOF.

21.1 *No Joint and Several Liability* 

NOTHING IN THIS COINBASE PBA SHALL BE DEEMED TO CREATE ANY JOINT OR SEVERAL LIABILITY AMONG ANY OF THE COINBASE ENTITIES.

**18. Term, Termination and Suspension**

This Coinbase PBA shall remain in effect until terminated by a Coinbase Entity or Client as follows:

18.1 Client or any Coinbase Entity may terminate this Coinbase PBA in whole or in part for any reason and absent
an Event of Default by providing at least 90 days' prior notice to the other party.

18.2 Regardless of any other provision of this Coinbase PBA, the Coinbase Entities may, in their sole discretion,
suspend, restrict, or terminate Client's PB Services, including by suspending, restricting, or closing Client's Accounts or
any provision of credit (as applicable), immediately upon the occurrence of an Event of Default, at any time and with notice to Client
where practicable and not prohibited by applicable law, orders, rules or regulations. Coinbase will promptly restore any suspended
or restricted access upon Client's cure of the cause. Client may terminate this Agreement for Coinbase Event of Default, at any
time. An Event of Default by one Client shall not constitute an Event of Default by any other Client unless an Event of Default has also
independently occurred with respect to such other Client.

"<u>Event of Default</u>" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Client breaches any material provision of this Coinbase PBA and such breach is not cured within one (1) Business
Day after notice of such breach is given to Client in the case of a payment-related breach or is not cured within seven (7) Business
Days after notice of such breach is given to Client in the case of a non-payment related breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Client breaches any of the representations or warranties contained in Section 5 of this Coinbase
PBA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A default or event of default under, or termination of, any other agreement between Client and a Coinbase
Entity, including the Events of Default listed in the Post Trade Financing Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Client takes any action to dissolve or liquidate, in whole or in part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Client becomes insolvent, makes an assignment for the benefit of creditors, or becomes subject to the
direct control of a trustee, receiver, or similar authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Client institutes or becomes subject to any bankruptcy or insolvency proceeding under any applicable laws,
rules, or regulations, such termination being effective immediately upon any declaration of bankruptcy ; provided however, that solely
in respect of a petition or proceeding against Client seeking a judgment of insolvency or bankruptcy that is not instituted by Client,
such petition or proceeding is not dismissed, discharged, stayed or restrained within 15 days of the institution or presentation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Termination is required pursuant to a facially valid subpoena, court order, or binding order of a government
authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Any Account or Client's use of the PB Services is subject to any pending litigation, investigation,
or government proceeding or a Coinbase Entity reasonably perceives a heightened risk of legal regulatory non-compliance, in each case
as associated with any Account or Client's use of the PB Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) A Coinbase Entity reasonably suspects Client of attempting to circumvent a Coinbase Entity's controls
or uses the PB Services in a manner a Coinbase Entity otherwise deems inappropriate or potentially harmful to itself or third parties, and Client fails to provide Coinbase written evidence reasonably acceptable to Coinbase of Client's
non-circumvention of such controls within 3 Business Days following written notice from Coinbase; except that such
notice may not be provided in cases involving transfers to wallet addresses associated with the identity of an individual or entity that
is on the Specially Designated Nationals and Blocked Persons List published by the Office of Foreign Assets Control of the U.S. Department
of the Treasury from time to time or in the event such notice is not permitted under applicable law ; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) " <u>Coinbase Event of Default</u> " shall mean: (i) Coinbase takes any action to dissolve
or liquidate, in whole or part; (ii) Coinbase becomes insolvent, makes an assignment for the benefit of creditors, becomes subject
to direct control of a trustee, receiver or similar authority; or (iii) Coinbase becomes subject to any bankruptcy or insolvency
proceeding under any applicable laws, rules and regulations, such termination being effective immediately upon any declaration of
bankruptcy.

18.3 If Client receives written notice from Coinbase specifically stating or referencing that there has occurred
an event which would give rise to a termination of this Agreement pursuant to section 18.2, ("Termination Event of Default"),
then notwithstanding anything in this Agreement to the contrary, upon receipt of a notice from Client requesting a waiver by Coinbase
of such Termination Event of Default, if Coinbase fails (i) to provide such waiver or (ii) to exercise any of its rights and
remedies above for a period of 90 days following the receipt of such notice requesting a waiver from Client, then Coinbase shall have
waived its right to terminate by reason of such event; provided however that this provision (i) does not limit Coinbase's right
to designate a Termination Event of Default as the result of the separate occurrence of such event or the occurrence of any other such
event, (ii) shall not apply in the case of termination pursuant to section (vi) of Event of Default above and (iii) does
not limit Coinbase's right to designate a Termination Event of Default absent a notice from Client.

18.4 Client acknowledges that the Coinbase Entities' decision to take certain actions, including suspending,
restricting, or terminating the provision of PB Services, may be based on confidential criteria that are essential to a Coinbase Entity's
risk management and security practices and agrees that the Coinbase Entities are under no obligation to disclose the details of its risk
management and security practices to Client.

18.5 *Inactive Accounts*. Client agrees that to the extent that Client has not utilized the PB Services
or the Accounts have been inactive or dormant for a period of at least twelve (12) months, the Coinbase Entities may close any such dormant
Accounts or cease to provide one or more PB Services or immediately, upon notice, terminate this Coinbase PBA.

18.6 *Termination and Closure*.

Upon notice by one Party hereunder to the other of the termination of this Coinbase PBA or the termination of a service provided hereunder or closure of an Account pursuant to 18.1, Client shall withdraw affected Client Assets ("<u>Affected Assets</u>") within ninety (90) days following such notice to the extent not prohibited under applicable law, including applicable AML and Sanctions Laws and Regulations, or by a facially valid subpoena, court order, or binding order of a government authority. Client agrees that failure to do so within such period may result in Client Assets being transferred to Client's linked bank account or Digital Asset wallet on file.

Client is liable to pay fees until all Client Assets are removed. However, the relevant Coinbase Entities will provide no services other than continuing to maintain Affected Assets following termination or closure. Notwithstanding anything provided herein to the contrary, the relevant Coinbase Entities may retain sufficient Client Assets to close out or complete any transaction that was in process prior to such termination or to satisfy any remaining obligations or indebtedness. Client is responsible for all fees, debits, costs, commissions, and losses arising from any actions a Coinbase Entity must take to liquidate or close transactions. In the event that Client terminates this Coinbase PBA in accordance with the terms herein, Coinbase shall use reasonable efforts to assist Client to transfer any Digital Assets, Fiat Currency or funds associated with the Digital Assets Wallet(s) or Fiat Wallet(s) as applicable to another provider within ninety (90) days of receipt of *Client's termination notice.*

18.7 For the avoidance of doubt, the termination of this PBA by, or with respect to any Client shall not be
interpreted as the termination of this PBA by, or with respect to any other Client.

**19. Set off**

Upon the occurrence of an Event of Default, each Coinbase Entity may set off and net the amounts due from it or any other Coinbase Entity to Client and from Client to it or any other Coinbase Entity, so that a single payment (the "<u>Net Payment</u>") shall be immediately due and payable by Client or the Coinbase Entity to the other (subject to the other provisions hereof and of any agreement with a Coinbase Entity). If any amounts cannot be included within the Net Payment, such amounts shall be excluded but may still be netted against any other similarly excluded amounts. Upon the occurrence of an Event of Default, each Coinbase Entity may also (a) liquidate, apply, and set off any or all Client Assets against any Net Payment, unpaid trade credits, or any other obligation owed by Client to any Coinbase Entity and (b) set off and net any Net Payment or any other obligation owed to Client by any Coinbase Entity against (i) any or all collateral or margin posted by any Coinbase Entity to Client (or the U.S. dollar value thereof, determined by Coinbase in its sole discretion on the basis of a recent price at which the relevant Digital Asset was sold to clients via the Trading Services), and (ii) any Net Payment, unpaid trade credits, or any other obligation owed by Client to any Coinbase Entity (in each case, whether matured or unmatured, fixed or contingent, or liquidated or unliquidated). Client agrees that in the exercise of setoff rights or secured party remedies, the Coinbase Entities may value Client Digital Assets using the same valuation methods and processes that are otherwise used when a Coinbase client sells an asset via the Trading Services or any other commercially reasonable valuation method as determined by Coinbase in its sole discretion. In taking any actions under this Section 19, subject to the prevailing market conditions, the liquidity of the relevant assets and the Coinbase Entities' rights to preserve or protect the value of assets in order to fully satisfy any outstanding obligations of Client, the Coinbase Entities will use their reasonable efforts to take such actions, first, with respect to the Trading Balance and, second, with respect to the Vault Balance. For the avoidance of doubt, and notwithstanding anything to the contrary contained in this Agreement, this Section 19 shall not permit any Coinbase Entity to set-off any amount owed to, or by any one Client against any amount owed to, or by any other Client.

**20. Privacy**

The Coinbase Entities shall use and disclose Client's and its Authorized Representatives' non-public personal information in accordance with the Coinbase Privacy Policy, as set forth at https://www.coinbase.com/legal/privacy or a successor website, and as amended and updated from time to time; provided, however, that Coinbase may not use any trade related information or data about the Client in a manner that is adverse to Client.

**21. Arbitration**

21.1 Any Claim arising out of or relating to this Coinbase PBA, or the breach, termination, enforcement, interpretation,
or validity thereof, including any determination of the scope or applicability of the agreement to arbitrate as set forth in this Section,
shall be determined by arbitration in the state of New York or another mutually agreeable location before three arbitrators. The arbitration
shall be administered by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures, and the award of the arbitrator (the
 " <u>Award</u> ") shall be accompanied by a reasoned opinion. Judgment on the Award may be entered in any court having jurisdiction.

21.2 Within 15 days after the commencement of the arbitration, each Party shall select one person to act as
arbitrator, and the two so selected shall select a third arbitrator within 30 days of the commencement of the arbitration. If the arbitrators
selected by the Parties are unable or fail to agree upon the third arbitrator within the allotted time, the third arbitrator shall be
appointed by JAMS in accordance with its rules. All arbitrators shall serve as neutral, independent and impartial arbitrators.

21.3 This Agreement shall not preclude the Parties from seeking provisional relief, including injunctive relief,
in any court of competent jurisdiction. Seeking any such provisional relief shall not be deemed to be a waiver of such party's right
to compel arbitration. The Parties expressly waive their right to a jury trial to the extent permitted by applicable law.

21.4 The Parties acknowledge that this Coinbase PBA evidences a transaction involving interstate commerce.
Notwithstanding the provision herein with respect to applicable substantive law, any arbitration conducted pursuant to the terms of this
Coinbase PBA shall be governed by the Federal Arbitration Act (9 U.S.C. §§ 1‒16).

**22.** **Recording of Conversations** 

For compliance and monitoring purposes, Client authorizes each Coinbase Entity at its sole discretion to record conversations between such Coinbase Entity and Client or its Authorized Representatives relating to this Coinbase PBA and the PB Services. In the event a dispute arises between Client and a Coinbase entity, the Coinbase Entity shall provide any available recordings to the Client upon request.

**23. Waiver**

Any waivers of rights by the Coinbase Entities or the Client under this Coinbase PBA must be in writing and signed by Coinbase on behalf of the relevant Coinbase Entities, or by the Client, as applicable. A waiver will apply only to the particular circumstance giving rise to the waiver and will not be considered a continuing waiver in other similar circumstances. A Party's failure to insist on strict compliance with this Coinbase PBA or any other course of conduct by such Party shall not be considered a waiver of its rights under this Coinbase PBA.

**24. Survival**

All provisions of this Coinbase PBA which by their nature extend beyond the expiration or termination of this Coinbase PBA shall survive the termination or expiration of this Coinbase PBA.

**25. Governing Law**

This Coinbase PBA and the PB Services will be governed by and construed in accordance with the laws of the State of New York, excluding its conflicts of laws principles.

**26. Force Majeure**

Neither any Coinbase Entity nor the Client shall be liable to the other for delays, suspension of operations, whether temporary or permanent, failure in performance (except for any Client obligations to make payments to Coinbase hereunder), or interruption of service which result directly or indirectly from any cause or condition beyond the reasonable control of the Party affected by it, including any act of God; embargo; natural disaster; act of civil or military authorities; act of terrorists; hacking; government restrictions; market volatility or disruptions in order trading on any CTV, exchange or market; suspension of trading; civil disturbance; war; strike or other labor dispute; fire; severe weather; interruption in telecommunications, Internet services, or network provider services; failure of equipment or software; failure of computer or other electronic or mechanical equipment or communication lines; unauthorized access; theft; outbreaks of infectious disease or any other public health crises, including quarantine or other employee restrictions; acts or omissions of any CTV; or any other catastrophe or other occurrence which is beyond the reasonable control of the Party affected by it; provided, however, that this Section 26 shall only apply for so long as such delay or prevention is occurring.

In the event that Client fails to perform its obligations hereunder as a result of the unavailability of the Federal Reserve Bank Wire or other systems required for the transfer of money or assets (an "<u>Extraordinary Event</u>"), such failure shall not result in a default, event of default, termination event, or constitute Cause, in each case, under this Coinbase PBA if (i) Client is able to demonstrate that such failure is materially due to an Extraordinary Event as determined by Coinbase in its reasonable good faith discretion, (ii) Client would have otherwise would have been able to perform the relevant obligations when due, and (iii) Client promptly performs its obligations following the termination or completion of the Extraordinary Event or upon being able to operationally perform its obligations if able to do so earlier than the termination or completion of the relevant Extraordinary Event.

**27. Unclaimed Property**

If a Coinbase Entity (i) is holding Client Assets, (ii) has no record of Client's use of the Custodial Services or Trading Services as applicable for an extended period, and/or (iii) is otherwise unable to contact Client or its Authorized Representative, then the Coinbase Entity may be required under applicable laws, rules, or regulations to report these assets as unclaimed property and to deliver such unclaimed property to the applicable authority. The Coinbase Entity may deduct a dormancy fee or other administrative charge from such unclaimed funds, as permitted by applicable laws, rules, or regulations.

**28. Independent Contractor; Personnel Matters**

Coinbase acknowledges that it is acting as an independent contractor, that Coinbase is solely responsible for its acts and omissions, and that nothing in this Agreement shall be construed to create an employment, worker, agency, partnership or joint venture relationship between the Client or any of its affiliates and Coinbase or any Coinbase personnel.

**29. Entire Agreement; Headings; Severability**

This Coinbase PBA, together with all exhibits, addenda, and supplements attached hereto or referenced herein, comprise the entire understanding between Client and the Coinbase Entities as to the PB Services and supersedes all prior discussions, agreements, and understandings, including any previous version of this Coinbase PBA, and a Custodial Services Agreement between Client and any Coinbase Entity, including all exhibits, addenda, policies, and supplements attached thereto or referenced therein. Section headings in this Coinbase PBA are for convenience only and shall not govern the meaning or interpretation of any provision of this Coinbase PBA.

If any provision or condition of this Coinbase PBA shall be held invalid or unenforceable, the remainder of this Coinbase PBA shall continue in full force and effect.

**30. Amendments**

Any modification or addition to this Coinbase PBA must be in writing and either (a) signed by a duly authorized representative of each party, or (b) approved by Coinbase and accepted and agreed to by Client.

**31. Assignment**

Any assignment of Client's rights or licenses granted under this Coinbase PBA without obtaining the prior written consent of Coinbase shall be null and void; provided such consent shall not be unreasonably withheld, conditioned, or delayed. Coinbase reserves the right to assign its rights under this Coinbase PBA without restriction, including to any of the Coinbase Entities or their affiliates or subsidiaries, or to any successor in interest of any business associated with the PB Services (such affiliate, subsidiary or successor, an "<u>Assignee</u>"), provided that Coinbase shall notify Client within a commercially reasonable amount of time after such assignment; provided further, that any such Assignee has at the time of such assignment the operational capacity and all necessary legal and/or regulatory approvals, licenses and permissions to provide the PB Services to Client, and that the security measures utilized by such Assignee shall be substantially as secure as those employed by Coinbase. Subject to the foregoing, this Coinbase PBA will bind and inure to the benefit of the Parties, their successors, and permitted assigns.

**32. Electronic Delivery of Communications and Notices**

32.1 Client agrees and consents to receive electronically (including through a posting on the Coinbase PB Site)
all communications, agreements, documents, notices, information, and disclosures (collectively, " <u>Communications</u> ") that
the Coinbase Entities provide in connection with the PB Services. Communications include: (a) terms of use and policies Client agrees
to, including updates to policies or the Coinbase PBA; (b) details of Client's use of the PB Services, including transaction
receipts, confirmations, records of deposits, withdrawals, or transaction information; (c) legal, regulatory, and tax disclosures
or statements the Coinbase Entities may be required to make available to Client; (d) responses to claims or customer support inquiries
filed in connection with Client's use of the PB Services; and (e) notice of termination or closure.

32.2 Client agrees that electronically delivered Communications may be accepted and agreed to by Client through
the PB Services interface. Furthermore, the Parties consent to the use of electronic signatures in connection with Client's use
of the PB Services.

32.3 If a notice is not provided electronically as provided for in Section 32.1 above, then the notice
shall be in writing delivered to the Party at its address specified below via an overnight mailing company of national reputation. Any
Party that changes its notice address or principal place of business must notify the other Party promptly of such change.

If to any Coinbase Entity:

Legal Department<br> Coinbase, Inc.<br> 248 3rd St, #434<br> Oakland, CA 94607<br> legal@coinbase.com

If to Client:

CSC Delaware Trust Company

Attention: Corporate Trust Administration

251 Little Falls Drive

Wilmington, DE 19808

**with a copy to Sponsor of the Client:**

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036

Attn: Clare Wlodarcyzk

32.4 In the event of any market operations, connectivity, or erroneous trade issues that require immediate
attention including any unauthorized access to the PB Services or the Coinbase PB Site, please contact:

To Coinbase: https://help.coinbase.com/en/contact-us

To Client: <u>msim_crypto_etp@morganstanley.com</u>

Client has the sole responsibility to provide the Coinbase Entities with true, accurate, and complete contact information including any e-mail address, and to keep such information up to date. Client understands and agrees that if a Coinbase Entity sends Client an electronic Communication but Client does not receive it because Client's primary email address on file is incorrect, out of date, blocked by Client's service provider, or Client is otherwise unable to receive electronic Communications, such Coinbase Entity will be deemed to have provided the Communication to Client. Client may update Client's information on the Coinbase PB Site or by providing a notice to Coinbase as prescribed above.

Any notice or other communication in respect of this Coinbase PBA shall be deemed effective: (i) if sent by email, on the date it is sent; (ii) if posted on a website, the date on which it is posted; or (iii) if by overnight mail, the following Business Day after it is sent. If a communication is sent (or delivery is attempted) on a non-Business Day, the communication will be deemed effective on the first following day that is a Business Day.

"<u>Business Day</u>" means any day on which it is not (i) a public holiday in New York, or (ii) a Saturday or Sunday.

32.5 To see more information about our regulators, licenses, and contact information for feedback, questions,
or complaints, please visit *https://www.coinbase.com/legal/licenses*.

**33. Address for Process**

Client hereby appoints the entity located in the state of New York detailed below to receive for itself and on its behalf any service of process (the "<u>Process Agent</u>") with respect to any claim, action, or proceeding arising hereunder or related to this Coinbase PBA. Client will promptly notify Coinbase of any change in Process Agent and provide details of the substitute process agent who is acceptable to Coinbase.

Process Agent:

Address:

CSC Delaware Trust Company

Attention: Corporate Trust Administration

251 Little Falls Drive

Wilmington, DE 19808

Client irrevocably consents to service of process in a manner provided for in Section 32. Nothing in this Coinbase PBA will affect the right of Coinbase to serve process in any other manner permitted by applicable law.

**34. Natural Persons**

To the extent Client is a natural person over 18 years of age, if Coinbase receives legal documentation confirming Client's death or other information leading Coinbase to believe Client is deceased, Coinbase will freeze Client's access to the PB Services ("<u>Freeze Period</u>"). During the Freeze Period, no transactions may be completed until (i) Client's designated fiduciary has entered into a new Coinbase Prime Broker Agreement and the entirety of Client Assets have been transferred to the accounts subject to that Coinbase Prime Broker Agreement, or (ii) Coinbase has received proof in a form satisfactory to Coinbase that Client is not deceased. If Coinbase has reason to believe Client is deceased but Coinbase does not have proof of Client's death in a form satisfactory to Coinbase, Client authorizes Coinbase to make inquiries, whether directly or through third parties, that Coinbase considers necessary to ascertain whether Client is deceased. Upon receipt by Coinbase of proof satisfactory to Coinbase that Client is deceased, the fiduciary Client designated in a valid will or similar testamentary document will be required to enter into a new Coinbase Prime Broker Agreement. If Client has not designated a fiduciary, then Coinbase reserves the right to (i) treat as Client's fiduciary any person entitled to inherit Client's Client Assets, as determined by Coinbase upon receipt and review of the documentation Coinbase, in its sole and absolute discretion, deems necessary or appropriate, including (but not limited to) a will, a living trust, or a small estate affidavit, or (ii) require an order designating a fiduciary from a court having competent jurisdiction over Client's estate. In the event Coinbase determines, in its sole and absolute discretion, that there is uncertainty regarding the validity of the fiduciary designation, Coinbase reserves the right to require an order resolving such issue from a court of competent jurisdiction before taking any action relating to the PB Services. Pursuant to the above, the entry into a new Coinbase Prime Broker Agreement by a designated fiduciary is mandatory following the death of Client, and Client hereby agrees that its fiduciary shall be required to enter into a new Coinbase Prime Broker Agreement and provide required account opening information to gain access to the contents of Client's PB Services.

**35. Counterparts**

This Coinbase PBA may be executed in one or more counterparts, including by email of .pdf signatures or DocuSign (or similar electronic signature software), each of which shall be deemed to be an original document, but all such separate counterparts shall constitute only one and the same Coinbase PBA.

***[Signatures on following page]***

**IN WITNESS WHEREOF**, the Parties have caused this Coinbase PBA, including the Custody Agreement and MTA, to be duly executed and delivered on the Effective Date.

**COINBASE, INC. For itself and as agent for the Coinbase Entities**

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| |
|:---|
| **By:** |
| **Name:** |
| **Title:** |
| **Date:** |

---

**MORGAN STANLEY INVESTMENT MANAGEMENT, INC. AS DELEGATED SPONSOR FOR AND ON BEHALF OF MORGAN STANLEY BITCOIN TRUST**

---

| | |
|:---|:---|
| **By:** | [ ] |
| **Name:** | Scott Steel |
| **Title:** | Managing Director |
| **Date:** | March [ ], 2026 |

---

---

| | |
|:---|:---|
| **Address:** | 1585 Broadway, New York NY 10036 |

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| | |
|:---|:---|
| **E-Mail:** | Scott.Steel@morganstanley.com |

---

**Schedule A**

**List of Client Entities**

**Clients:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Morgan Stanley Bitcoin Trust

**EXHIBIT A**

**to the Coinbase Prime Broker Agreement**

**<u>COINBASE CUSTODY SERVICES AGREEMENT</u>**

This Coinbase Custody Services Agreement (the "Custody Agreement") is entered into between by and between each entity listed in Schedule A to then Coinbase PBA, (each a "Client" and referred to together herein as the "Client", except as otherwise expressly indicated) and Coinbase Custody and forms a part of the respective Coinbase PBA between each Client and the Coinbase Entities. Capitalized terms used in this Custody Agreement that are not defined herein shall have the meanings assigned to them in the other parts of the Coinbase PBA. This Custody Agreement shall constitute separate agreements, each between a single Client and the Coinbase Custody, as if such Client had executed a separate Custody Agreement naming only itself as the Client, and no Client shall have any liability for the obligations of any other Client.

**1.** **Custody Accounts.** 

1.1 *Accounts Established*. Coinbase Custody shall establish and maintain a vault account for the purpose
of storing Digital Assets (the "Vault Account") and effecting Custody Transactions (as defined below) (the " <u>Custodial Services</u> "). Digital Assets credited to the Vault Account will be held by Coinbase Custody in one or more segregated cold wallets
(each, a " <u>Custody Wallet</u> ") in Client's name controlled and secured by Coinbase Custody. Coinbase Custody shall,
upon written request, provide Client's authorized independent auditor confirmation of or access to information sufficient to confirm
(i) Client's Digital Assets held and all Custody Transactions undertaken during any relevant period of investigation as reasonably
requested by the auditor, and (ii) Client's Digital Assets are held either in a separate account under Client's name
or in accounts under Client's name as agent or trustee for Client's clients.

1.2 *Maintenance of Assets.* Coinbase Custody is a fiduciary under Section 100 of the New York Banking
Law and a qualified custodian for purposes of Rule 206(4)-2(d)(6) under the Investment Advisers Act, and has the regulatory
approvals necessary to custody Client Digital Assets in trust on Client's behalf. Unless Client instructs Coinbase Custody to hold
these assets as a bailee, Coinbase Custody will hold these assets in trust and administer them for Client's benefit consistent with
New York Estates, Powers, and Trusts Law § 13-A-4.1 and New York Banking Law § 100. Client Assets in Client's Vault Account
shall (i) be segregated from, and not commingled with, the assets held by Coinbase Custody as principal and the assets of other clients
of Coinbase Custody, (ii) not be treated as general assets of Coinbase Custody, and except as otherwise provided herein, Coinbase
Custody shall have no right, title, or interest in such Client Assets, and (iii) at all times, constitute custodial assets and Client's
property. Coinbase Custody shall maintain adequate capital and reserves to the extent required by applicable law. Coinbase Custody shall
not sell, transfer, assign, lend, hypothecate, pledge, or otherwise use or encumber Client Digital Assets in the Vault Account, except
to sell, transfer, or assign such assets upon the Client's Instructions.

**2.** **Vault Account.** 

2.1 *Services Provided.* The Custodial Services shall (a) permit Client (i) to transfer Client
Digital Assets to and from the Vault Account, (ii) to deposit supported Digital Assets from a public blockchain address controlled
by Client into the Vault Account, and (iii) to withdraw supported Digital Assets from the Vault Account to a public blockchain address
controlled by Client, and (b) include certain additional services as may be agreed to between Client
and Coinbase Custody from time to time . Each such transfer, deposit, or withdrawal shall be referred to as a " <u>Custody Transaction</u> " and shall conform to Instructions provided by Client through the Coinbase PB Site. Client must withdraw or deposit
Digital Assets to public blockchain addresses and accounts owned by Client or an address for which Client (or a third party at the direction
of the Client) has conducted the necessary Know Your Customer (" <u>KYC</u> ") and anti-money laundering (" <u>AML</u> ")
due diligence. **Coinbase Custody reserves the right to delay, refuse to process, or to cancel any pending Custody Transaction to comply with applicable law, including in response to a facially valid subpoena, court order, or other binding government order, or to enforce transaction, threshold, and condition limits, or if Coinbase Custody reasonably believes that the Custody Transaction may violate or facilitate the violation of an applicable law, regulation, or rule of a governmental authority or self-regulatory organization, or if it reasonably perceives a risk of fraud or illegal activity.** Where Coinbase Custody refuses to process or cancels any pending Custody Transaction
pursuant to this Section, it shall notify Client's Authorized Representative as soon as practicable that it has taken such action,
provided such notification is not prohibited under law, or a binding legal or regulatory order.

2.2 *Digital Asset Deposits and Withdrawals.* Coinbase Custody will process Custody Transactions according
to Instructions received from Client or Client's Authorized Representatives. Client must verify all deposit and withdrawal information
prior to submitting Instructions to Coinbase Custody regarding a Custody Transaction. Coinbase Custody shall have no liability,
obligation, or responsibility whatsoever for Client Digital Asset transfers sent to or received from a wrong party or sent or received
with inaccurate Instructions, and Coinbase Custody does not guarantee the identity of any user, receiver, requestee, or other party. Coinbase
Custody reserves the right to charge network fees (reasonably calculated by Coinbase Custody) to process a Custody Transaction on Client's
behalf. Once Client has initiated a Digital Asset withdrawal, the associated Client Digital Assets will be in a pending state and will
not be included in the Vault Account. Client acknowledges that Coinbase may not be able to reverse a withdrawal once initiated.

2.3 *Digital Asset Storage and Transmission Delays.* Coinbase Custody requires up to twenty-four (24)
hours between any request to withdraw Digital Assets held in a Custody Wallet and submission of Client's withdrawal to the applicable
Digital Asset network. Coinbase Custody securely stores all Digital Asset private keys in offline storage, so it may be necessary to retrieve
certain information from offline storage in order to facilitate a withdrawal in accordance with Client's Instructions, which may
delay the initiation or crediting of such withdrawal. Client acknowledges and agrees that a Custody Transaction may be delayed, and that
Digital Assets shall not be deposited or withdrawn upon less than twenty-four (24) hours' notice initiated from a Custody Wallet.
The time of such request shall be the time such notice is transmitted from a Custody Wallet. With respect to the foregoing, Coinbase Custody
makes no representations or warranties with respect to the availability or accessibility of (1) the Digital Assets, (2) a Custody
Transaction, (3) the Vault Account, or (4) the Custodial Services. While Coinbase Custody will make reasonable efforts to process
Client-initiated deposits in a timely manner, Coinbase Custody makes no representations or warranties regarding the amount of time needed
to complete processing, as such processing is dependent upon many factors outside of Coinbase Custody's control. Digital Assets
deposited by Client will be regarded as within the custody of Coinbase Custody if a Custody Transaction achieves a sufficient number of
confirmations on the relevant blockchain and appears in Client's Custodial Account. Coinbase Custody will endeavor to process Client-initiated
withdrawals in a timely manner and will as soon as practicable notify Client of any anticipated delays in processing a withdrawal beyond
forty-eight (48) hours.

2.4 *Supported Digital Assets.* The Custodial Services are available only in connection with those Digital
Assets that Coinbase Custody, in its sole discretion, decides to support, which may change from time to time. Prior to initiating a deposit
of a Digital Asset to Coinbase Custody, Client must confirm that Coinbase Custody offers Custodial Services for that specific Digital
Asset. By initiating a deposit of any Digital Asset to the Vault Account, Client attests that Client has confirmed that the Digital Asset
being transferred is a supported Digital Asset offered by Coinbase Custody. Under no circumstances should Client attempt to initiate a
Custody Transaction or use the Custodial Services to deposit or store Digital Assets in any forms that are not supported by Coinbase Custody.
Depositing or attempting to deposit Digital Assets that are not supported by Coinbase Custody may result in such Digital Asset being irretrievable
by Client and Coinbase Custody. Client shall be fully responsible and liable, and Coinbase Custody shall have no liability, obligation,
or responsibility whatsoever, regarding any unsupported Digital Asset sent or attempted to be sent to it, or regarding any attempt to
use the Custodial Services for Digital Assets that Coinbase Custody does not support. Digital Assets supported by Coinbase Custody shall
be listed on the Coinbase PB Site. Coinbase Custody shall provide Client with thirty (30) days' written notice before ceasing to
support a Digital Asset, unless Coinbase Custody is required to cease such support sooner by court order, statute, law, rule (including
a self-regulatory organization rule), regulation, code, or other similar requirement, in which case Coinbase Custody shall provide Client
with notice as soon as reasonably practicable thereafter, provided such notification is not prohibited under law, a government order or
similar binding legal or regulatory order.

2.5 *Use of the Custodial Services.* Client acknowledges and agrees that Coinbase Custody may monitor
use of the Vault Account and the Custodial Services. The resulting information may be utilized, reviewed, retained, and or disclosed by
Coinbase Custody for its internal purposes or in accordance with the rules of any applicable legal, regulatory, or self-regulatory
organization or as otherwise may be required to comply with relevant law, sanctions programs, legal process, or government request.

2.6 *Independent Verification.* If Client is subject to Rule 206(4)-2 under the Investment Advisers
Act, Coinbase Custody shall, upon written request, provide Client's authorized independent public accountant confirmation of or
access to information sufficient to confirm (i) Client's Assets as of the date of an examination conducted pursuant to Rule 206(4)-2(a)(4) or
an audit conducted pursuant to Rule 206(4)-2(b)(4), and (ii) that Client Digital Assets are held either in a separate account
under Client's name or in accounts under Client's name as agent or trustee for Client's clients.

2.7 *Third Party Payments.* The Custodial Services are not intended to facilitate third party payments
of any kind. As such, Coinbase Custody has no control over, or liability for, the delivery, quality, safety, legality, or any other aspect
of any goods or services that Client may purchase or sell to or from a third party (including other users of Custodial Services) involving
Digital Assets that Client intends to store, or have stored, in Client's Vault Account.

**3.** **Staking** 

3.1 *Staking with Coinbase Custody Validators.* For certain supported Digital Assets, Client may engage
with Coinbase Custody to provide validator services for such supported Digital Assets pursuant to a separate agreement.

3.2 *Staking With Third Party Validators*. Client may engage with third-party service providers (" <u>Third Party Staking Service Providers</u> ") to provide validator services for Client's Digital Assets. From time to time, Coinbase
Custody may allow Client to select or designate (A) certain Third Party Staking Service Providers directly via the Coinbase PB Site,
or (B) an arbitrary Third Party Staking Service Provider by manually entering the applicable staking or delegate address for such
provider via the Coinbase PB Site (collectively, the " <u>Third Party Staking Services</u> "). Notwithstanding the affiliate
relationship between the Coinbase Entities and Coinbase Crypto Services, LLC (d/b/a " <u>Coinbase Cloud</u>," f/k/a Bison Trails),
all staking services provided by Coinbase Cloud shall be deemed Third Party Staking Services and Coinbase Cloud shall be deemed a Third
Party Staking Service Provider for purposes of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Third Party Staking Service Providers may require that Client withdraw its Digital Assets from Client's
Vault Account and transfer such assets to such Third Party Staking Service Provider, in which case, subject to any bonding, unbonding,
warm-up, lockup, or any other restrictions on the applicable blockchain network, Client may do so in accordance with this Coinbase PBA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Client hereby acknowledges and agrees that: (1) the availability of any Third Party Staking Service
Providers on the Coinbase PB Site does not constitute an endorsement or approval by any Coinbase Entity of any such Third Party Staking
Service Provider; (2) by electing to stake or delegate Client's Digital Assets to any Third Party Staking Service Provider,
including via the Third Party Staking Services, Client is subject to such Third Party Staking Service Provider's terms of use, terms
of service, or other applicable agreements; and (3) Third Party Staking Service Providers may require that Client's Digital
Assets be transferred on-chain to a wallet, public key, or smart contract address not controlled by Coinbase Custody or any other Coinbase
Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Client is solely responsible for Client's use of any Third Party Staking Service Providers and Third
Party Staking Services. Client must ensure that the applicable staking or delegate address for any Third Party Staking Service Provider
is accurately entered and updated from time to time, as necessary. There is no assurance that the Third Party Staking Services or any
Third Party Staking Service Provider will be available, function, or operate as expected. Client may not receive any rewards regardless
of the amount of time or the number of Digital Assets staked or delegated to Third Party Staking Service Providers. In addition, Client's
Digital Assets may be subject to slashing or a total loss due to Client's use of Third Party Staking Service Providers, including
via the Third Party Staking Services. The Coinbase Entities bear no responsibility whatsoever with respect to any decision made by Client
to stake or delegate Digital Assets to any Third Party Staking Service Provider, including via the Third Party Staking Services, or any
losses, damages, or liabilities arising therefrom.

**4.** **Coinbase Custody Obligations** 

4.1 *Bookkeeping*. Coinbase Custody shall keep timely and accurate records as to the deposit, disbursement,
investment, and reinvestment of Client Assets, as required by applicable law and in accordance with Coinbase Custody's internal
document retention policies.

4.2 *Insurance.* Coinbase Custody shall obtain and maintain during the Term of this Agreement, at its
sole expense, insurance coverage in such types and amounts as shall be commercially reasonable for the Custodial Services provided hereunder.

**5.** **Additional Matters** 

In addition to any additional service providers that may be described in an addendum or attachment hereto, Client acknowledges and agrees that the Custodial Services may be provided from time to time by, through, or with the assistance of affiliates of, or vendors to, Coinbase Custody. Client shall receive notice of any material change in the entities that provide the Custodial Services, and Coinbase Custody shall remain subject to all obligations set forth herein notwithstanding such delegation.

***[Remainder of page intentionally left blank]***

**EXHIBIT B**

**to the Coinbase Prime Broker Agreement**

**<u>COINBASE MASTER TRADING AGREEMENT</u>**

Client should carefully consider whether trading or holding Digital Assets is suitable for its purpose, including in relation to Client's knowledge of Digital Assets and Digital Asset markets and Client's financial condition. All investments involve risk, and the past performance of a financial product does not guarantee future results or returns.

This MTA sets forth the terms and conditions for Client to access Coinbase's trade execution and automated trade routing services and Coinbase Execution Services to enable Client to submit orders ("<u>Orders</u>") to purchase and sell specified Digital Assets (such services, the "<u>Trading Services</u>"). Client's use of the PB Services, including the Trading Services, is subject to the terms of the Prime Trading Rules set forth at *https://www.coinbase.com/legal/trading_rules* or a successor website (as amended and updated from time to time, the "<u>Prime Trading Rules</u>"). Capitalized terms used in this MTA that are not defined herein shall have the meanings assigned to them in the other parts of the Coinbase PBA.

**1.** **Order Routing and CTVs** 

1.1 *Trade Execution Service.* The Trading Services include a trade execution service through which Client
may submit Orders to purchase or sell Digital Assets. After Client submits an eligible Order, Coinbase will automatically route Orders,
or a portion of such Orders, to one of the trading venues to which Coinbase has established connections (each such venue, a " <u>CTV</u> "),
with the exception of certain stablecoins transactions, which Coinbase may execute on its exchange. Each Order sent to a CTV will be processed
and settled at each CTV to which it is routed. Once an Order to purchase Digital Assets has been placed, the associated Client Assets
(as defined below) used to fund the Order will be placed on hold and will generally not be eligible for other use or withdrawal.

1.2 *CTVs.* With each CTV, Coinbase shall establish an account in its name, or in its name for the benefit
of its clients, to trade on behalf of its clients. Neither the establishment of such accounts nor the use of the Trading Services will
cause Client to have a direct legal relationship, or account with, any CTV. Coinbase conducts commercially reasonable diligence prior
to establishing connections to a new CTV. Coinbase will not intentionally match the buy and sell orders of its clients against each other
and will not intentionally settle Orders against or otherwise trade with Coinbase's principal funds. Client acknowledges that Coinbase
and its other clients may trade in their own interests on the CTVs and could, therefore, be the counterparty to a Client's Order
on a CTV.

1.3 *Selection of CTVs.* Client acknowledges that Coinbase has sole discretion to determine the CTVs
with which it will establish connections. Coinbase conducts commercially reasonable diligence prior to establishing connections to a new
CTV. Coinbase directs Orders to the CTVs on an automated basis and generally will not manually route orders. In designing algorithms that
determine an Order's routing logic, Coinbase considers a variety of factors relating to the Order and the CTVs, including the speed
of execution, whether the venue is able to consummate off-chain transactions, the availability of efficient and reliable systems, the
level of service provided, and the cost of executing orders. Coinbase may receive cash payments or other financial incentives (such as
reciprocal business arrangements) from CTVs.

1.4 *Responsibility for CTVs.* Other than with respect to any CTV that is an affiliate of Coinbase, Coinbase
makes no representation or warranty of any kind regarding any CTV, including as to its financial condition, data, security, or quality
of its execution services, and Coinbase shall have no liability, obligation, or responsibility whatsoever for the selection or performance
of any CTV. Digital Assets may trade at different prices on different trading venues, and other CTVs or trading venues not used by Coinbase
may offer better prices or lower costs than the CTV used to execute Client's Order.

1.5 *Coinbase as Agent and Principal.* Coinbase acts in an agency capacity for purposes of certain Orders,
and may also act in a principal capacity for certain other Orders, as specified in the Prime Trading Rules. Each Client must independently
evaluate whether such services are appropriate given its own investing profile and sophistication, among other considerations.

1.6 Unless otherwise disclosed, Coinbase agrees to direct Client's Orders in a manner that does not
systematically favor Coinbase's exchange platform or CTVs that provide financial incentives to Coinbase; provided, however, that
under certain circumstances Coinbase may choose to intentionally route to the Coinbase exchange platform due to temporary conditions affecting
CTVs (e.g. connectivity problems or funding constraints).

**2.** **Accounts for Trading** 

2.1 *The Accounts.* In connection with the Trading Services, the Coinbase Entities may provide access
to two types of accounts: (1) the " <u>Trading Account</u> " (as described below in Sections 2.2 and 2.3), and (2) the
Vault Account described in the Custody Agreement. The Coinbase PB Site provides Client a record of the Accounts. Client determines the
allocation of Client Digital Assets between the Accounts. Maintenance of the Vault Account shall be subject to the terms of the Custody
Agreement. The Trading Account is separate from any Digital Assets Client maintains directly with Coinbase Custody.

2.2 *Client Digital Assets in the Trading Account.* Client Digital Assets credited to the Trading Account
are immediately available to Client for purposes of submitting an Order. Coinbase holds Digital Assets credited to the Trading Account
in one of three ways: (i) in hot wallets containing the assets of multiple clients (each, an " <u>Omnibus Hot Wallet</u> ");
(ii) in cold wallets containing multiple client assets (each, an " <u>Omnibus Cold Wallet</u> "); and (iii) in Coinbase's
accounts with CTVs (each, a " <u>Coinbase CTV Digital Asset Account</u> "). Client agrees that Coinbase has sole discretion
in determining the allocation of Digital Assets credited to the Trading Account. Because Digital Assets credited to the Trading Account
may be held on an omnibus basis and because of the nature of certain Digital Assets, Client does not have an identifiable claim to any
particular Digital Asset. Instead, the Trading Account represents an entitlement to a *pro rata* share of the Digital Assets Coinbase
has allocated to the Omnibus Hot Wallets, Omnibus Cold Wallets, and Coinbase CTV Digital Asset Accounts. Coinbase relies on the CTVs for
the Coinbase CTV Digital Asset Accounts, and Client has no contractual relationship with the CTVs with respect to Digital Assets credited
to the Trading Account.

2.3 *Client Cash in Trading Account.* Coinbase may hold Client Cash credited to the Trading Account in
the following manner: (i) in one or more omnibus accounts in Coinbase's name for the benefit of Coinbase's clients at
one or more U.S. insured depository institutions (each, a " <u>Trading FBO Account</u> "); or (ii) with respect to USD,
liquid investments, which may include but are not limited to U.S. treasuries and money market funds, in accordance with state money transmitter
laws. Each such account is separate from any Coinbase business or operating account. Coinbase will title the Trading FBO Accounts it maintains
with U.S. insured depository institutions and maintain records of Client's interest therein in a manner designed to make available
Federal Deposit Insurance Corporation (" <u>FDIC</u> ") pass-through deposit insurance, up to the per-depositor coverage limit
then in place (currently $250,000 per depositor per insured depository institution). Availability of pass-through deposit insurance with
respect to the portion of Client Cash held in a Trading FBO Account is contingent upon Coinbase having correct information about Client
as a customer, maintaining accurate records, and on a determination by the FDIC as receiver, at the time of a receivership of an insured
depository institution holding a Trading FBO Account, that all regulatory conditions have been satisfied. Coinbase does not guarantee
that pass-through FDIC deposit insurance will apply to Client Cash.

2.4 *Pass-Through Insurance Availability.* The list of the insured
depository institutions at which Coinbase may place Client Cash in a Trading FBO Account is located at: https://help.coinbase.com/en/coinbase/other-topics/legal-policies/how-is-coinbase-insured.
If Client holds other deposits at one of these institutions, it is possible that Client's total deposits at such institution may
exceed the per-depositor coverage limit. FDIC deposit insurance applies to cash deposits at an insured depository institution in the
event of a failure of that institution. FDIC deposit insurance does not apply in the event of a failure of any Coinbase Entity or to
any Digital Asset held by a Coinbase Entity on Client's behalf. Client Cash is immediately available for purposes of submitting
an Order, unless a restriction applies.

2.5 *Transfer of Client Digital Assets Between Accounts.* At Client's election, all or a portion
of Client Digital Assets may also be allocated, pursuant to the Custody Agreement, to the Vault Account at Coinbase Custody. A transfer
of Client Digital Assets held in a Custody Wallet to Client's Trading Account will be subject to Coinbase Custody's standard
cold storage withdrawal procedures. Client agrees that an Instruction to Coinbase to settle an Order to or from the Vault Account constitutes
authorization to Coinbase to transfer Client Digital Assets to or from the Vault Account as necessary or appropriate to consummate such
settlement.

2.6 *Internal Ledgers.* In all circumstances and consistent with laws and regulations applicable to the
Coinbase Entities, the Coinbase Entities will keep an internal ledger that specifies Client Assets credited to each Account in each instance
to enable the Coinbase Entities and their auditors and regulators to identify Client and Client Assets.

2.7 *Ownership of Client Assets.* Coinbase treats all Client Assets as custodial assets held for the
benefit of Client. No Client Assets shall be considered to be the property of, or loaned to, Coinbase, except as provided in any loan
agreement between Client and any Coinbase Entity.

**3.** **Role of Coinbase Custody** 

3.1 *Relationship with Coinbase Custody.* To facilitate the Trading Services with respect to the Trading
Account, Coinbase may at its sole discretion maintain portions of the Omnibus Hot Wallet and the Omnibus Cold Wallet in one or more custodial
accounts with its affiliate, Coinbase Custody, in the name of Coinbase for the benefit of its clients. In such circumstances, although
the Omnibus Hot Wallet and the Omnibus Cold Wallet are held in Coinbase's accounts at Coinbase Custody for the benefit of its clients,
Client's legal relationship for purposes of Digital Assets held in the Omnibus Hot Wallet and the Omnibus Cold Wallet will not be,
directly or indirectly, with Coinbase Custody and the terms, conditions, and agreements relating to those wallets are to be governed by
this MTA.

3.2 *Client Digital Assets Held in Vault Account.* Client Digital Assets held in the Vault Account are
maintained directly with Coinbase Custody in Client's name and are subject to the terms of the Custody Agreement.

**4.** **Cash and Digital Asset Deposits and Withdrawals (Trading Account)** 

4.1 *Deposits of Client Cash in the Trading Account*. Client must initiate a transfer from a linked bank
account, a wire transfer, a SWIFT transfer, a deposit, or other form of electronic payment approved by Coinbase from time to time to a
Trading FBO Account, the instructions for which are available on the Coinbase PB Site. Coinbase will credit the Trading Account with Client
Cash once the applicable insured depository institution reflects the deposit into the Trading FBO Account.

4.2 *Withdrawal of Client Cash from the Trading Accounts.* Client may also initiate a withdrawal of Client
Cash from the Trading Account at any time using the withdrawal function on the Coinbase PB Site.

4.3 *Deposits of Client Digital Assets in the Trading Account.* Client may transfer Client Digital Assets
directly to the Omnibus Hot Wallet or Omnibus Cold Wallet, the instructions for which are available on the Coinbase PB Site. When Client
transfers Digital Assets to Coinbase, it delivers custody and control of the Digital Assets to Coinbase or Coinbase's designee,
as applicable.

4.4 *Withdrawal of Client Digital Assets from the Trading Account.* In order to withdraw Digital Assets
from the Trading Account, Client must provide applicable withdrawal Instructions via the Coinbase PB Site (each, a " <u>Withdrawal Transfer</u> "). Once Client has initiated a Withdrawal Transfer, the associated Client Digital Assets will be in a pending state
and will not be included in Client's Trading Account balance. Client acknowledges that Coinbase may not be able to reverse a Withdrawal
Transfer once initiated.

4.5 *Verification of Transactions.* Client must verify all transaction information prior to submitting
withdrawal Instructions to Coinbase, as Coinbase cannot and does not guarantee the identity of the wallet owner or bank account to which
Client is sending Client Digital Assets or Client Cash, as applicable. Coinbase shall have no liability, obligation, or responsibility
whatsoever for Client Digital Assets or Client Cash transfers sent to or received from an incorrect party or sent or received via inaccurate
Instructions.

**5.** **Disruption to Coinbase Systems** 

5.1 *Client Acknowledgement of Risks.* Client acknowledges that electronic facilities and systems such
as trade routing, Coinbase PB Site, and other systems used by Coinbase to process orders are vulnerable to disruption, delay, or failure
and, consequently, such facilities and systems may be unavailable to Client as a result of foreseeable and unforeseeable events. Client
understands and agrees that the Coinbase Entities do not guarantee uninterrupted access to the Trading Services or all features of the
Trading Services. Client acknowledges that although Coinbase will attempt to provide notice of any scheduled unavailability that would
result in Client being unable to access the Trading Services, the Coinbase Entities cannot guarantee advanced notice to Client. Coinbase
will use reasonable efforts to attempt to provide notice of any scheduled unavailability that would result in Client being unable to access
the Trading Platform or the Trading Services.

5.2 *Coinbase Actions Upon Disruption.* Coinbase may, in its sole discretion, take any of the following
actions: (i) halt or suspend Trading Services, including the trading of any Digital Assets or currency, and Coinbase shall use reasonable
efforts to provide Client with prior notice if practicable, or (ii) impose limits on the amount or size of Client's Orders.
The Coinbase Entities shall have no liability, obligation, or responsibility to Client as a result of making any changes to or suspending
Trading Services.

**6.** **Prime Trading Rules and Order Types** 

6.1 *Prime Trading Rules.* Client agrees to comply with the Prime Trading Rules in effect at the
time of any Order. Client agrees to review and become familiar with the terms of the various types of Orders (each, an " <u>Order Type</u> ") available through the Trading Services. Coinbase reserves the right to modify the terms of any Order Type and the Prime
Trading Rules at any time and without prior notice to Client, and Client acknowledges that
it is solely responsible for ensuring its knowledge of applicable Order Types and Prime Trading Rules prior to placing an Order.

6.2 *Modifications.* Coinbase may cancel any Order if Coinbase determines in its sole reasonable discretion
that the Order was clearly erroneous according to the Prime Trading Rules; provided, however, Coinbase will notify Client prior to taking
such action where practicable. The Coinbase Entities shall have no liability, obligation, or responsibility to Client as a result of exercising
its rights under this Section.

**7.** **Market Data** 

Client agrees that its use of data made available to it through the Coinbase PB Site or any application programming interface(s), which may include the prices and quantities of orders and transactions executed on via the Trading Services (collectively "<u>Market Data</u>"), is subject to the Market Data Terms of Use, as amended and updated from time to time at https://www.coinbase.com/legal/market_data or a successor website.

**8.** **Coinbase Execution Services** 

8.1 *Coinbase Execution Services.* At Coinbase's sole discretion, Client may elect to submit Orders
(which terms shall include asset, quantity, price, settlement timing and fees) to Coinbase Execution Services (" <u>CES</u> "),
a Trading Service through which CES personnel will execute Orders on behalf of Client. CES will execute Orders by using automated trade
routing services or by filling Orders on Coinbase's over-the-counter (" <u>OTC</u> ") trading service (" <u>OTC Services</u> ").
Coinbase has sole and absolute discretion to accept or reject any Order. Coinbase and Client may communicate regarding Instructions related
to Orders on a mutually agreed communication medium, including instant messaging, email, and telephone.

8.2 *CES Order Process.* CES brokers Orders on a commercially reasonable basis as Client's
 agent and may exercise discretion in executing Orders. Client must pre-fund its Trading Account or establish a credit arrangement
 with Coinbase prior to submitting Orders.
By electing to use CES, Client agrees that it is authorizing CES personnel to access the Accounts to initiate and execute Orders on Client's
behalf. Client acknowledges that CES personnel will retain the ability to execute Orders on Client's behalf until Client provides
Coinbase with Instructions to terminate such ability. Absent express written agreement between the Parties, Coinbase will accept Orders
only from Authorized Representatives as having trading authority for Client.

8.3 *OTC Services.* For OTC Services, CES personnel will confirm the Order with Client prior to executing
the Order. Coinbase has policies and procedures in place that are reasonably designed to prevent the disclosure of any Client identity
to its OTC counterparty. Coinbase may, in its sole and absolute discretion, accept the following statements (or similar or analogous statements)
as Client's final and binding agreement to the terms of an Order: "done," "I buy," "bought,"
 "I sell," or "sold." A completed, executed, and settled Order will be reflected on the Coinbase PB Site.

8.4 For Orders fulfilled via OTC Services (" <u>OTC Orders</u> "), each of Client's and its
OTC counterparty's confirmations of the terms of the OTC Order deems such OTC Order as binding and final, and thereby executed.
Client's failure to timely settle an executed OTC Order in accordance with the settlement terms will constitute a default under
the Coinbase PBA. Upon Client's default of an OTC Order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In addition to all rights under this Coinbase PBA, Coinbase may exercise any rights of a secured creditor
with respect to its interests in Client's assets, and may exercise all other rights under agreements between Client and any of the
Coinbase Entities. The Coinbase Entities agree that they will exercise their secured creditor rights, including rights to setoff under
Section 19 of the General Terms, with respect to Client's Trading Account before exercising their secured creditor rights with
respect to the Vault Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Client hereby grants to Coinbase a continuing first priority security interest in, lien on and right of
set off against all of Client's right, title and interest, whether now owned or existing or hereafter acquired or arising, in Client's
Trading Account and Vault Account in the Client's Custodial Account together with proceeds thereof, in order to secure repayment
of costs, fees, and all other obligations of Client to Coinbase arising hereunder from time to time. Client shall execute such documents
and take such other actions as Coinbase shall reasonably request in order to perfect and maintain the priority of the Coinbase's
security interest with respect to Client's Trading Account and Vault Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Client hereby authorizes Coinbase Custody, as securities intermediary with respect to the Vault Account,
to comply with all instructions and entitlement orders from Coinbase, as secured party, with respect to the disposition of assets in Client's
Vault Account as contemplated herein without further consent or direction from Client or any other party. Coinbase Custody agrees to follow
such instructions and entitlement orders without further consent or direction from Client or any other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without prior notice to Client, Coinbase shall have the right to: (i) transfer Client Assets from
Client's Trading Account to Coinbase to settle the OTC Order subject to default, and/or (ii) liquidate or cancel outstanding
OTC Orders (including OTC Orders that have been submitted or are in the process of being fulfilled).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Without prior notice to Client, Coinbase may suspend or terminate the Client's ability to receive
extensions of credit from Coinbase Credit, regardless of whether Client has cured the default.

If the above actions are not sufficient to satisfy all obligations of Client to Coinbase in respect of OTC Orders subject to default, Coinbase shall have the right to liquidate any and all of Client's assets and positions held with Coinbase or Coinbase Custody, including the Trading Account and Vault Account, to cover any Losses incurred by Client's failure to settle the OTC Order. In connection with liquidating such assets, Client authorizes Coinbase, in Coinbase's sole discretion, to liquidate any of Client's Digital Assets in a commercially reasonable sale at the market price that otherwise applies to such Digital Assets at the time of liquidation, without regard to whether Client would recognize a gain or loss on such sale or would recognize a greater or lesser gain or loss if different Digital Assets were sold. Client understands that the value of Digital Assets may rise or fall quickly, and Coinbase has no obligation to liquidate Client's Digital Assets at a time that provides the best price for Client. Client agrees that Digital Assets held in its Trading Account and the Vault Account are of a kind or type customarily sold on recognized markets, subject to standard price quotations and may decline speedily in value. Client agrees that if Coinbase exercises its setoff rights or secured party remedies against Client's Digital Assets, that Coinbase may value such Digital Assets using the same valuation method and same process that is otherwise used when Digital Assets are sold on the Trading Platform or any other commercially reasonable valuation method. A sale by Coinbase of Client's Digital Assets, without notice, at a private sale using the valuation and method described above shall be a commercially reasonable method of disposition.

**9.** **Determination of Suitability; All Risks Not Disclosed** 

Coinbase's provision of the Trading Services is neither a recommendation that Client enter into a particular Order nor a representation that any product described on the Coinbase PB Site is suitable or appropriate for Client. Many of the Trading Services described on Coinbase PB Site involve significant risks, and Client should not use the Trading Services unless it has fully understood all such risks and has independently determined that such Orders are appropriate. Any discussion of the risks contained in this MTA or on the Coinbase PB Site should not be considered to be a disclosure of all risks or a complete discussion of the applicable risks.

**10.** **Characterization of Trading Services; Not a Registered Broker-Dealer or Investment Adviser** 

Client understands and acknowledges that no transactions executed in connection with the Trading Services are securities transactions, and the Coinbase Entities are not registered with either of the U.S. Securities and Exchange Commission or Financial Industry Regulatory Authority as broker-dealers or investment advisers or licensed under any state securities laws. Further, Coinbase is not acting as a fiduciary in respect of Client (including in connection with its rights under this MTA) and does not have any responsibility under the standards governing the conduct of broker-dealers, fiduciaries, investment advisers, or investment managers. Client agrees and acknowledges that any information or advice provided by Coinbase or any other Coinbase Entity does not and will not serve as the basis of any investment decision.

**11.** **Coinbase Corporate Accounts** 

Coinbase and its affiliates may transact through corporate trading accounts ("<u>Coinbase Corporate Accounts</u>") for purposes including inventory management, to facilitate Orders, and for other corporate purposes. To the extent that a Coinbase Corporate Account transacts through Coinbase or the Coinbase PB Site, the Coinbase Corporate Account (i) will not have any special priority vis-a-vis Client Orders and will be subject to the Prime Trading Rules, (ii) will trade only on Market Data available to all Clients, and (iii) will not access any non-public data of other Clients. The Coinbase Entities' internal ledger(s) will indicate the amount of each Digital Asset held for each Client and each such Coinbase Corporate Account.

**12.** **Term, Termination and Suspension** 

Regardless of any other provision of this MTA, Coinbase may, in its sole discretion, suspend, restrict, or terminate the Trading Services, including by suspending, restricting, or closing Client's access to the Trading Account and related services, or CES, in accordance with the General Terms.

**ADDENDUM NO. 1**

**<u>COINBASE SECURITY ADDENDUM</u>**

This Security Addendum is incorporated into and made a part of that certain Coinbase Prime Broker Agreement (the "A**greement**") between Coinbase, Inc. ("**CB Inc.**") and Coinbase Custody Trust Company, LLC ("**CB Custody**") (for purposes of this Security Addendum, CB Inc. and CB Custody are collectively referred to herein as, "**Coinbase**") and the Client set forth in the Agreement (herein the "**Customer**").

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Introduction** 

**<u>Purpose</u>**. Coinbase is committed to maintaining customer trust. The purpose of this Security Addendum is to describe the security program for the Coinbase services as more fully described in the Agreement (the "**Services**"). This Security Addendum describes the minimum security standards that Coinbase maintains in order to protect its customers' data from unauthorized use, access, disclosure, theft, or manipulation. As security threats shift and evolve, Coinbase continues to update its security program and strategy to help protect its customers' data. Coinbase reserves the right to update this Security Addendum from time to time; *provided, however*, any update will not materially reduce the overall protections set forth in this Security Addendum.

**<u>Services Covered</u>**. This Security Addendum describes the organizational, administrative, technical, and physical controls, as well as third party security audit certifications that are applicable to the Custodial and/or Institutional Services more fully described in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Security Governance** 

**<u>Security Program</u>**. Coinbase's information security program is centrally managed by its Global Security & Privacy departments, which is responsible for managing security across all global locations, all Coinbase products and services, and engagement of Coinbase subprocessors. The framework for Coinbase's information security program includes operational, administrative, technical, and physical safeguards reasonably designed to protect the confidentiality, integrity, and availability of sensitive data, including customer data, and is aligned to the NIST Cybersecurity Framework. Coinbase employs numerous defense-in-depth strategies to secure information assets, utilizing industry guidelines from NIST. Coinbase's Chief Security Officer (CSO) meets on a regular basis with executive management and the Board of Directors to discuss security risks, issues, and company-wide security initiatives. Internal information security policies and standards are reviewed, assessed, and updated on at least an annual basis, and are made available to all Coinbase employees. Coinbase's security program is aligned to the NIST Cybersecurity Framework and incorporates administrative, technical, and physical safeguards designed to meet or exceed industry-standard financial services security requirements.

**<u>Security Policy Governance</u>**. Coinbase has controls in place to maintain the confidentiality of customer data in accordance with the Agreement. All Coinbase employees and contract personnel are bound by Coinbase's internal policies regarding maintaining confidentiality of customer data.

**<u>Security Compliance</u>**. Coinbase has obtained System and Organization Controls (SOC) certifications where applicable and is periodically evaluating other areas for additional certifications. The certification reports are shared upon request with our customers and prospects (subject to appropriate and binding contractual confidentiality provisions).

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Third Party Security** 

**<u>Vendor Agreements</u>**. Coinbase secures agreements with its third-party service providers that impose obligations of confidentiality and/or security practices and commitments, as appropriate and applicable.

**<u>Vendor Assessments</u>**. Coinbase may use affiliates and third-party vendors to provide the Services. Coinbase carries out a risk-based assessment of prospective vendors before working with those vendors to validate that prospective vendors meet Coinbase's security requirements. Coinbase periodically reviews each vendor in light of Coinbase's security and business continuity standards, including the type of access and classification of data being accessed (if any), controls necessary to protect data, and legal/regulatory requirements. Coinbase ensures that customer data is returned and/or deleted at the end of a vendor relationship.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **People Operations** 

**<u>Employee On-Boarding</u>**. Coinbase carries out background checks on individuals joining Coinbase in accordance with applicable local laws. Coinbase currently verifies the individual's education and previous employment. Where local labor law or statutory regulations permit, Coinbase conducts criminal and, in certain instances, credit background checks on its employees, contractors, and consulting agencies.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Data Security** 

**<u>Data Lifecycle Security</u>**. At any point during or after the term of a customer's agreement(s) with Coinbase, and upon a customer's reasonable, written request, Coinbase will delete customer data. Coinbase will ensure such data is deleted in accordance with Coinbase's data records retention policy. Coinbase may retain backup records of customer data (i) as required by law (or its own data retention policy, as applicable), and (ii) in secured form. Paper assets are shredded to P-7/Level 6 security standards. Hardware and associated data assets are destroyed in accordance with the NIST SP 800-88, Guidelines for Media Sanitization. After wiping and degaussing, sanitized hardware awaiting shredding and certificate of disposal is locked in a depot dedicated to Coinbase cold-storage.

**<u>Data Encryption</u>**. Client data and transaction records are encrypted both at rest and in transit. Coinbase has implemented mature data encryption protocols and standards to ensure that its encryption is supported by a defined key management process that is reviewed against current best practices. All data is encrypted in transit, including all traffic to and from Coinbase servers. Data is encrypted in transit using TLS 1.2 or higher and encrypted at rest using AES-128 or stronger encryption. Where appropriate based on system architecture, Coinbase applies encryption at the application or data layer in addition to infrastructure-level encryption.

**<u>Data Backups</u>**. Coinbase performs regular backups of Coinbase account information, call records, call recordings and other critical data using third-party cloud storage solutions. Backup data are retained redundantly across availability zones and are encrypted in transit and at rest.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Identity and Access Management** 

**<u>Logical Access Provisioning and De-provisioning</u>**. To minimize the risk of data exposure, Coinbase follows the principles of least privilege through a team-based access-control model when provisioning system access. Coinbase personnel are authorized to access customer data based on their job function, role and responsibilities, and such access requires approval of the employee's manager. Access rights to production environments are reviewed according to a risk-based approach. An employee's access to customer data is promptly removed upon termination of their employment. In order to access the production environment, an authorized user must have a unique username and password, multi-factor authentication and be connected to Coinbase's Virtual Private Network (VPN). Before an engineer is granted access to the production environment, access must be approved by management and the engineer is required to complete internal trainings for such access including trainings on the relevant team's systems. Coinbase logs high risk actions and changes in the production environment. Coinbase leverages automation to identify any deviation from internal technical standards that could indicate anomalous/unauthorized activity to raise an alert within minutes of a configuration change. Coinbase personnel who leave the company, no longer work with Coinbase, or change business roles have their access privileges revoked or modified within a predetermined timeframe.

**<u>Authentication Mechanisms</u>**. Coinbase enforces authentication requirements across all Coinbase systems, including password requirements (e.g. password length, complexity, history, limitations on retries, and use of a password manager) and multi-factor authentication (MFA) requirements. All credentials are encrypted in transit, and hashed at rest. Coinbase strives to ensure that authentication requirements and implementations meet or exceed current best practices for authentication, based on the current threat landscape.

**<u>Remote Access</u>**. Remote access to the Coinbase network by authorized personnel is encrypted and requires multifactor authentication (MFA) for remote access, including X509 certificate and username/password login credentials.. For production infrastructure access, use of VPN is also enforced. Coinbase's network follows zero trust principles; any non-Coinbase devices that may access the network have no privileged access and must rely on strong identity controls to access Coinbase resources. Coinbase office networks are treated as untrusted by default. While WPA-PSK encryption is required to access office wifi, devices on this network are not automatically granted access to corporate or production systems. Users that wish to have corporate email on their mobile devices must enroll in Coinbase's mobile device management (MDM) solution. Rooted devices are not permitted. Company-owned computers are managed and kept up-to-date with the latest operating system, antivirus, and productivity software updates. All hard drives are encrypted. Upon return and prior to reissuance of an authorized laptop, the laptop must be completely wiped.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Physical & Environmental Security** 

**<u>Physical Site Security</u>**. AWS data centers that host the Services are strictly controlled both at the perimeter and at building ingress points by professional security staff utilizing video surveillance, intrusion detection systems, and other electronic means. Authorized staff must pass two-factor authentication a minimum of two times to access data center floors. All visitors and contractors are required to present identification and are signed in and continually escorted by authorized staff. These facilities are designed to withstand adverse weather and other reasonably predictable natural conditions. Each data center has redundant electrical power systems that are available twenty-four (24) hours a day, seven (7) days a week. Uninterruptible power supplies and on-site generators are available to provide back-up power in the event of an electrical failure. More details about the physical security of AWS data centers used by Coinbase for the Services, are available at https://aws.amazon.com/whitepapers/overview-of-security-processes/. In addition, Coinbase office spaces have a physical security program that manages visitors, building entrances, CCTVs (closed circuit television), and overall office security. Physical security audits are performed annually.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Corporate Security** 

**<u>Security Awareness Training</u>**. All personnel must complete the Coinbase security and privacy training, which covers Coinbase security policies, security best practices, and privacy principles. All personnel must refresh their training at least annually. Coinbase's security and privacy teams regularly communicate emerging data privacy requirements and security threats and trends to personnel. Personnel have multiple avenues for reporting incidents or suspicious activity, including notifying the Global Security & Privacy Team, in person, over the telephone, text, email as well as through a Slack channel dedicated to reporting such incidents. Personnel can also reach the Coinbase Global Security Operations Center 24/7.

&nbsp;&nbsp;&nbsp;&nbsp;**9.**  **<u>DevOps Security</u>** 

**<u>Change Management</u>**. Coinbase has built a production environment designed with strict controls, which includes a formal change management process to manage changes to software, applications and system software that will be deployed within the production environment. New (or changes made to existing) products, services and features ("**Changes**") are deployed in a development environment that closely mirrors the production environment. Before Changes are deployed in the production environment, they are peer reviewed and automated security, functional, and unit testing is performed. Customer data is not used outside of the production environment unless required for troubleshooting issues where real data is relevant and, even then, the data is first obfuscated to prevent exposure of personal data. Prior to high-risk Changes being made, an assessment is carried out to consider the impact and risk of a requested change, evidence acknowledging applicable testing for the change, approval of deployment into production by appropriate approver(s), and roll back procedures. After all tests are passed, and peer reviews completed, Changes are deployed to the production environment. All Changes deployed in the production environment must be indexed and documented using a formal and auditable system of record. The production environment is closely monitored for anomalous conditions that may suggest unexpected activity or potential security threats. When a vulnerability is identified, the criticality will be evaluated and the service affected will be isolated, patched or upgraded as necessary according to vulnerability management requirements. Coinbase has implemented a Bug Bounty Program, available at https://hackerone.com/coinbase, through which researchers may report design and implementation issues or possible vulnerabilities. Coinbase follows a formal internal change management process and provides advance notice of material service changes where commercially reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Cryptography, Encryption & Key Management** 

**<u>Key Storage</u>**. Coinbase maintains private keys on behalf of its customers either on secure servers or in offline (or "cold") storage whereby Coinbase encrypts and shards the wallet key materials then stores and manages them in secure, geographically distributed locations. Coinbase leverages secure key management designed to align with recognized industry standards. Coinbase uses logically segregated encryption keys and access controls to protect each customer's data. Encryption keys may be rotated periodically in accordance with Coinbase's key management policies.

**<u>Key Reuse</u>**. Coinbase cold storage allows for one-time use keys or reusable keys, as appropriate. Prime Custody vault keys may be reused when the private key is not fully reconstituted in the online production environment. If the private key is reconstituted in an online environment, any remaining customer funds will be moved to a new single-use key.

**<u>Wallet Migration</u>**. To perform security maintenance activity, Coinbase may move your assets from one cold wallet address to another. On-chain movements of funds from one client address to another within the client's wallet do not require client consensus as the funds remain within the client's wallet.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Cloud & Network Security** 

**<u>Secure Infrastructure</u>**. Coinbase uses and leverages AWS data centers in order to provide the Services. AWS has a reputation of being highly scalable, secure, and reliable. Information about AWS audit certifications are available at AWS Security website https://aws.amazon.com/security and AWS Compliance website https://aws.amazon.com/compliance. Coinbase reviews AWS SOC reports on a regular basis. Coinbase maintains firewalls or equivalent network protections for all internet-facing systems. The Services are cloud-hosted and do not require deployment on customer systems

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Systems Monitoring & Logging** 

**<u>Logging</u>**. Coinbase's production environment network activity is monitored and centrally logged. All logs are maintained in an instantly-queryable state for at least ninety (90) days before being moved to archival storage in accordance with Coinbase's data retention policy. All logs are stored in such a manner as to assure that a stored record is immutable and non-tamperable, or where the log storage facility cannot provide such guarantees, a durable audit record of any attempts to modify or tamper with data. Security-relevant logs must be retained for a retention period of seven (7) years. Any given 24-hour period retained in archival storage must be queryable within a reasonable amount of time (e.g. within a business day) for the duration of the retention period.

**<u>Security Monitoring</u>**. Intrusion detection rules are configured to alert on suspicious activity in production services. The Coinbase Security Operations team is responsible for all security monitoring. All production systems are instrumented with appropriate detection and response tooling relative to the nature of the system and fed into a centralized SIEM. The on-call Security Operations analyst who receives any alerts is responsible for ensuring appropriate resolution of the event, or else properly escalating the alert according to Coinbase's security incident response plan.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Threat & Vulnerability Management** 

**<u>Vulnerability Scanning</u>**. Coinbase employs security best practices to ensure that the Services are secured, updates to its primary services do not introduce new vulnerabilities, and that new services have been sufficiently analyzed for and defended from potential vulnerabilities. Coinbase supplements its day-to-day security practices, including architecture reviews, with regular vulnerability assessments and audits, including (1) automated scans of all code and applications where possible to identify vulnerabilities before ever being introduced to Coinbase's environment; (2) once services are deployed, implementing continuous monitoring to promptly assess and react to any potential vulnerabilities; and (3) regular evaluation by independent third parties. Critical software patches are evaluated, tested and applied proactively. Coinbase employs commercially reasonable malware detection and prevention controls across production systems. Coinbase applies security patches in a risk-based manner consistent with the criticality of the vulnerability and industry best practices.

**<u>Penetration Testing</u>**. Coinbase performs penetration tests and engages independent third-party entities to conduct application-level penetration tests on an annual basis at minimum. Results of penetration tests are prioritized, triaged and remediated promptly by Coinbase's security team according to established SLAs.

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Security Incident Management** 

**<u>Incident Communication</u>**. Coinbase will promptly investigate all security incidents and to the extent that is permitted by applicable law, promptly notify its customers of a security incident that impacts its customer data.

&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Business Continuity & Disaster Recovery** 

**<u>Business Continuity Planning</u>**. Business continuity is included as part of Coinbase's security policy. The Coinbase's production network has been designed to be recoverable and/or replaceable and runs on multiple servers in AWS with load balancing and failover provisions. Instances can be spun up as needed if one fails. Data is backed up to alternate data centers. Data centers are located in geographically diverse locations to ensure redundancy in the case of a catastrophic event.

## Exhibit 10.5

**Exhibit 10.5**

EXECUTION VERSION

![](tm2534140d8_ex10-5img001.jpg)

**<u>FUND ADMINISTRATION AND ACCOUNTING AGREEMENT</u>**

THIS AGREEMENT is made as of March 4, 2026 by and between the Morgan Stanley Trusts listed on Appendix A, which may be amended from time to time (each, a "Trust" and referred to together herein as the "Trust," except as otherwise expressly indicated), each a Delaware statutory trust having its principal office and place of business at 1585 Broadway, New York, NY 10036 and The Bank of New York Mellon, a New York corporation authorized to do a banking business ("BNY").

This Agreement shall constitute separate agreements, each between a single Trust and BNY, as if such Trust had executed a separate Agreement naming only itself as the Trust, and no Trust shall have any liability for the obligations of any other Trust.

<u>W I T N E S S E T H:</u>

WHEREAS, the Trust will issue shares pursuant to the 1933 Act;

WHEREAS, the Trust desires to retain BNY to provide the services described herein, and BNY is willing to provide such services, all as more fully set forth below;

NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>.

Whenever used in this Agreement, unless the context otherwise requires, the following words shall have the meanings set forth below:

"<u>1933 Act</u>" means the Securities Act of 1933, as amended.

"<u>1934 Act</u>" means the Securities Exchange Act of 1934, as amended.

"<u>Anti-Money Laundering Laws</u>" means all anti-money laundering and counter-terrorist financing laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the U.S. Bank Secrecy Act, the U.S.A. PATRIOT Act, and regulations of the U.S. Treasury Department which implement such acts) or any other applicable domestic or foreign authority over the Trust.

"<u>Authorized Person</u>" shall mean each person, whether or not an officer or an employee of the Trust, duly authorized to execute this Agreement and to give Instructions on behalf of the Trust as set forth in Exhibit A hereto and each Authorized Person's scope of authority may be limited by setting forth such limitation in a written document signed by both parties hereto. From time to time the Trust may deliver a new Exhibit A to add or delete any person and BNY shall be entitled to rely on the last Exhibit A actually received by BNY.

"<u>BNY Affiliate</u>" shall mean any office, branch, or subsidiary of The Bank of New York Mellon Corporation.

"<u>Cayman Trustee</u>" means Appleby Global Services (Cayman) Limited.

"<u>Confidential Information</u>" shall have the meaning given in Section 19 of this Agreement.

"<u>Delegated Sponsor</u>" means Morgan Stanley Investment Management Inc.

"<u>Documents</u>" shall mean such other documents, including but not limited to, resolutions of the Cayman Trustee or Delegated Sponsor authorizing the execution, delivery and performance of this Agreement by the Trust, and opinions of outside counsel, as BNY may reasonably request from time to time, in connection with its provision of services under this Agreement.

"<u>Instructions</u>" shall mean Oral Instructions or written communications actually received by BNY by S.W.I.F.T., tested telex, letter, facsimile transmission, or other method or system specified by BNY as available for use in connection with the services hereunder, from an Authorized Person or person believed in good faith to be an Authorized Person.

"<u>Net Asset Value</u>" shall mean the per share value of the Trust, calculated in the manner described in the Trust's Offering Materials.

"<u>Offering Materials</u>" shall mean the Trust's currently effective prospectus and most recently filed registration statement with the SEC, as applicable, relating to shares of the Trust.

"<u>Organizational Documents</u>" shall mean certified copies of the Trust's articles of incorporation, certificate of incorporation, certificate of formation or organization, certificate of limited partnership, bylaws, limited partnership agreement, memorandum of association, limited liability company agreement, operating agreement, confidential offering memorandum, material contracts, Offering Materials, all SEC exemptive orders issued to the Trust, required filings or similar documents of formation or organization, as applicable, delivered to and received by BNY.

"<u>Oral Instructions</u>" shall mean oral instructions received by BNY under permissible circumstances specified by BNY, in its sole discretion, as being from an Authorized Person or person believed in good faith by BNY to be an Authorized Person.

"<u>Sanctions</u>" means all economic sanctions laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury) and any other applicable domestic or foreign authority with jurisdiction over the Trust.

"<u>SEC</u>" means the United States Securities and Exchange Commission.

"<u>Securities Laws</u>" means the 1933 Act and the 1934 Act.

"<u>Shares</u>" means the shares of beneficial interest of any series or class of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Appointment</u>.

The Trust hereby appoints BNY as its agent for the term of this Agreement to perform the services described herein. BNY hereby accepts such appointment and agrees to perform the duties hereinafter set forth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trust hereby represents and warrants to BNY, which representations and warranties shall be deemed to be continuing, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement has been duly authorized, executed and delivered by the Trust in accordance with all requisite action and constitutes a valid and legally binding obligation of the Trust, enforceable in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Delegated Sponsor is in good standing and qualified to do business in each jurisdiction in which the nature or conduct of its business requires such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is conducting its business in compliance with all applicable laws and regulations, both state and federal, has made and will continue to make all necessary filings including tax filings and has obtained all regulatory licenses, approvals and consents necessary to carry on its business as now conducted; there is no statute, regulation, rule, order or judgment binding on it and no provision of its Organizational Documents, nor of any mortgage, indenture, credit agreement or other contract binding on it or affecting its property which would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trust will maintain or will be subject to policies and procedures reasonably designed to ensure that all investments for the Trust are conducted in compliance with anti-corruption laws, Anti-Money Laundering Laws, and Sanctions applicable to the Trust. The Trust shall cooperate with BNY and provide assistance reasonably requested by BNY in connection with any anti-money laundering, terrorist financing or sanctions-related inquiries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The method of valuation of the assets of the Trust and the method of computing the Net Asset Value shall be as set forth in the Offering Materials of the Trust. To the extent the performance of any services described in Schedule I attached hereto by BNY in accordance with the then effective Offering Materials for the Trust would violate any applicable laws or regulations, the Trust shall immediately so notify BNY in writing and thereafter shall either furnish BNY with the appropriate values of Trust assets, net asset value or other computation, as the case may be, or, instruct BNY in writing to value Trust assets and/or compute Net Asset Value or other computations in a manner the Trust specifies in writing, and either the furnishing of such values or the giving of such instructions shall constitute a representation by the Trust that the same is consistent with all applicable laws and regulations and with its Offering Materials, all subject to confirmation by BNY as to its capacity to act in accordance with the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each person named on Exhibit A hereto is duly authorized by the Trust to be an Authorized Person hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) It has implemented, and is acting in accordance with, procedures reasonably designed to ensure that it will disseminate to all market participants, other than Authorized Participants (as defined in its Prospectus and Statement of Additional Information), each calculation of net asset value provided by BNY hereunder to Authorized Participants at the time BNY provides such calculation to Authorized Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Without limiting the provisions of Section 18 herein, the Trust shall treat as confidential the terms and conditions of this Agreement and shall not disclose nor authorize disclosure thereof to any other person, except (i) to its employees, regulators, examiners, internal and external accountants, auditors, and counsel, (ii) for a summary description of this Agreement in the Offering Materials with the prior written approval of BNY, (iii) to any other person when required by a court order or legal process, or (iv) whenever advised by its counsel that it would be liable for a failure to make such disclosure. The Trust shall instruct its employees, regulators, examiners, internal and external accountants, auditors, and counsel who may be afforded access to such information of the Trust's obligations of confidentiality hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Trust shall promptly notify BNY in writing of any and all legal proceedings or securities investigations filed or commenced against or related to the Trust or the Delegated Sponsor where legally permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNY hereby represents and warrants, which representations and warranties shall be deemed to be continuing, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY maintains policies and procedures reasonably designed to ensure compliance with anti-corruption laws, anti-money laundering laws, and sanctions applicable to BNY's provisions of Services under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is duly organized and existing under the laws of the jurisdiction of its organization with full power to carry on its business as now conducted, to enter into this Agreement, and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement has been duly authorized, executed and delivered by BNY and constitutes a valid and legally binding obligation of BNY, enforceable in accordance with its terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is conducting its business in material compliance with all laws and regulations applicable to BNY in its capacity as a service provider hereunder, has made and will continue to make all necessary filings including tax filings and has obtained all regulatory licenses, approvals and consents necessary to carry on its business as now conducted; there is no provision of its organizational documents, nor of contract which would prohibit its execution or performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Delivery of Documents</u>.

The Trust shall promptly provide, deliver, or cause to be delivered from time to time, to BNY the Trust's Organizational Documents, a copy of any and all SEC exemptive orders issued to the Trust, and Documents and other materials used in the distribution of Shares and all amendments thereto as may be necessary for BNY to perform its duties hereunder. BNY shall not be deemed to have notice of any information (other than information supplied by BNY) contained in such Organizational Documents, Documents or other materials until they are actually received by BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Duties and Obligations of BNY</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the direction of the Delegated Sponsor and the provisions of this Agreement, BNY shall provide to the Trust the administrative services and the valuation and computation services listed on Schedule I attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In performing hereunder, BNY shall provide, at its expense, office space, facilities, equipment and personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) BNY shall not provide any services relating to the management, investment advisory or sub-advisory functions of the Trust, distribution of shares of the Trust, maintenance of the Trust's financial records, other than those listed in Schedule I attached hereto, or other services normally performed by the Trust's counsel or independent auditors and the services provided by BNY do not constitute, nor shall they be construed as constituting, legal advice or the provision of legal services for or on behalf of the Trust or any other person, and the Trust acknowledges that BNY does not provide public accounting or auditing services or advice and will not be making any tax filings, or doing any tax reporting on its behalf, other than those specifically agreed to hereunder. The scope of services provided by BNY under this Agreement shall not be increased as a result of new or revised regulatory or other requirements that may become applicable with respect to the Trust, unless the parties hereto expressly agree in writing to any such increase in the scope of services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust shall cause its officers, advisors, Delegated Sponsor, Cayman Trustee, distributor, legal counsel, independent accountants, current administrator (if any), transfer agent, and any other service provider to cooperate with BNY and to provide BNY, upon request, with such information, documents and advice relating to the Trust as is within the possession or knowledge of such persons, and which in the opinion of BNY, is necessary in order to enable BNY to perform its duties hereunder. In connection with its duties hereunder, BNY shall not be responsible for, under any duty to inquire into, or be deemed to make any assurances with respect to the accuracy, validity or propriety of any information, documents or advice provided to BNY by any of the aforementioned persons. BNY shall not be liable for any loss, damage or expense resulting from or arising out of the failure of the Trust to cause any information, documents or advice to be provided to BNY as provided herein and shall be held harmless by the Trust when acting in reliance upon such information, documents or advice relating to the Trust. All fees or costs charged by such persons shall be borne by the Trust. In the event that any services performed by BNY hereunder rely, in whole or in part, upon information obtained from a third party service utilized or subscribed to by BNY which BNY in its reasonable judgment deems reliable, BNY shall not have any responsibility or liability for, under any duty to inquire into, or deemed to make any assurances with respect to, the accuracy or completeness of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nothing in this Agreement shall limit or restrict BNY, any BNY Affiliate or any officer or employee thereof from acting for or with any third parties, and providing services similar or identical to some or all of the services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trust shall furnish BNY with any and all instructions, explanations, information, specifications and documentation deemed necessary by BNY in the performance of its duties hereunder, including, without limitation, the amounts or written formula for calculating the amounts and times of accrual of Trust liabilities and expenses. BNY shall not be required to include as Trust liabilities and expenses, nor as a reduction of net asset value, any accrual for any federal, state, or foreign income taxes unless the Trust shall have specified to BNY in Instructions the precise amount of the same to be included in liabilities and expenses or used to reduce net asset value. The Trust shall also furnish BNY with valuations for assets of the Trust if BNY notifies the Trust that same are not available to BNY from a pricing service utilized, or subscribed to, by BNY which the Trust directs BNY to utilize, and which BNY in its judgment deems reliable at the time such information is required for calculations hereunder. At any time and from time to time, the Trust also may furnish BNY with valuations for assets of the Trust and instruct BNY in Instructions to use such information in its calculations hereunder. BNY shall at no time be required or obligated to commence or maintain any utilization of, or subscriptions to, any pricing service. In no event shall BNY be required to determine, or have any obligations with respect to, whether a market price represents any fair or true value, nor to adjust any price to reflect any events or announcements, including, without limitation, those with respect to the issuer thereof, it being agreed that all such determinations and considerations shall be solely for the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) BNY may apply to an Authorized Person of the Trust for Instructions with respect to any matter arising in connection with BNY's performance hereunder, and BNY shall not be liable for any action taken or omitted to be taken by it in good faith without gross negligence or willful misconduct in accordance with such Instructions. Such application for Instructions may, at the option of BNY, set forth in writing any action proposed to be taken or omitted to be taken by BNY with respect to its duties or obligations under this Agreement and the date on and/or after which such action shall be taken. BNY 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 take any such action, BNY has received Instructions from an Authorized Person in response to such application specifying the action to be taken or omitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Trust acknowledges that while it is not part of BNY's normal practices and procedures to accept Oral Instructions, BNY may in certain limited circumstances accept Oral Instructions. In such event, such Oral Instructions will be deemed to be Instructions for purposes of this Agreement. An Authorized Person issuing such an Oral Instruction will promptly confirm such Oral Instruction to BNY in writing. Notwithstanding the foregoing, the Trust agrees that the fact that such written confirmation is not received by BNY, or that such written confirmation contradicts the Oral Instruction, will in no way affect (i) BNY's reliance on such Oral Instruction or (ii) the validity or enforceability of transactions authorized by such Oral Instruction and effected by BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNY will have no obligation to act in accordance with purported Instructions to the extent BNY reasonably believes that they are ambiguous or unclear or conflict with the terms of this Agreement or applicable law; provided, however, that BNY will have no obligation to ensure that any instruction received by it would not contravene any of the terms of this Agreement or any such law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) BNY will provide Customer with commercially reasonable notification in light of the relevant circumstances if it decides not to act in accordance with purported Instructions and such notice will specify the reasons for its determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Notwithstanding any other provision contained in this Agreement or Schedule I attached hereto, BNY shall have no duty or obligation with respect to, including, without limitation, any duty or obligation to determine, or advise or notify the Trust of: (i) the taxable nature of any distribution or amount received or deemed received by, or payable to, the Trust, (ii) the taxable nature or effect on the Trust or its shareholders of any corporate actions, class actions, tax reclaims, tax refunds or similar events, (iii) the taxable nature or taxable amount of any distribution or dividend paid, payable or deemed paid, by the Trust to its shareholders; or (iv) the effect under any federal, state, or foreign income tax laws of the Trust making or not making any distribution or dividend payment, or any election with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) BNY shall have no duties or responsibilities whatsoever except such duties and responsibilities as are specifically set forth in this Agreement and Schedule I attached hereto, and no covenant or obligation shall be implied against BNY in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) BNY, in performing the services required of it under the terms of this Agreement, shall be entitled to rely fully on the accuracy and validity of any and all Instructions, explanations, information, specifications, Documents and documentation furnished to it by the Trust and shall have no duty or obligation to review the accuracy, validity or propriety of such Instructions, explanations, information, specifications, Documents or documentation, including, without limitation, evaluations of assets; the amounts or formula for calculating the amounts and times of accrual of the Trust's liabilities and expenses; the amounts receivable and the amounts payable on the sale or purchase of Trust assets; and amounts receivable or amounts payable for the sale or redemption of Trust Shares effected by or on behalf of the Trust. BNY's computations hereunder will rely upon information, including, without limitation, bid, offer or market values of securities or other assets of the Trust, or accruals of interest or earnings thereon, from a pricing or similar service utilized, or subscribed to, by BNY which the Trust directs BNY to utilize. BNY shall not be responsible for, under any duty to inquire into, or deemed to make any assurances with respect to, the accuracy or completeness of such information. Without limiting the generality of the foregoing, BNY shall not be required to inquire into any valuation of any Trust assets by the Trust or any third party described in this sub-section (k) even though BNY in performing services similar to the services provided pursuant to this Agreement for others may receive different valuations of Trust assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) BNY, in performing the services required of it under the terms of this Agreement, shall not be responsible for determining whether any interest accruable to the Trust is or will be actually paid, but will accrue such interest until otherwise instructed by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) BNY shall not be responsible for damages (including without limitation damages caused by delays, failure, errors, interruption or loss of data) which occurring directly or indirectly by reason of circumstances beyond its reasonable control in the performance of its duties under this Agreement, including, without limitation, labor difficulties within or without BNY, mechanical breakdowns, flood or catastrophe, acts of God, failures of transportation, interruptions, loss, or malfunctions of utilities, action or inaction of civil or military authority, national emergencies, public enemy, war, terrorism, riot, sabotage, non-performance by a third party, failure of the mails, communications, computer (hardware or software) services, or functions or malfunctions of the internet, firewalls, encryption systems or security devices caused by any of the above. Nor shall BNY be responsible for delays or failures to supply the information or services specified in this Agreement where such delays or failures are caused by the failure of any person(s) other than BNY to supply any instructions, explanations, information, specifications or documentation deemed necessary by BNY in the performance of its duties under this Agreement. Upon the occurrence of any such delay or failure BNY shall use commercially reasonable efforts to resume performance as soon as reasonably practicable in light of the relevant circumstances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Allocation of Expenses</u>.

Except as otherwise provided herein, all costs and expenses arising or incurred in connection with the performance of this Agreement shall be paid by the Trust, including but not limited to, organizational costs and costs of maintaining corporate existence, taxes, interest, brokerage fees and commissions, insurance premiums, compensation and expenses of the Sponsor, officers or employees, legal, accounting and audit expenses, management, advisory, sub-advisory, administration and shareholder servicing fees, charges of custodians, transfer and dividend disbursing agents, expenses (including clerical expenses) incident to the issuance, redemption or repurchase or qualifications under the Securities Laws, state or other applicable securities laws of the Trust or its shares or membership interests, as applicable, costs (including printing and mailing costs) of preparing and distributing Offering Materials, reports, notices and proxy materials to the Trust's shareholders, and extraordinary expenses as may arise, including litigation affecting the Trust and legal obligations relating thereto for which the Trust may have to indemnify its officers, managers, and/or members, as may be applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Standard of Care; Indemnification; Information Security and Business Continuity</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In performing its duties under this Agreement, BNY will exercise the same standard of care and diligence that a professional fund administrator engaged in the banking or trust company industry would observe in these affairs taking into account the prevailing rules, practices, procedures and circumstances in the relevant market acting without bad faith, gross negligence or willful misconduct ("Standard of Care").

Except as otherwise provided herein, BNY and any BNY Affiliate shall not be liable for any costs, expenses, damages, liabilities or claims (including attorneys' and accountants' fees) incurred by the Trust, except those costs, expenses, damages, liabilities or claims arising out of BNY's failure to perform its obligations under this Agreement in accordance with the Standard of Care. In no event shall the Trust or BNY or any BNY Affiliate be liable to each other or any third party for any special, indirect or consequential damages, or lost profits or loss of business, arising under or in connection with this Agreement, even if previously informed of the possibility of such damages and regardless of the form of action; provided that this Section 7(a)'s consequential damages waiver shall not apply to the Trust's duty to indemnify BNY pursuant to Section 7(c). BNY and any BNY Affiliate shall not be liable for any loss, damage or expense, including counsel fees and other costs and expenses of a defense against any claim or liability, resulting from, arising out of, or in connection with its performance hereunder, including its actions or omissions, the incompleteness or inaccuracy of any specifications or other information furnished by the Trust, or for delays caused by circumstances beyond BNY's reasonable control, unless such loss, damage or expense arises out of BNY's failure to perform its obligations under this Agreement in accordance with the Standard of Care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY's liability arising out of or relating to this Agreement will be limited solely to those direct damages caused by its failure to perform its obligations under this Agreement in accordance with the Standard of Care, subject to the clarifications and exceptions set forth in this Section 7.

1) Pursuant to Section 12(b) BNY will be liable for direct costs, expenses, damages, and liabilities or claims incurred by the Trust as a result of the acts or failures to act by its subcontractors to the same extent as if BNY was itself performing the relevant duties subject to the Standard of Care;

2) Each party (and their respective affiliates) will have a duty to mitigate damages or losses hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust shall indemnify and hold harmless BNY and any BNY Affiliate from and against any and all costs, expenses, damages, liabilities and claims (including claims asserted by the Trust), and reasonable attorneys' and accountants' fees relating thereto, which are sustained or incurred or which may be asserted against BNY or any BNY Affiliate, by reason of or as a result of any action taken or omitted to be taken by BNY or any BNY Affiliate without bad faith, gross negligence, or willful misconduct, or in reliance upon (i) any law, act, regulation or interpretation of the same even though the same may thereafter have been altered, changed, amended or repealed, (ii) the Trust's Offering Materials or Documents (excluding information provided by BNY), (iii) any Instructions, or (iv) any opinion of legal counsel for the Trust, or arising out of transactions or other activities of the Trust which occurred prior to the commencement of this Agreement; <u>provided</u>, that the Trust shall not indemnify BNY nor any BNY Affiliate for costs, expenses, damages, liabilities or claims for which BNY or any BNY Affiliate is liable under the preceding sub-section 7(a). This indemnity shall be a continuing obligation of the Trust, its successors and assigns, notwithstanding the termination of this Agreement. Without limiting the generality of the foregoing, the Trust shall indemnify BNY and any BNY Affiliate against and save BNY and any BNY Affiliate harmless from any loss, damage or expense, including counsel fees and other costs and expenses of a defense against any claim or liability, arising from any one or more of the following:

1) Errors in records or instructions, explanations, information, specifications or documentation of any kind, as the case may be, supplied to BNY by any third party described above or by or on behalf of the Trust;

2) Action or inaction taken or omitted to be taken by BNY or any BNY Affiliate pursuant to Instructions of the Trust or otherwise;

3) Any action taken or omitted to be taken by BNY in good faith in accordance with the advice or opinion of counsel for the Trust or its own counsel;

4) Any improper use by the Trust or its agents, distributor or Delegated Sponsor of any valuations or computations supplied by BNY pursuant to this Agreement;

5) The method of valuation and the method of computing the Trust's net asset value; or

6) Any valuations or net asset value provided by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Actions taken or omitted in reliance on Instructions or upon any information, order, indenture, stock certificate, membership certificate, power of attorney, assignment, affidavit or other instrument believed by BNY in good faith to be from an Authorized Person, or upon the opinion of legal counsel for the Trust or its own counsel, shall be conclusively presumed to have been taken or omitted in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) During the Term of this Agreement, BNY will implement and maintain an information security program ("ISP") with written policies and procedures reasonably designed to protect the confidentiality and integrity of the Trust's Confidential Information provided to BNY in accordance with this Agreement and when in BNY's possession or under BNY's control ("Trust Data"). The ISP will include administrative, technical and physical safeguards, appropriate to the type of Trust Data concerned, reasonably designed to: (i) maintain the integrity, confidentiality and availability of Trust Data; (ii) protect against anticipated threats or hazards to the security or integrity of Trust Data; (iii) protect against unauthorized access to or use of Trust Data that could result in substantial harm or inconvenience to the Trust or its clients; and, (iv) provide for secure disposal of Trust Data. BNY's program is dynamic and may be modified to address technological changes or changes in the threat landscape, BNY's business activities or other factors. BNY reserves the right to modify the ISP at any time, provided that BNY shall not diminish the overall level of protection the ISP is intended to provide.

1) *Logging*. The ISP will require the maintenance of network and application logs as part of BNY's security information and event management processes. Logs are retained in accordance with law applicable to BNY's provision of the services as well as BNY's applicable policies. BNY uses various tools in conjunction with such logs, which may include behavioral analytics, security monitoring case management, network traffic monitoring and analysis, IP address management and full packet capture. Logs may be centralized and correlated for security event alerting.

2) *Data Security*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. *Identity & Access Management*.
 BNY will implement reasonable and industry recognized user access rules for users accessing
 Trust Data based on the need to know and the principle of least privilege, including user
 ID and password requirements, session timeout and reauthentication requirements, unsuccessful
 login attempt limits, privileged access limits and multifactor authentication or equivalent
 safeguard where risk factors indicate that single factor is inadequate. BNY's identity
 and access management processes include the identification, authentication, authorization
 and periodic recertification of information users at BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. *Data Segregation*. The ISP will
 require that: (i) Trust Data is stored in either physically or logically segregated
 databases from other BNY data; and (ii) different databases are maintained for development,
 testing, staging and production environments used in the provision of services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. *Encryption*. BNY will: (i) encrypt
 Trust Data in transit to an external network using transport layer security or other encryption
 method; and (ii) protect Trust Data at rest, in each case as BNY determines to be appropriate
 in accordance with the ISP and law applicable to BNY's provision of the services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. *Remote Access*. The ISP will restrict
 remote access to the BNY systems used to provide the services to authorized users using multifactor
 authentication or equivalent safeguard, and will require such access to be logged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. *Devices.* BNY will restrict the
 transfer of Trust Data from its network to mass storage devices. BNY will use a mobile device
 management system or equivalent tool when mobile computing is used to provide the services.
 Applications on such authenticated devices will be housed within an encrypted contained and
 BNY will maintain the ability to remote wipe the contents of the container.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. *Disposal.* BNY will maintain chain
 of custody procedures and require that any Trust Data requiring disposal be rendered inaccessible,
 cleaned or scrubbed from such hardware and/or media using industry recognized methods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. *Physical Security.* BNY will deploy
 perimeter security such as barrier access controls around its facilities processing or storing
 Trust Data. The ISP will include: (i) procedures for validating visitor identity and
 authorization to enter the premises, which may include identification checks, issuance of
 identification badges and recording of entry purpose of visit; and (ii) physical security
 policies for personnel, such as a "clean desk" policy. In accordance with its
 ISP and applicable law, BNY will install closed circuit television ("CCTV") systems
 and CCTV recording systems to monitor and record access to controlled areas, such as data
 centers and server rooms.

3) Audit Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. BNY shall, no more than once in a 12
 month period: (i) upon request, provide a copy of its most recent System and Organization
 Controls (SOC) or equivalent external audit report to the Trust, which Trust may disclose
 solely to its internal or external auditors that are subject to written confidentiality obligations
 to use reasonable care to safeguard the report and not to disclose the report to any third
 party or use the report for any purpose other than evaluating BNY's security controls;
 (ii) engage a third party provider to perform penetration testing of the BNY systems
 used to provide the services (subject to agreed upon rules of engagement) and, upon
 request, provide the Trust confirmation of such testing; and (iii) upon request, participate
 in the Trust's reasonable information security due diligence questionnaire process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. BNY shall also, no more than once in
 any 12 month period and upon request, on a mutually agreed date during business hours and
 subject to BNY's facility security policies and availability of personnel:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Meet with the Trust subject matter experts
 in a BNY clean room to review information security policies, procedures and similar related
 information; provided that no documentation may be copied, disclosed to any third party,
 or transmitted or removed from BNY premises except as mutually agreed in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Permit access to a BNY data center used
 to process Trust Data and provide the services by no more than 3 Trust representatives, including
 employees of a regulatory or supervisory authority of the Trust that is also a regulatory
 or supervisory authority of BNY, for a maximum of 3 hours in order to conduct a visual inspection
 of the environment and its controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Notwithstanding any other provision in
 the Agreement to contrary, the Trust shall not disclose any verbal or written information
 obtained during the foregoing meetings described in the above subjections 7.4(a)(iii)(B)(1) and
 (2) to any third party or use it for any purpose other than evaluating BNY's security
 controls, without BNY's prior written consent. The Trust shall reimburse BNY for any
 costs and expenses reasonably incurred in connection with the Trust's review (including
 that of the regulatory or supervisory authority personnel) of BNY's security controls
 and data center.

4) *Security Incident Management & Breach Notification*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. BNY will maintain a documented incident
 management process designed to detect security events and response to the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In the event of a declared Security Incident,
 BNY will activate its incident response plan, including to: (i) notify the Trust within
 three business days; (ii) provide updates to the Trust regarding BNY's response;
 and (iii) use reasonable efforts to implement measures designed to prevent reoccurrence
 of Security Incidents of a similar nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. "Security Incident" means any
 known: (i) breach of nonpublic personal information as defined in the Gramm-Leach-Bliley
 Act of 1999 ("NPPI") that is notifiable under state law; or (ii) unauthorized
 access to, disruption, or misuse of a component of BNY's network that directly impacts
 its provisions of the Services.

5) BNY will implement business continuity and disaster recovery plans designed to minimize interruptions of service and enhance recovery of systems and applications used to provide the Services under this Agreement. Such plans will cover the facilities, systems, backups, applications and employees that are critical to the provision of the Services, and such plans will be tested regularly to assess if the recovery strategies, requirements and protocols are viable and sustainable. BNY will maintain encrypted data backups to the same extent that the data is encrypted in the production environment based on BNY's policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Compensation</u>.

For the services provided hereunder, the Trust agrees to pay BNY such compensation as is mutually agreed to in writing by the Trust and BNY from time to time and such reasonable out-of-pocket expenses (<u>e.g.</u>, telecommunication charges, postage and delivery charges, costs of independent compliance reviews, record retention costs, reproduction charges and transportation and lodging costs) as are incurred by BNY in performing its duties hereunder. Except as hereinafter set forth, compensation shall be calculated and accrued daily and, unless otherwise agreed by the parties, paid monthly. Upon termination of this Agreement before the end of any month, the compensation for such part of a month shall be prorated according to the proportion which such period bears to the full monthly period and shall be payable upon the effective date of termination of this Agreement. For the purpose of determining compensation payable to BNY, the Trust's net asset value shall be computed at the times and in the manner specified in the Trust's Offering Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Records; Visits</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The books and records pertaining to the Trust which are in the possession or under the control of BNY shall be the property of the Trust. The Trust and Authorized Persons shall have access to such books and records at all times during BNY's normal business hours. Upon the reasonable request of the Trust, copies of any such books and records shall be provided by BNY to the Trust or to an Authorized Person, at the Trust's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY shall keep all books and records with respect to the services to be performed by BNY hereunder in the form and manner required by Section 31 of the Investment Company Act of 1940 and the rules thereunder, as if the Trust was subject to such requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Term of Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective commencing upon the date set forth in the preamble of this Agreement the, and, unless terminated pursuant to its terms, shall continue until 11:59 PM on the date which is the third anniversary of such date (the "Initial Term"), at which time this Agreement shall terminate, unless renewed in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall automatically renew for successive terms of one (1) year each (each, a "Renewal Term"), unless the Trust or BNY gives written notice to the other party of its intent not to renew and such notice is received by the other party not less than ninety (90) days prior to the expiration of the Initial Term or the then-current Renewal Term (a "Non-Renewal Notice"). In the event a party provides a Non-Renewal Notice, this Agreement shall terminate at 11:59 PM on the last day of the Initial Term or Renewal Term, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a party materially breaches this Agreement (a "Defaulting Party") the other party (the "Non-Defaulting Party") may give written notice thereof to the Defaulting Party ("Breach Notice"), and if such material breach shall not have been remedied within thirty (30) days after the Breach Notice is given, then the Non- Defaulting Party may terminate this Agreement by giving written notice of termination to the Defaulting Party ("Breach Termination Notice"), in which case this Agreement shall terminate as of 11:59 PM on the 30th day following the date the Breach Termination Notice is given, or such later date as may be specified in the Breach Termination Notice (but not later than the last day of the Initial Term or then-current Renewal Term, as appropriate). In all cases, termination by the Non-Defaulting Party shall not constitute a waiver by the Non-Defaulting Party of any other rights it might have under this Agreement or otherwise against the Defaulting Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any other provision of this Agreement, either party may in its sole discretion terminate this Agreement immediately by sending notice thereof to the other party upon the happening of any of the following: (i) the other party commences as debtor any case or proceeding under any bankruptcy, insolvency or similar law, or there is commenced against the other party any such case or proceeding; (ii) the other party commences as debtor any case or proceeding seeking the appointment of a receiver, conservator, trustee, custodian or similar official for the other party or any substantial part of its property or there is commenced against the other party any such case or proceeding; (iii) the other party makes a general assignment for the benefit of creditors; or (iv) the other party admits in any recorded medium, written, electronic or otherwise, its inability to pay its debts as they come due. Either party may exercise its termination right under this Section 10(d) 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 10(d) shall be without any prejudice to any other remedies or rights available to each 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 10(d) shall be considered given and effective when given, not when received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trust may terminate this Agreement at any time upon thirty (30) days' prior written notice in the event that the Cayman Trustee or Delegated Sponsor determines to liquidate the Trust. BNY may terminate this Agreement at any time upon ninety (90) days' written notice for any reason and upon thirty (30) days' written notice in the event of a breach of the Trust's representations contained in Section 3(i)(e) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Either party may terminate this Agreement on written notice if the other Party undergoes a Change of Control (as defined below); provided that such notice may only be given within sixty (60) days of the terminating Party first becoming aware of such Change of Control having occurred or of the terminating Party receiving written notification of it having occurred from the other Party, whichever is the later. "Change of Control" for these purposes means either: (i) the sale of all or substantially all of the assets of a Party to an unaffiliated party; or (ii) any merger, consolidation or acquisition of the capital stock of a Party the result of which is that an unaffiliated third-party holds more than twenty-five percent (25%) of either the economics or voting capital stock of such Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In the event this Agreement terminates or expires prior to the end of a calendar quarter, other than as a result of a termination described in Sections 10(c) and 10(d) above or a termination in the event of a breach of the Trust's representations contained in Section 3(i)(e) hereof, BNY shall provide data in its possession and control as of the termination date to the Trust for the Trust's preparation and filing of its applicable Form 10-K or 10-Q.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Amendment</u>.

This Agreement may not be amended, changed or modified in any manner except by a written agreement executed by BNY and the Trust to be bound thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Assignment; Subcontracting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided, however, that this Agreement shall not be assignable or delegable by the Trust without the written consent of BNY, or by BNY without the written consent of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing: (i) BNY may assign or transfer this Agreement to any BNY Affiliate or transfer this Agreement in connection with a sale of a majority or more of its assets, equity interests or voting control, provided that BNY gives the Trust thirty (30) days' prior written notice of such assignment or transfer and such assignment or transfer does not impair the provision of services under this Agreement in any material respect, and the assignee or transferee agrees to be bound by all terms of this Agreement in place of BNY; (ii) BNY may delegate, subcontract with, hire, engage or otherwise outsource to any delegee, agent or subcontractor with respect to the performance of any one or more of the material functions, services, duties or obligations of BNY under this Agreement ("Outsourcing"), without the prior consent of the Trust, but with commercially reasonable notice to the Trust in light of the relevant circumstances of any Outsourcing of the material services, whenever and on such terms and conditions as it deems necessary or appropriate to perform its services hereunder. However, no such Outsourcing shall relieve BNY from its obligations, and subject to the Standard of Care BNY will be liable for the acts or omissions of any delegee, agent, or subcontractor to the same extent that BNY itself would be liable for such acts or omissions under this Agreement had it performed or not performed the relevant act or omission itself; and, (iii) BNY, in the course of providing certain additional services requested by the Trust, including but not limited to, Typesetting or eBoard Book services ("Vendor Eligible Services") as further described in Schedule I, may in its sole discretion, enter into an agreement or agreements with a financial printer, or electronic services provider ("Vendor") to provide BNY with the ability to generate certain reports or provide certain functionality. BNY shall not be obligated to perform any of the Vendor Eligible Services unless an agreement between BNY and the Vendor for the provision of such services is then-currently in effect, and shall only be liable for the failure to reasonably select the Vendor. Upon request, BNY will disclose the identity of the Vendor and the status of the contractual relationship, and the Trust is free to attempt to contract directly with the Vendor for the provision of the Vendor Eligible Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As compensation for the Vendor Eligible Services rendered by BNY pursuant to this Agreement, the Trust will pay to BNY such fees as may be agreed to in writing by the Trust and BNY. In turn, BNY will be responsible for paying the Vendor's fees. For the avoidance of doubt, BNY anticipates that the fees it charges hereunder will be more than the fees charged to it by the Vendor, and BNY will retain the difference between the amount paid to BNY hereunder and the fees BNY pays to the Vendor as compensation for the additional services provided by BNY in the course of making the Vendor Eligible Services available to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Governing Law; Consent to Jurisdiction.</u>

This Agreement shall be construed in accordance with the laws of the State of New York, without regard to conflict of laws principles thereof. The Trust hereby consents to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder, and waives to the fullest extent permitted by law its right to a trial by jury. To the extent that in any jurisdiction the Trust may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution, attachment (before or after judgment) or other legal process, the Trust irrevocably agrees not to claim, and it hereby waives, such immunity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Severability</u>.

In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations shall not in any way be affected or impaired thereby, and if any provision is inapplicable to any person or circumstances, it shall nevertheless remain applicable to all other persons and circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>No Waiver</u>.

Each and every right granted to BNY hereunder or under any other document delivered hereunder or in connection herewith, or allowed it by law or equity, shall be cumulative and may be exercised from time to time. No failure on the part of BNY to exercise, and no delay in exercising, any right will operate as a waiver thereof, nor will any single or partial exercise by BNY of any right preclude any other or future exercise thereof or the exercise of any other right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Notices</u>.

Other than routine communications in the ordinary course of providing or receiving services hereunder (including Instructions), all notices, requests, consents and other communications pursuant to this Agreement in writing and shall be sent as follows:

if to the Trust, at

CSC Delaware Trust Company<br> Attention: Corporate Trust Administration<br> 251 Little Falls Drive<br> Wilmington, DE 19808

**with a copy to Sponsor of the Trust:**

Morgan Stanley Investment Management Inc.<br> 1585 Broadway<br> New York, New York 10036<br> Attn: Clare Wlordarcyzk

if to BNY, at

The Bank of New York Mellon<br> 240 Greenwich Street<br> New York, New York 10286<br> Attention: ETF Operations

with a copy to:

The Bank of New York Mellon<br> 240 Greenwich Street<br> New York, New York 10286<br> Attention: Legal Dept. – Asset Servicing

or at such other place as may from time to time be designated in writing. Notices hereunder shall be effective upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Counterparts</u>.

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original; but such counterparts together shall constitute only one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each party shall keep confidential any information relating to the other party's business ("Confidential Information"). Confidential Information shall include (a) the terms of this agreement, (b) any data or information that is competitively sensitive material, and not generally known to the public, including, but not limited to, information about product plans, marketing strategies, finances, operations, customer relationships, customer profiles, customer lists, sales estimates, business plans, and internal performance results relating to the past, present or future business activities of the Trust or BNY and their respective subsidiaries and affiliated companies; (c) any scientific or technical information, design, process, procedure, formula, or improvement that is commercially valuable and secret in the sense that its confidentiality affords the Trust or BNY a competitive advantage over its competitors; (d) all confidential or proprietary concepts, documentation, reports, data, specifications, computer software, source code, object code, flow charts, databases, inventions, know-how, and trade secrets, whether or not patentable or copyrightable; and (e) anything designated as confidential.

Notwithstanding the foregoing, information shall not be Confidential Information and shall not be subject to such confidentiality obligations if it: (a) is already known to the receiving party at the time it is obtained; (b) is or becomes publicly known or available through no wrongful act of the receiving party; (c) is rightfully received from a third party who, to the best of the receiving party's knowledge, is not under a duty of confidentiality; (d) is released by the protected party to a third party without restriction; (e) is requested or required to be disclosed by the receiving party pursuant to a court order, subpoena, governmental or regulatory agency request or law; (f) is relevant to the defense of any claim or cause of action asserted against the receiving party; (g) is Trust information provided by BNY in connection with an independent third party compliance or other review; (h) is released in connection with the provision of services under this Agreement; or (i) has been or is independently developed or obtained by the receiving party. The provisions of this Section 18 shall survive termination of this Agreement for a period of one (1) year after such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 Group"). The BNY 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 BNY to disclose information regarding the Trust ("Customer-Related Data") to the BNY Group and to its third-party service providers who are subject to confidentiality obligations with respect to such information and (ii) BNY 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 Group or its service providers. The BNY Group may aggregate Customer-Related Data with other data collected and/or calculated by the BNY Group, and notwithstanding anything in this Agreement to the contrary the BNY Group will own all such aggregated data, provided that the BNY 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. Any distribution of such aggregated data shall not be in a format that can be reverse engineered to identify customer-related data with respect to Customer or any particular Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Non-Solicitation</u>.

During the term of this Agreement and for one (1) year thereafter, the Trust shall not (with the exceptions noted in the immediately succeeding sentence) knowingly solicit or recruit for employment or hire any of BNY's employees, and the Trust shall cause the Trust's Delegated Sponsor and any affiliates of the Trust to not (with the exceptions noted in the immediately succeeding sentence) knowingly solicit or recruit for employment or hire any of BNY's employees. To "knowingly" solicit, recruit or hire within the meaning of this provision does not include, and therefore does not prohibit, solicitation, recruitment or hiring of a BNY employee by the Trust, the Delegated Sponsor or an affiliate of the Trust if the BNY employee was identified by such entity solely as a result of the BNY employee's response to a general advertisement by such entity in a publication of trade or industry interest or other similar general solicitation by such entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Several Nature of Trust Obligations</u>

The Parties acknowledge and agree that where "Trust" refers to multiple trusts as listed on Appendix A, each such trust is a separate Trust under this Agreement. The obligations of each Trust under this Agreement are several and not joint. If at any time one or more Trust ceases to be a party to this Agreement (whether by reason of termination of this Agreement with respect to such Trust, dissolution, liquidation or otherwise), this Agreement shall continue in full force and effect with respect to all remaining Trusts. No Trust shall have any liability or responsibility for the obligations, representations, warranties, acts or omissions of any other Trust under this Agreement.

[Signature page follows.]

IN WITNESS WHEREOF, the parties hereto have caused the foregoing instrument to be executed by their duly authorized officers and their seals to be hereunto affixed, all as of the latest date set forth below.

---

| | |
|:---|:---|
| MORGAN STANLEY INVESTMENT MANAGEMENT, INC. AS SPONSOR FOR AND ON BEHALF OF EACH ENTITY LISTED ON APPENDIX A | MORGAN STANLEY INVESTMENT MANAGEMENT, INC. AS SPONSOR FOR AND ON BEHALF OF EACH ENTITY LISTED ON APPENDIX A |
| By: |  |
| Name: | Andrew Onslow |
| Title: | Managing Director |
| Date: |  |
| THE BANK OF NEW YORK MELLON | THE BANK OF NEW YORK MELLON |
| By: |  |
| Name: | Michael Gronsky |
| Title: | Senior Vice President |
| Date: |  |

---

**<u>EXHIBIT A</u>**

________________________________, a [Delaware] trust (the "Trust"), by its Sponsor, Morgan Stanley Investment Management Inc., hereby certifies that:

The following individuals are officers or authorized representatives of the Sponsor who are authorized to act on behalf of the Trust as an Authorized Person under the Fund Administration and Accounting Agreement dated as of _____________________, 2026, between the Trust and The Bank of New York Mellon.

Name Position Signature <br>      

The signatures set forth above are the true and correct signatures of such individuals

Morgan Stanley Bitcoin Trust

By: Morgan Stanley Investment Management Inc., as Sponsor

**<u>SCHEDULE I</u>**

<u>Schedule of Services</u>

All services provided in this Schedule of Services are subject to the review and approval of the appropriate Trust officers, Trust counsel and accountants of the Trust, as may be applicable. The services included on this Schedule of Services may be provided by BNY or a BNY Affiliate, collectively referred to herein as "BNY".

**<u>VALUATION AND COMPUTATION ACCOUNTING SERVICES</u>**

BNY shall provide the following valuation and computation accounting services for the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Journalize
 investment, capital share and income and expense activities. For the avoidance of doubt,
 "income" may also include staking rewards, as instructed to BNY from the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Maintain
 individual ledgers for Trust assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ aintain
 certain financial books and records for the Trust, including creation and redemption books
 and records, and Trust accounting records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Maintain
 historical lots for Trust assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Reconcile
 cash (if applicable) and investment balances of the Trust with the Trust's custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Calculate
 various contractual expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Calculate
 capital gains and losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Obtain
 quotes from pricing services as directed and approved by the Delegated Sponsor, or if such
 quotes are unavailable, then obtain such prices from the Delegated Sponsor, and in either
 case, calculate the market value of the Trust's assets in accordance with the Trust's
 valuation policies or guidelines; provided, however, that BNY shall not under any circumstances
 be under a duty to independently price or value any of the Trust's assets itself or
 to confirm or validate any information or valuation provided by the Delegated Sponsor or
 any other pricing source, nor shall BNY have any liability relating to inaccuracies or otherwise
 with respect to such information or valuations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Compute
 net asset value, calculated in the manner described in the Trust's Offering Materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transmit
 or make available a copy of the daily portfolio valuation to the Delegated Sponsor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Publish
 basket to NSCC on each day on which trading occurs on the primary exchange on which the Trust's
 shares trade.

**<u>FINANCIAL REPORTING</u>**

BNY shall provide the following financial reporting services for the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ *Financial Statement Preparation & Review* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prepare
 financial statements for the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prepare
 the Trust's periodic shareholder reports, including certain information furnished by
 the Trust to BNY, as required pursuant to the Securities and Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prepare,
 circulate and maintain the Trust's financial reporting production calendar;

**<u>TAX SERVICES</u>**

BNY shall provide the following tax services for the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prepare
 annual widely held fixed investment trust tax reporting statements for client review and
 approval by no later than 20 days after the close of the tax reporting year.

**<u>FUND ADMINISTRATION SERVICES</u>**

BNY shall provide the following fund administration services for the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Establish
 appropriate expense accruals and compute expense ratios, maintain expense files and coordinate
 the payment of Trust approved invoices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Calculate
 Trust approved income and per share amounts required for periodic distributions to be made
 by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Calculate
 total return information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Coordinate
 the Trust's annual audit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Supply
 various normal and customary portfolio and Trust statistical data as requested on an ongoing
 basis; and

IRS CIRCULAR 230 DISCLOSURE:

To ensure compliance with requirements imposed by the Internal Revenue Service, BNY informs the Trust that any U.S. tax advice contained in any communication from BNY to the Trust (including any future communications) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein or therein.

**APPENDIX A**

**Trusts**

**Morgan Stanley Bitcoin Trust**

## Exhibit 10.6

**Exhibit 10.6**

**EXECUTION VERSION**

![](tm2534140d8_ex10-6img001.jpg)

**TRANSFER AGENCY AND SERVICE AGREEMENT**

THIS AGREEMENT is made as of the 4th day of March, 2026, (the "Effective Date") by and between the Morgan Stanley Trusts as listed on Appendix A (collectively, as Appendix A may be amended from time to time, the "Trust"), each a Delaware statutory trust, having its principal office and place of business at 1585 Broadway, New York, NY 10036 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 240 Greenwich Street, New York, New York 10286 (the "Bank").

This Agreement shall constitute separate agreements, each between a single Trust and the Bank, as if such Trust had executed a separate Agreement naming only itself as the Trust, and no Trust shall have any liability for the obligations of any other Trust.

WHEREAS, the Trust will ordinarily issue for purchase and redeem shares of the Trust (the "Shares) only in aggregations of Shares known as "Creation Units" (currently 10,000 shares) (each a "Creation Unit") 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 all Shares; and WHEREAS, the Trust desires to appoint the Bank as its transfer agent, dividend disbursing 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. <u>Terms of Appointment; Duties of the Bank</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, and as the Trust's dividend disbursing agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. Pursuant to such appointment, the Bank agrees that it will perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In accordance with the terms and conditions of this Agreement and the Authorized Participant Agreements prepared by the Trust's distributor ("Distributor"), a copy of which is attached hereto as Exhibit A, the Bank shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Perform and facilitate the performance of purchases and redemption of Creation Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Prepare and transmit by means of DTC's book-entry system payments for dividends and distributions on or with respect to the Shares, if any, declared by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 authorized, based upon data provided to it by the Trust. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) On days that the Trust may accept orders for purchases or redemptions (pursuant to the Authorized Participant Agreement), transmit to the Bank, the Trust and DTC the amount of Shares purchased on such day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Confirm to DTC the number of Shares issued to the Shareholder, as DTC may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Prepare and deliver other reports, information and documents to DTC as DTC may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Distribute or maintain, as directed by the Trust, amounts related to purchases and redemptions of Creation Units, dividends and distributions, variation margin on derivative securities and collateral;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 (as defined in each Authorized Participant Agreement) purchasing or redeeming Shares, the amount of Shares purchased or redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Receive from the Distributor (as defined in the Authorized Participant Agreement) or from its agent purchase orders from Authorized Participants for Creation Unit 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 of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Receive from the Authorized Participants redemption requests, deliver the appropriate documentation thereof to the Trust's sponsor (which, for the purposes of this agreement, references to "sponsor" may mean a delegated sponsor) with respect to redemptions for cash and for redemptions in-kind, 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 Unit Aggregations of Shares held in the account of the Shareholder; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) The Bank may execute transactions directly with Authorized Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) 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. The Trust will be responsible for confirming the receipt of assets in connection with creation activity and the withdrawal of assets in connection with redemption activity prior to the creation or redemption of Creation Units by the Bank. The Bank has no responsibility to independently verify the accuracy of such information provided to it by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) Except as otherwise instructed by the Trust, the Bank shall process all transactions for the Trust 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Unit 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The following shall be delivered to DTC participants as identified by DTC as the Shareholder for book-entry only securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Annual and semi-annual reports of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Trust proxies, proxy statements and other proxy soliciting materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Trust prospectus and amendments and supplements thereto, including stickers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Other communications as the Trust may from time to time identify as required by law or as the Trust may reasonably request

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Bank shall provide additional services, if any, as may be agreed upon in writing by the Trust and the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Bank shall keep records relating to the services to be performed hereunder, in the form and manner to the extent required by Section 31 of the Investment Company Act of 1940 and the rules thereunder (the "Rules") as if the Trust was subject to such 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 and Rules, and will be surrendered promptly to the Trust on and in accordance with its request.

2. <u>Fees and Expenses</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. The Bank shall receive from the Trust such compensation for its 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 upon 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 upon the date of termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. In addition to the fee paid under Section 2.1 above, the Trust agrees to reimburse the Bank for reasonable 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 dividend distributions and 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. The Trust agrees to pay all fees and reimbursable expenses within thirty (30) days following the receipt of the respective billing notice accompanied by supporting documentation, as appropriate, unless otherwise agreed by the Parties. Postage for mailing of dividends, proxies, Trust reports and other mailings to all shareholder accounts shall be advanced to the Bank by the Trust at least seven (7) days prior to the mailing date of such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Trust or the Trust's sponsor and that, if required by applicable law, the Trust or the Trust's sponsor has approved or will approve the terms of this Agreement, and any such fees, expenses, and benefits.

3. <u>Representations and Warranties of the Bank</u> 

The Bank represents and warrants, which representations and warranties shall be deemed to be continuing, to the Trust that:

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

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

It is empowered under applicable laws and by its Charter and By-Laws to act as transfer agent and dividend disbursing agent and to enter into, and perform its obligations under, this Agreement.

All requisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement.

It has and will continue to have access to the necessary facilities, equipment and personnel to perform its duties and obligations under this Agreement.

The Bank maintains policies and procedures reasonably designed to ensure compliance with anti-corruption laws, anti-money laundering laws, and sanctions laws applicable to the Bank's provision of services under this Agreement. It is conducting its business in material compliance with all laws and regulations applicable to the Bank in its capacity as a service provider hereunder, has made and will continue to make all necessary filings including tax filings and has obtained all regulatory licenses, approvals and consents necessary to carry on its business as now conducted; and there is no provision of its organizational documents, nor of contract which would prohibit its execution or performance of this Agreement.

4. <u>Representations and Warranties of the Trust</u> 

The Trust represents and warrants to the Bank that:

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

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

A registration statement under the Securities Act of 1933, as amended, on behalf of the Trust will become effective and will remain effective and appropriate state securities law filings will be made and will continue to be made, with respect to all Shares of the Trust being offered for sale.

5. <u>Indemnification</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 losses, damages, costs, charges, counsel fees, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. This indemnification provision shall apply to actions taken or omissions pursuant to this Agreement or a Participant Agreement.

6. <u>Standard of Care and Limitation of Liability</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. In performing its duties under this Agreement, the Bank will exercise the same standard of care and diligence that a professional transfer agent, dividend disbursing agent, and agent engaged in the banking or trust company industry would observe in these affairs taking into account the prevailing rules, practices, procedures and circumstances in the relevant market acting without bad faith, gross negligence, or willful misconduct ("Standard of Care").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. The Bank shall have no responsibility and shall not be liable for any Losses incurred by the Trust, except for those Losses arising out of the Bank's failure to perform its obligations under this Agreement, in accordance with the Standard of Care, subject to the clarifications and exceptions set forth in this Section 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Consistent with Section 7.1 herein, subject to the Standard of Care, the Bank will be liable for all acts and omissions of its subcontractors to the same extent as if the Bank was itself performing the relevant duties, except as provided in this Section 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each party (and their respective affiliates) will have a duty to mitigate damages or Losses hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. 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 Bank or the Trust be liable for special, indirect or consequential damages, regardless of the form of action and even if the same were foreseeable, provided that this consequential damages waiver contained in Section 6.3 shall not apply to the Trust's duty to indemnify the Bank pursuant to Section 5 herein. For purposes of this Agreement, none of the following shall be or be deemed a breach of the Bank's Standard of Care:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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. <u>Concerning the Bank</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bank may delegate, subcontract with, hire, engage or otherwise outsource to any delegee, agent, or subcontractor with respect to the performance of any one or more of the material functions, services, duties or obligations of the Bank under this Agreement ("Outsourcing"), without the prior consent of the Trust, but with commercially reasonable notice to the Trust in light of the relevant circumstances,— whenever and on such terms and conditions as it deems necessary or appropriate to perform its services hereunder. However, no such Outsourcing shall discharge the Bank from its obligations hereunder, and the Bank will be liable for the acts or omissions of any delegee, agent, or subcontractor to the same extent that the Bank itself would be liable for such acts or omissions under this Agreement had it performed or not performed the relevant act or omission itself subject to the Standard of Care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. Trust and/or its designee (including any of Trust's investment managers) will furnish the Bank with one or more written lists or other documentation acceptable to the Bank specifying the names and titles of, or otherwise identifying, all persons authorized to act on behalf of the Trust with respect to this Agreement (each, an "Authorized Person"). Trust will be responsible for keeping such lists and/or other documentation current, and will update such lists and/or other documentation, as necessary from time to time. The Bank shall be entitled to conclusively rely upon any written or oral instruction issued by an Authorized Person 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. Information Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Term of this Agreement, the Bank will implement and maintain an information security program ("ISP") with written policies and procedures reasonably designed to protect the confidentiality and integrity of the Trust's Confidential Information provided to the Bank in accordance with this Agreement and when in the Bank's possession or under the Bank's control ("Trust Data"). The ISP will include administrative, technical and physical safeguards, appropriate to the type of Trust Data concerned, reasonably designed to : (i) maintain the integrity, confidentiality and availability of Trust Data; (ii) protect against anticipated threats or hazards to the security or integrity of Trust Data; (iii) protect against unauthorized access to or use of Trust Data that could result in substantial harm or inconvenience to the Trust or its clients; and, (iv) provide for secure disposal of Trust Data. The Bank's program is dynamic and may be modified to address technological changes or changes in the threat landscape, the Bank's business activities or other factors. The Bank reserves the right to modify the ISP at any time, provided that the Bank shall not diminish the overall level of protection the ISP is intended to provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Logging.* The ISP will require the maintenance of network and application logs as part of the Bank's security information and event management processes. Logs are retained in accordance with law applicable to the Bank's provision of the services as well as the Bank's applicable policies. The Bank uses various tools in conjunction with such logs, which may include behavioral analytics, security monitoring case management, network traffic monitoring and analysis, IP address management and full packet capture. Logs may be centralized and correlated for security event alerting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Data Security.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) *Identity and Access Management.* The
 Bank will implement reasonable and industry recognized user access rules for users accessing
 Trust Data based on the need to know and the principle of least privilege, including user
 ID and password requirements, session timeout and reauthentication requirements, unsuccessful
 login attempt limits, privileged access limits and multifactor authentication or equivalent
 safeguard where risk factors indicate that single factor is inadequate. The Bank's
 identity and access management processes include the identification, authentication, authorization
 and periodic recertification of information users at the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) *Data Segregation.* The ISP will require that: (i) Trust Data is stored in either physically or logically segregated databases from other Bank data; and (ii) different databases are maintained for development, testing, staging and production environments used in the provision of services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) *Encryption.* The Bank will: (i) encrypt Trust Data in transit to an external network using transport layer security or other encryption method; and (ii) protect Trust Data at rest, in each case as the Bank determines to be appropriate in accordance with the ISP and law applicable to the Bank's provision of the services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) *Remote Access.* The ISP will restrict remote access to the Bank systems used to provide the services to authorized users using multifactor authentication or equivalent safeguard, and will require such access to be logged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) *Devices.* The Bank will restrict the transfer of Trust Data from its network to mass storage devices. The Bank will use a mobile device management system or equivalent tool when mobile computing is used to provide the services. Applications on such authenticated devised will be housed within an encrypted contained and the Bank will maintain the ability to remote wipe the contents of the container.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) *Disposal.* The Bank will maintain chain of custody procedures and require that any Trust Data requiring disposal be rendered inaccessible, cleaned or scrubbed from such hardware and/or media using industry recognized methods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) *Physical Security.* The Bank will deploy perimeter security such as barrier access controls around its facilities processing or storing Trust Data. The ISP will include: (i) procedures for validating visitor identity and authorization to enter the premises, which may include identification checks, issuance of identification badges and recording of entry purpose of visit; and (ii) physical security policies for personnel, such as a "clean desk" policy. In accordance with its ISP and applicable law, the Bank will install closed circuit television ("CCTV") systems and CCTV recording systems to monitor and record access to controlled areas, such as data centers and server rooms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Audit Rights*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Bank shall, no more than once in a 12 month period: (i) upon request, provide a copy of its most recent System and Organization Controls (SOC) or equivalent external audit report to the Trust, which the Trust may disclose solely to its internal or external auditors that are subject to written confidentiality obligations to use reasonable care to safeguard the report and not to disclose the report to any third party or use the report for any purpose other than evaluating the Bank's security controls; (ii) engage a third party provider to perform penetration testing of the Bank's systems used to provide the services (subject to agreed upon rules of engagement) and, upon request, provide the Trust confirmation of such testing; and (iii) upon request, participate in the Trust's reasonable information security due diligence questionnaire process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Bank shall also, no more than once in any 12 month period and upon request, on a mutually agreed date during business hours and subject to the Bank's facility security policies and availability of personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Meet with the Trust's subject matter
 experts in a Bank clean room to review information security policies, procedures and similar
 related information; provided that no documentation may be copied, disclosed to any third
 party, or transmitted or removed from Bank premises except as mutually agreed in writing;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Permit
 access to a Bank data center used to process Trust Data and provide the services by no more
 than 3 Trust representatives, including employees of a regulatory or supervisory authority
 of the Trust that is also a regulatory or supervisory authority of the Bank, for a maximum
 of 3 hours in order to conduct a visual inspection of the environment and its controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Notwithstanding
 any other provision in the Agreement to contrary, the Trust shall not disclose any verbal
 or written information obtained during the foregoing meetings described in the above subjections
 7.4(a)(iii)(B)(1) and (2) to any third party or use it for any purpose other
 than evaluating the Bank's security controls, without the Bank's prior written
 consent. The Trust shall reimburse the Bank for any costs and expenses reasonably incurred
 in connection with the Trust's review (including that of the regulatory or supervisory
 authority personnel) of the Bank's security controls and data center.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Security Incident Management & Breach Notification*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Bank will maintain a documented incident management process designed to detect security events and respond to the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the event of a declared Security Incident, the Bank will activate its incident response plan, including to: (i) notify the Trust within three business days; (ii) provide updates to the Trust regarding the Bank's response; and, (iii) use reasonable efforts to implement measures designed to prevent reoccurrence of Security Incidents of a similar nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) "Security Incident" means
 any known: (i) breach of nonpublic personal information as defined in the Gramm-Leach-Bliley
 Act of 1999 ("NPPI") that is notifiable under state law; or (ii) unauthorized
 access to, disruption, or misuse of a component of the Bank's network that directly
 impacts its provision of the services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Business Continuity/Disaster Recovery.* The Bank will implement business continuity and disaster recovery plans designed to minimize interruptions of service and enhance recovery of systems and applications used to provide the services under this Agreement. Such plans will cover the facilities, systems, backups, applications and employees that are critical to the provision of the services, and such plans will be tested regularly to assess if the recovery strategies, requirements and protocols are viable and sustainable. The Bank will maintain encrypted data backups to the same extent that the data is encrypted in the production environment based on the Bank's policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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 reply upon and follow the written legal advice without liability hereunder provided it otherwise acts in compliance with this Agreement and notifies the Trust of its determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, e-mail 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

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

8. <u>Providing of Documents by the Trust and Transfers of Shares</u> 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A certified copy of the amendment to the Trust's Declaration of Trust and Trust Agreement with respect to such increase, decrease or change; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An opinion of counsel for the Trust, in a form satisfactory to the Bank, with respect to 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. Prior to the issuance of any additional Shares pursuant to stock dividends, stock splits or otherwise, and prior to any reduction in the number of Shares outstanding, the Trust shall deliver to the Bank:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An opinion of counsel for the Trust, in a form satisfactory to the Bank, with respect to 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6. The Bank and the Trust agree that all books, records, confidential, non-public, or proprietary information, information that is either marked or identified in writing as confidential, proprietary, or secret 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 ("Confidential Information") 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, except as may be or may become required by law, by administrative or judicial order or by rule. Each party agrees to a) secure and protect the Confidential Information of the other party from unauthorized use or disclosure by using at least the same degree of care as the party employs to avoid unauthorized use of or disclosure of its own Confidential Information, but in no event less than reasonable care and (b) not duplicate any material containing the Confidential Information of the other party except in the direct performance of its obligations hereunder. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7. In case of any requests or demands for the inspection of the Shareholder records of the Trust, the Bank will promptly employ reasonable commercial efforts to 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.

9. <u>Termination of Agreement</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. The term of this Agreement shall be three years commencing upon the Effective Date (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 ninety (90) days prior to the end of the Initial Term or any Subsequent Term or, unless earlier terminated as provided below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 ninety (90) days of receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust may terminate this Agreement at any time upon thirty (30) days' prior written notice in the event that the Trust's sponsor determines to liquidate the Trust. The Bank may terminate this Agreement at any time upon ninety (90) days' written notice for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. Should the Trust exercise its right to terminate, all out of pocket expenses associated with the movement of records and material will be borne by the Trust. Termination by a party of this Agreement will be without prejudice to and with full reservation of any other rights and remedies available to the other party. Termination will not affect any of the obligations either party owes to the other arising under this Agreement prior to such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. <u>Additional Series</u> 

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.

11. <u>Assignment</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 that the Bank may, without the consent of the Trust, assign this Agreement or any of its rights, or delegate any of its duties hereunder: (a) to any Bank affiliate; (b) to any successor to the business of the Bank to which this Agreement relates, in which event the Bank agrees to provide notice of such successor to the Trust or (c) as otherwise permitted in this Agreement; provided further that any entity to which this Agreement is assigned by the Bank without the prior written consent of the Trust pursuant to the foregoing will satisfy the requirements for serving as a transfer agent. Any purported assignment or delegation by a party in violation of this provision will be voidable at the option of the other party. This Agreement will be binding upon, and inure to the benefit of, the parties and their respective permitted successors and assigns.

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

12. <u>Severability and Beneficiaries</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. This Agreement is solely for the benefit of the Bank and the Trust, and none of any Authorized Participant (as defined in the Authorized Participant Agreement), the Distributor, any Shareholder or beneficial owner of any Shares shall be or be deemed a third party beneficiary of this Agreement.

13. <u>Amendment</u> 

This Agreement may be amended or modified by a written agreement executed by both parties.

14. <u>New York Law to Apply</u> 

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. <u>Merger of Agreement</u> 

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.

16. <u>Notices</u> 

Other than routine communications in the ordinary course of providing or receiving services hereunder (including Instructions), all notices, requests, consents and other communications pursuant to this Agreement in writing shall be sent as follows:

If to the Bank:

The Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

Attention: ETF Operations

with a copy to:

The Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

Attention: Legal Dept. — Asset Servicing

If to the Trust:

CSC Delaware Trust Company<br> Attention: Corporate Trust Administration<br> 251 Little Falls Drive<br> Wilmington, DE 19808

**with a copy to Sponsor of the Trust:**

Morgan Stanley Investment Management Inc.<br> 1585 Broadway<br> New York, New York 10036<br> Attn: Clare Wlodarcyzk

or at such other place as may from time to time be designated in writing. Notices hereunder shall be effective upon receipt.

17. <u>Information Sharing</u> 

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 Group"). The BNY 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 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 Group or its service providers. The BNY Group may aggregate Customer-Related Data with other data collected and/or calculated by the BNY Group, and notwithstanding anything in this Agreement to the contrary the BNY Group will own all such aggregated data, provided that the BNY 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. Any distribution of such aggregated data shall not be in a format that can be reverse engineered to identify customer-related data with respect to any Particular Trust.

18. <u>Counterparts</u> 

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.

19. <u>Several Nature of Trust Obligations</u> 

The Parties acknowledge and agree that where "Trust" refers to multiple trusts as listed on Appendix A, each such trust is a separate Trust under this Agreement. The obligations of each Trust under this Agreement are several and not joint. If at any time one or more Trust ceases to be a party to this Agreement (whether by reason of termination of this Agreement with respect to such Trust, dissolution, liquidation or otherwise), this Agreement shall continue in full force and effect with respect to all remaining Trusts, and Appendix A shall be deemed automatically amended to remove any such exiting Trust without further action by the Parties. No Trust shall have any liability or responsibility for the obligations, representations, warranties, acts or omissions of any other Trust under this Agreement.

[Signature page follows.]

**EXECUTION VERSION**

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.

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|:---|:---|
| MORGAN STANLEY INVESTMENT | MORGAN STANLEY INVESTMENT |
| MANAGEMENT, INC. AS SPONSOR FOR AND ON BEHALF OF EACH ENTITY LISTED ON APPENDIX A | MANAGEMENT, INC. AS SPONSOR FOR AND ON BEHALF OF EACH ENTITY LISTED ON APPENDIX A |
| By: |  |
|  | Name: |
|  | Title: |
|  | Date: [·], 2026 |

---

---

| | |
|:---|:---|
| THE BANK OF NEW YORK MELLON | THE BANK OF NEW YORK MELLON |
| By: |  |
|  | Name: |
|  | Title: |
|  | Date: [·], 2026 |

---

**EXECUTION VERSION**

**SCHEDULE A**

**<u>Books And Records To Be Maintained By The Bank</u>**

Source Documents requesting Creations and Redemptions (including dates and times of orders)

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

**EXECUTION VERSION**

**<u>EXHIBIT A</u>**

Form of Authorized Participant Agreement

**EXECUTION VERSION**

**APPENDIX A**

**Trusts**

**Morgan Stanley Bitcoin Trust**

## Exhibit 10.7

**Exhibit 10.7**

---

| | |
|:---|:---|
| ![](tm2534140d8_ex10-7img002.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

**<u>CoinDesk Indices Master License Agreement</u>**

This Master License Agreement (this "Master Agreement") is made as of March 9, 2026 (the "Effective Date") by and between CoinDesk Indices, Inc., a Delaware corporation ("CDI"), having its principal place of business at 169 Madison Ave, Suite 2635, New York, NY 10016 and Morgan Stanley Investment Management Inc., a corporation organized under the laws of the State of Delaware ("Client") having its primary place of business at 1585 Broadway, New York, NY 10036, to enable Client and Client's affiliates, including certain trusts sponsored by the Client (the "Trusts"), to make use of, as required, certain of CDI products and services as further discussed and defined below. Each of the parties hereto may be referred to herein collectively as the "Parties" or each, a "Party."

**1.** **<u>Service(s)</u>**. Subject to the terms hereunder, CDI will provide Client with the Services (defined below) as set forth on the applicable Service Schedule(s) (defined below). As used herein the following terms have the following ascribed meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.** "Agreement" means the terms and conditions of this Master Agreement together with the applicable Service Schedule, as the same may be amended in writing by the Parties from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.** "Applicable Law" means all applicable laws, rules, regulations, administrative, judicial and governmental orders, including the rules of any applicable self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3.** "CDI Materials" means any, or part of, the Data, Marks and Methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.** "Data" means all index data, trend indicators, rates, and/or related information made available to Client as part of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5.** "Services" means the CDI Materials, which may include Data, and related and/or ancillary products and/or services to be provided or licensed by CDI to Client, as set forth and/or further described in a Service Schedule and as may be updated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6.** "Service Schedule" means a schedule in a form mutually agreed to by CDI and Client and entered into by the Parties from time to time setting out the Services to be provided and/or licensed by CDI to Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7.** "Marks" means the trademarks CoinDesk and/or CoinDesk Indices, including any particular CDI index name, together with any other trade names, trademarks, or service marks used by CDI or its third-party licensors in commerce in association with CDI's indices and as may expressly be set forth in a Service Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8.** "Methodology" means the methodology, process, procedure, formula, algorithm, and/or rules relating to the construction, calculation, and/or distribution of Data.

**2.** **<u>Fees and Payments</u>**. Client agrees to pay the fees as set forth on the applicable Service Schedule and as otherwise set forth herein in accordance with the payment terms in the Agreement. Unless otherwise set forth on the applicable Service Schedule, all amounts payable hereunder shall be payable in full, within sixty (60) days of the receipt of a valid invoice. A one and a half percent (1.5%) monthly service charge or the highest amount permissible by Applicable Law, if less, is payable on all undisputed overdue balances that are outstanding more than ninety (90) days after the due date of the invoice. Such service charge is in addition to the overdue balance. All fees are exclusive of, and Client is responsible for paying, pre-approved reimbursable expenses mutually agreed in writing, and applicable federal, state and local sales, use, excise or other applicable taxes other than taxes on the net income of CDI. CDI may reflect any such taxes in invoices submitted to Client by CDI.

---

| | |
|:---|:---|
| ![](tm2534140d8_ex10-7img002.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

**3.** **<u>Term</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.** The Master Agreement shall be effective on and from the Effective Date and shall continue in effect until no Service Schedules are in effect, or as otherwise terminated in accordance with its terms or in accordance with law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.** Each Service Schedule shall, unless otherwise set forth therein, be effective on and from the applicable effective date set forth therein, shall continue for an initial term of three (3) years ("Initial Term"), and shall automatically renew for successive one (1) year renewal terms (each a "Renewal Term" and, with the Initial Term, the "Term"), unless either Party notifies the other Party of its intent not to renew a Service Schedule with no less than ninety (90) days written notice to the other Party prior to the commencement of any Renewal Term, as applicable. This is always subject to the earlier termination of such Service Schedule in accordance with this Master Agreement, the provisions of a particular Service Schedule or otherwise in accordance with law or equity.

**4.** **<u>Termination</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.** Either Party may terminate the Agreement due to a material breach of the Agreement by the other Party: (a) 30 days' following its receipt of notice of the breach where the breach is reasonably capable of being cured and the breaching Party fails to cure such breach to the non-breaching Party's reasonable satisfaction or (b) with immediate effect where such breach is not reasonably capable of being cured. Either Party may terminate this Agreement on written notice if the other Party undergoes a Change of Control (as defined below); provided that such notice may only be given within 60 days of the terminating Party first becoming aware of such Change of Control having occurred or of the terminating Party receiving written notification of it having occurred from the other Party, whichever is the later. "Change of Control" for these purposes means either: (i) the sale of all or substantially all of the assets of a Party to an unaffiliated party; or (ii) any merger, consolidation or acquisition of the capital stock of a Party the result of which is that an unaffiliated third-party holds more than twenty-five percent (25%) of either the economics or voting capital stock of such Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.** Upon any termination or expiration of the Agreement or cancellation of Client's subscription to any Services, except with respect to any Service that includes Data for which Client has purchased an ongoing history product from CDI and paid to CDI all fees and other amounts associated with such ongoing data history product, Client shall with respect to such terminated Services: (i) cease, within sixty (60) days of the termination or expiration of this Agreement, all use of the applicable Services, including use of the relevant Data and other CDI Materials to operate, maintain, support, and wind down any financial products or services issued by Client prior to the effective date of termination or expiration; and (ii) expunge all Data and other CDI Materials and any portion or copies thereof accessed or obtained from such Services from all of Client's electronic systems within sixty (60) days of the termination or expiration of this Agreement, provided that Client may retain portions of such Data and other CDI Materials only to the extent necessary for compliance with Applicable Law and only if such retained Data and other CDI Materials are: (1) maintained in a secure, archival-type environment; (2) used by Client solely to the extent necessary to respond to investigations and/or audit requests from relevant regulatory agencies or as otherwise required by Applicable Law following termination of the Agreement or cancellation of Client's subscription to such Data and/or other CDI Materials thereunder. At CDI's request, Client shall certify to CDI in writing that Client has fully complied with this paragraph. Sections 2, 4, 5, 6.2, 7, 8, 9, 10, 11, 12, and 15 shall survive termination or expiration of the Term for any reason.

---

| | |
|:---|:---|
| ![](tm2534140d8_ex10-7img002.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

**5.** **<u>Use of Brands; Marketing</u>**. Each Party (the "Using Party") may use the other Party's (the "Brand Owner") name, trade name, trademarks and logos (collectively, the "Brands") solely (a) during the Term and solely for the purposes of the Services provided under the Agreement; (b) for certain marketing and promotional purposes as mutually agreed upon in advance, in writing, by both Parties; and (c) in accordance with reasonable guidelines published or provided by the Brand Owner in connection therewith. In connection with the foregoing, Client acknowledges that CDI's brand is "CoinDesk Indices" and not simply "CoinDesk." CDI may, with Client's prior written consent, identify Client as a customer of CDI and describe the Services used by Client and Client's experience with such Services, and CDI may, with Client's prior written consent, develop and make available a case study, magazine article, video, press release (including a win release announcement) and/or podcast related to Client's use of the Services. All use of the Brands and the goodwill associated therewith shall inure to the sole benefit of the Brand Owner. The Using Party acknowledges that, as between the Parties, the Brand Owner is the exclusive owner of the Brands and use of the Brands pursuant to the Agreement does not convey to the Using Party any right, title or interest in or to the Brands. At no time shall the Using Party challenge or assist others in challenging the Brands or the registration thereof (except where such a limitation is prohibited by local law) or attempt to register any trademarks, service marks or trade names confusingly similar to those of the Brands. For clarity, Client's and its affiliates' use of CDI's Brands as reasonably necessary in relation to financial products or services issued by Client and/or any of its affiliates that reference the Services, including associated regulatory, disclosure, reporting, investor-communication and product-related materials (such as required prospectuses, shareholder reports, fact sheets, and website disclosures), shall not be considered "marketing and promotional purposes" requiring separate mutual written agreement under subsection (b), provided such use includes appropriate attribution and complies with CDI's reasonable Brand guidelines. Client shall under no circumstances give the impression, either expressly or by implication, that any such financial products or services are created, purchased, sold and/or traded by CDI.

**6.** **<u>License Grant; Restrictions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.** Subject to the terms of this Agreement, CDI hereby grants to Client and Client's affiliates during the Term a worldwide, irrevocable (save where this Agreement is terminated in accordance with its terms), non-exclusive, transferable, sublicensable license to access and use the Services for its business purposes and for no other purpose whatsoever except as may expressly set forth in a Service Schedule(s). All rights not expressly granted to Client under this Agreement are reserved by CDI. For clarity, use by the Client and its affiliates includes use by their respective officers, employees and contractors, provided always that such use is on behalf of the Client and its affiliates only.

---

| | |
|:---|:---|
| ![](tm2534140d8_ex10-7img002.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.** Client may not use the Services in any manner not expressly permitted by the Agreement. Without limiting the foregoing, Client shall not, and shall not permit any third party to, unless expressly permitted via the applicable Service Schedule: (a) reverse engineer, decompile, disassemble or modify in any way the CDI Materials, or any part thereof; (b) rent, lease, loan, create or prepare derivative works of the CDI Materials or any part thereof, except that nothing in this Section 6.2(b) prohibits Client from generating regulatory, disclosure, reporting, investor-communication or product-related materials that reference or include the Services, Data or CDI Materials as expressly permitted under this Agreement; (c) resell, provide, make available to or permit use of or access to the CDI Materials, in whole or in part, by any person or entity other than Client and its affiliates except to the extent such use or access is expressly permitted under this Agreement or the applicable Service Schedule (including where reasonably necessary in relation to financial products or services issued by Client that reference the Services) except that Client may redistribute *de minimis* portions of Data on an occasional basis as part of Client's externally published reports, provided that Client clearly identifies CDI as the source of the Data, disclaims all liability of CDI with respect to such Data, and provided further that such reports and the information contained therein cannot be used as a source or substitute for any product or service offered by CDI); (d) use the Services to create or enhance a competitive offering or for any purpose which is competitive to CDI; (e) intentionally perform or fail to perform any other act which would result in a misappropriation or infringement of CDI's intellectual property rights in the CDI Materials; (f) attempt to use or gain unauthorized access to CDI's or to any third party's networks or equipment; (g) engage in fraudulent or otherwise illegal activity or intentionally engage in any activity that infringes the intellectual property rights or privacy rights of any individual or third party; (h) attempt to probe, scan or test the vulnerability of any system, account or network of CDI; (i) restrict, or interfere with the ability of any other person to use or enjoy CDI Materials, or cause a performance degradation to any systems used to provide the Services. Client agrees to be liable to CDI for acts and omissions of its internal users as if they were done or omitted by Client itself. Client shall use the Services in compliance with Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.** Client is responsible for obtaining the software, hardware, equipment, and data network access necessary to use the Services. Client's mobile network data and messaging rates and fees may apply if it accesses or uses the Services from a mobile device. Client is responsible for acquiring and updating compatible software, hardware, and devices necessary to access and use the Services. Client agrees to notify CDI promptly upon learning of any actual or suspected loss, theft or unauthorized use of CDI Materials or any other breach of security relating to the Service.

---

| | |
|:---|:---|
| ![](tm2534140d8_ex10-7img002.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

**7.** **<u>Intellectual Property Rights</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.** The Services are compiled, prepared, revised, selected, and arranged by CDI through the application of methods and standards of judgment developed and applied through the expenditure of substantial time, effort and money, and the Services constitute the valuable intellectual property of CDI. Client acknowledges and agrees that, as between CDI and Client, to the fullest extent permitted by Applicable Law, all right, title and interest in and to the content of Services, and all modifications and enhancements thereof or thereto, including, without limitation, all rights under copyright and patent and other intellectual property rights, belong to and are retained solely by CDI. Nothing in this Agreement prevents Client from using the Services, Data or CDI Materials as expressly permitted under this Agreement or as required by the Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.** Except as otherwise provided in any applicable Service Schedule(s) or elsewhere in this Agreement, Client agrees that it will not broadcast, retransmit, reproduce, create any derivative of the Services. Client is prohibited from violating or attempting to violate the security of the Services or interfering in any manner with any security-related feature of any method of delivering or accessing the Services. For clarity, customary use of the Services, and required attribution in connection with financial products or services issued by Client that reference the Services, including associated regulatory, disclosure, reporting, investor-communication and other product-related materials, shall not be deemed a prohibited broadcast, retransmission or derivative work, provided such use complies with the license granted under this Master Agreement and CDI's reasonable brand and attribution guidelines.

**8.** **<u>Privacy; Data Protection; Information Sharing</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.** Each Party is responsible for complying with all Applicable Laws including regarding data protection or privacy regarding information relating to an identified or identifiable natural person (collectively, "Personal Data") and shall act as independent data controllers with respect to Personal Data. Neither Client nor CDI shall not disclose to the other any irrelevant or unnecessary information about individuals. The Parties shall use reasonable efforts to assist one another in relation to the investigation and remedy of any claim, allegation, action, suit, proceeding or litigation with respect to alleged unauthorized access, use, processing or disclosure of Personal Data. Each Party will maintain, and will require all third-party data processors each such party engages to maintain, appropriate physical, technical and organizational measures to protect Personal Data against accidental, unauthorized or unlawful destruction, loss, alteration, disclosure or access. If in respect of its processing of Personal Data, Client or CDI is required by Applicable Law to include privacy terms with the other Party, such additional data privacy terms shall be as notified to Client by CDI from time to time. The Service, including its content, together with all non-public information regarding this Agreement, CDI, its affiliates, and/or their respective businesses is proprietary to CDI, and, as between Client and CDI, constitutes CDI's sole property and confidential information. Client will not use such information except as necessary to use the Services pursuant to the Agreement and will not disclose such information to other than as expressly permitted by the Agreement or as required by Applicable Law.

---

| | |
|:---|:---|
| ![](tm2534140d8_ex10-7img002.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.** In order to cooperate with governmental requests and/or to comply with Applicable Law, CDI may disclose information regarding Client to the extent it is required to do so, provided, however, that in the event CDI is required to disclose any information relating to Client, CDI will promptly notify Client in writing of such required disclosure so that Client has a reasonable opportunity to oppose or challenge such disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3.** Each of Client and CDI is part of a global group of businesses, which currently include various businesses including financial services, venture capital, proprietary investment and trading and data services businesses. Information obtained hereunder will be shared and used by each of CDI and Client with its affiliates for legitimate business purposes, such as business development, risk management and security, and developing, enhancing and marketing the group's products and services. Applicable Law may give rise to the right to opt out of sharing for non-essential purposes, in which case notification should be made in writing.

**9.** **<u>Disclaimers</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.** From time to time, the Services may include data or content from third parties ("Third-Party Content" and the providers of such Third-Party Content, collectively, "Third-Party Content Providers"). CDI represents and warrants that it has, and shall maintain during the Term, all rights, licenses and approvals necessary to provide any Third-Party Content included in the Services to Client for Client's permitted use under this Agreement, and that such provision and use shall not infringe the intellectual property rights of any third party. CDI shall be responsible for its selection and integration of any Third-Party Content. CDI reserves the right to pass along reasonable costs associated with Third-Party Content used or included in the Services. CDI shall not introduce any new Third-Party Content or pass through any associated fees without Client's prior written approval. CDI does not endorse any Third-Party Content; provided that nothing in this paragraph limits CDI's warranties or responsibilities with respect to its provision of Third-Party Content to Client as set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.** Client may not use, export, re-export, import or transfer the Services (or any portion thereof or any rights thereto granted by CDI) except as authorized by the Applicable Law of the United States, the Applicable Law of the jurisdiction in which Client gained access to the Services, and all other Applicable Law. In particular, but without limitation, neither the Services nor any portion thereof or any rights thereto may be exported or re-exported: (a) into any United States embargoed countries; or (b) to anyone on the U.S. Treasury Department's list of Specially Designated Nationals or the U.S. Department of Commerce's Denied Person's List or Entity List. By accessing and using the Services, Client represents and warrants that it is not located in any such country or on any such list. Subject to the terms of this Agreement, CDI reserves the right to limit, in its reasonable discretion, the availability of the Services to any person, entity, geographic area, or jurisdiction, at any time, solely to the extent required for compliance with Applicable Law (including applicable export-control and sanctions laws).

---

| | |
|:---|:---|
| ![](tm2534140d8_ex10-7img002.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.** TO THE FULLEST EXTENT PERMISSIBLE UNDER APPLICABLE LAW, AND EXCEPT FOR THE EXPRESS WARRANTIES SET FORTH IN THIS AGREEMENT: (I) CDI DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, CONCERNING OR RELATED TO THIS AGREEMENT, INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE; AND (II) THE SERVICE AND ALL CONTENT AND INFORMATION AVAILABLE IN OR VIA THE SERVICE, IS PROVIDED "AS IS" AND "AS AVAILABLE," WITHOUT ANY WARRANTIES OF TITLE OR EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE. WITHOUT LIMITING THE FOREGOING, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, AND SUBJECT ALWAYS TO CDI'S OBLIGATIONS UNDER THIS AGREEMENT, CDI SHALL NOT BE LIABLE FOR LOSSES OR DAMAGES ARISING SOLELY FROM INTERRUPTIONS, DELAYS, OR ERRORS INHERENT IN ELECTRONIC DELIVERY SYSTEMS, OR OTHER SIMILAR TECHNICAL LIMITATIONS OUTSIDE CDI'S REASONABLE CONTROL (AND NOT CAUSED BY CDI'S BREACH OF THIS AGREEMENT), CONTRACT, TORTIOUS BEHAVIOR, NEGLIGENCE OR UNDER ANY OTHER CAUSE OF ACTION.

**10.** **<u>Limitation of Liability</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1.** NOTHING IN THIS AGREEMENT SHALL BE CONSTRUED AS EXCLUDING OR LIMITING A PARTY'S LIABILITY FOR INDEMNIFICATION OBLIGATIONS (IF ANY), BREACH OF ITS CONFIDENTIALITY OBLIGATIONS, OR A PARTY'S GROSS NEGLIGENCE, FRAUD OR WILLFUL MISCONDUCT. SUBJECT TO THE FOREGOING, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL EITHER PARTY, OR ANY OF THEIR RESPECTIVE AFFILIATES, DIRECTORS, OFFICERS, PARTNERS, MEMBERS, CONSULTANTS, ADVISORS, LICENSORS, OR EMPLOYEES (COLLECTIVELY, "COVERED PERSONS") BE LIABLE FOR ANY EXTRAORDINARY, EXEMPLARY, INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE OR CONSEQUENTIAL DAMAGES (INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF DATA, BUSINESS OR PROFITS) ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, THE SERVICE, THE USE OF OR INABILITY TO USE THE SERVICE OR ANY CONTENT, WORK PRODUCT, PRODUCTS, DATA OR INFORMATION OBTAINED OR STORED IN OR FROM THE SERVICE, CONTENT PROVIDED AS PART OF THE SERVICE, OR TRANSACTIONS ENTERED INTO IN CONNECTION THEREWITH, WHETHER BASED ON CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE, EVEN IF ANY COVERED PERSON HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, AND NOTWITHSTANDING THE FAILURE OF THE ESSENTIAL PURPOSE OF ANY REMEDY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.** SUBJECT TO 10.1, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL ANY COVERED PERSON BE LIABLE FOR ANY CAUSE OR CLAIM WHATSOEVER IN EXCESS OF THE GREATER OF (i) TOTAL FEES ACTUALLY RECEIVED OR YET TO BE RECEIVED BY CDI FROM CLIENT FOR THE SERVICE DURING THE 12-MONTH PERIOD BEFORE THE CLAIM OR CAUSE OF ACTION AROSE; OR (ii) USD $2,000,000. MULTIPLE CLAIMS WILL NOT EXPAND ANY LIMITATION OF LIABILITY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.** THE FOREGOING LIMITATIONS AND EXCLUSIONS WILL APPLY REGARDLESS OF WHETHER THE CAUSE OF ACTION ARISES IN CONTRACT, IN TORT OR OTHERWISE, AND NOTWITHSTANDING THE FAILURE OF THE ESSENTIAL PURPOSE OF ANY REMEDY OR NEGLIGENCE. THE PARTIES EXPRESSLY ACKNOWLEDGE AND AGREE THAT THE PARTIES HAVE AGREED TO THE PRICING AND ENTERED INTO THIS AGREEMENT, IN RELIANCE UPON THE LIMITATIONS OF LIABILITY SPECIFIED HEREIN, WHICH ALLOCATE THE RISK BETWEEN CDI AND CLIENT AND CONTRIBUTES TO THE BASIS OF THE BARGAIN BETWEEN THE PARTIES.

---

| | |
|:---|:---|
| ![](tm2534140d8_ex10-7img002.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

**11.** **<u>Indemnity</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.** To the fullest extent permitted by Applicable Law, Client shall indemnify and hold harmless CDI and its Covered Persons from and against, any and all losses, liabilities, damages, fines, penalties, deficiencies, costs or expenses, including the reasonable fees and expenses of attorneys or other experts and professional advisers ("Losses") incurred, sustained or suffered as a result of a claim brought by a third-party ("Third-Party Claim") arising from or relating to Client's use of the Services in breach of Section 6.1 and Section 6.2 (License Grant; Restrictions), except to the extent that such Losses result from CDI's breach of this Agreement, gross negligence, fraud, willful misconduct or CDI is obligated to indemnify Client for such Losses under Section 11.2 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.** CDI shall indemnify and hold Client harmless from and against, any and all Losses suffered, incurred or sustained by Client as a result of any Third Party Claim alleging that the use of any portion of the Services infringes a third party's patent, copyright or trademark rights, provided that such Third-Party Claim has not resulted in whole or in part from Client's use of the Service in violation of this Agreement or any modification of the Service except modifications made, or authorized in writing and in advance by CDI. This indemnification obligation shall be subject to Client promptly notifying CDI upon becoming aware of the Third-Party Claim. Client shall provide CDI with all information and assistance reasonably necessary to, and joint authority to, defend or settle any such action, provided that: (a) Client shall have the right to participate at its sole expense in any such defense with counsel of its own choosing; and (b) CDI shall not enter into any settlement that requires an admission or other action (other than the payment of money) by or on behalf of Client or imposes any restriction or obligation on Client (other than to cease using the Service) without Client's prior written consent. If CDI is unable to make the Service or any portion thereof available because of a claim of infringement, CDI reserves the right to (i) modify the affected portion of the Service so that it is non-infringing, (ii) obtain permission for Client to continue to use the affected portions of the Service; or (iii) terminate the Agreement as it relates to the affected Service without any liability. For clarity, nothing in this Section limits or affects any other rights or remedies available to Client under this Agreement.

**12.** **<u>Usage Review</u>**. During the Term, CDI shall have the right to require an authorized representative of Client to provide a written certification of Client's full compliance with this Agreement.

---

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|:---|:---|
| ![](tm2534140d8_ex10-7img002.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

13. **<u>Notices</u>**. All notices shall be in writing and shall be sent by certified or express mail, return receipt requested, by recognized expedited courier, or by email (if receipt is confirmed) to the respective contact at the address set forth below or to such other address as a Party may, by notice, provide to the other Party:

If to Client, to:<br> CSC Delaware Trust Company<br> Attention: Corporate Trust Administration<br> 251 Little Falls Drive<br> Wilmington, DE 19808

**with a copy to Sponsor of the Client:**<br> Morgan Stanley Investment Management Inc.<br> 1585 Broadway<br> New York, New York 10036<br> Attn: Clare Wlodarcyzk<br> Clare.Wlodarczyk@morganstanley.com

If to CDI, to:<br> CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016<br> Attention: Legal<br> E-mail: <u>legal@coindesk-indices.com</u> with a copy to <u>info@coindesk-indices.com</u>

**14.** Representations, Acknowledgements, Warranties, Covenants and Restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1.** Each Party hereby represents and warrants that it has full power and authority to enter into and perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2.** Client hereby expressly acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.1. CDI is not undertaking nor responsible for providing individualized or personalized investment advice to Client's customers and users;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.2. the Services were created without consideration of the investment objectives, risk tolerance, suitability, or financial circumstances of any specific adviser or investor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.3. this Agreement does not create any advisory, fiduciary, or other responsibility on the part of CDI or its affiliates to any investment adviser or investor utilizing Client's products or solutions in connection with delivery of the Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.4. Client and its customers, investors, or users are responsible for making investment recommendations and decisions, and the appropriateness of a particular investment or strategy will depend on an investor's circumstances and objectives (including, without limitation, financial circumstances, investment time frame, and risk tolerance level) as determined by Client's customer, investor or user or other third party, as applicable, with no input from CDI.

---

| | |
|:---|:---|
| ![](tm2534140d8_ex10-7img002.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

**15.** **<u>Miscellaneous</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1.** Each Service Schedule shall form part of the Agreement and be read together with the Master Agreement. The Agreement is the entire agreement of the Parties regarding its subject matter, and supersedes all previous and contemporaneous communications, proposals, or agreements between the Parties. Each Party confirms that it has not relied upon, and shall have no remedy in respect of, any agreement, warranty, statement, representation, understanding or undertaking made by any party (whether or not a Party) unless that warranty, statement, representation, understanding or undertaking is expressly set out in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2.** The Parties are independent contractors and neither this Agreement nor the provision of the Services hereunder shall create an association, partnership, joint venture, or relationship of principal and agent, master and servant, or employer and employee, between the Parties; and neither Party will have the right, power or authority (whether expressed or implied) to enter into or assume any duty or obligation on behalf of the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3.** CDI may from time to time change any aspect of the Services, including any Methodology that forms part of the CDI Materials. Client shall comply with or adapt to any such changes, as applicable. With respect to material changes to an index Methodology, CDI shall use reasonable best efforts to provide Client with advanced written notice prior to implementation of any such changes in accordance with its general consultation procedures for material changes as set forth from time-to-time in CDI's governance and policy documents (currently here: https://www.coindesk.com/indices/crypto-index-governance). CDI shall have no obligation to provide Client with separate notice in advance of a general notice to be distributed to all applicable users. For clarity, CDI's rights under this Section 15.3 are subject to Section 15.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4.** No failure of either Party to exercise or enforce any rights under this Agreement shall act as a waiver of such rights. This Agreement shall be binding and shall inure to the benefit of the Parties hereto and their respective successors and permitted assigns. Neither Party will, in whole or part, assign or transfer any part of this Agreement, whether licenses or any other rights, interests or obligations, whether voluntarily, by contract, by operation of law or by merger (whether that party is the surviving or disappearing entity), stock or asset sale, consolidation, dissolution, through government action or order or otherwise without the other Party's prior written consent. Any attempted transfer or assignment by a Party that this Agreement does not permit will be null and void. If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions of this Agreement will remain in full force and the unenforceable provision shall be interpreted so as to render it enforceable while approximating the Parties' intent as closely as possible. This Agreement shall be governed in all respects, including validity, interpretation, enforcement and effect, by the laws of the State of New York. Any dispute arising out of or relating to this Agreement shall be subject to the exclusive jurisdiction of the state and federal courts located in the Borough of Manhattan, City and State of New York. Each Party expressly waives its right to a trial by jury. The application of the UN Convention on Contracts for International Sale of Goods is expressly excluded. This Agreement should not be construed in favor of or against any Party by reason of the extent to which any Party or its professional advisors participated in the preparation or drafting of this Agreement. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Agreement. The counterparts of this Agreement and all ancillary documents may be executed and delivered by emailed electronic signature. The headings in this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.5.** **Material Index Changes**.

If any cessation, suspension, replacement, or other material change affecting any index or reference rate set forth in the applicable Service Schedule (each, a "Material Index Change") occurs including any material change to the Methodology, and has a materially adverse effect on Client's use of the Services under the applicable Service Schedule, Client may terminate the affected portion of such Service Schedule upon written notice, without penalty. CDI shall refund to Client any prepaid fees allocable to the terminated portion of the Services on a pro-rata basis. CDI will endeavor to provide sixty (60) days prior written notice of Material Index Changes to the extent practicable and commercially reasonable.

---

| | |
|:---|:---|
| ![](tm2534140d8_ex10-7img002.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

**16.** **Confidentiality**.

The receiving party shall: (i) keep all Confidential Information secure and strictly confidential using procedures no less rigorous than those used to protect its own similar confidential and/or proprietary information; (ii) not use any Confidential Information for any purpose other than in connection with this Agreement; (iii) not copy or reproduce any Confidential Information except as reasonably necessary for the purposes of this Agreement; and (iv) not remove any copyright, proprietary or confidentiality notices contained in or on any Confidential Information and shall reproduce such notices in any permitted copies. All Confidential Information shall remain, as between the Parties, the property of the disclosing party, and no license or other intellectual property right is granted or implied except the limited right to use such Confidential Information in accordance with this Agreement. The receiving party shall not disclose or permit access to any Confidential Information to any person except: (a) to its affiliates and its and their respective officers, employees, contractors or professional advisers who have a need to know such Confidential Information solely for the purposes of this Agreement and who are bound by confidentiality obligations no less protective than those set out in this Section; or (b) to the extent required by Applicable Law, regulation, legal process or the rules of any securities exchange or regulatory authority, or to any regulator within such regulator's remit and scope of authority (including voluntary 'whistleblowing' reporting), provided that the receiving party (to the extent legally permissible) gives prompt notice to the disclosing party before such disclosure so that the disclosing party may seek confidential treatment or other protective measures. The receiving party shall promptly notify the disclosing party if it becomes aware that any Confidential Information has been lost, misused, disclosed to or accessed by any unauthorized person. Subject to Section 4.2, upon written request by the disclosing party following termination or expiration of this Agreement, the receiving party shall return or securely destroy the disclosing party's Confidential Information, subject to any retention required by Applicable Law or maintained in accordance with the receiving party's reasonable archival or back-up policies, provided that any retained Confidential Information remains subject to this Section. This Section shall survive termination or expiration of this Agreement. For clarity, Client's use or disclosure of Data, the Services or CDI Materials as expressly permitted under this Agreement (including in connection with financial products or services that reference the Services and any associated regulatory, disclosure, reporting, investor-communication and product-related materials) shall not constitute a breach of this Section. "Confidential Information" means all confidential or proprietary information related to: (i) the business of the other party and/or any of its affiliates; and/or (ii) any of their respective former, existing and prospective personnel (but not including their names and business contact information alone), clients, suppliers and other counterparties, to which a party has access, acquires or otherwise processes (whether before or after signing this Agreement), whether in oral, written or other form, in the course of or in connection with this Agreement, together with all copies of and all materials incorporating any such information. Confidential Information shall not include information that: (a) is in the public domain at the time of disclosure; (b) was in the possession of or demonstrably known by the receiving party prior to its receipt by the receiving party without restriction on its use or disclosure; (c) is independently developed by the receiving party (as contemporaneously documented) without use of, reference to or reliance on the other party's Confidential Information; or (d) becomes known by the receiving party from a source apart from the other party without breach of this Agreement and is not subject to an obligation of confidentiality.

[<u>Signature Page(s) Follow</u>]

---

| | |
|:---|:---|
| ![](tm2534140d8_ex10-7img002.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

IN WITNESS WHEREOF, the Parties hereto by their duly authorized representatives have executed this Agreement as of the Effective Date set forth above.

---

| | | | |
|:---|:---|:---|:---|
| **Morgan Stanley Investment Management, Inc.** | **Morgan Stanley Investment Management, Inc.** | **CoinDesk Indices, Inc.** | **CoinDesk Indices, Inc.** |
| Signature: | | Signature: | |
| Name: | Ally Wallace | Name: | David LaValle |
| Title: | Managing Director | Title: | President |

---

---

| | |
|:---|:---|
| ![](tm2534140d8_ex10-7img002.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

**<u>Service Schedule</u>**

This Service Schedule (the "Service Schedule"), with an effective date of March 9, 2026, is between CDI and Client and incorporates by reference all the terms and conditions contained in the Master License Agreement, with an effective date of March 9, 2026, entered into between CDI and Client ("Master Agreement"), except as such may be modified by this Service Schedule. This Service Schedule together with the Master Agreement shall be referred to hereinafter as the "Agreement." To the extent there is a conflict between the provisions of this Service Schedule and the Master Agreement, this Service Schedule shall prevail with respect to such conflict and as it pertains to the subject matter of this Service Schedule only.

**1.** **<u>CDI Service(s)</u>**

CDI will provide Client with the licensed CDI index (each a "Licensed Index" and collectively, the "Licensed Indices") listed below via an application programming interface ("API") along with the ancillary services described below (collectively, the "Services"):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Licensed Index Name** | **End of Day** | **Live** | **History** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate | X | X | X |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;CoinDesk Ether Benchmark 4PM NY Settlement Rate | X | X | X |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;CoinDesk Solana Benchmark 4PM NY Settlement Rate | X | X | X |

---

The Services include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Daily End of Day Data for the Licensed
 Index. For purposes of this Service Schedule, "End of Day" is defined as Data
 as of immediately prior to 4:00 PM Eastern Time (ET) ("End of Day").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Live updates to the Licensed Index. For
 purposes of this Service Schedule, "Live" is defined as Data that is intended
 to be updated in real-time in accordance with the methodology of the Licensed Index ("Live").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) All available historical End of Day data
 for the Licensed Index ("Historical").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Ancillary Information for each of the Licensed
 Indices. For purposes of this Service Schedule, "Ancillary Information" means
 information such as reconstitutions, rebalances, consultations, announcements, etc.,
 as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Client is hereby granted the right to use
 the Licensed Indices to offer ETFs, ETPs or other products in the US (the "ETFs").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Client will ensure that proper attribution
 shall be provided to CDI with respect to the use and display of the Licensed Index in the
 Client Solution and related marketing and informational materials, which will include using
 the disclaimer set forth on <u>Exhibit A</u> (as CDI may update upon written notice
 to Client from time to time).

---

| | |
|:---|:---|
| ![](tm2534140d8_ex10-7img002.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

Client will ensure that the terms of service and/or contractual arrangements applicable to its users that (among other things) CDI owes no fiduciary obligation to Client's users, and all data and services are provided by CDI 'as is' with no warranty of any kind, including for being error or interruption free.

**2.** Delivery of Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) For End of Day Data, CDI agrees to provide
 such portion of the Services to Client via an API.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) For Live updates, CDI agrees to provide
 such portion of the Services to Client via an API.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) For historical End of Day Data, CDI agrees
 to provide such portion of the Services to Client via a one-time delivery of a flat file.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) For Ancillary Information, CDI agrees to
 provide the Services to Client via email and/or API, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Should CDI update its file delivery mechanism(s) from
 time to time (e.g., SFTP), Client agrees to receive delivery of the Services via such updated
 mechanism.

**3.** **<u>Fees</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.** The fees for the Services are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1. Within fifteen (15) days of the end of each calendar month, Client shall report (the "AUM Report") to CDI on the daily average assets held in each ETF separately over such month (the "Fee Liable Monthly AUM"). The Report shall have such detail as CDI may request to understand Client's calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2. Beginning with the listing of the respective ETFs, Client agrees to pay (the "Product Fees") CDI an amount based on Table A below.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AUM Tiers (USD)** | **Greater of:** | **Greater of:** |
| &nbsp;&nbsp;From $0 to $500M | 10% MER | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 bps |
| &nbsp;&nbsp;From $500M to $1B | 9% MER | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 bps |
| &nbsp;&nbsp;From $1B to $5B | 8% MER | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 bps |
| &nbsp;&nbsp;From $5B+ | 1.5 bps | 1.5 bps |

---

---

| | |
|:---|:---|
| ![](tm2534140d8_ex10-7img002.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

**4.** **<u>Invoices</u>**

CDI agrees to invoice Client on a monthly basis, for the Product Fees. CDI agrees to send all invoices to Client via email to the following address, as applicable:

<u>fundadmin-invoices@morganstanley.com</u><br> Attention: Lisa Meyerberg and Robert Rizza

[*Service Schedule Signature Page(s) Follow*]

---

| | |
|:---|:---|
| ![](tm2534140d8_ex10-7img002.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

IN WITNESS WHEREOF, the Parties hereto by their duly authorized representatives have executed this Service Schedule as of the Effective Date set forth above.

---

| | | | |
|:---|:---|:---|:---|
| **Morgan Stanley Investment Management, Inc.** | **Morgan Stanley Investment Management, Inc.** | **CoinDesk Indices, Inc.** | **CoinDesk Indices, Inc.** |
| Signature: | | Signature: | |
| Name: | Ally Wallace | Name: | David LaValle |
| Title: | Managing Director | Title: | President |

---

---

| | |
|:---|:---|
| ![](tm2534140d8_ex10-7img002.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

**Exhibit A**

**Disclaimer**

COINDESK<sup>®</sup> and the name(s) of the CoinDesk index or indices referenced herein, including the CoinDesk 20 Index ("CDI Indices") are trade or service marks of CoinDesk Indices, Inc. (with CC Data Limited, its affiliate which performs certain outsourced administration services on its behalf, "CDI"), and/or its licensors. CDI or CDI's licensors own all proprietary rights in CDI Indices. CDI is not the issuer, sponsor or producer of any financial product, derivative, portfolio, bundle, basket, separately managed account, or any other investment exposure that tracks, seeks to track, references, or settles against CDI Indices (collectively, "Products") and CDI has no responsibilities, obligations, or duties to investors in or holders of Products. CDI Indices are licensed for use by the financial services provider named herein ("Provider"). CDI does not approve, endorse, review, or recommend any Product. CDI does not guarantee the timeliness, accurateness, or completeness of any data or information relating to CDI Indices and shall not be liable in any way to investors in or holders of any Product or other third parties in respect of the use or accuracy, completeness, or timeliness of any CDI Indices or any data included therein. CoinDesk Indices 2026.

## Exhibit 10.8

**Exhibit 10.8**

**MARKETING AGENT AGREEMENT**

THIS AGREEMENT is made and entered into as of this 9th day of March 2026, by and among each entity listed on Exhibit B hereto, separately and not jointly (each, individually, a "Trust"), each of which is sponsored by Morgan Stanley Investment Management Inc., a Delaware corporation (the "Delegated Sponsor"), and Foreside Fund Services, LLC, a Delaware limited liability company ("ACA Foreside").

**WHEREAS**, the Trust is a statutory trust organized under the laws of the State of Delaware;

**WHEREAS**, the Trust filed with the U.S. Securities and Exchange Commission (the "SEC") a Registration Statement for the Trust under the Securities Act of 1933, as amended (the "1933 Act");

**WHEREAS**, the Trust intends to create and redeem shares of beneficial interest in the Trust (the "Shares") only in creation unit aggregations ("Creation Unit") on a continuous basis, and list the Shares on one or more national securities exchanges;

**WHEREAS**, the Trust desires to retain ACA Foreside to provide certain services in connection with the offering of the Shares (as amended from time to time);

**WHEREAS**, ACA Foreside is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "1934 Act"), and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA");

**WHEREAS**, the Trust desires to retain ACA Foreside to provide certain services to the Trust; and

**WHEREAS**, ACA Foreside is willing to provide certain services for the Trust on the terms and conditions hereinafter set forth.

**NOW THEREFORE**, in consideration of the promises and mutual covenants herein contained, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**1.** **Services.**

ACA Foreside agrees to serve as the marketing agent of the Trust on the terms and for the period set forth in this Agreement.

**2.** **Definitions**.

Wherever they are used herein, the following terms have the following respective meanings:

"<u>Prospectus</u>" means the Prospectus constituting parts of the Registration Statement of the Trust under the 1933 Act as such Prospectus may be amended or supplemented and filed with the SEC from time to time;

"<u>Registration Statement</u>" means the registration statement most recently filed from time to time by the Trust with the SEC and effective under the 1933 Act, as such registration statement is amended by any amendments thereto at the time in effect;

All other capitalized terms used but not defined in this Agreement shall have the meanings ascribed to such terms in the Registration Statement and the Prospectus.

**3.** **Duties of ACA Foreside**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) ACA Foreside shall use commercially reasonable
 efforts to provide the following services to the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the request of the Trust, ACA Foreside
 shall assist the Trust with facilitating Authorized Participant Agreements between and among
 Authorized Participants, the Trust, and the applicable Transfer Agent, for the creation and
 redemption of Creation Units of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintain copies of confirmations of Creation
 Unit creation and redemption order acceptances and produce such copies upon reasonable request
 from the Trust or Delegated Sponsor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) make available copies of the Prospectus
 to Authorized Participants who have purchased Creation Units in accordance with the Authorized
 Participant Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) maintain telephonic, electronic mail and/or
 access to direct computer communications links with the Transfer Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) review and approve, prior to use, all Trust
 marketing materials submitted to ACA Foreside for review by the Trust ("Marketing Materials")
 for compliance with applicable SEC and FINRA advertising rules, and file all such Marketing
 Materials required to be filed with FINRA. ACA Foreside agrees to furnish to the Trust or
 the Delegated Sponsor any comments provided by FINRA with respect to such Marketing Materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) ensure that all direct requests by Authorized
 Participants for Prospectuses are fulfilled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) work with the Transfer Agent to review
 and approve orders placed by Authorized Participants and transmitted to the Transfer Agent.
 The Trust acknowledges that ACA Foreside shall not be obligated to approve any certain number
 of orders for Creation Units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The services furnished by ACA Foreside
 hereunder are not to be deemed exclusive and ACA Foreside shall be free to furnish similar
 services to others so long as its services under this Agreement are not impaired thereby.

**4.** **Duties of the Trust**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Trust agrees to create, issue, and
 redeem Creation Units of the Trust in accordance with the procedures described in the Prospectus.
 Upon reasonable notice to ACA Foreside, and in accordance with the procedures described in
 the Prospectus, the Trust reserves the right to reject any order for Creation Units or to
 stop all receipts of such orders at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The Trust shall deliver to ACA Foreside
 copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the current Prospectus for the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any relevant policies and procedures adopted
 by the Delegated Sponsor or the Trust or its service providers that are applicable to the
 services provided by ACA Foreside; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any other documents, materials or information
 that ACA Foreside shall reasonably request to enable it to perform its duties pursuant to
 this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The Trust shall thereafter deliver to ACA
 Foreside as soon as is reasonably practical any and all amendments to the documents required
 to be delivered under this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The Trust shall arrange to provide the
 listing exchanges with copies of Prospectuses, Statements of Additional Information, and
 product descriptions that are required to be provided by the Trust to purchasers in the secondary
 market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) The Trust will make it known that Prospectuses
 and Statements of Additional Information and product descriptions are available by making
 sure such disclosures are in all marketing and advertising materials prepared by the Trust.

**5.** **Representations, Warranties and Covenants of the Client.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Trust hereby represents and warrants to ACA Foreside, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is duly organized and in good standing
 under the laws of its jurisdiction of organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) this Agreement has been duly authorized,
 executed and delivered by the Trust and, when executed and delivered, will constitute a valid
 and legally binding obligation of the Trust, enforceable in accordance with its terms, subject
 to bankruptcy, insolvency, reorganization, moratorium and other laws of general application
 affecting the rights and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it is conducting its business in compliance
 in all material respects with all applicable laws and regulations, both state and federal,
 and has obtained all regulatory approvals necessary to carry on its business as now conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Trust's Registration Statement
 and the Trust's Prospectus, and marketing and promotional literature have been prepared,
 in all material respects, in conformity with the requirements of the 1933 Act and SEC rules and
 regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Trust's Registration Statement
 (including its statement of additional information) and Prospectus do not and shall not contain
 any untrue statement of material fact or omit to state any material fact required to be stated
 therein or necessary to make the statements therein not misleading, and that all statements
 or information furnished to ACA Foreside pursuant to this Agreement shall be true and correct
 in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all marketing or promotional literature
 shall contain all statements required to be stated therein in accordance with the 1933 Act
 and SEC rules and regulations; and do not and shall not contain any untrue statement
 of material fact or omit to state any material fact required to be stated therein or necessary
 to make the statements therein not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all necessary approvals, authorizations,
 consents, or orders of or filings with any federal, state, local or foreign governmental
 or regulatory commission, board, body, authority or agency have been or will be obtained
 by the Trust in connection with the issuance and sale of the Shares, including registration
 of the Shares under the 1933 Act, and any necessary qualification under the securities or
 blue-sky laws of the various jurisdictions in which the Shares are being offered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Trust shall fully cooperate in the efforts of ACA Foreside in the provision of the services. In addition, the Trust shall keep ACA Foreside fully informed of its affairs as they relate to the Trust and shall provide to ACA Foreside from time-to-time copies of all information that ACA Foreside may reasonably request for use in connection with the provision of the Services.

**6.** **Representations, Warranties and Covenants of ACA Foreside.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. ACA Foreside hereby represents and warrants to the Trust, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is duly organized and existing under
 the laws of the jurisdiction of its organization, with full power to carry on its business
 as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) this Agreement has been duly authorized,
 executed and delivered by ACA Foreside and, when executed and delivered, will constitute
 a valid and legally binding obligation of ACA Foreside, enforceable in accordance with its
 terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general
 application affecting the rights and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it is conducting its business in compliance
 in all material respects with all applicable laws and regulations, both state and federal,
 and has obtained all regulatory approvals necessary to carry on its business as now conducted;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) it is registered as a broker-dealer under
 the 1934 Act and is a member in good standing of FINRA.

**7.** **Compensation.**

As compensation for the services performed by ACA Foreside under this Agreement, Trust shall pay to ACA Foreside the fees and expenses set forth in Exhibit A hereto (as amended from time to time).

**8.** **Indemnification.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Trust shall indemnify, defend and hold
 ACA Foreside, its affiliates and each of their respective members, managers, directors, officers,
 employees, representatives and any person who controls or previously controlled ACA Foreside
 within the meaning of Section 15 of the 1933 Act (collectively, the "ACA Foreside
 Indemnitees"), free and harmless from and against any and all losses, claims, demands,
 liabilities, damages and expenses (including the costs of investigating or defending any
 alleged losses, claims, demands, liabilities, damages or expenses and any reasonable counsel
 fees incurred in connection therewith) (collectively, "Losses") that any ACA
 Foreside Indemnitee may incur arising out of or relating to (i) the Trust's breach
 of any of its obligations, representations, warranties or covenants contained in this Agreement;
 (ii) the Trust's failure to comply in all material respects with any applicable
 laws, rules or regulations; or (iii) any claim that the Prospectus, marketing literature
 and advertising materials or other information filed or made public by the Trust (as from
 time to time amended) includes or included an untrue statement of a material fact or omits
 or omitted to state a material fact required to be stated therein or necessary in order to
 make the statements therein not misleading provided, however, that the Trust's obligation
 to indemnify any of the ACA Foreside Indemnitees shall not be deemed to cover any Losses
 arising out of any untrue statement or alleged untrue statement or omission or alleged omission
 made in the Prospectus or any such advertising materials or marketing literature or other
 information filed or made public by the Trust in reliance upon and in conformity with information
 provided by ACA Foreside to the Trust, in writing, for use in such Prospectus or any such
 advertising materials or marketing literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) ACA Foreside shall indemnify, defend and
 hold the Trust, its affiliates, and each of their respective directors, officers, employees,
 representatives, and any person who controls or previously controlled the Trust within the
 meaning of Section 15 of the 1933 Act (collectively, the "Trust Indemnitees"),
 free and harmless from and against any and all Losses that any Trust Indemnitee may incur
 under the 1933 Act, the 1934 Act, any other statute (including Blue Sky laws) or any rule or
 regulation thereunder, or under common law or otherwise, arising out of or relating to (i) ACA
 Foreside's breach of any of its obligations, representations, warranties or covenants
 contained in this Agreement; (ii) ACA Foreside's failure to comply in all material
 respects with any applicable laws, rules, or regulations; or (iii) any claim that the
 Prospectus, marketing literature and advertising materials or other information filed or
 made public by the Trust (as from time to time amended) include or included an untrue statement
 of a material fact or omitted to state a material fact required to be stated therein or necessary
 in order to make the statements therein not misleading, insofar as such statement or omission
 was made in reliance upon, and in conformity with information furnished to the Trust by ACA
 Foreside, in writing, for use in such Prospectus, marketing literature and advertising materials
 or other information filed or made public by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) In no case (i) is the indemnification
 provided by an indemnifying party to be deemed to protect against any liability the indemnified
 party would otherwise be subject to by reason of willful misfeasance, bad faith or gross
 negligence in the performance of its duties or by reason of its reckless disregard of its
 obligations and duties under this Agreement, or (ii) is the indemnifying party to be
 liable under this Section with respect to any claim made against any indemnified party
 unless the indemnified party notifies the indemnifying party in writing of the claim within
 a reasonable time after the summons or other first written notification giving information
 of the nature of the claim shall have been served upon the indemnified party (or after the
 indemnified party shall have received notice of service on any designated agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Failure to notify the indemnifying party
 of any claim shall not relieve the indemnifying party from any liability that it may have
 to the indemnified party against whom such action is brought, on account of this Section,
 unless failure or delay to so notify the indemnifying party prejudices the indemnifying party's
 ability to defend against such claim. The indemnifying party shall be entitled to participate
 at its own expense in the defense or, if it so elects, to assume the defense of any suit
 brought to enforce the claim, but if the indemnifying party elects to assume the defense,
 the defense shall be conducted by counsel chosen by it and satisfactory to the indemnified
 party. In the event that indemnifying party elects to assume the defense of any suit and
 retain counsel, the indemnified party shall bear the fees and expenses of any additional
 counsel retained by them. If the indemnifying party does not elect to assume the defense
 of any suit, it will reimburse the indemnified party for the reasonable fees and expenses
 of any counsel retained by them. The indemnifying party agrees to notify the indemnified
 party promptly of the commencement of any litigation or proceedings against it or any of
 its officers or directors in connection with the purchase or redemption of any of the Creation
 Units or the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) No indemnified party shall settle any claim
 against it for which it intends to seek indemnification from the indemnifying party, under
 the terms of section 8(a) or 8(b) above, without prior written notice to and consent
 from the indemnifying party, which consent shall not be unreasonably withheld. No indemnified
 or indemnifying party shall settle any claim unless the settlement contains a full release
 of liability with respect to the other party in respect of such action. This section 8 shall
 survive the termination of this Agreement.

**9.** **Limitations on Damages.**

Neither Party shall be liable for any consequential, special or indirect losses or damages suffered by the other Party, whether or not the likelihood of such losses or damages was known by the Party.

**10.** **Force Majeure.**

Neither party shall be liable for losses, delays, failure, errors, interruption or loss of data occurring directly or indirectly by reason of circumstances beyond its reasonable control, including, without limitation, Acts of Nature (including fire, flood, earthquake, storm, hurricane or other natural disaster); action or inaction of civil or military authority; acts of foreign enemies; war; terrorism; riot; insurrection; sabotage; epidemics; labor disputes; civil commotion; or interruption, loss or malfunction of utilities, transportation, computer or communications capabilities, and the other party shall have no right to terminate this Agreement in such circumstances.

**11.** **Duration and Termination.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) This Agreement shall become effective as
 of the date first set forth above. Unless sooner terminated as provided herein, this Agreement
 shall continue in effect for two years from the date hereof. Thereafter, if not terminated,
 this Agreement shall continue automatically in effect for successive one-year periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Notwithstanding the foregoing, this Agreement
 may be terminated, without the payment of any penalty, upon no less than (i) thirty
 (30) days' written notice by the Delegated Sponsor or (ii) sixty (60) days'
 written notice by ACA Foreside.

**12.** **Confidentiality.**

During the term of this Agreement, ACA Foreside and the Trust may have access to non-public confidential information relating to such matters as either party's business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients. As used in this Agreement, "<u>Confidential Information</u>" means non-public or proprietary information belonging to one of the parties that is of value to such party and the disclosure of which could result in a competitive or other disadvantage to such party. Confidential Information includes non-public or proprietary information that may be financial information, proposals and presentations, reports, forecasts, inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities). Confidential Information includes information developed by either party in the course of engaging in the activities provided for in this Agreement, unless: (i) the information is or becomes publicly known through lawful means; (ii) the information is disclosed to the other party without a confidential restriction by a third party who rightfully possesses the information and did not obtain it, either directly or indirectly, from one of the parties, as the case may be, or any of their respective principals, employees, affiliated persons, or affiliated entities. The parties understand and agree that all Confidential Information shall be kept confidential by the other both during and after the term of this Agreement. Each party shall maintain commercially reasonable information security policies and procedures for protecting Confidential Information. The parties further agree that they will not, without the prior written approval by the other party, disclose such Confidential Information, or use such Confidential Information in any way, either during the term of this Agreement or at any time thereafter, except (i) as required in the course of this Agreement, (ii) as provided by the other party, or (iii) as required by applicable law, rule, or regulation or (iv) in response to (A) a routine self-regulatory examination or (B) a request for information directed at the receiving party. In the event ACA Foreside becomes aware of critical vulnerabilities in any of its proprietary system(s) in which the Trust's data is stored or through which the Trust's data can be accessed, ACA Foreside will use commercially reasonable efforts to mitigate material risks related to such vulnerabilities within 30 days or as promptly thereafter as reasonably practicable. Upon termination of this Agreement for any reason, or as otherwise requested by the Delegated Sponsor, upon request, all Confidential Information held by or on behalf of the Delegated Sponsor shall be promptly returned to the Delegated Sponsor, or an authorized officer of ACA Foreside will certify to the Delegated Sponsor in writing that all such Confidential Information has been destroyed.

**13.** **Notice**

Any notice required or permitted to be given hereunder by either party to the other shall be deemed sufficiently given if in writing and personally delivered or sent by electronic mail, or registered, certified or overnight mail, postage prepaid, addressed by the party giving such notice to the other party at the address furnished below unless and until modified by ACA Foreside or the Trust, as the case may be. Notice shall be given to each party at the following address, as amended from time to time:

---

| | |
|:---|:---|
| &nbsp;&nbsp;(i) **To ACA Foreside:** | &nbsp;&nbsp;(ii) **If to a Trust:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreside Fund Services, LLC<br> 190 Middle Street, Suite 301<br> Portland, ME 04101<br> Attn: Legal Department<br> Telephone: (207) 553-7110<br> Email: legal@Foreside.com<br>With a copy to:<br> etp-services@Foreside.com<br>| &nbsp;&nbsp; <br> [Trust Name]<br> Attn: Clare Wlodarcyzk<br> Telephone: 212 296-1843<br> Email:<br> <u>clare.wlodarczyk@morganstanley.com</u><br>With a copy to:<br> msim_crypto_etp@morganstanley.com |
| &nbsp;&nbsp;**With a copy to Delegated Sponsor:** |  |
| &nbsp;&nbsp;Morgan Stanley Investment Management, Inc.<br> One Post Office Square, Boston, MA 02109<br> Telephone: 617-672-6335<br> Attn: Jon Lahey<br> Email: <u>jonathan.lahey@morganstanley.com</u><br>With a copy to:<br> msim_crypto_etp@morganstanley.com |  |

---

**14.** **Transfer Agent**

ACA Foreside and the Trust agree that in the course of ACA Foreside's services that ACA Foreside may need information from time to time from the transfer agent ("Transfer Agent") as depicted below. The Trust shall promptly notify ACA Foreside in writing of any changes to the Transfer Agent or its contact information.

The Bank of New York Mellon, 240 Greenwich Street, New York, New York 10286, <u>bnymetforderdesk@bnymellon.com</u>, 1-844-545-1258

**15.** **Modifications.** The terms of this Agreement shall not be waived, altered, modified, amended or supplemented in any manner whatsoever except by a written instrument signed by ACA Foreside and the Trust.

**16.** **Governing Law.** This Agreement shall be construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law principles thereof.

**17.** **Assignment.** This Agreement may not be assigned by either party without the prior written consent of the other party. This Agreement shall be binding upon and inure to the benefit of the parties' representatives, successors, heirs, and permitted assigns, as applicable. A change in control shall not be construed to be an assignment.

**18.** **Survival.** The provisions of Sections 8, 9, 10, 12, 15, 18, 19 and 21 of this Agreement shall survive any termination of this Agreement.

**19.** **Anti-Money Laundering.** ACA Foreside represents and warrants to the Trust that it has, and shall maintain, an anti-money laundering program ("AML Program") that, at a minimum, (i) designates a compliance officer to administer and oversee the AML Program, (ii) provides ongoing employee training, (iii) includes an independent audit function to test the effectiveness of the AML Program, (iv) establishes internal policies, procedures, and controls that are tailored to its particular business, (v) provides for the filing of all necessary anti-money laundering reports including, but not limited to, currency transaction reports and suspicious activity reports, and (vi) allows for appropriate regulators to examine its anti-money laundering books and records. The Trust represents and warrants to ACA Foreside that it has and will implement, or will be subject to an AML Program that meets the same minimum standard as described above.

**20.** **Miscellaneous.** The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors. This Agreement shall be construed as if drafted jointly by both ACA Foreside and the Trust and no presumptions shall arise favoring any party by virtue of authorship of any provision of this Agreement. This Agreement may be executed by the parties hereto in any number of counterparts, and all of the counterparts taken together shall be deemed to constitute one and the same document. Nothing herein contained shall prevent ACA Foreside from entering into similar distribution arrangements or from providing the services contemplated hereunder to other investment companies or investment vehicles. This Agreement has been negotiated and executed by the parties in English. In the event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

**21.** **Liability of Delegated Sponsor**. It is expressly understood and agreed by ACA Foreside that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this Agreement is executed and delivered on behalf of the Trust by the Delegated Sponsor, not individually or personally, but solely as Delegated Sponsor of the Trust in the exercise of the powers and authority conferred and vested in it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the representations, covenants, undertakings and agreements herein made on the part of the Trust are made and intended not as personal representations, undertakings and agreements by the Delegated Sponsor but are made and intended for the purpose of binding only the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) nothing herein contained shall be construed as creating any liability on the Delegated Sponsor, individually or personally, to perform any covenant of the Trust either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) under no circumstances shall the Delegated Sponsor be personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, duty, representation, warranty or covenant made or undertaken by the Trust under this Agreement or any other related document.

**22.** **Entire Agreement.** This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereto, and supersedes all prior communications, understandings and agreements relating to the subject matter hereof, whether oral or written.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first above written.

---

| | |
|:---|:---|
| Foreside Fund Services, LLC | Foreside Fund Services, LLC |
| By: |  |
| Name: | Teresa Cowan |
| Title : | President |
| Morgan Stanley Investment Management, Inc. | Morgan Stanley Investment Management, Inc. |
| For and on behalf of itself and each entity listed on Exhibit B | For and on behalf of itself and each entity listed on Exhibit B |
| By: |  |
| Name: | Ally Wallace |
| Title: | Managing Director |

---

EXHIBIT A

<u>Compensation</u>

 **<u>FEES</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Price** | &nbsp;&nbsp;**Term** |
| &nbsp;&nbsp;Implementation Fee | &nbsp;&nbsp;$5,000.00<br>Payable upon execution (**Waived**) | &nbsp;&nbsp;One-time service |
| &nbsp;&nbsp;Marketing Agent (33 Act Commodity Pool) | &nbsp;&nbsp;Asset<sup>1</sup> fee breakdown:<br>Up to $500 MM: 0.50 basis point<br>$500 MM to $1B: 0.30 basis point<br>Over $1B: 0.20 basis point<br>Asset fee is subject to an annual minimum fee based on the total number of Funds:<br>1 to 5 Funds: $15,000 per Fund<br>6 or more Funds: $10,000 per Fund (starting with the 6<sup>th</sup> Fund) | &nbsp;&nbsp;Annually recurring |
| &nbsp;&nbsp;Review of Fund Marketing Material | &nbsp;&nbsp;$125 standard review<br>$10 per page/minute<br>$600 expedited review<br>$25 per page/minute | &nbsp;&nbsp;&nbsp;Standard fee per communication piece for the first 10 pages (minutes if audio or video)<br>Fee after 10 pages/minutes<br>Expedited fee per communication piece requiring 24 hour expedited review for the first 10 pages (minutes if audio or video)<br>Fee after 10 pages/minutes (expedited) |

---

*<sup>1</sup> Asset Fee based on total assets in the Funds (calculated and billed monthly).*

*Recurring fees are subject to standard 3% annual increase.*

**<u>OUT-OF-POCKET EXPENSES</u>**

Out-of-pocket and ancillary expenses incurred by ACA Foreside in connection with the provision of services pursuant to this Agreement. Such expenses may include, without limitation, regulatory filing fees, marketing materials regulatory review fees, communications, postage and delivery service fees, bank fees, and reproduction and record retention fees; travel, lodging and meals with advance written approval from Delegated Sponsor; provided that no approval is necessary for expenses related to FINRA charges.

Note:

Fees will be calculated and payable quarterly.

EXHIBIT B

Morgan Stanley Bitcoin Trust

Morgan Stanley Ethereum Trust Morgan

Stanley Solana Trust

## Exhibit 10.9

**Exhibit 10.9**

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

![](tm2534140d8_ex10-9img001.jpg)

**CUSTODY AGREEMENT**

**By and Between**

**THE BANK OF NEW YORK MELLON**

**And**

**THE MORGAN STANLEY TRUSTS AS LISTED ON APPENDIX A**

**TABLE OF CONTENTS**

Page

**1.** **DEFINITIONS** **1** 

**2.** **APPOINTMENT OF CUSTODIAN; ACCOUNTS** **3** 

2.1. Appointment of Custodian 3

2.2. Establishment of Accounts 4

**3.** **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS** **4** 

3.1. Authorized Persons 4

3.2. Instructions 4

3.3. BNY Actions Without Instructions 6

3.4. Funds Transfers 6

3.5. Electronic Access 6

**4.** **AGENTS** **6** 

4.1. Use of Agents 6

**5.** **TAX MATTERS** **7** 

5.1. Responsibility for Taxes 7

5.2. Payments 7

**6.** **CREDITS AND ADVANCES** **7** 

6.1. Advances 7

6.2. Repayment 7

6.3. Securing Repayment 8

6.4. Setoff 8

**7.** **STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA** **8** 

7.1. Statements 8

7.2. Books and Records 9

7.3. Third Party Data 9

7.4. Information Security 9

7.5. Reserved. 12

**8.** **DISCLOSURES** **13** 

8.1. Foreign Exchange Transactions 13

8.2. Investment of Cash 13

**9.** **REGULATORY MATTERS** **13** 

9.1. USA PATRIOT Act 13

9.2. Sanctions; Anti-Money Laundering 13

**10.** **COMPENSATION** **15** 

10.1. Fees and Expenses 15

10.2. Other Compensation 15

i

**TABLE OF CONTENTS** (continued)

Page

**11.** **REPRESENTATIONS, WARRANTIES AND COVENANTS** **15** 

11.1. BNY 15

11.2. Customer 16

**12.** **LIABILITY** **16** 

12.1. Standard of Care 16

12.2. Limitation of Liability 16

12.3. Force Majeure 17

12.4. Indemnification 18

**13.** **CONFIDENTIALITY** **18** 

13.1. Confidentiality Obligations 18

13.2. Exceptions; Return or Destruction of Confidential Information. 19

**14.** **TERM AND TERMINATION** **19** 

14.1. Term 19

14.2. Termination 20

14.3. Effect of Termination; Transition 20

14.4. Survival 21

**15.** **GENERAL** **21** 

15.1. Assignment 21

15.2. Amendment 21

15.3. Governing Law/Forum 21

15.4. Reserved. 22

15.5. Non-Fiduciary Status 22

15.6. Notices 22

15.7. Entire Agreement 22

15.8. No Third Party Beneficiaries 23

15.9. Counterparts/Facsimile 23

15.10. Interpretation 23

15.11. No Waiver 23

15.12. Headings 23

15.13. Severability 24

15.14. Several Nature of Customer Obligations 24

ii

**EXECUTION VERSION**

**CUSTODY AGREEMENT**

This Custody Agreement (or this "**Agreement**") is made and entered into as of the latest date set forth on the signature page hereto (the "**Effective Date**") by and between **THE BANK OF NEW YORK MELLON**, a New York state chartered bank ("**BNY**"), and **the Morgan Stanley Trusts as listed on Appendix A** (each, a "**Customer**" and, collectively, as Appendix A may be amended from time to time, the "**Customers**"). BNY and Customer are collectively referred to as the "**Parties**" and individually as a "**Party**".

This Agreement shall constitute separate agreements, each between a single Customer and BNY, as if such Customer had executed a separate Agreement naming only itself as the Customer, and no Customer shall have any liability for the obligations of any other Customer.

**RECITALS**

WHEREAS, Customer wishes to appoint BNY as the custodian of certain of its assets, and BNY is willing to provide such services on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and intending to be legally bound, the Parties agree as follows.

**1.** **DEFINITIONS** 

Whenever used in this Agreement, the following words have the meanings set forth below:

"**Account**" or "**Accounts**" has the meaning set forth in Section 2.2.

"**Affiliate**" means, with respect to any entity, any other entity that directly or indirectly controls, is controlled by or under common control with such entity.

"**Agreement**" means, collectively, this Custody Agreement, any Exhibits hereto and any other documents incorporated herein by reference.

"**Anti-Money Laundering Laws**" means all anti-money laundering and counter-terrorist financing laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the U.S. Bank Secrecy Act, the U.S.A. PATRIOT Act, and regulations of the U.S. Treasury Department which implement such acts) or any other applicable domestic or foreign authority with jurisdiction over Customer.

"**Assets**" has the meaning set forth in Section 2.1(a).

"**Authorized Person**" has the meaning set forth in Section 3.1.

"**BNY**" has the meaning set forth in the introductory paragraph.

"**Cash**" means the money and currency of any jurisdiction which BNY accepts for deposit in an Account.

"**Confidential Information**" means, with respect to a Party, the terms of this Agreement and all non-public business and financial information or other information designated as confidential or proprietary information, of such Party (including, with respect to Customer, information regarding the Accounts, and with respect to BNY, information regarding its practices and procedures related to the services provided hereunder) disclosed to the other Party in connection with this Agreement.

"**Customer**" has the meaning set forth in the introductory paragraph.

"**Data Terms Website**" means *<u>http://www.bny.com/products/assetservicing/vendoragreement.pdf</u>* or any successor website the address of which is provided by BNY to Customer.

"**Effective Date**" has the meaning set forth in the introductory paragraph.

"**Electronic Access Services**" means such services made available by BNY or a BNY Affiliate to Customer to electronically access information relating to the Accounts and/or transmit Instructions.

"**Foreign Depository**" means each eligible securities depository identified by BNY to Customer from time to time.

"**Instructions**" means, with respect to this Agreement, instructions issued to BNY by way of (a) one of the following methods (each as and to the extent specified by BNY as available for use in connection with the services hereunder): (i) the Electronic Access Services; (ii) third-party electronic communication services containing, where applicable, appropriate authorization codes, passwords or authentication keys, or otherwise appearing on their face to have been transmitted by an Authorized Person or (iii) third-party institutional trade matching utilities used to effect transactions in accordance with such utility's customary procedures or (b) such other method as may be agreed upon by the Parties and that appear on their face to have been transmitted by an Authorized Person.

"**Market Data**" means pricing, valuations or other commercially sourced data applicable to any security. Market Data also includes security identifiers, bond ratings and classification data.

"**Market Data Providers**" means vendors and analytics providers and any other Person providing Market Data to BNY.

"**Oral Instructions**" means, with respect to this Agreement, spoken instructions issued to BNY and reasonably believed by BNY to be from an Authorized Person.

"**Party**" or "**Parties**" has the meaning set forth in the introductory paragraph.

"**Person**" or "**Persons**" means any entity or individual.

"**Sanctions**" means all economic sanctions laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury) and any other applicable domestic or foreign authority with jurisdiction over Customer.

"**Series**" means the respective portfolios, if any, of Customer listed on Appendix A to this Agreement. If no portfolios are listed on Appendix A to this Agreement then a reference to a Series means Customer.

"**Standard of Care**" has the meaning set forth in Section 12.1.

"**Tax Obligations**" means taxes, withholding, certification and reporting requirements, claims for exemptions or refund, interest, penalties, additions to tax and other related expenses.

"**Term**" has the meaning set forth in Section 14.1.

"**Third Party Data**" has the meaning set forth in Section 7.3(a).

**2.** **APPOINTMENT OF CUSTODIAN; ACCOUNTS** 

**2.1.** **Appointment of Custodian** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer hereby appoints BNY as custodian
 of all Cash to be held under, and in accordance with the terms of, this Agreement (collectively,
 "**Assets** "), and BNY hereby accepts such appointment. The Parties acknowledge
 and agree that BNY's duties pursuant to such appointment will be limited solely to
 those duties expressly undertaken pursuant to this Agreement.

As set forth within this Agreement and subject to the Standard of Care, BNY shall have general responsibility for the safekeeping of all Assets of Customer that are received and accepted by BNY under this Agreement. All Assets shall be segregated on BNY's books and records from property held by BNY for the account of BNY's other customers. All such Assets will be held or disposed of by BNY subject to the terms of this Agreement and BNY's receipt of Instructions from Customer concerning the Assets as set forth within this Agreement (which may be standing Instructions if accepted by BNY).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, BNY has
 no obligation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to any Assets until they are
 actually received in an Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To inquire into, make recommendations,
 supervise or determine the suitability of any transactions affecting any Account or to question
 any Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To determine the adequacy of title to,
 or the validity or genuineness of, any Assets received by it or delivered by it pursuant
 to this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) With respect to any matters related to:
 the establishment, maintenance operation or termination of Customer; or the offer, sale or
 distribution of the shares of, or interests in, Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Cash held hereunder may be subject to
 additional deposit terms and conditions issued by BNY from time to time, including rates
 of interest and deposit account access.

**2.2.** **Establishment of Accounts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY will establish and maintain a separate
 account in the name of each Customer (or in another name requested by the Customer that is
 acceptable to BNY) for the deposit and collection of the Assets in any currency supported
 and received by or on behalf of BNY for the account of such Customer and for each Series in
 which BNY will hold Assets relating to the relevant Series as provided herein (each,
 an "**Account**," and collectively, the "**Accounts** "). The
 Account of each Customer and each Series established under this Agreement shall be maintained
 separately from the Account of each other Customer or Series. Each such Account may be denominated
 in U.S. Dollars. Any amount standing to the credit of the Accounts is a debt due from BNY,
 as a deposit liability. BNY will maintain, at all times during the term of this Agreement,
 errors and omissions insurance, fidelity bonds and such other insurance as BNY may deem appropriate,
 in each case in a commercially reasonable amount deemed by BNY to be sufficient to cover
 its potential liabilities under this Agreement. Upon reasonable request, BNY agrees to provide
 Customer with certificates of Insurance.

**3.** **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS** 

**3.1.** **Authorized Persons** 

Promptly following the Effective Date, Customer and/or its designee (including any of Customer's investment managers) will furnish BNY with one or more written lists or other documentation acceptable to BNY specifying the names and titles of, or otherwise identifying, all Persons authorized to act on behalf of Customer (with respect to a particular Series, if applicable) with respect to this Agreement (each, an "**Authorized Person**"). Customer will be responsible for keeping such lists and/or other documentation current, and will update such lists and/or other documentation, as necessary from time to time, pursuant to Instructions.

**3.2.** **Instructions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise expressly provided
 in this Agreement, BNY will have no obligation to take any action hereunder unless and until
 it receives Instructions issued in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer will be responsible for ensuring
 that (i) only Authorized Persons issue Instructions to BNY and (ii) all Authorized
 Persons safeguard and treat with extreme care any user and authorization codes, passwords
 and authentication keys used in connection with the issuance of Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where Customer may or is required to issue
 Instructions, such Instructions will be issued by an Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) BNY will be entitled to deal with any
 Authorized Person until notified otherwise pursuant to Instructions, and will be entitled
 to act and rely upon any Instruction received by BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All Instructions must include all information
 necessary, and must be delivered using such methods and in such format as BNY may require
 and be received within BNY's established cut-off times and otherwise in sufficient
 time, to enable BNY to act upon such Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) BNY may in its sole discretion decline
 to act upon any Instructions that do not comply with requirements set forth in Section 3.2(e) or
 that conflict with applicable law or regulations or BNY's operating policies and practices,
 in which event BNY will promptly notify Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Customer acknowledges that while it is
 not part of BNY's normal practices and procedures to accept Oral Instructions, BNY
 may in certain limited circumstances accept Oral Instructions. In such event, such Oral Instructions
 will be deemed to be Instructions for purposes of this Agreement. An Authorized Person issuing
 such an Oral Instruction will promptly confirm such Oral Instruction to BNY in writing. Notwithstanding
 the foregoing, Customer agrees that the fact that such written confirmation is not received
 by BNY, or that such written confirmation contradicts the Oral Instruction, will in no way
 affect (i) BNY's reliance on such Oral Instruction or (ii) the validity or
 enforceability of transactions authorized by such Oral Instruction and effected by BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Customer acknowledges and agrees that
 it is fully informed of the protections and risks associated with the various methods of
 transmitting Instructions to BNY and that there may be more secure methods of transmitting
 Instructions than the method selected by the sender. Customer agrees that the security procedures,
 if any, to be followed by Customer and BNY with respect to the transmission and authentication
 of Instructions provide to Customer a commercially reasonable degree of protection in light
 of its particular needs and circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) BNY will have no obligation to act in
 accordance with purported Instructions to the extent BNY reasonably believes that they are
 ambiguous or unclear or conflict with the terms of this Agreement or applicable law; provided,
 however, that BNY will have no obligation to ensure that any instruction received by it would
 not contravene any of the terms of this Agreement or any such law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) BNY will provide Customer with commercially
 reasonable notification in light of the relevant circumstances if it decides not to act in
 accordance with purported Instructions and such notice will specify the reasons for its determination.

**3.3.** **BNY Actions Without Instructions** 

Notwithstanding anything to the contrary set forth in this Agreement, Customer hereby authorizes BNY, without Instructions, to take any administrative or ministerial actions with respect to the Accounts that it deems reasonably necessary or appropriate to perform its obligations under this Agreement, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Receive income and other payments due
 to the Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Endorse for collection checks, drafts
 or other negotiable instruments received on behalf of the Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Execute and deliver, solely in its capacity
 as custodian, certificates, documents or instruments incidental to BNY's performance
under this Agreement.

**3.4.** **Funds Transfers** 

With respect to each Instruction for a Cash transfer, when the Instruction is to credit or pay a party by both a name and a unique numeric or alpha-numeric identifier (e.g., IBAN or ABA or account number), BNY and any other bank participating in the Cash transfer will be entitled to rely solely on such numeric or alpha-numeric identifier, even if it identifies a party different from the party named. Such reliance on an identifier will apply to beneficiaries named in the Instruction, as well as any financial institution that is designated in the Instruction to act as an intermediary in such Cash transfer. To the extent permitted by applicable law, the Parties will be bound by the rules of any transfer system used to effect a Cash transfer under this Agreement.

**3.5.** **Electronic Access** 

If Customer elects to use the Electronic Access Services in connection with this Agreement, the use thereof will be subject to any terms and conditions contained in a separate written agreement between the Parties or their Affiliates. If an Authorized Person elects, with BNY's prior consent, to transmit Instructions through a third-party electronic communications service, BNY will not be responsible or liable for the reliability or availability of any such service.

**4.** **AGENTS** 

**4.1.** **Use of Agents** 

BNY may appoint agents, including BNY Affiliates, on such terms and conditions as it deems appropriate to perform its obligations hereunder. Except as otherwise specifically provided herein, no such appointment will discharge BNY from its obligations hereunder. BNY shall provide commercially reasonable notice in light of the relevant circumstances of the appointment of an agent to perform a material service hereunder to Customer.

**5.** **TAX MATTERS** 

**5.1.** **Responsibility for Taxes** 

Customer will be responsible and liable for all Tax Obligations with respect to any Assets held on behalf of Customer and any transaction related thereto. Customer acknowledges and agrees that BNY and its Affiliates are not tax advisers and will not under any circumstances provide tax advice to Customer. Customer will obtain its own independent tax advice for any tax-related matters.

**5.2.** **Payments** 

Where BNY receives Instructions to make distributions or transfers out of an Account in order to pay Customer's third-party service providers, Customer acknowledges that in making such payments BNY is acting in an administrative or ministerial capacity, and not as the payor, for tax information reporting and withholding purposes.

**6.** **CREDITS AND ADVANCES** 

**6.1.** **Advances** 

If BNY receives an Instruction that, if processed, would result in an overdraft in an Account, BNY may, in its sole discretion, advance funds in any currency hereunder.

**6.2.** **Repayment** 

If: (a) BNY has advanced funds to an Account; (b) an overdraft has occurred in an Account (including overdrafts incurred in connection with funds transfers or foreign exchange transactions) or (c) Customer is for any other reason indebted to BNY, Customer agrees to repay BNY (on demand or upon becoming aware thereof) the amount of such advance, overdraft or indebtedness, plus accrued interest at a rate then charged by BNY to its institutional custody clients in the relevant currency.

**6.3.** **Securing Repayment** 

In order to secure repayment of Customer's obligations and liabilities relating to a Series (whether or not matured) to BNY or any BNY Affiliate, whether or not relating to or arising under this Agreement, and without limiting BNY's or such BNY Affiliate's rights under applicable law or any other agreement, Customer hereby pledges and grants to BNY and such BNY Affiliate, and agrees BNY and such BNY Affiliate will have to the maximum extent permitted by law, a continuing first lien and security interest in: (a) all of Customer's and such Series' right, title and interest in and to the Account relating to such Series and the Assets now or hereafter held in such Account (including proceeds thereof) and (b) any other property at any time held by BNY or any BNY Affiliate relating to such Series; provided that Customer does not hereby grant a security interest in any securities issued by an affiliate (as defined in Section 23A of the U.S. Federal Reserve Act) of BNY. Customer represents, warrants and covenants that it owns the Assets in the Accounts, and such other property at any time held by BNY or any BNY Affiliate relating to Customer, free and clear of all liens, claims and security interests (except as otherwise acknowledged in writing by BNY), and that the first lien and security interest granted herein with respect to each Series will be subject to no setoffs, counterclaims or other liens prior to or on a parity with it in favor of any third party (other than specific liens granted preferred status by statute). Customer will take any additional steps required to assure BNY of such priority security interest, including notifying third parties or obtaining their consent. BNY will be entitled to collect from the relevant Account sufficient Cash for reimbursement. In this regard, BNY will be entitled to all the rights and remedies of a pledgee, secured creditor and/or securities intermediary under applicable laws, rules and regulations as then in effect as if Customer or the relevant Series is in default.

**6.4.** **Setoff** 

BNY has the right to debit any Cash held in an Account for a Customer for any amount payable by such Customer in connection with any and all obligations and liabilities (whether or not matured) of such Customer to BNY or any BNY Affiliate whether or not relating to or arising under this Agreement. In addition to the rights of BNY or such BNY Affiliate under applicable law or any other agreement, at any time when a Customer has not honored any of its obligations relating to a Series to BNY or such BNY Affiliate, BNY will have the right, upon providing prior written notice to such Customer within a commercially reasonable time in light of the relevant circumstances, to retain or set-off against any obligations relating to such Customer any cash BNY or any BNY Affiliate may directly or indirectly hold with respect to such Customer and any obligations (whether or not matured) that BNY or any BNY Affiliate may have with respect to such Customer in any currency. Any such cash or obligation relating to such Customer may be transferred to BNY and any BNY Affiliate in order to effect the above rights. Notwithstanding any other provision of this Agreement, BNY shall not have the right to setoff, debit or otherwise apply the Cash held in an Account for one Customer against the obligations, liabilities or indebtedness of any other Customer. Each Customer's obligations under this Agreement are several and not joint, and the Cash of each Customer shall be held separately and may only be applied to satisfy that Customer's own obligations to BNY or any BNY Affiliate.

**7.** **STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA** 

**7.1.** **Statements** 

BNY will make available to Customer, through the Electronic Access Services, a monthly statement (or report for such other time period as the Parties may agree upon from time to time) reflecting all transfers to or from the Accounts during such month and all holdings in the Accounts as of the last business day of such month (or as of such other date(s) as the Parties may agree from time to time). Customer will promptly review each such statement and, within ninety (90) days of when such statement is made available by BNY, notify BNY of any exception or objection thereto. Notwithstanding the foregoing, Customer may notify BNY of any such exceptions or objections at any time; provided, however, that BNY will not be responsible or liable for any losses that could have been mitigated had such notice been provided during such ninety (90) day period.

**7.2.** **Books and Records** 

The books and records directly pertaining to the Accounts which are in the possession of BNY will be the property of Customer. BNY will identify on its books and records the Assets belonging to Customer with respect to each Series. Customer and its authorized representatives will have the right, at Customer's own expense and with reasonable prior written notice to BNY, to have reasonable access to those books and records directly pertaining to the Accounts. Any such access will occur during BNY's normal business hours and will be subject to BNY's applicable security policies and procedures. Upon Customer's reasonable request, copies of those books and records directly pertaining to the Accounts will be provided by BNY to Customer or its authorized representative.

**7.3.** **Third Party Data** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer acknowledges that BNY will be
 receiving, utilizing and relying on Market Data and other data provided by Customer and/or
 by third parties in connection with its performance of the services hereunder (collectively,
 "**Third Party Data** "). BNY is entitled to rely without inquiry on all Third
 Party Data provided to BNY hereunder (and all Instructions related to Third Party Data),
 and BNY makes no assurances or warranties in relation to the accuracy or completeness of
 Third Party Data and will not be responsible or liable for any losses or damages incurred
 as a result of any Third Party Data that is inaccurate or incomplete. BNY may follow Instructions
 with respect to Third Party Data, even if such Instructions direct BNY to override its usual
 procedures and data sources or if BNY, in performing services for itself or others (including
 services similar to those performed for Customer), receives different Third Party Data for
 the same or similar Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Certain Market Data may be the intellectual
 property of Market Data Providers, which impose additional terms and conditions upon Customer's
 use of such Market Data. Such additional terms and conditions can be found on the Data Terms
 Website. Customer agrees to those terms and conditions as they are posted on the Data Terms
 Website from time to time.

**7.4.** **Information Security** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Term of this Agreement, BNY
 will implement, and maintain an information security program ("ISP") with written
 policies and procedures reasonably designed to protect the confidentiality and integrity
 of Customer's Confidential Information provided to BNY in accordance with this Agreement
 and when in BNY's possession or under BNY's control ("Customer Data").
 The ISP will include administrative, technical and physical safeguards, appropriate to the
 type of Customer Data concerned, reasonably designed to: (i) maintain the integrity,
 confidentiality and availability of Customer Data; (ii) protect against anticipated
 threats or hazards to the security or integrity of Customer Data; (iii) protect against
 unauthorized access to or use of Customer Data that could result in substantial harm or inconvenience
 to Customer or its clients; and, (iv) provide for secure disposal of Customer Data.
 BNY's program is dynamic and may be modified to address technological changes or changes
 in the threat landscape, BNY's business activities or other factors. BNY reserves the
 right to modify the ISP at any time, provided that BNY shall not diminish the overall level
 of protection the ISP is intended to provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Logging*. The ISP will require the
 maintenance of network and application logs as part of BNY's security information and
 event management processes. Logs are retained in accordance with law applicable to BNY's
 provision of the services as well as BNY's applicable policies. BNY uses various tools
 in conjunction with such logs, which may include behavioral analytics, security monitoring
 case management, network traffic monitoring and analysis, IP address management and
 full packet capture. Logs may be centralized and correlated for security event alerting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Data Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Identity & Access Management.* BNY will implement reasonable and industry recognized user access rules for users
 accessing Customer Data based on the need to know and the principle of least privilege, including
 user ID and password requirements, session timeout and reauthentication requirements, unsuccessful
 login attempt limits, privileged access limits and multifactor authentication or equivalent
 safeguard where risk factors indicate that single factor is inadequate. BNY's identity
 and access management processes include the identification, authentication, authorization
 and periodic recertification of information users at BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Data Segregation*. The ISP will require
 that: (i) Customer Data is stored in either physically or logically segregated databases
 from other BNY data; and (ii) different databases are maintained for development, testing,
 staging and production environments used in the provision of services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Encryption*. BNY will: (i) encrypt
 Customer Data in transit to an external network using transport layer security or other encryption
 method; and (ii) protect Customer Data at rest, in each case as BNY determines to be
 appropriate in accordance with the ISP and law applicable to BNY's provision of the
 services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *Remote Access*. The ISP will restrict
 remote access to the BNY systems used to provide the services to authorized users using multifactor
 authentication or equivalent safeguard, and will require such access to be logged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *Devices.* BNY will restrict the transfer
 of Customer Data from its network to mass storage devices. BNY will use a mobile device management
 system or equivalent tool when mobile computing is used to provide the services. Applications
 on such authenticated devices will be housed within an encrypted contained and BNY will maintain
 the ability to remote wipe the contents of the container.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) *Disposal.* BNY will maintain chain
 of custody procedures and require that any Customer Data requiring disposal be rendered inaccessible,
 cleaned or scrubbed from such hardware and/or media using industry recognized methods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) *Physical Security.* BNY will deploy
 perimeter security such as barrier access controls around its facilities processing or storing
 Customer Data. The ISP will include: (i) procedures for validating visitor identity
 and authorization to enter the premises, which may include identification checks, issuance
 of identification badges and recording of entry purpose of visit; and (ii) physical
 security policies for personnel, such as a "clean desk" policy. In accordance
 with its ISP and applicable law, BNY will install closed circuit television ("CCTV")
 systems and CCTV recording systems to monitor and record access to controlled areas, such
 as data centers and server rooms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Audit Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNY shall, no more than once in a 12 month
 period: (i) upon request, provide a copy of its most recent System and Organization
 Controls (SOC) or equivalent external audit report to Customer, which Customer may disclose
 solely to its internal or external auditors that are subject to written confidentiality obligations
 to use reasonable care to safeguard the report and not to disclose the report to any third
 party or use the report for any purpose other than evaluating BNY's security controls;
 (ii) engage a third party provider to perform penetration testing of the BNY systems
 used to provide the services (subject to agreed upon rules of engagement) and, upon
 request, provide Customer confirmation of such testing; and (iii) upon request, participate
 in Customer's reasonable information security due diligence questionnaire process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNY shall also, no more than once in any
 12-month period and upon request, on a mutually agreed date during business hours and subject
 to BNY's facility security policies and availability of personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Meet with Customer subject matter experts
 in a BNY clean room to review information security policies, procedures and similar related
 information; provided that no documentation may be copied, disclosed to any third party,
 or transmitted or removed from BNY premises except as mutually agreed in writing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Permit access to a BNY data center used
 to process Customer Data and provide the services by no more than 3 Customer representatives,
 including employees of a regulatory or supervisory authority of Customer that is also a regulatory
 or supervisory authority of BNY, for a maximum of 3 hours in order to conduct a visual inspection
 of the environment and its controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Notwithstanding any other provision in
 the Agreement to the contrary, Customer shall not disclose any verbal or written information
 obtained during the foregoing meetings described in the above subjections 7.4(a)(iii)(B)(1) and
 (2) to any third party or use it for any purpose other than evaluating BNY's security
 controls, without BNY's prior written consent. Customer shall reimburse BNY for any
 costs and expenses reasonably incurred in connection with Customer's review (including
 that of the regulatory or supervisory authority personnel) of BNY's security controls
 and data center.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Security Incident Management &
 Breach Notification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNY will maintain a documented incident
 management process designed to detect security events and respond to the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the event of a declared Security Incident,
 BNY will activate its incident response plan, including to: (i) notify Customer within
 three business days; (ii) provide updates to Customer regarding BNY's response;
 and, (iii) use reasonable efforts to implement measures designed to prevent reoccurrence
 of Security Incidents of a similar nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) "Security Incident" means
 any known: (i) breach of nonpublic personal information as defined in the Gramm-Leach-Bliley
 Act of 1999 ("NPPI") that is notifiable under state law; or (ii) unauthorized
 access to, disruption, or misuse of a component of BNY's network that directly impacts
 its provision of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) BNY will implement business continuity
 and disaster recovery plans designed to minimize interruptions of service and enhance recovery
 of systems and applications used to provide the Services under this Agreement. Such plans
 will cover the facilities, systems, backups, applications and employees that are critical
 to the provision of the Services, and such plans will be tested regularly to assess if the
 recovery strategies, requirements and protocols are viable and sustainable. BNY will maintain
 encrypted data backups to the same extent that the data is encrypted in the production environment
 based on BNY's policies.

**7.5.** **Reserved.** 

**8.** **DISCLOSURES** 

**8.1.** **Foreign Exchange Transactions** 

In connection with this Agreement, Customer may enter into foreign exchange transactions (including foreign exchange hedging transactions) with BNY or a BNY Affiliate acting as a principal or otherwise through customary channels. Customer may issue standing Instructions with respect to any such foreign exchange transactions, subject to any rules or limitations that may apply to any foreign exchange facility made available to Customer. With respect to any such foreign exchange transactions, BNY or such BNY Affiliate is acting as a principal counterparty on its own behalf and is not acting as a fiduciary or agent for, or on behalf of, Customer, a Series, an investment manager or any Account.

**8.2.** **Investment of Cash** 

In connection with this Agreement, Customer may issue standing Instructions to invest Cash in one or more sweep investment vehicles. Such investment vehicles may be offered by a BNY Affiliate or by a client of BNY, and BNY may receive compensation therefrom. By making investment vehicles available, BNY and its Affiliates will not be deemed to have recommended, endorsed or guaranteed any such investment vehicle in any way or otherwise to have acted as a fiduciary or agent for, or on behalf of, Customer, its investment manager or any Account. BNY will have no liability for any loss incurred on any such investments. Customer understands that Cash may be uninvested if it is received or reconciled to an Account after the applicable deadline to be swept into Customer's selected investment vehicle.

**9.** **REGULATORY MATTERS** 

**9.1.** **USA PATRIOT Act** 

Section 326 of the U.S. Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (including its implementing regulations) requires BNY to implement a customer identification program pursuant to which BNY must obtain certain information from Customer in order to verify Customer's identity prior to establishing an Account. Accordingly, prior to establishing an Account, Customer will be required to provide BNY with certain information, including Customer's name, physical address, tax identification number and other pertinent identifying information, to enable BNY to verify Customer's identity. Customer acknowledges that BNY cannot establish an Account unless and until BNY has successfully performed such verification.

**9.2.** **Sanctions; Anti-Money Laundering** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Throughout the Term of this Agreement,
 Customer will: (i) have in place and implement, or will be subject to, policies and
 procedures reasonably designed to comply with Sanctions; (ii) have in place and will
 implement, or will be subject to, policies and procedures reasonably designed to (a) prevent
 violations of Sanctions, including measures to accomplish effective and timely scanning of
 all relevant data with respect to its clients (to the extent the Assets are client Assets)
 and with respect to incoming or outgoing assets or transactions relating to this Agreement
 and (b) ensure that neither Customer nor any of its controlled Affiliates, directors,
 officers, or employees or clients (to the extent the Assets are client assets) is an individual
 or entity that is, or is owned or controlled by an individual or entity that is: (A) the
 target of Sanctions or (B) located, organized or resident in a country or territory
 that is, or whose government is, the target of comprehensive Sanctions; and (iii) will
 not, directly or indirectly, use the Accounts in any manner that would result in a violation
 by Customer or BNY of Sanctions. BNY has adopted and implemented, and will continue to maintain
 and implement, compliance programs reasonably designed to comply with the anti-money laundering
 and sanctions laws applicable to BNY's provision of Services hereunder. To the fullest
 extent permitted by law, each of BNY and Customer shall provide commercially reasonable in
 light of the relevant circumstances notice to the other Party if it becomes aware, through
 screening or otherwise, of property or transactions in connection with this Agreement that
 require blocking pursuant to Sanctions and/or reporting to an applicable Sanctions authority,
 including OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer acknowledges and agrees that,
 in connection with the services provided by BNY under this Agreement, each of Customer's
 authorized participants is not a customer of, or joint customer with, BNY. Customer (and
 not BNY) has the responsibility to, and will, fulfill any of Customer's compliance
 requirements or obligations with respect to each of its authorized participants and/or direct
 investors under all Anti-Money Laundering Laws. Without limiting any obligation imposed on
 Customer by Anti-Money Laundering Laws, throughout the term of this Agreement, Customer will
 maintain a compliance program with respect to its direct investors, if any, that includes
 the following as required by applicable law: (i) a know-your-customer program in order
 to understand and verify the identity of each authorized participant and/or direct investor,
 in accordance with the requirements of the Bank Secrecy Act and the relevant regulations
 thereunder, (ii) a transaction surveillance and monitoring program, and (iii) a
 policy for identifying and reporting any suspicious transactions and/or activities with respect
 to each authorized participant and/or direct investor to the appropriate law enforcement
 and regulatory authorities and to BNY where related to the services provided by BNY hereunder
 to the extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Customer will, to the extent permitted
 by applicable law promptly provide to BNY such information as BNY reasonably requests in
 writing in connection with the matters referenced in this Section 9.2, including information
 regarding (i) the Accounts, (ii) the Assets and the source thereof, (iii) the
 identity of any individual or entity having or claiming an interest therein, and (iv) Customer's
 anti-money laundering and Sanctions compliance programs and any related records and/or transaction
 information, including with respect to any investor, regardless of whether such request is
 made under USA PATRIOT Act Section 314(b) (where applicable). Customer will, to
 the extent permitted by applicable law, cooperate with BNY and provide assistance reasonably
 requested by BNY in connection with any anti-money laundering and terrorist financing or
 Sanctions, government or regulatory inquiries. Prior to delivering to BNY the assets of any
 authorized participant, Customer will obtain from each such authorized participant, and will
 continue to maintain in effect throughout the Term of this Agreement, any consents or waivers
 that may be required under applicable law in order to comply with the foregoing obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) BNY may decline to act or provide services
 in respect of any Account, and take such other actions as it, in its reasonable discretion,
 deems necessary or advisable, in connection with the matters referenced in this Section 9.2.
 If BNY declines to act or provide services as provided in the preceding sentence, except
 as otherwise prohibited by applicable law or official request, BNY will inform Customer as
 soon as reasonably practicable.

**10.** **COMPENSATION** 

**10.1.** **Fees and Expenses** 

In consideration of BNY's services provided hereunder, Customer will (a) pay to BNY the fees set forth in the agreed upon fee schedule (as such fee schedule may be amended by BNY and Customer from time to time upon mutual agreement) and (b) reimburse BNY for reasonable out-of-pocket and incidental expenses incurred by BNY in connection therewith. Unless otherwise agreed by the Parties, such amounts will be payable to BNY within thirty (30) days of Customer's receipt of the relevant invoice. Without limiting BNY's other rights set forth in this Agreement, BNY may charge interest on overdue amounts at a rate then charged by BNY to its institutional custody clients in the relevant currency.

**10.2.** **Other Compensation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer acknowledges that, as part of
 BNY's compensation, BNY will earn interest on Cash balances held by BNY (including
 disbursement balances, balances arising from purchase and sale transactions and when Cash
 otherwise remains uninvested) as provided in BNY's compensation disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where a processing error has occurred
 under this Agreement that results in an unintended gain, provided that Customer is put in
 the same or equivalent position as it would have been in had such processing error not occurred,
 any such gain will be solely for the account of BNY without any duty to report such gain
 to Customer.

**11.** **REPRESENTATIONS, WARRANTIES AND COVENANTS** 

**11.1.** **BNY** 

BNY represents and warrants that: (a) it is duly organized, validly existing and in good standing in its jurisdiction of organization; (b) it has the requisite corporate power and authority to enter into and to carry out the transactions contemplated by this Agreement and (c) the individual executing this Agreement on its behalf has the requisite authority to bind BNY to this Agreement.

**11.2.** **Customer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer represents and warrants that:
 (i) it is duly organized, validly existing and in good standing in its jurisdiction
 of organization; (ii) it has the requisite corporate power and authority to enter into
 and to carry out the transactions contemplated by this Agreement and (iii) the individual
 executing this Agreement on its behalf has the requisite authority to bind Customer to this
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer represents and warrants that
 all actions taken, or to be taken, by or on behalf of Customer in connection with establishing,
 maintaining, operating or termination Customer (including, any offer, sale or distribution
 of the shares of, or interest in, Customer) shall be done in material compliance with all
 applicable U.S. state and federal securities laws and regulations and all other applicable
 laws and regulations of all applicable jurisdictions.

**12.** **LIABILITY** 

**12.1.** **Standard of Care** 

In performing its duties under this Agreement, BNY will exercise the same standard of care and diligence that a professional custodian engaged in the banking or trust company industry and having professional expertise in financial and securities processing transactions and custody would exercise in similar circumstances, taking into account the prevailing rules, practices, procedures and circumstances in the relevant market, and acting without bad faith, negligence or willful misconduct ("**Standard of Care**").

**12.2.** **Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY's liability arising out of or
 relating to this Agreement will be limited solely to those direct damages caused by BNY's
 failure to perform its obligations under this Agreement in accordance with the Standard of
 Care, subject to the clarifications and exceptions set forth in this Section 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Consistent with Section 4.1 herein
 and subject to the Standard of Care, BNY will be liable for direct costs, expenses, damages,
 liabilities or claims incurred by the Customer as a result of the acts or failures to act
 by any subcontractor, agent, or outsourcing party to the extent that BNY itself would be
 liable for such acts or omissions under this Agreement had it performed or not performed
 the relevant act or omission itself, except as provided in this Section 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Party (and their respective Affiliates)
 will have a duty to mitigate damages or Losses hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In no event will either Party be liable
 for any indirect, incidental, consequential, exemplary, punitive or special losses or damages,
 or for any loss of revenues, profits or business opportunity, arising out of or relating
 to this Agreement (whether or not foreseeable and even if such Party has been advised of
 the possibility of such losses or damages); provided, that this Section 12.2(b) will
 not apply to Losses arising from a Party's fraud, willful misconduct or gross negligence,
 or Customer's duty to indemnify BNY pursuant to Section 12.4(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary
 set forth in this Agreement, in no event will BNY be liable for any losses or damages arising
 out of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Customer's or an Authorized Person's decision to invest
in or hold Assets in any particular country, including any losses or damages arising out of or relating to: (A) the financial infrastructure
of a country; (B) a country's prevailing custody and settlement practices; (C) nationalization, expropriation or other
governmental actions; (D) a country's regulation of the banking or securities industry; (E) currency and exchange controls,
restrictions, devaluations, redenominations, fluctuations or asset freezes; (F) laws, rules, regulations or orders that at any time
prohibit or impose burdens or costs on the transfer of Assets to, by or for the account of Customer or (G) market conditions which
affect the orderly execution of securities transactions or affect the value of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNY's reliance on Instructions,;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For any matter with respect to which BNY
 is required to act only upon the receipt of Instructions, (A) BNY's failure to
 act in the absence of such Instructions or (B) Instructions that are late or incomplete
 or do not otherwise satisfy the requirements of Section 3.2(e), whether or not BNY acted
 upon such Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) BNY receiving or transmitting any data
 to or from Customer or any Authorized Person via any non-secure method of transmission or
 communication selected by Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Customer's or an Authorized Person's
 decision to hold Cash in any currency; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The insolvency of any Person.

**12.3.** **Force Majeure** 

BNY will not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement to the extent caused, directly or indirectly, by any event beyond its reasonable control, including acts of God, strikes or other labor disputes, work stoppages, acts of war, terrorism, general civil unrest, governmental or military actions, legal constraint or the interruption, loss or malfunction of utilities or communications or computer systems. BNY will promptly notify Customer upon the occurrence of any such event and will use commercially reasonable efforts to minimize its effect.

**12.4.** **Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer will indemnify and hold harmless
 BNY from and against all losses, costs, expenses, damages and liabilities (including reasonable
 counsel fees and expenses) ("Losses") incurred by BNY arising out of or relating
 to BNY's performance under this Agreement, except to the extent resulting from BNY's
 failure to perform its obligations under this Agreement in accordance with the Standard of
 Care. The Parties agree that the foregoing will include reasonable counsel fees and expenses
 incurred by BNY in its successful defense of claims that are asserted by Customer against
 BNY arising out of or relating to BNY's performance under this Agreement. Any obligations
 of a Customer under this Section 12.4 will not be satisfied out of the assets of any
 other Customer and any obligations of any Customer under this Section 12.4 shall be
 several, and not joint, with respect to any other Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to BNY's limitations of
 liability contained within Section 12.2 and Section 12.3, BNY will indemnify and
 hold harmless the Customer from and against direct Losses incurred by Customer as the direct
 result of BNY's failure to perform its obligations under this Agreement in accordance
 with the Standard of Care; except in each case to the extent such Losses result from Customer's
 own fraud, negligence or willful misconduct or failure to perform its obligations under this
 Agreement.

**13.** **CONFIDENTIALITY** 

**13.1.** **Confidentiality Obligations** 

Each Party agrees to (a) use the Confidential Information of the other Party solely to accomplish the purposes of this Agreement and, except in connection with such purposes or as otherwise permitted herein, not to disclose, publish, release, transfer or otherwise make available (except its personnel and external professional advisers who have a need to know such Confidential Information) without the prior written consent of the other Party; and (b) secure and protect the Confidential Information of the other Party from unauthorized use or disclosure by using at least the same degree of care as the Party employs to avoid unauthorized use of or disclosure of its own Confidential Information, but in no event less than reasonable care; and (c) not duplicate any material containing the Confidential Information of the other Party except in the direct performance of its obligations hereunder. Notwithstanding the foregoing, BNY may:(a) use Customer's Confidential Information in connection with certain functions performed on a centralized basis by BNY, its Affiliates and joint ventures and their service providers, including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, compilation and analysis of customer related data and storage); (b) disclose such information to its Affiliates and joint ventures and to its and their service providers who are subject to confidentiality obligations and (c) store the names and business contact information of Customer's employees and representatives relating to this Agreement on the systems or in the records of its Affiliates and joint ventures and its and their service providers. In addition, BNY may aggregate information regarding Customer and the Accounts on an anonymized basis with other similar client data for BNY's and its Affiliates' reporting, research, product development and distribution, and marketing purposes, provided that any distribution of such aggregated data shall not be in a format that can be reverse engineered to identify customer-related data with respect to Customer or any particular Trust.

**13.2.** **Exceptions; Return or Destruction of Confidential Information.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties' respective obligations
 under Section 13.1 will not apply to any such information: (a) that is, as of the
 time of its disclosure or thereafter becomes, part of the public domain through a source
 other than the receiving Party; (b) that was known to the receiving Party as of the
 time of its disclosure and was not otherwise subject to confidentiality obligations; (c) that
 is independently developed by the receiving Party without reference to such information;
 (d) that is subsequently learned from a third party not known to be under a confidentiality
 obligation to the disclosing Party or (e) that is required to be disclosed (in the reasonable
 opinion of its legal counsel) pursuant to applicable law, rule, regulation, requirement of
 any law enforcement agency, court order or other legal process or at the request of a regulatory
 authority; provided that, in all cases of such disclosure under (e), the receiving Party
 will, if legally permissible under applicable law, endeavor to provide commercially reasonable
 notice to the other Party, and where it is practicable under the relevant circumstances,
 will do so prior to disclosure, so that the other Party may seek a protective order or other
 appropriate remedy, if it thinks fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the earlier of: (i) the Confidential
 Information (or the relevant portion of it) becoming no longer required for the receiving
 Party's performance under this Agreement; or (ii) termination or expiration of
 this Agreement; and upon written request, the receiving Party shall securely destroy the
 Confidential Information (or the relevant portion of it), ensuring it is irrecoverable disclosing
 Party requests the return of its Confidential Information, in which case receiving Party
 shall promptly return it (in a format and by a method reasonably acceptable to disclosing
 Party), and promptly certify such destruction or return (as applicable), if so requested.
 Notwithstanding the foregoing, the receiving Party may retain copies of such Confidential
 Information as required by applicable law or, in accordance with the receiving Party's
 records retention or back-up policies or procedures, so long as they continue to be kept
 in accordance with the provisions of this Section 13. The receiving Party shall endeavor
 to notify the other Party within a commercially reasonable time in light of the relevant
 circumstances in the event that Confidential Information has been lost, misplaced, or disclosed
 in contravention to the terms of this Section 13.

**14.** **TERM AND TERMINATION** 

**14.1.** **Term** 

The term of this Agreement will commence on the Effective Date and will continue in effect until terminated in accordance with the provisions herein.

**14.2.** **Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party may terminate this Agreement
 with respect to one or more Series by giving to the other Party a notice in writing
 specifying the date of such termination, which will be not less than ninety (90) days after
 the date of such notice. Notwithstanding anything to the contrary in this Agreement, either
 Party may, on thirty (30) days' written notice or shorter timeframe as required by
 applicable law, terminate this Agreement (in whole or in part) in the event any regulator
 or governmental authority so requests or if continuing would place BNY, Customer, and/or
 any of their Affiliates in breach of applicable law. Either Party may terminate this Agreement
 on written notice if the other Party undergoes a Change of Control (as defined below); provided
 that such notice may only be given within sixty (60) days of the terminating Party first
 becoming aware of such Change of Control having occurred or of the terminating Party receiving
 written notification of it having occurred from the other Party, whichever is the later.
 "Change of Control" for these purposes means either: (i) the sale of all
 or substantially all of the assets of a Party to an unaffiliated party; or (ii) any
 merger, consolidation or acquisition of the capital stock of a Party the result of which
 is that an unaffiliated third-party holds more than twenty-five percent (25%) of either the
 economics or voting capital stock of such Party. Termination by a Party of this Agreement
 will be without prejudice to and with full reservation of any other rights and remedies available
 to the other Party. Termination will not affect any of the obligations either Party owes
 to the other arising under this Agreement prior to such termination, including any outstanding
 compensation payable or amounts reimbursable under this Agreement.

**14.3.** **Effect of Termination** **; Transition** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon termination hereof, BNY will follow
 such reasonable Instructions as Customer issues concerning the transfer of custody of records,
 Assets and other items; provided that (a) BNY will have no responsibility or liability
 for shipping and insurance costs associated therewith and (b) full payment has been
 made to BNY of its compensation, costs, expenses and other amounts to which it is entitled
 hereunder. If any Assets remain in any Account after termination, BNY shall deliver to Customer
 such Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any provision of this
 Section 14 to the contrary, in the event that this Agreement is terminated in its entirety,
 the Parties agree to continue operating under the terms of this Agreement as if this Agreement
 remained in full force and effect for up to one (1) year or for such shorter period
 of time as the Parties mutually agree is necessary for BNY to transfer custody records, Assets
 and other items to a successor custodian pursuant to Instructions (the "Transition
 Period"); provider, that during any such Transition Period, BNY will be entitled to
 compensation for BNY's Transition Period services pursuant to Section 10 and the
 provisions of this Agreement relating to the duties and obligations of BNY will remain in
 full force and effect. If any Assets remains in any Account after the Transition Period,
 BNY shall deliver to Customer such Assets.

**14.4.** **Survival** 

Any and all provisions of this Agreement which by their nature or effect are required or intended to be observed, kept or performed after the expiration or termination of this Agreement will survive the expiration or any termination of this Agreement and remain binding upon and for the Parties' benefit, including Section 11 (Representations, Warranties and Covenants); Section 12 (Liability); Section 13 (Confidentiality); Section 14.3 (Effect of Termination); Section 14.4 (Survival) and Section 15.3 (Governing Law/Forum).

**15.** **GENERAL** 

**15.1.** **Assignment** 

Neither Party may, without the other Party's prior written consent, assign any of its rights or delegate any of its duties under this Agreement (whether by change of control, operation of law or otherwise); provided, however that BNY may, without the prior written consent of Customer, but with commercially reasonable notice to the Customer in light of the relevant circumstances, assign this Agreement or any of its rights, or delegate any of its duties hereunder: (a) to any BNY Affiliate; (b) to any successor to the business of BNY to which this Agreement relates, in which event BNY agrees to provide notice of such successor to Customer or (c) as otherwise permitted in this Agreement; provided further that any entity to which this Agreement is assigned by BNY without the prior written consent of Customer pursuant to a foregoing item (a), (b) or (c) will satisfy the requirements for serving as a custodian under applicable law. Any purported assignment or delegation by a Party in violation of this provision will be voidable at the option of the other Party. This Agreement will be binding upon, and inure to the benefit of, the Parties and their respective permitted successors and assigns.

**15.2.** **Amendment** 

This Agreement may be amended or modified only in a written agreement signed by an authorized representative of each Party. For purposes of the foregoing, email exchanges between the Parties will not be deemed to constitute a written agreement.

**15.3.** **Governing Law/Forum** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The substantive laws of the state of New
 York (without regard to its conflicts of law provisions) will govern all matters arising
 out of or relating to this Agreement, including the establishment and maintenance of the
 Accounts and for purposes of the Uniform Commercial Code and all issues specified in Article 2(1) of
 the Hague Securities Convention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Party irrevocably agrees that all
 legal actions or proceedings brought by it against the other Party arising out of or relating
 to this Agreement will be brought solely and exclusively before the state or federal courts
 situated in New York City, New York. Each Party irrevocably submits to personal jurisdiction
 in such courts and waives any objection which it may now or hereafter have based on improper
 venue or *forum non conveniens*. The Parties hereby unconditionally waive, to the fullest
 extent permitted by applicable law, any right to a jury trial with respect to any such actions
 or proceedings.

**15.4.** **Reserved.** 

**15.5.** **Non-Fiduciary Status** 

Customer hereby acknowledges and agrees that BNY is not a fiduciary by virtue of accepting and carrying out its obligations under this Agreement and has not accepted any fiduciary duties, responsibilities or liabilities with respect to its services hereunder, including with respect to the management, investment advisory or sub-advisory functions of Customer.

**15.6.** **Notices** 

Other than routine communications in the ordinary course of providing or receiving services hereunder (including Instructions), all notices, requests, consents and other communications pursuant to this Agreement in writing shall be sent as follows:

**If to DE Trustee of the Customer:**

CSC Delaware Trust Company<br> Attention: Corporate Trust Administration<br> 251 Little Falls Drive<br> Wilmington, DE 19808

**with a copy to Sponsor of the Customer:**

Morgan Stanley Investment Management Inc.<br> 1585 Broadway<br> New York, New York 10036<br> Attn: Clare Wlordarcyzk

**If to BNY:**

The Bank of New York Mellon<br> 240 Greenwich St.<br> New York, NY 10286<br> Attn: Legal Department

or at such other place as may from time to time be designated in writing. Notices hereunder shall be effective upon receipt.

**15.7.** **Entire Agreement** 

This Agreement constitutes the sole and entire agreement among the Parties with respect to the matters dealt with herein, and merges, integrates and supersedes all prior and contemporaneous discussions, agreements and understandings between the Parties, whether oral or written, with respect to such matters.

**15.8.** **No Third Party Beneficiaries** 

This Agreement is entered into solely between, and may be enforced only by, the Parties. Each Party intends that this Agreement will not, and no provision of this Agreement will be interpreted to, benefit, or create any right or cause of action in or on behalf of, any party or entity other than the Parties. It is expressly understood and agreed by BNY that this Agreement is executed and delivered on behalf of the Customer by the Sponsor, not individually or personally, but solely as Sponsor of the Customer in the exercise of the powers and authority conferred and vested in it; the representations, covenants, undertakings and agreements herein made on the part of the Customer are made and intended not as personal representations, undertakings and agreements by the Sponsor but are made and intended for the purpose of binding only the Customer; nothing herein contained shall be construed as creating any liability on the Sponsor, individually or personally, to perform any covenant of the Customer either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto; and (d) under no circumstances shall the Sponsor be personally liable for the payment of any indebtedness or expenses of the Customer or be liable for the breach or failure of any obligation, duty, representation, warranty or covenant made or undertaken by the Customer under this Agreement or any other related document.

**15.9.** **Counterparts/Facsimile** 

This Agreement may be executed in any number of counterparts, each of which will be deemed an original, and said counterparts when taken together will constitute one and the same instrument and may be sufficiently evidenced by one set of counterparts. This Agreement may also be executed and delivered by facsimile or email with confirmation of delivery and/or receipt.

**15.10.** **Interpretation** 

The terms and conditions of this Agreement are the result of negotiations between the Parties. The Parties intend that this Agreement will not be construed in favor of or against a Party by reason of the extent to which such Party or its professional advisors participated in the preparation or drafting of this Agreement.

**15.11.** **No Waiver** 

No failure or delay by a Party to exercise any right, remedy or power it has under this Agreement will impair or be construed as a waiver of such right, remedy or power. A waiver by a Party of any provision or any breach of any provision will not be construed to be a waiver by such Party of such provision in any other instance or any succeeding breach of such provision or a breach of any other provision. All waivers will be in writing and signed by an authorized representative of the waiving Party.

**15.12.** **Headings** 

All section and subsection headings in this Agreement are included for convenience of reference only and will not be considered in the interpretation of the scope or intent of any provision of this Agreement.

**15.13.** **Severability** 

If a court of competent jurisdiction determines that any provision of this Agreement is illegal or invalid for any reason, such illegality or invalidity will not affect the validity of the remainder of this Agreement. In such case, the Parties will negotiate in good faith to replace each illegal or invalid provision with a valid, legal and enforceable provision that fulfills as closely as possible the original intent of the Parties.

**15.14.** **Several Nature of Customer Obligations** 

The Parties acknowledge and agree that where "Customer" refers to multiple trusts as listed on Appendix A, each such trust is a separate Customer under this Agreement. The obligations of each Customer under this Agreement are several and not joint. If at any time one or more Customers ceases to be a party to this Agreement (whether by reason of termination of this Agreement with respect to such Customer, dissolution, liquidation or otherwise), this Agreement shall continue in full force and effect with respect to all remaining Customers. No Customer shall have any liability or responsibility for the obligations, representations, warranties, acts or omissions of any other Customer under this Agreement.

**EXECUTION VERSION**

**IN WITNESS WHEREOF**, the Parties have executed this Agreement as of the Effective Date.

---

| | |
|:---|:---|
| **THE BANK OF NEW YORK MELLON** | **MORGAN STANLEY INVESTMENT MANAGEMENT, INC. AS SPONSOR FOR AND ON BEHALF OF EACH ENTITY LISTED ON APPENDIX A** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
| Date: | Date: |

---

**EXECUTION VERSION**

**APPENDIX A**

**Customers**

**Morgan Stanley Bitcoin Trust**

## Exhibit 10.10

**Exhibit 10.10**

SUBSCRIPTION AGREEMENT

THIS SUBSCRIPTION AGREEMENT is entered into as of the [ ] day of [____], 2026, between Morgan Stanley Bitcoin Trust, a Delaware statutory trust organized and existing under the laws of Delaware (the "<u>Trust</u>"), and Morgan Stanley Investment Management Inc., a corporation organized and existing under the laws of Delaware (the "<u>Purchaser</u>").

THE PARTIES HEREBY AGREE AS FOLLOWS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. PURCHASE AND SALE OF THE SHARES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) SALE AND ISSUANCE OF SHARES. Subject to the terms and conditions of this Agreement, the Trust agrees to sell to the Purchaser, and the Purchaser agrees to purchase from the Trust, 2 shares of beneficial interest, representing fractional undivided beneficial interests in the net assets of the Trust (the "<u>Shares</u>"), at a price per Share of $50.00 for an aggregate purchase price of $100.00 (the "Purchase Price") (such Shares, the "<u>Seed Creation Baskets</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PURCHASER. The Purchaser hereby represents and warrants to, and covenants for the benefit of, the Trust that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) PURCHASE ENTIRELY FOR OWN ACCOUNT. This Agreement is made by the Trust with the Purchaser in reliance upon the Purchaser's representation to the Trust, which by the Purchaser's execution of this Agreement the Purchaser hereby confirms, that the Shares are being acquired for investment for the Purchaser's own account, and not as a nominee or agent and not with a view to the resale or distribution by the Purchaser of any of the Shares, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the Shares, in either case in violation of any securities registration requirement under applicable law, but subject nevertheless, to any requirement of law that the disposition of its property shall at all times be within its control.

By executing this Agreement, the Purchaser further represents that the Purchaser does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participation to such person or to any third person, with respect to any of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) INVESTMENT EXPERIENCE. The Purchaser acknowledges that it can bear the economic risk of the investment for an indefinite period of time and has such knowledge and experience in financial and business matters (and particularly in the business in which the Trust operates) as to be capable of evaluating the merits and risks of the investment in the Shares. The Purchaser is an "accredited investor" as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the "<u>1933 Act</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) RESTRICTED SECURITIES. The Purchaser understands that the Shares are characterized as "restricted securities" under the United States securities laws inasmuch as they are being acquired from the Trust in a transaction not involving a public offering and that under such laws and applicable regulations such Shares may be resold without registration under the 1933 Act only in certain circumstances. In this connection, the Purchaser represents that it understands the resale limitations imposed by the 1933 Act and is generally familiar with the existing resale limitations imposed by Rule 144 under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) LEGENDS. It is understood that the certificate evidencing the Shares, if any, may bear either or both of the following legends:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "These securities have not been registered under the Securities Act of 1933. They may not be sold, offered for sale, pledged or hypothecated in the absence of a registration statement in effect with respect to the Shares under such Act or an opinion of counsel reasonably satisfactory to the Trustee of Morgan Stanley Bitcoin Trust that such registration is not required."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any legend required by the laws of any other applicable jurisdiction.

The Purchaser and the Trust agree that the legends contained in the paragraph above shall be removed at a holder's request when they are no longer necessary to ensure compliance with federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) COUNTERPARTS. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **Morgan Stanley Bitcoin Trust**\*<br> Morgan Stanley Investment Management Inc., as Delegated Sponsor of the Trust | **Morgan Stanley Bitcoin Trust**\*<br> Morgan Stanley Investment Management Inc., as Delegated Sponsor of the Trust |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| **Morgan Stanley Investment Management Inc.** | **Morgan Stanley Investment Management Inc.** |
| By: |  |
|  | Name: |
|  | Title: |

---

\*The registrant is a trust, and the undersigned is signing in their capacity as an officer of Morgan Stanley Investment Management Inc., the Delegated Sponsor of the Trust.

## Exhibit 10.11

**Exhibit 10.11**

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXCHANGE TRADED PRODUCTS** |

---

**EXECUTION VERSION**

![](tm2534140d8_ex10-12img001.jpg)

**DIGITAL ASSETS**

**CUSTODY AGREEMENT**

**By and Between**

**THE BANK OF NEW YORK MELLON**

**And**

**MORGAN STANLEY BITCOIN TRUST**

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

**TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
| **1.** | **DEFINITIONS** | **DEFINITIONS** | **1** |
| **2.** | **CUSTODIAL SERVICES** | **CUSTODIAL SERVICES** | **5** |
|  | 2.1 | Appointment of Custodian | 5 |
|  | 2.2 | Accounts and Wallets | 5 |
|  | 2.3 | Supported Digital Assets | 6 |
|  | 2.4 | Customer Use of Accounts and Wallets | 6 |
|  | 2.5 | The New York Uniform Commercial Code | 6 |
| **3.** | **RECEIPT AND TRANSFER OF SUPPORTED DIGITAL ASSETS** | **RECEIPT AND TRANSFER OF SUPPORTED DIGITAL ASSETS** | **7** |
|  | 3.1 | Receipt, Transfer and Settlement | 7 |
|  | 3.2 | Authorized Counterparties | 8 |
| **4.** | **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS** | **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS** | **8** |
|  | 4.1 | Authorized Persons | 8 |
|  | 4.2 | Instructions | 9 |
|  | 4.3 | BNY Actions Without Instructions | 10 |
|  | 4.4 | Funds Transfers | 10 |
|  | 4.5 | Electronic Access | 11 |
|  | 4.6 | Security; Access to Notices and Push Notifications | 11 |
| **5.** | **USE OF AGENTS** | **USE OF AGENTS** | **11** |
| **6.** | **SETOFF; CURRENCY CONVERSION** | **SETOFF; CURRENCY CONVERSION** | **12** |
|  | 6.1 | Setoff | 12 |
|  | 6.2 | Currency Conversion | 12 |
| **7.** | **Reserved** | **Reserved** | **12** |
| **8.** | **STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA** | **STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA** | **12** |
|  | 8.1 | Statements | 12 |
|  | 8.2 | Books and Records | 12 |
|  | 8.3 | Third Party Data | 13 |
|  | 8.4 | Information Security | 13 |
| **9.** | **ANTI-MONEY LAUNDERING; SANCTIONS** | **ANTI-MONEY LAUNDERING; SANCTIONS** | **16** |
| **10.** | **COMPENSATION** | **COMPENSATION** | **18** |
|  | 10.1 | Fees and Expenses | 18 |
|  | 10.2 | Other Compensation | 18 |
| **11.** | **REPRESENTATIONS, WARRANTIES, COVENANTS AND CUSTOMER ACKNOWLEDGEMENTS** | **REPRESENTATIONS, WARRANTIES, COVENANTS AND CUSTOMER ACKNOWLEDGEMENTS** | **19** |
|  | 11.1 | BNY | 19 |
|  | 11.2 | Customer | 19 |
| **12.** | **LIABILITY** | **LIABILITY** | **22** |
|  | 12.1 | Standard of Care | 22 |
|  | 12.2 | Limitation of Liability | 22 |
|  | 12.3 | Force Majeure | 25 |
|  | 12.4 | Indemnification | 25 |

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****TABLE OF CONTENTS**<br> (continued)**

**13.** **CONFIDENTIALITY** **26** 

13.1 Confidentiality
 Obligations 26

13.2 Exceptions; Return or Destruction
 of Confidential Information 26

**14.** **TERM AND TERMINATION** **27** 

14.1 Term 27

14.2 Termination 27

14.3 Effect of Termination; Transition 28

14.4 Survival 29

**15.** **MISCELLANEOUS** **29** 

15.1 Operating Procedures and Schedules 29

15.2 Amendment 30

15.3 Push Notifications 30

15.4 Assignment 30

15.5 Governing Law/Forum 30

15.6 Business Continuity/Disaster
 Recovery 31

15.7 Sovereign Immunity 31

15.8 Non-Fiduciary Status 31

15.9 Notices 31

15.10 Entire Agreement 32

15.11 No Third Party Beneficiaries 32

15.12 Counterparts 33

15.13 Interpretation 33

15.14 No Waiver 33

15.15 Headings 33

15.16 Severability 33

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**DIGITAL ASSETS CUSTODY AGREEMENT**

This Digital Asset Custody Agreement (or "this Agreement") is made and entered into as of the latest date set forth on the signature page hereto (the "**Effective Date**") by and between **THE BANK OF NEW YORK MELLON**, a bank organized under the laws of the state of New York ("**BNY**"), and **MORGAN STANLEY BITCOIN TRUST**, a statutory trust organized under the laws of the state of Delaware ("**Customer**"). BNY and Customer are collectively referred to as the "**Parties**" and individually as a "**Party**".

**RECITALS**

WHEREAS, Customer wishes to appoint BNY as the custodian of certain of its digital assets, and BNY is willing to provide such services on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and intending to be legally bound, the Parties agree as follows.

**1.** **DEFINITIONS** 

Whenever used in this Agreement, the following words have the meanings set forth below:

"**Account**" or "**Accounts**" has the meaning set forth in Section 2.2(a).

"**Affiliate**" means, with respect to any entity, any other entity that directly or indirectly controls, is controlled by, or is under common control with such entity.

"**Agreement**" means, collectively, this Digital Assets Custody Agreement, any Schedules and Exhibits hereto, and any other documents incorporated herein by reference.

"**Airdrop**" means any Digital Asset Received at an Asset Address related to a Wallet, whether or not solicited by Customer, that (i) is not a Supported Digital Asset, (ii) is a Supported Digital Asset Received from a Person other than an Authorized Counterparty, or (iii) is a Supported Digital Asset Received without a prior Instruction of Customer as provided by Section 3.1(b)(ii) or as to which a prior Instruction of Customer was materially inaccurate (as determined in the sole discretion of BNY).

"**Alternative Address**" means, with respect to any Digital Asset, an Asset Address maintained with an Authorized Counterparty for the benefit of Customer to which, in the circumstances identified in Section 3.1(e), BNY may transfer such Digital Asset.

"**Anti-Money Laundering Laws**" means all anti-money laundering and counter-terrorist financing laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the U.S. Bank Secrecy Act, the U.S.A. PATRIOT Act, the Money Laundering Control Act, and regulations of the U.S. Treasury Department which implement such acts) or any other applicable domestic or foreign authority with jurisdiction over Customer.

"**Asset Address**" means, with respect to any Supported Digital Asset, (i) a public key address code maintained with BNY or an Authorized Counterparty and identified as a source or destination with respect to a transaction in such Digital Asset (in the case of a Supported Digital Asset in the manner specified by the applicable Supported Digital Asset Disclosure Schedule); and (ii) such other information as may be required by the Operating Procedures.

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"**Authorized Counterparty**" means an Intermediary and related Asset Addresses, as may be approved from time to time by BNY. A list of Authorized Counterparties will be provided to Customer from time to time and/or will be posted on a website, the address of which is provided by BNY to Customer. BNY reserves the right to withdraw the approval of any Authorized Counterparty at any time as provided in Section 3.2(c).

"**Authorized Person**" has the meaning set forth in Section 4.1.

"**BNY**" has the meaning set forth in the introductory paragraph.

"**Cash**" means the money and currency of any jurisdiction which BNY accepts for deposit in an Account.

"**Confidential Information**" means, with respect to a Party, the terms of this Agreement, and all non-public business and financial information or other information designated as confidential or proprietary information, of such Party (including, with respect to Customer, information regarding the Accounts, and including with respect to BNY, information regarding its practices and procedures related to the services provided hereunder) disclosed to the other Party in connection with this Agreement. For the avoidance of doubt, "Confidential Information" does not include information that can be determined, derived, or otherwise ascertained from the public protocols, networks, or other public features of any Digital Assets, including without limitation the identification of Asset Addresses linked to Wallets for the benefit of Customer and other similar transactional data.

"**Contingency Service Provider**" means a Person that is selected and used by BNY in the event of a contingency in connection with the settlement of transactions, holding of assets, and/or other provision of services hereunder, including any successors to, and/or nominee of, such Person.

"**Customer**" has the meaning set forth in the introductory paragraph.

"**Credited Asset**" means, with respect to any Account, a Supported Digital Asset which is credited to such Account in accordance with the terms of this Agreement.

"**Data Terms Website**" means *http://www.bnymellon.com/products/assetservicing/vendoragreement.pdf* or any successor website, the address of which is provided by BNY to Customer.

"**Default Account**" means a deposit account maintained with BNY for the account of Customer established concurrently with entry into this Agreement.

"**Designated Asset Address**" means, with respect to any Supported Digital Asset, an Asset Address maintained with an Authorized Counterparty for the benefit of Customer and specified in accordance with Section 3.1(d) to which, in the circumstances identified in Section 3.1(e), BNY may transfer such Supported Digital Asset.

"**Digital Asset**" or "**Digital Assets**" means Bitcoin or other cryptocurrency or token.

"**Effective Date**" has the meaning set forth in the introductory paragraph.

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"**Electronic Access Services**" means such services made available by BNY or a BNY Affiliate to Customer to electronically access information relating to the Accounts and/or transmit Instructions.

"**Electronic Communication Systems**" means such systems made available by BNY or a BNY Affiliate to Customer and its Authorized Persons, including those for the delivery of Push Notifications to Customer in accordance with Section 13.3.

"**Electronic Signature**" means an image, representation, or symbol inserted into an electronic copy of the Agreement by electronic, digital, or other technological methods.

"**Instructions**" means, with respect to this Agreement, instructions issued to BNY by way of (a) one of the following methods (each as and to the extent specified by BNY in the Operating Procedures as available for use in connection with the services hereunder): (i) the Electronic Access Services; (ii) third-party electronic communication services containing, where applicable, appropriate authorization codes, passwords, or authentication keys, or otherwise appearing on their face to have been transmitted by an Authorized Person or (b) such other method as may be agreed upon by the Parties and that appear on their face to have been transmitted by an Authorized Person.

"**Insurance Policies**" has the meaning set forth in Section 10.1(d).

"**Intermediary**" means any Digital Asset exchange or service provider duly licensed under United States law and engaged in the business in the United States of acting as an intermediary through which Persons may acquire or transmit Digital Assets or any bank or trust company or other service provider that engages in the business of holding Digital Assets in custody.

"**Key**" or "**Keys**" has the meaning set forth in Section 2.2(c).

"**Loss**" means, with respect to any Person, any loss, cost, expense, damage, or liability (including reasonable counsel fees and expenses, and any liability for indemnity) suffered or incurred by such Person as a result of a specified event or cause.

"**Market Data**" means pricing, valuations, or other commercially sourced data applicable to any Credited Asset.

"**Market Data Providers**" means vendors and analytics providers and any other Person providing Market Data to BNY.

"**Operating Procedures**" means procedures governing the conduct and administration of services under this Agreement and/or Services under any applicable Service Schedule, as in effect from time to time and issued by BNY and available in accordance with Section 15.1.

"**Party**" or "**Parties**" has the meaning set forth in the introductory paragraph.

"**Person**" or "**Persons**" means any entity or individual.

"**Push Notification**" means a notification broadcast through the Electronic Communication Systems as provided in Section 13.3.

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"**Programmatic Requirements**" has the meaning set forth in Section 7.

"**Receive**", "**Received**", or "**Receipt**" means, with respect to any Digital Asset and Asset Address, that the public blockchain network associated with such Digital Asset reflects the receipt by BNY of the transfer of the Digital Asset at such Asset Address through a certain number of confirmations. Such certain number will be determined by BNY in its sole discretion.

"**Sanctions**" means all economic sanctions laws, rules, regulations, executive orders, and requirements administered by any governmental authority of the United States (including the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury) and any other applicable domestic or foreign authority with jurisdiction over Customer.

"**Secretary**" has the meaning set forth in Section 7.

"**Schedule**" means any Service Schedule or Supported Digital Assets Disclosure Schedule.

"**Service**" means, in connection with the services provided by BNY under this Agreement, an ancillary service provided by BNY or its Affiliates, for which Customer separately subscribes.

"**Service Schedule**" means, with respect to any Service, the schedule setting forth the terms and conditions under which BNY may provide such Service, as the same may be in effect from time to time and issued by BNY and available in accordance with Section 15.1.

"**Standard of Care**" has the meaning set forth in Section 12.1.

"**Supported Digital Assets**" means types of Digital Assets supported by BNY, in each case as may be approved from time to time by BNY and for which BNY has published a Supported Digital Assets Disclosure Schedule.

"**Supported Digital Assets Disclosure Schedule**" means, with respect to each type of Supported Digital Asset, a schedule specifying the technical requirements and parameters applicable to such type of Supported Digital Asset and/or setting forth the terms and conditions under which BNY supports such type of Supported Digital Asset, as in effect from time to time and issued by BNY and available in accordance with Section 15.1.

"**Tax Obligations**" means taxes (including without limitation taxes on income, capital gains or transactions), withholding, certification, and reporting requirements, claims for exemptions or refund, interest, penalties, additions to tax, and other related expenses.

"**Term**" has the meaning set forth in Section 13.1.

"**Third Party Data**" has the meaning set forth in Section 8.3(a).

"**Travel Rule**" means 31 CFR 1010.410(e) and 31 CFR 1010.410(f), as amended, modified, updated, or replaced from time to time, which requires all financial institutions to pass on certain information to the next financial institution, in certain funds transmittals involving more than one financial institution.

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"**UCC**" means the Uniform Commercial Code as in effect in the State of New York on the Effective Date.

"**Wallet**" or "**Wallets**" has the meaning set forth in Section 2.2(b).

The terms "entitlement holder", "entitlement order", "financial asset", "security entitlement" and "securities intermediary" shall have the meanings set forth in Article 8 of the UCC.

**2.** **CUSTODIAL SERVICES** 

**2.1** **Appointment of Custodian** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer
 hereby appoints BNY to act as custodian of all Credited Assets and Cash to be held under,
 and in accordance with the terms of, this Agreement, and BNY hereby accepts such appointment.
 The Parties acknowledge and agree that: (i) subject to the terms hereof, Customer will remain
 the beneficial owner of the Credited Assets; and (ii) BNY's duties pursuant to
 such appointment will be limited solely to those duties expressly undertaken pursuant to
 this Agreement. For the avoidance of doubt, BNY shall have no liability or responsibility
 for any Digital Assets or for any activities, actions, inactions related thereto, prior to
 the time that such Digital Assets are received by BNY in accordance with Section 3 of
 this Agreement and qualify as Credited Assets hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As
 set forth within this Agreement and subject to the Standard of Care, BNY shall have general
 responsibility for the safekeeping of all Credited Assets of Customer that are received and
 accepted by BNY under this Agreement. All Credited Assets are segregated on BNY's books
 and records from property held by BNY for the account of BNY's other customers. All
 such Assets will be held or disposed of by BNY subject to the terms of this Agreement and
 BNY's receipt of Instructions from Customer concerning the Credited Assets within this
 Agreement (which may be standing Instructions if accepted by BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Cash
 held hereunder may be subject to additional deposit terms and conditions issued by BNY or
 the applicable Contingency Service Provider or subcustodian from time to time, including
 rates of interest and deposit account access.

**2.2** **Accounts and Wallets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY
 will establish and maintain one or more accounts in the name of the Customer on its books
 and records to which BNY will credit Supported Digital Assets as provided herein (each, an
 "**Account**," and collectively, the "**Accounts** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY
 will establish and maintain one or more wallets for holding private cryptographic keys (each,
 a "**Wallet**," and collectively, the "**Wallets**") related
 to Asset Addresses identified to Customer in a Notice by BNY from time to time. Customer
 acknowledges and agrees that BNY owns and controls the Wallets for the benefit of its customer(s) and
 that, on Receipt of any Digital Asset at the unique Asset Address associated with a Wallet
 with the related private cryptographic keys, regardless of the Asset Address to which it
 is directed, BNY will have control and shall be the legal owner, for the benefit of its customer(s),
 thereof. Customer acknowledges and agrees that it has no direct claim to the Wallets or the
 related private cryptographic keys.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) BNY
 will control and assume responsibility and liability for securing the private cryptographic
 keys necessary to receive or transfer Supported Digital Assets to or from the applicable
 Asset Address on the blockchain (each, a "**Key**," and collectively, the
 "**Keys** "). Under no circumstance will Customer have access to or control
 the Keys.

**2.3** **Supported Digital Assets.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY's services under this Agreement
 are only available with respect to those types of Digital Assets that it determines, from
 time to time and in its sole discretion, to be Supported Digital Assets. For the avoidance
 of doubt, Supported Digital Assets do not include Digital Assets, including tokens or coins,
 which result from or are otherwise associated with derivative, enhanced, or forked protocols,
 or Digital Assets which supplement or interact with Supported Digital Assets, until and unless
 BNY determines to support such Digital Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 BNY determines to cease support for a Supported Digital Asset or to revise the applicable
 Supported Digital Asset Disclosure Schedule, it will provide Customer with a Push Notification
 one-hundred and twenty (120) days' before (i) ceasing support for such Supported
 Digital Asset, or (ii) the effective date of any revision to the applicable Supported
 Digital Asset Disclosure Schedule. The period of notice will be less if such cessation or
 revision is required by court order, law, regulation, rule, or other similar requirement
 which in BNY's judgment requires such cessation or revision to be effective with less
 notice, in which case the Push Notification will be provided in such shorter period as may
 be determined by BNY before the effective date of such cessation or revision.

**2.4** **Customer Use of Accounts and Wallets.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer will only use the Accounts and
 the Asset Address to receive or hold investments in Supported Digital Assets as permitted
 by, and consistent with, applicable law and will not use any Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To originate
 or receive third-party payments, other than transfers or receipts of Supported Digital Assets
 in respect of the exchange of Digital Assets or other assets held or to be held by Customer
 for investment or the acquisition or sale of Digital Assets in exchange for fiat funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To
 receive, send, or store any Digital Assets other than Supported Digital Assets.

**2.5** **The New York Uniform Commercial Code** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For all purposes under the UCC, BNY hereby
 agrees, and Customer acknowledges and agrees, that BNY: (i) is and will act as a "securities
 intermediary" within the meaning of Section 8-102(a)(14) of the UCC with respect
 to the Accounts; (ii) will treat Supported Digital Assets accepted by BNY and credited
 to an Account as property which constitutes "financial assets"; and (iii) undertakes
 to treat Customer, the Person for whom an Account is maintained, as the "entitlement
 holder" entitled to exercise the rights that comprise the financial assets credited
 thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer
 acknowledges and agrees that until and unless BNY has accepted a Supported Digital Asset
 for credit to the Account after the satisfactory completion of its review as provided in
 Section 3.1(b), BNY shall have no obligation to treat Customer as the "entitlement
 holder" with respect to such Supported Digital Asset or to accept Instructions for
 the disposition of such Supported Digital Asset other than as provided in Section 3.1(d).

**3.** **RECEIPT AND TRANSFER OF SUPPORTED DIGITAL ASSETS** 

**3.1** **Receipt, Transfer and Settlement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY
 has no obligation to credit any Supported Digital Asset to an Account until the Supported
 Digital Asset has been reviewed and accepted by BNY in accordance with the Operating Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY
 has no obligation to undertake to review and accept Supported Digital Assets for credit to
 an Account (i) unless such Supported Digital Assets are Received from an Authorized
 Counterparty, and (ii) unless BNY receives an Instruction, given before such Supported
 Digital Assets are Received from the Customer specifying the type and quantity of such Supported
 Digital Assets, the relevant Authorized Counterparties, and associated Asset Addresses from
 which such Supported Digital Assets will be Received, and such other information as BNY may
 require from time to time. BNY undertakes no duty or responsibility to review or accept Airdrops.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) BNY
 has no obligation to undertake to transfer Credited Assets from an Account unless (i) such
 transfer is made to an Authorized Counterparty and associated Asset Addresses, (ii) BNY
 receives an Instruction from the Customer specifying the type and quantity of such Supported
 Digital Assets, the relevant Authorized Counterparties, Asset Addresses, and such other information
 as BNY may require from time to time, (iii) Customer has sufficient assets or Cash,
 in specie, to pay any relevant transfer, gas, or other fees for such transfer, and (iv) BNY
 is able to determine, in its sole but reasonable discretion, that the Authorized Counterparty
 is materially compliant with applicable law, including without limitation, the Travel Rule.
 Customer acknowledges and agrees that the Authorized Counterparty must acknowledge that the
 Asset Address contained in the Instruction provided by Customer belongs to such Authorized
 Counterparty prior to the transmittal of any Supported Digital Asset by BNY. In the event
 the Authorized Counterparty fails to acknowledge such Asset Address, BNY will not be obligated
 to transfer any Supported Digital Asset to such Authorized Counterparty. Customer acknowledges
 and agrees that, unless otherwise agreed between the Parties in a Service Schedule, BNY:
 (i) will deliver or receive Digital Assets from or to an Account free of payment and
 will have no obligation to deliver or receive any Digital Assets against payment; (ii) will
 have no obligation hereunder to advance funds hereunder for the settlement or purchase of
 any Digital Asset; (iii) is not responsible hereunder for ensuring timely prepositioning
 of funds or Digital Assets for settlement of any transaction undertaken by Customer, whether
 on a DVP/RVP or any other basis; and (iv) will not be obligated to carry or record credit
 balances in any Account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At
 all times during the Term of the Agreement, Customer will ensure that BNY has a Designated
 Asset Address for each Supported Digital Asset on a basis consistent with the applicable
 Supported Digital Assets Disclosure Schedule and the Operating Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If
 BNY determines for any reason not to accept a Digital Asset for credit to an Account, including,
 without limitation, any Airdrop, such Digital Asset will not be credited to an Account and,
 to the extent permitted by applicable law and consistent with the reasonable technical capability
 of BNY, BNY may in its sole discretion upon an Instruction from Customer to transfer such
 Digital Asset to the Designated Asset Address or, if such Designated Asset Address does not
 support such Digital Asset, to an Alternative Address to be provided by Customer as soon
 as practicable through an Instruction, in either case at the expense of Customer. Notwithstanding
 the foregoing, Customer acknowledges and agrees that (i) BNY has no obligation to obey
 such Instruction, (ii) any transfer of Digital Assets to BNY that are not Supported
 Digital Assets may result in such Digital Assets being unretrievable, and (iii) BNY
 assumes no responsibility or liability whatsoever with respect to such Digital Assets.

**3.2** **Authorized Counterparties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer
 may from time to time furnish BNY with documentation in form acceptable to BNY specifying
 any Intermediaries and related Asset Addresses that Customer proposes to be Authorized Counterparties.
 Customer agrees to respond fully to requests for information by BNY with respect to proposed
 and existing Authorized Counterparties and Asset Addresses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY
 reserves the right to refuse to approve a proposed Authorized Counterparty in its discretion,
 which discretion will be exercised in good faith and in a commercially reasonable manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) BNY
 reserves the right to from time to time withdraw its approval of any Authorized Counterparty.
 If it does so, it will provide Customer with thirty (30) days' written notice before
 such change unless the change is required by court order, law, regulation, rule, or other
 similar requirement or potential reputational risk for BNY which in BNY's judgment
 requires such change to be made with a shorter period of notice or with no notice, or if
 circumstances make it impracticable for BNY to provide such written notice.

**4.** **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS** 

**4.1** **Authorized Persons** 

Promptly following the Effective Date, Customer and/or its designee (including any of Customer's investment managers) will furnish BNY with one or more written lists or other documentation acceptable to BNY specifying the names and titles of, or otherwise identifying, all Persons authorized to act on behalf of Customer with respect to this Agreement (each, an "**Authorized Person**"). Customer will be responsible for keeping such lists and/or other documentation current and will update such lists and/or other documentation, as necessary from time to time, pursuant to Instructions.

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**4.2** **Instructions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as otherwise expressly provided in this Agreement, BNY will have no obligation to take any
 action hereunder unless and until it receives Instructions issued in accordance with this
 Agreement, the Operating Procedures, and any applicable Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer
 will be responsible for ensuring that (i) only Authorized Persons issue Instructions
 to BNY and (ii) all Authorized Persons safeguard and treat with extreme care any user
 and authorization codes, passwords and authentication keys used in connection with the issuance
 of Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Customer
 acknowledges and agrees that: (i) Customer is solely responsible for the accuracy of
 its Instructions, including, without limitation its entry of any Asset Addresses; (ii) BNY
 has no obligation to verify the accuracy of any Asset Address provided by Customer, even
 if an Approved Counterparty was specified in the Instruction; and (iii) transfers of
 Credited Assets from an Account are irreversible, therefore, any Credited Assets transmitted
 to an erroneous Asset Address may not be retrievable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Customer
 acknowledges and agrees that it is fully informed of the protections and risks associated
 with the various methods of transmitting Instructions to BNY and acknowledges and agrees
 that, if Customer elects to use a means other than the Electronic Access Service, the means
 selected (i) may be less secure than the Electronic Access Service, (ii) will be
 deemed to be commercially reasonable, and (iii) Customer will be bound by the Instruction
 received thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Where
 Customer may or is required to issue Instructions, Customer shall maintain and monitor a
 system of internal controls sufficient to provide reasonable assurance that Instructions
 will be issued by an Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) BNY
 will be entitled to deal with any Authorized Person until notified otherwise pursuant to
 Instructions and will be entitled to act and rely upon any Instruction received by BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any
 Instructions must include all information necessary (including as specified under the Operating
 Procedures and applicable Supported Digital Asset Disclosure Schedule) and must be delivered
 using such methods and in such format as BNY may require and be received within BNY's
 established cut-off times and otherwise in sufficient time, to enable BNY to act upon such
 Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) BNY
 reserves the right, as it in its discretion determines is necessary or appropriate, before
 executing any Instruction to confirm that the execution of the Instruction is consistent
 with the terms of this Agreement, the Operating Procedures, the applicable Schedule, and
 applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNY
 may in its sole discretion delay acting upon any Instructions in respect of a Supported Digital
 Asset in accordance with Sections 3.1(a) or 3.1 (c) until it receives from (a) the
 sending Authorized Counterparty any Travel Rule message required by 31 CFR §§
 1010.410(f) or (b) the receiving Authorized Counterparty claims the Asset Address
 to which Customer has directed BNY to transfer a Credited Asset and provides a channel over
 which BNY may send to the receiving Authorized Counterparty the Travel Rule message
 required by 31 CFR § 1010.410(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) BNY
 may in its sole discretion decline to act upon any Instructions that do not satisfy the requirements
 set forth in this Agreement, including without limitation, Sections 3, 4.2(g), and 9.1(b) or
 that conflict with applicable law or regulations or the Operating Procedures, operating policies
 and practices, in which event BNY will promptly notify Customer unless prevented from doing
 so by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) BNY
 may in its sole discretion decline to act upon or delay acting upon any Instruction in the
 event of a fork, any on-chain event, any change in protocol, or any other event over which
 BNY has no control, including, but not limited to, mechanical or electronic failure or market
 congestion, in which event and to the extent reasonably practicable, BNY will promptly notify
 Customer unless prevented from doing so by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) To
 the fullest extent permitted by law, BNY is not responsible for, and in no event will BNY
 be liable for any Loss arising out of its acceptance of a Instruction, its rejection of an
 Instruction or its failure to take action in accordance with the foregoing, and Customer
 shall indemnify and hold harmless BNY from and against all Losses resulting from any action
 by BNY on Customer's Instruction (in addition and without limitation to any rights
 of indemnity BNY may otherwise have under this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) BNY will have no obligation to act in
 accordance with purported Instructions to the extent BNY reasonably believes that they are
 ambiguous or unclear or conflict with the terms of this Agreement or applicable law; provided,
 however, that BNY will have no obligation to ensure that any instruction received by it would
 not contravene any of the terms of this Agreement or any such law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) BNY will provide Customer with commercially
 reasonable notification if it decides not to act in accordance with purported Instructions
 and such notice will specify the reasons for its determination.

**4.3** **BNY Actions Without Instructions** 

Notwithstanding anything to the contrary set forth in this Agreement, Customer hereby authorizes BNY, without Instructions, to take any administrative or ministerial actions with respect to an Account that it deems reasonably necessary or appropriate to perform its obligations under this Agreement.

**4.4** **Funds Transfers** 

With respect to each Instruction for a Cash transfer, when the Instruction is to credit or pay a party by both a name and a unique numeric or alpha-numeric identifier (e.g., IBAN or ABA or account number), BNY and any other bank participating in the Cash transfer will be entitled to rely solely on such numeric or alpha-numeric identifier, even if it identifies a party different from the party named. Such reliance on an identifier will apply to beneficiaries named in the Instruction, as well as any financial institution that is designated in the Instruction to act as an intermediary in such Cash transfer. To the extent permitted by applicable law, the parties will be bound by the rules of any transfer system used to effect a Cash transfer under this Agreement.

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**4.5** **Electronic Access** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer's
 use of the Electronic Access Services in connection with this Agreement will be subject to
 any terms and conditions contained in a separate written agreement between the Parties or
 their Affiliates. If an Authorized Person elects, with BNY's prior consent, to transmit
 Instructions through a third-party electronic communications service, BNY will not be responsible
 or liable for the reliability or availability of any such service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer
 agrees that the security procedures, if any, to be followed by Customer and BNY with respect
 to the transmission and authentication of Instructions provide to Customer a commercially
 reasonable degree of protection in light of its particular needs and circumstances.

**4.6** **Security; Access to Notices and Push Notifications** 

Customer is responsible for maintaining adequate security and control, and ensuring that its Authorized Person maintain adequate security and control, of any and all IDs, passwords, hints, personal identification numbers (PINs), non-custodial wallet keys, API keys, hardware-based security keys or configurable security keys, 2-factor authentication devices or backups, or any other codes that Customer uses to access the services provided by BNY. Any loss or compromise of the foregoing information and/or Customer's Confidential Information may result in unauthorized access to the Accounts by third parties and the loss or theft of Digital Assets. Customer is responsible for keeping Customer's email address and telephone number up to date in Customer's profile in order to receive any notices and enrolling in the Electronic Communication System in order to receive Push Notifications that BNY may send Customer. BNY assumes no responsibility for any Loss that Customer may sustain due to compromise of login credentials due to no fault of BNY and/or failure to follow or act on any notices or Push Notifications that BNY may send to Customer.

**5.** **USE OF AGENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY
 may appoint agents, including BNY Affiliates, on such terms and conditions as it deems appropriate
 to perform its obligations hereunder. Prior to appointing any such agents, BNY shall i) provide
 commercially reasonable notice to Customer of the appointment of an agent to perform a material
 service hereunder to Customer, and ii) conduct third-party due diligence pursuant to its
 policies and procedures. However, no such appointment shall discharge BNY from its obligations
 hereunder, and BNY will be liable for the acts or omissions of any agent to the same extent
 that BNY itself would be liable for such acts or omissions under this Agreement had it performed
 or not performed the relevant act or omission itself subject to the Standard of Care.

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**6.** **SETOFF; CURRENCY CONVERSION** 

**6.1** **Setoff.** 

BNY has the right to debit any Digital Assets held in an Account for a Customer for any amount payable by such Customer in connection with any and all obligations and liabilities (whether or not matured) of such Customer to BNY or any BNY Affiliate whether or not relating to or arising under this Agreement. In addition to the rights of BNY or such BNY Affiliate under applicable law or any other agreement, at any time when a Customer has not honored any of its obligations to BNY or such BNY Affiliate, BNY will have the right, upon providing prior written notice to such Customer within a commercially reasonable time, to retain or set-off against any obligations relating to such Customer any Digital Assets BNY or any BNY Affiliate may directly or indirectly hold with respect to such Customer and any obligations (whether or not matured) that BNY or any BNY Affiliate may have with respect to such Customer. Any such Digital Assets relating to such Customer may be transferred to BNY and any BNY Affiliate in order to effect the above rights.

**6.2** **Currency Conversion.** 

BNY is hereby authorized to effect any necessary (a) currency conversions in order to exercise its rights under this Agreement at BNY's own rate of exchange then prevailing, or (b) exchanges of Digital Assets for fiat currency, including as provided in Section 3.1(e).

**7.** **Reserved** 

**8.** **STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA** 

**8.1** **Statements** 

BNY will make available to Customer, through the Electronic Access Services or such other method as may be agreed upon by the Parties, a monthly statement reflecting all transfers to or from the Accounts during such month and all holdings in the Accounts as of the last business day of such month. Customer will promptly review each such statement and, within ninety (90) days of when such statement is made available by BNY, notify BNY of any exception or objection thereto. Notwithstanding the foregoing, Customer may notify BNY of any such exceptions or objections at any time; provided, however, that BNY will not be responsible or liable for any Losses that could have been mitigated had such notice been provided during such ninety (90) day period.

**8.2** **Books and Records** 

The books and records directly pertaining to the Accounts which are in the possession of BNY will be the property of Customer. BNY will identify on its books and records the Credited Assets held in the Accounts, which will be segregated on BNY's books and records from BNY's own property. Customer and its authorized representatives will have the right, at Customer's own expense and with reasonable prior written notice to BNY, to have reasonable access to those books and records directly pertaining to the Accounts. Any such access will occur during BNY's normal business hours and will be subject to BNY's applicable security policies and procedures. Upon Customer's reasonable request, copies of those books and records directly pertaining to the Accounts will be provided by BNY to Customer or its authorized representative.

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**8.3** **Third Party Data** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer
 acknowledges that BNY will be receiving, utilizing and relying on Market Data and other data
 provided by Customer and/or by third parties in connection with its performance of the services
 hereunder (collectively, "**Third Party Data** "). BNY is entitled to rely
 without inquiry on all Third Party Data provided to BNY hereunder (and all Instructions related
 to Third Party Data), and BNY makes no assurances or warranties in relation to the accuracy,
 staleness or completeness of Third Party Data and will not be responsible or liable for any
 losses or damages incurred as a result of any Third Party Data that is inaccurate, stale
 or incomplete. BNY may follow Instructions with respect to Third Party Data, even if such
 Instructions direct BNY to override its usual procedures and data sources or if BNY, in performing
 services for itself or others (including services similar to those performed for Customer),
 receives different Third Party Data for the same or similar Supported Digital Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Although
 statements and reports provided by BNY hereunder with respect to the Accounts may contain
 values of, and pricing information in relation to, Credited Assets held pursuant to this
 Agreement, BNY does not undertake any duty or responsibility under this Agreement to report
 such values or pricing information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Certain
 Market Data may be the intellectual property of Market Data Providers, which impose additional
 terms and conditions upon Customer's use of such Market Data. Such additional terms
 and conditions can be found on the Data Terms Website. Customer agrees to those terms and
 conditions as they are posted on the Data Terms Website from time to time.

**8.4** **Information Security** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During
 the Term of this Agreement, BNY will implement <u>,</u> and maintain an information security
 program ("ISP") with written policies and procedures reasonably designed to protect
 the confidentiality and integrity of Customer's Confidential Information provided to BNY in accordance with
 this Agreement and when in BNY's possession or under BNY's control ("Customer
 Data"). The ISP will include administrative, technical and physical safeguards, appropriate
 to the type of Customer Data concerned, reasonably designed to: (i) maintain the integrity,
 confidentiality and availability of Customer Data; (ii) protect against anticipated
 threats or hazards to the security or integrity of Customer Data; (iii) protect against
 unauthorized access to or use of Customer Data that could result in substantial harm or inconvenience
 to Customer or its clients; and (iv) provide for secure disposal of Customer Data. BNY's
 program is dynamic and may be modified to address technological changes or changes in the
 threat landscape, BNY's business activities or other factors. BNY reserves the right
 to modify the ISP at any time, provided that BNY shall not diminish the overall level of
 protection the ISP is intended to provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Logging.
 The ISP will require the maintenance of network and application logs as part of BNY's
 security information and event management processes. Logs are retained in accordance with
 law applicable to BNY's provision of the services as well as BNY's applicable
 policies. BNY uses various tools in conjunction with such logs, which may include behavioral
 analytics, security monitoring case management, network traffic monitoring and analysis, IP
 address management and full packet capture. Logs may be centralized and correlated for security
 event alerting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Data Security*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Identity & Access Management.* BNY will implement reasonable and industry recognized user access
 rules for users accessing Customer Data based on the need to know and the principle
 of least privilege, including user ID and password requirements, session timeout and reauthentication
 requirements, unsuccessful login attempt limits, privileged access limits and multifactor
 authentication or equivalent safeguard where risk factors indicate that single factor is
 inadequate. BNY's identity and access management processes include the identification,
 authentication, authorization and periodic recertification of information users at BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Data Segregation*. The ISP will require that: (i) Customer Data is stored in either physically
 or logically segregated databases from other BNY data; and (ii) different databases
 are maintained for development, testing, staging and production environments used in the
 provision of Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Encryption*.
 BNY will: (i) encrypt Customer Data in transit to an external network using transport
 layer security or other encryption method; and (ii) protect Customer Data at rest, in
 each case as BNY determines to be appropriate in accordance with the ISP and law applicable
 to BNY's provision of the services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *Remote Access*. The ISP will restrict remote access to the BNY systems used to provide the services
 to authorized users using multifactor authentication or equivalent safeguard, and will require
 such access to be logged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *Devices.* BNY will restrict the transfer of Customer Data from its network to mass storage devices.
 BNY will use a mobile device management system or equivalent tool when mobile computing is
 used to provide the services. Applications on such authenticated devises will be housed within
 an encrypted contained and BNY will maintain the ability to remote wipe the contents of the
 container.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) *Disposal.* BNY will maintain chain of custody procedures and require that any Customer Data requiring
 disposal be rendered inaccessible, cleaned or scrubbed from such hardware and/or media using
 industry recognized methods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) *Physical Security.* BNY will deploy perimeter security such as barrier access controls around its
 facilities processing or storing Customer Data. The ISP will include: (i) procedures
 for validating visitor identity and authorization to enter the premises, which may include
 identification checks, issuance of identification badges and recording of entry purpose of
 visit; and (ii) physical security policies for personnel, such as a "clean desk"
 policy. In accordance with its ISP and applicable law, BNY will install closed circuit television
 ("CCTV") systems and CCTV recording systems to monitor and record access to controlled
 areas, such as data centers and server rooms.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Audit Rights*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNY
 shall, no more than once in a 12 month period: (i) upon request, provide a copy of its
 most recent System and Organization Controls (SOC) or equivalent external audit report to
 Customer, which Customer may disclose solely to its internal or external auditors that are
 subject to written confidentiality obligations to use reasonable care to safeguard the report
 and not to disclose the report to any third party or use the report for any purpose other
 than evaluating BNY's security controls; (ii) engage a third party provider to
 perform penetration testing of the BNY systems used to provide the services (subject to agreed
 upon rules of engagement) and, upon request, provide Customer confirmation of such testing;
 and (iii) upon request, participate in Customer's reasonable information security
 due diligence questionnaire process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNY
 shall also, no more than once in any 12-month period and upon request, on a mutually agreed
 date during business hours and subject to BNY's facility security policies and availability
 of personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Meet
 with Customer subject matter experts in a BNY clean room to review information security policies,
 procedures and similar related information; provided that no documentation may be copied,
 disclosed to any third party, or transmitted or removed from BNY premises except as mutually
 agreed in writing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Permit
 access to a BNY data center used to process Customer Data and provide the Services by no
 more than 3 Customer representatives, including employees of a regulatory or supervisory
 authority of Customer that is also a regulatory or supervisory authority of BNY, for a maximum
 of 3 hours in order to conduct a visual inspection of the environment and its controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Notwithstanding
 any other provision in the Agreement to the contrary, Customer shall not disclose any verbal
 or written information obtained during the foregoing meetings described in the above subjections
 7.4(a)(iii)(B)(1) and (2) to any third party or use it for any purpose other than
 evaluating BNY's security controls, without BNY's prior written consent. Customer
 shall reimburse BNY for any costs and expenses reasonably incurred in connection with Customer's
 review (including that of the regulatory or supervisory authority personnel) of BNY's
 security controls and data center.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Security
 Incident Management & Breach Notification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNY
 will maintain a documented incident management process designed to detect security events
 and respond to the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In
 the event of a declared Security Incident, BNY will activate its incident response plan,
 including to: (i) notify Customer within three business days; (ii) provide updates to
 Customer regarding BNY's response; and, (iii) use reasonable efforts to implement
 measures designed to prevent reoccurrence of Security Incidents of a similar nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) "Security
 Incident" means any known: (i) breach of nonpublic personal information as defined
 in the Gramm-Leach-Bliley Act of 1999 ("NPPI") that is notifiable under state
 law; or (ii) unauthorized access to, disruption, or misuse of a component of BNY's
 network that directly impacts its provision of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) BNY
 will implement business continuity and disaster recovery plans designed to minimize interruptions
 of service and enhance recovery of systems and applications used to provide the Services
 under this Agreement. Such plans will cover the facilities, systems, backups, applications
 and employees that are critical to the provision of the Services, and such plans will be
 tested regularly to assess if the recovery strategies, requirements and protocols are viable
 and sustainable. BNY will maintain encrypted data backups to the same extent that the data
 is encrypted in the production environment based on BNY's policies.

**8.5** **Reserved.** 

**9.** **ANTI-MONEY LAUNDERING; SANCTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Section 326
 of the U.S. Uniting and Strengthening America by Providing Appropriate Tools Required to
 Intercept and Obstruct Terrorism Act of 2001 (including its implementing regulations) requires
 BNY to implement a customer identification program pursuant to which BNY must obtain certain
 information from Customer in order to verify Customer's identity prior to establishing
 an Account. Accordingly, prior to establishing an Account, Customer will be required to provide
 BNY with certain information, including Customer's name, physical address, tax identification
 number and other pertinent identifying information, to enable BNY to verify Customer's
 identity. Customer acknowledges that BNY cannot establish an Account unless and until BNY
 has successfully performed such verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 Customer at any time holds assets on behalf of its customers through the Account and is either
 (i) a "financial institution" of a class required to by the Secretary of
 the Treasury ()"**Secretary**") to maintain appropriate procedures, including
 the collection and reporting of certain information, as required by the Secretary under 31
 USC 5318(a)(2) ()"**Programmatic Requirements** "), or (ii) is an
 entity subject to anti-money laundering or similar requirements under any other law of any
 jurisdiction, then (in either case):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Customer
 has the responsibility to, and shall with reasonable diligence, satisfy any compliance requirement
 or obligation with respect to each of its customers under the Programmatic Requirements or
 any other applicable anti-money laundering laws or similar requirements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Throughout
 the Term of this Agreement, Customer will: (i) have in place and will implement, or
 will be subject to, policies and procedures reasonably designed to comply with Sanctions;
 (ii) have in place and will implement, or will be subject to, policies and procedures
 reasonably designed to (a) prevent violations of Sanctions, including measures to accomplish
 effective and timely scanning of all relevant data with respect to its clients (to the extent
 the Assets are client assets) and with respect to incoming or outgoing assets or transactions
 relating to this Agreement and (b) ensure that neither Customer nor any of its controlled
 Affiliates, directors, officers, or employees or clients (to the extent the Assets are client
 assets) is an individual or entity that is, or is owned or controlled by an individual or
 entity that is: (A) the target of Sanctions or (B) located, organized or resident
 in a country or territory that is, or whose government is, the target of comprehensive Sanctions,
 and (iii) will not directly or indirectly, use the Accounts in any manner that would
 result in a violation by Customer or BNY of Sanctions. BNY has adopted and implemented, and
 will continue to maintain and implement, compliance programs reasonably designed to comply
 with the anti-money laundering laws and sanctions laws applicable to BNY's provision
 of Services hereunder. To the fullest extent permitted by law, each of BNY and Customer shall
 provide commercially reasonable notice in light of the relevant circumstances to the other
 Party if it becomes aware, through screening or otherwise, of property or transactions in
 connection with this Agreement that require blocking pursuant to Sanctions and/or reporting
 to an applicable Sanctions authority, including OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Customer
 acknowledges and agrees that, in connection with the services provided by BNY under this
 Agreement, each of Customer's authorized participants is not a customer of, or joint
 customer with, BNY. Customer (and not BNY) has the responsibility to, and will, fulfill any
 of Customer's compliance requirement or obligation with respect to each of its authorized
 participants and/or direct investors under all Anti-Money Laundering Laws. Without limiting
 any obligation imposed on Customer by Anti-Money Laundering Laws, throughout the Term of
 this Agreement, Customer will maintain a compliance program with respect to its authorized
 participants and/or direct investors, if any, that includes the following as required by
 applicable law: (i) a know-your-customer program in order to understand and verify the
 identity of each authorized participant and/or direct investor, in accordance with the requirements
 of the Bank Secrecy Act and the relevant regulations thereunder, (ii) a transaction
 surveillance and monitoring program, and (iii) a policy for identifying and reporting
 any suspicious transactions and/or activities with respect to each authorized participant
 and/or direct investor to the appropriate law enforcement and regulatory authorities and
 to BNY where related to the services provided by BNY hereunder to the extent permitted by
 law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Customer
 will, to the extent permitted by applicable law promptly provide to BNY such information
 as BNY reasonably requests in writing connection with the matters referenced in this Section 9,
 including: (i) information regarding the Accounts, (ii) the Assets, and the source
 thereof, (iii) the identity of any individual or entity having or claiming an interest
 therein and (iv) Customer's anti-money laundering and Sanctions compliance programs
 and any related records and/or transaction information, including with respect to any authorized
 participant and/or investor, regardless of whether such request is made under USA PATRIOT
 Act Section 314(b) (where applicable). Customer will, to the extent permitted by
 applicable law, cooperate with BNY and provide assistance reasonably requested by BNY in
 connection with any anti-money laundering and terrorist financing or Sanctions, government
 or regulatory inquiries. Prior to delivering to BNY the assets of any authorized participant,
 Customer will obtain from each such authorized participant, and will continue to maintain
 in effect throughout the Term of this Agreement, any consents or waivers that may be required
 under applicable law in order to comply with the foregoing obligations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) BNY
 may decline to act or provide services in respect of any Account, and take such other actions
 as it, in its reasonable discretion, deems necessary or advisable, in connection with the
 matters referenced in this Section 9. If BNY declines to act or provide services as
 provided in the preceding sentence, except as otherwise prohibited by applicable law or official
 request, BNY will inform Customer as soon as reasonably practicable.

**10.** **COMPENSATION** 

**10.1** **Fees and Expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 consideration of BNY's services provided hereunder, Customer will (i) pay to BNY
 the fees set forth in the agreed upon fee schedule (as such fee schedule may be amended by
 BNY and Customer from time to time upon mutual agreement) and (ii) reimburse BNY for
 reasonable out-of-pocket expenses incurred by BNY in connection therewith. Unless otherwise
 agreed by the Parties, such amounts will be payable to BNY within thirty (30) days of Customer's
 receipt of the relevant invoice. Without limiting BNY's other rights set forth in this
 Agreement, BNY may charge interest on overdue amounts at a rate then charged by BNY to its
 institutional custody clients in the relevant currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY
 reserves the right to charge any public network fees (including miner fees) to process a
 Supported Digital Asset, or any other, transaction on behalf or on the Instruction of Customer.
 Customer acknowledges and agrees that it is solely responsible for the correct specie of
 the transfer fee or other gas fee required to perform any transaction, and that BNY has no
 obligation to exchange or convert any Cash or other Supported Digital Asset for such transfer
 or gas fee. Any fee quoted by BNY may be stale by the time of transfer and subject to the
 pricing disclaimer in Section 11.2(i) and any relevant disclaimer in the fee schedule.
 BNY is not liable for any differences between any quoted fee and the actual fee or if the
 transfer does not occur because of insufficient fees, even if the insufficient fees were
 caused by the delay.

**10.2** **Other Compensation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer
 acknowledges that, as part of BNY's compensation, BNY will earn interest on Cash balances
 held by BNY (including disbursement balances, balances arising from purchase and sale transactions
 and when Cash otherwise remains uninvested) as provided in BNY's compensation disclosures.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where
 a processing error has occurred under this Agreement that results in an unintended gain,
 provided that Customer is put in the same or equivalent position as it would have been in
 had such processing error not occurred, any such gain will be solely for the account of BNY
 without any duty to report such gain to Customer.

**11.** **REPRESENTATIONS, WARRANTIES, COVENANTS AND CUSTOMER ACKNOWLEDGEMENTS** 

**11.1** **BNY** 

BNY represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized, validly existing and in good standing in its jurisdiction of organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It has the requisite corporate power and authority to enter into and to carry out the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The individual executing this Agreement on its behalf has the requisite authority to bind BNY to this Agreement including by Electronic Signature, and any such Electronic Signature represents an intent to enter into this Agreement and an agreement with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Throughout the Term of this Agreement, BNY will maintain insurance coverage in such types and amounts as are commercially reasonable for the services provided by BNY hereunder in respect of the Supported Digital Assets. Such Insurance Policies related to the Supported Digital Assets and the related services hereunder will apply to both the Customer's Wallets as well as the Customer's Accounts. BNY will maintain, at all times during the term of this Agreement, errors and omissions insurance, fidelity bonds and such other insurance ("Insurance Policies") as BNY may deem appropriate, in each case in a commercially reasonable amount deemed by BNY to be sufficient to cover its potential liabilities under this Agreement. Upon reasonable request, BNY agrees to provide Customer with certificates of insurance.

**11.2** **Customer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer
 represents, warrants, and covenants to BNY that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) Customer
 is duly organized, validly existing and in good standing in its jurisdiction of organization;
 (B) Customer has the requisite corporate power and authority to enter into and to carry
 out the transactions contemplated by this Agreement; and (C) the individual executing
 this Agreement on its behalf has the requisite authority to bind Customer to this Agreement
 including by Electronic Signature, and any such Electronic Signature represents an intent
 to enter into this Agreement and an agreement with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Customer
 represents and warrants that all actions taken, or to be taken, by or on behalf of Customer
 in connection with establishing, maintain, operating or termination Customer (including,
 any offer, sale or distribution of the shares of, or interest in, Customer) shall be done
 in material compliance with all applicable U.S. state and federal securities laws and regulations
 and all other applicable laws and regulations of all applicable jurisdictions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except
 as otherwise acknowledged in writing by BNY, Customer is the sole beneficial owner of the
 Credited Assets, and such other property at any time held by BNY or any of its Affiliates
 for Customer, free and clear of all liens, claims and security interests (except for those
 granted in accordance with this Agreement or as otherwise acknowledged in writing by BNY).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each
 time Customer gives an Instruction providing for a transaction in Digital Assets with an
 Authorized Counterparty, Customer will be deemed to have represented and warranted to BNY
 the information, including without limitation the name, street address, and Asset Addresses
 with respect to each such Authorized Counterparty disclosed to BNY is complete and accurate
 in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer
 acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Customer
 acknowledges that the risk of loss in trading or holding Digital Assets, including the use
 of Digital Assets and any related networks and protocols, can be substantial. Customer has
 made its own suitability determination as to engaging in such activities and BNY makes no
 representations or warranties regarding the value of Digital Assets or the security or performance
 of any related network or protocol or recommendations as to whether to purchase or sell Digital
 Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any
 transfer of Digital Assets to BNY that are not Supported Digital Assets may result in such
 Digital Assets being unretrievable and to that extent BNY assumes no responsibility or liability
 whatsoever with respect to such Digital Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) None
 of BNY nor any of its Affiliates is a tax advisor and none of BNY nor any of its Affiliates
 will, under any circumstances, provide tax advice to Customer. Customer will obtain its own
 independent tax advice for any tax-related matters or Tax Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Approval
 by BNY of any Authorized Counterparty shall not be deemed to be an endorsement or validation
 of such Authorized Counterparty by BNY and Customer shall be solely responsible for its decision
 to transact with such Authorized Counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) BNY
 does not own or control the underlying software protocols or blockchain networks for any
 Digital Assets and is not responsible for their design or the means by which consensus is
 achieved on such networks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) BNY
 is not able to determine independently of the consensus achieved by the underlying software
 protocols or on the blockchain network the adequacy of the entitlement to, the validity or
 genuineness of, any Digital Assets received by it or delivered by it pursuant to this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) BNY
 makes no guarantee of the functionality, security, or availability the underlying software
 protocols or networks for any Digital Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) BNY
 has no obligation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 credit any Supported Digital Asset to an Account until the Supported Digital Asset has been
 reviewed and accepted by BNY;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with
 respect to any Supported Digital Asset after such Supported Digital Asset is, pursuant to
 an Instruction, withdrawn from an Account and transferred to an external Asset Address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to
 inquire into, make recommendations, supervise, or determine the suitability of any transactions
 specified in, or to otherwise question any, Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to
 review or accept Airdrops;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to
 monitor the Credited Assets to determine whether Customer complies with limitations on ownership
 or any restrictions on investors provided for by local law, regulations, or market practice,
 or provisions in the white paper, any smart contract, or any other requirement associated
 with any Digital Asset.BNY has no duty to notify Customer of on-chain events or any other
 on-chain matter, whether or not likely to, affect the utility, value or security of any Credited
 Assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) with
 respect to any matters related to: the establishment, maintenance operation or termination
 of Customer; or the offer, sale, or distribution of the shares of, or interests in, Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) BNY
 has no duty to cause the exercise of any right that may be exercised or alternate courses
 of action that may be taken with respect to Credited Assets in connection with an on-chain
 event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) BNY
 has no responsibility or liability for failing to solicit or comply with Instructions with
 respect to an on-chain event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) The
 protocols associated with any Digital Asset may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) cause
 a Digital Asset transferred to an Asset Address not, given the limitations of BNY's
 systems and technology, to be visible to BNY or subject to its control, and that BNY is not
 responsible for monitoring or otherwise interacting with any such Digital Asset on behalf
 of Customer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) be
 subject to forks that may materially affect the value, function, or other attributes of the
 Supported Digital Assets credited to an Account or Digital Asset transferred to an Asset
 Address and that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in the
 event of a fork, BNY may temporarily or permanently suspend any affected Supported Digital
 Assets, without advance notice to Customer, and may in its sole discretion decide whether
 or not to support or cease supporting any branch of the forked protocol; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) BNY
 assumes no responsibility whatsoever in respect of an unsupported branch of a forked protocol.

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**12.** **LIABILITY** 

**12.1** **Standard of Care** 

The duties and responsibilities of BNY under this Agreement shall be limited to those expressly set forth in this Agreement. No implied duties may be imputed to BNY by the terms of this Agreement or otherwise. In performing its duties under this Agreement, BNY will exercise the same standard of care and diligence that a peer financial institution acting as professional custodian engaged in the banking or trust company industry and having professional expertise in financial and securities processing transactions and custody of digital assets would exercise in similar circumstances, taking into account the prevailing rules, practices, procedures and circumstances applicable to said custodian in the performance of the duties set forth in this Agreement and acting without bad faith, negligence or willful misconduct ("**Standard of Care**").

**12.2** **Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 the fullest extent permitted by law, and without regard to the legal theory of any claim
 asserted against BNY: (i) BNY's liability arising out of or relating to this Agreement
 will be limited solely to those direct damages that are caused by BNY's failure to
 perform its obligations under this Agreement in accordance with the Standard of Care; (ii) in
 no event will either Party, its Affiliates and service providers, or any of their respective
 officers, directors, agents, employees or representatives be liable for any indirect, incidental,
 consequential, exemplary, punitive or special losses or damages, or for any loss of revenues,
 profits or business opportunity, arising out of or relating to this Agreement (whether or
 not foreseeable and even if such Party has been advised of the possibility of such losses
 or damages), provided that this Section 12.2(a)(ii) will not apply to Losses arising
 from Customer's duty to indemnify BNY pursuant to Section 12.4(a); and (iii) in
 no event shall BNY, its Affiliates and service providers, or any of their officers, directors,
 agents, employees or representatives, be liable in aggregate for any amount greater than
 the U.S. Dollar value of the Credited Digital Assets lost, such value being determined as
 of the time such Loss is sustained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 the fullest extent permitted by law, without regard to the legal theory of any claim asserted
 against BNY, and notwithstanding anything to the contrary set forth in this Agreement, in
 no event will BNY be liable for any Losses arising out of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNY's
 reliance on Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNY's
 receipt or acceptance of fraudulent or invalid Digital Assets or any Digital Assets that
 are not Supported Digital Assets;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) BNY's
 review or non-acceptance of any Supported Digital Assets as described in Section 3.1(b),
 including but not limited to delay of Customer to issue Instructions with respect to such
 Supported Digital Asset pending the completion of such review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) BNY's
 approval, refusal, or withdrawal of approval with respect to any Authorized Counterparty
 as described in Section 3.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) As to
 any matter with respect to which BNY is required to act only upon the receipt of Instructions,
 (A) BNY's failure to act in the absence of such Instructions or (B) Instructions
 that are late or incomplete or do not otherwise satisfy the requirements of Section 
 4.2(g), whether or not BNY acted upon such Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) BNY's
 receipt or transmission of any data to or from Customer or any Authorized Person via any
 non-secure method of transmission or communication selected by Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Customer's
 use of any Accounts on a basis inconsistent with Section 0;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) BNY's
 disposition of any Supported Digital Asset or any other Digital Asset as provided in Section3.1(e),
 including without limitation (A) provided such Digital Asset was sold on an established
 exchange for Digital Assets, any failure to receive best execution therefor, or (B) the
 imposition of any Tax Obligations in connection with the disposition of such Digital Asset;The
 insolvency of any Person, including any Service Provider, Digital Asset exchange or trading
 facility, or counterparty to the settlement of a transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Any
 Tax Obligations of Customer or any Losses of Customer in relation to Tax Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) BNY's
 delay in acting, or declining to act, upon Instructions as described in Section 4.2;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Customer's
 or an Authorized Person's decision to invest in Digital Assets or to hold Cash in any
 currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Customer
 acknowledges and agrees that, to the fullest extent permitted by law, BNY is not responsible
 for, and in no event will BNY be liable for any Losses arising out of, the operation of any
 protocols or networks, including any Losses resulting from delays in the processing or validation
 of transfers of Supported Digital Assets on a protocol or network, BNY's inability
 to retrieve or otherwise deal with any Digital Asset delivered to BNY without authority hereunder,
 any hacking or manipulation on any protocols or networks, any on-chain events, or any loss
 of, or inability of BNY to access or transfer, any Digital Asset other than as a result of
 (i) the unauthorized transfer of a Credited Asset by BNY, or (ii) the disclosure
 by BNY of any private Key with respect to an Credited Asset in breach of the Standard of
 Care, or (iii) delays in BNY's own processing of an Instruction in breach of the
 Standard of Care.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) BNY
 may in its sole discretion transfer affected Digital Assets in accordance with Section 
 3.1(d). To the fullest extent permitted by law, BNY is not responsible for, and in no event
 will BNY be liable for any losses or damages arising out of the foregoing and Customer shall
 indemnify and hold harmless BNY from and against all losses, costs, expenses, damages, and
 liabilities (including reasonable counsel fees and expenses) resulting from any action by
 BNY on Customer's Instruction involving an unsupported branch of a forked protocol
 or tokens or coins associated therewith (in addition and without limitation to any rights
 of indemnity BNY may otherwise have under this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Customer
 acknowledges that: (i) BNY does not provide investment, tax, or legal advice, including
 with regard to the suitability or value of any Supported Digital Assets; (ii) that BNY
 has no liability regarding any selection of any Supported Digital Asset that is held by Customer
 through the Accounts; and (iii) Customer is solely responsible for all transactions
 in Supported Digital Assets hereunder, which will be executed based on Instructions from
 Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Customer acknowledges that, in performing
 its duties and responsibilities under this Agreement, so long as BNY has acted materially
 within BNY's then existing standards and policies applicable to such duties and responsibilities,
 including, without limitation, applicable Operating Procedures and Schedules, BNY will be
 deemed to have met the Standard of Care and Customer will not claim that any Losses arise
 from BNY's failure to meet the Standard of Care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Unless
 otherwise agreed in writing by the parties, BNY has no obligation to provide any staking
 services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Customer
 acknowledges and assumes sole responsibility for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This agreement and other related information
 provided by BNY to Customer cannot and does not disclose all of the risks, associated with
 Digital Assets, Customer is responsible for understanding those risks and understands and
 agrees, except as specifically provided herein, that informing Customer of such risks is
 not a duty or responsibility of BNY;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The price and liquidity of Digital Assets
 has been subject to substantial fluctuations in the past and may be subject to similar fluctuations
 in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Digital Assets are not legal tender, are
 not backed by the government, and Account and the Supported Digital Assets accepted into
 the Account are not considered deposits under the applicable law and are not subject to deposit
 insurance protection, including, but not limited to, Federal Deposit Insurance Corporation
 or Securities Investor Protection Corporation protections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) legislative and regulatory changes or actions
 at the State, Federal, or international level may adversely affect the use, transfer, exchange,
 and value of Digital Assets;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) transactions in Digital Assets may be irreversible,
 and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) some Digital Assets transactions shall
 be deemed to be made when recorded on a public ledger, which is not necessarily the date
 or time that the customer initiates the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the value of Digital Assets may be derived
 from the continued willingness of market participants to exchange fiat currency for Digital
 Assets, which may result in the potential for permanent and total loss of value of a particular
 Digital Assets should the market for that Digital Assets disappear;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) there is no assurance that a person who
 accepts a Digital Assets as payment today will continue to do so in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the volatility and unpredictability of
 the price of Digital Assets relative to fiat currency may result in significant loss over
 a short period of time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the nature of Digital Assets may lead to
 an increased risk of fraud or cyber attack; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the nature of Digital Assets means that
 any technological difficulties experienced by the BNY may prevent the access or use of Customer's
 Digital Assets.

**12.3** **Force Majeure** 

BNY will not be responsible or liable for any failure, suspension of operations, interruption of service, or delay in the performance of its obligations under this Agreement to the extent caused, directly or indirectly, by any natural disasters, fire, acts of God, strikes or other labor disputes, work stoppages, acts of war or, terrorism, including but not limited to cyber-related terrorism, hacking, general civil unrest, actual or threatened epidemics, disease, act of any government, governmental authority or police or military authority, declared or threatened state of emergency, legal constraint or the interruption, loss or malfunction of utilities or transportation, communications or computer systems, or any other similar events beyond its reasonable control. BNY will use commercially reasonable efforts to minimize the effect of any such events.

**12.4** **Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer
 will indemnify and hold harmless BNY from and against all losses, costs, expenses, damages
 and liabilities (including reasonable counsel fees and expenses) incurred by BNY arising
 out of or relating to BNY's performance under this Agreement except to the extent resulting
 from BNY's failure to perform its obligations under this Agreement in accordance with
 the Standard of Care. The Parties agree that the foregoing will include reasonable counsel
 fees and expenses incurred by BNY in its successful defense of claims that are asserted by
 Customer or by third parties against BNY arising out of or relating to BNY's performance
 under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to BNY's limitations of
 liability contained within Section 12.2 and Section 12.3, BNY will indemnify and hold
 harmless the Customer from and against direct Losses incurred by Customer as the direct result
 of BNY's failure to perform its obligations under this Agreement in accordance with
 the Standard of Care; except in each case to the extent such Losses result from Customer's
 own fraud, negligence or willful misconduct or failure to perform its obligations under this
 Agreement.

**13.** **CONFIDENTIALITY** 

**13.1** **Confidentiality Obligations** 

Each Party agrees to (a) use the Confidential Information of the other Party solely to accomplish the purposes of this Agreement and, except in connection with such purposes or as otherwise permitted herein, not to disclose, publish, release, transfer or otherwise make available (except its personnel and external professional advisers who have a need to know such Confidential Information) without the prior written consent of the other Party; and (b) secure and protect the Confidential Information of the other Party from unauthorized use or disclosure by using at least the same degree of care as the Party employs to avoid authorized use of or disclosure of its own Confidential Information, but in no event less than reasonable care; and (c) not duplicate any material containing the Confidential Information of the other Party except in the direct performance of its obligations hereunder. Notwithstanding the foregoing, BNY may: (a) use Customer's Confidential Information in connection with certain functions performed on a centralized basis by BNY, its Affiliates and joint ventures and their service providers (including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, compilation and analysis of customer-related data and storage); (b) disclose such information to its Affiliates and joint ventures and to its and their service providers or any other person that BNY reasonable believes is required to receive such information in connection with BNY's provision of relevant services under this Agreement, including, without limitation, any Authorized Counterparty, agent, or Contingency Services provider, who are subject to confidentiality obligations; (c) store the names and business contact information of Customer's employees and representatives relating to this Agreement on the systems or in the records of its Affiliates and joint ventures and its and their service providers; and (iv) permit service providers to identify transaction to or from the Wallets as being for the account of BNY. In addition, BNY may aggregate information regarding Customer and the Accounts on an anonymized basis with other similar client data for BNY's and its Affiliates reporting, research, product development and distribution, and marketing purposes, provided that any distribution of such aggregated data shall not be in a format that can be reverse engineered to identify customer-related data with respect to Customer or any particular Trust.

**13.2** **Exceptions; Return or Destruction of Confidential Information.** 

The Parties' respective obligations under Section 13.1 will not apply to any such information: (a) that is, as of the time of its disclosure or thereafter becomes, part of the public domain through a source other than the receiving Party; (b) that can be derived from or through the public protocols or networks for, or any other public features of, any Digital Asset; (c) that was known to the receiving Party as of the time of its disclosure and was not otherwise subject to confidentiality obligations; (d) that is independently developed by the receiving Party without reference to such information; (e) that is subsequently learned from a third party not known to be under a confidentiality obligation to the disclosing Party or (f) that is required to be disclosed (in the reasonable opinion of its legal counsel) pursuant to applicable law, rule, regulation, requirement of any law enforcement agency, court order or other legal process or at the request of a regulatory authority; provided that, in all cases of such disclosure under (f), the receiving Party will, if legally permissible under applicable law, endeavor to provide commercially reasonable notice to the other Party, and where it is practicable under the relevant circumstances, will do so prior to disclosure, so that the other Party may seek a protective order or other appropriate remedy, if it thinks fit.

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Upon the earlier of: (i) the Confidential Information (or the relevant portion of it) becoming no longer required for the receiving Party's performance under this Agreement; or, (ii) termination or expiration of this Agreement; and upon written request, the receiving Party shall securely destroy the Confidential Information (or the relevant portion of it), ensuring it is irrecoverable disclosing Party requests the return of its Confidential Information, in which case receiving Party shall promptly return it (in a format and by a method reasonably acceptable to disclosing Party),. Notwithstanding the foregoing, the receiving Party may retain copies of such Confidential Information as required by applicable law or, in accordance with the receiving Party's records retention or back-up policies or procedures, so long as they continue to be kept in accordance with the provisions of this Section 13. The receiving Party shall notify the other Party within a commercially reasonable time in the event that Confidential Information has been lost, misplaced, or disclosed in contravention to the terms of this Section 13.

**14.** **TERM AND TERMINATION** 

**14.1** **Term** 

The term of this (the "Term") Agreement will commence on the Effective Date and will continue in effect until terminated in accordance with the provisions herein.

**14.2** **Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Either
 Party may terminate this Agreement by giving to the other Party a notice in writing specifying
 the date of such termination, which will be not less than ninety (90) days after the date
 of such notice. Notwithstanding anything to the contrary in this Agreement, either Party
 may, on thirty (30) days' written notice or shorter timeframe as required by applicable
 law, terminate this Agreement (in whole or in part) in the event any regulator or governmental
 authority so requests or if continuing would place BNY, Customer, and/or any of their Affiliates
 in breach of applicable law. Either Party may terminate this Agreement on written notice
 if the other Party undergoes a Change of Control (as defined below); provided that such notice
 may only be given within sixty (60) days of the terminating Party first becoming aware of
 such Change of Control having occurred or of the terminating Party receiving written notification
 of it having occurred from the other Party, whichever is the later. "Change of Control"
 for these purposes means either: (i) the sale of all or substantially all of the assets
 of a Party to an unaffiliated party; or (ii) any merger, consolidation or acquisition
 of the capital stock of a Party the result of which is that an unaffiliated third-party holds
 more than twenty-five percent (25%) of either the economics or voting capital stock of such
 Party. Termination by a Party of this Agreement will be without prejudice to and with full
 reservation of any other rights and remedies available to the other Party. Termination will
 not affect any of the obligations either Party owes to the other arising under this Agreement
 prior to such termination, including any outstanding compensation payable or amounts reimbursable
 under this Agreement.

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|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

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**14.3** **Effect of Termination; Transition** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon
 termination hereof, Customer will pay to BNY such compensation as may be due to BNY, and
 will reimburse BNY for other amounts payable or reimbursable to BNY hereunder, through the
 date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 any Credited Assets remain in any Account after termination, Customer shall give Instructions
 to BNY for the transfer of all such Credited Assets from the Accounts as soon as practicable
 in accordance with the Operating Procedures, but in any event by no later than five (5) days
 following termination. Incremental Transfers of Digital Assets into the Account are not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon
 termination hereof, BNY will follow such reasonable Instructions as Customer issues concerning
 the transfer of custody of records, Credited Assets and other items; provided that (i) BNY
 will have no responsibility or liability for shipping and insurance costs associated therewith
 and (ii) full payment has been made to BNY of its compensation, costs, expenses and
 other amounts to which it is entitled hereunder. If any Assets remain in any Account after
 termination, BNY shall deliver to Customer such Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding
 any provision of this Section 16 to the contrary, in the event that this Agreement is
 terminated in its entirety, the Parties agree to continue operating under the terms of this
 Agreement as if this Agreement remained in full force and effect for up to one (1) year
 or for such shorter period of time as the Parties mutually agree is necessary for BNY to
 transfer the custody records, Credited Digital Assets and other items to a successor custodian
 pursuant to Instructions (the "Transition Period"); provided, that during any
 such Transition Period, BNY will be entitled to compensation for BNY's Transition Period
 services pursuant to Section 10 and the provisions of this Agreement relating to the
 duties and obligations of BNY will remain in full force and effect. If any Credited Digital
 Assets remain in any Account after the Transition Period, BNY shall deliver to Customer such
 Credited Digital Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 terms of this Agreement (including the terms relating to fees payable to BNY) will continue
 to apply from day to day until all Credited Assets and Cash are transferred in accordance
 with this Section 14.3, except that no additional Digital Assets or Cash will be accepted
 by BNY or any Service Provider after such date, and Customer agrees not to transfer any Digital
 Asset to BNY, other than with BNY's express prior consent, and Customer will have a
 continuing obligation to provide BNY as soon as possible with the details of the Authorized
 Counterparty or Authorized Counterparties, with applicable Asset Addresses, to whom any remaining
 Credited Assets are to be transferred.

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|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

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**14.4** **Survival** 

Any and all provisions of this Agreement which by their nature or effect are required or intended to be observed, kept or performed after the expiration or termination of this Agreement will survive the expiration or any termination of this Agreement and remain binding upon and for the Parties' benefit, including Section 11 (Representations, Warranties and Covenants); Section 12 (Liability); Section 13 (Confidentiality); Section 14.3 (Effect of Termination); Section 14.4 (Survival) and Section 15.5 (Governing Law/Forum).

**15.** **MISCELLANEOUS** 

**15.1** **Operating Procedures and Schedules** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Operating
 Procedures are available, as in effect and as the same may be amended from time to time,
 and provided to Customer and/or posted on a website, the address of which is provided by
 BNY to Customer. BNY may, from time to time, issue amended Operating Procedures that, upon
 their effective date, will supersede any preceding Operating Procedures. BNY will provide
 Customer at least thirty (30) days' prior written notice of any amendment to the Operating
 Procedures. Customer shall be deemed to acknowledge its acceptance of, and to agree to, any
 such amendment by not closing and/or by continuing to use the Accounts after the effective
 date of such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY
 may offer Services that are incidental to and supplement the services provided under this
 Agreement. Each Service will be described, and the terms and conditions (including compensation)
 applicable to a subscription to such Service will be set forth, in a Service Schedule available,
 as the same may be amended from time to time, and provided to Customer and/or posted on a
 website, the address of which is provided by BNY to Customer. BNY may, from time to time,
 issue an amendment to a Service Schedule that, upon its effective date, will supersede any
 preceding version of such Service Schedule. If Customer has subscribed to the relevant Service,
 Customer shall be deemed to acknowledge its acceptance of, and to agree to, any such amendment
 by not closing and/or by continuing to use such Service after the effective date of such
 amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) When
 BNY determines to support a particular type of Digital Asset as a Supported Digital Asset,
 it will issue a Supported Digital Asset Disclosure Schedule with respect to such Supported
 Digital Asset. Such Supported Digital Asset Disclosure Schedule, as the same may be amended
 from time to time, and provided to Customer and/or posted on a website, the address of which
 is provided by BNY to Customer. BNY may, from time to time, issue an amendment to a Supported
 Digital Asset Disclosure Schedule as provided in Section 2.2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each
 of Customer and BNY are bound by any Operating Procedures, Service Schedules for Services
 subscribed to by Customer, Supported Digital Asset Disclosure Schedules, and, on the effective
 dates thereof, any amendments thereto, in the same manner as it is bound by the provisions
 of this Agreement.

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|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

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**15.2** **Amendment** 

This Agreement may be amended or modified only in a written agreement signed by an authorized representative of each Party. For purposes of the foregoing, email exchanges between the Parties will not be deemed to constitute a written agreement.

**15.3** **Push Notifications** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer
 will be responsible for enrolling its designated Authorized Persons in the Electronic Communication
 System. BNY will broadcast Push Notifications using the Electronic Communication System.
 Whether or not a designated Authorized Person or Authorized Persons of Customer are enrolled
 in the Electronic Communication System or have actually received notice of such Push Notification,
 Customer will be deemed to have received a Push Notification on the date of its broadcast
 on the Electronic Communication System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 at any time BNY issues any amendment to this Agreement as provided in Section 15.2,
 issues or reissues Operating Procedures as provided in Section 15.1(a), or any Schedule
 (or any amendment thereto) as provided in Section 2.2(b) or Section 15.1(b),
 BNY will broadcast a Push Notification on the Electronic Communication System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Whether
 or not Authorized Persons of Customer are enrolled in the Electronic Communication System
 or actually receive notice of such Push Notification, Customer will be deemed to have received
 a Push Notification broadcast on the Electronic Communication System and, on the effective
 day of such issuance.

**15.4** **Assignment** 

Neither Party may, without the other Party's prior written consent, assign any of its rights or delegate any of its duties under this Agreement (whether by change of control, operation of law or otherwise); provided, however that BNY may, without the prior written consent of Customer, but with commercially reasonable notice to the Customer, assign this Agreement or any of its rights, or delegate any of its duties hereunder: (a) to any BNY Affiliate; (b) to any successor to the business of BNY to which this Agreement relates, in which event BNY agrees to provide notice of such successor to Customer or (c) as otherwise permitted in this Agreement. Any purported assignment or delegation by a Party in violation of this provision will be voidable at the option of the other Party. This Agreement will be binding upon, and inure to the benefit of, the Parties and their respective permitted successors and assigns.

**15.5** **Governing Law/Forum** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 substantive laws of the state of New York (without regard to its conflicts of law provisions)
 will govern all matters arising out of or relating to this Agreement, including the establishment
 and maintenance of the Accounts and for purposes of the UCC and all issues specified in Article 2(1) of
 the Hague Securities Convention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Party irrevocably agrees that all legal actions or proceedings brought by it against the
 other Party arising out of or relating to this Agreement will be brought solely and exclusively
 before the state or federal courts situated in New York City, New York. Each Party irrevocably
 submits to personal jurisdiction in such courts and waives any objection which it may now
 or hereafter have based on improper venue or *forum non conveniens*. The Parties hereby
 unconditionally waive, to the fullest extent permitted by applicable law, any right to a
 jury trial with respect to any such actions or proceedings.

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|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

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**15.6** **Business Continuity/Disaster Recovery** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY
 will implement business continuity and disaster recovery plans designed to minimize interruptions
 of service and enhance recovery of systems and applications used to provide the Services
 under this Agreement. Such plans will cover the facilities, systems, backups, applications
 and employees that are critical to the provision of the Services, and such plans will be
 tested regularly to assess if the recovery strategies, requirements and protocols are viable
 and sustainable. BNY will maintain encrypted data backups to the same extent that the data
 is encrypted in the production environment based on BNY's policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY
 is entitled to utilize Contingency Service Providers as it deems necessary for the performance
 of services hereunder in the event of a contingency that impairs BNY's ability to perform
 such service directly. BNY's liability for the activities of any Contingency Service
 Provider under this Agreement will be limited to the extent resulting directly from BNY's
 failure to exercise the Standard of Care in selecting, retaining and/or monitoring such Contingency
 Service Provider.

**15.7** **Sovereign Immunity** 

To the extent that in any jurisdiction Customer may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution, attachment (before or after judgment) or other legal process, Customer irrevocably agrees not to claim, and it hereby waives, such immunity.

**15.8** **Non-Fiduciary Status** 

Customer hereby acknowledges and agrees that BNY is not a fiduciary by virtue of accepting and carrying out its obligations under this Agreement and has not accepted any fiduciary duties, responsibilities or liabilities with respect to its services hereunder, including with respect to the management, investment advisory or sub-advisory functions of Customer.

**15.9** **Notices** 

Other than routine communications in the ordinary course of providing or receiving services hereunder (including Instructions) and Push Notifications, as specified in Sections 2.3(b) and 14.3, all notices, requests, consents and other communications pursuant to this Agreement in writing shall be sent as follows:

**If to DE Trustee of the Customer:**

CSC Delaware Trust Company

Attention: Corporate Trust Administration

251 Little Falls Drive

Wilmington, DE 19808

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|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

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**with a copy to Sponsor of the Customer:**

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036

Attn: Clare Wlodarcyzk

Clare.Wlodarczyk@morganstanley.com

**If to BNY:**

The Bank of New York Mellon

240 Greenwich St.

New York, NY 10286

Attn: Ralf Roth

or at such other place as may from time to time be designated in writing. Notices hereunder shall be effective upon receipt.

**15.10** **Entire Agreement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Agreement, the Operating Procedures and any applicable Schedules constitute the sole and
 entire agreement among the Parties with respect to the matters dealt with herein, and merge,
 integrate and supersede all prior and contemporaneous discussions, agreements, and understandings
 between the Parties, whether oral or written, with respect to such matters. The performance
 by BNY hereunder and the obligations of each Customer shall be subject to, and bound by,
 as appropriate, this Agreement (as amended from time to time, and provided to Customer and/or
 posted on a website, the address of which is provided by BNY to Customer), as may be supplemented
 by the Operating Procedures (as amended from time to time and provided to Customer and/or
 posted on a website, the address of which is provided by BNY to Customer), any applicable
 Service Schedules (as amended from time to time available here) and the Supported Digital
 Assets Disclosure Schedules (as amended from time to time and provided to Customer and/or
 posted on a website, the address of which is provided by BNY to Customer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It
 is intended that the Agreement, the Operating Procedures, and the Schedules will together
 govern the relationship between BNY and Customer. If there is a conflict between this Agreement
 (including this Agreement as amended pursuant to Section 15.3) and the Operating Procedures
 or any applicable Schedules, this Agreement controls (except as to any Service that is specifically
 excluded under the Agreement). If there is a conflict between the Operating Procedures and
 the Schedules, the Operating Procedure controls.

**15.11** **No Third Party Beneficiaries** 

This Agreement is entered into solely between, and may be enforced only by, the Parties. Each Party intends that this Agreement will not, and no provision of this Agreement will be interpreted to, benefit, or create any right or cause of action in or on behalf of, any party or entity other than the Parties. It is expressly understood and agreed by BNY that this Agreement is executed and delivered on behalf of the Customer by the Sponsor, not individually or personally, but solely as Sponsor of the Customer in the exercise of the powers and authority conferred and vested in it; the representations, covenants, undertakings and agreements herein made on the part of the Customer are made and intended not as personal representations, undertakings and agreements by the Sponsor but are made and intended for the purpose of binding only the Customer; nothing herein contained shall be construed as creating any liability on the Sponsor, individually or personally, to perform any covenant of the Customer either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto; and (d) under no circumstances shall the Sponsor be personally liable for the payment of any indebtedness or expenses of the Customer or be liable for the breach or failure of any obligation, duty, representation, warranty or covenant made or undertaken by the Customer under this Agreement or any other related document.

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|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

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**15.12** **Counterparts** 

This Agreement may be executed in any number of counterparts, either manually or by Electronic Signature, each of which will be deemed an original, and said counterparts when taken together will constitute one and the same instrument and may be sufficiently evidenced by one set of counterparts. Executed counterparts may be delivered by facsimile or email.

**15.13** **Interpretation** 

The terms and conditions of this Agreement are the result of negotiations between the Parties. The Parties intend that this Agreement will not be construed in favor of or against a Party by reason of the extent to which such Party or its professional advisors participated in the preparation or drafting of this Agreement.

**15.14** **No Waiver** 

No failure or delay by a Party to exercise any right, remedy, or power it has under this Agreement will impair or be construed as a waiver of such right, remedy or power. A waiver by a Party of any provision or any breach of any provision will not be construed to be a waiver by such Party of such provision in any other instance or any succeeding breach of such provision or a breach of any other provision.

**15.15** **Headings** 

All section and subsection headings in this Agreement are included for convenience of reference only and will not be considered in the interpretation of the scope or intent of any provision of this Agreement.

**15.16** **Severability** 

If at any time any provision of this Agreement becomes, or is deemed by an authority of competent jurisdiction to be, invalid, unenforceable or contrary to applicable law, neither the legality, validity or enforceability of the remaining provisions of the Agreement nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired by such provision. In such case, the Parties will negotiate in good faith to replace each illegal, invalid, or unenforceable provision with a valid, legal, and enforceable provision that fulfills as closely as possible the original intent of the Parties.

[Signature page follows]

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|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

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**IN WITNESS WHEREOF**, the Parties have executed this Agreement as of the Effective Date.

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| | |
|:---|:---|
| **THE BANK OF NEW YORK MELLON** | **MORGAN STANLEY INVESTMENT** |
|  | **MANAGEMENT, INC. AS SPONSOR FOR AND ON BEHALF OF MORGAN STANLEY BITCOIN TRUST** |

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| | | | |
|:---|:---|:---|:---|
| By: | /s/ Ralf Roth | By: | /s/ Andrew Onslow |
| Name: | Ralf Roth | Name: | Andrew Onslow |
| Title: | Managing Director | Title: | Managing Director |
| Date: | March 10, 2026 | Date: | March 12, 2026 |

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## Exhibit 14.1

**Exhibit 14.1**

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 MORGAN STANLEY INVESTMENT MANAGEMENT PUBLIC SIDE CODE OF ETHICS AND PERSONAL TRADING GUIDELINES July 25, 2025 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 **TABLE OF CONTENTS** I. INTRODUCTION..........................................................................................................................................3 A. General ......................................................................................................................................................... 3 B. Standards of Business Conduct..................................................................................................................... 3 C. Mandatory Training Requirements............................................................................................................... 4 D. Overview of Code Requirements.................................................................................................................. 5 E. Personal Conflicts......................................................................................................................................... 5 II. TYPES OF ACCOUNTS/ACCOUNT OPENING REQUIREMENTS ....................................................6 A. Personal Securities Accounts ......................................................................................................................... 6 B. Fully Managed Account\* ............................................................................................................................. 6 C. Other Morgan Stanley Sponsored Accounts................................................................................................. 7 D. Non-Morgan Stanley Accounts...................................................................................................................... 7 E. Individual Savings Accounts ("ISAs") for Employees of MSIM Ltd. and EVAIL ..................................... 7 F. Mutual Fund Accounts.................................................................................................................................. 8 G. Automatic Investment Plan ............................................................................................................................ 8 H. Investment Clubs........................................................................................................................................... 8 I. Cryptocurrencies........................................................................................................................................... 8 III. PRE-CLEARANCE REQUIREMENTS FOR PERSONAL SECURITIES TRANSACTIONS ............9 A. General ......................................................................................................................................................... 9 B. Initiating a Transaction................................................................................................................................... 9 C. Pre-Clearance Valid for One Day Only .......................................................................................................... 9 D. Restrictions and Requirements for Investment Personnel........................................................................... 10 E. Restrictions and Requirements that apply to Eaton Vance Affiliated Entities............................................ 10 F. Restrictions and Requirements for PPA Model Personnel.......................................................................... 11 G. Omni and Those Who Have Access to Flex One ....................................................................................... 11 H. Employees Designated to be "Above the Wall" ............................................................................................ 12 I. Transacting in Morgan Stanley Securities..................................................................................................... 12 J. Trading Derivatives .................................................................................................................................... 12 K. Other Restrictions ....................................................................................................................................... 13 L. Other Activities Requiring Pre-Clearance ..................................................................................................... 13 IV. HOLDING REQUIREMENTS ...................................................................................................................14 A. Proprietary and Sub-advised Mutual Funds and Single-StockExchange-Traded Funds................................ 14 B. Covered Securities....................................................................................................................................... 14 C. Holding Requirements Specific to MSIMJ Employees.................................................................................. 14 D. Holding Requirements Specific to HK Type 9 License Holder Employees ................................................. 14 V. REPORTING REQUIREMENTS...............................................................................................................15 A. Initial Reporting and Holdings Certification.................................................................................................. 15 B. Quarterly Reporting and Certification......................................................................................................... 15 C. Annual Reporting and Holdings Certification ............................................................................................. 16 VI. OUTSIDE BUSINESS ACTIVITIES AND PRIVATE INVESTMENTS...............................................18 A. Approval to Engage in an Outside Business Activity ................................................................................. 18 B. Approval to Invest in a Private Investment................................................................................................. 18 VII. REVIEW, INTERPRETATIONS AND EXCEPTIONS..........................................................................19 VIII. ENFORCEMENT AND SANCTIONS........................................................................................................19 IX. RELATED POLICIES ................................................................................................................................20 X. RECORDKEEPING....................................................................................................................................20 A. Firm Requirements..................................................................................................................................... 20 B. MSIM Maintenance of Records Relevant to this Code............................................................................... 21 SCHEDULE A...........................................................................................................................................................22 XI. DEFINITIONS ................................................................................................................................................25 SCHEDULE B...........................................................................................................................................................31 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 I. INTRODUCTION A. General The Morgan Stanley Investment Management ("MSIM") Public Side Code of Ethics (the "Code") is intended to fulfill MSIM's requirements under Rule 204A-1 of the Investment Advisers Act of 1940, as amended (the "Advisers Act") and Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Company Act"). The Code is reasonably designed to prevent legal, business and ethical conflicts, to guard against the misuse of confidential information, and to avoid even the appearance of impropriety that may arise in connection with your personal trading and Outside Business Activities as a MSIM Employee. It is very important for you to read the "Definitions" section to understand the scope of this Code, including the individuals, accounts, securities and transactionsit covers. You are required to acknowledge receipt and your understanding of this Code at the start of your employment at MSIM or when you become a Covered Person, as defined below, and annually thereafter. In addition to this Code, there are separate Funds Code of Ethics applicable to each of the Morgan Stanley, Eaton Vance, Calvert Mutual Funds and MSIM China Co. Ltd. B. Standards of Business Conduct MSIM seeks to comply with the Federal securities laws and regulations applicable to its business. The Code is designed to assist you in fulfilling your regulatory and fiduciary duties as an MSIM Employee as they relate to your personal securities transactions. Fiduciary Duties You have a duty to act in utmost good faith with respect to each Client, particularly where the interests of MSIM may be in conflict with those of a Client. MSIM has a duty to deal fairly and act in the best interests of its Clients at all times. The following fiduciary principles govern your activities and the interpretation / administration of these rules: • The interests of Clients must always be placed first. • All personal securities transactions must be conducted in compliance with the rules contained in this Code and in such manner as to avoid any actual or potential conflict of interest or any abuse of your position of trust and responsibility. • You should never use your position with MSIM, or information acquired through your employment, in your personal trading in a manner that may create a conflict—or the appearance of a conflict—between your personal interests and the interests of MSIM and / or its Clients. If such a conflict or potential conflict arises, you must report it immediately to your local Compliance group. In connection with providing investment advisory services to Clients, this includes avoiding any Who is Subject to This Code? ALL MSIM Public Side Employees and all others deemed Covered Persons in the definitions section of this policy by Compliance. Private Side Employees and AIP Private Markets employees should consult the IM Private Side Supplement to the Global Employee Trading and Investing Policy and the IM Private Side Code of Ethics. |

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| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 activity which directly or indirectly: • Defrauds a Client in any manner. • Misleads a Client, including any statement that omits material facts. • Operates or would operate as a fraud or deceit of a Client. • Functions as a manipulative practice with respect to a Client or securities. Personal Securities Transactions and Relationship to MSIM Clients MSIM prohibits you from engaging in personal trading in amannerthat would distract you from your daily responsibilities. MSIM strongly encourages you to invest for the long term and discourages short-term, speculative trading. You are cautioned that short- term strategies may attract a higher level of scrutiny. Excessive or inappropriate trading that interferes with job performance or that compromises the duty that MSIM owes to its Clients will not be tolerated. These standards do not identify all possible conflicts of interest, and literal compliance with each of the specific provisions of this Code will not shield you from liability for personal trading or other conduct that is designed to circumvent itsrestrictions or violates a fiduciary duty to Clients. If you become aware that you or someone else may have violated any aspect of this Code, you must report the suspected violation to Compliance, or your Designated Manager immediately. C. Mandatory Training Requirements The training of all Covered Persons is one of the various ways that Morgan Stanley exhibits its commitment to maintaining integrity and operating with the highest ethical standards on regulatory and Firm issues at a global, divisional and regional level. Completion of required training is an ongoing focus of the regulators and important to mitigate risk across all areas. In addition, all Covered Persons are responsible for understanding and abiding by all policies, procedures, industry standards, best practices and regulatory requirements discussed and outlined within their assigned Training Requirements. Covered Persons who fail to complete all or part of their Training Requirements or are repeatedly tardy in their completion may be subject to disciplinary action, up to and including termination of employment. Disciplinary actions can be issued orally or in writing and may include, but are not limited to: • Notifying an employee's Manager of the delinquency in writing or via the Performance Management Dashboard; • Issuance of a Letter of Warning / Education to the employee and employee's Manager; • Record delinquency in the Compliance Incident Tracking of Employees database; or Mandatory Training Requirements Any late training may result in a violation. Please note that the trainings listed below have a shorter due date than others and are due within 10 calendar days of hire/becoming a Covered Person. Training Name Description Morgan Stanley Investment Management Initial Disclosure Form Used to report internal accounts with Morgan Stanley and E\*TRADE, DRIPS, Stock Purchase Plans, Physical Stock and Bond Certificates, Company Stock in External 401k, ESPP and ESOP Outside Business Interests - New Hires Part of the Code of Conduct New Hire Curriculum which provides an overview on how to report: outside securities accounts, outside business activities, and private investments |

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| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 • Suspension or termination of employment Non-completion of the Code of Conduct or the Code training and applicable certifications and supplements can result in additional disciplinary actions prior to suspension or termination of employment, such as, restriction of trading privileges and reduction of discretionary bonus. In addition, non-completion of mandatory training by contingent workers may result in termination of their engagement with Morgan Stanley. D. Overview of Code Requirements Compliance with the Code is a matter of understanding its basic requirements and making sure the steps you take regarding activities covered by the Code are in accordance with the letter and spirit of the Code. Generally, you have the following obligations: You must examine the specific provisions of the Code for more details on each of these activities. Please contact Compliance if you have any questions. E. Personal Conflicts As per the Firm's Code of Conduct, personal conflicts can arise from your outside activities or investments, or those of your family. You must avoid any investment, activity or relationship that could, or could appear to, impair your judgment or interfere with your responsibilities to Morgan Stanley (the "Firm") and our Clients. If you become aware of an actual or potential conflict, you must act in accordance with applicable regulatory requirements and our policies. You also must notify your supervisor, the Conflicts Management Officer (CMO) for your business unit in your region, a member of LCD or the Firm's Global Conflicts Office (GCO)—including if an actual or potential conflict arises from an investment or activity that was previously approved through the Outside Business Interests (OBI) System. Consult the Conflicts of Interest InfoPage for additional information. Personal Securities Account •Pre-clearance •Reporting Personal Trading •Pre-clearance •Holding Period •Reporting Outside Acivity and Private Investments •Pre-clearance •Reporting |

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| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 II. TYPES OF ACCOUNTS/ACCOUNT OPENING REQUIREMENTS A. Personal Securities Accounts Generally, you and your Immediate Family must maintain all Personal Securities Accounts that may invest in Covered Securities at a Morgan Stanley Broker or Preferred Brokers, as applicable to the respective jurisdiction. Requirements may vary in non-U.S. offices. New Employees or newly designated Covered Persons must disclose their Personal Securities Account(s) and accounts of their Immediate Family within 10 calendar days of hire and transfer their Personal Securities Account(s) to a Morgan Stanley Broker or Preferred Brokers, as applicable in non-US jurisdictions, at their own expense, within 60 calendar days of Compliance's review. Failure to do so may be considered a significant violation of this Code. Opening a Morgan Stanley Brokerage Account. When opening a Personal Securities Account, you must notify the Broker that you are an Employee and that the relevant account must be coded as an Employee or Employee-related account. U.S. Employees can open a new account by typing myfinances/ into their web browser. Employees do not need prior approval to open accounts with a Morgan Stanley Broker. B. Fully Managed Account\* Fully Managed Accounts are generally permitted to be maintained outside of the Firm. For Fully Managed Accounts maintained outside of the Firm, Employees must provide Employee Investing and Activities Compliance ("EIAC") with a copy of the executed management agreement or equivalent documents, with the respective account numbers, which EIAC will review for the relevant provisions. For certain brokers, the management agreement is not required (e.g., robo advisors). If the account is managed by a firm other than Morgan Stanley, you must submit a request in the OBI System and EIAC will arrange for duplicate copies of the statements to be sent to the Firm. With prior approval, you may open a Fully Managed Account for yourself or an Immediate Family member if the account meets the standards set forth below. In certain circumstances and with approval from Compliance, you may appoint non-Morgan Stanley managers (e.g., trust companies, Examples of Potential Personal Conflicts include, but are not limited to: ▪ Having a personal or family interest in a transaction involving Morgan Stanley. ▪ Competing with Morgan Stanley for the purchase or sale of services. ▪ Taking advantage of outside business opportunities that arise because of your position at Morgan Stanley. ▪ Accepting special benefits offered based on your relationship with Morgan Stanley (such as discount prices, more favorable loan terms or investment opportunities), unless the terms are offered to a broad group of individuals (for example, discounted banking services offered to all Firm employees at the same location). ▪ Engaging in personal financial arrangements or certain other personal relationships with other Morgan Stanley employees. |

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| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 banks or registered investment advisers) to manage your account. To establish a Fully Managed Account, you must grant the manager complete investment discretion over your account. Pre-clearance is not required for trades in this account; however, you may not participate, directly or indirectly, in individual investment decisions or be made aware of such decisions before transactions are executed. This restriction does not preclude you from establishing investment guidelines for the manager, such as indicating industries in which you desire to invest, the types of securities you want to purchase or your overall investment objectives. However, those guidelines may not be changed so frequently as to give the appearance that you are directing account investments. \*Pursuant to local regulation, Employees of MSIM Private Limited and IM Public Side Employees of the Global In-house Centers as listed in Schedule B are prohibited from opening Fully Managed Accounts. C. Other Morgan Stanley Sponsored Accounts You do not have to pre-clear participation in Morgan Stanley Sponsored Accounts (e.g., Morgan Stanley 401 (k), Employee Incentive Compensation Plan, etc.) with Compliance. However, you must disclose participation in these and similar plans during the annual certification process. Changes made to existing investments in the Morgan Stanley 401(k) Plan that result in funds being moved in or out of the Morgan Stanley Stock Fund are subject to applicable window periods, and if you are an Access Person, to pre-clearance in accordance with Section III. D. Non-Morgan Stanley Accounts Exceptions to the requirement to maintain Personal Securities Accounts at a Morgan StanleyBroker are rare and requireCompliance approval. If yourrequest is approved, you will be required to ensure that missing statements are uploaded directly into the OBI System upon Compliance's request. Requirements may vary in non-U.S. offices. If you open an account other than with a Morgan Stanley Broker (inclusive of E\*TRADE) without obtaining the required Compliance pre-approval, you must immediately disclose it to Compliance through the OBI System. You may be required to close such account. Maintaining a non-Morgan Stanley 401(k) plan orsimilar account that permits you to trade Covered Securities must be approved by Compliance. Similar plans that do not have brokerage capabilities, but hold Covered Securities, must be disclosed initially during the Initial Disclosure Process and as part of the annual certification process. Any approval to open or maintain a Held-Away Spousal Account, is subject to you, as the employee, providing or arranging to provide relevant account information and duplicate account statements. In addition, at such time as your spouse or domestic partner is no longer employed by another financial institution, you must promptly transfer the account to Morgan Stanley or E\*TRADE and update the relevant OBI disclosure. E. Individual Savings Accounts ("ISAs") for Employees of MSIM Ltd. and EVAIL Fully Managed Accounts for ISAs (i.e., an independent manager makes the investment decisions) and non-discretionary ISAs (including single company ISAs) where you make investment decisions, may only be established and maintained as long as the account is pre-approved by  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 Compliance through the OBI System. In addition, for non-discretionary ISAs you must obtain pre-clearance approval for each transaction you wish to undertake via the Trade Pre-Clearance ("TPC") system. Duplicate statements must be supplied to Compliance and applicable quarterly and yearly reporting requirements must be met. For the avoidance of doubt, Fully Managed Accounts for ISAs do not require pre-clearance approval for each transaction undertaken by the independent investment manager. However, yearly reporting requirements apply. F. Mutual Fund Accounts You and your Immediate Family may open an account for the purpose of transacting in affiliated open-end Mutual Funds, including Sub-Advised and Proprietary Mutual Funds (i.e., an account directly with a fund transfer agent) without prior approval from Compliance. You must report participation in these accounts initially via the Initial Disclosure Process or during the next quarterly certification cycle and as part of the annual certification process. Accounts invested only in non-affiliated open-end Mutual Funds do not require disclosure in the OBI System as long as the account does not have the ability to trade in Covered Securities. G. Automatic Investment Plans With prior approval, you may open an account directly with an issuer to purchase its shares, such as a dividend reinvestment plan, ("DRIP") or Direct Purchase Plan ("DPP") by submitting a pre-clearance request via the TPC system for the initial purchase. H. Investment Clubs You may not participate in or solicit transactions on behalf of investment clubs in which members pool their funds to make investments in securities or other financial products. I. Cryptocurrencies You are generally not required to disclose accounts for Cryptocurrency (wallets/accounts) if they do not have brokerage capability (i.e., cannot hold Covered Securities) and are not linked to an account with brokerage capability (whether or not such capability is utilized). While trading Cryptocurrencies does not require disclosure or pre-clearance, other types of participation in Cryptocurrency activities (e.g., mining, staking participating in Initial Coin Offerings ("ICOs"), etc.) require disclosure and pre-approval through the OBI System. Please note that Private Investments or Outside Business Activities related to cryptocurrency exchanges or other related ventures are generally not permitted (please see the Global Employee Trading, Investing and Outside Business Activities Policy). Automatic Investment Plans Employees are not required to pre-clear automatic investments made as part of an established DRIP or DPP; however, any future, off-scheduled, self-directed transactions (buys and sells) require pre-clearance. You must report DRIP or DPP holdings to Compliance initially via the Initial Disclosure Process or during the next quarterly certification cycle and as part of the annual certification process. Please note that these accounts do not require OBI disclosure. |

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| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 III. PRE-CLEARANCE REQUIREMENTS FOR PERSONAL SECURITIES TRANSACTIONS A. General You and yourImmediate Family are required to pre-clear and receive prior approval for all personal securities transactions in Covered Securities (including the gifting of Covered Securities) unless your personal securities transaction is subject to an exemption under this Code. Should an Employee be made aware of a proposed transaction in a Fully Managed Account or have personally directed or asked another person to direct a trade in a Fully Managed Account, the Employee is required to pre-clear that trade priorto execution. See the Securities Transaction Matrix in Schedule A for additional information regarding the requirements for pre-clearance. In keeping with the general principles and objectives of the Code, Compliance, in its sole discretion, may refuse to grant approval of a personal securities transaction, without specifying a reason for the refusal. Personal trade requests will be denied if there is an order for a Client in the same or related security at the time the personal trade request is submitted. Exceptions may be granted if the Covered Security is being purchased orsold for a passively-managed index fund or index portfolio. Any transaction that is prohibited by the Code may be required to be reversed and any profits (or any differential between the sale price of the personal security transaction and the subsequent purchase or sale price by a Client during the relevant period) are subject to disgorgement. See "Enforcement and Sanctions". Please consult with your local Compliance if you have any questions. B. Initiating a Trade Transactions requiring pre-clearance may not be executed prior to receiving an "Approval" e-mail from the TPC system. Approval is obtained by entering your trade request into the TPC system. Upon completion of the necessary compliance checks, you will receive a system generated e-mail notification advising whether your request has been approved or rejected and the time frame in which you are permitted to execute your trade. You must wait for notification from the TPC system advising that your trade request has been approved before executing the trade. C. Pre-Clearance Valid for the Same Day Market Session Only Except for PPA Model Personnel, who are instead subject to Section III. F "Restrictions and requirements for PPA Model Personnel", all Covered Persons are required to pre-clear Covered Securitiesthrough the TPC system during the open market session you intend to execute the trade. If your request is approved,such approval is valid only during the market session for which it is granted How to Preclear a Trade and Other Helpful Hints • Open the TPC system (type "IMTPC/" into your browser. • Select the correct account, transaction type (buy/sell) and quantity. • Pre-clear all Covered Securities unless an exemption applies. • All Single-Stock ETFs are subject to pre-clearance requirements and the 30-calendar day holding period requirements. • Execute only after receiving an APPROVAL e-mail from the system. • You can only execute within your approval window. • Contact Compliance with questions prior to trading. |

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| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 and expires at market session close that same day. Any transaction not completed (whether in whole or in part) during that market session will require a new approval. This means that you are not permitted to enter "good-till-canceled" orders. Only market orders and limit orders for the day are permitted. Open orders, such as limit orders and stop-loss orders, must be pre-cleared each day until the transaction is effected. In the case of tradesin international markets where the market has already closed when approval is granted, transactions must be executed by the next close of trading in that market. Note: PPA Model Personnel; see Section III.F "Restrictions and Requirements for PPA Model Personnel" and for Omni Personnel and those who have access to Flex One; Section III.G "Restrictions and Requirements for Omni Personnel and those who have access to Flex One" below). D. Restrictions and Requirements for Investment Personnel No purchase or sale transaction may be made in any Covered Security or a related investment (i.e., derivatives) by Investment Personnel or other Employees who have knowledge of client trading (excluding PPA Model Personnel; see Section III.F "Restrictions and Requirements for PPA Model Personnel" and Section III.G "Restrictions and Requirements for Omni Personnel and those who have access to Flex One" below) for a period of five (5) calendar days before or five (5) calendar days after the Investment Personnel purchases or sells the security on behalf of a Client. Exceptions from theBlackout Periodmay be granted if theCovered Security wastraded for an index fund or index portfolio. E. Restrictions and Requirements that apply to Eaton Vance Affiliated Entities Research Recommendations or Conclusions Where research recommendations or conclusions are involved, Investment Personnel must adhere to the following. If within the five (5) calendar days prior to and including the day you seek pre-clearance and approval to enter into a personal securities transaction for a security: • that security or a related financial instrument has been added to or removed from the Analyst Select Portfolio (a paper portfolio (non-cash) that enables analysts to express their opinions on their coverage sector or a specific stock within the coverage sector), or an existing position in theAnalyst Select Portfolio has been increased or decreased; • the weighted price potential ("WPP") of that security (as determined by a Research Analyst) or a related financial instrument has been changed (the amount of the change in order to trigger the restrictions set forth herein as determined from time to time) on the relevant system; or • for purposes of CRM, that security (or its issuer) has been designated as "eligible" or "ineligible" or its designation as a "eligible" or ineligible has changed, then you CANNOT trade the security and your pre-clearance request will be denied. Blackout Period related to the Rebalance and Reconstitution of a Calvert Indexes If you are an Employee with knowledge of the decisions of the CRM Research, Review and Recommendation Committee or the actions taken by the CRM Index Committee (or any new or  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 successor committees that CRM may form to perform similar functions) as determined by the CRM Chief Compliance Officer or her designee, for the 5 calendar days prior to and including the day that the relevant Calvert Index is rebalanced or reconstituted, you may NOT enter into a Personal Securities Transaction in your personal account. A Compliance Officer will notify you if you are subject to this blackout period. Additional Requirements Pertaining to Research Analysts in the Eaton Vance Affiliated Entities Research Analysts and their Immediate Family are subject to the requirements and restrictions listed below. Personal Securities Transactions for Securities in Your Coverage Area. You and your Immediate Family may not enter into a personal securities transaction in any security for which you have coverage responsibility: • If you are in the process of making a new recommendation, have changed a recommendation or conclusion for the security or a related financial instrument, but have not yet communicated it to the Investment Personnel in your department; or • Until the 5th calendar day after you have communicated your new or changed recommendation or research conclusion throughout the relevant investment group. You may then proceed according to the requirements set forth above under sub-sections A, B and C above. F. Restrictions and Requirements for PPA Model Personnel PPA Model Personnel are required to request approval in the TPC system for Covered Securities one (1) calendar day prior to the intended transaction and are required to execute the trade the following business day. Additionally, PPA Model Personnel may be temporarily restricted from all personal securities trading or from transacting in specific securities during significant model portfolio rebalance and index reconstitution events. PPA Model Personnel will be notified of all such personal trading Blackout Periods and Restricted Lists in writing by local Compliance. Please consult your local Compliance if you have questions. G. Omni and Those Who Have Access to Flex One Investment Personnel who trade for Omni or those who have access to the Flex One system, are required to receive approval from their Designated Manager, via e-mail, for any personal securities trades one (1) calendar day prior to the intended transaction. Upon receipt of their Designated Managers approval, the employee is then required to request approval, the following trade date, via the TPC system and must wait until they receive notification from the TPC system, prior to executing. Final approval is valid for that day only. Please consult your local Compliance if you have questions. Who are PPA Model Personnel? Employees supporting Equity business, involved in portfolio management, trading, research and strategy; Employees with access to pre-execution model portfolio transactions. Pre-Clearance Timeline for PPA Model Personnel: On day one, enter pre-clearance request into TPC system. On day one, the request is routed to your DM. On day one, DM approves and you receive approval e-mail advising that you are approved to trade the NEXT business day. On day two (the next business day after DM approval is received) you may execute trade. |

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| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 H. Employees Designated to be "Above the Wall" MSIM Employees in the Legal and Compliance Division, Internal Audit Division, the Global Risk & Analysis Super Department, Tax, Global Conflicts Office and Environmental and Social Risk Management Team are designated to be "Above the Wall" ("ATW") and their personal securities transactions are subject to additional pre-clearance checks with the Control Group. Other Employees may also be subject to the ATW checks as deemed necessary by the Control Group. I. Transacting in Morgan Stanley Securities Transacting in, including the gifting of, Morgan Stanley securities and options is subject to the Global Employee Trading, Investing and Outside Business Activities Policy (see section 7) and must take place during the designated window periods. Consult MS Today or MSIM Code of Ethics Employee Jive site for the window period announcement prior to trading. J. Trading Derivatives MSIM Employees who work in the PPA business are prohibited from trading ALL Derivatives. The following is a list of permitted options trading (for non-PPA Employees) that must be pre-cleared by your local Compliance and submitted through the TPC system: Call Options Listed Call Options. You may purchase a listed call option on common stock if the call option has a "period to expiration" of at least 30 calendar days from the date of purchase and you hold the call option for at least 30 calendar days prior to sale. If you choose to exercise the option, you must also hold the underlying security delivered pursuant to the exercise for 30 calendar days after the date of option exercise. Covered Calls. You may also sell (or "write") a call option only if you have held the underlying security (in the corresponding amount) for at least 30 calendar days. Put Options Listed Put Options. You may purchase a listed put option on common stock if the put option has a "period to expiration" of at least 30 calendar days from the date of purchase and you hold the put option for at least 30 calendar days prior to sale. If you purchase a put option on a security you already own, you may exercise the put once you have held the underlying security for 30 calendar days. If you purchase a put on a security that you do not own, you may not exercise the put; and must sell the option prior to its expiration date. For MSIM Employees, you may not trade futures, forward contracts, including currency forwards, physical commodities and related derivatives, over-the-counter warrants or swaps. You are prohibited from selling ("writing") a put. The prohibition on commodities trading applies to trades directly on commodities markets rather than holding the physical commodity (e.g., gold bullion). |

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| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 K. Other Restrictions Primary and Secondary Public Offerings You and your Immediate Family are generally prohibited from purchasing any equity security in an initial or secondary/follow on public offering. In addition, unless otherwise notified by Compliance, you may not purchase an equity security that is part of a primary or secondary public offering that the Firm is underwriting or selling until the distribution has been completed. This restriction does not apply to rights issuances to which Personal Securities Accounts would be entitled with regard to their existing holdings. Note that this restriction also applies to your Immediate Family, regardless of whether the securities are purchased into an Personal Securities Account. Purchases of new issue debt are permitted, provided such purchases are pre-cleared by Compliance and meet other relevant requirements of the Code. Short Sales You and your Immediate Family may not engage in short selling of Covered Securities. Restricted List You and your Immediate Family may not transact in Covered Securitiesthat appear on the Firmwide Restricted List or the MSIM Restricted List. You must check the Restricted Lists prior to submitting a TPC request and executing the trade. Cross Trades MSIM Employees and their Immediate Family are not allowed to engage in cross trades or pre-arranged trades between their Personal Securities Accounts, MSIM funds and MSIM Client accounts. Changes to Normal Settlement Cycles Hong Kong Type 9 License Holders are not permitted to make changes to normal settlement cycle or delay settlement for any trades in Personal Securities Accounts. L. Other Activities Requiring Pre-Clearance Activity Resources/Additional Information Outside Business Activities Please see Section VI "Outside Business Activities and Private Investments" of this Code. Outside Brokerage Accounts Please see Section II "Types of Accounts and Account Opening Requirements" of this Code. Transactions in Private Investments Please see Section VI "Outside Business Activities and Private Investments" of this Code. Political Contributions Please consult the Firm Policy on U.S. Political Contributions and Activities. |

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| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 IV. HOLDING REQUIREMENTS A. Proprietary and Sub-advised Mutual Funds and Single-StockExchange-Traded Funds You may not redeem or exchange Proprietary or Sub-advised Mutual Funds or Single-Stock Exchange- Traded Funds until at least 30 calendar days from the purchase trade date. Employees are subject to the terms and restrictions of an open-end fund's prospectus, including restrictions such fund may impose on excessive trading. You may not engage in trading of shares of an open-end fund that is inconsistent with the prospectus of that fund. Where a proprietary or sub-advised fund's prospectus has a holding period that islessthan 30 calendar days, Employees are required to hold shares for at least 30 calendar days before selling. B. Covered Securities Youmay notsell aCovered Security until you have held it for at least 30 calendar days. For calculation purposes, the trade date counts as day one and the position may be closed on the 31st calendar day or thereafter. C. Holding Requirements Specific to MSIMJ Employees When selling equity (i.e., domestic and foreign equity shares and rights as well as corporate bonds, etc. that can be converted into shares such as corporate bonds with share warrants or share options), Covered Persons at MSIMJ must hold such instruments for at least six months. This includes transactions in Morgan Stanley Securities. D. Holding Requirements Specific to HK Type 9 License Holder Employees All personal account investments(including Exempt Securities) made by Hong Kong Type 9 License Holders are required to be held for a minimum of 30 calendar days. |

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| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 V. REPORTING REQUIREMENTS A. Initial Reporting and Holdings Certification When you commence employment withMSIM or otherwise become a Covered Person, you must complete the Initial Disclosure Process (the "Initial Report") no later than 10 calendar days after you become a Covered Person. The information you provide must not be more than 45 calendar days old from the day you became a Covered Person and must include: • The title and type, and, as applicable, the exchange ticker symbol or CUSIP number, number of shares and the (current) principal amount of any Covered Security; • The name of any broker-dealer, bank or financial institution where you maintain an account in which any securities are held; and • The date you submitted the Initial Report. All new Covered Persons will receive training on the principles and procedures of the Code. As a Covered Person, you must also certify that you have reviewed, understand and agree to abide by the terms of this Code, including but not limited to, the disclosure of outside accounts, Outside Business Activities and Private Investments that are required to be logged in the OBI System within 10 calendar days and the transfer or closure of the account within 60 calendar days of Compliance's review. If you have any questions, contact your local Compliance group. B. Quarterly Reporting and Certification You must submit a Quarterly Transactions Report to Compliance no later than 30 calendar days after the end of each calendar quarter, or in accordance with regulatory requirements applicable to your region. You do not have to submit a Quarterly Transactions Report if it would duplicate information provided in broker account statements that Compliance already receives or may access. The Quarterly Transactions Report must contain the information set forth below. • For transactions in a Personal Securities Account during the previous quarter you must provide: o The date of the transaction, the title, and, as applicable, the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares and principal amount of any Covered Security; New Hire Checklist As a new hire, you have 10 calendar days to: • Complete your Initial Disclosure Process. • Disclose your Outside Business Interests/Accounts, Private Investments. Within 30 calendar days of hire you must: • Complete your new hire trainings. Within 60 calendar days of Compliance's review you must: • Transfer and close any non-approved personal securities account. Quarterly Requirements Each quarter you will receive a Quarterly Transactions Report. You are only required to submit the report if one of the conditions is met. The report is required to be submitted no later than 30 calendar days after the end of each calendar quarter. |

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| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 o The nature of the transaction (i.e., purchase, sale or other type of acquisition or disposition); o The price of the security at which the transaction was effected; o The name of the broker-dealer or bank with or through which the transaction was effected; and o The date you submitted the Quarterly Transaction Report. • For any new account, including accounts for your Immediate Family, established by you during the previous quarter in which any securities are held for your direct or indirect benefit, you must provide: o The name of the broker-dealer, bank or financial institution with which you established the account; o The date the account was established; and o The date you submitted the Quarterly Transaction Report. A reminder to complete the Quarterly Transaction Report will be provided to you by Compliance. C. Annual Reporting and Holdings Certification You must update, as applicable, and certify to the following information on an annual basis (the "Annual Report"): • A list of your current brokerage account(s), including those for your Immediate Family; • A list of all securities and current principal amount Beneficially Owned by you in these account(s); • A list of all your approved Outside Business Activities, and Private Investments; • A list of all other additional reportable investments you hold outside of Morgan Stanley (such as DRIPs, other 401(k) accounts and any Covered Securities held in certificate form); • A list of financial institutions (broker dealers, banks, transfer agents, etc.) with which you maintain an account in which any securities are held; and • That you have not made, directly or indirectly, any individual investment decision related to any Fully Managed Account(s), nor have you directed another person to make such investments without first pre-clearing those transactions in accordance with Section III. The information in the Annual Reportmust be current as of 45calendar days before the report is submitted. Annual Requirements Each year, Covered Persons will receive an Annual Certification for Employees ("ACE") where you are required to confirm that the information the Firm has in its records is both accurate and complete. As part of ACE, you will be required to read and understand both the Code of Conduct and the MSIM Code of Ethics. ACE includes sections regarding Morgan Stanley Accounts, Morgan Stanley Sponsored Plans, Outside Business Interests and Additional Reportable Investments. You are required to complete this certification on or before it's due date. |

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| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 You must also certify that you have reviewed and agree to abide by the requirements of the Code and that you are in compliance with the Code. The link to the Annual Report will be provided to you by Compliance. Hong Kong Type 9 License Holders are required to submit their holdings annually and semi-annually in October and April each year. |

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| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 VI. OUTSIDE BUSINESS ACTIVITIES AND PRIVATE INVESTMENTS A. Approval to Engage in an Outside Business Activity You may not engage in any Outside Business Activity, regardless of whether or not you receive compensation or are asked to engage in such activity by the Firm, without prior approval first from your Designated Manager and then from Compliance. If you receive approval, it is your responsibility to notify Compliance immediately if any conflict or potential conflict of interest arises in the course of the Outside Business Activity or if the nature of the activity changes, materially. Examples of an Outside Business Activity, as per the Global Employee Trading, Investing and Outside Business Activities Policy, include providing consulting services, organizing a company, giving a formal lecture or publishing a book or article, accepting compensation from any person or organization other than the Firm, serving as an officer, employee, director, partner, member, or advisory board member of a company or organization not affiliated with the Firm, whether or not related to the financial services industry (including charitable organizations or activities for which you do not receive compensation), setting up a holding company for investments, investing in rental properties or acting as power of attorney and receiving compensation for such role. Generally, Compliance will not approve any Outside Business Activity related to the securities or financial services industry other than activities that reflect the interests of the industry as a whole and that are not in competition with those of the Firm. In the case of employees of Morgan Stanley AIP GP LP ("AIP"), where serving on an advisory board for a company in which AIP invests is part of the AIP employee's roles and responsibilities as an employee of AIP, such service shall not be considered an Outside Business Activity and approval via the OBI System is not required. The relevant senior business managers are responsible for approving Employees to serve on advisory boards, documenting such approvals, maintaining a list of such Employees, and reviewing the list in consultation with the relevant Compliance officers at least annually. A request to serve on the board of any company, particularly the board of a public company, will be granted in very limited instances only. If you receive approval, your directorship may be subject to the implementation of information barrier procedures to isolate you from making investment decisions for Clients concerning the company in question, as applicable. B. Approval to Invest in a Private Investment You may not invest in a third-party Private Investment without prior approval from Compliance. Private Investments include investments in privately held corporations, limited partnerships, tax shelter programs, hedge funds and holding companies (e.g., LLC, LP, S-Corp, C-Corp, etc.). Approval is required for third-party private investments held in a Morgan Stanley account through the OBI System. Disclosure in the OBI System is not required for Morgan Stanley proprietary funds Special Considerations Related to your Outside Business Disclosures • Disclose existing OBI's within 10 calendar days of hire. • All times thereafter, you must receive pre-approval through OBI System before participating. • New accounts due to marriage, inheritance etc. are required to be disclosed within 10 calendar days of the event. • As part of the Annual Certification process, you are required to review/edit each disclosure for completeness and accuracy. • U.S. Registered Employees only, real estate investments that generate rental income require disclosure in OBI, unless the property is also used by you as a primary, secondary or vacation residence. • Non-U.S. Registered Employees are not required to disclose real estate investment that generate rental income. |

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| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 (funds structured by Morgan Stanley or its affiliates that are offered to MS Employees and/or Clients). Singapore-licensed Employees are prohibited from conducting (by way of Outside Business Activity or Private Investment) the following non-financial advisory activities: Being engaged in any of the following: • Carrying on or being involved in the business of money lending • Organizing, promoting or conducting any casino marketing arrangement in or with respect to any casino • Acting as an associate of an international market agent • Being engaged in the business of an international market agent • Being an applicant for an international market agent license • Carrying on the business of an estate agent, or acting/representing as an estate agent • Acting or holding himself out as a salesperson for any licensed estate agent • Marketing any investment that is not an investment product Being invested in, or holding any interest in the following: • Any moneylending business • Any business of an international market agent • Any business of an estate agent VII. REVIEW, INTERPRETATIONS AND EXCEPTIONS Compliance is responsible for administering the Code and reviewing your Initial, Quarterly and Annual Reports. Compliance has the authority to make final decisions regarding Code policies and may grant an exception to a policy as long as it determines that no abuse or potential abuse is involved. Exceptions are granted only in rare and unusual circumstances, such as financial hardship. You must contact Compliance with any questions regarding the applicability, meaning or administration of the Code, including requests for an exception, in advance of any contemplated transaction. If Compliance determines that an exception would not be against the interests of any Client and is consistent with applicable laws and regulations, including Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act, Compliance may approve an exception and will document the exception, including the circumstances and rationale. VIII. ENFORCEMENT AND SANCTIONS Violations of the Code must be reported promptly to Compliance and, as appropriate, senior management. On a quarterly basis, violations of the Code are reported to the applicable funds' board of directors. Compliance may issue letters of warning/education or impose sanctions as appropriate, including notifying your Designated Manager, issuing a reprimand (orally or in writing), restricting your trading privileges, reducing your discretionary bonus, if any, requiring reversal of a trademade in violation of the Code or other applicable policies, or taking other disciplinary action, including, but not limited to, suspension or termination of your employment. Violations are considered on a cumulative basis. The foregoing sanctions are intended to be guidelines only. Compliance, in its discretion, may recommend alternative actionsif deemed warranted by the facts and circumstances of each situation. MSIM management, including the Head of MSIM Compliance, is authorized to determine the choice of actions to be taken in specific cases. |

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| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 Sanctions may vary based on applicable law and regulatory requirements in your jurisdiction. In addition, pursuant to the terms of Section 9 of the Investment Company Act of 1940, as amended, no director, officer or Employee of MSIM may become, or continue to remain, an officer, director or Employee of MSIM without an exemptive order issued by the U.S. Securities and Exchange Commission, if such director, officer or Employee: • Within the past ten years has been convicted of any felony or misdemeanor (i) involving the purchase or sale of any security; or (ii) arising out of his or her conduct as an underwriter, broker, dealer, investment adviser, municipal securities dealer, governmentsecurities broker, governmentsecurities dealer, transfer agent, or entity or person required to be registered under the U.S. Commodity Exchange Act, or as an affiliated person, salesman or employee of any investment company, bank, insurance company or entity or person required to be registered under the U.S. Commodity Exchange Act; or • Is or becomes permanently or temporarily enjoined by any court from: (i) acting as an underwriter, broker, dealer, investment adviser, municipal securities dealer, government securities broker, government securities dealer, transfer agent, or entity or person required to be registered under the U.S. Commodity Exchange Act, or as an affiliated person,salesman or employee of any investment company, bank, insurance company or entity or person required to be registered under the U.S. Commodity Exchange Act; or (ii) engaging in or continuing any conduct or practice in connection with any such activity or in connection with the purchase or sale of any security. You are obligated to immediately report any conviction or injunction described here to Compliance. In addition to the above, you may also be subject to similar fit and proper/conduct related requirements to the extent you are employed or licensed in non-US jurisdictions. Please reach out to your local Compliance coverage if you are unclear about the requirements that apply to you. IX. RELATED POLICIES In addition to this Code, you are also subject to the policies and procedures documented in the Compliance Manual applicable to your region; the Global Employee Trading Investing and Outside Business Activities Policy; the Morgan Stanley Code of Conduct; the Global Confidential and Material Non-Public Information Policy; the Policy on U.S. Political Contributions and Activities; and the MSIM Global Gifts, Entertainment and Charitable Giving Policy (requirements may vary in non-U.S. offices). X. RECORDKEEPING A. Firm Requirements Records are retained in accordance with the Firm's Global Information Management Policy, which establishes general Firm-wide standards and procedures regarding the retention, handling, and destruction of official books and records and other information of legal or operational significance. The Global Information Management Policy incorporates the Firm's Master Retention Schedule, which lists variousrecord classes and associated retention periods on a global basis. |

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| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 B. MSIM Maintenance of Records Relevant to this Code Compliance shall maintain records relevant to this Code as may be necessary under the provisions of this Code. Previous versions include: August 16, 2002, February 24, 2004, June 15, 2004, December 31, 2004, December 15, 2006, May 12, 2008, August 19, 2010, September 17, 2010, February 15, 2011, March 1, 2011, September 28, 2011, June 29, 2012, September 16, 2013, October 10, 2014, March 26, 2016, December 7, 2017, December 12, 2018, December 12, 2019, December 11, 2020, January 1, 2022, December 15, 2022, December 12, 2023 and December 12, 2024. |

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| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 SCHEDULE A SECURITIES TRANSACTION MATRIX TYPE OF SECURITY Pre-Clearance Required Reporting Required 30 Calendar Days Holding Period Required Covered Securities Pooled Investment Vehicles: Closed-End Funds Yes Yes Yes Proprietary or Sub-advised Mutual Fund No Yes Yes Unit Investment Trusts No Yes No Exchange-Traded Funds (ETFs) including Crypto Currency ETFs No Yes No Single-Stock ETFs Yes Yes Yes Exchange-Traded Notes (ETNs) No Yes No Hedge Funds Yes Yes Yes Equities: Morgan Stanley Securities1 Yes Yes Yes Common Stocks Yes Yes Yes Listed Depository Receipts e.g. ADRs, Ads, GDRs Yes Yes Yes DRIPs2 Yes Yes Yes Corporate Non-Voluntary Actions (e.g., Stock Splits, Mergers, Spin-off etc.) No Yes No Rights Yes Yes Yes Stock Dividend No Yes No Warrants (Listed and Exercised) Yes Yes Yes Preferred Stock Yes Yes Yes Listed Real Estate Investment Trusts (REITs) Yes Yes Yes Initial Public Offerings (equity IPOs) and Secondary/Follow on offerings PROHIBITED 1 Employees may transact in Morgan Stanley securities only during designated window periods. Pre-clearance of transactions in Morgan Stanley securities is required for all Access Persons. Non-Access Person are exempt from pre-clearance. 2 Automatic purchases for dividend reinvestment plan are not subject to pre-approval requirements. The initial set up/purchase requires preclearance. |

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| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 TYPE OF SECURITY Pre-Clearance Required Reporting Required 30 Calendar Days Holding Period Required Private Investments in Public Equity Securities (PIPES) PROHIBITED Derivatives (Employees who work in the PPA businesses are prohibited from trading ALL derivatives): Morgan Stanley (stock options) Yes Yes Yes Common Stock Options Yes Yes Yes Forward Contracts (including currency forwards) PROHIBITED Commodities Contracts PROHIBITED OTC warrants or swaps PROHIBITED Futures PROHIBITED Fixed Income Instruments: Asset Backed Securities Yes Yes Yes Fannie Mae Yes Yes Yes Freddie Mac Yes Yes Yes Corporate Bond Yes Yes Yes Convertible Bonds (converted) Yes Yes Yes Municipal Bonds Yes Yes Yes New Issues (fixed income) Yes Yes Yes Government Sponsored Entities (GSE) / Agency Bonds Yes Yes Yes Structured Notes Yes Yes Yes High Yield Sovereign Debt (as rated by S&P) Yes Yes Yes High Yield Securities3 PROHIBITED Private Investment and Outside Activities: Private Investments (e.g. limited partnerships) Yes Yes N/A Outside Activities Yes Yes N/A Investment Clubs PROHIBITED Exempt Securities (The following are exempt from pre-clearance, reporting and holding requirements, except that for Hong Kong SFC Type 9 licensed employees a 30-calendar day holding period is required for all personal account investments in securities including exempt securities): Mutual Funds (open-end) not advised or sub-advised by MSIM Brokerage CDs GNMA Bankers' Acceptances Direct Obligations of the US and Foreign Governments (US Treasury/Investment Grade Sovereign Debt4) Money Market Funds (Inclusive of Morgan Stanley Money Market Funds) Commercial Paper Investment Grade Short-Term Debt Instruments5 Regulated Collective Investment Schemes Physical Commodities Currencies 3 Securities rated below investment grade by S&P. 4 Sovereign debt security rated below investment grade will be subject to pre-clearance and 30-day holding period requirement. Ratings from other rating agencies besides S&P should not be used to determine whether pre-clearance is required. |

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| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 5 For these purposes, repurchase agreements and any instrument that has a maturity at issuance of fewer than 366 days that is rated as investment grade by a nationally recognized statistical rating organization. |

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| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img025.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 XI. DEFINITIONS These definitions are here to help you understand the application of the Code to various activities undertaken by you and other persons related to you who may be covered by the Code. The definitions are an integral part of the Code and a proper understanding of them is essential. Refer back to these definitions as you read the Code. "Access Persons" (for purposes of transacting in Morgan Stanley securities) is defined in the Global Employee Trading, Investing and Outside Business Activities Policy and means those individuals or divisions that, as part of their job function may receive or have access to Morgan Stanley-related material non-public information that is recurring or cyclical in nature. "Beneficially Owned" generally means an interest where you or a member of your Immediate Family, directly or indirectly: (i) have investment discretion or the ability (including joint ability or discretion) to purchase orsellsecurities or direct the disposition of securities; (ii) have voting power over securities, or the right to direct the voting of securities; or (iii) have a direct or indirect financial interest in securities (or other benefit substantially equivalent to ownership of securities). For purposes of this Code, "beneficial ownership" shall be interpreted in the same manner as it would be under Section 16 of the Securities and Exchange Act, as amended, and the rules and regulations thereunder. "Blackout Period" for purposes of this Code, means a temporary period of time as determined by Compliance during which you may be restricted from all personal securities trading or a temporary or indefinite restriction on transactions in certain specific Covered Securities based upon your job responsibilities. "Chief Compliance Officer" or "CCO" refers to the Chief Compliance Officer of the following, as relevant: Atlanta Capital Management Company LLC; Boston Management and Research; Calvert Research and Management; Eaton Vance Advisers International Ltd.; Eaton Vance Management; Morgan Stanley Investment Management Inc.; or Parametric Portfolio Associates LLC. "Client" means shareholders or limited partners of registered and unregistered investment companies and other investment vehicles, institutional, high net worth and retail separate account clients, employee benefit trusts and all other types of clients advised by MSIM. "Closed-End Fund" means any fund with a fixed number of shares and which does not issue and redeem shares on a continuous basis. While Closed-End Funds are often listed and trade on stock exchanges, they are not "Exchange traded funds" as defined below in the Covered Securities definition. "Compliance" means your applicable local Compliance group (e.g., Atlanta, Boston, Dublin, London, Minneapolis, Mumbai, New York, Seattle, Singapore, Tokyo, and Washington, D.C.). "Control Group" is a team within Legal and Compliance that is responsible for maintaining the Firm's Information Barriers (often referred to as "the Wall"). The Control Group serves as a buffer between the Firm's various business units, controlling and coordinating communications between these areas, as well as conducting global surveillance to ensure that applicable laws and rules are followed. |

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| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img026.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 "Covered Persons" means: • All MSIM Employees; • All directors and officers of MSIM; • Any person (such as certain consultants, leased workers or temporary workers) who provides investment advice to clients on behalf of MSIM, is subject to the supervision and control of MSIM or who has access to nonpublic information regarding any Client's purchase or sale of securities, or portfolio holdings, or who is involved in making securities recommendationsto Clients, or who has access to such recommendations that are nonpublic. Contingents that are hired for positions lasting more than one year or are otherwise classified as a Covered Person by their assignment contacts/managers or Compliance may be required to transfer brokerage accounts to a Morgan Stanley Broker or Firm approved third party broker as applicable to the respective jurisdiction. • Any person with responsibilities related to MSIM or who supports MSIM as a business and has frequent interaction with Covered Persons or Investment Personnel, as determined by Compliance. • Any other persons falling within the definition of "Access Person" under Rule 17j-1 of the Company Act or Rule 204A-1 under the Advisers Act (such as those supervised persons who have accessto nonpublic information regarding the portfolio holdings of a clientfund) and such other personsthat may be so deemed by Compliance from time to time. The definition of "Covered Person" may vary by location. Contact Compliance if you have any question as to your status as a Covered Person. "Covered Securities" includes generally: • All equity or debt securities (excluding high yield securities, which are prohibited), including but not limited to, derivatives of securities (such as options on securities, on indexes and on currencies, warrants and American depositary receipts); • Asset-backed securities; • Closed-End Funds; • Commodities; • Corporate and municipal bonds, and similar instruments; • Exchange-Traded Funds including single-stock Exchange-Traded Funds, Exchange- Traded Notes and Crypto Currency Exchange-Traded Funds; • Futures; • Initial Coin Offerings and Secondary Coin Offerings; • Investments in all kinds of limited partnerships; • Investments in real estate investment trusts (REITs); • Investments in private investment funds, hedge funds, private equity funds, and venture capital funds; • Open-end mutual funds and Exchange-Traded Funds for which MSIM or Eaton Vance Management or an Eaton Vance Affiliated Entity acts as adviser or sub-adviser (including those funds that consist of Exempt Securities as listed in Schedule A and excluding money market funds); • Preferred securities; • Securities indices; |

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| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img027.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 • Structured Notes, such as equity-linked or credit- linked notes; • Unit investment trusts. Covered Securities does not include "Exempt Securities," as defined below. Refer to Schedule A for application of the Code to various security types. "Cryptocurrency" means any virtual or digital representation of value, token or other asset in which encryption techniques are used to regulate the generation of such assets and to verify the transfer of assets, which is not a security or otherwise characterized as a security under the relevant law. Thisincludesinitial coin offerings("ICOs") and secondary coin offerings ("SCOs"). "Derivative" means (1) any Futures and (2) a forward contract, a "swap", a "cap", a "collar", a "floor" and an over-the-counter option. Questions regarding whether a particular instrument or transaction is a Derivatives for purposes of this Code should be directed to your local Compliance group. For avoidance of doubt, a Derivative on a Cryptocurrency is considered to be a "Derivative" for purposes of this. "Designated Manager" means manager designated by your business unit or department to supervise your personal trading and investing activities. "Eaton Vance Affiliated Entity" means each of the following: Atlanta Capital Management LLC ("ACM"); Boston Management and Research; Calvert Research and Management ("CRM"); Eaton Vance Advisers International Ltd.; Eaton Vance Management; Eaton Vance Management (International) Limited; Parametric Portfolio Associates LLC. ("PPA"). "Employee" means all MSIM employees globally on the Public Side of the Morgan Stanley Investment Management Division business and, as appropriate, their Immediate Family. "Exempt Securities" are securities that are not subject to the pre-clearance, holding or reporting requirements. Examples of Exempt Securities include: • Bankers' acceptances, bank certificates of deposit and commercial paper; • Investment grade, short-term debt instruments, including repurchase agreements (which for these purposes are repurchase agreements and any instrument that has a maturity at issuance of fewer than 366 days that is rated in one of the two highest categories by a nationally recognized statistical rating organization); • Direct obligations of the U.S. Government (including securities that are backed by the full faith and credit of the U.S. Government for the timely payment of principal and interest) and equivalent securities issued by non-U.S. governments, such as: o Ginnie Maes, o U.S. savings bonds, and U.S. Treasuries; and o Securities issued by non-U.S. governments e.g., premium bonds, indexed- linked savings certificates, fixed income savings certificates, guaranteed equity bonds, capital bonds, children's bonus bonds, fixed rate savings bonds, income bonds and pensioner's guaranteed income bonds issued and sold directly to the public through the National Savings and Investments agency of the United Kingdom's Chancellor of the Exchequer. Note: Non-U.S. government debt securities must be rated AA or higher. Otherwise, they will be subject to pre-clearance and 30-day holding period requirement); • Shares held in money market funds; |

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| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img028.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 • Variable insurance products that invest in funds for which MSIM does not act as adviser or sub-adviser; • Open-end mutual funds or equivalent in other jurisdictions (e.g., UCITS, SICAVs, UK Authorized Unit Trusts, open-end investment companies ("OEICS")) for which MSIM does not act as adviser or sub-adviser; • Currencies (including Spot FX); • Holding physical commodities; and • 529 Plans provided that the plan is not invested in MSIM Sub-Advised or Proprietary Funds Refer to Schedule A for application of the Code to various security types and additional requirements for Morgan Stanley Asia Limited Employees who hold a Hong Kong Type 9 license. "Firm" means Morgan Stanley, MSIM's parent company. "FullyManaged Account"means an account (including fullymanaged Individual Savings Accounts ("ISAs") and an account managed on a discretionary basis by a professional financial adviser or investment adviser (e.g., a robo adviser)) for which an MSIM Employee or Immediate Family has authorized a professional financial advisor or investment manager, in its sole discretion, to acquire and dispose of assets held in the account. Neither the MSIM Employee nor the Immediate Family may make, directly or indirectly, any investment decision, bemade aware of any such decisions before transactions are executed by the advisor or manager, or otherwise direct the advisor or manager to effect any transactions in the account. A Fully Managed Account is not considered a Personal Securities Account. "Hong Kong Type 9 License Holder" means MSIM Public Side Investment Personnel housed in Hong Kong entity Morgan Stanley Asia Limited who holds a Hong Kong Type 9 license. "Immediate Family" pursuant to this Code includes a Covered Persons spouse or domestic partner, dependents and all other persons for whom the Covered Person, their spouse, or domestic partner contributes substantial financial support. This does not include an unrelated person who shares the same residence with the employee provided that the unrelated person and employee are financially independent of one another. "Initial Public Offering" ("IPO") means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities and Exchange Act of 1934. As used in this Code, the term "Initial Public Offering" shall also mean a one- time offering of stock to the public by the issuer of such stock which is not an initial public offering. "Investment Personnel"means MSIM Employees and any otherCovered Persons who (i) obtain or have access to information concerning investment recommendations made to any Client; (ii) any persons designated as Investment Personnel by Compliance; (iii) who, with respect to a Client: (a) provides information or advice with respect to the purchase or sale of a financial instrument for the Client (e.g., portfolio manager, or, in some cases a Research Analyst) or (b) helps execute the investment decisions of a portfolio manager, or, where applicable, Research Analyst on behalf of a Client. "Morgan Stanley Broker" means a broker-dealer affiliated with Morgan Stanley, including  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img029.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 E\*TRADE. "Morgan Stanley Investment Management" or "MSIM" for purposes of this Code means the companies and businesses comprising the Public Side of Morgan Stanley's Investment Management Division, but excluding the Private Side companies and businesses. "Morgan Stanley Securities" means equity, preferred and debt securities issued by Morgan Stanley, including the Morgan Stanley Stock Fund, but excludes structured products, such as equity-linked or credit- linked notes. "Mutual Funds" means (i) all open-end mutual funds; and (ii) similar pooled investment vehicles established in non-U.S. jurisdictions, such as registered investment trusts in Japan. For purposes of the Code, Mutual Fund does not include shares of open-end money market mutual funds (unless otherwise advised by Compliance). "Omni Personnel and Those Who Have Access to Flex One" means designatedOmniInvestment Personnel who are involved in the portfolio management, trading, and research & strategy, as well as others who may have access to Flex One transactions and may have additional pre-clearance requirements as determined by Compliance. "Outside Business Activity" means any organized or business activity conducted by a MSIM Employee outside of MSIM. Thisincludes, but is not limited to, participation on a board of directors or advisory board, including that of a charitable organization, working part-time outside of MSIM, establishing a holding company for investments, establishing an LLC that invests in rental properties, or forming a limited partnership. "Personal Securities Accounts" are any accounts in your own name and other accounts you could be expected to influence or control, in whole or in part, directly or indirectly, whether for securities or other financial instruments, and that can hold Covered Securities, whether or not such capability is utilized. Personal Securities Accounts include: • Accounts owned by you; • Accounts owned by your Immediate Family (as defined above); • Accounts where you obtain benefits substantially equivalent to ownership of securities; • Accounts that you or the persons described above could be expected to influence or control, such as: o Joint accounts; o Family accounts; o Retirement accounts; o Corporate accounts; o Trust accounts for which you act as trustee where you have the power to effect investment decisions or that you otherwise guide or influence; o Arrangements similar to trust accounts that benefit you directly; o Accounts for which you act as custodian; and o Partnership accounts. "PPA Model Personnel" means designated PPA Investment Personnel who are involved in portfolio management, trading, and research & strategy, as well as other departments who may have access to pre-execution model portfolio transaction information and may have additional pre-clearance requirements as determined by Compliance. PPA Model Personnel includes, but is not limited to, employees who were Seattle Investment Personnel prior to January 1, 2022. "Portfolio Managers" means MSIM Employees who are primarily responsible for the day- to-day  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img030.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 management of a Client portfolio. "Preferred Broker" means a Firm-approved third-party broker for Personal Securities Accounts. "Private Investment" means a securities offering that is exempt from registration under certain provisions of the U.S. securities laws and/or similar laws of non-U.S. jurisdictions. It includes investments in hedge funds, private equity funds, limited partnerships, real estate, peer to peer lending clubs and private businesses. "Proprietary or Sub-advised Mutual Fund" means any open-end Mutual Fund for which MSIM acts as investment adviser or sub-adviser. "Proprietary or Sub-advised Exchange-Traded Funds" means any Exchange-Traded Fund for which MSIM acts as the investment adviser or sub-adviser. "Public Side" meansthe MSIM businesses and entities and their Employees who work in the public securities markets (e.g., equities, fixed income and money markets). "Research Analysts" are MSIM Employees who (1) perform financial, qualitative and/or quantitative analysis of financial instruments or their issuers that result in a recommendation or conclusion to Investment Personnel regarding investments for a Client; or (2) is involved in the construction or rebalancing of an index (as applicable); or (3) are assigned to make investment recommendationsto, or for the benefit of, anyClient portfolio; or (4) anyone deemed by Compliance to have access to investment recommendations. "Restricted Lists" means any list of issuers or securities maintained by Morgan Stanley where trading in Personal Securities Accounts is restricted due to Firm policies or regulation. "Single-Stock Exchange-Traded Funds" ("ETFs")" are exchanged-traded funds that track the performance of a single underlying stock.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534140d8_ex14-1img031.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 SCHEDULE B INVESTMENT MANAGEMENT (Excluding Private Side) Registered Investment Advisers Morgan Stanley Investment Management Inc.\* Morgan Stanley AIP GP LP\* Morgan Stanley Investment Management Limited (MSIM Ltd.) Morgan Stanley Investment Management Company Eaton Vance Management (EVM)\* Boston Management and Research (BMR) Eaton Vance Advisers International Ltd. (EVAIL) Parametric Portfolio Associates LLC (PPA)\* Atlanta Capital Management Company, LLC (ACM) Calvert Research and Management (CRM) Registered Commodity Pool Operator/Commodity Trading Advisor Ceres Managed Futures LLC Investment Advisers that are not registered MSIM Fund Management (Ireland) Limited Morgan Stanley Investment Management (ACD) Limited Morgan Stanley Investment Management Private Limited (MSIM Private Limited) (with respect to Public Side Investment Management Employees only) Morgan Stanley Investment Management (Australia) Pty Limited Morgan Stanley Asia Limited (MSAL) (with respect to Public Side Investment Management Employees only) Morgan Stanley Investment Management (Japan) Co., Ltd. (MSIMJ) Private Investment Partners, Inc. Morgan Stanley Investment Management (China) Co. Ltd. Broker-Dealer Morgan Stanley Distribution Inc. Eaton Vance Distributors, Inc. (EVD) _______________ \*The entity is also a registered Commodity Trading Advisor and/or a registered Commodity Pool Operator. Transfer Agent Morgan Stanley Services Company Inc. Global In-house Centers (India) Morgan Stanley Advantage Services Pvt. Ltd. (with respect to Public Side Investment Management Employees only) Others: Eaton Vance Management International Limited (EVMI) Eaton Vance Asia Pacific Ltd. (EVAPac) Eaton Vance Trust Company (EVTC) MSIP Seoul Branch ("MSK") (with respect to Public Side Invest) |

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## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the reference to our firm under the caption "Experts" and to the use of our report dated March 16, 2026, in the Registration Statement (Form S-1 No. 333-292586) and related to the Preliminary Prospectus of Morgan Stanley Bitcoin Trust dated March 17, 2026.

/s/ Ernst & Young LLP

New York, New York

March 17, 2026