# EDGAR Filing Document

**Accession Number:** 0001723788
**File Stem:** 0001213900-25-080068
**Filing Date:** 2025-8
**Character Count:** 1120872
**Document Hash:** 34b3d6ddcbf0112c5465022ec531326d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-080068.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0001213900-25-080068

**CONFORMED SUBMISSION TYPE**: S-3/A

**PUBLIC DOCUMENT COUNT**: 22

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250822

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bitwise 10 Crypto Index Fund
- **CENTRAL INDEX KEY:** 0001723788
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 823002349
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-3/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-287889
- **FILM NUMBER:** 251247771

**BUSINESS ADDRESS:**
- **STREET 1:** 250 MONTGOMERY STREET
- **STREET 2:** SUITE 200
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94104
- **BUSINESS PHONE:** 415-707-3663

**MAIL ADDRESS:**
- **STREET 1:** 250 MONTGOMERY STREET
- **STREET 2:** SUITE 200
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Bitwise 10 Private Index Fund, LLC
- **DATE OF NAME CHANGE:** 20181003

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Bitwise HOLD10 Private Index Fund, LLC
- **DATE OF NAME CHANGE:** 20180518

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Bitwise Hold 10 Private Index Fund, LLC
- **DATE OF NAME CHANGE:** 20171128

**As filed with the Securities and Exchange Commission on August 25, 2025**

**Registration No. 333-287889**

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> WASHINGTON, D.C. 20549**

**AMENDMENT NO. 2**

**to**

**FORM S-3** **<br> REGISTRATION STATEMENT<br> *UNDER*<br> *THE SECURITIES ACT OF 1933***

 ****

**Bitwise 10 Crypto Index Fund**

(Exact name of registrant as specified in its charter)

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| | |
|:---|:---|
| **Delaware** | **82-3002349** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer <br> Identification No.) |

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**c/o Bitwise Investment Advisers, LLC**<br> **250 Montgomery Street, Suite 200**<br> **San Francisco, California 94104**<br> **(415) 707-3663**<br> (Address, including zip code, and telephone number, including<br> area code, of registrant's principal executive offices and for service of process purposes)

**Copies to:**<br> **Richard Coyle, Esq.**

**James Audette, Esq.**<br> **Chapman and Cutler LLP**

**320 South Canal Street, 27<sup>th</sup> Floor**

**Chicago, Illinois 60606**

**(312) 845-3724**

**Katherine Dowling, Esq.**<br> **Bitwise Investment Advisers, LLC**<br> **250 Montgomery Street, Suite 200**<br> **San Francisco, California 94104**<br> **(415) 707-3663**

***Approximate date of commencement of proposed sale to the public:*** As soon as practicable after the effective date of this Registration Statement.

If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box: ☐

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, other than securities offered only in connection with dividend or interest reinvestment plans, 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, please check the following box and list the Securities Act 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, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: ☐

If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box: ☐

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☐

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

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. ☐

**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 Commission, acting pursuant to said Section 8(a), may determine.**

 **Explanatory Note**

The Trust anticipates that it will convert to an exchange-traded product following the effectiveness of this Registration Statement. The Trust anticipates that on or about the date of such conversion it will (1) change its name to "Bitwise 10 Crypto Index ETF" and (2) adopt changes to its Trust Agreement necessary to reflect the conversion to an exchange-traded product and the aforementioned name change. A form of Amended and Restated Trust Agreement contemplating these changes that will be adopted following the effectiveness of this Registration Statement has been attached as an exhibit hereto. The prospectus included in this Registration Statement contemplates these changes being in effect, and such prospectus will not be used prior to the Trust's conversion to an exchange-traded product.

The information in this 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 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**

**Preliminary Prospectus dated August 25, 2025**

**PROSPECTUS**

**Shares**

**Bitwise 10 Crypto Index ETF**

The Bitwise 10 Crypto Index ETF (the "Trust") is an exchange-traded product that issues common shares of beneficial interest ("Shares") that are listed on the NYSE Arca, Inc. (the "Exchange") under the ticker symbol "BITW." The Trust's principal investment objective is to invest in a portfolio ("Portfolio") of Crypto Assets (each, a "Portfolio Crypto Asset" and collectively, "Portfolio Crypto Assets") that tracks the Bitwise 10 Large Cap Crypto Index (the "Index") as closely as possible with certain exceptions determined by the Sponsor in its sole discretion. The Trust is sponsored and managed by Bitwise Investment Advisers, LLC (the "Sponsor"). As used herein, "Crypto Assets" means a cryptographic asset designed to work as a store of value and/or medium of exchange wherein individual Crypto Asset ownership records are stored in a ledger, a computerized database using cryptography to secure transaction records, to control the creation of additional Crypto Assets and to verify the transfer of Crypto Asset ownership.

The Trust pays the Sponsor a unitary management fee of 2.5% per annum of the of the Trust Estate (as defined herein) (the "Management Fee").

When the Trust creates or redeems its Shares, it does so in blocks of 10,000 Shares (each, a "Basket") based on the quantity of Portfolio Crypto Assets attributable to each Share of the Trust (net of accrued but unpaid expenses and liabilities) multiplied by the number of Shares comprising a Basket (10,000) (the "Basket Amount"). For an order to create (purchase) a Basket, the purchase shall be in the amount of U.S. dollars needed to purchase the Basket Amount (plus a per order transaction fee), as calculated by the Administrator (as defined below). For an order to redeem a Basket, the Sponsor shall arrange for the Basket Amount of Portfolio Crypto Assets to be sold and the cash proceeds (minus a per order transaction fee) distributed. The Trust only creates and redeems Baskets in transactions with financial firms that are authorized to purchase or redeem Shares with the Trust (each, an "Authorized Participant"). Shares initially comprising the same Basket but offered by the Authorized Participants to the public at different times may have different offering prices, which 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. Investors who buy or sell Shares during the day from their broker may do so at a premium or discount relative to the net asset value of the Shares. **Investing in the Shares involves significant risks. You should carefully consider the risk factors described beginning on page 12 in this prospectus, in "Part I—Item 1A. Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, in "Part II—Item 1A. Risk Factors" of our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025, in any applicable prospectus supplement and in the other documents incorporated or deemed incorporated by reference herein before you invest in the Shares.** 

The offering of the Shares is registered with the U.S. Securities and Exchange Commission ("SEC") in accordance with the Securities Act of 1933 (the "1933 Act"). The Trust intends to issue Shares on a continuous basis and is registering an indeterminate number of Shares. The offering is intended to be a continuous offering. The Trust is not a fund registered or subject to regulation under the Investment Company Act of 1940. The Trust is not a commodity pool for purposes of the Commodity Exchange Act of 1936, and the Sponsor is not subject to regulation by the Commodity Futures Trading Commission as a commodity pool operator or a commodity trading advisor.

 **AN INVESTMENT IN THE TRUST MAY NOT BE SUITABLE FOR INVESTORS THAT ARE NOT IN A POSITION TO ACCEPT MORE RISK THAN MAY BE INVOLVED WITH OTHER EXCHANGE-TRADED PRODUCTS THAT DO NOT HOLD CRYPTO ASSETS OR INTERESTS RELATED TO CRYPTO ASSETS. 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 "RISK FACTORS" BEGINNING ON PAGE 12.**

**NEITHER THE SECURITIES AND EXCHANGE COMMISSION 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 date of this Prospectus is __________, 2025**

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [Prospectus Summary](#a_001) | 1 |
| [Risk Factors](#a_002) | 11 |
| [THE TRUST's Investment Program](#a_003) | 28 |
| [ADDITIONAL INFORMATION ABOUT THE TRUST](#a_004) | 31 |
| [Custody of the Trust's Assets](#a_005) | 36 |
| [THE PRIME EXECUTION AGENT AND the TRADE CREDIT LENDER](#a_006) | 38 |
| [Form of Shares](#a_007) | 44 |
| [Transfer of Shares](#a_008) | 44 |
| [Plan of Distribution](#a_009) | 45 |
| [Creation and Redemption of Shares](#a_010) | 46 |
| [Use of Proceeds](#a_011) | 49 |
| [OWNERSHIP OR BENEFICIAL INTEREST IN THE TRUST](#a_012) | 50 |
| [Conflicts of Interest](#a_013) | 50 |
| [Liability and Indemnification](#a_014) | 51 |
| [Provisions of Law](#a_015) | 53 |
| [Books and Records](#a_016) | 53 |
| [STATEMENTS, FILINGS, AND REPORTS TO SHAREHOLDERS](#a_017) | 53 |
| [Fiscal Year](#a_018) | 54 |
| [GOVERNING LAW; CONSENT TO DELAWARE JURISDICTION](#a_019) | 54 |
| [Legal Matters](#a_020) | 54 |
| [Experts](#a_021) | 54 |
| [Material Contracts](#a_022) | 54 |
| [UNITED STATES FEDERAL INCOME TAX CONSEQUENCES](#a_023) | 60 |
| [Purchases By Employee Benefit Plans](#a_024) | 70 |
| [Information You Should Know](#a_025) | 72 |
| [Intellectual Property](#a_026) | 72 |
| [Where You Can Find More Information; INCORPORATION OF CERTAIN INFORMATION BY REFERENCE](#a_027) | 72 |
| [Privacy Policy](#a_028) | 73 |

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This Prospectus contains information you should consider when making an investment decision about the Shares. You may rely on the information contained in this Prospectus. The Trust and the 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 are not registered for public sale in any jurisdiction other than the United States.

i

**STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

This Prospectus and the documents incorporated by reference 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," "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 or incorporated by reference that address activities, events, or developments that will or may occur in the future, including such matters as movements in the digital asset markets, the Trust's operations, the 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 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 Sponsor's expectations and predictions is subject to a number of risks and uncertainties, including:

● the special considerations discussed in this Prospectus;

● general economic, market, and business conditions;

● technology developments regarding the use of digital assets, including the systems used by the Sponsor and the Trust's custodian in their provision of services to the Trust;

● changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies; and

● other world economic and political developments, including, without limitation, global pandemics and the societal and government responses thereto.

You should specifically consider the numerous risks described in this prospectus, in "Part I—Item 1A. Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the "Annual Report"), in "Part II—Item 1A. Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 (the "Q1 2025 Quarterly Report") and in "Part II—Item 1A. Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 (the "Q2 2025 Quarterly Report"). Consequently, all the forward-looking statements made in this prospectus are qualified by these cautionary statements, and there can be no assurance that the actual results or developments the Sponsor anticipates 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 the Shares. Neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements to conform such statements to actual results or to reflect a change in the Sponsor's expectations or predictions.

**EMERGING GROWTH COMPANY STATUS**

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. For as long as the Trust is an emerging growth company, unlike other public companies, it will not be required to:

● provide an auditor's attestation report on management's assessment of the effectiveness of its system of internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002;

● comply with any new requirements adopted by the Public Company Accounting Oversight Board ("PCAOB") requiring mandatory auditor rotation or a supplement to the auditor's report in which the auditor would be required to provide additional information about the audit and the financial statements of the issuer;

● comply with any new audit rules adopted by the PCAOB after April 5, 2012, unless the Securities and Exchange Commission determines otherwise;

● provide certain disclosure regarding executive compensation required of larger public companies; or

● obtain shareholder approval of any golden parachute payments not previously approved.

The Trust will cease to be an "emerging growth company" upon the earliest of (i) when it has $1.235 billion or more in annual revenues; (ii) at least $700 million in market value of Shares being held by non-affiliates, (iii) its issuance of 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 Securities Act of 1933 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; however, the Trust is choosing to "opt out" of such extended transition period, and as a result, the Trust will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. Section 107 of the JOBS Act provides that the Trust's decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable.

ii

**Prospectus Summary**

 

*You should read this entire prospectus and the material incorporated by reference herein, including "Part I—Item 1A. Risk Factors" in the Annual Report, "Part II—Item 1A. Risk Factors" in the Q1 2025 Quarterly Report, "Part II—Item 1A. Risk Factors" in the Q2 2025 Quarterly Report, in any applicable prospectus supplement and in the other documents incorporated or deemed incorporated by reference herein, before making an investment decision about the Shares.*

**Overview of the Trust**

The Bitwise 10 Crypto Index ETF (the "Trust") is an exchange-traded product that issues common shares of beneficial interest ("Shares") that are listed on the NYSE Arca, Inc. (the "Exchange") under the ticker symbol "BITW." The Trust's principal investment objective is to invest in a portfolio ("Portfolio") of Crypto Assets (each, a "Portfolio Crypto Asset" and collectively, "Portfolio Crypto Assets") that tracks the Bitwise 10 Large Cap Crypto Index (the "Index") as closely as possible with certain exceptions determined by the Sponsor in its sole discretion. As used herein, "Crypto Assets" means a cryptographic asset designed to work as a store of value and/or medium of exchange wherein individual Crypto Asset ownership records are stored in a ledger, a computerized database using cryptography to secure transaction records, to control the creation of additional Crypto Assets and to verify the transfer of Crypto Asset ownership. The Trust is sponsored and managed by Bitwise Investment Advisers, LLC (the "Sponsor").

The Trust has historically issued Shares, which represented common units of fractional undivided beneficial interest in, and ownership of, the Trust, on a periodic basis to certain "accredited investors" within the meaning of Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the "Securities Act"). On November 18, 2021, the Sponsor closed sales of Shares directly from the Trust, and has not offered or sold Shares since that date. Prior to this offering, the Shares were quoted on OTCQX Best market (the "OTCQX") under the ticker symbol "BITW."

The Trust provides direct exposure to the value of the Portfolio Crypto Assets with Coinbase Custody Trust Company, LLC ("Coinbase Custody" or the "Custodian"). The Custodian is chartered as a New York State limited liability trust company that provides custody services for digital assets. The Custodian is not Federal Deposit Insurance Corporation ("FDIC")-insured but carries insurance provided by private insurance carriers.

The Trust provides investors with the opportunity to access the market for the Portfolio Crypto Assets through a traditional brokerage account without the potential barriers to entry or risks involved with acquiring and holding the Portfolio Crypto Assets directly. The Trust will not use derivatives that could subject the Trust to additional counterparty and credit risks. The Sponsor believes that the design of the Trust will enable certain investors to more effectively and efficiently implement strategic and tactical asset allocation strategies that use the Portfolio Crypto Assets by investing in the Shares rather than purchasing, holding, and trading the Portfolio Crypto Assets directly.

**The Trust's Investment Objective and Strategies**

The Trust's principal investment objective is to invest in a Portfolio of Portfolio Crypto Assets that tracks the Index as closely as possible with certain exceptions determined by the Sponsor in its sole discretion. In seeking to achieve its investment objective, the Trust holds Portfolio Crypto Assets and accrues the Sponsor's management fee (the "Management Fee") in U.S. dollars. The Trust rebalances monthly alongside the rebalance of the Index to stay current with changes. The Sponsor strives to minimize tracking error (*e.g.*, divergence between the performance of the Trust and the Index) by managing costs and price slippage during trade execution, and holding the assets in the Index.

The Trust is passively managed and does not pursue active management investment strategies, and the Sponsor does not actively manage the Portfolio Crypto Assets held by the Trust. This means that the Sponsor does not sell Portfolio Crypto Assets at times when its price is high or acquire Portfolio Crypto Assets at low prices in the expectation of future price increases. It also means that the Sponsor does not make use of any of the hedging techniques available to professional Crypto Asset investors to attempt to reduce the risks of losses resulting from price decreases. The Trust will not utilize leverage or any similar arrangements in seeking to meet its investment objective.

Although the Shares are not the exact equivalent of a direct investment in the Portfolio Crypto Assets, they provide investors with an alternative that constitutes a relatively cost-effective way to obtain Portfolio Crypto Assets exposure through the securities market.

When the Trust creates or redeems its Shares, it does so in blocks of 10,000 Shares (each, a "Basket") based on the quantity of Portfolio Crypto Assets attributable to each Share of the Trust (net of accrued but unpaid expenses and liabilities) multiplied by the number of Shares comprising a Basket (10,000) (the "Basket Amount"). For an order to create (purchase) a Basket, the purchase shall be in the amount of U.S. dollars needed to purchase the Basket Amount (plus a per order transaction fee), as calculated by the Administrator (as defined below). For an order to redeem a Basket, the Sponsor shall arrange for the Basket Amount to be sold and the cash proceeds (minus a per order transaction fee) distributed. The Trust only creates and redeems Baskets in transactions with financial firms that are authorized to purchase or redeem Shares with the Trust (each, an "Authorized Participant"). Shares initially comprising the same Basket but offered by the Authorized Participants to the public at different times may have different offering prices, which 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. While the Trust currently only transacts in Baskets in exchange for cash, the Sponsor expects to pursue appropriate regulatory approvals in the future to permit the Trust to enter into creation and redemption transactions with Authorized Participants using an "in kind" process whereby the Trust would process such transactions in exchange for Portfolio Crypto Assets.

The Basket Amount required to create each Basket changes from day to day. On each day that the Exchange is open for regular trading, the Administrator adjusts the quantity of Portfolio Crypto Assets constituting the Basket Amount as appropriate to reflect accrued expenses and any loss of Portfolio Crypto Assets that may occur. The computation is made by the Administrator each business day prior to the commencement of trading on the Exchange. The Administrator determines the Basket Amount for a given day by dividing the number of Portfolio Crypto Assets held by the Trust as of the opening of business on that business day, adjusted for the amount of Portfolio Crypto Assets constituting estimated accrued but unpaid fees and expenses of the Trust as of the opening of business on that business day, by the quotient of the number of Shares outstanding at the opening of business divided by 10,000 (subject to rounding for insignificant amounts). The Basket Amount so determined is communicated via electronic mail message to all Authorized Participants and made available on the Sponsor's website for the Shares.

Notwithstanding anything to the contrary in the Annual Report, the Trust may, from time to time, passively receive, by virtue of holding Portfolio Crypto Assets, certain additional digital assets ("IR Assets") or rights to receive IR Assets ("Incidental Rights") through a fork of a digital-asset network or an airdrop of assets. The Trust will not seek to acquire such IR Assets or Incidental Rights. Pursuant to the terms of the Trust Agreement, the Trust will disclaim ownership in any such IR Assets and/or Incidental Rights to make clear that such assets are not and shall never be considered assets of the Trust and will not be taken into account for purposes of determining the Trust's NAV or NAV per Share. Neither the Trust, nor the Sponsor, nor the Custodian, nor any other person associated with the Trust will, directly or indirectly, engage in action where any portion of the Trust's Portfolio Crypto Assets becomes subject to any proof-of-stake validation or is used to earn additional assets or generate income or other earnings.

 ****

***Overview of the Crypto Asset Industry***

Investors considering an investment in the Shares should possess and understanding of the Portfolio Crypto Assets and the Crypto Asset Industry. A discussion of these is included in the Trust's Annual Report on Form 10-K under "Part I—Item 1. Business—Overview of the Crypto Asset Industry", which is incorporated herein by reference. Investors should refer to this discussion, as well as any other information, in any applicable prospectus supplement and in the other documents incorporated or deemed incorporated by reference herein. You should also refer to the other information included or incorporated by reference in this prospectus, including the Trust's financial statements and related notes thereto, before making an investment decision.

**Purchases and Sales of Portfolio Crypto Assets**

Because the Trust conducts creations and redemptions of Shares for cash, it is responsible for purchasing and selling Portfolio Crypto Assets in connection with those creation and redemption orders. The Trust may also be required to sell Portfolio Crypto Assets to pay certain extraordinary, non-recurring expenses that are not assumed by the Sponsor. Such purchase and sale transactions may be conducted pursuant to two models: (i) the "Trust-Directed Trade Model"; or the (ii) "Agent Execution Model." The Trust intends to utilize the Trust-Directed Trade Model for all purchases and sales of Portfolio Crypto Assets and will only utilize the Agent Execution Model in the event that no Trading Counterparty is willing or able to effectuate the Trust's purchase or sale of Portfolio Crypto Assets.

Under the Trust-Directed Trade Model, the Sponsor, on behalf of the Trust, is responsible for acquiring Portfolio Crypto Assets from a Trading Counterparty that has been approved by the Sponsor (each, a "Trading Counterparty"). As of [ ], 2025, [ ] have been approved as Trading Counterparties. The Sponsor has entered into contractual agreements with the Trading Counterparties, and these agreements set forth the general parameters under which transactions in Portfolio Crypto Assets will be effectuated, should any transaction with a Trading Counterparty occur. Such agreements have an indefinite term and may be terminated at will by either party. Such agreements also provide that the Trust and the Sponsor will indemnify the Trust Trading Counterparty and its affiliates against all losses, liabilities, judgments, proceedings, claims, damages, and costs (including attorneys' fees) resulting from any third-party action related to: (i) the Trust's breach of the terms of the applicable agreement, (ii) the Trust's violation of any applicable law, rule or regulation, (iii) the Trading Counterparty's reliance on any instruction (in whatever form delivered) which it reasonably believed to have been given by the Trust, or (iv) other acts or omissions in connection with the execution of Crypto Asset transactions. These agreements do not require the Sponsor to utilize any particular Trading Counterparty, and do not create any contractual obligations on the part of any Trading Counterparty to participate in cash orders for creations or redemptions. All transactions between the Sponsor, on behalf of the Trust, and a Trading Counterparty will be done on an arm's-length basis.

Under the Agent Execution Model, Coinbase, Inc. ("Coinbase Inc." or the "Prime Execution Agent", which is an affiliate of the Custodian), acting in an agency capacity, conducts Crypto Asset purchases and sales on behalf of the Trust with third parties through its Coinbase Prime service pursuant to an agreement (the "Prime Execution Agreement.") To utilize the Agent Execution Model, the Trust may maintain some Portfolio Crypto Assets or cash in a trading account (the "Trading Balance") with the Prime Execution Agent. To avoid having to pre-fund purchases or sales of Crypto Asset in connection with cash creations and redemptions and sales of Crypto Asset to pay Trust expenses not assumed by the Sponsor, to the extent applicable, the Trust may borrow Portfolio Crypto Assets or cash as trade credit ("Trade Credit") from Coinbase Credit, Inc. (the "Trade Credit Lender") on a short-term basis pursuant to the Coinbase Credit Committed Trade Financing Agreement (the "Trade Financing Agreement").

**The Index**

The Index is designed to track the performance of the ten largest Crypto Assets, as selected and weighted by free-float market capitalization. These assets collectively account for more than approximately 75% of the total market capitalization of the Crypto Asset market as of December 31, 2024.

The Index uses a variety of rules to screen out assets that the Committee—the governing body for the Index—believes represent undesirable or uncompensated risks in the market. These rules require, among other things, that Crypto Assets included in the Index are available for custody at a third-party custodian regulated as a federally chartered bank or as a state trust company, and subject to additional screens for security practices, insurance requirements, and business practice requirements as determined by the Committee; maintain a certain level of liquidity; are listed on multiple established Crypto Asset trading venues; and more. An additional rule excludes assets that are tethered or pegged to the price of other Crypto Assets.

The Index is reconstituted on a monthly basis at 4:00 p.m. Eastern Time ("ET") on the last "business day" of each month. The Index considers a "business day" to be any day that the New York Stock Exchange is scheduled to be open for trading. The Index's rules are designed and maintained specifically for the Crypto Asset market. For instance, the Index's rules are designed to capture the value of significant "Hard Forks" of constituent assets, should they occur. The Index rules govern how the newly forked asset is handled, including whether the asset is retained, liquidated or (if it is of de minimis market value) ignored by the Index.

A materially complete description of the Index methodology ("Index Methodology") is included in "Part I—Item 1. Business—Overview of the Index" in the Trust's Annual Report, which is incorporated by reference into this prospectus. The full Index Methodology is publicly available at https://app.bitwiseinvestments.com/indexes/methodology. Should any material change be made to the Index Methodology that results in a material change to the composition of the Index and, as part of the Trust's monthly rebalancing process, results in a material change to the composition of the Trust the Sponsor will notify Shareholders of such material change by filing a Form 8-K with the SEC. The Trust defines a material change as any change of 10% or more to the composition of the Index, and that also results in a corresponding change to the Trust. If not required by applicable law, the Trust may or may not file a Form 8-K with the SEC to disclose changes to the Index Methodology that do not result in a material change. When deciding whether or not to file a Form 8-K to disclose changes to the Index Methodology that do not result in a material change, the Trust will consider whether the particular changes are required to be disclosed by one or more of the specific requirements of Form 8-K and whether there is an independent legal obligation under the federal securities laws to make such a disclosure even in the absence of a specific requirement in Form 8-K. The Trust may have additional current or periodic reporting obligations under the Exchange Act due to other changes to the Index Methodology, such as to how the Index is calculated.

Notwithstanding the foregoing, pursuant to the rules of the Exchange, on August 25, 2025, the Index methodology was modified such that at each monthly rebalance, after Eligible Crypto Assets are weighted based on free-float-adjusted market capitalization, the methodology will adjust the weightings to ensure at least 87.5% of the Index is allocated to Crypto Assets that are the primary investment underlying exchange-traded products previously approve by the SEC to list and trade on a national securities exchange ("Approved Components"). In the event that less than 87.5% of the Index is allocated to Approved Components, the Index will reallocate weight from non-Approved Components to Approved Components in a manner proportionate to their respective free-float-adjusted market-cap weights, until at least 87.5% of the Index is allocated to Approved Components. Further, on each NYSE Arca trading day, the Index will evaluate its holdings as of 12:00 p.m. ET. If, on any such day, less than 86% of the Index is allocated to Approved Components, the Index will effect a rebalance at 4:00 p.m. ET on the same day so that at least 87.5% of the Index is allocated to Approved Components.

**Net Asset Value**

As of March 31, 2025, the Trust's net asset value ("NAV") was $1,110,097,775 and the Trust's NAV per Share was $54.84. See "Part II—Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Selected Operating Data" in the Annual Report for additional information reconciling the Trust's NAV and NAV per Share presented in the Annual Report against the GAAP metrics presented in our financial statements included hereto

**Calculation of NAV**

The Trust's NAV is the aggregate value, expressed in U.S. dollars, of the Trust's assets, less the U.S. dollar value of the Trust's expenses and other liabilities calculated in the manner set forth under "Part I—Item 1. Business—Calculation of Valuation" in the Annual Report, which is incorporated herein by reference. To determine the Trust's NAV at the end of every Business Day, the Sponsor will rely on a third-party valuation vendor, CF Benchmarks Ltd. (the "Valuation Vendor"), to calculate and publish the U.S. dollar price for each Portfolio Crypto Asset (each, a "Reference Price" and, collectively, the "Reference Prices") as of 4:00 p.m. ET using prices from several different digital asset trading platforms selected by the Valuation Vendor. Each Reference Price aggregates the trade flow of several major digital asset trading platforms during an observation window between 3:00 p.m. and 4:00 p.m. E.T. into the U.S. dollar price of one of each Portfolio Crypto Asset at 4:00 p.m. ET The Reference Price calculation is designed based on the IOSCO Principals for Financial Benchmarks.

The Sponsor, in its sole discretion, may cause the Trust to price its portfolio based upon an index, benchmark, or standard other than the Reference Prices at any time, with prior notice to the shareholders, if investment conditions change or the Sponsor believes that another index, benchmark, or standard better aligns with the Trust's investment objective and strategy. The Sponsor may make this decision for a number of reasons, including, but not limited to, a determination that the Reference Prices differ materially from the global market price of the Portfolio Assets and/or that third parties are able to purchase and sell Portfolio Crypto Assets on public or private markets not included among the CME CF Constituent Trading Platforms (as defined below), and such transactions may take place at prices materially higher or lower than the Reference Prices. The Sponsor, however, is under no obligation whatsoever to make such changes in any circumstance. In the event that the Sponsor intends to establish the Trust's NAV by reference to an index, benchmark, or standard other than Reference Prices, it will provide shareholders with notice in a prospectus supplement and/or through a current report on Form 8-K or in the Trust's annual or quarterly reports. The Trust's only assets will be Portfolio Crypto Assets and, under limited circumstances, cash. The Trust's NAV and NAV per Share will be determined by the Administrator once each Exchange trading day as of 4:00 p.m. ET, or as soon thereafter as practicable. The Administrator will calculate the NAV by multiplying the Portfolio Crypto Assets held by the Trust by their respective Reference Prices for such day, adding any additional receivables and subtracting the accrued but unpaid liabilities of the Trust. The NAV per Share is calculated by dividing the NAV by the number of Shares then outstanding. The Valuation Vendor will determine the price of the Trust's Portfolio Assets by reference to the Reference Prices on the CME CF Constituent Trading Platforms (as defined below).

The Sponsor also calculates the NAV per Share, which equals the NAV of the Trust divided by the number of Shares then outstanding. The Sponsor publishes the NAV and NAV per Share each business day as of 4:00 p.m. ET, or as soon thereafter as practicable at the Trust's website at www.BITWETP.com. The contents of the website referred to above and any websites referred to herein are not incorporated into this filing. Further, our references to the URL for this website are intended to be an inactive textual reference only. See "Part I—Item 1. Business—Calculation of Valuation" in the Annual Report for a more detailed description of how the Trust's NAV and NAV per Share are calculated.

**The Trust's Legal Structure**

The Trust is a Delaware Statutory Trust that commenced operations on November 22, 2017. The Trust's name was changed from "Bitwise Hold 10 Private Index Fund, LLC" on September 24, 2018, and changed again from "Bitwise 10 Private Index Fund, LLC" on May 1, 2020 when it was also simultaneously converted from a Delaware Limited Liability Company to a Delaware Statutory Trust. On September [ ], 2025, the Trust again changed its name to "Bitwise 10 Crypto Index ETF" in connection with its conversion to an exchange-traded product. Bitwise Investment Advisers, LLC, is the sponsor of the Trust. Bitwise Asset Management, Inc, an affiliate of the Sponsor, served as the Manager before the Trust's conversion to a Delaware Statutory Trust. CSC Delaware Trust Company is the Trustee of the Trust, BNY Mellon is the Transfer Agent of the Trust and Equiniti Trust Company, LLC, formerly American Stock Transfer & Trust Company is the Sub-Transfer Agent of the Trust.

On December 9, 2020, the Trust received notice that its Shares were qualified for public trading on the OTCQX U.S. Marketplace of the OTC Markets Group, Inc. ("OTCQX"). The Sponsor expects to terminate such quotation on or about the date of the commencement of this offering. The Trust's trading symbol on OTCQX was "BITW" and the CUSIP number for its Shares is 091749101.

The Sponsor is a limited liability company formed in the state of Delaware on June 4, 2018. Except as required under applicable federal law or under the rules or regulations of the Exchange, Shareholders have no voting rights, and the Trust will not hold regular Shareholder meetings. The Trust Agreement may be amended at any time solely upon the written consent of the Sponsor for the purpose set forth in the Trust Agreement. This grants almost all control to the Sponsor and the Trustee. Shareholders cannot authorize actions, appoint service providers, or take other actions as might be taken by shareholders of other trusts or companies where shares carry such rights. The Sponsor may take actions in the operation of the Trust that could be adverse to the interests of Shareholders and may negatively affect the value of the Shares.

**The Trust's Service Providers**

**The Sponsor**

Bitwise Investment Advisers, LLC serves as the Sponsor for the Trust. The Sponsor arranged for the creation of the Trust and is responsible for the ongoing registration of the Shares for their public offering in the U.S. and the listing of Shares on the Exchange. The Sponsor develops a marketing plan for the Trust, prepares marketing materials regarding the Shares, and operates the marketing plan of the Trust on an ongoing basis. The Sponsor also oversees the additional service providers of the Trust and exercises managerial control of the Trust as permitted under the Trust Agreement.

**The Trustee**

CSC Delaware Trust Company serves as the Trustee, as required to create a Delaware statutory trust in accordance with the Trust Agreement and the DSTA.

**The Administrator**

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

**The Transfer Agent and Sub-Transfer Agent**

BNY Mellon serves as the transfer agent for the Trust (in such capacity, the "Transfer Agent"). The Transfer Agent: (1) issues and redeems Shares of the Trust; (2) responds to correspondence by Shareholders and others relating to its duties; (3) maintains Shareholder accounts; and (4) makes periodic reports to the Trust.

Equiniti Trust Company, LLC, formerly American Stock Transfer & Trust Company is the Sub-Transfer Agent of the Trust (the "Sub-Transfer Agent"). The Sub-Transfer Agent maintains Shareholder accounts for those Shareholders who hold shares purchased in a private offering that terminated prior to the commencement of the offering of Shares covered by the Registration Statement of which this Prospectus forms a part.

**The Custodian**

Coinbase Custody Trust Company, LLC serves as the Trust's Custodian pursuant to an agreement between it and the Trust (the "Custodian Agreement"). The Custodian is a fiduciary under § 100 of the New York Banking Law. Under the Custodian Agreement, the Custodian is responsible for safekeeping the Crypto Assets owned by the Trust. The Custodian was selected by the Sponsor. The Custodian has responsibility for opening a special account(s) that holds the Trust's Portfolio Crypto Assets (the "Custodial Account") and implementing the controls designed by the Sponsor for the account, as well as facilitating the transfer of Portfolio Crypto Assets required for the operation of the Trust.

The Custodian is a third-party limited purpose trust company that was chartered in 2018 upon receiving a trust charter from the New York Department of Financial Services. The Custodian has among the longest track records in the industry of providing custodial services for digital-asset private keys. The Sponsor believes that the Custodian's policies, procedures, and controls for safekeeping, exclusively possessing, and controlling the Trust's Portfolio Crypto Assets are consistent with industry best practices to protect against theft, loss, and unauthorized and accidental use of the private keys. The Custodial Account is a segregated account and is therefore not commingled with corporate or other customer assets.

The Trust may retain additional Custodians from time to time pursuant to a Custodian agreement to perform certain services that are typical of a Custodian. The Sponsor may, in its sole discretion, add or terminate Custodians at any time.

**The Cash Custodian**

The Bank of New York Mellon also serves as the Cash Custodian pursuant to an agreement between it and the Trust (the "Cash Custody Agreement"). The Cash Custodian is the custodian for the Trust's cash holdings. The Trust may retain additional cash custodians from time to time pursuant to a cash custodian agreement to perform certain services that are typical of a cash custodian. The Sponsor may, in its sole discretion, add or terminate cash custodians at any time.

**The Marketing Agent**

Foreside Fund Services, LLC (the "Marketing Agent") is responsible for: (1) working with the Transfer Agent to review and approve, or reject, purchase and redemption orders of Shares placed by Authorized Participants with the Transfer Agent; and (2) reviewing and approving the marketing materials prepared by the Trust for compliance with applicable U.S. Securities and Exchange Commission ("SEC") and Financial Industry Regulatory Authority ("FINRA") advertising laws, rules, and regulations.

Except for the specific, limited circumstance and time in which the Trust is using the Agent Execution Model, the Trust, the 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. During the specific, limited circumstance and time when the Trust is using the Agent Execution Model, the Trust's Portfolio Crypto Assets may be subject to liens to secure outstanding Trade Credits in favor the Trade Credit Lender, as is discussed in further detail below.

**The Trust's Fees and Expenses**

In consideration for the management services to be provided to the Trust, the Sponsor will receive from the Trust a management fee (the "Management Fee") equal to 2.5% per annum of the net asset value of the Trust Estate. The "Trust Estate" means (i) all the Portfolio Crypto Assets and securities owned by or on behalf of the Trust, (ii) all other property and investments of any and all kinds held by the Trust, (iii) all proceeds from the sale of Portfolio Crypto Assets, securities, and any other property or investments held by the Trust pending use of such cash for payment of Trust Expenses or distribution to the Shareholders, and (iv) any rights of the Trust pursuant to any agreements, other than the Trust Agreement, to which the Trust is a party. Except during periods during which all or a portion of the Management Fee is being waived, the Management Fee will accrue daily in USD and will be payable in cash or in crypto assets monthly. The Administrator calculates the Management Fee on a daily basis by applying a 2.5% annualized rate to the Trust Estate. The amount of cash or Crypto Assets payable in respect of each daily accrual shall be determined by reference to the Trust's valuation procedures.

The NAV of the Trust is reduced each day by the amount of the Management Fee calculated each day. On or about the last day of each month, either 1) an amount of crypto assets is transferred from the Custodial Account to the Sponsor's Account equal to the sum of all daily Management Fees accrued for the month in U.S. dollars divided by the 4:00 p.m. ET valuation of each Crypto Asset in the Trust on the last day of the month or 2) the sum of the daily management fee accrual for the month will be paid to the Sponsor in cash. The Sponsor is responsible for paying any fees or costs associated with the transfer of Crypto Assets or cash to the Sponsor. The Sponsor, from time to time, may temporarily waive all or a portion of the Management Fee in its sole discretion. To the extent not already disclosed in the prospectus, the Sponsor may notify Shareholders of its intent to commence, or cease, waiving the Management Fee on the Trust's website, in a prospectus supplement, through a current report on Form 8-K and/or in the Trust's annual or quarterly reports.

The Sponsor is responsible for paying for all ordinary administrative and overhead expenses of managing the Trust, including payment of rent, custody charges, or flat rate fees for holding the Trust's assets charged by the Custodian and customary fees and expenses of the Trustee, Administrator, and Auditor (including costs incurred for appraisal or valuation expenses associated with the preparation of the Trust's financial statements, tax returns, and other similar reports and excluding indemnification and extraordinary costs). The Sponsor also pays for all expenses associated with the operation of the Trust, including, for example, fees associated with listing of the Shares on the NYSE Arca, registration with the SEC, and fees associated with retaining and maintaining the Transfer Agent. "Trading commissions" or trading fees paid to trading venues (also known as exchanges) or intermediaries (such as trading technology or Crypto Asset brokerage firms) that assist in trade execution for accessing Crypto Asset liquidity are charged to the Trust (and are not assumed by the Sponsor) and may either be included in the cost of the Crypto Assets acquired by or disposed of by the Trust or may appear as explicit costs in addition to the price of the Crypto Asset. Trading fees and commissions are charged to the Trust and may appear in the financial statements as "Transaction and other fees" in the Financial Statements' Statement of Operations in the Expenses category or may be included in the cost of the Crypto Assets acquired by the Trust.

There is no ceiling to the Trust's expenses that the Sponsor will pay. However, the Sponsor retains the right to cause the Trust to pay indemnification and Extraordinary Expenses, and these Trust expenses are not covered by the Management Fee. The Trust may incur certain Extraordinary Expenses including, but not limited to, any non-customary costs and expenses including indemnification and extraordinary costs of the Administrator and Auditor, costs of any litigation or investigation involving Trust activities, and financial distress, restructuring, and indemnification expenses. The Administrator and/or the Sponsor will direct the Custodian to transfer Portfolio Crypto Assets from the Custodial Account to pay the Management Fee and any other Trust expenses not assumed by the Sponsor. The costs of such transfers will be the responsibility of the Custodian. To pay for expenses not assumed by the Sponsor that are denominated in U.S. dollars, the Sponsor, on behalf of the Trust, may sell the Trust's Portfolio as necessary to pay such expenses.

**Custody of the Trust's Assets**

The Trust's Custodian will maintain custody of all of the Trust's Portfolio Crypto Assets, other than that which is maintained in a trading account (the "Trading Balance") with Coinbase, Inc. ("Coinbase Inc." or the "Prime Execution Agent", which is an affiliate of the Custodian), in the Custodial Account. The Trading Balance will only be used in the limited circumstances in which the Trust is using the Agent Execution Model to effectuate the purchases and sales of Portfolio Crypto Assets. The Custodian provides safekeeping of digital assets using a multi-layer cold storage security platform designed to provide offline security of the digital assets held by the Custodian. However, the Custodian is not a banking institution or otherwise a member of the Federal Deposit Insurance Corporation ("FDIC") and, therefore, deposits held with or assets held by the Custodian are not FDIC-insured. In addition, neither the Trust nor the Sponsor insure the Trust's Portfolio Crypto Assets. The Custodian has insurance coverage as a subsidiary under its parent company, Coinbase Global, Inc., which procures fidelity (*e.g.*, crime) insurance to protect the organization 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 Portfolio Crypto Assets in the Custodial Account may be held across multiple wallets, any of which will feature the following safety and security measures to be implemented by the Custodian:

● *Cold Storage*: Cold storage in the context of Crypto Assets means keeping the reserve of Crypto Assets offline, which is a widely-used security precaution, especially when dealing with large amount of Crypto Assets. Portfolio Crypto Assets held under custodianship with the Custodian 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 Crypto Assets, are stored offline on hardware that has never been connected to the internet. Storing the private key offline minimizes the risk of the Crypto Assets being stolen. The Sponsor expects that all of the Trust's Portfolio Crypto Assets will be held in cold storage of the Custodian on an ongoing basis. In connection with creations or redemptions, the Trust will, under most circumstances, process redemptions by selling Portfolio Crypto Assets from the portion of its Portfolio Crypto Assets held in cold storage.

● *Private Keys*: All private keys are securely stored using multiple layers of high-quality encryption and in Custodian-owned offline hardware vaults in secure environments. No customers or third parties are given access to the Custodian's private keys.

● *Whitelisting*: Transactions are only sent to vetted, known addresses. The Custodian's platform supports pre-approval and test transactions. The Custodian requires authentication when adding or removing addresses for whitelisting. All instructions to initiate a whitelist addition or removal must be submitted via the Coinbase Custody 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 Custody 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 Custodian 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.

● *Audit Trails*: Audit trails exist for all movement of Portfolio Crypto Assets within Custodian-controlled 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 Custodian Agreement, Portfolio Crypto Assets held in custody with the Custodian are segregated from both the proprietary property of the Custodian and the assets of any other customer in accounts that clearly identify the Trust as the owner of the accounts.

Under the rare and limited circumstances when the Trust is utilizing the Agent Execution Model to acquire Portfolio Crypto Assets, a portion of the Trust's Portfolio Crypto Asset holdings and cash holdings may be held with the Prime Execution Agent in the Trading Balance. The Trust will only utilize the Agent Execution Model when the Trust-Directed Trading Model is unavailable. Within the Trust's Trading Balance, the Prime Execution Agreement provides that the Trust does not have an identifiable claim to any particular Portfolio Crypto Assets (and cash). Instead, the Trust's Trading Balance represents an entitlement to a pro rata share of the Portfolio Crypto Assets (and cash) the Prime Execution Agent holds on behalf of customers who hold similar entitlements against the Prime Execution Agent. In this way, the Trust's Trading Balance represents an omnibus claim on the Prime Execution Agent's Portfolio Crypto Assets (and cash) held on behalf of the Prime Execution Agent's customers. The Prime Execution Agent holds the Portfolio Crypto Assets associated with customer entitlements across a combination of omnibus cold wallets, omnibus "hot wallets" (meaning wallets whose private keys are generated and stored online in internet-connected computers or devices), or in omnibus accounts in the Prime Execution Agent's name on a trading venue (including third-party venues and the Prime Execution Agent's own execution venue) where the Prime Execution Agent executes orders to buy and sell Portfolio Crypto Assets on behalf of its clients. Within such omnibus hot and cold wallets and accounts, the Prime Execution Agent has represented to the Sponsor that it keeps the majority of assets in cold wallets to promote security while the balance of assets is kept in hot wallets to facilitate rapid withdrawals. However, the Sponsor has no control over, and for security reasons the Prime Execution Agent does not disclose to the Sponsor, the percentage of Portfolio Crypto Assets that the Prime Execution Agent 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 Execution Agent's name on a trading venue. The Prime Execution Agent has represented to the 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 Execution Agent attempts to balance anticipated liquidity needs for its customers as a class against the anticipated greater security of cold storage.

To the extent that the Trust engages an additional Custodian in the future (a "Future Custodian," and with Coinbase Custody, the "Custodians"), other than the Portfolio Crypto Assets held with the Prime Execution Agent in the Trust's Trading Balance, the Sponsor will allocate the Trust's Portfolio Crypto Assets between the Custodial Account at Coinbase Custody and the special account that holds the Trust's Portfolio Crypto Assets at the Future Custodian (the "Future Custodial Account," and with the Custodial Account, the "Custodial Accounts"). In determining the amount and percentage of the Trust's Portfolio Crypto Assets to allocate to each Custodial Account, the Sponsor will consider (i) the concentration of the Trust's Portfolio Crypto Assets at each Custodian, (ii) the Sponsor's assessment of the safety and security policies and procedures of each Custodian, (iii) the insurance policies of each Custodian, (iv) the fees and expenses associated with the storage of the Trust's Portfolio Crypto Assets at each Custodian, (v) the fees and expenses associated with the transfer to or from the Custodial Account at each Custodian, and (vi) any other factor the Sponsor deems relevant in making the allocation determination. The Sponsor does not intend to disclose the amount or percentage of the Trust's Portfolio Crypto Assets held at either Coinbase Custody or the Future Custodian, and the Sponsor may change the allocation between the Custodians at any time and without notice to Shareholders. The fees and expenses associated with the transfer of Portfolio Crypto Assets between the Custodial Account at each Custodian will be borne by the Sponsor, not the Trust or the Shareholders. Any transfer of Portfolio Crypto Assets between the Custodial Accounts at each Custodian will occur "on-chain" over the Portfolio Crypto Assets network. On-chain transactions are subject to all of the risks of the applicable Crypto Asset network, including the risk that transactions will be made erroneously and are generally irreversible.

The Trust relies on the Cash Custodian to hold any cash related to the creation and redemption of Shares, purchase, or sale of Portfolio Crypto Assets or held for payment of expenses not assumed by the Sponsor.

The Transfer Agent will facilitate the settlement of Shares in response to the placement of purchase and redemption orders from Authorized Participants.

**Plan of Distribution**

When the Trust sells or redeems its Shares, it does so in Baskets. The Trust only creates and redeems Baskets in transactions with Authorized Participants. In connection with an order to purchase Shares, an Authorized Participant shall deliver to the Transfer Agent the amount of U.S. dollars needed to purchase the Basket Amount of Portfolio Crypto Assets, as well as per order transaction fee. In connection with an order to redeem Shares, an Authorized Participant shall deliver to the Trust's account at the Depository Trust Company ("DTC") the Basket(s) to be redeemed and the Sponsor shall arrange for the Basket Amount of Portfolio Crypto Assets to be sold and the resulting U.S. dollars to be distributed to the Authorized Participant. The Transfer Agent will facilitate the processing of purchase and redemption orders in Baskets from the Trust in its capacity as Transfer Agent and will custody the Trust's cash holdings in its capacity as Cash Custodian.

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. Investors 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.

Investors who decide to buy or sell Shares will place their trade orders through their brokers and may incur customary brokerage commissions and charges. The Shares are listed for trading on the Exchange under the ticker symbol "BITW."

**Federal Income Tax Considerations**

Subject to the discussion below in "United States Federal Income Tax Consequences—Taxation of U.S. Shareholders," the Fund will not be classified as an association taxable as a corporation. Instead, the Fund will, more likely than not, be classified as a partnership for U.S. federal income tax purposes. Accordingly, the Fund will not incur U.S. federal income tax liability; rather, each beneficial owner of the Fund's Shares will be required to take into account its allocable share of the Fund's income, gain, loss, deductions, and other items for the Fund's taxable year ending with or within the beneficial owner's taxable year.

**Use of Proceeds**

Proceeds received by the Trust from Purchase Orders of Baskets are used to acquire Portfolio Crypto Assets. Such deposits of cash are held by the Cash Custodian on behalf of the Trust until (i) used to acquire Portfolio Crypto Assets, (ii) accrued and distributed to pay Trust expenses and liabilities not assumed by the Sponsor, (iii) distributed to Authorized Participants in connection with redemptions of Baskets, or (iv) disposed of in a liquidation of the Trust.

**Termination of the Trust**

Upon dissolution of the Trust and surrender of Shares by the Shareholders, Shareholders will receive a distribution in U.S. dollars after the Sponsor has sold the Trust's Portfolio Crypto Assets and has paid or made provision for the Trust's claims and obligations. See "Part III—Item 10. Business—Directors, Executive Officers and Corporate Governance—Description of the Trust Agreement—Term and Dissolution" in the Annual Report, which is incorporated herein by reference.

**Voting Rights; Amendments to the Trust Agreement**

Except as required under applicable federal law or under the rules or regulations of the Exchange, Shareholders have no voting rights, and the Trust will not hold regular Shareholder meetings.

The Trust Agreement may be amended at any time solely upon the written consent of the Sponsor for the purpose set forth in the Trust Agreement. See "Part III—Item 10. Business—Directors, Executive Officers and Corporate Governance—Description of the Trust Agreement—Amendments to the Trust Agreement" in the Annual Report, which is incorporated herein by reference.

**Principal Investment Risks of an Investment in the Trust**

The Trust is subject to numerous risks and uncertainties, including those highlighted the Trust's Annual Report on Form 10-K under "Item 1A. Risk Factors", which is incorporated herein by reference. The principal risks that the Trust faces include the following:

● Crypto Assets are subject to significant price volatility, which can impact investments in the Trust;

● the value of Crypto Assets, including bitcoin and ether, may be subject to momentum pricing, resulting in inaccurate valuations, heightened volatility, and potential adverse impacts on the value of an investment in the Shares;

● the value of the Crypto Assets is dependent on prices established by Crypto Asset exchanges and other Crypto Asset trading venues, the instability, failure, closure, or manipulation of which could adversely affect an investment in the Trust;

● limited adoption, usage, and evolving market challenges for bitcoin, ether, and other Crypto Assets could adversely impact the Trust and the value of its Shares;

● changes in the governance of a Crypto Asset's Blockchain network may not receive sufficient support from users, validators, or miners, which may negatively affect that Blockchain network's ability to grow and respond to challenges;

● many Crypto Asset Networks and protocols, including some of the networks and protocols of Portfolio Crypto Assets, are supported by foundations and/or founding teams that may influence the development of the Crypto Asset Networks or protocols and could adversely affect the value of the Portfolio Crypto Assets;

● a temporary or permanent "fork" could adversely affect the value of the Shares and the operations of the Trust;

● competition from the emergence or growth of other Crypto Assets or the development of other methods of investing in Crypto Assets could have a negative impact on the price of Crypto Assets and adversely affect the value of the Shares;

● political or economic crises may motivate large-scale sales of Crypto Assets, which could result in a reduction in the price of Portfolio Crypto Assets and adversely affect an investment in the Shares;

● evolving regulatory landscape and increased scrutiny of Crypto Assets may adversely impact the business and reputation of the Trust and the Sponsor;

● decentralized governance and amendments to Crypto Asset networks, if accepted and authorized by the respective networks, could adversely affect an investment in the Trust;

● fluctuations in the supply of Portfolio Crypto Assets due to regulatory, technological, and deflationary factors could adversely affect the value of the Shares;

● if a malicious actor or botnet gained control over the networks of the Portfolio Crypto Assets could adversely impact the value of the Shares and the Trust's ability to operate;

● certain Portfolio Crypto Assets utilize DeFi protocols, which are typically developed on top of other public Blockchain networks and are therefore subject to the risks of the underlying public Blockchain networks, as described above;

● the limited operating history of the Trust and the Index, as well as potential methodological changes to the Index which the Trust relies on could adversely impact the performance of the Trust;

● the Trust is an "emerging growth company" and it cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make the Shares less attractive to investors;

● as a public company, the Trust's compliance with public reporting obligations and exchange listing standards imposes significant costs and operational challenges, and failure to meet these standards could adversely affect the market price and liquidity of the Shares;

● as the Crypto Asset ecosystem has expanded, it has attracted increasing regulatory attention from U.S. regulators, and evolving regulatory frameworks may impact the Portfolio Crypto Assets' classification and treatment. These developments could significantly influence the Trust's compliance requirements, valuation strategies, result in Extraordinary Expenses, and substantially impact the value of the Shares;

● the Shareholder may be subject to certain U.S. federal income tax risks; and

● the treatment of Crypto Asset for U.S. federal income tax purposes is uncertain.

**Risk Factors**

 

 *An investment in the Shares involves risks, including the risks described below which update the Trust's previously filed risk factors to the extent applicable, as well as those risks set forth under "Part I—Item 1A. Risk Factors" in the Annual Report, "Part II—Item 1A. Risk Factors" in the Q1 2025 Quarterly Report, "Part II—Item 1A. Risk Factors" in the Q2 2025 Quarterly Report, in any applicable prospectus supplement and in the other documents incorporated or deemed incorporated by reference herein. You should also refer to the other information included or incorporated by reference in this prospectus, including the Trust's financial statements and related notes thereto before making an investment decision.* 

**Risks Associated with Investing in the Trust**

**The Trust is subject to market risk.**

Market risk refers to the risk that the market price of Portfolio Crypto Assets held by the Trust will rise or fall, sometimes rapidly or unpredictably. An investment in the Shares is subject to market risk, including the possible loss of the entire principal of the investment.

**The Trust is a passive investment vehicle. The Trust is not actively managed and will be affected by a general decline in the price of Portfolio Crypto Assets.**

The Sponsor does not actively manage the Portfolio Crypto Assets held by the Trust. This means that the Sponsor does not sell Portfolio Crypto Assets at times when its price is high, nor does it acquire Portfolio Crypto Assets at low prices in the expectation of future price increases. It also means that the Sponsor does not make use of any of the hedging techniques available to professional Crypto Asset investors to attempt to reduce the risks of losses resulting from price decreases. Any losses sustained by the Trust will adversely affect the value of the Shares.

**The NAV may not always correspond to the market price of Portfolio Crypto Assets and, as a result, Baskets may be created or redeemed at a value that is different from the market price of the Shares.**

The NAV of the Trust will change as fluctuations occur in the market price of the Portfolio Crypto Assets. 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, trading activity, the closing of digital asset 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 Portfolio Crypto Assets.

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 Portfolio Crypto Assets per Share.

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

When acquiring Portfolio Crypto Assets, it is possible that the Trust will pay a higher price for such Portfolio Crypto Assets than the value ascribed to such Portfolio Crypto Assets by the Index. This is known as "slippage." While transactions in any asset are subject to the risk of slippage, it is possible that transactions in Crypto Assets may be more susceptible. The Trust seeks to minimize the risk of slippage by basing the amount of cash an Authorized Participant is required to deposit to consummate a creation order for Baskets on the price the Trust actually paid for the Portfolio Crypto Assets rather than on the value of Portfolio Crypto Assets ascribed by the Index. Nonetheless, there can be no guarantee that the Trust will not be negatively affected by slippage from time to time.

**The Shares may trade at a discount or premium in the trading price relative to the NAV as a result of non-concurrent trading hours between the Exchange and digital asset trading platforms. Non-concurrent trading hours may also result in the Shares gapping at the open of trading on the Exchange.**

The value of a Share may be influenced by non-concurrent trading hours between the Exchange and various digital asset trading platforms. Additionally, Shares may be traded at other times and in other venues. While U.S. equity markets are open for trading in the Shares for a limited period each day, the Crypto Assets market is a 24-hour marketplace; however, trading volume and liquidity on the Crypto Asset market is not consistent throughout the day, and digital asset trading platforms, including the larger-volume markets, have been known to shut down temporarily or permanently due to security concerns, directed denial of service attacks, and other reasons. As a result, during periods when U.S. equity markets are open but large portions of the Crypto Assets markets are either lightly traded or are closed, trading spreads and the resulting premium or discount on the Shares may widen and, therefore, increase the difference between the price of the Shares and the NAV. Premiums or discounts may have an adverse effect on an investment in the Shares if a Shareholder sells or acquires its Shares during a period of discount or premium, respectively.

During periods when U.S. equity markets are closed but digital asset trading platforms are open, significant changes in the prices of Portfolio Crypto Assets could result in a difference in performance between the prices of Portfolio Crypto Assets and the most recent Share price. To the extent that the prices of Portfolio Crypto Assets move significantly in a negative direction after the close of U.S. equity markets, the trading price of the Shares may "gap" down to the full extent of such negative price shift when U.S. equity markets reopen. To the extent that the prices of Portfolio Crypto Assets drop significantly during hours in which U.S. equity markets are closed, investors may not be able to sell their Shares until after the "gap" down has been fully realized, resulting in an inability to mitigate losses in a rapidly negative market.

**Buying and selling activity associated with the purchase and redemption of Baskets may adversely affect an investment in the Shares.**

There is no limit on the number of Portfolio Crypto Assets the Trust may acquire.

The Sponsor's purchase of Portfolio Crypto Assets in connection with Basket purchase orders may cause the prices of Portfolio Crypto Assets to increase, which will result in higher prices for the Shares. Increases in the Portfolio Crypto Asset prices may also occur as a result of Portfolio Crypto Asset purchases by other market participants who attempt to benefit from an increase in the market prices of Portfolio Crypto Assets when Baskets are created. The market prices of Portfolio Crypto Assets may therefore decline immediately after Baskets are created.

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

In addition to the effect that purchases and sales of Portfolio Crypto Assets by the Sponsor and other market participants may have on the prices of Portfolio Crypto Assets, other exchange-traded products or large private investment vehicles with similar investment objectives (if developed) could represent a substantial portion of demand for Portfolio Crypto Assets at any given time and the sales and purchases by such investment vehicles may impact the prices of Portfolio Crypto Assets. If the prices of Portfolio Crypto Assets declines, the trading price of the Shares will generally also decline.

**The inability of Authorized Participants and market makers to hedge their Portfolio Crypto Assets 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 purchase and redemption orders. To the extent Authorized Participants and market makers are unable to hedge their exposure due to market conditions (*e.g.*, insufficient Portfolio Crypto Asset liquidity in the market, inability to locate an appropriate hedge counterparty, extreme volatility in the prices of Portfolio Crypto Assets, wide spreads between prices quotes on different Portfolio Crypto Asset trading platforms, the closing of Crypto Assets trading platforms due to fraud, failures, security breaches or otherwise etc.), such conditions may make it difficult to purchase or redeem Baskets or cause them to not create or redeem Baskets. In addition, the hedging mechanisms employed by Authorized Participants and market makers to hedge their exposure to Portfolio Crypto Assets 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 Authorized Participants wish to use futures to hedge their exposure, note that while the number has grown in recent years, only certain Crypto Assets have exchange-traded futures markets available in the U.S., and the market for those futures has a limited trading history and operational experience, and it 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 Crypto Assets and the commercial and speculative interest in the market.

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

If the processes of creation and redemption of Shares (which depend on timely transfers of Portfolio Crypto Assets to and by the Custodian) encounter any unanticipated difficulties due to, for example, the price volatility of Portfolio Crypto Assets, the insolvency, business failure or interruption, default, failure to perform, security breach, or other problems affecting the Prime Execution Agent or Custodian, the closing of Portfolio Crypto Asset 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 networks of the Portfolio Crypto Assets, 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 Portfolio Crypto Assets, may not take the risk that, as a result of those difficulties, they may not be able to realize the profit they expect.

Alternatively, in the case of a network outage or other problems affecting the Portfolio Crypto Asset networks, the processing of transactions on such networks may be disrupted, which in turn may prevent Trading Counterparties from depositing or withdrawing Portfolio Crypto Assets from their custody accounts, 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 prices of Portfolio Crypto Assets and may fall or otherwise diverge from NAV.

 **Investors may be adversely affected by purchase or redemption orders that are subject to postponement, suspension, or rejection under certain circumstances.** 

The Trust may, in its discretion, suspend the right of purchase or redemption, or may postpone the redemption or purchase settlement date, for (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) any period during which an emergency exists as a result of which the fulfillment of a purchase order or the redemption distribution is not reasonably practicable (for example, as a result of an interruption in services or availability of the Prime Execution Agent, Custodian, Cash Custodian, Administrator, or other service providers to the Trust, act of God, catastrophe, civil disturbance, government prohibition, war, terrorism, strike or other labor dispute, fire, force majeure, interruption in telecommunications, internet or network provider services, unavailability of Fedwire, SWIFT, or banks' payment processes, significant technical failure, bug, error, disruption, or fork of one or more of the Portfolio Crypto Asset's network, hacking, cybersecurity breach, or power, internet, or Portfolio Crypto Asset network outage, or similar event), or (3) such other period as the Sponsor determines to be necessary for the protection of the Shareholders of the Trust (for example, where acceptance of the U.S. dollars needed to create each Basket 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 in the secondary market, which could cause Shares to trade at levels materially different (premiums and discounts) from the value of their underlying Portfolio Crypto Assets.

**As an owner of Shares, you will not have the rights normally associated with ownership of other types of shares.**

Shares are not entitled to the same rights as shares issued by a corporation. By acquiring Shares, you are not acquiring the right to elect directors, to receive dividends, to vote on certain matters regarding the issuer of the Shares, or to take other actions normally associated with the ownership of shares. You will only have the limited rights described under *"Description of the Shares and the Trust Agreement."*

**The Sponsor and the Trustee may agree to amend the Trust Agreement or Sponsor Agreement without the consent of the Shareholders.**

In certain circumstances, the Sponsor and the Trustee may agree to amend the Trust Agreement or Sponsor Agreement without Shareholder consent. *See "Description of the Shares and the Trust Agreement."* The Sponsor shall determine the contents and manner of delivery of any notice of any Trust Agreement amendment. Such notice may be provided on the Trust's website, in a prospectus supplement, through a current report on Form 8-K, and/or in the Trust's annual or quarterly reports. In such cases, Shareholders will have no recourse if they object to the amendments to the Trust Agreement agreed to by the Sponsor and the Trustee.

**A possible "short squeeze" due to a sudden increase in demand for the Shares that largely exceeds supply may lead to price volatility in the Shares.**

Investors may purchase Shares to hedge existing Portfolio Crypto Assets or other digital asset, commodity or currency exposure or to speculate on the prices of Portfolio Crypto Assets. Speculation on the prices of Portfolio Crypto Assets may involve long and short exposures. To the extent that aggregate short exposure exceeds the number of Shares available for purchase (for example, in the event that large redemption requests by Authorized Participants dramatically affect Share liquidity), investors with short exposure may have to pay a premium to repurchase Shares for delivery to Share lenders. Those repurchases may, in turn, dramatically increase the price of the Shares until additional Shares are created through the creation process. This is often referred to as a "short squeeze." A short squeeze could lead to volatile price movements in the Shares that are not directly correlated to the prices of Portfolio Crypto Assets.

 **Security threats and cyberattacks 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, cyberattacks, computer malware, and computer hacking attacks have been a prevalent concern in relation to digital assets. Multiple thefts of bitcoin, ether, and other digital assets from other holders have occurred in the past. Because of the pseudonymous nature of the most Crypto Asset blockchains, thefts can be difficult to trace, which may make Crypto Assets a particularly attractive target for theft. Cybersecurity failures or breaches of one or more of the Trust's service providers (including but not limited to, the Transfer Agent, the Marketing Agent, the Administrator, Cash Custodian, or the Custodian) 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 cybersecurity breaches of those technological or information systems. The Sponsor believes that the Trust's Crypto Assets held in the Custodial Account at the Custodian or Trading Balance held with the Prime Execution Agent will be an appealing target to hackers or malware distributors seeking to destroy, damage, or steal the Trust's Crypto Assets and will only become more appealing as the Trust's assets grow. To the extent that the Trust, Sponsor, Custodian, or Prime Execution Agent is unable to identify and mitigate or stop new security threats or otherwise adapt to technological changes in the digital asset industry, the Trust's Portfolio Crypto Assets may be subject to theft, loss, destruction, or other attack.

The Sponsor believes that the security procedures in place for the Trust, including but not limited to, offline storage, or cold storage, multiple encrypted private key "shards," and other measures, are reasonably designed to safeguard the Trust's Portfolio Crypto Assets. 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 and 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. The Sponsor does not control the Custodian's or Prime Execution Agent's operations or their implementation of such security procedures, and there can be no assurance that such security procedures will actually work as designed or prove to be successful in safeguarding the Trust's assets against all possible sources of theft, loss, or damage. Assets not held in cold storage, such as assets held in a trading account, may be more vulnerable to security breach, hacking, or loss than assets held in cold storage. Furthermore, assets held in a trading account, including the Trust's Trading Balance at the Prime Execution Agent, are held on an omnibus, rather than segregated basis, which creates greater risk of loss.

The security procedures and operational infrastructure may be breached due to the actions of outside parties, error or malfeasance of an employee of the Sponsor, Prime Execution Agent, Custodian, or otherwise, and, as a result, an unauthorized party may obtain access to the Custodial Account with the Custodian or the Trust's Trading Balance with the Prime Execution Agent, the private keys, or other data of the Trust. Additionally, outside parties may attempt to fraudulently induce employees of the Sponsor, Custodian, Prime Execution Agent, 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 Sponsor, Custodian, or Prime Execution Agent may be unable to anticipate these techniques or implement adequate preventative measures.

An actual or perceived breach of the Custodial Account with the Custodian or the Trust's Trading Balance with the Prime Execution Agent 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 Sponsor and the Trust's service providers have established business continuity plans and systems that they respectively believe are reasonably designed to prevent cyberattacks, 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, which could be negatively impacted as a result.

If the Trust's holdings of Portfolio Crypto Assets are lost, stolen, or destroyed under circumstances rendering a party liable to the Trust, the responsible party may not have the financial resources 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 liability insurance coverage) to satisfy a valid claim of the Trust. Similarly, as noted below, the Custodian and Prime Execution Agent have limited liability to the Trust, which could adversely affect the Trust's ability to seek recovery from them, even when the Custodian's or Prime Execution Agent's actions or failure to act are the cause of the Trust's loss.

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 Portfolio Crypto Assets. If an uninsured loss occurs or a loss exceeds policy limits, the Trust could lose all of its assets.

**The Trust's risk management processes and policies may prove to not be adequate to prevent any loss of the Trust's Portfolio Crypto Assets.**

The Sponsor is continuing to monitor and evaluate the Trust's risk management processes and policies and believes that the current risk management processes and procedures are reasonably designed and effective. The Sponsor believes that the security procedures that the Sponsor, Custodian, and Prime Execution Agent utilize, such as hardware redundancy, segregation, and offline data storage (*i.e.*, the maintenance of data on computers and/or storage media that is not directly connected to or accessible from the internet and/or networked with other computers, also known as "cold storage") protocols are reasonably designed to safeguard the Trust's Portfolio Crypto Assets from theft, loss, destruction, or other issues relating to hackers and technological attack. Despite the number of security procedures that the Sponsor, Custodian, and Prime Execution Agent employ, it is impossible to guarantee the prevention of any loss due to a security breach, software defect, act of God, pandemic, or riot that may be borne by the Trust. Notwithstanding the above, the Sponsor, Custodian, and Prime Execution Agent are responsible for their own gross negligence, willful misconduct, or bad faith. In the event that the Trust's risk management processes and policies prove to not be adequate to prevent any loss of the Trust's Portfolio Crypto Assets, and such loss is not covered by insurance or is otherwise recoverable, the value of the Shares will decrease as a result and investors would experience a decrease in the value of their investment.

**The development and commercialization of the Trust is subject to competitive pressures.**

The Trust and the Sponsor face competition with respect to the creation of competing products. The Sponsor's competitors may have greater financial, technical, and human resources than the Sponsor. These competitors may also compete with the Sponsor in recruiting and retaining qualified personnel. Smaller or early-stage companies may also prove to be effective competitors, particularly through collaborative arrangements with large and established companies.

**The lack of active trading markets for the Shares may result in losses on investors' investments at the time of disposition of Shares.**

Although Shares are expected to be publicly listed and traded on the Exchange, there can be no guarantee that an active trading market for the Trust will develop or be maintained. If investors need to sell their Shares at a time when no active market for them exists, the price investors receive for their Shares, assuming that investors are able to sell them, likely will be lower than the price that investors would receive if an active market did exist and, accordingly, a Shareholder may suffer losses.

**Possible illiquid markets may exacerbate losses or increase the variability between the Trust's NAV and its market price.**

Nearly all Crypto Assets are novel assets with a very limited trading history. Therefore, the markets for Portfolio Crypto Assets may be less liquid and more volatile than other markets for more established products, such as futures contracts for traditional physical commodities. It may be difficult to execute a Portfolio Crypto Assets trade at a specific price when there is a relatively small volume of buy and sell orders in the Crypto Assets market. A market disruption can also make it more difficult to liquidate a position or find a suitable counterparty at a reasonable cost.

Market illiquidity may cause losses for the Trust. The large size of the positions that the Trust may acquire will increase the risk of illiquidity by both making the positions more difficult to liquidate and increasing the losses incurred while trying to do so should the Trust need to liquidate its Portfolio Crypto Assets.

 **The Trust's Portfolio Crypto Assets may be subject to loss, damage, theft, or restriction on access.** 

There is a risk that part or all of the Trust's Portfolio Crypto Assets could be lost, stolen, or destroyed, potentially by the loss or theft of the private keys held by the Custodian or Prime Execution Agent associated with Trust's Portfolio Crypto Assets. The Sponsor believes that the Custodian's and Prime Execution Agent's operations are an appealing target to hackers or malware distributors seeking to destroy, damage, or steal Portfolio Crypto Assets or private keys. Although the Custodian and Prime Execution Agent use multiple means and layers of security to minimize the risk of loss, damage, and theft, neither the Custodian, Prime Execution Agent, nor the Sponsor can guarantee that such security will prevent such loss, damage, or theft, whether caused intentionally, accidentally, or by act of God. Access to the Trust's Portfolio Crypto Assets could also be restricted by natural events (such as an earthquake or flood), human actions (such as a terrorist attack), or security or compliance measures (such as in response to a hard fork). Any of these events may adversely affect the operations of the Trust and, consequently, an investment in the Shares.

**Several factors may affect the Trust's ability to achieve its investment objective on a consistent basis.**

There is no guarantee that the Trust will meet its investment objectives. Factors that may affect the Trust's ability to meet its investment objective include: (1) the Trust's ability to purchase and sell Portfolio Crypto Assets in an efficient manner to effectuate creation and redemption orders; (2) transaction fees associated with the networks of the Portfolio Crypto Assets; (3) the Portfolio Crypto Assets markets becoming illiquid or disrupted; (4) the Share prices being rounded to the nearest cent and/or valuation methodologies; (5) the need to conform the Trust's portfolio holdings to comply with investment restrictions or policies or regulatory or tax law requirements; (6) early or unanticipated closings of the markets on which Portfolio Crypto Assets trade resulting in the inability of Authorized Participants to execute intended portfolio transactions; and (7) accounting standards.

**Extraordinary expenses resulting from unanticipated events may become payable by the Trust, adversely affecting an investment in the Shares.**

In consideration for the Management Fee, the Sponsor has contractually assumed certain operational and periodic expenses of the Trust. See "Business of the Trust—Trust Expenses." Extraordinary, non-recurring expenses that are not assumed by the Sponsor are borne by the Trust and paid through the sale of the Trust's Portfolio Crypto Assets. Any incurring of extraordinary expenses by the Trust could adversely affect an investment in the Shares.

**The value of the Shares will be adversely affected if the Trust is required to indemnify the Trustee, the Administrator, the Transfer Agent, the Custodian, Prime Execution Agent or the Cash Custodian.**

Under the Trust Agreement and the Trust's service provider agreements, each of the Trustee, Administrator, Transfer Agent, Custodian, Prime Execution Agent, Cash Custodian, and Sponsor has a right to be indemnified by the Trust for any liability or expense it incurs, subject to certain exceptions. Therefore, the Trustee, Administrator, Transfer Agent, Custodian, Prime Execution Agent, Cash Custodian, or Sponsor 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 net assets of the Trust and the NAV.

**Other Risks**

**There is no guarantee that an active trading market will continue to exist for the Shares. To the extent that an active trading market no longer exists and the assets of the Trust shrink to beneath a viable level, the liquidity of the Shares may be limited or the Trust may be terminated at the option of the Sponsor.**

There can be no assurance that the Trust will maintain an economically viable size, in which case the Sponsor may elect to terminate the Trust, which could result in the liquidation of the Trust's Portfolio Crypto Assets at a time that is disadvantageous to an investor in the Shares. If the Trust fails to maintain sufficient scale due to competition, the Sponsor may have difficulty raising sufficient revenue to cover the costs associated with maintaining the Trust, and such shortfalls could impact the 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 prices of Portfolio Crypto Assets.

**The Trust may be required to terminate and liquidate at a time that is disadvantageous to Shareholders.**

If the Trust is required to terminate and liquidate, such termination and liquidation could occur at a time that is disadvantageous to Shareholders, such as when the prices of Portfolio Crypto Assets are lower than it was at the time when Shareholders purchased their Shares. In such a case, when the Trust's Portfolio Crypto Assets are sold as part of the Trust's liquidation, the resulting proceeds distributed to Shareholders will be less than if the prices of Portfolio Crypto Assets were higher at the time of sale. See Additional Information About the Trust—Termination of the Trust" for more information about the termination of the Trust, including when the termination of the Trust may be triggered by events outside the direct control of the Sponsor, the Trustee, or Shareholders.

**The Exchange on which the Shares are listed may halt trading in the Shares, which would adversely impact an investor's ability to sell Shares.**

The Shares are listed for trading on the Exchange under the market symbol "BITW." 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 caused by extraordinary market volatility pursuant to "circuit breaker" rules that require trading to be halted 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 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 Shares withdraw or "step away" from participation in the purchase (creation) or sale (redemption) of the Shares, the liquidity of the Shares will likely decrease, which could adversely affect the market price of the Shares and result in investors incurring a loss on their investment.

**The market infrastructure of the Crypto Asset spot market could result in the absence of active Authorized Participants able to support the trading activity of the Trust.**

Most Crypto Assets are extremely volatile, and concerns exist about the stability, reliability, and robustness of many digital asset trading platforms where Crypto Assets trade. In a highly volatile market, or if one or more digital asset trading platforms supporting a Portfolio Crypto Asset 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 Sponsor will be able to find an Authorized Participant to actively and continuously support the Trust.

**Digital asset trading platforms are not subject to same regulatory oversight as traditional equity exchanges, which could negatively impact the ability of Authorized Participants to implement arbitrage mechanisms.**

The trading for Crypto Assets occurs on multiple digital asset trading platforms that have various levels and types of regulation, but are not regulated in the same manner as traditional stock and bond exchanges. If these digital asset trading platforms do not operate smoothly or face technical, security or regulatory issues, that could impact the ability of Authorized Participants to make markets in the Shares. In such an event, trading in the Shares could occur at a material premium or discount against the NAV. Digital asset trading platforms may also be out of compliance with existing regulations.

**The Authorized Participants serve in such capacity for several competing exchange-traded Crypto Asset products, which could adversely affect the market for the Shares.**

Only an Authorized Participant may engage in creation or redemption transactions directly with the Trust. Some or all of the Trust's Authorized Participants are expected to serve as authorized participants or market makers for one or more exchange-traded Crypto Asset products that compete with the Trust. This may make it more difficult to engage or retain Authorized Participants for the Trust. Furthermore, because there is no obligation on the part of the Authorized Participants to engage in creation and redemption or market making activities with respect to the Trust's Shares, decisions by the Authorized Participants to not engage with the Trust or its Shares may result in a decline in the liquidity of the Shares and the price of the Shares may fluctuate independently of the price of Trust's Crypto Assets (*i.e*., at a greater premium or discount to the Trust's NAV).

**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 investors' investment in the Shares.**

Only Authorized Participants may purchase or redeem Baskets. All other investors 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.

**The Sponsor is leanly staffed and relies heavily on key personnel to manage its activities.**

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

**Conducting creations and redemptions for cash has drawbacks.**

In the near-term, the Trust will effect all of its creations and redemptions for cash, rather than in-kind. The use of cash creations and redemptions may cause Shares to trade in the market at greater bid-ask spreads or greater premiums or discounts to their NAV per Share. The use of cash for redemptions will also limit the tax efficiency of the Trust. Additionally, the Trust's need to purchase Portfolio Crypto Assets in connection with creation orders introduces the possibility that the Trust will pay a higher price for Portfolio Crypto Assets than the value ascribed to such assets under the Trust's NAV calculation. This is known as "slippage." While transactions in any asset are subject to the risk of slippage, it is possible that transactions in digital assets may be more susceptible. The Trust seeks to minimize the risk of slippage by basing the amount of cash an Authorized Participant is required to deposit to consummate a creation order for Baskets on the price the Trust actually paid for the Portfolio Crypto Assets. Nonetheless, there can be no guarantee that the Trust will not be negatively affected by slippage from time to time. The Trust will also incur transaction costs it would not otherwise have incurred if it received and distributed Portfolio Crypto Assets in-kind and was not required to purchase and sell Portfolio Crypto Assets in connection with creation and redemption orders.

**Potential conflicts of interest may arise among the Sponsor or its affiliates and the Trust.**

The Trust operations will be managed by the Sponsor. It is possible that conflicts may arise between the Sponsor, affiliates, the Trust, and its Shareholders.

In resolving conflicts of interest, the Sponsor is allowed to take into account the interests of other parties. Conflicts of interest may arise as a result of:

● Sponsor and its affiliates will be indemnified pursuant to the Trust Agreement;

● The Sponsor's allocation of resources (including the time and attention of management and business development) among different clients and potential future business ventures, to each of which they may owe fiduciary duties, the determination of which is the responsibility of the Sponsor and its affiliates;

● The staff of the Sponsor may also directly or indirectly serve affiliates and clients of the Sponsor;

● The Trust Agreement does not prohibit the Sponsor, its respective affiliates and their respective officers and employees from engaging in other businesses or activities that might be in direct competition with the Trust;

● The Sponsor and its staff may take direct positions in Portfolio Crypto Assets or in other investments, or may advise other clients to take such positions, that may be in conflict with the investment objective of the Shares or that may be of a size that could impact the price of Portfolio Crypto Assets;

● There has been no independent due diligence conducted with respect to this offering, where applicable, and there is an absence of arm's-length negotiation with respect to certain terms of the Trust;

● The Sponsor decides whether to obtain third party services for the Trust.

By investing in the Shares, investors agree and consent to the provisions set forth in the Trust Agreement.

For a further discussion of the conflicts of interest among the Sponsor, Custodian, Cash Custodian, Trust, and others, see "Conflicts of Interest."

**The Sponsor may discontinue its services, which may be detrimental to the Trust.**

Sponsor may be unwilling or unable to continue to serve as sponsor to the Trust for any length of time. If the Sponsor discontinues its activities and is unable to be replaced, the Trust may have to terminate and liquidate the Portfolio Crypto Assets held by the Trust. A substitute sponsor's appointment will not guarantee the Trust's continued operation even if a substitute sponsor is found, the appointment of a substitute sponsor may not necessarily be beneficial to the Trust or an investment in the Shares and the Trust may terminate.

**Any of the service providers could resign or be removed by the Trust, which could trigger early termination of the Trust.**

Any service provider may resign or be removed under its respective governing agreement. The Trust may dissolve in accordance with the terms of the Trust Agreement if any service provider resigns or is removed and is unable to be replaced.

**The lack of independent advisers representing investors in the Trust may cause Shareholders to be adversely affected.**

Counsel, accountants and other advisers have been consulted by the Sponsor regarding the formation and operation of the Trust. Potential investors should consult their own legal, tax, and financial advisers regarding the desirability of an investment in the Shares. No counsel has been appointed to represent an investor in connection with the offering of the Shares. Failure to consult with their own legal, tax, and financial advisers may lead to Shareholders making an undesirable investment decision with respect to investment in the Shares.

**No separate counsel; no responsibility or independent verification.**

Chapman and Cutler LLP represents the Sponsor. The Trust does not have counsel separate and independent from counsel to the Sponsor. Chapman and Cutler LLP does not represent Shareholders, and no independent counsel has been retained to represent Shareholders. Chapman and Cutler LLP is not responsible for any acts or omissions of the Sponsor, the Administrator, the Trustee, the Custodian, the Cash Custodian, the Prime Execution Agent, a Trading Counterparty, the Transfer Agent, or the Trust (including their compliance with any guidelines, policies, restrictions or applicable law, or the selection, suitability or advisability of their investment activities) or any administrator, accountant, custodian, or other service provider to the Sponsor, Trustee, or the Trust. This Prospectus was prepared based on information provided by the Sponsor, the Administrator, the Custodian, the Cash Custodian, the Prime Execution Agent, the Transfer Agent, and the Trustee, in good faith and based on reasonable best efforts to ensure the information is accurate as of the date of this Prospectus, and Chapman and Cutler LLP has not independently verified such information.

**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 under the Trust Agreement. For example, except as required under applicable federal law or under the rules or regulations of an Exchange, Shareholders do not have any voting rights, take no part in the management or control, and have no voice in, the Trust's operations or business. The Trust may enact splits or reverse splits without Shareholder approval and the Trust is not required to pay regular distributions. The Trust will not have regular Shareholder meetings. The right to authorize actions, appoint service providers, or take other actions will not be held by Shareholders, as may be taken by shareholders of other trusts.

**An investment in the Trust may be adversely affected by competition from other investment vehicles focused on Crypto Assets.**

The Trust will compete with direct investments in Crypto Assets and other potential financial vehicles, possibly including securities backed by or linked to digital assets and other investment vehicles that focus on other digital assets. Market and financial conditions, and other conditions beyond the Trust's control, may make it more attractive to invest in other vehicles, which could adversely affect the performance of the Trust.

**Investors cannot be assured of the Sponsor's continued services, the discontinuance of which may be detrimental to the Trust.**

Investors cannot be assured that the Sponsor will be able to continue to service the Trust for any length of time. If the Sponsor discontinues its activities on behalf of the Trust, the Trust may be adversely affected, as there may be no entity servicing the Trust for a period of time. Such an event could result in termination of the Trust.

**The liability of the Sponsor and the Trustee is limited, and the value of the Shares will be adversely affected if the Trust is required to indemnify the Trustee or the Sponsor.**

Under the Trust Agreement, the Trustee, and the Sponsor are not liable, and have the right to be indemnified, for any liability or expense incurred absent gross negligence or willful misconduct on the part of the Trustee or the Sponsor or breach by the Sponsor of the Trust Agreement, as the case may be. As a result, the Sponsor may require the assets of the Trust to be sold in order to cover losses or liability suffered by it. Any sale of that kind would reduce the NAV of the Trust and the value of its Shares.

 **Shareholders' limited rights of legal recourse against the Trust, Sponsor, Administrator, Transfer Agent, Sub-Transfer Agent, Cash Custodian, Prime Execution Agent, and Custodian, and the Trust's lack of direct insurance protection expose the Trust and its Shareholders to the risk of loss of the Trust's Portfolio Crypto Assets for which no person is liable.** 

The Trust is not a banking institution and is not a member of the FDIC or Securities Investor Protection Corporation ("SIPC") and, therefore, investments in the Trust are not subject to the protections enjoyed by depositors with FDIC or SIPC member institutions. Likewise, the Custodian is not a depository institution and is not a member of the FDIC or SIPC and, therefore, the Trust's assets held with the Custodian are not subject to FDIC or SIPC insurance coverage. In addition, neither the Trust nor the Sponsor insure the Trust's Portfolio Crypto Assets. The Custodian's parent, Coinbase Global, Inc. ("Coinbase Global") maintains a commercial crime insurance policy of up to $320 million, which is intended to cover the loss of client assets held by Coinbase Global and all of its subsidiaries, including the Custodian and the Prime Execution Agent (collectively, Coinbase Global and its subsidiaries are referred to as the "Coinbase Insureds"), including 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 Global is shared among all of Coinbase's customers, is not specific to the Trust or to customers holding Portfolio Crypto Assets with the Custodian or Prime Execution Agent and may not be available or sufficient to protect the Trust from all possible losses or sources of losses. Coinbase Global's 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 Coinbase Insureds, which could reduce the amount of such proceeds that are available to the Trust. In addition, the Crypto Asset insurance market is limited, and the level of insurance maintained by Coinbase Global may be substantially lower than the assets of the Trust. While the Custodian maintains 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 Custodian will maintain capital reserves sufficient to cover actual or potential losses with respect to the Trust's digital assets.

Furthermore, under the Custodian Agreement, the Custodian's liability is limited as follows, among others: (i) other than with respect to claims and losses arising from spot trading of Portfolio Crypto Assets, or fraud or willful misconduct, the Mutually Capped Liabilities (defined below), the Custodian's aggregate liability under the Custodian Agreement shall not exceed the greater of (A) the greater of (x) $5 million and (y) the aggregate fees paid by the Trust to the Custodian in the 12 months prior to the event giving rise to the Custodian's liability, and (B) the value of the affected Portfolio Crypto Assets or cash giving rise to the Custodian's liability; (ii) in respect of the Custodian'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 Custodian's gross negligence, violation of its confidentiality, data protection and/or information security obligations, or violation of any law, rule, or regulation with respect to the provision of its services (the "Mutually Capped Liabilities"), the Custodian's liability shall not exceed the greater of (A) $5 million and (B) the aggregate fees paid by the Trust to the Custodian in the 12 months prior to the event giving rise to the Custodian's liability; and (iv) in respect of any incidental, indirect, special, punitive, consequential, or similar losses, the Custodian is not liable, even if the Custodian has been advised of or knew or should have known of the possibility thereof. In general, the Custodian is not liable under the Custodian Agreement unless in the event of its negligence, fraud, material violation of applicable law, or willful misconduct. The Custodian 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 Custodian. In the event of potential losses incurred by the Trust as a result of the Custodian losing control of the Trust's Portfolio Crypto Assets or failing to properly execute instructions on behalf of the Trust, the 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 Custodian directly caused such losses.

Similarly, under the Prime Execution Agreement, the Prime Execution Agent's liability is limited as follows, among others: (i) other than with respect to claims and losses arising from spot trading of Portfolio Crypto Assets, or fraud or willful misconduct, or the PB Mutually Capped Liabilities (defined below), the Prime Execution Agent'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 Execution Agent in the 12 months prior to the event giving rise to the Prime Execution Agent's liability, and (B) the value of the cash or affected Portfolio Crypto Assets giving rise to the Prime Execution Agent's liability; (ii) in respect of the Prime Execution Agent'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 Execution Agent's gross negligence, violation of its confidentiality, data protection and/or information security obligations, violation of any law, rule, or regulation with respect to the provision of its services, or the full amount of the Trust's assets lost due to the insolvency of or security event at a Connected Trading Venue (as defined below) (the "PB Mutually Capped Liabilities"), the Prime Execution Agent's liability shall not exceed the greater of (A) $5 million and (B) the aggregate fees paid by the Trust to the Prime Execution Agent in the 12 months prior to the event giving rise to the Prime Execution Agent's liability; and (iii) in respect of any incidental, indirect, special, punitive, consequential, or similar losses, the Prime Execution Agent is not liable, even if the Prime Execution Agent has been advised of or knew or should have known of the possibility thereof. In general, with limited exceptions (such as for failing to execute an order), the Prime Execution Agent is not liable under the Prime Execution Agreement unless in the event of its gross negligence, fraud, material violation of applicable law, or willful misconduct. The Prime Execution Agent 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 Execution Agent. These and the other limitations on the Prime Execution Agent'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 Execution Agent directly caused such losses. Both the Trust and the Prime Execution Agent and its affiliates (including the Custodian) are required to indemnify each other under certain circumstances.

Moreover, in the event of an insolvency or bankruptcy of the Prime Execution Agent (in the case of the Trading Balance) or the Custodian (in the case of the Custodial Account) 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 Custodian or Prime Execution Agent 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 Execution Agent (in the case of the Trading Balance) or the Custodian (in the case of the Custodial Account), 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.

The Custodian Agreement contains an agreement by the parties to treat the Portfolio Crypto Assets credited to the Custodial Account as financial assets under Article 8 of the New York Uniform Commercial Code ("Article 8"), in addition to stating that the Custodian will serve as fiduciary and custodian on the Trust's behalf. The Custodian's parent, Coinbase Global, Inc., has stated in its most recent public securities filings that in light of the inclusion in its custody agreements of provisions relating to Article 8 it believes that a court would not treat custodied digital assets as part of its general estate in the event the Custodian were to experience insolvency. However, 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 Custodian became subject to insolvency proceedings and a court were to rule that the custodied Portfolio Crypto Assets were part of the Custodian's general estate and not the property of the Trust, then the Trust would be treated as a general unsecured creditor in the Custodian's 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 Custodian, an automatic stay could go into effect and protracted litigation could be required in order to recover the assets held with the Custodian, all of which could significantly and negatively impact the Trust's operations and the value of the Shares.

With respect to the Prime Execution Agreement, there is a risk that the Trading Balance, in which the Trust's Portfolio Crypto Assets and cash is held in omnibus accounts by the Prime Execution Agent (in the latter case, as described below in "Loss of a critical banking relationship for, or the failure of a bank used by, the Prime Execution Agent could adversely impact the Trust's ability to create or redeem Baskets, or could cause losses to the Trust"), could be considered part of the Prime Execution Agent's bankruptcy estate in the event of the Prime Execution Agent's bankruptcy. The Prime Execution Agreement contains an Article 8 opt-in clause with respect to the Trust's assets held in the Trading Balance.

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

Under the Trust Agreement, the Sponsor will not be liable for any liability or expense incurred, including, without limitation, as a result of any loss of Portfolio Crypto Assets by the Custodian or Prime Execution Agent, absent gross negligence, bad faith, or willful misconduct on the part of the Sponsor. As a result, the recourse of the Trust or the Shareholders to the Sponsor, including in the event of a loss of Portfolio Crypto Assets by the Custodian or Prime Execution Agent, is limited.

The Shareholders' recourse against the Sponsor and the Trust's other service providers for the services they provide to the Trust, including, without limitation, those relating to the holding of Portfolio Crypto Assets or the provision of instructions relating to the movement of Portfolio Crypto Assets, is limited. For the avoidance of doubt, neither the Sponsor, the Trustee, 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 Custodian and Prime Execution Agent. The Prime Execution Agreement and Custodian Agreement provide that neither the Sponsor nor its affiliates shall have any obligation of any kind or nature whatsoever, by guaranty, enforcement, or otherwise, with respect to the performance of any the Trust's obligations, agreements, representations, or warranties under the Prime Execution Agreement or Custodian Agreement or any transaction thereunder. Consequently, a loss may be suffered with respect to the Trust's Portfolio Crypto Assets that is not covered by Coinbase Global's 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.

**During the rare and limited circumstances when the Trust utilizes the Agent Execution Model, it may utilize Trade Credits. If the Trade Credits are not available or become exhausted, the Trust may face delays in buying or selling Portfolio Crypto Assets that may adversely impact Shareholders; if the Trust does not repay the Trade Credits on time, its assets may be liquidated by the Trade Credit Lender and its affiliates.**

During the rare and limited circumstances when the Trust utilizes the Agent Execution Model, it may utilize Trade Credits (defined below). To avoid having to pre-fund purchases or sales of Portfolio Crypto Assets, the Trust may borrow Portfolio Crypto Assets or cash as trade credit ("Trade Credit") from Coinbase Credit, Inc. (the "Trade Credit Lender") on a short-term basis pursuant to the Coinbase Credit Committed Trade Financing Agreement (the "Trade Financing Agreement"). The Trade Credit Lender is only required to extend Trade Credits to the Trust to the extent such Portfolio Crypto Assets or cash is actually available to the Trade Credit Lender. To the extent that Trade Credits are not available or become exhausted, (1) there may be delays in the buying and selling of Portfolio Crypto Assets related to cash creations and redemptions or the selling of Portfolio Crypto Assets related to paying Trust expenses not assumed by the Sponsor, to the extent applicable, (2) Trust assets may be in held the Trading Balance for a longer duration than if Trade Credits were available, and (3) the execution price associated with such trades may deviate significantly from the price used to determine the net asset value of the Trust. To the extent that the execution price for purchases and sales of Portfolio Crypto Assets deviate significantly from the price used to determine the Trust's NAV, Shareholders may be negatively impacted because the added costs of such price deviations would be incurred by the Authorized Participants and may be passed onto the Shareholders in the secondary market.

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***To the extent the Trust utilizes Trade Credits when using the Agent Execution Model, such Trade Credits are secured by the Trust's assets, including any cash and Portfolio Crypto Assets held in the Trading Balance with the Prime Execution Agent and the Custodial Account held with the Custodian, and such assets may be liquidated by the Trade Credit Lender to repay Trade Credit debt owed by the Trust in the event the Trust fails to repay the Trade Credit debt.***

During the rare and limited circumstances when the Trust utilizes the Agent Execution Model, it may utilize Trade Credits. The Trust generally must repay Trade Credits by 6:00 p.m. ET on the calendar day immediately following the day the Trade Credit was extended by the Trade Credit Lender to the Trust (or, if such day is not a business day, on the next business day). Pursuant to the Trade Financing Agreement, the Trust has granted a security interest, lien on, and right of set off against all of the Trust's right, title, and interest, in the Trust's Trading Balance and Custodial Account established pursuant to the Prime Execution Agreement and Custodian Agreement, in order to secure the repayment by the Trust of the Trade Credits and financing fees to the Trade Credit Lender. Upon a Termination for Cause, as defined in the Prime Execution Agreement, which includes a failure by the Trust to pay and settle in full its obligations to the Trade Credit Lender in respect of the financing it provides to the Trust in the form of Trade Credits, the Custodian and the Prime Execution Agent have agreed to comply with instructions from the Trade Credit Lender with respect to the disposition of the assets in the Custodial Account and Trading Balance respectively without further consent by the Trust. If the Trust fails to repay the Trade Credits to the Trade Credit Lender on time and in full, the Trade Credit Lender can take control of the Trust's assets and liquidate them to repay the Trade Credit debt owed by the Trust to the Trade Credit Lender.

**Loss of a critical banking relationship for, or the failure of a bank used by, the Prime Execution Agent could adversely impact the Trust's ability to create or redeem Baskets, or could cause losses to the Trust, in the limited circumstances when the Trust utilizes the Agent Execution Model.**

The Prime Execution Agent relies on bank accounts to provide its trading platform services and including temporarily holding any cash related to a customer's purchase or sale of Portfolio Crypto Assets. In particular, the Prime Execution Agent has disclosed that customer cash held by the Prime Execution Agent, including the cash associated with the Trust's Trading Balance, is held in one or more banks' accounts for the benefit of the Prime Execution Agent's customers, or in money market funds in compliance with Rule 2a-7 under the Investment Company Act and rated "AAA" by S&P (or the equivalent from any eligible rating service), provided that such investments are held in accounts in Coinbase's name for the benefit of customers and are permitted and held in accordance with state money transmitter laws ("Money Market Funds"). The Prime Execution Agent has represented to the Sponsor that it has implemented the following policy with respect to the cash associated with the Trust's Trading Balance. First, any cash related to the Trust's purchase or sale of Portfolio Crypto Assets will be held in an omnibus account in the Prime Execution Agent's name for the benefit of ("FBO") its customers at each of multiple FDIC-insured banks (an "FBO Account"), or in a Money Market Fund. The amount of Trust cash held at each FBO Account shall be in an amount at each bank that is the lower of (i) the FDIC insurance limit for deposit insurance and (ii) any bank-specific limit set by the Prime Execution Agent for the applicable bank. Deposit insurance does not apply to cash held in a Money Market Fund. The Prime Execution Agent has agreed to title the accounts in a manner designed to enable receipt of FDIC deposit insurance where applicable on a pass-through basis, but does not guarantee that pass-through insurance will apply since such insurance is dependent on the compliance of the bank. Second, to the extent the Trust's cash in the Trading Balance in aggregate exceeds the amounts that can be maintained at the banks on the foregoing basis, the Prime Execution Agent has represented that it currently conducts an overnight sweep of the excess into U.S. government money market funds. The Sponsor has not independently verified the Prime Execution Agent's representations. To the extent that the Prime Execution Agent faces difficulty establishing or maintaining banking relationships, the loss of the Prime Execution Agent's banking partners or the imposition of operational restrictions by these banking partners and the inability for the Prime Execution Agent to utilize other financial institutions may result in a disruption of creation and redemption activity of the Trust, or cause other operational disruptions or adverse effects for the Trust. In the future, it is possible that the Prime Execution Agent could be unable to establish accounts at new banking partners or establish new banking relationships, or that the banks with which the Prime Execution Agent 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 Prime Execution Agent holds customer cash, including the cash associated with the Trust's Trading Balance (which is used by the Prime Execution Agent to move cash flows associated with the Trust's orders to sell Portfolio Crypto Assets in connection with payment of Trust expenses not assumed by the Sponsor), 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 Department of the Treasury, 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 California Department of Financial Protection and Innovation, which appointed the FDIC as receiver. 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.

The Prime Execution Agent has historically maintained banking relationships with Silvergate Bank and Signature Bank. While the Sponsor does not believe there is a direct risk to the Trust's assets from the failures of Silvergate Bank or Signature Bank, in the future, changing circumstances and market conditions, some of which may be beyond the Trust's or the Sponsor's control, could impair the Trust's ability to access the Trust's cash held with the Prime Execution Agent in the Trust's Trading Balance or associated with the Trust's orders to sell Portfolio Crypto Assets in connection with payment of Trust expenses not assumed by the Sponsor. If the Prime Execution Agent were to experience financial distress or its financial condition is otherwise affected by the failure of its banking partners, the Prime Execution Agent's ability to provide services to the Trust could be affected. Moreover, the future failure of a bank at which the Prime Execution Agent maintains customer cash, in the Trust's Trading Balance associated with the Trust's orders to sell Portfolio Crypto Assets in connection with payment of Trust expenses not assumed by the Sponsor, 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 Execution Agent is subject or other potential protections. Although the Prime Execution Agent has made certain representations to the Sponsor regarding the Prime Execution Agent's maintenance of records in a manner reasonably designed to qualify for FDIC insurance on a pass-through basis in connection with the accounts in which the Prime Execution Agent maintains cash on behalf of its customers (including the Trust), there can be no assurance that such pass-through insurance will ultimately be made available. In addition, the Trust may maintain cash balances with the Prime Execution Agent that are not insured or are in excess of the FDIC's insurance limits or which are maintained by the Prime Execution Agent at Money Market Funds and subject to the attendant risks (*e.g.*, "breaking the buck"). As a result, the Trust could suffer losses.

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

In connection with trading services under the Prime Execution Agreement, the Prime Execution Agent routinely routes customer orders to Connected Trading Venues, which are third-party platforms or other trading venues (including the trading venue operated by the Prime Execution Agent). In connection with these activities, the Prime Execution Agent may hold Portfolio Crypto Assets with such Connected Trading Venues in order to effect customer orders, including the Trust's orders. However, the Prime Execution Agent has represented to the Sponsor that no customer cash is held at Connected Trading Venues. If the Prime Execution Agent were to experience a disruption in the Prime Execution Agent's access to these Connected Trading Venues, the Prime Execution Agent's trading services under the Prime Execution Agreement could be adversely affected to the extent that the Prime Execution Agent is limited in its ability to execute order flow for its customers, including the Trust. In addition, while the Prime Execution Agent has policies and procedures to help mitigate the Prime Execution Agent'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 Execution Agent might not be able to fully recover the customer's Portfolio Crypto Assets that the Prime Execution Agent has deposited with these third parties. As a result, the Prime Execution Agent'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 Execution Agreement, and the Trust could suffer resulting losses or disruptions to its operations. The failure of a Connected Trading Venue at which the Prime Execution Agent maintains customer Crypto Assets, including Crypto Assets associated with the Trust, could result in losses to the Trust, notwithstanding the regulatory requirements to which the Prime Execution Agent is subject or other potential protections.

**A loss of confidence or breach of the Custodian may adversely affect the Trust and the value of an investment in the Shares.**

Custody and security services for the Trust's Portfolio Crypto Assets are provided by Coinbase Custody, although the Trust may retain one or more additional custodians at a later date. Portfolio Crypto Assets held by the Trust may be custodied or secured in different ways (for example, a portion of the Trust's Portfolio Crypto Assets holdings may be custodied by Coinbase Custody 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 Sponsor will decide the appropriate custody and arrangements based on, among other factors, the availability of experienced custodians and the Trust's ability to securely safeguard the Portfolio Crypto Assets.

**If the Custodian Agreement or Prime Execution Agreement is terminated or the Custodian or Prime Execution Agent fails to provide services as required, the Sponsor may need to find and appoint a replacement custodian or prime broker, which could pose a challenge to the safekeeping of the Trust's Portfolio Crypto Assets, and the Trust's ability to continue to operate may be adversely affected.**

The Trust is dependent on the Custodian, which is Coinbase Custody, and to a lesser extent, the Prime Execution Agent, Coinbase, Inc., to operate. Coinbase Custody performs essential functions in terms of safekeeping the Trust's Portfolio Crypto Assets in the Custodial Account, and its affiliate, Coinbase, Inc., in its capacity as Prime Execution Agent under the Agent Execution Model. If Coinbase Custody 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.

Alternatively, the Trustee could decide to replace Coinbase Custody as the Custodian with custody of the Trust's Portfolio Crypto Assets, pursuant to the Custodian Agreement. Similarly, Coinbase Custody or Coinbase, Inc. could terminate services under the Custodian Agreement or the Coinbase Prime Broker Agreement (the "Prime Execution Agreement") respectively upon providing the applicable notice to the Trust for any reason, or immediately for Cause (a "Termination for Cause" is defined in the Custodian Agreement as (i) the Trust materially breaching any provision of the Custodian Agreement; (ii) the Trust becomes bankrupt or insolvent; or (iii) the Trust fails to pay and settle in full its obligations to Coinbase Custody's affiliate, the Trade Credit Lender (as defined below), which may, from time to time, provide financing to the Trust in the form of Trade Credits). Transferring maintenance responsibilities of the Custodial Account at the Custodian to another custodian will likely be complex and could subject the Trust's Portfolio Crypto Assets 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 Execution Agent, Coinbase, Inc. does not guarantee uninterrupted access to the Trading Platform or the services it provides to the Trust as Prime Execution Agent. 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 (as defined below) 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 Coinbase Custody 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 Sponsor may not be able to find a party willing to serve as the custodian of the Trust's Portfolio Crypto Assets or as the Trust's prime execution agent under the same terms as the current Custodian Agreement or Prime Execution Agreement or at all. To the extent that Trustee is not able to find a suitable party willing to serve as the custodian or prime execution agent, the Trustee may be required to terminate the Trust and liquidate the Trust's Portfolio Crypto Assets. In addition, to the extent that the Trustee finds a suitable party but must enter into a modified Custodian Agreement or Prime Execution Agreement that is less favorable for the Trust, the value of the Shares could be adversely affected. If the Trust is unable to find a replacement prime execution agent, its operations could be adversely affected.

 **Coinbase Custody serves as the Custodian and Coinbase, Inc. serves as the prime broker for several competing exchange-traded Crypto Asset products, which could adversely affect the Trust's operations and ultimately the value of the Shares.** 

The Custodian and Prime Execution Agent are both affiliates of Coinbase Global. As of the date hereof, Coinbase Global is the largest publicly traded Crypto Asset company in the world by market capitalization and is also the largest Crypto Asset custodian in the world by assets under custody. By virtue of its leading market position and capabilities, and the relatively limited number of institutionally capable providers of Crypto Asset brokerage and custody services, Coinbase Custody serves as the Custodian and Coinbase, Inc. serves as prime broker for several competing exchange-traded Crypto Asset products. Therefore, Coinbase Global has a critical role in supporting the U.S. spot Crypto Asset exchange-traded product ecosystem, and its size and market share creates the risk that Coinbase Global may fail to properly resource its operations to adequately support all such products that use its services that could harm the Trust, the Shareholders and the value of the Shares. If the Trust needed to utilize the Agent Execution Model to buy or sell Portfolio Crypto Assets because no Trading Counterparties were willing or able to effectuate the Trust's transactions, and the Prime Execution Agent were to favor the interests of certain products over others, it could result in inadequate attention or comparatively unfavorable commercial terms to less favored products, which could adversely affect the Trust's operations and ultimately the value of the Shares.

**The Sponsor may need to find and appoint a replacement Custodian or Cash Custodian quickly, which could pose a challenge to the safekeeping of the Trust's Portfolio Crypto Assets and cash.**

The Sponsor may need to replace Coinbase Custody as the Custodian of the Trust's Portfolio Crypto Assets or BNY Mellon as the cash custodian of the Trust's cash and cash equivalents as a result of the insolvency, business failure or interruption, default, failure to perform, security breach, or other problems. Transferring maintenance responsibilities of the Trust's accounts with the Custodian and/or Cash Custodian to another party will likely be complex and could subject the Trust's Portfolio Crypto Assets 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 Sponsor may not be able to find a party willing to serve as the Custodian or Cash Custodian under the same terms as the current Custodian Agreement or Cash Custody Agreement, respectively. To the extent that Sponsor is not able to find a suitable party willing to serve as the Custodian or Cash Custodian, as applicable, the Sponsor may be required to terminate the Trust and liquidate the Trust's Portfolio Crypto Assets. In addition, to the extent that the Sponsor finds a suitable party but must enter into modified custodial services agreements that cost more, the value of the Shares could be adversely affected.

**The Custodian could become insolvent.**

The Trust's assets will be held in one or more accounts maintained for the Trust by the Custodian and Cash Custodian. The Custodian is not a depository institution as it not insured by the FDIC. The insolvency of the Custodian or of any broker, custodian bank, or clearing corporation used by the Custodian, 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 Coinbase Custody.

**Portfolio Crypto Assets held by the Trust are not subject to FDIC or SIPC protections.**

The Trust is not a banking institution or otherwise a member of the FDIC or 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. The undivided interests in the Trust's Portfolio Crypto Assets represented by the Shares in the Trust are not insured.

**Third parties may infringe upon or otherwise violate intellectual property rights or assert that the Sponsor has infringed or otherwise violated their intellectual property rights, which may result in significant costs and diverted attention.**

It is possible that third parties might utilize the Trust's intellectual property or technology, including the use of its business methods and trademarks, without permission. However, the Trust may not have adequate resources to implement procedures for monitoring unauthorized uses of their trademarks, proprietary software, and other technology. Also, third parties may independently develop business methods, trademarks, or proprietary software and other technology similar to that of the Trust or claim that the Trust has violated their intellectual property rights, including their copyrights, trademark rights, trade names, trade secrets, and patent rights. As a result, the Trust may have to litigate in the future to protect its trade secrets, determine the validity and scope of other parties' proprietary rights, defend itself against claims that it has infringed or otherwise violated other parties' rights, or defend itself against claims that its rights are invalid. Any litigation of this type, even if the Trust is successful and regardless of the merits, may result in significant costs, divert its resources from the Trust, or require it to change its proprietary software and other technology or enter into royalty or licensing agreements.

 **Due to the increased use of technologies, intentional and unintentional cyberattacks pose operational and information security risks.** 

With the increased use of technologies such as the internet and the dependence on computer systems to perform necessary business functions, the Trust is susceptible to operational and information security risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyberattacks include, but are not limited to, gaining unauthorized access to digital systems for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyberattacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites. Cybersecurity failures or breaches of one or more of the Trust's third-party service providers (including, but not limited to, the Administrator, Transfer Agent, the Sub-Transfer Agent, the Sponsor, the Custodian, and the Cash Custodian) have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of the Shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs.

In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. The Trust and its Shareholders could be negatively impacted as a result. While the Trust has established business continuity plans, there are inherent limitations in such plans.

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***The Tax Treatment of Crypto Assets is Developing***

Crypto Assets in respect of which futures are treaded on a commodity exchange are treated as commodities under general tax authorities. However, no specific guidance has been promulgated as to whether Crypto Assets are commodities for the purposes of I.R.C. § 7704. If a court would determine that Crypto Assests are not commodities for the purposes of I.R.C. § 7704, the Trust would not qualify for certain exceptions to rules which generally treat publicly traded partnerships as corporations. Treatment as a corporation would affect the investment return of Shareholders.

 ****

***The Developing Treatment of Crypto Assests In Other Areas May Afftect the Tax Treatment of the Trust.***

The treatment of Crypto Assets under the Investment Company Act of 1940 has been developing. If the SEC were to determine that the assets of the Trust required registration of the Trust under the Investment Company Act of 1940, an ambiguity would be created as to the tax classification of the Trust. The exceptions that the Trust is relying upon to claim partnership treatment are generally not available if the Trust were registered under the Investment Company Act of 1940. The Code provides that the preceding sentence would not apply to the extent provided in regulations (assuming the Crypto Assets are treated as commodities). No such regulations have been promulgated. Treatment as a corporation would affect the investment return of Shareholders.

**THE TRUST'S Invesment Program**

**Investment Objective and Strategy**

The Trust's principal investment objective is to invest in a Portfolio of Portfolio Crypto Assets that tracks the Index as closely as possible with certain exceptions determined by the Sponsor in its sole discretion. In seeking to achieve its investment objective, the Trust holds Portfolio Crypto Assets and accrues the Sponsor's management fee (the "Management Fee") in U.S. dollars. The Trust rebalances monthly alongside the rebalance of the Index to stay current with changes. The Sponsor strives to minimize tracking error (*e.g*., divergence between the performance of the Trust and the Index) by managing costs and price slippage during trade execution, and holding the assets in the Index.

The Trust is passively managed and does not pursue active management investment strategies, and the Sponsor does not actively manage the Portfolio Crypto Assets held by the Trust. This means that the Sponsor does not sell Portfolio Crypto Assets at times when its price is high or acquire Portfolio Crypto Assets at low prices in the expectation of future price increases. It also means that the Sponsor does not make use of any of the hedging techniques available to professional Crypto Asset investors to attempt to reduce the risks of losses resulting from price decreases. The Trust will not utilize leverage or any similar arrangements in seeking to meet its investment objective.

Although the Shares are not the exact equivalent of a direct investment in the Portfolio Crypto Assets, they provide investors with an alternative that constitutes a relatively cost-effective way to obtain Portfolio Crypto Assets exposure through the securities market.

**Purchase and Sale of Crypto Assets**

Because the Trust conducts creations and redemptions of Shares for cash, it is responsible for purchasing and selling Portfolio Crypto Assets in connection with those creation and redemption orders. The Trust may also be required to sell Portfolio Crypto Assets to pay certain extraordinary, non-recurring expenses that are not assumed by the Sponsor.

When choosing between potential counterparties, the Sponsor may consider factors other than simply the most favorable price. However, the most favorable price is the predominant factor in determining the counterparty with which the Sponsor effectuates the contemplated transaction. Other factors that the Sponsor may consider include the size of the proposed order, as well as a counterparty's execution capabilities, reliability and responsiveness.

The Trust's purchase and sale of Portfolio Crypto Assets may be conducted pursuant to two models: (i) the "Trust-Directed Trade Model"; or the (ii) "Agent Execution Model." The Trust intends to utilize the Trust-Directed Trade Model for all purchases and sales of Portfolio Crypto Assets and will only utilize the Agent Execution Model in the event that no Trading Counterparty is able or willing to effectuate the Trust's purchase or sale of Portfolio Crypto Assets.

Whether utilizing either the Trust-Directed Trade Model or the Agent Execution Model, the Authorized Participants will deliver only cash to create Shares and will receive only cash when redeeming Shares. Further, Authorized Participants will not directly or indirectly purchase, hold, deliver, or receive Portfolio Crypto Assets as part of the creation or redemption process or otherwise direct the Trust or a third party with respect to purchasing, holding, delivering, or receiving Portfolio Crypto Assets as part of the creation or redemption process. Additionally, under both the Trust-Directed Trade Model or the Agent Execution Model, the Trust will create Shares by receiving Portfolio Crypto Assets from a third party that is not the Authorized Participant, and the Sponsor, on behalf of the Trust—not the Authorized Participant—is responsible for selecting the third party to deliver the Portfolio Crypto Assets. Further, the third party will not be acting as an agent of the Authorized Participant with respect to the delivery of the Portfolio Crypto Assets to the Trust or acting at the direction of the Authorized Participant with respect to the delivery of the Portfolio Crypto Assets to the Trust. Additionally, the Trust will redeem Shares by delivering Portfolio Crypto Assets to a third party that is not the Authorized Participant and the Sponsor, on behalf of the Trust—not the Authorized Participant—is responsible for selecting the third party to receive the Portfolio Crypto Assets. Further, the third party will not be acting as an agent of the Authorized Participant with respect to the receipt of the Portfolio Crypto Assets from the Trust or acting at the direction of the Authorized Participant with respect to the receipt of the Portfolio Crypto Assets from the Trust.

Trust-Directed Trade Model

Under the Trust-Directed Trade Model, the Sponsor, on behalf of the Trust, is responsible for acquiring Portfolio Crypto Assets from a Trading Counterparty that has been approved by the Sponsor (each, a "Trading Counterparty"). The Sponsor has entered into contractual agreements with the Trading Counterparties, and these agreements set forth the general parameters under which transactions in Portfolio Crypto Assets will be effectuated, should any transaction with a Trading Counterparty occur. Such agreements have an indefinite term and may be terminated at will by either party. Such agreements also provide that the Trust and the Sponsor will indemnify the Trust Trading Counterparty and its affiliates against all losses, liabilities, judgments, proceedings, claims, damages, and costs (including attorneys' fees) resulting from any third-party action related to: (i) the Trust's breach of the terms of the applicable agreement, (ii) the Trust's violation of any applicable law, rule, or regulation, (iii) the Trading Counterparty's reliance on any instruction (in whatever form delivered) which it reasonably believed to have been given by the Trust, or (iv) other acts or omissions in connection with the execution of Crypto Asset transactions. While it is expected and intended that the Trading Counterparties are unaffiliated third-parties it is possible that a Trading Counterparty may on any given day be or become considered an affiliate of the Trust if it acquired Shares in an amount that would cause it to become considered an affiliate of the Trust, as the Shares are publicly traded. Trading Counterparties are not required to have a custody account with the Custodian. Upon notification that the Trust needs to purchase or sell Portfolio Crypto Assets, the Sponsor will obtain indicative prices from multiple Trading Counterparties at which they would be willing to execute the contemplated transaction. The Sponsor then determines the Trading Counterparty with which it wishes to transact and records the rationale for that determination. Once agreed upon, the transaction will generally occur on an "over-the-counter" basis. Transfers of Portfolio Crypto Assets to and from the Custodial Account to the Trading Counterparty are "on-chain" transactions represented on the respective Crypto Asset's blockchain. Transfer fees with respect to this on-chain transfer of Portfolio Crypto Assets will be paid by the Custodian.

The Sponsor maintains a process for approving and monitoring Trading Counterparties, which is overseen by the Bitwise Portfolio Oversight Committee, which is responsible for investment activities and related risk, as well as counterparty risk. All Trading Counterparties must be approved by the Bitwise Portfolio Oversight Committee before the Sponsor, on behalf of the Trust, will engage in transactions with the entity. The Bitwise Portfolio Oversight Committee continuously reviews all approved Trading Counterparties at its quarterly meetings and will reject the approval of any previously approved Trading Counterparty if new information arises regarding the entity that puts the appropriateness of that entity as an approved Trading Counterparty in doubt. In considering which Trading Counterparties to approve, the Bitwise Portfolio Oversight Committee has instituted rigorous policies and procedures that include, but are not limited to, (i) a review of all sanctioned entities, including but not limited to, the various categories of sanctioned persons and entities identified by the Office of Foreign Assets Control; (ii) a review of all publicly available information regarding the entity, including a review of all information that has been filed pursuant to the requirements of U.S. or non-U.S. regulators, with a particular emphasis on the identity of the entity's owners, disclosure events and reports of disciplinary action; and (iii) a review of the entity's policies and procedures regarding various topics, including, but not limited to, anti-money laundering and "know-your-customer" requirements, trade surveillance, auditing and testing, and cybersecurity capabilities.

[ ] have been approved as Trading Counterparties.

Agent Execution Model

In the event that every Trading Counterparty is either unable or unwilling to effectuate the Trust's purchase or sale of Portfolio Crypto Assets, the Sponsor, on behalf of the Trust, may execute the trade using the Agent Execution Model.

Under the Agent Execution Model, the Prime Execution Agent, an affiliate of the Custodian, acting in an agency capacity, conducts Portfolio Crypto Assets purchases and sales on behalf of the Trust with third parties through its Coinbase Prime service pursuant to the Prime Execution Agreement. To avoid having to pre-fund purchases or sales of Portfolio Crypto Assets, the Trust may borrow Portfolio Crypto Assets or cash as Trade Credit from the Trade Credit Lender on a short-term basis pursuant to the Trade Financing Agreement. As the Trust intends to conduct nearly all purchases and sales of Portfolio Crypto Assets pursuant to the Trust-Directed Trade Model, under normal conditions, it expects to keep very little or no Portfolio Crypto Assets in the Trading Balance with the Prime Execution Agent.

In the case of a purchase of Portfolio Crypto Assets, the extension of Trade Credits allows the Trust to purchase Portfolio Crypto Assets through the Prime Execution Agent on the date the Trust wishes to effectuate the transaction (for instance, on the evening of day when an order to create Shares is received), with such Portfolio Crypto Assets being deposited in the Trust's Trading Balance. On the day following a trade when Trade Credits have been utilized, the Trust uses cash (for instance, from the Authorized Participant who submitted the creation order) to repay the Trade Credits borrowed from the Trade Credit Lender. The Portfolio Crypto Assets purchased by the Trust is then swept from the Trust's Trading Balance with the Prime Execution Agent to the Custodial Account with the Custodian pursuant to a regular end-of-day sweep process. Transfers of Portfolio Crypto Assets into the Trust's Trading Balance are off-chain transactions and transfers from the Trust's Trading Balance to the Custodial Account are "on-chain" transactions represented on the respective Crypto Asset's blockchain. Any financing fee owed to the Trade Credit Lender is deemed part of trade execution costs and embedded in the trade price for each transaction.

In the case of a sale of Portfolio Crypto Assets, the Trust enters into a transaction to sell Portfolio Crypto Assets through the Prime Execution Agent for cash. The Trust's Trading Balance with the Prime Execution Agent may not be funded with Portfolio Crypto Assets on the date the Trust wishes to effectuate the transaction (for instance, on the evening a day when an order to redeem Shares is received) because the Portfolio Crypto Assets remains in the Custodial Account with the Custodian. In those circumstances, the Trust may borrow Trade Credits in the form of Portfolio Crypto Assets from the Trade Credit Lender, which allows the Trust to sell Portfolio Crypto Assets through the Prime Execution Agent at the desired time, and the cash proceeds are deposited in the Trust's Trading Balance with the Prime Execution Agent. On the business day following the trade, the Trust will use the Portfolio Crypto Assets that is moved from the Custodial Account with the Custodian to the Trading Balance with the Prime Execution Agent to repay the Trade Credits borrowed from the Trade Credit Lender. Transfers of Portfolio Crypto Assets from the Custodial Account to the Trust's Trading Balance are "on-chain" transactions represented on the respective Crypto Asset's blockchain. Any financing fee owed to the Trade Credit Lender is deemed part of trade execution costs and embedded in the trade price for each transaction.

**Additional Information About The trust**

**The Trust**

The Trust is a Delaware Statutory Trust that commenced operations on November 22, 2017. The Trust's name was changed from "Bitwise Hold 10 Private Index Fund, LLC" on September 24, 2018, and changed again from "Bitwise 10 Private Index Fund, LLC" on May 1, 2020 when it was also simultaneously converted from a Delaware Limited Liability Company to a Delaware Statutory Trust. On September [ ], 2025, the Trust again changed its name to "Bitwise 10 Crypto Index ETF" in connection with its conversion to an exchange-traded product. Bitwise Investment Advisers, LLC, is the sponsor of the Trust. Bitwise Asset Management, Inc, an affiliate of the Sponsor, served as the Manager before the Trust's conversion to a Delaware Statutory Trust. CSC Delaware Trust Company is the Trustee of the Trust, BNY Mellon is the Transfer Agent of the Trust and Equiniti Trust Company, LLC, formerly American Stock Transfer & Trust Company is the Sub-Transfer Agent of the Trust.

On December 9, 2020, the Trust received notice that its Shares were qualified for public trading on the OTCQX U.S. Marketplace of the OTC Markets Group, Inc. ("OTCQX"). The Sponsor expects to terminate such quotation on or about the date of the commencement of this offering. The Trust's trading symbol on OTCQX was "BITW" and the CUSIP number for its Shares is 091749101.

The Sponsor is a limited liability company formed in the state of Delaware on June 4, 2018. Under the Trust Agreement, Shareholders have limited voting rights, and the Trust will not hold regular Shareholder meetings. This grants almost all control to the Sponsor and the Trustee. Shareholders cannot authorize actions, appoint service providers, or take other actions as might be taken by shareholders of other trusts or companies where shares carry such rights. The Sponsor may take actions in the operation of the Trust that could be adverse to the interests of Shareholders and may negatively affect the value of the Shares.

The Trust is passively managed and does not pursue active management investment strategies. Additionally, the Sponsor does not actively manage the Portfolio Crypto Assets held by the Trust. This means that the Sponsor does not sell Portfolio Crypto Assets at times when its price is high or acquire Portfolio Crypto Assets at low prices in the expectation of future price increases. It also means that the Sponsor does not make use of any of the hedging techniques available to professional Crypto Asset investors to attempt to reduce the risks of losses resulting from price decreases. The Trust will only sell Portfolio Crypto Assets (1) to pay the Management Fee, (2) in connection with the redemption of Baskets for cash, (3) on an as-needed basis to pay Trust expenses not assumed by the Sponsor, (4) in the event the Trust terminates and liquidates its assets, or (5) as otherwise required by law or regulation. The delivery or sale of Portfolio Crypto Assets to pay fees and expenses by the Trust is a taxable event to Shareholders. See "United States Federal Income Tax Consequences."

The Trust is not registered as an investment company under the Investment Company Act, and the Sponsor believes the Trust is not required to register under such act. The Trust does not hold or trade in commodity futures contracts, "commodity interests" or any other instruments regulated by the Commodity Exchange Act, as administered by the CFTC or National Futures Association. The Sponsor believes that the Trust is not a commodity pool for purposes of the Commodity Exchange Act, and that neither the Sponsor nor the Trustee are subject to regulation as a commodity pool operator or a commodity trading adviser in connection with the operation of the Trust.

The number of outstanding Shares is expected to increase and decrease from time to time as a result of the purchase and redemption of Baskets.

The Trust has no fixed termination date.

**The Trust's Fees and Expenses**

In consideration for the management services to be provided to the Trust, the Sponsor will receive from the Trust a management fee (the "Management Fee") equal to 2.5% per annum of the net asset value of the Trust Estate. The "Trust Estate" means (i) all the Portfolio Crypto Assets and securities owned by or on behalf of the Trust, (ii) all other property and investments of any and all kinds held by the Trust, (iii) all proceeds from the sale of Portfolio Crypto Assets, securities, and any other property or investments held by the Trust pending use of such cash for payment of Trust Expenses or distribution to the Shareholders, and (iv) any rights of the Trust pursuant to any agreements, other than the Trust Agreement, to which the Trust is a party. Except during periods during which all or a portion of the Management Fee is being waived, the Management Fee will accrue daily and will be payable in cash or in Crypto Assets monthly. The Administrator calculates the Management Fee on a daily basis by applying a 2.5% annualized rate to the Trust Estate pursuant to the Trust's valuation procedures. The amount of cash or Crypto Assets payable in respect of each daily accrual shall be determined by reference to the Trust's valuation procedures.

The NAV of the Trust is reduced each day by the amount of the Management Fee calculated each day. On or about the last day of each month, either 1) an amount of crypto assets is transferred from the Custodial Account to the Sponsor's account equal to the sum of all daily Management Fees accrued for the month in U.S. dollars divided by the 4:00 p.m. ET valuation of the Trust Estate on the last day of the month or 2) the sum of the daily management fee accrual for the month will be paid to the Sponsor in cash. The Sponsor is responsible for paying any fees or costs associated with the transfer of Crypto Assets or cash to the Sponsor. The Sponsor, from time to time, may temporarily waive all or a portion of the Management Fee in its sole discretion. To the extent not already disclosed in the prospectus, the Sponsor may notify Shareholders of its intent to commence, or cease, waiving the Management Fee on the Trust's website, in a prospectus supplement, through a current report on Form 8-K and/or in the Trust's annual or quarterly reports.

The Sponsor is responsible for paying for all ordinary administrative and overhead expenses of managing the Trust, including payment of rent, custody charges or flat rate fees for holding the Trust's assets charged by the Custodian and customary fees and expenses of the Trustee, Administrator, and Auditor (including costs incurred for appraisal or valuation expenses associated with the preparation of the Trust's financial statements, tax returns, and other similar reports and excluding indemnification and extraordinary costs). The Sponsor also pays for all expenses associated with the operation of the Trust, including for example, fees associated with listing of the Shares on the NYSE Arca, registration with the SEC, and fees associated with retaining and maintaining the Transfer Agent. "Trading commissions" or trading fees paid to trading venues (also known as exchanges) or intermediaries (such as trading technology or Crypto Asset brokerage firms) that assist in trade execution for accessing Crypto Asset liquidity are charged to the Trust (and are not assumed by the Sponsor) and may either be included in the cost of the Crypto Assets acquired by or disposed of by the Trust or may appear as explicit costs in addition to the price of the Crypto Asset. Trading fees and commissions are charged to the Trust and may appear in the financial statements as "Transaction and other fees" in the Financial Statements' Statement of Operations in the Expenses category or may be included in the cost of the Crypto Assets acquired by the Trust.

There is no ceiling to the Trust's expenses that the Sponsor will pay. However, the Sponsor retains the right to cause the Trust to pay indemnification and Extraordinary Expenses, and these Trust expenses are not covered by the Management Fee. The Trust may incur certain Extraordinary Expenses including, but not limited to, any non-customary costs and expenses including indemnification and extraordinary costs of the Administrator and Auditor, costs of any litigation or investigation involving Trust activities, any financial distress, restructuring, and indemnification expenses.

The Sponsor, from time to time, may temporarily waive all or a portion of the Management Fee in its sole discretion. To the extent not already disclosed in the prospectus, the Sponsor may notify Shareholders of its intent to commence, or cease, waiving the Management Fee on the Trust's website, in a prospectus supplement, through a current report on Form 8-K, and/or in the Trust's annual or quarterly reports.

In addition, the Sponsor may, in its sole discretion, agree to rebate all or a portion of the Management Fee attributable to Shares held by certain institutional investors or entities. Any such rebate will be subject to negotiation and written agreement between the Sponsor and the investor/entity on a case-by-case basis. The Sponsor is under no obligation to provide any rebates of the Management Fee. Neither the Trust nor the Trustee will be a party to any Management Fee rebate arrangements negotiated by the Sponsor.

The Administrator and/or the Sponsor will direct the Custodian to transfer Portfolio Crypto Assets from the Custodial Account to pay the Management Fee and any other Trust expenses not assumed by the Sponsor. The costs of such transfers will be the responsibility of the Custodian. To pay the Management Fee and expenses not assumed by the Sponsor that are denominated in U.S. dollars, the Sponsor, on behalf of the Trust, may sell the Trust's Portfolio Crypto Assets as necessary to pay such expenses. Such sales will be undertaken pursuant to the Trust-Directed Trade Model unless no Trading Counterparty is willing or able to effectuate the trade. Transfer fees with respect to this on-chain transfer of Portfolio Crypto Assets will be paid by the Custodian. The cash proceeds of the sale will be sent to the Sponsor, which will use such proceeds to pay the expenses. Any remaining cash will be distributed back to the Cash Custodian. To the extent that the Trust must utilize the Agent Execution Model to undertake Portfolio Crypto Assets sales to pay for expenses not assumed by the Sponsor, the Prime Execution Agent, acting in an agency capacity, would conduct the sale on behalf of the Trust with third parties through its Coinbase Prime service pursuant to the Prime Execution Agreement. Transfers of Portfolio Crypto Assets from the Custodial Account to the Trust's Trading Balance in connection with such sales are "on-chain" transactions represented on the respective Crypto Asset's blockchain. Each delivery or sale of Portfolio Crypto Assets by the Trust to pay the Management Fee or other Trust expenses will be a taxable event to Shareholders. See "United States Federal Income Tax Consequences."

The Trust does not engage in any activity designed to derive a profit from changes in the price of Portfolio Crypto Assets. Portfolio Crypto Assets not needed to redeem Baskets, or to cover the Management Fee and Trust expenses not assumed by the Sponsor, are held by the Custodian or Prime Execution Agent. As a result of the recurring deliveries of Portfolio Crypto Assets necessary to pay the Management Fee and Trust expenses not assumed by the Sponsor, the NAV of the Trust and, correspondingly, the amount of Portfolio Crypto Assets represented by each Share will decrease proportionately over the life of the Trust. New deposits of Portfolio Crypto Assets, purchased with the cash received in connection with purchases of Baskets, will not reverse this trend.

**Distributions**

The Sponsor expects that the Trust will not make distributions in the ordinary course of operations.

If the Trust is required to terminate and liquidate, or the Sponsor determines in accordance with the terms of the Trust Agreement that it is appropriate to terminate and liquidate the Trust, the Sponsor will sell the Trust's Portfolio Crypto Assets 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 Sponsor will determine. Under no circumstances will the Trust distribute Crypto Assets to Shareholders.

See "Additional Information About the Trust—Termination of the Trust." Shareholders of record on the record date fixed by the Transfer Agent for a distribution will be entitled to receive their pro rata portions of any distribution.

**Incidental Rights**

Notwithstanding anything to the contrary in the Annual Report, the Trust may, from time to time, passively receive, by virtue of holding Portfolio Crypto Assets, certain additional digital assets ("IR Assets") or rights to receive IR Assets ("Incidental Rights") through a fork of a digital asset network or an airdrop of assets. The Trust will not seek to acquire such IR Assets or Incidental Rights. Pursuant to the terms of the Trust Agreement, the Trust will disclaim ownership in any such IR Assets and/or Incidental Rights to make clear that such assets are not and shall never be considered assets of the Trust and will not be taken into account for purposes of determining the Trust's NAV or NAV per Share. Neither the Trust, nor the Sponsor, nor the Custodian, nor any other person associated with the Trust will, directly or indirectly, engage in action where any portion of the Trust's Portfolio Crypto Assets becomes subject to any proof-of-stake validation or is used to earn additional assets or generate income or other earnings.

 **The Index** 

The Index is designed to track the performance of the ten largest Crypto Assets, as selected and weighted by free-float market capitalization. These assets collectively account for more than approximately 75% of the total market capitalization of the Crypto Asset market as of December 31, 2024.

The Index uses a variety of rules to screen out assets that the Committee—the governing body for the Index—believes represent undesirable or uncompensated risks in the market. These rules require, among other things, that Crypto Assets included in the Index are available for custody at a third-party custodian regulated as a federally chartered bank or as a state trust company, and subject to additional screens for security practices, insurance requirements, and business practice requirements as determined by the Committee; maintain a certain level of liquidity; are listed on multiple established Crypto Asset trading venues; and more. An additional rule excludes assets that are tethered or pegged to the price of other Crypto Assets.

The Index is reconstituted on a monthly basis at 4:00 p.m. ET on the last "business day" of each month. The Index considers a "business day" to be any day that the New York Stock Exchange is scheduled to be open for trading. The Index's rules are designed and maintained specifically for the Crypto Asset market. For instance, the Index's rules are designed to capture the value of significant "Hard Forks" of constituent assets, should they occur. The Index rules govern how the newly forked asset is handled, including whether the asset is retained, liquidated or (if it is of de minimis market value) ignored by the Index.

A materially complete description of the Index methodology ("Index Methodology") is included in "Part I—Item 1. Business—Overview of the Index" in the Trust's Annual Report, which is incorporated by reference into this prospectus. The full Index Methodology is publicly available at https://app.bitwiseinvestments.com/indexes/methodology. Should any material change be made to the Index Methodology that results in a material change to the composition of the Index and, as part of the Trust's monthly rebalancing process, results in a material change to the composition of the Trust the Sponsor will notify Shareholders of such material change by filing a Form 8-K with the SEC. The Trust defines a material change as any change of 10% or more to the composition of the Index, and that also results in a corresponding change to the Trust. If not required by applicable law, the Trust may or may not file a Form 8-K with the SEC to disclose changes to the Index Methodology that do not result in a material change. When deciding whether or not to file a Form 8-K to disclose changes to the Index Methodology that do not result in a material change, the Trust will consider whether the particular changes are required to be disclosed by one or more of the specific requirements of Form 8-K and whether there is an independent legal obligation under the federal securities laws to make such a disclosure even in the absence of a specific requirement in Form 8-K. The Trust may have additional current or periodic reporting obligations under the Exchange Act due to other changes to the Index Methodology, such as to how the Index is calculated.

Notwithstanding the foregoing, pursuant to the rules of the Exchange, on August 25, 2025, the Index methodology was modified such that at each monthly rebalance, after Eligible Crypto Assets are weighted based on free-float-adjusted market capitalization, the methodology will adjust the weightings to ensure at least 87.5% of the Index is allocated to Crypto Assets that are the primary investment underlying exchange-traded products previously approve by the SEC to list and trade on a national securities exchange ("Approved Components"). In the event that less than 87.5% of the Index is allocated to Approved Components, the Index will reallocate weight from non-Approved Components to Approved Components in a manner proportionate to their respective free-float-adjusted market-cap weights, until at least 87.5% of the Index is allocated to Approved Components. Further, on each NYSE Arca trading day, the Index will evaluate its holdings as of 12:00 p.m. ET. If, on any such day, less than 86% of the Index is allocated to Approved Components, the Index will effect a rebalance at 4:00 p.m. ET on the same day so that at least 87.5% of the Index is allocated to Approved Components.

"CME CF Constituent Trading Platforms" are identified by the Valuation Vendor and must meet the following eligibility criteria, as determined by the Valuation Vendor, which obtains information directly from each CME CF Constituent Trading Platform:

● The average daily volume of the venue's Relevant Pair spot trading contributed during the observation window for the Reference Price (i.e., 3:00 p.m. to 4:00 p.m. ET) must exceed 3% for two consecutive calendar quarters.

● The venue has policies to ensure fair and transparent market conditions at all times and has processes in place to identify and impede illegal, unfair, or manipulative trading practices.

● The venue does not impose undue barriers to entry or restrictions on market participants, and utilizing the venue does not expose market participants to undue credit risk, operational risk, legal risk, or other risks.

● The venue complies with applicable laws and regulations, including, but not limited to, capital markets regulations, money transmission regulations, client money custody regulations, know-your-client (KYC) regulations, and anti-money laundering (AML) regulations.

● The venue cooperates with inquiries and investigations of regulators and the Administrator upon request and must execute data sharing agreements with the CME Group.

The CME CF Oversight Committee (the "Oversight Committee"), an independent committee, oversees the Valuation Vendor and is responsible for reviewing trading venues under consideration to be CME CF Constituent Trading Platforms to evaluate whether they meet the eligibility criteria above. The Oversight Committee also reviews tradings venues for continued compliance with these criteria on an annual basis, and the Valuation Vendor's trading platform selection process has been continuously audited since 2020. As of the date of this Prospectus, the CME CF Constituent Trading Platforms are Bitstamp, Coinbase, Gemini, Kraken, itBit, LMAX Digital and bitFlyer.

● *Bitstamp*: A U.K.-based exchange registered as an MSB with FinCEN and licensed as a virtual currency business under the NYDFS BitLicense as well as money transmitter in various U.S. states. It is also regulated as a Payments Institution within the European Union and is registered as a Crypto Asset business with the UK FCA.

● *Coinbase*: A U.S.-based exchange registered as an MSB with FinCEN and licensed as a virtual currency business under the NYDFS BitLicense as well as a money transmitter in various U.S. states. Subsidiaries operating internationally are further regulated as an e-money provider (Republic of Ireland, Central Bank of Ireland) and Major Payment Institution (Singapore, Monetary Authority of Singapore).

● *Gemini*: A U.S.-based exchange that is licensed as a virtual currency business under the NYDFS BitLicense. It is also registered with FinCEN as an MSB and is licensed as a money transmitter in various U.S. states. It is also registered with the FCA as a Crypto Asset Business.

● *itBit*: A U.S.-based exchange that is licensed as a virtual currency business under the NYDFS BitLicense. It is also registered FinCEN as an MSB and is licensed as a money transmitter in various U.S. states.

● *Kraken*: A U.S.-based exchange that is registered as an MSB with FinCEN in various U.S. states, Kraken is registered with the FCA as a Crypto Asset Business and is authorized by the Central Bank of Ireland as a Virtual Asset Service Provider ("VASP"). Kraken also holds a variety of other licenses and regulatory approvals, including from the Canadian Securities Administrators ("CSA").

● *LMAX Digital*: A Gibraltar based exchange regulated by the GFSC as a DLT provider for execution and custody services. LMAX Digital does not hold a BitLicense and is part of LMAX Group, a U.K.-based operator of a FCA regulated Multilateral Trading Facility and Broker-Dealer.

● *bitFlyer*: A Japan-based crypto exchange operated by bitFlyer, Inc., which is registered and regulated as a Virtual Currency Exchange Service Provider with the Japanese Financial Services Agency. In the U.S., bitFlyer USA, Inc. is registered as a MSB with FinCEN and is licensed as a money transmitter in various U.S. states, including holding a NYDFS BitLicense. In Europe, bitFlyer Europe S.A. is regulated as a payment institution by the Commission de Surveillance du Secteur Financier in Luxembourg and is registered as a VASP.

The seven C ME CF Constitutent Platforms that contribute transaction data to the Index with the aggregate volumes traded on their respective USD-pair markers for the one-year period ended July 31, 2025 are listed in the table below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Aggregate Trading Volume of USD Trading Pair of Index Constituent Platforms for the One-Year Ended July 31, 2025** | **Aggregate Trading Volume of USD Trading Pair of Index Constituent Platforms for the One-Year Ended July 31, 2025** | **Aggregate Trading Volume of USD Trading Pair of Index Constituent Platforms for the One-Year Ended July 31, 2025** | **Aggregate Trading Volume of USD Trading Pair of Index Constituent Platforms for the One-Year Ended July 31, 2025** | **Aggregate Trading Volume of USD Trading Pair of Index Constituent Platforms for the One-Year Ended July 31, 2025** | **Aggregate Trading Volume of USD Trading Pair of Index Constituent Platforms for the One-Year Ended July 31, 2025** | **Aggregate Trading Volume of USD Trading Pair of Index Constituent Platforms for the One-Year Ended July 31, 2025** | **Aggregate Trading Volume of USD Trading Pair of Index Constituent Platforms for the One-Year Ended July 31, 2025** | **Aggregate Trading Volume of USD Trading Pair of Index Constituent Platforms for the One-Year Ended July 31, 2025** |
| **Asset Name** | **Ticker** | **Coinbase** | **Kraken** | **Bitstamp** | **Gemini** | **LMAX Digital** | **Itbit** | **bitFlyer** |
| Bitcoin | &nbsp;&nbsp; BTC | $329096203899 | $60550562041 | $57159546732 | $24277855145 | $41530715341 | $4083556881 | $10949421 |
| Ethereum | &nbsp;&nbsp; ETH | $133151499127 | $20711040483 | $9536686757 | $10267003788 | $16626807051 | $1803056394 | $8924992 |
| XRP | &nbsp;&nbsp; XRP | $106428024181 | $24223026012 | $11131889525 | $2640905208 | $9311889745 | $- | $- |
| Solana | &nbsp;&nbsp; SOL | $71685097778 | $18212945406 | $4241818958 | $2165471736 | $1821127578 | $188607234 | $- |
| Cardano | &nbsp;&nbsp; ADA | $15906930014 | $4061135022 | $587549058 | $- | $- | $- | $- |
| Sui | &nbsp;&nbsp; SUI | $29673364207 | $4648528078 | $423982377 | $- | $- | $- | $- |
| Chainlink | &nbsp;&nbsp; LINK | $13236248474 | $1636159795 | $430817314 | $204037931 | $77338972 | $163279555 | $- |
| Avalanche | &nbsp;&nbsp; AVAX | $6225809886 | $1044361656 | $421838865 | $71237846 | $- | $- | $- |
| Litecoin | &nbsp;&nbsp; LTC | $9422140141 | $1506595535 | $575845692 | $218506368 | $1796855486 | $603246859 | $- |
| Polkadot | &nbsp;&nbsp; DOT | $3468860109 | $964514855 | $51289987 | $26676673 | $- | $- | $- |

---

Source: Kaiko

The market share of the USD trading pair for each Portfolio Crypto Asset of the seven CME CF Constituent Platforms for the one-year period ended July 31, 2025 are listed in the table below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Trading Platform Market Share of USD Trading Pair for the One-Year Ended July 31, 2025** | **Trading Platform Market Share of USD Trading Pair for the One-Year Ended July 31, 2025** | **Trading Platform Market Share of USD Trading Pair for the One-Year Ended July 31, 2025** | **Trading Platform Market Share of USD Trading Pair for the One-Year Ended July 31, 2025** | **Trading Platform Market Share of USD Trading Pair for the One-Year Ended July 31, 2025** | **Trading Platform Market Share of USD Trading Pair for the One-Year Ended July 31, 2025** | **Trading Platform Market Share of USD Trading Pair for the One-Year Ended July 31, 2025** | **Trading Platform Market Share of USD Trading Pair for the One-Year Ended July 31, 2025** | **Trading Platform Market Share of USD Trading Pair for the One-Year Ended July 31, 2025** |
| **Asset Name** | **Ticker** | **Coinbase** | **Kraken** | **Bitstamp** | **Gemini** | **LMAX Digital** | **Itbit** | **bitFlyer** |
| Bitcoin | &nbsp;&nbsp; BTC | 63.69% | 11.72% | 11.06% | 4.70% | 8.04% | 0.79% | 0.00% |
| Ethereum | &nbsp;&nbsp; ETH | 69.31% | 10.78% | 4.96% | 5.34% | 8.66% | 0.94% | 0.00% |
| XRP | &nbsp;&nbsp; XRP | 69.23% | 15.76% | 7.24% | 1.72% | 6.06% | 0.00% | 0.00% |
| Solana | &nbsp;&nbsp; SOL | 72.91% | 18.53% | 4.31% | 2.20% | 1.85% | 0.19% | 0.00% |
| Cardano | &nbsp;&nbsp; ADA | 77.38% | 19.76% | 2.86% | 0.00% | 0.00% | 0.00% | 0.00% |
| Sui | &nbsp;&nbsp; SUI | 85.40% | 13.38% | 1.22% | 0.00% | 0.00% | 0.00% | 0.00% |
| Chainlink | &nbsp;&nbsp; LINK | 84.05% | 10.39% | 2.74% | 1.30% | 0.49% | 1.04% | 0.00% |
| Avalanche | &nbsp;&nbsp; AVAX | 80.20% | 13.45% | 5.43% | 0.92% | 0.00% | 0.00% | 0.00% |
| Litecoin | &nbsp;&nbsp; LTC | 66.71% | 10.67% | 4.08% | 1.55% | 12.72% | 4.27% | 0.00% |
| Polkadot | &nbsp;&nbsp; DOT | 76.89% | 21.38% | 1.14% | 0.59% | 0.00% | 0.00% | 0.00% |

---

 **Calculation of NAV** 

The Trust's NAV is the aggregate value, expressed in U.S. dollars, of the Trust's assets, less the U.S. dollar value of the Trust's expenses and other liabilities calculated in the manner set forth under "Part I—Item 1. Business—Calculation of Valuation" in the Annual Report, which is incorporated herein by reference. To determine the Trust's NAV at the end of every Business Day, the Sponsor will rely on the Valuation Vendor, to calculate and publish the the Reference Prices as of 4:00 p.m. ET using prices from several different digital asset trading platforms selected by the Valuation Vendor. Each Reference Price aggregates the trade flow of several major digital asset trading platforms during an observation window between 3:00 p.m. and 4:00 p.m. E.T. into the U.S. dollar price of one of each Portfolio Crypto Asset at 4:00 p.m. ET The Reference Price calculation is designed based on the IOSCO Principals for Financial Benchmarks.

The Sponsor, in its sole discretion, may cause the Trust to price its portfolio based upon an index, benchmark, or standard other than the Reference Prices at any time, with prior notice to the shareholders, if investment conditions change or the Sponsor believes that another index, benchmark, or standard better aligns with the Trust's investment objective and strategy. The Sponsor may make this decision for a number of reasons, including, but not limited to, a determination that the Reference Prices differ materially from the global market price of the Portfolio Assets and/or that third parties are able to purchase and sell Portfolio Crypto Assets on public or private markets not included among the CME CF Constituent Trading Platforms (as defined below), and such transactions may take place at prices materially higher or lower than the Reference Prices. The Sponsor, however, is under no obligation whatsoever to make such changes in any circumstance. In the event that the Sponsor intends to establish the Trust's NAV by reference to an index, benchmark, or standard other than Reference Prices, it will provide shareholders with notice in a prospectus supplement and/or through a current report on Form 8-K or in the Trust's annual or quarterly reports. The Trust's only assets will be Portfolio Crypto Assets and, under limited circumstances, cash. The Trust's NAV and NAV per Share will be determined by the Administrator once each Exchange trading day as of 4:00 p.m. ET, or as soon thereafter as practicable. The Administrator will calculate the NAV by multiplying the Portfolio Crypto Assets held by the Trust by their respective Reference Prices for such day, adding any additional receivables and subtracting the accrued but unpaid liabilities of the Trust. The NAV per Share is calculated by dividing the NAV by the number of Shares then outstanding. The Valuation Vendor will determine the price of the Trust's Portfolio Assets by reference to the Reference Prices on the CME CF Constituent Trading Platforms.

The Sponsor also calculates the NAV per Share, which equals the NAV of the Trust divided by the number of Shares then outstanding. The Sponsor publishes the NAV and NAV per Share each business day as of 4:00 p.m. ET, or as soon thereafter as practicable at the Trust's website at www.BITWETP.com. The contents of the website referred to above and any websites referred to herein are not incorporated into this filing. Further, our references to the URL for this website are intended to be an inactive textual reference only. See "Part I—Item 1. Business—Calculation of Valuation" in the Annual Report for a more detailed description of how the Trust's NAV and NAV per Share are calculated.

 **Intraday Trust Value** 

The Trust uses the real-time prices published by the Valuation Vendor for each Portfolio Asset (the "Real-Time Reference Prices") to calculate an Indicative Trust Value ("ITV"). One or more major market data vendors will disseminate the ITV, updated every 15 seconds each trading day as calculated by the Exchange or a third-party financial data provider during the Exchange's Core Trading Session (9:30 a.m. to 4:00 p.m. ET). The ITV will be calculated throughout the trading day by using the prior day's holdings at the close of business and the Real-Time Reference Prices for the Portfolio Assets published by the Valuation Vendor. The ITV will be widely disseminated by one or more major market data vendors during the NYSE Arca Core Trading Session.

**Custody of the Trust's Assets**

The Trust has entered into an agreement with the Custodian, the Custodian Agreement, pursuant to which the Custodian will custody all of the Trust's Portfolio Crypto Assets in one or more segregated account(s) from time to time (the Custodial Account), other than the Trust's Portfolio Crypto Assets which are temporarily maintained in the Trading Balance with the Prime Execution Agent as described below in "The Prime Execution Agent." The Custodian will keep a substantial portion (over 95% in normal circumstances) of the private keys associated with the Trust's Portfolio Crypto Assets in "cold storage" or similarly secure technology (the "Cold Storage Account"), with any remainder of the Custodial Account held as a "Hot Storage Account." Similarly secure technology may include the usage of storage on hardware security modules that may connect to the internet securely in order to broadcast transactions. The Hot Storage Account is a custodial account at the Custodian that does not have the same enhanced security features of cold storage or similarly secure technology. The Sponsor expects that all of the Trust's assets and private keys will be held in cold storage of the Custodian on an ongoing basis.

Custody of Portfolio Crypto Assets typically involves the generation, storage, and utilization of private keys. These private keys are used to effect transfer transactions (*i.e.*, transfers of Portfolio Crypto Assets from an address associated with the private key to another address). Cold storage of private keys may involve keeping such keys on a non-networked computer or electronic device or storing the private keys on a storage device or printed medium and deleting the keys from all computers. Cold storage is a safeguarding method with multiple layers of protections and protocols, by which the private key(s) corresponding to the Trust's Portfolio Crypto Assets 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 held online, where they are more accessible, leading to more efficient transfers, though they are potentially more vulnerable to being hacked. While the Custodian will generally keep all of the Trust's Portfolio Crypto Assets in cold storage on an ongoing basis, it is possible that, from time to time, portions of the Trust's Portfolio Crypto Assets will be held outside of cold storage temporarily as part of trade facilitation in connection with creations and redemptions of Baskets, to sell Portfolio Crypto Assets including to pay Trust expenses not assumed by the Sponsor, as necessary. The Trust's Portfolio Crypto Assets held in the Cold Storage Account by the Custodian are held in segregated wallets and therefore are not commingled with the Custodian's or other customer assets. The private key materials are stored within secure storage facilities within the U.S. and Europe. For security reasons exact locations are never disclosed. A limited number of employees at the Custodian are involved in private key management operations, and the Custodian has represented that no single individual has access to full private keys. The Custodian carefully considers the design of the physical, operational, and cryptographic systems for secure storage of the Trust's private keys in an effort to lower the risk of loss or theft. No such system is perfectly secure and loss or theft due to operational or other failure is always possible.

The Custodian's internal audit team performs periodic internal audits over custody operations, and the Custodian has represented that Systems and Organizational Control attestations covering private key management controls are also performed on the Custodian by an external provider.

Under the terms of the Custodian Agreement, the Sponsor maintains sole discretion in allocating Portfolio Crypto Assets among the Hot Storage Account and Cold Storage Account. Portfolio Crypto Assets custodied by the Custodian are not commingled with assets of Custodian or its affiliates or with assets of other customers of Custodian. Neither the Trust, the Sponsor, nor any other entity is permitted to lend, pledge, hypothecate, or rehypothecate any of the Trust's Portfolio Crypto Assets. The Custodian has also agreed in the Custodian Agreement that it will not, directly or indirectly, lend, pledge, hypothecate or rehypothecate any of the Trust's Portfolio Crypto Assets, and that the Trust's Portfolio Crypto Assets are not treated as general assets of the Custodian but are instead considered custodial assets that remain the Trust's property. Additionally, the Custodian has agreed to provide the Trust or its authorized independent public accountant with confirmation of or access to information sufficient to confirm the Portfolio Crypto Assets held by the Custodian for the Trust and that the Trust's Portfolio Crypto Assets are held in a separate, segregated account under the Trust's name. The Custodian Agreement does not require that private key information with respect to the Trust's Portfolio Crypto Assets be kept in a particular physical location.

The Custodian may receive deposits of Portfolio Crypto Assets but may not send Portfolio Crypto Assets without use of the corresponding private keys. In order to send Portfolio Crypto Assets 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 Custodian can upload the fully signed transaction to an online network and transfer the Portfolio Crypto Assets. Because the Custodian may need to retrieve private keys from offline storage prior to initiating transactions, the initiation or crediting of withdrawals or other transactions may be delayed.

Under the Custodian Agreement, the Custodian's liability is limited as follows, among others: (i) other than with respect to claims and losses arising from spot trading of Crypto Assets, or fraud or willful misconduct, among others, the Custodian's aggregate liability under the Custodian Agreement shall not exceed the greater of (A) the greater of (x) $5 million and (y) the aggregate fees paid by the Trust to the Custodian in the 12 months prior to the event giving rise to the Custodian's liability, and (B) the value of the affected Crypto Assets or cash giving rise to the Custodian's liability; (ii) in respect of the Custodian'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 Custodian's violation of any law, rule, or regulation with respect to the provision of its services, the Custodian's liability shall not exceed the greater of (A) $5 million and (B) the aggregate fees paid by the Trust to the Custodian in the 12 months prior to the event giving rise to the Custodian's liability; and (iv) in respect of any incidental, indirect, special, punitive, consequential or similar losses, the Custodian is not liable, even if the Custodian has been advised of or knew or should have known of the possibility thereof. The Custodian 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 Custodian. Under the Custodian Agreement, except in the case of its negligence, fraud, material violation of applicable law, or willful misconduct, the Custodian 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 Custodian fails to have commercially reasonable policies, procedures, and technical controls in place to prevent such damages or interruptions.

Coinbase Global maintains a commercial crime insurance policy, which is intended to cover the loss of client assets held by the Coinbase Insureds, including 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 Coinbase's customers, is not specific to the Trust or to customers holding Crypto Assets with the Custodian or Prime Execution Agent and may not be available or sufficient to protect the Trust from all possible losses or sources of losses.

The Custodian may terminate the Custodian Agreement for any reason upon providing the applicable notice to the Trust, or immediately for Cause (as defined in the Custodian Agreement), including, among others, if the Trust materially breaches the Prime Execution Agreement and such breach remains uncured, undergoes a bankruptcy event, or fails to repay Trade Credits. The Custodian may terminate the Custodian Agreement for any reason upon providing 180 days' notice to the Trust, or immediately for Cause (as defined below). The Custodian Agreement forms a part of the Prime Execution Agreement and is subject to the termination provisions in the Prime Execution Agreement. These termination provisions are described in more detail in "The Prime Execution Agent" below.

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 has entered into the Cash Custody Agreement with BNY Mellon under which BNY Mellon acts as custodian of the Trust's cash and cash equivalents.

The Trust may engage third-party custodians or vendors besides the Custodian and the Cash Custodian to provide custody and security services for all or a portion of its Portfolio Crypto Assets and/or cash, and the Sponsor will pay the custody fees and any other expenses associated with any such third-party custodian or vendor. The Sponsor is responsible for overseeing the Custodian and the Trust's other service providers. The Sponsor may, in its sole discretion, add or terminate Custodians at any time. The Sponsor may, in its sole discretion, change the custodian for the Trust's Portfolio Crypto Assets, but it will have no obligation whatsoever to do so or to seek any particular terms for the Trust from other such custodians. However, the Sponsor will only enter into Portfolio Crypto Assets custody arrangements with custodians that meet the Sponsor's criteria, including an agreement to maintain Trust assets in a segregated account, to maintain insurance and to store the Trust's private keys in cold storage or in such other manner as the Sponsor determines provides reasonable protection for the Trust's assets from loss or theft.

**THE PRIME EXECUTION AGENT AND THE TRADE CREDIT LENDER**

The following section describe the role of the Prime Execution Agent and Trade Credit Lender. These parties will only be utilized during the rare and limited circumstances when the Trust buys and sells Portfolio Crypto Assets using the Agent Execution Model. The Trust intends to utilize the Trust-Directed Trade Model for all purchases and sales of Portfolio Crypto Assets and will only utilize the Agent Execution Model in the event that no Trading Counterparty is able or willing to effectuate the Trust's purchase or sale of Portfolio Crypto Assets.

**The Prime Execution Agent**

Pursuant to the Prime Execution Agreement, the Trust's Portfolio Crypto Asset holdings and cash holdings from time to time may be temporarily held with the Prime Execution Agent, an affiliate of the Custodian, in the Trading Balance, for certain limited purposes, including in connection with creations and redemptions of Baskets and the sale of Portfolio Crypto Assets to pay other Trust expenses. The Sponsor may, in its sole discretion, add or terminate prime execution agents at any time. The Sponsor may, in its sole discretion, change the prime execution agent 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 execution agents.

Within the Trust's Trading Balance, the Prime Execution Agreement provides that the Trust does not have an identifiable claim to any particular Portfolio Crypto Assets (and cash). Instead, the Trust's Trading Balance represents an entitlement to a pro rata share of the Portfolio Crypto Assets (and cash) the Prime Execution Agent holds on behalf of customers who hold similar entitlements against the Prime Execution Agent. In this way, the Trust's Trading Balance represents an omnibus claim on the Prime Execution Agent's Crypto Assets (and cash) held on behalf of the Prime Execution Agent's customers. The Prime Execution Agent holds the Crypto Assets associated with customer entitlements across a combination of omnibus cold wallets, omnibus "hot wallets" (meaning wallets whose private keys are generated and stored online, in Internet-connected computers or devices) or in omnibus accounts in the Prime Execution Agent's name on a trading venue (including third-party venues and the Prime Execution Agent's own execution venue) where the Prime Execution Agent executes orders to buy and sell Crypto Assets on behalf of its clients.

Within such omnibus hot and cold wallets and accounts, the Prime Execution Agent has represented to the Sponsor that it keeps the majority of assets in cold wallets, to promote security, while the balance of assets is kept in hot wallets to facilitate rapid withdrawals. However, the Sponsor has no control over, and for security reasons the Prime Execution Agent does not disclose to the Sponsor, the percentage of Crypto Assets that the Prime Execution Agent 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 Execution Agent's name on a trading venue. The Prime Execution Agent has represented to the 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 Execution Agent attempts to balance anticipated liquidity needs for its customers as a class against the anticipated greater security of cold storage.

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

The Prime Execution Agent relies on bank accounts to provide its trading platform services, including temporarily holding any cash related to a customer's purchase or sale of Crypto Assets. In particular, the Prime Execution Agent has disclosed that customer cash held by the Prime Execution Agent, including the cash associated with the Trust's Trading Balance, is held in one or more banks' accounts for the benefit of the Prime Execution Agent's customers, or in Money Market Funds in compliance with Rule 2a-7 under the Investment Company Act of 1940 and rated "AAA" by S&P (or the equivalent from any eligible rating service), provided that such investments are held in accounts in Coinbase's name for the benefit of customers and are permitted and held in accordance with state money transmitter laws. The Prime Execution Agent has represented to the Sponsor that it has implemented the following policy with respect to the cash associated with the Trust's Trading Balance. First any cash related to the Trust's purchase or sale of Portfolio Crypto Assets will be held in an FBO Account or in a Money Market Fund. The amount of Trust cash held at each FBO Account shall, unless otherwise agreed by the Sponsor in writing, be in an amount at each bank that is the lower of (i) the FDIC insurance limit for deposit insurance and (ii) any bank-specific limit set by the Prime Execution Agent for the applicable bank. Deposit insurance does not apply to cash held in a Money Market Fund. The Prime Execution Agent has agreed to title the accounts in a manner designed to enable receipt of FDIC deposit insurance where applicable on a pass-through basis. Second, to the extent the Trust's cash in the Trading Balance in aggregate exceeds the amounts that can be maintained at the banks on the foregoing basis, the Prime Execution Agent has represented that it currently conducts an overnight sweep of the excess into U.S. government Money Market Funds. The Sponsor has not independently verified the Prime Execution Agent's representations.

To the extent the Trust sells Portfolio Crypto Assets through the Prime Execution Agent, the Trust's orders will be executed at the Connected Trading Venues that have been approved in accordance with the Prime Execution Agent's due diligence and risk assessment process. The Prime Execution Agent has represented that its due diligence on Connected Trading Venues include reviews conducted by the legal, compliance, security, privacy, and finance and credit-risk teams, The Connected Trading Venues, which are subject to change from time to time, currently include Bitstamp, LMAX, Kraken, the exchange operated by the Prime Execution Agent, as well as four additional non-bank market makers ("NBMMs"). The Prime Execution Agent has represented to the Trust that it is unable to name the NBMMs due to confidentiality restrictions.

Pursuant to the Prime Execution Agreement, the Trust may engage in sales of Portfolio Crypto Assets by placing orders with the Prime Execution Agent. The Prime Execution Agent will route orders placed by the Sponsor through the prime execution agent execution platform (the "Trading Platform") to a Connected Trading Venue where the order will be executed. Each order placed by the Sponsor will be sent, processed and settled at each Connected Trading Venue to which it is routed. The Prime Execution Agreement provides that the Prime Execution Agent is subject to certain conflicts of interest, including: (i) the Trust's orders may be routed to the Prime Execution Agent's own execution venue where the Trust's orders may be executed against other customers of the Prime Execution Agent or with the Coinbase acting as principal, (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 Execution Agent, (iii) the Prime Execution Agent 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 and (iv) the Prime Execution Agent may act in a principal capacity with respect to certain orders. As a result of these and other conflicts, when acting as principal, the Prime Execution Agent 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 Execution Agreement requires the Prime Execution Agent to have in place to mitigate conflicts of interest when executing the Trust's orders, the Prime Execution Agreement provides that the Prime Execution Agent shall have no liability, obligation, or responsibility whatsoever for the selection or performance of any Connected Trading Venue, and 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.

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 Execution Agent, including 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 Coinbase's customers, is not specific to the Trust or to customers holding Crypto Assets with the Custodian or Prime Execution Agent, and may not be available or sufficient to protect the Trust from all possible losses or sources of losses.

Once the Sponsor places an order to purchase or sell Portfolio Crypto Assets on the Trading Platform, the associated Portfolio Crypto Assets or cash used to fund or fill the order, if any, will be placed on hold and will generally not be eligible for other use or withdrawal from the Trust's Trading Balance. The Custodial Account may be used directly to fund orders. With each Connected Trading Venue, the Prime Execution Agent shall establish an account in the Prime Execution Agent's name, or in its name for the benefit of clients, to trade on behalf of its clients, including the Trust, and the Trust will not, by virtue of the Trading Balance the Trust maintains with the Prime Execution Agent, have a direct legal relationship, or account with, any Connected Trading Venue.

The Prime Execution Agent is permitted to suspend or terminate the Prime Execution Agreement under certain circumstances. The Prime Execution Agent, for itself or as agent for the Custodian and Trade Credit Lender, may not terminate the Prime Execution Agreement (including the Custodian Agreement) or suspend, restrict terminate or modify the Prime Execution Agent Services (as defined below) on less than 180 days' notice, except in the event of (i) a Change in Law or (ii) a Cause event (as defined below).

The Prime Execution Agreement defines a "Change in Law" as any change in or adoption of any applicable law, rule, or regulation which, in the reasonable opinion of counsel to the Prime Execution Agent would prohibit or materially impede some or all of the arrangement contemplated by the Prime Execution Agreement. Upon the occurrence of a Change in Law, the parties will negotiate to agree on modifications to the Prime Execution Agreement or the Prime Execution Agent Services that would enable compliance with such Change in Law or, in the case of a material impediment, reduce the impact to the parties of such Change in Law and the Coinbase Entities shall continue to provide the Prime Execution Agent Services unless prohibited from doing so by the Change in Law. If the parties cannot agree on modifications within thirty (30) days following notice from the Prime Execution Agent or if the Change in Law requires that Coinbase immediately ceases providing any Prime Execution Agent Services, the Prime Execution Agent may, upon written notice, suspend, restrict, or terminate the Prime Execution Agent Services solely to the extent necessary to account for the Change in Law, provided that any such suspension, restriction, termination, or modification is narrowly tailored and, to the extent not prohibited by the Change in Law, the Coinbase Entities will continue to provide, at a minimum, the Transition Services (as defined below) following any Change in Law.

Upon the occurrence and continuation of a Cause event, and after giving effect to any notice requirement and cure period that may apply, the Prime Execution Agent may in its reasonable discretion, terminate the Prime Execution Agreement and accelerate the Trust's obligations, and/or take certain other actions. The Prime Execution Agreement defines "Cause" to mean, (i) a material breach of the Prime Execution Agreement (other than the Custodian Agreement) which is uncured for 10 days; (ii) a material breach of the Custodian Agreement which is uncured for 30 days; (iii) a Bankruptcy Event (as defined below); and (iv) the failure by the Trust to repay Trade Credits by the applicable deadline specified in the Trade Financing Agreement which, in the event the failure results solely from an error or omission of an administrative or operational nature, remains uncured for a period of 1 business day.

Notwithstanding any termination of the Prime Execution Agreement by the Prime Execution Agent for Cause, during any Transition Period (as defined below) the Coinbase Entities (defined in the Prime Execution Agreement as the Prime Execution Agent, Custodian, and Trade Credit Lender) or their affiliates shall continue to provide the Transition Services (as defined below) and render such assistance as the Trust may reasonably request to enable the continuation and orderly assumption of the Transition Services to be effected by the Trust, its affiliate, or any alternative service provider and shall continue to provide the Transition Services pursuant to the Prime Execution Agreement, except to the extent any Transition Service is prohibited under applicable law (including but not limited to applicable sanctions programs) or by a facially valid subpoena, court order, or binding order of a government authority; provided that the Coinbase Entities will continue to have the right to exercise its right of set-off under the Prime Execution Agreement with respect to any sale proceeds during the Transition Period for any fees or other amounts owed by the Trust and (ii), notwithstanding any provision in the Prime Execution Agreement to the contrary, in no event shall any Coinbase Entity, its affiliates, or their respective officers, directors, agents, employees, and representatives have any liability to the Trust or Sponsor for any claims or losses arising out of or relating to the Prime Execution Agreement during (A) with respect to any Transition Services described in clause (i) of the definition of Transition Services, the 91st day through the end of the Transition Period (as defined below) and (B) with respect to any Transition Services described in clause (ii) of the definition of Transition Services, the 16th day through the end of the Transition Period, which do not result from its gross negligence, fraud, material violation of applicable law, or willful misconduct; provided that throughout the Transition Period the Coinbase Entities shall act in good faith and in a commercially reasonable manner to provide the same level of service with respect to the Transition Services as was provided prior to the start of the Transition Period. For the avoidance of doubt, during the Transition Period, the fees set forth in the Prime Execution Agreement will continue to apply to the Transition Services.

"Transition Period" is defined in the Prime Execution Agreement to mean a 180-day period (or such extended period as agreed in writing by the Coinbase Entities and the Trust) commencing on the date the Trust is notified of any termination of the Prime Execution Agreement pursuant to a Cause event.

"Transition Services" means the Prime Execution Agent services consisting of (i) the custody of Trust's Portfolio Crypto Assets on the Trust's behalf, the processing of deposits and withdrawals and other custody transactions, and (ii) access to the Prime Execution Agent's trading platform and the execution and settlement of all orders for the sale of Portfolio Crypto Assets submitted by the Trust. For the avoidance of doubt, the Transition Services shall not include the extension of credit, and the obligation to execute and settle any Orders for the purchase of Digital Assets.

"Bankruptcy Event" is defined in the Prime Execution Agreement to mean the party is (i) dissolved (other than pursuant to a consolidation, amalgamation, or merger); (ii) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; (iii) makes a general assignment, arrangement, or composition with or for the benefit of its creditors; (iv) institutes or has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation, and in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition (I) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or (II) is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof; (v) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (vi) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian, or other similar official for it or for all or substantially all its assets; (vii) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration, or other legal process levied, enforced, or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed, or restrained, in each case within 30 days thereafter; (viii) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (i) to (vii) (inclusive); or (ix) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts.

The Trust may terminate the Prime Execution Agreement, including the Custodian Agreement, in whole or in part for any reason upon 30 days' notice to the Prime Execution Agent, for itself or as agent on behalf of the Custodian or Trade Credit Lender, or upon certain other events set forth in the Custodian Agreement.

The Prime Execution Agent does not guarantee uninterrupted access to the Trading Platform or the services it provides to the Trust. Under certain circumstances, the Prime Execution Agent is permitted to halt or suspend trading on the 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 the Prime Execution Agent, (b) the Trust has engaged in unlawful or abusive activities or fraud, or (c) a security or technology issue occurred and is continuing that results in the Prime Execution Agent being unable to provide trading services or accept the Trust's order, in each case, subject to certain protections for the Trust.

Neither the Prime Execution Agent nor any other Coinbase entity is permitted to withdraw the Trust's Portfolio Crypto Assets from the Custodial Account, or loan, hypothecate, pledge, or otherwise encumber the Trust's Portfolio Crypto Assets without the consent of the Trust. The Trading Balance is subject to the lien to secure outstanding Trade Credits in favor of the Trade Credit Lender discussed below.

Under the Prime Execution Agreement, the Prime Execution Agent's liability is limited as follows, among others: (i) other than with respect to claims and losses arising from spot trading of Crypto Assets, or fraud or willful misconduct, among others, the Prime Execution Agent'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 Execution Agent in the 12 months prior to the event giving rise to the Prime Execution Agent's liability, and (B) the value of the cash or affected Crypto Assets giving rise to the Prime Execution Agent's liability; (ii) in respect of the Prime Execution Agent'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 Execution Agent's violation of any law, rule, or regulation with respect to the provision of its services, or the full amount of the Trust's assets lost due to the insolvency of or security event at a Connected Trading Venue, the Prime Execution Agent's liability shall not exceed the greater of (A) $5 million and (B) the aggregate fees paid by the Trust to the Prime Execution Agent in the 12 months prior to the event giving rise to the Prime Execution Agent's liability; and (iii) in respect of any incidental, indirect, special, punitive, consequential, or similar losses, the Prime Execution Agent is not liable, even if the Prime Execution Agent has been advised of or knew or should have known of the possibility thereof. The Prime Execution Agent 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 Execution Agent. Both the Trust and the Prime Execution Agent and its affiliates (including the Custodian) are required to indemnify each other under certain circumstances. The Prime Execution Agreement is governed by New York law and provides that disputes arising under it are subject to arbitration.

The Prime Execution Agreement provides that the Coinbase Entities may have actual or potential conflicts of interest in connection with providing the Prime Execution Agent Services including that (i) orders to buy or sell Crypto Assets may be routed to the Prime Execution Agent's exchange platform ("Coinbase Exchange") where such orders may be executed against other Coinbase customers 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 inadvertently be another Coinbase customer, (iii) the Prime Execution Agent 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 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 Connected Trading Venues). As a result of these and other conflicts, when acting as principal, the Coinbase Entities may have an incentive to favor their own interests and the interests of their affiliates over the Trust's interests and have in place certain policies and procedures that are designed to mitigate such conflicts. The Prime Execution Agent will maintain appropriate and effective arrangements to eliminate or manage conflicts of interest, including segregation of duties, information barriers, and training. The Prime Execution Agent will notify the Trust of changes to its business that have a material adverse effect on the Prime Execution Agent's ability to manage its conflicts of interest. The Coinbase Entities shall execute trades pursuant to such policies and procedures; provided that the Coinbase Entities (a) shall execute in a commercially reasonable amount of time (i) any marketable orders appropriately entered by the Trust and (ii) any other pending orders by the Trust received by the Coinbase Entities that become marketable, (b) for any order that the Prime Execution Agent receives from the Trust, the Prime Execution Agent will make commercially reasonable efforts to route orders for execution to the Connected Trading Venue offering the highest price for the Trust's Portfolio Crypto Asset sale orders, including consideration of any gas fees or similar fees related to a particular blockchain at the time that such orders are routed for execution, and (c) shall not knowingly enter into a transaction for the benefit of (x) the Coinbase Entities, or (y) any other client received after the Trust's order, ahead of any order received from the Trust. For purposes of the foregoing, a marketable order is a sell order equivalent to or better than the best bid price on any Connected Trading Venue (or any venue that a Coinbase Entity may use) at a given moment. The Prime Execution Agent agrees to direct the Trust's orders in a manner that does not systematically favor the Coinbase Exchange or Connected Trading Venues that provide financial incentives to the Prime Execution Agent; provided, however, that under certain circumstances the Prime Execution Agent may choose to intentionally route to the Coinbase Exchange due to temporary conditions affecting Connected Trading Venues (*e.g.*, connectivity problems of the Connected Trading Venue or funding constraints).

**The Trade Credit Lender**

To avoid having to pre-fund purchases or sales of Portfolio Crypto Assets when using the Agent Execution Model, the Trust may borrow Portfolio Crypto Assets or cash as Trade Credit from the Trade Credit Lender on a short-term basis. The Sponsor does not intend to fund the Trading Balance at the Prime Execution Agent with sufficient cash or Portfolio Crypto Assets to pay fees and expenses and instead intends to utilize the Trade Financing Agreement for such fees and expenses. This allows the Trust to buy or sell Portfolio Crypto Assets through the Prime Execution Agent in an amount that exceeds the cash or Portfolio Crypto Assets credited to the Trust's Trading Balance at the Prime Execution Agent at the time such order is submitted to the Prime Execution Agent, which is expected to facilitate the Trust's ability purchase and sell Portfolio Crypto Assets in a timely manner rather than waiting for the cash to be transferred by the Cash Custodian to the Prime Execution Agent prior to purchasing the Portfolio Crypto Assets or for the Portfolio Crypto Assets held in the Custodial Account to be transferred to the Trust's Trading Balance prior to selling Portfolio Crypto Assets. The Trust is required by the terms of the Trade Financing Agreement, which is part of the Prime Execution Agreement, to repay any extension of Trade Credit by the Trade Credit Lender by 6:00 p.m. ET on the Business Day following the day that the Trade Credit was extended to the Trust. The Trade Credit Lender is only required to extend Trade Credits to the Trust to the extent such Portfolio Crypto Assets or cash are actually available to the Trade Credit Lender. For example, if the Trade Credit Lender is unable to itself borrow Portfolio Crypto Assets to lend to the Trust as a Trade Credit, or there is a material market disruption (as determined by the Trade Credit Lender in good faith and in its sole discretion), the Trade Credit Lender is not obligated to extend Trade Credits to the Trust. To secure the repayment of Trade Credits, the Trust has granted a first-priority lien to the Trade Credit Lender over the assets in its Trading Balance and the Custodial Account. If the Trust fails to repay a Trade Credit within the required deadline, the Trade Credit Lender is permitted to take control of Portfolio Crypto Assets or cash credited to the Trust's Trading Balance and Custodial Account (though it is required to exhaust the Trading Balance prior to taking control of assets in the Custodial Account) and liquidate them to repay the outstanding Trade Credit. Trade Credits bear interest at the rate set by the Trade Credit Lender based on prevailing market terms. Pursuant to the Trade Financing Agreement, there is a maximum "Authorized Amount" of Trade Credits that the Trade Credit Lender allows to be outstanding at any one time, which is determined and may be changed by the Trade Credit Lender in its sole discretion. To the extent the Trade Credit Lender changes the Authorized Amount, it will give the Trust advance notice if it is feasible to do so. There is no contractual maximum to the Authorized Amount.

The entirety of the Trust's Portfolio Crypto Assets holdings are maintained with the Custodian rather than the Prime Execution Agent. Accordingly, when using the Agent Execution Model, the Trust does expect to utilize Trade Credits. When utilizing Trade Credits in connection with Purchase Orders and Redemption Orders, any interest payable on Trade Credits will be the responsibility of the Authorized Participants. In the very rare event that Trade Credits are utilized in connection with the payment of Trust expenses not assumed by the Sponsor, any interest payable on the Trade Credits will be the responsibility of the Trust. Any such interest payments borne by the Trust will have the effect of reducing the amount of Portfolio Crypto Assets represented by a Share and the net asset value of the Trust. In connection with a Redemption Order or to pay expenses not assumed by the Sponsor, the Trust will first borrow Portfolio Crypto Assets from the Trade Credit Lender using the Trade Financing Agreement, and then sell such Portfolio Crypto Assets. In connection with a Purchase Order, the Trust will first borrow cash from the Trade Credit Lender using the Trade Financing Agreement, and then purchase Portfolio Crypto Assets. The purpose of borrowing the Portfolio Crypto Assets or cash from the Trade Credit Lender is to lock in the Portfolio Crypto Asset price on the trade date or the payment date, as applicable, rather than waiting for the funds associated with the creation to be transferred by the Cash Custodian to the Prime Execution Agent prior to purchasing the Portfolio Crypto Assets or for the Portfolio Crypto Assets held in the Custodial Account to be transferred to a Trading Balance prior to selling the Portfolio Crypto Assets (a process which may take up to 24 hours or longer if the respective Crypto Asset blockchain is experiencing delays in transaction confirmation, or if there are other delays). To the extent that the execution price of the Portfolio Crypto Assets acquired exceeds the amount of cash deposited by the Authorized Participant, the Authorized Participant bears the responsibility for the difference.

In the event Trade Credits are unavailable from the Trade Credit Lender or become exhausted, the Sponsor would require the Authorized Participant to deliver cash on the trade date so that a purchase order can be settled in a timely manner. For a Redemption Order under the Agent Execution Model, the Trust may use financing when the Portfolio Crypto Assets remains in the Custodial Account at the point of intended execution of a sale of Portfolio Crypto Assets. In the event Trade Credits are unavailable or become exhausted in this situation, the Sponsor would instruct the Custodian to move Portfolio Crypto Assets out of the Custodial Account into the Trading Balance so that it could be sold directly in response to a redemption order or to pay fees and expenses. Under these circumstances, the Trust may not be able to lock in the Portfolio Crypto Asset price on the trade date or the payment date, as applicable, and would instead have to wait until the transfer from the Custodial Account the Trading Balance was completed before selling the Portfolio Crypto Assets.

**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"); provided, however, the Sub-Transfer agent will maintain records of Shareholders who purchased their Shares in a private placement prior to the commencement of this offering and have not yet deposited their Shares into an account maintained by DTC. The 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 Transfer Agent 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 investors 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 has advised the Sponsor as follows: It 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.

**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 has advised the Sponsor that it 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.

**Plan of Distribution**

**Buying and Selling Shares**

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

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***Authorized Participants***

The offering of the 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 purchase or redeem one or more Baskets. The Sponsor believes that the Basket size of 10,000 Shares will enable Authorized Participants to manage inventory and facilitate an effective arbitrage mechanism for the Trust, however, the Sponsor may adjust of the Baskets in order to improve the effectiveness of the activities of Authorized Participants in the secondary market for the Shares if the Sponsor determines it to be necessary or advisable. 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.

The offering of Baskets is being made in compliance with Conduct Rule 2310 of FINRA. 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.

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 purchase or redeem Baskets or to offer to the public Shares of any Basket it does create. As of [ ], 2025, [ ] have executed Authorized Participant Agreements with the Trust.

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(3)(C) of the 1933 Act, would be unable to take advantage of the prospectus-delivery exemption provided by Section 4(3) of the 1933 Act.

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

 ****

***Selling Shareholders***

The Sponsor or its affiliates, or a fund or unit investment trust for which the Sponsor or an affiliate of the Sponsor serves as sponsor or investment adviser, may purchase Shares of the Trust through a broker-dealer or other investors, including in secondary market transactions, and because the Sponsor and its affiliates may be deemed affiliates of the Trust, the Shares are being registered to permit the resale of these Shares by affiliates of the Trust from time to time after any such purchase. The Trust will not receive any of the proceeds from the resale of such Shares.

Selling shareholders (each, a "Selling Shareholder") may sell Shares owned by them 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 through brokerage transactions, privately negotiated trades, block sales, entry into options or other derivatives transactions, or through any other means authorized by applicable law. Selling Shareholders may redeem Shares held in Basket size through an Authorized Participant.

**Creation and Redemption of Shares**

When the Trust creates or redeems its Shares, it will do so only in Baskets (blocks of 10,000 Shares) based on the quantity of Portfolio Crypto Assets attributable to each Share of the Trust (net of accrued but unpaid expenses and liabilities) multiplied by the number of Shares comprising a Basket (10,000). This is called the "Basket Amount."

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, that are not required to register as broker-dealers to engage in securities transactions described below, and (2) DTC Participants. To become an Authorized Participant, a person must enter into an Authorized Participant Agreement. The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets and for the delivery of the cash or Shares 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 must pay the Transfer Agent a non-refundable fee for each order they place to create or redeem one or more Baskets. The transaction fee may be waived, reduced, increased, or otherwise changed by the Sponsor in its sole discretion. Authorized Participants who make deposits with the Trust in exchange for Baskets receive no fees, commissions, or other form of compensation or inducement of any kind from either the Trust or the Sponsor, and no such person will have any obligation responsibility to the Sponsor or the Trust to effect any sale or resale of Shares. Under normal circumstances, the Trust will not bear any of the costs associated with the creation or redemption of Shares.

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.

Under the Authorized Participant Agreement, the Sponsor, and the Trust under limited circumstances, have agreed to indemnify the Authorized Participants against certain liabilities, including liabilities under the 1933 Act, and to contribute to the payments the Authorized Participants may be required to make in respect of those liabilities.

The following description of the procedures for the creation and redemption of Baskets is only a summary and an investor 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 are filed as exhibits to the registration statement of which this Prospectus is a part.

**Determination of Basket Amount**

The Basket Amount required to create each Basket changes from day to day. On each day that the Exchange is open for regular trading, the Administrator adjusts the quantity of Portfolio Crypto Assets constituting the Basket Amount as appropriate to reflect accrued expenses and any loss of Portfolio Crypto Assets that may occur. The computation is made by the Administrator each business day prior to the commencement of trading on the Exchange. The Administrator determines the Basket Amount for a given day by determining the NAV per Share of the Trust multiplied by 10,000. The Basket Amount so determined is communicated via electronic mail message to all Authorized Participants and made available on the Sponsor's website for the Shares. The Exchange also publishes the Basket Amount determined by the Administrator as indicated above.

**Creation Procedures**

On any business day, an Authorized Participant may create Shares by placing an order to purchase one or more Baskets with the Transfer Agent through the Marketing Agent in exchange for cash (a "Purchase Order"). Such orders are subject to approval by the Marketing Agent and Transfer Agent. Such orders are subject to approval by the Marketing Agent and Transfer Agent. For purposes of processing creation and redemption orders, a "business day" means any day other than a day when the Exchange is closed for regular trading. Purchase Orders must be placed by 2:00 p.m. ET, or the close of regular trading on the Exchange, whichever is earlier (the "Order Cut-Off Time"). The Order Cut-Off time may be modified by the Sponsor in its sole discretion. The day on which a Purchase Order is accepted by the Transfer Agent is considered the "Purchase Order Date."

The Sponsor may in its sole discretion limit the number of Shares created pursuant to Purchase Orders on any specified day without notice to the Authorized Participants and may direct the Marketing Agent to reject any Purchase Orders in excess of such capped amount. The Sponsor may choose to limit the number of Shares created pursuant to Purchase Orders when it deems so doing to be in the best interest of Shareholders. It may choose to do so when it believes the market is too volatile to execute a Portfolio Crypto Assets transactions, when it believes the price of Portfolio Crypto Assets is being inconsistently, irregularly, or discontinuously published from Crypto Asset trading venues and other data sources, or when it believes other similar circumstances may create a scenario in which accepting Purchase Orders would not be in the best interests of the Shareholders. The Sponsor does not believe that the Trust's ability to arrive at such a determination will have a significant impact on the Shares in the secondary market because it believes that the ability to create Shares would be reinstated shortly after such determination is made, and any entity desiring to create Shares would be able to do so once the ability to create Shares is reinstated. However, it is possible that such a determination would cause the Shares to trade at premiums or discounts relative to the Trust's NAV on the secondary market if arbitrageurs believe that there is risk that the creation and redemption process is not available, as this process is a component of keeping the price of the Shares on the secondary market closely aligned to the Trust's NAV.

The manner by which creations are made is dictated by the terms of the Authorized Participant Agreement. By placing a Purchase Order, an Authorized Participant agrees to deposit, or cause the deposit of, cash with the Trust in an equivalent amount of cash equal to the required amount as described in the "Determination of Required Deposits" sub-section above, plus any additional cash required to account for the price at which the Trust agrees to purchase the requisite amount of Portfolio Crypto Assets to the extent it is greater than NAV per Share of the Trust multiplied by 10,000. On each Purchase Order Date, the Administrator will communicate to the Authorized Participant the full cash amount required to settle the transaction. Authorized Participants may not withdraw a creation request. If an Authorized Participant fails to consummate the foregoing, the Purchase Order will be cancelled. The Sponsor causes to be published each night the amount of Portfolio Crypto Assets that will be acquired in exchange for each Purchase Order, from which can be computed the estimated amount of cash required to create each Basket, prior to accounting for any additional cash required to acquire the requisite amount of Portfolio Crypto Assets if the price paid by the Trust is in excess of the NAV per Share multiplied by 10,000 on each Purchase Order Date.

An Authorized Participant who places a Purchase Order is responsible for facilitating the delivery of the required amount of cash to the Cash Custodian by 3:00 p.m. ET, on the business day following the Purchase Order Date. Pursuant to the cash creation and redemption process, the Trust is responsible for acquiring and selling Portfolio Crypto Assets, which it may do pursuant to two different models: (i) the "Trust-Directed Trade Model," and the (ii) "Agent Execution Model," which are described herein under "The Trust's Investment Program—Purchase and Sale of Crypto Assets."

As between the Trust and the Authorized Participant, the expense and risk of the difference between the value of Portfolio Crypto Assets calculated by the Administrator for daily valuation and the price at which the Trust acquires the Portfolio Crypto Assets, including any interest expense charged by the Trade Credit Lender, will be borne solely by the Authorized Participant to the extent that the Trust pays more for Portfolio Crypto Assets than the price used by the Trust for daily valuation. Any such additional cash amount will be included in the amount of cash calculated by the Administrator on the Purchase Order Date, communicated to the Authorized Participant on the Purchase Order Date and wired by the Authorized Participant to the Cash Custodian on the Settlement Date. Cash delivered by an Authorized Participant in excess of the cost to acquire Portfolio Crypto Assets will be returned to the Authorized Participant.

**Rejection of Purchase Orders**

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

● the Purchase Order is not in proper form;

● it would not be in the best interest of the Shareholders;

● the acceptance of the Purchase Order would have adverse tax consequences to the Trust or its Shareholders;

● the acceptance or receipt of which would, in the opinion of counsel to the Sponsor, be unlawful; or

● circumstances outside the control of the Trust, the Sponsor, the Marketing Agent, the Transfer Agent, the Cash Custodian or the Custodian make it, for all practical purposes, not feasible to process Baskets (including if the Sponsor determines that the investments available to the Trust at that time will not enable it to meet its investment objective).

None of the Sponsor, the Marketing Agent, the Cash Custodian, or the Custodian will be liable for the rejection of any Purchase Order.

**Redemption Procedures**

On any business day, an Authorized Participant may place an order with the Transfer Agent through the Marketing Agent to redeem one or more Baskets (a "Redemption Order"). Redemption Orders must be placed by 2:00 p.m. ET (the "Redemption Order Cut-Off Time"), which may be modified by the Sponsor in its sole discretion. A Redemption Order will be effective on the date it is accepted by the Transfer Agent ("Redemption Order Date"). The redemption distribution from the Trust in exchange for a redemption of Shares consists of a movement of cash representing the Basket Amount of Portfolio Crypto Assets, less any trading expenses incurred by the Trust in liquidating the Portfolio Crypto Assets, to the redeeming Authorized Participant or its designee. An Authorized Participant may not withdraw a Redemption Order without the prior consent of the Sponsor in its discretion.

Under the Trust-Directed Trade Model pursuant to a Redemption Order, the procedures by which an Authorized Participant can redeem one or more Baskets mirror the procedures for the creation of Baskets under the Trust-Directed Trade Model with an additional safeguard on Portfolio Crypto Assets being removed from the Custodial Account, which will not occur until cash has been received by the Cash Custodian in an amount equal to the Basket Amount of Portfolio Crypto Assets multiplied by the price at which the Trust agrees with the Trading Counterparty to sell the Portfolio Crypto Assets on the Redemption Order Date. Once the trade has been agreed upon with a Trading Counterparty, the transaction will generally occur on an "over-the-counter" basis. Transfers of Portfolio Crypto Assets from the Custodial Account to the Trading Counterparty are "on-chain" transactions represented on the applicable blockchain network. The Authorized Participant must deliver the Shares represented by the Basket to be redeemed to the Trust's DTC account by end of day ET on the Redemption Order Settlement Date. The Custodian will not send the Basket Amount of Portfolio Crypto Assets from the Custodial Account to the Trading Counterparty until the Cash Custodian has received the cash from the Trading Counterparty and is instructed by the Sponsor to make such transfer. Once the Trading Counterparty has sent the cash to the Cash Custodian in an agreed-upon amount to settle the agreed upon sale of the Basket Amount of Portfolio Crypto Assets, the Transfer Agent will notify the Sponsor. The Sponsor will then notify the Custodian to transfer the Portfolio Crypto Assets to the Trading Counterparty, and the Transfer Agent will facilitate the redemption of Shares in exchange for cash. Once the Authorized Participant has delivered the Shares represented by the Basket to be redeemed to the Trust's DTC account, the Cash Custodian will wire the requisite amount of cash to the Authorized Participant. Transfers of Portfolio Crypto Assets from the Custodial Account to the Trading Counterparty are "on-chain" transactions represented on the applicable blockchain network. In the event that by the end of the day on the Redemption Order Settlement Date, the Trust's account at DTC shall not have been credited with the total number of Shares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order the Transfer Agent shall send to the Authorized Participant, the Sponsor and the Custodian via fax or electronic mail message notice of such fact and the Authorized Participant shall have two business days following receipt of such notice to correct such failure. If such failure is not cured within such two business day period, the Transfer Agent (in consultation with the Sponsor) will cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to the Authorized Participant and the Custodian, and the Authorized Participant will be solely responsible for all costs incurred by the Trust, the Transfer Agent, the Sponsor, or the Custodian related to the canceled Redemption Order.

Under the Agent Execution Model pursuant to a Redemption Order, the Authorized Participant may be required to submit a Redemption Order by an earlier than normal order cutoff time (the "Redemption Early Order Cutoff Time"). The Redemption Early Order Cutoff Time may be as early as 5:00 p.m. ET on the business day prior to Redemption Order Date. Once a Redemption Order is received, the Sponsor instructs the Custodian to prepare to transfer the Portfolio Crypto Assets associated with the Redemption Order from the Custodial Account with the Custodian to the Trust's Trading Balance with the Prime Execution Agent. For a Redemption Order utilizing the Agent Execution Model, on the evening of the Redemption Order Date, the Prime Execution Agent, acting in an agency capacity, conducts Portfolio Crypto Asset sales on behalf of the Trust with third parties through its Coinbase Prime service in exchange for cash. The Trust's Trading Balance with the Prime Execution Agent may not be funded with Portfolio Crypto Assets on the evening of the Redemption Order Date at the time of the intended execution of the sale of Portfolio Crypto Assets in connection with the Redemption Order because such Portfolio Crypto Assets are still in the Custodial Account at the Custodian. In those circumstances, the Trust may borrow Trade Credits in the form of Portfolio Crypto Assets from the Trade Credit Lender, which allows the Trust to sell Portfolio Crypto Assets through the Prime Execution Agent on the evening Redemption Order Date, and the cash proceeds are deposited in the Trust's Trading Balance with the Prime Execution Agent. Such cash is then transferred to the Cash Custodian. The Trust will subsequently transfer the Basket Amount of Portfolio Crypto Assets from the Custodial Account to the Trust's Trading Balance with the Prime Execution Agent. Once the Authorized Participant has delivered the Shares represented by the Basket to be redeemed to the Trust's DTC account, the Cash Custodian will then wire the requisite amount of cash to the Authorized Participant. In the event Trade Credits were used, the Trust will use the Portfolio Crypto Assets that are moved from the Custodial Account with the Custodian to the Trading Balance with the Prime Execution Agent to repay the Trade Credits borrowed from the Trade Credit Lender. Transfers of Portfolio Crypto Assets from the Custodial Account to the Trust's Trading Balance are "on-chain" transactions represented on the applicable blockchain network.

 **Suspension or Rejection of Redemption Orders** 

The Sponsor may, in its discretion, suspend the right of purchase or redemption or may postpone the end of day ET on the business day following the Redemption Order Date (the "Redemption Order Settlement Date"), for (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) any period during which an emergency exists as a result of which the fulfillment of a purchase order or the redemption distribution is not reasonably practicable (for example, as a result of an interruption in services or availability of the Prime Execution Agent, Custodian, Cash Custodian, Administrator, or other service providers to the Trust, act of God, catastrophe, civil disturbance, government prohibition, war, terrorism, strike or other labor dispute, fire, force majeure, interruption in telecommunications, Internet, or network provider services, unavailability of Fedwire, SWIFT or banks' payment processes, significant technical failure, bug, error, disruption or fork of the respective Crypto Asset's network, hacking, cybersecurity breach, or power, Internet, or respective Crypto Asset's network outage, or similar event), or (3) such other period as the Sponsor determines to be necessary for the protection of the Shareholders of the Trust (for example, where acceptance of the U.S. dollars needed to create each Basket would have certain adverse tax consequences to the Trust or its Shareholders). For example, the Sponsor may determine that it is necessary to suspend redemptions to allow for the orderly liquidation of the Trust's assets. If the Sponsor has difficulty 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 Sponsor, the person authorized to take Redemption Orders in the manner provided in the Authorized Participant Agreement, the Custodian or the Cash Custodian will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement. If the Trust suspends creation or redemption orders, the Sponsor will notify Shareholders by posting such notice on the Trust's website, in a prospectus supplement, through a current report on Form 8-K and/or in the Trust's annual or quarterly reports. See "Risk Factors - Investors may be adversely affected by purchase or redemption orders that are subject to postponement, suspension or rejection under certain circumstances."

Redemption Orders must be made in whole Baskets. The 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 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 Sponsor, the person authorized to take redemption orders in the manner provided in the Authorized Participant Agreement or the Custodian make it for all practical purposes not feasible for the Shares to be delivered under the Redemption Order. The Sponsor may also reject a Redemption Order if the number of Shares being redeemed would reduce the remaining outstanding Shares to 100,000 Shares (*i.e.*, 10 Baskets) or less.

**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 number of Baskets in such order. The transaction fee may be reduced, increased, or otherwise changed by the Sponsor.

**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 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 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 that 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 Basket it does create.

Authorized Participants that do offer to the public Shares from the Basket they create will do so at per-Share offering prices that are expected to reflect, among other factors, the trading price of the Shares on the 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 Portfolio Crypto Assets or other portfolio investments. Baskets are generally expected to be redeemed when the price per Share is at a discount to the per Share NAV. 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 of cash with the Trust in exchange for Baskets receive no fees, commissions, or other forms of compensation or inducement of any kind from either the Trust or the Sponsor and no such person has any obligation or responsibility to the 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 investors who seek to purchase or sell Shares in the secondary market and the liquidity of Portfolio Crypto Assets.

**Use of Proceeds**

Proceeds received by the Trust from Purchase Orders of Baskets will be used to acquire Portfolio Crypto Assets. Such deposits of cash are held by the Cash Custodian on behalf of the Trust until (i) used to acquire Portfolio Crypto Assets; (ii) accrued and distributed to pay fees due to the Sponsor and Trust expenses and liabilities not assumed by the Sponsor, (iii) distributed to Authorized Participant in connection with redemptions of Baskets, or (iv) disposed of in a liquidation of the Trust.

In the event that the Trust is terminated and its assets are to be liquidated, all of the Trust's Portfolio Crypto Assets will be sold and the cash proceeds will be distributed to Shareholders. Under no circumstances will the Trust distribute Portfolio Crypto Assets to Shareholders.

**Ownership or 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 Sponsor, Shareholders will have no preemptive or other right to subscribe to any additional shares or other securities issued by the Trust.

The Sponsor will have full power and authority, in its sole discretion, without seeking the approval of the Trustee 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 Sponsor may from time to time determine, (b) to divide the beneficial interest in the Trust into an unlimited amount of Shares, with or without par value, as the Sponsor will determine, (c) 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 By-Laws, if any, at such time or times and on such terms as the Sponsor may deem appropriate, (d) 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, and (e) to take such other action with respect to the Shares as the 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 Sponsor may otherwise determine from time to time. The 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 in the Trust's structure and operation you should consider before you purchase Shares. The Sponsor will use this notice of conflicts as a defense against any claim or other proceeding made. If the Sponsor is not able to resolve these conflicts of interest adequately, it may impact the Trust's ability to achieve its investment objectives.

The officers, directors and employees of the Sponsor do not devote their time exclusively to the Trust. These persons are directors, officers or employees of other entities, or otherwise work in respect of other clients, 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 Sponsor has adopted policies and procedures that identify the conflicts of interest associated with these companies and their principals, officers, directors and employees when and if trading Portfolio Crypto Assets, Portfolio Crypto Asset futures and related contracts or other Portfolio Crypto Asset-linked derivatives. These policies are intended to prevent conflicts of interest occurring where the Sponsor or their principals, officers, directors, or employees could give preferential treatment to their own accounts or trade their own accounts ahead of or against the Trust. Pursuant to these policies, all principals, officers, directors, and employees of the Sponsor, and their family members, must receive prior written clearance from the Sponsor's chief compliance officer before entering in a transaction in Portfolio Crypto Assets, Portfolio Crypto Asset futures or any other Portfolio Crypto Asset-linked derivative equal if such transaction exceeds $4,999 in current market value. To the extent any such transaction constitutes a purchase of Portfolio Crypto Assets, Portfolio Crypto Asset futures or any other Portfolio Crypto Asset-linked derivative exceeds $4,999 in current market value, the policies require that such Portfolio Crypto Assets, Portfolio Crypto Asset futures or any other Portfolio Crypto Asset-linked derivative must be held for 60 days before it can be traded or sold.

The Sponsor has sole current authority to manage the investments and operations of the Trust, and this may allow it to act in a way that furthers its own interests which may create a conflict with a Shareholder's best interests. Except as required under applicable federal law or under the rules or regulations of an Exchange, Shareholders have no voting rights, which will limit their ability to influence 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 Sponsor serves as the sponsor to the Trust. The 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 the other funds it manages, including but not limited to the Bitwise Bitcoin ETF, Bitwise Ethereum ETF, the Bitwise 10 Index Offshore Fund Ltd., the Digital Asset Index Fund, the Bitwise Bitcoin Fund, LLC, the Bitwise Ethereum Fund, LLC and the Bitwise DeFi Crypto Index Fund. In addition, the Sponsor may be required to indemnify its officers, directors, and key employees with respect to their activities on behalf of the other funds if the need for indemnification arises. This potential indemnification could cause the Sponsor's assets to decrease. If the 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.

If the 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 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 has 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.

**Resolution of Conflicts Procedures**

The Trust Agreement provides that whenever a conflict of interest exists between the Sponsor or any of its affiliates, on the one hand, and the Trust or any Shareholders or any other person, on the other hand, the Sponsor will resolve such conflict of interest considering the relative interest of each party (including its own interest) and the benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable accepted accounting practices or principles.

**Conflicts of Interest for the Prime Execution Agent, the Custodian and the Trade Credit Lender**

The Prime Execution Agent, the Custodian, and the Trade Credit Lender are affiliates of Coinbase Global. As affiliates, the Coinbase Entities may have actual or potential conflicts of interest when executing the Trust's orders. As a result of these and other conflicts, when acting as principal, the Coinbase Entities may have an incentive to favor their own interests and the interests of their affiliates over the Trust's interests and have in place certain policies and procedures that are designed to mitigate such conflicts. For additional information on the conflicts of interest of the Coinbase Entities, see "The Prime Execution Agent and the Trade Credit Lender—The Prime Execution Agent."

**Liability and Indemnification**

**Trustee**

The Trustee will not be liable for the acts or omissions of the Sponsor, nor will the Trustee be liable for supervising or monitoring the performance and the duties and obligations of the Sponsor or the Trust under the Trust Agreement. The 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) no provision of the Trust Agreement will require the 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 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) under no circumstances will the Trustee be personally liable for any representation, warranty, covenant, agreement, or indebtedness 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; (d) the 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 Sponsor;

&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 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 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 Trustee may for all purposes hereof rely on a certificate, signed by an authorized officer of the Sponsor or any other corresponding directing party, as to such fact or matter, and such certificate will constitute full protection to the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) in the exercise or administration of the trust hereunder, the Trustee (i) may act directly or through agents or attorneys pursuant to agreements entered into with any of them, and the 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 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) except as expressly provided in Article III of the Trust Agreement, the Trustee acts solely as a trustee under the Trust Agreement and not in its individual capacity, and all persons having any claim against the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) the Trustee will not be liable for punitive, exemplary, consequential, special, or other similar damages under any circumstances.

The Trustee or any officer, affiliate, director, employee, or agent of the Trustee (each, an "Indemnified Person") will be entitled to indemnification from the 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, "Losses"), to the extent that such Losses 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 Agreement; provided, however, that the Sponsor and the Trust will not be required to indemnify any Indemnified Person for any Losses that are a result of the willful misconduct, bad faith, or gross negligence of such Indemnified Person. The obligations of the Sponsor and the Trust to indemnify the Indemnified Persons will survive the termination of the Trust Agreement.

**Sponsor**

The Sponsor is not under any liability to the Trust, the Trustee 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 Portfolio Crypto Assets or other assets held in trust hereunder; provided, however, that this provision will not protect the Sponsor against any liability to which it would otherwise be subject by reason of its own gross negligence, bad faith, or willful misconduct. The 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 Trustee, the Trustee's counsel, or by any other Person for any matters arising hereunder. The Sponsor will in no event be deemed to have assumed or incurred any liability, duty, or obligation to any Shareholder or to the Trustee 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 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 Sponsor will act in a manner that is, or provides terms that are, fair and reasonable to the Trust, the 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 Sponsor, the resolution, action, or terms so made, taken or provided by the Sponsor will not constitute a breach of the Trust Agreement or any other agreement contemplated herein or of any duty or obligation of the Sponsor at law or in equity or otherwise.

The Sponsor and its shareholders, members, directors, officers, employees, Affiliates, and subsidiaries (each a "Sponsor Indemnified Party") will be indemnified by the Trust and held harmless against any loss, liability, or expense incurred hereunder 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 under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement. Any amounts payable to a Sponsor Indemnified Party under Section 4.06 of the Trust Agreement may be payable in advance or will be secured by a lien on the Trust. The 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 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 Sponsor will be entitled to be reimbursed therefor by the Trust. The obligations of the Trust to indemnify the Sponsor Indemnified Parties will survive the termination of the Trust Agreement.

**Provisions of Law**

According to applicable law, indemnification of the Sponsor is payable only if the 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 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 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 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 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.

**Provisions of the 1933 Act and NASAA Guidelines**

Insofar as indemnification for liabilities arising under the 1933 Act may be permitted to the Sponsor or its directors, officers, or persons controlling the Trust, the Trust has been informed that the SEC and the various State administrators believe that such indemnification is against public policy as expressed in the 1933 Act and the North American Securities Administrators Association, Inc. commodity pool guidelines and is therefore unenforceable.

**Books and Records**

The Trust keeps its books of record and account at the office of the Sponsor located at 250 Montgomery Street, Suite 200, San Francisco, CA, 94104, or at the offices 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 keeps a copy of the Trust Agreement on file in the Sponsor's office, which will be available for inspection by any Shareholder at all times during its usual business hours upon reasonable advance notice.

**Statements, Filings, and Reports to Shareholders**

After the end of each fiscal year, the 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 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 Sponsor is responsible for the registration and qualification of the Shares under the federal securities laws. The 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 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 Sponsor may select an alternate fiscal year.

**Governing Law; Consent to Delaware Jurisdiction**

**Legal Matters**

**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 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.

**Legal Opinion**

Chapman and Cutler LLP has advised the Sponsor in connection with the Shares being offered. Chapman and Cutler LLP also advises the Sponsor with respect to its responsibilities as sponsor of, and with respect to matters relating to, the Trust. Certain opinions of counsel have been filed with the SEC as exhibits to the Registration Statement of which this Prospectus is a part.

**Experts**

The financial statements incorporated in this Prospectus by reference to the Annual Report on Form 10-K for the year ended December 31, 2024, have been so incorporated in reliance on the report of KPMG LLP, 345 Park Avenue, New York, NY, 10154-0102, an independent registered public accounting firm, is hereby named as an expert in auditing and accounting.

**Material Contracts**

**Cash Custody Agreement**

The Trust has entered into the 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 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 would observe in these affairs taking into account the prevailing rules, practices, procedures, and circumstances in the relevant market ("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. 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 substantive laws of the state of New York.

**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 Transfer Agent, for the creation and redemption of Baskets of the Trust; (ii) maintaining copies of confirmations of Basket creation and redemption order acceptances and producing such copies upon reasonable request from the Trust or Sponsor; (iii) making available copies of the Prospectus to Authorized Participants who have purchased 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 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.

The Marketing Agreement shall continue in effect for two years. Thereafter, if not terminated, the Marketing Agreement shall continue automatically in effect for successive one-year periods.

**Custodian Agreement**

Pursuant to the Custodian Agreement, the Custodian is responsible for providing the Trust with segregated cold-wallet digital-asset custody. The Trust's assets with the Custodian are held in segregated wallets and are therefore not commingled with corporate or other customer assets. The Custodian also segregates each of the accounts (comprising multiple wallets in some cases) that a client (such as the Trust) may hold with the Custodian, and each such account's balance represents the account's on-chain balance, which can be independently verified by the client or third-party auditors as needed. This approach applies to each asset supported by the Custodian.

Private key materials are generated and subsequently stored in a form whereby no private key is stored in a decrypted format. The private key materials are stored within the Custodian's secure storage facilities within the U.S. and Europe. For security reasons, these exact locations are never disclosed.

Personnel supporting key operations are very limited, and the Custodian requires a background check prior to onboarding, and where required, annually thereafter. No single individual associated with the Custodian has access to full private keys. Private key decryption and subsequent transaction signing instead require access to multiple systems and human operators in order to reconstitute a key and perform an on-chain transaction. For security purposes, the Custodian does not disclose specifics around the roles and numbers of individuals involved in these processes.

The Custodian's parent, Coinbase Global, maintains a commercial crime insurance policy of up to $320 million, which is intended to cover the loss of client assets held by Coinbase Global and all of its subsidiaries, including the Custodian and the Prime Execution Agent (collectively, the Coinbase Insureds), including from employee collusion or fraud, physical loss including theft, damage of key material, security breach or hack, and fraudulent transfer.

The Custodian maintains an Internal Audit team that performs periodic internal audits over custody operations. SOC attestations are also performed on the Custodian's services. The SOC 1 Type 2 and SOC 2 Type 2 reports produced cover private key management controls. A SOC 1 Type 2 report addresses the controls at a service organization that are likely to be relevant to user entities' internal control over financial reporting. A SOC 2 Type 2 report addresses controls at a service organization relevant to security, availability, processing integrity, confidentiality, or privacy in order to support users' evaluations of their own systems of internal control.

The Custodian will not be liable for any amount greater than the value of the supported digital assets on deposit in the Trust's custodial account(s) at the time of the event giving rise to the liability, subject further to the maximum liability limit of $100 million for each cold storage address.

The Custodian Agreement, which is a part of the Prime Execution Agreement, was effective as of the Prime Execution Agreement's execution on July 29, 2023, and will remain in effect until terminated by either the Trust, the Custodian or the Prime Execution Agent. The Custodian may terminate the Custodian Agreement for any reason upon providing the applicable notice to the Trust, or immediately for "Cause" (as defined in the Custodian Agreement), including, among others, if the Trust: materially breaches the Prime Execution Agreement and such breach remains uncured, undergoes a bankruptcy event, or fails to repay Trade Credits. The Custodian may terminate the Custodian Agreement for any reason upon providing 180 days' notice to the Trust, or immediately for "Cause." The Custodian Agreement forms a part of the Prime Execution Agreement and is subject to the termination provisions in the Prime Execution Agreement.

**Prime Execution Agreement**

Pursuant to the Prime Execution Agreement, the Trust's Portfolio Crypto Assets and cash holdings from time to time may be temporarily held with the Prime Execution Agent, an affiliate of the Custodian, in the Trading Balance, for certain limited purposes, including in connection with creations and redemptions of Baskets and the sale of Portfolio Crypto Assets to pay Trust expenses not assumed by the Sponsor. The Sponsor may, in its sole discretion, add or terminate prime execution agents at any time. The Sponsor may, in its sole discretion, change the prime execution agent 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 execution agents.

Within the Trust's Trading Balance, the Prime Execution Agreement provides that the Trust does not have an identifiable claim to any particular Portfolio Crypto Assets (and cash). Instead, the Trust's Trading Balance represents an entitlement to a pro rata share of the Portfolio Crypto Assets (and cash) the Prime Execution Agent holds on behalf of customers who hold similar entitlements against the Prime Execution Agent. In this way, the Trust's Trading Balance represents an omnibus claim on the Prime Execution Agent's Portfolio Crypto Assets (and cash) held on behalf of the Prime Execution Agent's customers. The Prime Execution Agent holds the Crypto Assets associated with customer entitlements across a combination of omnibus cold wallets, omnibus "hot wallets" (meaning wallets whose private keys are generated and stored online, in Internet-connected computers or devices) or in omnibus accounts in the Prime Execution Agent's name on a trading venue (including third-party venues and the Prime Execution Agent's own execution venue) where the Prime Execution Agent executes orders to buy and sell Crypto Assets on behalf of its clients.

Pursuant to the Prime Execution Agreement, the Trust may engage in sales of Portfolio Crypto Assets by placing orders with the Prime Execution Agent. The Prime Execution Agent will route orders placed by the Sponsor through the prime execution agent execution platform (the "Trading Platform") to a Connected Trading Venue where the order will be executed. Each order placed by the Sponsor will be sent, processed and settled at each Connected Trading Venue to which it is routed. The Prime Execution Agreement provides that the Prime Execution Agent is subject to certain conflicts of interest, including: (i) the Trust's orders may be routed to the Prime Execution Agent's own execution venue where the Trust's orders may be executed against other customers of the Prime Execution Agent or with the Coinbase acting as principal, (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 Execution Agent, (iii) the Prime Execution Agent 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 and (iv) the Prime Execution Agent may act in a principal capacity with respect to certain orders. As a result of these and other conflicts, when acting as principal, the Prime Execution Agent may have an incentive to favor its own interests and the interests of its affiliates over the Trust's interests.

The Prime Execution Agent is permitted to suspend or terminate the Prime Execution Agreement under certain circumstances. The Prime Execution Agent, for itself or as agent for the Custodian and Trade Credit Lender, may not terminate the Prime Execution Agreement (including the Custodian Agreement) or suspend, restrict, terminate, or modify the Prime Execution Agent Services (as such term is defined in the Agreement) on less than 180 days' notice, except in the event of (i) a Change in Law or (ii) a "Cause" event (as such term is defined in the Agreement). The Prime Execution Agreement defines "Prime Execution Agent Services" as (i) the custody of the Trust's Portfolio Crypto Assets in the Custodial Account, the processing of deposits and withdrawals and other custody transactions, (ii) access to the Prime Execution Agent's trading platform and the execution and settlement of all orders for the sale of Portfolio Crypto Assets submitted by the Trust, and (iii) the extension of credit to the Trust by the Trade Credit Lender pursuant to the Trade Financing Agreement.

The Prime Execution Agreement, including the Custodian Agreement, was effective as of its execution on July 29, 2023, and will remain in effect until terminated by either the Trust or the Prime Execution Agent. The Trust may terminate the Prime Execution Agreement, including the Custodian Agreement, in whole or in part for any reason upon 30 days' notice to the Prime Execution Agent, for itself or as agent on behalf of the Custodian or Trade Credit Lender, or upon a Coinbase Termination Event. The Prime Execution Agreement defines a "Coinbase Termination Event" to mean the occurrence and continuance of (i) a Bankruptcy Event with respect to any Coinbase Entity, (ii) the failure of any Coinbase Entity to sell or withdraw or transfer the Trust's Portfolio Crypto Assets in accordance with the Trust's instructions within the time periods set forth in the Prime Execution Agreement and such failure is not cured within two business days following the Trust providing written notice to the relevant Coinbase Entity ("CB Return Cure"); provided, however, that (A) if, prior to the expiration of the CB Return Cure, the Prime Execution Agent transfers cash to the Trust in an amount equal to the value of the Portfolio Crypto Assets as of the time that the request to sell, transfer, or withdraw was originally made by the Trust (the "Cash Value") or if the Prime Execution Agent delivers cash collateral to an account designated by the Trust and in which the Trust has a perfected, first priority security interest and in an amount equal to the Cash Value until the relevant Portfolio Crypto Assets is sold, withdrawn, or transferred, or the Trust elects to receive such amount in cash in lieu of the Prime Execution Agent's obligation to sell, withdraw, or transfer the relevant Portfolio Crypto Assets, in each case, such failure will be deemed cured; provided, further that, the Trust shall have the right to choose whether to receive the Cash Value in lieu of the relevant Portfolio Crypto Assets or receive the Cash Value as cash collateral, or (B) if such failure is due to a technology or security issue where, in the commercially reasonable opinion of the Prime Execution Agent, returning the relevant Portfolio Crypto Assets would result in material risk to the Trust or the Prime Execution Agent, or may result in the relevant Portfolio Crypto Assets being lost or otherwise not successfully returned, and the Prime Execution Agent promptly notifies the Trust promptly upon Client's notice of such failure, (1) the Trust may request that the Prime Execution Agent still sell, withdraw, or transfer the Portfolio Crypto Assets, but the Prime Execution Agent will have no liability with respect to any such sell, withdrawal, or transfer (unless the Prime Execution Agent or any of the Coinbase Entities act with negligence unrelated to such technology or security issue) and any failure to withdraw or transfer shall not result in a Coinbase Termination Event if the Trust does not receive the withdrawn or transferred Portfolio Crypto Assets or the proceeds of any such sale due to such technology or security issue, or (2) if the Trust does not elect to have the Prime Execution Agent still make the sale, withdrawal, or transfer, a Coinbase Termination Event shall not occur while the relevant security or technology event is occurring and continuing, (iii) the failure of any Coinbase Entity to withdraw or transfer cash to the Trust in accordance with the Trust's instructions within the time periods set forth in the Prime Execution Agreement and such failure is not cured within one Business Day following the Trust providing written notice to the relevant Coinbase Entity, (iv) a Coinbase Entity, intentionally or willfully, materially breaches any provision of the Prime Execution Agreement (other than the provisions of the Custodian Agreement) and such breach remains uncured for a period of 10 calendar days after notice of such breach is provided by the Trust to the Prime Execution Agent; or (v) a Coinbase Entity, intentionally or willfully, materially breaches any provision of the Custodian Agreement and such breach remains uncured for a period of 30 calendar days after notice of such breach is provided by the Trust to the Prime Execution Agent.

**Trade Financing Agreement**

The Trade Financing Agreement was entered into between the Trust (as "Borrower"), Coinbase Credit ("Lender"), Coinbase, Inc. ("Agent" or "Coinbase"), and Coinbase Custody as agent with respect to the Trust's balance of Portfolio Crypto Assets held in the Custodial Account pursuant to the Custodian Agreement to govern the extension of credit from Coinbase Credit to the Trust for use in connection with trading Portfolio Crypto Assets on Coinbase, Inc.'s Trading Platform.

Pursuant to the terms of the Trade Financing Agreement, Lender agrees to lend to the Trust a specific quantity of cash and/or Portfolio Crypto Assets (Trade Credits) in connection with the purchase or sale of Portfolio Crypto Assets via the Coinbase, Inc.'s Trading Platform for use on the Trading Platform up to the Authorized Amount. The "Authorized Amount" shall mean the aggregate U.S. dollar notional amount of Trade Credits that Lender has agreed to extend to the Trust during any Defined Interval. "Defined Interval" means a 24-hour period starting at 6:00 a.m. ET (or such other time as may be notified by Lender to Trust from time to time) on any day that Lender has extended Trade Credit to Trust.

The Trust and Lender agree that the Trust may use the Trade Credits exclusively for the purpose of the execution of trades on the Trading Platform. Lender is under no obligation to continue to provide Trade Credits and may in its sole discretion impose blackout periods during which Trade Credits for any or all fiat currencies and/or digital assets (including U.S. dollars and Crypto Assets) may be unavailable, provided, however, that Lender will provide the Trust with advance notice of such blackout periods if feasible to do so.

Lender will establish in the name of the Trust a ledger entry for purposes of tracking Trade Credits extended by Lender ("Trade Finance Debit Account"). The Trade Finance Debit Account shall reflect the cumulative Trade Credits that Lender has extended during each Defined Interval, both in terms of the aggregate notional value of the Trade Credits and the Trade Credits denominated in specific digital assets. The Trade Finance Debit Account shall be conclusive, absent manifest error, of the amount of Trade Credits extended by the Lender to the Trust. "Defined Interval" shall mean a 24-hour period starting at 6:00 a.m. ET (or such other time as may be notified by Lender to Trust from time to time) on any day that Lender has extended Trade Credit to Trust. For the avoidance of doubt, in the event that Lender extends Trade Credit to the Trust prior to 6:00 a.m. ET on any given day, such notional amount of Trade Credit shall be included in the aggregation of the Authorized Amount for the immediately prior day. Lender or Agent may revise the Defined Interval time period referenced above upon five business days prior notice to the Trust.

Under the Trade Financing Agreement, the Lender and the Trust agreed that any digital assets and any item of property (whether investment property, financial asset, security, general intangible, or instrument (each as defined in the UCC) or cash) and all proceeds of the foregoing, credited to the Trust's Trading Balance and Custodial Account shall be treated as a "financial asset" within the meaning of NY UCC §8-102(a)(9). The Trust granted to Lender and Agent a continuing first priority security interest in, lien on, and right of set off against all of the Trust's right, title, and interest, whether now owned or existing, or hereafter acquired or arising, in the Trust's Trading Balance and Custodial Account together with proceeds thereof, in order to secure (i) repayment of Trade Credits to Lender, (ii) payment of all fees and other amounts owed by the Trust to Lender or Agent hereunder, and (iii) all other obligations of the Trust to the Lender and Agent arising hereunder from time to time. In addition, the Trust shall execute such documents and take such other actions as the Lender or Agent shall reasonably request in order to perfect and maintain the priority of the Lender's and Agent's security interest with respect to Trust's Trading Balance and the Custodial Account. For purposes of perfecting Lender's security interest in the Trading Balance, Agent holds the Trust's Trading Balance for itself and also as agent for Lender, and has control over the Trust's Trading Balance for its own benefit and for the benefit and on behalf of Lender. Agent agrees to follow entitlement orders of Lender as secured party with respect to the Trading Balance without further consent of the Trust.

The Trust agrees to fully repay to Lender the Trade Credits extended during a Defined Interval by the Settlement Deadline for that Defined Interval. The "Settlement Deadline" shall mean 6:00 p.m. ET on the calendar day immediately following the start of a Defined Interval. The Trust is permitted to repay the Trade Credits at any time during the Defined Interval. Failure of the Trust to fully repay the Trade Credits by the Settlement Deadline may result in an Event of Default (as such term is defined in the agreement). The Trust must repay Lender with the same type of asset that Lender provided in extending the applicable Trade Credit. The Trust's repayment obligation shall be satisfied only when Lender receives good funds for cash Trade Credits or Portfolio Crypto Assets for Trade Credits. All cash repayments must be made to Lender in good funds by the Settlement Deadline, regardless of whether the Federal Reserve wire transfer system is open for business.

Upon the occurrence of an Event of Default: (a) any outstanding extension of Trade Credit shall be immediately due and payable; (b) in addition to all rights under the Coinbase Prime Broker Agreement, Lender or Agent may exercise any rights of a secured creditor with respect to its interests in the Trust's assets and may exercise all other rights under Agreements between the Trust and Lender, Agent, or Coinbase Custody, including the Lender's, Agent's, or Coinbase Custody's rights under the Coinbase Prime Broker Agreement. Lender and Agent agree that they will exercise their secured creditor rights with respect to the Trading Balance before exercising their secured creditor rights with respect to the Custodial Account; (c) the Trust authorizes Agent, as securities intermediary with respect to the Trading Balance, to comply with all instructions and entitlement orders from Lender, as secured party, with respect to the disposition of assets in the Trust's Trading Balance as contemplated herein without further consent or direction from the Trust or any other party. The Trust also authorizes Coinbase Custody, as securities intermediary with respect to the Portfolio Crypto Assets, to comply with all instructions and entitlement orders from Lender or Agent, as secured party, with respect to the disposition of assets in the Custodial Account. Coinbase Custody agrees to follow such instructions and entitlement orders; (d) Without prior notice to the Trust, Lender shall have the right to instruct Agent (and Agent agrees to comply with such instruction) to: (i) transfer the Trust's Client Assets from the Trust's Trading Balance to the Lender to repay the unpaid Trade Credits, and/or (ii) liquidate or cancel outstanding orders (including Orders that have been submitted or are in the process of being fulfilled); and (e) without prior notice to the Trust, Lender may suspend or terminate the Trust's ability to receive extensions of Trade Credits, regardless of whether the Trust has cured the Event of Default.

If the above actions are not sufficient to satisfy all obligations of the Trust to Lender and Agent, Lender or Agent shall have the right to liquidate any and all of the Trust's assets and positions held with Lender or Agent, including the Trading Balance and the Custodial Account, to cover any losses incurred by the Trust's failure to repay the Trade Credits. In connection with liquidating such assets, the Trust authorizes Lender or Agent, on Lender's behalf, in Lender's sole discretion, to liquidate any of the Trust's Portfolio Crypto Assets in a commercially reasonable sale at the market price. The Trust understands that the value of Portfolio Crypto Assets may rise or fall quickly, and neither Lender nor Agent has any obligation to liquidate the Trust's Portfolio Crypto Assets at a time that provides the best price.

The parties to the Trade Financing Agreement may terminate the agreement immediately upon giving the other party written notice. Upon notice of termination, all outstanding extensions of Trade Credits shall become due and payable immediately. All obligations of the Trust with respect to outstanding Trade Credits and other amounts due hereunder, and rights of Lender and Agent in connection therewith shall survive the termination of the Trade Financing Agreement, including Lender's and Agent's security interest in the Trust Trading Balance and Custodial Account and Lender, Agent's, and Coinbase Custody's right of set-off under the Prime Execution Agreement.

**United States Federal Income Tax Consequences**

The following discussion of the material U.S. federal income tax consequences that generally will apply to the purchase, ownership, and disposition of Shares by a U.S. Shareholder (as defined below), and certain U.S. federal income consequences that may apply to an investment in Shares by a Non-U.S. Shareholder (as defined below), represents, insofar as it describes conclusions as to U.S. federal income tax law and subject to the limitations and qualifications described therein, the opinion of Chapman and Cutler LLP, special U.S. federal income tax counsel to the Sponsor. The discussion below is based on the Internal Revenue Code of 1986 (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. Certain Shareholders (including but not limited to banks, financial institutions, insurance companies, regulated investment companies, real estate investment trusts, tax-exempt organizations, tax-exempt or tax-advantaged retirement plans or accounts, brokers or dealers, traders, 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 with "applicable financial statements" within the meaning of Section 451(b) of the Code, or other investors with special circumstances) may be subject to special rules not discussed below. In addition, the following discussion applies only to investors who will hold Shares as "capital assets" within the meaning of Section 1221 of the Code. 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:

● an individual who is treated as a citizen or resident of the U.S. for U.S. federal income tax purposes;

● 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 U.S., any state thereof or the District of Columbia;

● an estate, the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; or

● a trust, if a court within the U.S. is able to exercise primary supervision over the administration of the trust, and one or more U.S. persons have the authority to control all substantial decisions of the trust, or a trust that has made a valid election under applicable Treasury Regulations to be treated as a domestic trust.

A Shareholder that is not a U.S. Shareholder as defined above is considered a "Non-U.S. Shareholder" for purposes of this discussion. 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 Trust is organized and will be operated as a statutory trust in accordance with the provisions of the Declaration of Trust and applicable Delaware law. Notwithstanding the Trust's status as a statutory trust and the Fund's status as a series of the Trust, due to the nature of its activities the Fund will not be classified as a trust for U.S. federal income tax purposes, but rather, in the opinion of Chapman and Cutler LLP, the Trust should be classified as a partnership for such purposes. The trading of Shares on the NYSE Arca will cause the Fund to be classified as a "publicly traded partnership" for U.S. federal income tax purposes. Under section 7704 of the Code, a publicly traded partnership is generally taxable as a corporation. In the case of an entity not registered under the Investment Company Act of 1940 as amended, (such as the Fund) and not meeting certain other conditions, however, an exception to this general rule applies if at least 90% of the entity's gross income is "qualifying income" for each taxable year of its existence (the "qualifying income exception"). For this purpose, qualifying income is defined as including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends.

In the case of a partnership of which a principal activity is the buying and selling of commodities other than as inventory or of futures, forwards, and options with respect to commodities, "qualifying income" also includes income and gains from commodities and from such futures, forwards, options, and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities.

There is very limited authority on the U.S. federal income tax treatment of the Digital Assts. Based on Commodity Futures Trading Commission ("CFTC") determinations that treat bitcoin, ether, and Solana as commodities under the Commodity Exchange Act, the Fund intends to take the position that the Digital Assets qualify as commodities. Shareholders should be aware that the Fund's position is not binding on the IRS, and no assurance can be given that the IRS will not challenge the Fund's position, or that the IRS or a court will not ultimately reach a contrary conclusion, which would result in the material adverse consequences to Shareholders and the Fund discussed below.

The Fund's taxation as a partnership rather than a corporation will require the Sponsor to conduct the Fund's business activities in such a manner that it satisfies the requirements of the qualifying income exception on a continuing basis. No assurances can be given that the Fund's operations for any given year will produce income that satisfies these requirements.

If the Fund failed to satisfy the qualifying income exception in any year, other than a failure that is determined by the IRS to be inadvertent and that is cured within a reasonable time after discovery (in which case, as a condition of relief, the Fund could be required to pay the government amounts determined by the IRS), the Fund would be taxable as a corporation for U.S. federal income tax purposes and would pay U.S. federal income tax on its income at regular corporate tax rates. In that event, Shareholders would not report their share of the Fund's income or loss on their tax returns. Distributions by the Fund (if any) would be treated as dividend income to the Shareholders to the extent of the Fund's current and accumulated earnings and profits, then treated as a tax-free return of capital to the extent of a Shareholder's basis in the Shares (thus reducing the Shareholder´s basis), and thereafter, to the extent such distributions exceed the Shareholder's basis in such Shares, as capital gain for Shareholders who hold their Shares as capital assets. Accordingly, if the Fund were to be taxable as a corporation, it would likely have a material adverse effect on the economic return from an investment in the Fund and on the value of the Shares.

The remainder of this summary assumes that the Fund is classified for U.S. federal income tax purposes as a partnership that it is not taxable as a corporation.

The opinion of Chapman and Cutler LLP represents only its best legal judgment and is not binding on the IRS or any court. Accordingly, there can be no assurance that the IRS will agree with the conclusions of counsel's opinion, 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 Sponsor nor the Trustee 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. Because of the evolving nature of digital assets, it is not possible to predict potential future developments that may arise with respect to digital assets, including forks, airdrops, and other similar occurrences. Assuming that the Trust is currently a partnership trust for U.S. federal income tax purposes, certain future developments could render it impossible, or impracticable, for the Trust to continue to be treated as a partnership for such purposes. If the IRS were to assert successfully that the Trust is not classified as a partnership, the Trust would likely be classified as a corporation in which case the Trust would be taxed in the same manner as a regular 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.

As a partnership, the Trust is not normally itself subject to federal income tax. The Trust files an annual partnership information return with the IRS, which reports the results of operations. Each Shareholder is required to report separately on its income tax return its distributive share of the Trust's net long-term capital gain or loss, net short-term capital gain or loss, and all other items of ordinary income or loss. Each Shareholder is taxed on its distributive share of the Trust's taxable income and gain regardless of whether it has received or will receive a distribution from the Trust. If the Trust were audited by the IRS, it is possible that a tax liability could be asserted and imposed at the Trust level.

**Uncertainty Regarding the U.S. Federal Income Tax Treatment of Digital Assets**

Due to the new and evolving nature of digital assets and the absence of comprehensive guidance with respect to digital assets, many significant aspects of the U.S. federal income tax treatment of digital assets are uncertain.

In 2014, the IRS released a notice (the "Notice") discussing certain aspects of the treatment of "convertible virtual currency" for U.S. federal income tax purposes. In the Notice, the IRS stated that, for U.S. federal income tax purposes, (i) such digital assets are property, (ii) are not "currency" for purposes of the provisions of the Code relating to foreign currency gain or loss and (iii) may be held as a capital asset. Later, the IRS released a revenue ruling and a set of "Frequently Asked Questions" (the "2019 Ruling & FAQs") that provide some additional guidance, including guidance to the effect that, under certain circumstances, hard forks of digital assets are taxable events giving rise to ordinary income and guidance with respect to the determination of the tax basis of digital assets. Recently, the IRS released additional guidance confirming that staking income paid in digital assets is included in gross income. (the "2023 Ruling," the 2019 Ruling, and the 2023 Ruling, the "Rulings") However, the Notice and the Rulings & FAQs do not address other significant aspects of the U.S. federal income tax treatment of digital assets. Moreover, although the Rulings & FAQs address the treatment of hard forks, there continues to be significant uncertainty with respect to the timing and amount of the income inclusions. While the Rulings & FAQs do not address most situations in which airdrops occur, it is clear from the reasoning of the Rulings & FAQs that the IRS generally would treat an airdrop as a taxable event giving rise to ordinary income.

There can be no assurance that the IRS will not alter its position with respect to digital assets in the future or that a court would uphold the treatment set forth in the Notice and the Ruling & FAQs. It is also unclear what additional guidance on the treatment of digital assets for U.S. federal income tax purposes may be issued in the future. Any such alteration of the current IRS positions or additional guidance could result in adverse tax consequences for Shareholders and could have an adverse effect on the prices of digital currencies, including the prices of Portfolio Crypto Assets, and therefore could have an adverse effect on the value of Shares. Future developments that may arise with respect to digital assets may increase the uncertainty with respect to the treatment of digital assets for U.S. federal income tax purposes.

For example, El Salvador has recently announced that it is making bitcoin legal tender in El Salvador. If the IRS recognizes bitcoin as a "foreign currency," the tax consequences of an investment in the Trust will change. Gain or loss in respect of foreign currencies are generally ordinary gain or loss. In general, entering or acquiring forward contracts, futures contracts, options, or similar financial instruments is treated as a foreign currency contract that produces ordinary gain or loss. However, ordinary gain or loss treatment does not apply (unless elected) to contracts which require delivery of, or the settlement of which depends on the value of, a foreign currency in respect of which positions are traded through regulated futures contracts. Instead, such contracts are treated as having 60% long-term capital gain or loss and 40% short term capital gain or loss. Such contracts are also required to be marked to market at the end of each year.

The remainder of this discussion assumes that Portfolio Crypto Assets, and any Incidental Rights or IR Assets that the Trust may hold, are properly treated for U.S. federal income tax purposes as property that may be held as a capital asset and that is not currency for purposes of the provisions of the Code relating to foreign currency gain and loss. The Trust intends to report consistently with IRS guidance.

Shareholders are urged to consult their tax advisers regarding the tax consequences of an investment in the Trust and in digital currencies in general, including, in the case of Shareholders that are generally exempt from U.S. federal income taxation, whether such Shareholders may recognize "unrelated business taxable income" ("UBTI") as a consequence of a fork, airdrop or similar occurrence.

**Tax Consequences of Ownership of Shares**

 

*Taxation of the Fund's Income.*

No U.S. federal income tax is paid by the Fund on its income. Instead, the Fund files annual partnership returns, and each U.S. Shareholder is required to report on its U.S. federal income tax return its allocable share of the income, gain, loss, deductions and credits reflected on such partnership returns. If the Fund recognizes income, including interest on cash equivalents and net capital gains, Shareholders must report their share of these items even though the Fund makes no distributions of cash or property during the taxable year. Consequently, a Shareholder may be taxed on income or gain recognized by the Fund but receive no cash distribution with which to pay the resulting tax liability, or may receive a distribution that is insufficient to pay such liability. Because the Sponsor currently does not intend to make distributions, it is likely that a U.S. Shareholder that realizes net income or gain with respect to Shares for a taxable year will be required to pay any resulting tax from sources other than Fund distributions. Additionally, individuals with modified adjusted gross income in excess of $200,000 ($250,000 in the case of married individuals filing jointly) and certain estates and trusts are subject to an additional 3.8% tax on their "net investment income," which generally includes net income from interest, dividends, annuities, royalties, rents, and net capital gains (other than certain amounts earned from trades or businesses). Also included as income subject to the additional 3.8% tax is income from businesses involved in the trading of financial instruments or commodities. Shareholders subject to this provision may be required to pay this 3.8% tax on interest income and capital gains allocated to them by the Fund.

 

 

*Monthly Conventions for Allocations of the Fund's Profit and Loss and Capital Account Restatements.*

Under Code section 704, the determination of a partner's distributive share of any item of income, gain, loss, deduction, or credit is governed by the applicable organizational document unless the allocation provided by such document lacks "substantial economic effect." An allocation that lacks substantial economic effect nonetheless will be respected if it is in accordance with the partners' interests in the partnership, determined by considering all facts and circumstances relating to the economic arrangements among the partners. Subject to the possible exception for certain conventions to be used by the Fund as discussed below, allocations pursuant to the Declaration of Trust should be considered as having substantial economic effect or being in accordance with Shareholders' interests in the Fund.

Under the Trust Agreement, the Sponsor has the discretion to follow an industry accounting convention of specially allocating the Trust's realized gains and losses for U.S. federal income tax purposes with respect to Shares that are redeemed or transferred to the extent the capital account balance associated with such Shares is more or less, respectively, than the tax basis for in such Shares. There can be no assurance that the IRS will accept any such special allocation. If the Service successfully challenged such an allocation, the Trust's gains and losses allocable to the remaining Shares could change. This could result in some acceleration of taxable income if the redemption or transfer is close to the end of a taxable year and could also result in the withdrawing Shareholder being taxed at ordinary income rates on some or all of the amounts that would otherwise be taxed at favorable long-term capital gain rates. There can be no assurance that the Service will not challenge such an allocation, in which case the remaining Shareholders could be considered to have underreported income and gains for the year for which the allocation was made and the Trust and those Shareholders could be subject to additional taxes as well as interest and penalties.

In situations where a partner's interest in a partnership is redeemed or sold during a taxable year, the Code generally requires that partnership tax items for the year be allocated to the partner using either an interim closing of the books or a daily proration method. The Fund intends to allocate tax items using an interim closing of the book's method under which income, gains, losses, and deductions will be determined on a monthly basis, taking into account the Fund's accrued income, deductions, gains, and losses (both realized and unrealized) for the month. The tax items for each month during a taxable year will then be allocated among the holders of Shares in proportion to the number of Shares owned by them as of the close of trading on the last trading day of the preceding month (the "monthly allocation convention").

Under the monthly allocation convention, an investor who disposes of a Share during the current month will be treated as disposing of the Share as of the end of the last day of the calendar month. For example, an investor who buys a Share on April 10 of a year and sells it on May 20 of the same year will be allocated all of the tax items attributable to May (because it is deemed to hold the Share through the last day of May) but none of those attributable to April. The tax items attributable to that Share for April will be allocated to the person who held the Share as of the close of trading on the last trading day of March. Under the monthly allocation convention, an investor who purchases and sells a Share during the same month, and therefore does not hold (and is not deemed to hold) the Share at the close of the last trading day of either that month or the previous month, will receive no allocations with respect to that Share for any period. Accordingly, investors may receive no allocations with respect to Shares that they actually held or may receive allocations with respect to Shares attributable to periods that they did not actually hold the Shares. Conversely, a shareholder who buys shares on April 29 and sells them on May 3 will be allocated all of the tax items attributable to May despite owning the shares for only five days.

By investing in Shares, a U.S. Shareholder agrees that, in the absence of new legislation, regulatory or administrative guidance, or judicial rulings to the contrary, it will file its U.S. income tax returns in a manner that is consistent with the monthly allocation convention as described above and with the IRS Schedule K-1 or any successor form provided to Shareholders by the Fund or the Trust.

For any month in which a Basket is issued or redeemed, the Fund will credit or debit the "book" capital accounts of existing Shareholders with the amount of any unrealized gain or loss, respectively, on Fund assets. For this purpose, the Fund will use a convention whereby unrealized gain or loss will be computed based on the lowest NAV of the Fund's assets during the month in which Shares are issued or redeemed, which may be different than the value of the assets on the date of an issuance or redemption. The capital accounts as adjusted in this manner will be used in making tax allocations intended to account for differences between the tax basis and fair market value of property owned by the Fund at the time new Shares are issued or outstanding Shares are redeemed (so-called "reverse Code section 704(c) allocations"). The intended effect of these adjustments is to equitably allocate among Shareholders any unrealized appreciation or depreciation in the Fund's assets existing at the time of a contribution or redemption for book and tax purposes.

The conventions used by the Fund, as noted above, in making tax allocations may cause a Shareholder to be allocated more or less income or loss for U.S. federal income tax purposes than its proportionate share of the economic income or loss realized by the Fund during the period such Shareholder held the Shares. This mismatch between taxable and economic income or loss in some cases may be temporary, reversing itself in a later year when the Shares are sold, but could be permanent. As one example, a Shareholder could be allocated income accruing after it sold its Shares, resulting in an increase in the basis of the Shares (see "Tax Basis of Shares," below). In connection with the disposition of the Shares, the additional basis might produce a capital loss the deduction of which may be limited (see "Limitations on Deductibility of Losses and Certain Expenses," below).

 

*Section 754 election.*

The Fund intends to make the election permitted by section 754 of the Code, which election is irrevocable without the consent of the IRS. The effect of this election is that when a secondary market sale of Shares occurs, the Fund adjusts the purchaser's proportionate share of the tax basis of the Fund's assets to fair market value, as reflected in the price paid for the Shares, as if the purchaser had directly acquired an interest in the Fund's assets. The section 754 election is intended to eliminate disparities between a partner's basis in its partnership interest and its share of the tax basis of the partnership's assets, so that the partner's allocable share of taxable gain or loss on a disposition of an asset will correspond to its share of the appreciation or depreciation in the value of the asset since such partner acquired its interest. Depending on the price paid for Shares and the tax basis of the Fund's assets at the time of the purchase, the effect of the section 754 election on a purchaser of Shares may be favorable or unfavorable. In order to make the appropriate basis adjustments in a cost-effective manner, the Fund will use certain simplifying conventions and assumptions. In particular, the Fund will obtain information regarding secondary market transactions in its Shares and use this information to adjust the Shareholders' indirect basis in the Fund's assets. It is possible the IRS could successfully assert that the conventions and assumptions applied are improper and require different basis adjustments to be made, which could adversely affect some Shareholders.

 

*Limitations on Deductibility of Losses and Certain Expenses.*

A number of different provisions of the Code may defer or disallow the deduction of losses or expenses allocated to Shareholders by the Fund, including but not limited to those described below.

A Shareholder's deduction of its allocable share of any loss of the Fund is limited to the lesser of (1) the tax basis in such Shareholder's Shares or (2) in the case of a Shareholder that is an individual or a closely held corporation, the amount which the Shareholder is considered to have "at risk" with respect to the Fund's activities. In general, the amount at risk initially will be a Shareholder's invested capital. Losses in excess of the amount at risk must be deferred until years in which the Fund generates additional taxable income against which to offset such carryover losses or until additional capital is placed at risk.

Individuals and other non-corporate taxpayers are permitted to deduct capital losses only to the extent of their capital gains for the taxable year plus $3,000 of other income. Unused capital losses can be carried forward and used in future years, subject to these same limitations. Corporate taxpayers generally may deduct capital losses only to the extent of capital gains, subject to special carryback and carryforward rules.

The deduction for expenses incurred by non-corporate taxpayers constituting "miscellaneous itemized deductions," generally including investment-related expenses (other than interest and certain other specified expenses) may not be deducted for regular U.S. federal income tax or alternative minimum tax purposes. Although the matter is not free from doubt, we believe management fees the Fund pays to the Sponsor and other expenses of the Fund will constitute investment-related expenses subject to this miscellaneous itemized deduction limitation rather than expenses incurred in connection with a trade or business and will report these expenses consistent with that interpretation.

Non-corporate Shareholders generally may deduct "investment interest expense" only to the extent of their "net investment income." Investment interest expense of a Shareholder will generally include any interest expense accrued by the Fund and any interest paid or accrued on direct borrowings by a Shareholder to purchase or carry its Shares, such as interest with respect to a margin account. Net investment income generally includes gross income from property held for investment (including "portfolio income" under the passive loss rules but not, absent an election, long-term capital gains or certain qualifying dividend income) less deductible expenses other than interest directly connected with the production of investment income.

If the Fund incurs indebtedness that is treated as allocable to a trade or business, the Fund's ability to deduct interest on such indebtedness is limited to an amount equal to the sum of (1) the Fund's business interest income during the year and (2) 30% of the Fund's adjusted taxable income for such taxable year. If the Fund is not entitled to fully deduct its business interest in any taxable year, such excess business interest expense will be allocated to each Shareholder as excess business interest and can be carried forward by the Shareholder to successive taxable years and used to offset any excess taxable income allocated by the Fund to such Shareholder. Any excess business interest expense allocated to a Shareholder will reduce such Shareholder's basis in its Shares in the year of the allocation even if the expense does not give rise to a deduction to the Shareholder in that year. Immediately prior to a Shareholder's disposition of its Shares, the Shareholder's basis will be increased by the amount by which such basis reduction exceeds the excess interest expense that has been deducted by such Shareholder.

To the extent that the Fund allocates losses or expenses to any Shareholders that must be deferred or are disallowed as a result of these or other limitations in the Code, such Shareholders may be taxed on income in excess of your economic income or distributions (if any) on their Shares. Shareholders are urged to consult their own tax adviser regarding the effect of limitations under the Code on their ability to deduct their allocable share of the Fund's losses and expenses.

**Tax Basis of Shares**

In general, a Shareholder's U.S. federal income tax basis in its Shares would equal the initial cost for its Shares plus the Shareholder's share of the Fund's liabilities as determined under section 752 of the Code and the Treasury Regulations thereunder: (A) increased by: (i) the Shareholder's allocable share, if any, of the Fund's income and gain and (ii) any increase in the Shareholder's share of Fund's liabilities as determined under section 752 of the Code and the Treasury Regulations thereunder; and (B) decreased, but not below zero, by: (i) the amount of any distributions by the Fund to the Shareholder, (ii) the Shareholder's allocable share, if any, of the Fund's items of losses, deductions, and non-deductible, noncapitalizable expenditures, and (iii) any decrease in the Limited Partner's share of the Fund's liabilities as determined under section 752 of the Code and the Treasury Regulations thereunder. Pursuant to certain IRS rulings, a Shareholder will be required to maintain a single, "unified" basis in all Shares that it owns. As a result, when a Shareholder that acquired its Shares at different prices sells less than all of its Shares, such Shareholder will not be entitled to specify particular Shares (*e.g.*, those with a higher basis) as having been sold. Rather, such Shareholder must determine its gain or loss on the sale by using an "equitable apportionment" method to allocate a portion of its unified basis in its Shares to the Shares sold.

 

*Treatment of Fund Distributions.*

If the Fund makes non-liquidating distributions to Shareholders, such distributions generally will not be taxable to the Shareholders for U.S. federal income tax purposes except to the extent that the amount of money (or property treated as money) distributed exceeds the Shareholder's adjusted basis of its interest in the Fund immediately before the distribution. Any money distributed that is in excess of a Shareholder's tax basis generally will be treated as gain from the sale or exchange of Shares. For purposes of determining the gain recognized on a distribution from a partnership, a marketable security distributed to a partner is generally treated as money. This treatment, however, does not apply to distributions to "eligible partners" of an "investment partnership," as those terms are defined in the Code.

**Tax Consequences of Disposition of Shares**

If a Shareholder sells its Shares, it will recognize gain or loss equal to the difference between the amount realized and its adjusted tax basis for the Shares sold. A Shareholder's amount realized will be the sum of the cash or the fair market value of other property received plus its share of the Fund's liabilities at the time of such sale.

Gain or loss recognized by a Shareholder on the sale or exchange of Shares held for more than one year will generally be taxable as long-term capital gain or loss; otherwise, such gain or loss will generally be taxable as short-term capital gain or loss. If a Shareholder has differing holding periods for its Shares, the Shareholder will have a split holding period in the Shares sold. Under such circumstances, a Shareholder will be required to determine its holding period in the Shares sold by first determining the portion of its entire interest in the Fund that would give rise to long-term capital gain or loss if its entire interest were sold and the portion that would give rise to short-term capital gain or loss if the entire interest were sold. The Shareholder would then treat each Share sold as giving rise to long-term capital gain or loss and short-term capital gain or loss in the same proportions as if it had sold its entire interest in the Fund.

Under section 751 of the Code, a portion of a Shareholder's gain or loss from the sale of Shares (regardless of the holding period for such Shares), will be separately computed and taxed as ordinary income or loss to the extent attributable to "unrealized receivables" or "inventory" owned by the Fund. The term "unrealized receivables" includes, among other things, market discount bonds and short-term debt instruments to the extent such items would give rise to ordinary income if sold by the Fund. Such amounts of ordinary income allocated to a Shareholder may be less than, equal to or more than the amount of such gain or loss that otherwise would have recognized by such Shareholder on such sale of Shares.

**Other U.S. Federal Income Tax Matters**

 

 *Information Reporting.* The Fund provides tax information to the Shareholders and to the IRS, as required. Shareholders of the Fund are treated as partners for U.S. federal income tax purposes. Accordingly, the Fund will furnish Shareholders each year with tax information on IRS Schedule K-1 (Form 1065), which will be used by the Shareholders in completing their U.S. federal income tax returns. The IRS has ruled that assignees of partnership interests who have not been admitted to a partnership as partners but who have the capacity to exercise substantial dominion and control over the assigned partnership interests will be considered partners for U.S. federal income tax purposes. On the basis of this ruling, except as otherwise provided herein, we will treat as a Shareholder any person whose Shares are held on that person's behalf by a broker or other nominee if that person has the right to direct the nominee in the exercise of all substantive rights attendant to the ownership of the Shares.

Persons who hold an interest in the Fund as a nominee for another person are required to furnish to us the following information: (1) the name, address and taxpayer identification number of the beneficial owner and the nominee; (2) whether the beneficial owner is (a) a person that is not a U.S. person, (b) a foreign government, an international organization or any wholly-owned agency or instrumentality of either of the foregoing, or (c) a tax-exempt entity; (3) the number and a description of Shares acquired or transferred for the beneficial owner; and (4) certain information including the dates of acquisitions and transfers, means of acquisitions and transfers, and acquisition cost for purchases, as well as the amount of net proceeds from sales. Brokers and financial institutions are required to furnish additional information, including whether they are U.S. persons and certain information on Shares they acquire, hold or transfer for their own account. A penalty of $250 per failure (as adjusted for inflation), up to a maximum of $3,000,000 per calendar year (as adjusted for inflation), is imposed by the Code for failure to report such information correctly to the Fund. If the failure to furnish such information correctly is determined to be willful, the per failure penalty increases to $500 (as adjusted for inflation) or, if greater, 10% of the aggregate amount of items required to be reported, and the $3,000,000 maximum does not apply. The nominee is required to supply the beneficial owner of the Shares with the U.S. federal income tax information furnished by the Fund.

 

*Partnership Audit Procedures.*

Under the audit rules applicable to the Fund, the IRS may collect any taxes (including any applicable penalties and interest) resulting from audit adjustments to the Fund's income tax returns directly from the Fund. The Fund may have the ability to shift any such tax liability to the Shareholders in accordance with their Shares in the Fund during the year under audit, but there can be no assurance that the Fund will be able to do so under all circumstances. An audit may also result in an audit of non-partnership items on a Shareholder's tax return. Any audit of a Shareholder's tax return may involve substantial accounting and/or legal fees and other costs for which the Shareholder will have no right to reimbursement from the Fund. In addition, the "partnership representative" or "designated individual" (as applicable) will have the sole authority to act on the Fund's behalf for purposes of, among other things, federal income tax audits and judicial review of administrative adjustments by the IRS, and any such actions will be binding on the Fund and all Shareholders.

The Trust Agreement provides that if the Fund becomes subject to any tax as a result of any adjustment to taxable income, gain, loss, deduction, or credit for any taxable year of the Fund (pursuant to a tax audit or otherwise), such Shareholder (and each former Shareholder) is obligated to indemnify the Fund and the Sponsor against any such taxes (including any interest and penalties) to the extent such tax (or portion thereof) is properly attributable to such Shareholder (or former Shareholder). In addition, the Sponsor, on behalf of the Fund, will be authorized to take any action permitted under applicable law to avoid the assessment of any such taxes against the Fund (including an election to issue adjusted Schedule K-1s to the Shareholders (and/or former Shareholders) that take such adjustments to taxable income, gain, loss, deduction, or credit into account, resulting in each such Shareholder taking those adjustments into account on its tax returns).

 

*Reportable Transaction Rules.*

In certain circumstances the Code and Treasury Regulations require that the IRS be notified of transactions through a disclosure statement attached to a taxpayer's U.S. federal income tax return. These disclosure rules may apply to transactions irrespective of whether they are structured to achieve particular tax benefits. They could require disclosure by the Trust or Shareholders if a Shareholder incurs a loss in excess of a specified threshold from a sale or redemption of its Shares and possibly in other circumstances. While these rules generally do not require disclosure of a loss recognized on the disposition of an asset in which the taxpayer has a "qualifying basis" (generally a basis equal to the amount of cash paid by the taxpayer for such asset), they apply to a loss recognized with respect to interests in a pass-through entity, such as the Shares, even if the taxpayer's basis in such interests is equal to the amount of cash it paid. In addition, significant monetary penalties may be imposed in connection with a failure to comply with these reporting requirements. Investors should consult their own tax adviser concerning the application of these reporting requirements to their specific situation.

*Tax-Exempt Organizations.*

 

Subject to numerous exceptions, qualified retirement plans and individual retirement accounts, charitable organizations, and certain other organizations that otherwise are exempt from U.S. federal income tax (collectively, "exempt organizations") nonetheless are subject to the tax on unrelated business taxable income ("UBTI"). Generally, UBTI means the gross income derived by an exempt organization from a trade or business that it regularly carries on, the conduct of which is not substantially related to the exercise or performance of its exempt purpose or function, less allowable deductions directly connected with that trade or business. If the Fund were to regularly carry on (directly or indirectly) a trade or business that is unrelated with respect to an exempt organization Shareholder, then in computing its UBTI, the Shareholder must include its share of (1) the Fund's gross income from the unrelated trade or business, whether or not distributed, and (2) the Fund's allowable deductions directly connected with that gross income. An exempt organization that has more than one unrelated trade or business generally must compute its UBTI separately for each such trade or business.

UBTI generally does not include dividends, interest, or payments with respect to securities, loans, and gains from the sale of property (other than property held for sale to customers in the ordinary course of a trade or business). This exclusion from UBTI does not apply to income from "debt-financed property," which is treated as UBTI to the extent of the percentage of such income that the average acquisition indebtedness with respect to the property bears to the average tax basis of the property for the taxable year. Debt-financed property generally is income-producing property (including securities), the use of which is not substantially related to the exempt organization's tax-exempt purposes, and with respect to which there is "acquisition indebtedness" at any time during the taxable year. Income attributable to the sale of previously debt-financed property continues to be subject to these rules for 12 months after any acquisition indebtedness is satisfied. Acquisition indebtedness includes debt incurred to acquire property, debt incurred before the acquisition of property if the debt would not have been incurred but for the acquisition, and debt incurred subsequent to the acquisition of property if the debt would not have been incurred but for the acquisition and at the time of acquisition the incurrence of debt was foreseeable.The portion of the income from debt-financed property attributable to acquisition indebtedness is equal to the ratio of the average outstanding principal amount of acquisition indebtedness over the average adjusted basis of the property for the year. The Fund currently does not anticipate that it will borrow money to acquire investments; however, the Fund cannot be certain that it will not borrow for such purpose in the future, which could result in an exempt organization Shareholder having UBTI. In addition, an exempt organization Shareholder that incurs acquisition indebtedness to purchase its Shares in the Fund may have UBTI.

Under the IRS guidance on digital assets, staking rewards, hard forks, 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 an exempt organization Shareholder would constitute UBTI. An exempt organization Shareholder should consult its own tax adviser regarding whether such Shareholder may recognize UBTI as a consequence of an investment in the Fund.

**Non-U.S. Shareholders**

The U.S. federal income tax treatment of a Non-U.S. Shareholder investing in the Fund is complex and will vary depending on the circumstances and activities of such Non-U.S. Shareholder and the Fund. Each Non-U.S. Shareholder is urged to consult with its own tax adviser regarding the U.S. federal, state, local, and non-U.S. income, estate, and other tax consequences of an investment in the Fund. The following discussion assumes that a Non-U.S. Shareholder is not subject to U.S. federal income taxes as a result of the Shareholder's presence or activities in the United States (other than as a Shareholder in the Fund).

Generally, non-U.S. persons who derive U.S. source income or gain from investing or engaging in a U.S. business are taxable on two categories of income. The first category consists of amounts that are fixed or determinable, annual or periodic income, such as interest, dividends, and rent that are not connected with the operation of a U.S. trade or business ("FDAP"). The second category is income that is effectively connected with the conduct of a U.S. trade or business ("ECI"). FDAP income (other than interest that is considered "portfolio interest" as discussed below) is generally subject to a 30% withholding tax, which may be reduced for certain categories of income by a treaty between the U.S. and the recipient's country of residence. In contrast, ECI is generally subject to U.S. tax on a net basis at the applicable rate upon the filing of a U.S. tax return and, if such non-U.S. person is a corporation for U.S. federal income tax purposes, may also be subject to U.S. branch profits tax.

*Withholding on Allocations and Distributions.*

 

The Code provides that a non-U.S. person who is a partner in a partnership that is engaged in a U.S. trade or business during a taxable year will also be considered to be engaged in a U.S. trade or business during that year. Classifying an activity by a partnership as an investment or an operating business is a factual determination. Under certain safe harbors in the Code, an investment fund whose activities consist of trading in stocks, securities, or commodities for its own account generally will not be considered to be engaged in a U.S. trade or business unless it is a dealer in such stocks, securities, or commodities. This safe harbor applies to investments in commodities only if the commodities are of a kind customarily dealt on an organized commodity exchange, and if the transaction is of a kind customarily consummated at such place. As noted above, there is limited authority on the U.S. federal income tax treatment of the Underlying Index constituents.

In the event that the Fund's activities were considered to constitute a U.S. trade or business, the Fund would be required to withhold at the highest rate specified in the Code on allocations of its income to Non-U.S. Shareholders, when such income is distributed. Non-U.S. Shareholders would also be subject to a 10% withholding tax on the consideration payable upon a sale or exchange of such Non-U.S. Shareholder's Shares unless an exception to withholding applies. In the case of a transfer made through a broker, the obligation to withhold will generally be imposed on the transferor's broker. A Non-U.S. Shareholder with ECI will generally be required to file a U.S. federal income tax return, and the return will provide the Non-U.S. Shareholder with the mechanism to seek a refund of any withholding in excess of such Shareholder's actual U.S. federal income tax liability. Any amount withheld by the Fund will be treated as a distribution to the Non-U.S. Shareholder to the extent possible. In some cases, the Fund may not be able to match the economic cost of satisfying its withholding obligations to a particular Non-U.S. Shareholder, which may result in said cost being borne by the Fund, generally, and accordingly, by all Shareholders.

If the Fund is not treated as engaged in a U.S. trade or business, a Non-U.S. Shareholder may nevertheless be treated as having FDAP income, which would be subject to a 30% withholding tax (or such lower rate provided by an applicable tax treaty), with respect to some or all of its distributions from the Fund or its allocable share of Fund income. Amounts withheld on behalf of a Non-U.S. Shareholder will be treated as being distributed to such Shareholder. If the Fund is not able to match the economic cost of satisfying its withholding obligation to a particular Non-U.S. Shareholder, said cost may have to be borne by the Fund and accordingly by all Shareholders.

To the extent any interest income allocated to a Non-U.S. Shareholder that otherwise constitutes FDAP is considered "portfolio interest," neither the allocation of such interest income to the Non-U.S. Shareholder nor a subsequent distribution of such interest income to the Non-U.S. Shareholder will be subject to withholding, provided that the Non-U.S. Shareholder is not otherwise engaged in a trade or business in the U.S. and provides the Fund with a timely and properly completed and executed IRS Form W-8BEN or other applicable form. In general, portfolio interest is interest paid on debt obligations issued in registered form, unless the recipient owns 10% or more of the voting power of the issuer, or is a bank or controlled foreign corporation. A Non-U.S. Shareholder's allocable share of interest on U.S. bank deposits, certificates of deposit, and discount obligations with maturities from original issue of 183 days or less, should also not be subject to withholding. Generally, other interest from U.S. sources paid to the Fund and allocable to Non-U.S. Shareholders will be subject to withholding.

In order for the Fund to avoid withholding on any interest income allocable to Non-U.S. Shareholders that would qualify as portfolio interest, it will be necessary for all Non-U.S. Shareholders to provide the Fund with an appropriate timely and properly completed and executed Form W-8BEN (or other applicable form).

 

*Gain from Sale of Shares.*

Gain from the sale or exchange of Shares may be taxable to a Non-U.S. Shareholder if the Non-U.S. Shareholder is a nonresident alien individual who is present in the U.S. for 183 days or more during the taxable year. In such case, the nonresident alien individual may be subject to a 30% withholding tax on the amount of such individual's gain.

 

*Foreign Account Tax Compliance Act.*

The Foreign Account Tax Compliance Act provisions of the Code ("FATCA") generally impose a 30% withholding tax regime with respect to certain U.S. source income (including dividends and interest) ("withholdable payments"). As a general matter, FATCA was designed to require U.S. Persons' direct and indirect ownership of non-U.S. accounts and non-U.S. entities to be reported to the IRS.

Under FATCA, payments from the Fund to any Shareholder that are attributable to withholdable payments may be subject to 30% withholding tax unless the Shareholder provides information, representations, and waivers of non-U.S. law as may be required by the Fund to comply with the provisions of FATCA, including in the case of a Non-U.S. Shareholder, information regarding certain U.S. direct and indirect owners of such Non-U.S. Shareholder. The failure of a Shareholder to provide such information may also result in other adverse consequences applying to the Shareholder, including pursuant to the Declaration of Trust. A Shareholder that is treated as a "foreign financial institution" generally will be subject to withholding unless such institution, subject to any applicable intergovernmental agreement or other exemption, enters into an agreement with the IRS to collect and provide to the IRS information regarding U.S. account holders of such institution (which would include certain account holders that are foreign entities with U.S. owners). FATCA generally also imposes a 30% withholding tax on withholdable payments paid to a nonfinancial foreign entity, unless such entity provides a certification that it does not have any substantial U.S. owners or a certification identifying the direct and indirect substantial U.S. owners of the entity. The Fund intends to comply with applicable regulatory or administrative guidance issued with respect to FATCA. Such guidance may require Shareholders to provide certain identifying information and the Fund to provide information to one or more tax authorities.

Prospective Non-U.S. Shareholders should consult their own tax adviser regarding these and other tax issues unique to Non-U.S. Shareholders.

**Backup Withholding**

The Fund may be required to withhold U.S. federal income tax ("backup withholding") from payments to: (1) any Shareholder who fails to furnish the Fund with his, her or its correct taxpayer identification number or a certificate that the Shareholder is exempt from backup withholding, and (2) any Shareholder with respect to whom the IRS notifies the Fund that the Shareholder is subject to backup withholding. Backup withholding is not an additional tax and may be returned or credited against a taxpayer's regular U.S. federal income tax liability if appropriate information is provided to the IRS. The backup withholding rate is the fourth-lowest rate applicable to individuals under Code section 1(c) (currently 24%) and may increase in future tax years.

**Other Tax Considerations**

In addition to U.S. federal income taxes, a Shareholder may be subject to other taxes, such as state and local income taxes, unincorporated business taxes, business franchise taxes, and estate, gift, inheritance, or intangible taxes that may be imposed by the various jurisdictions in which the Fund does business or owns property, or where the Shareholder resides. Although an analysis of those various taxes is not presented here, each prospective Shareholder should consider their potential impact on its investment in the Fund. It is each Shareholder's responsibility to file the appropriate U.S. federal, state, local, and foreign tax returns.

**PROSPECTIVE SHAREHOLDERS ARE URGED TO CONSULT THEIR TAX ADVISERS BEFORE DECIDING WHETHER TO INVEST IN THE SHARES OF THE TRUST.**

**Purchases By Employee Benefit Plans**

Although there can be no assurance that an investment in the Trust will achieve the investment objectives of an employee benefit plan in making such investment, the Trust has certain features that may be of interest to such a plan. For example, because they are not taxpaying entities, employee benefit plans are not subject to paying annual tax on profits (if any) of the Trust.

**General**

The following section sets forth certain consequences under the Employee Retirement Income Security Act of 1974 ("ERISA"), and the Code, which a fiduciary of an "employee benefit plan" as defined in, and subject to the fiduciary responsibility provisions of, ERISA or of a "plan" as defined in and subject to Section 4975 of the Code, who has investment discretion should consider before deciding to invest the plan's assets in the Trust (such "employee benefit plans" and "plans" being referred to herein as "Plans," and such fiduciaries with investment discretion being referred to herein as "Plan Fiduciaries"). The following summary is not intended to be complete but only to address certain questions under ERISA and the Code which are likely to be raised by the Plan Fiduciary's own counsel.

In general, the terms "employee benefit plan" as defined in ERISA, and "plan" as defined in Section 4975 of the Code, together refer to any plan or account of various types that provide retirement benefits or welfare benefits to an individual or to an employer's employees and their beneficiaries. Such plans and accounts include, but are not limited to, corporate pension and profit sharing plans, "simplified employee pension plans," Keogh plans for self-employed individuals (including partners), individual retirement accounts described in Section 408 of the Code, and medical benefit plans.

Each Plan Fiduciary must give appropriate consideration to the facts and circumstances that are relevant to an investment in the Trust, including the role that such an investment in the Trust would play in the Plan's overall investment portfolio. Each Plan Fiduciary, before deciding to invest in the Trust, must be satisfied that such investment in the Trust is a prudent investment for the Plan, that the investments of the Plan, including the investment in the Trust, are diversified so as to minimize the risk of large losses and that an investment in the Trust complies with the documents of the Plan and related trust.

EACH PLAN FIDUCIARY CONSIDERING ACQUIRING SHARES MUST CONSULT WITH ITS OWN LEGAL AND TAX ADVISERS BEFORE DOING SO. AN INVESTMENT IN THE TRUST IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK. THE TRUST IS NOT INTENDED AS A COMPLETE INVESTMENT PROGRAM.

**"Plan Assets"**

ERISA and a regulation issued thereunder (the "Plan Asset Rules") contain rules for determining when an investment by a Plan in an entity will result in the underlying assets of such entity being assets of the Plan for purposes of ERISA and Section 4975 of the Code (*i.e.*, "plan assets"). Those rules provide that assets of an entity will not be plan assets of a Plan which purchases an interest therein if certain exceptions apply, including (i) an exception applicable if the equity interest purchased is a "publicly-offered security" (the "Publicly-Offered Security Exception") and (ii) an exception applicable if the investment by all "benefit plan investors" is not "significant" or certain other exceptions apply (the "Insignificant Participation Exception").

The Publicly-Offered Security Exception applies if the equity interest is a security that is (1) "freely transferable," (2) part of a class of securities that is "widely held" and (3) either (a) part of a class of securities registered under Section 12(b) or 12(g) of the Exchange Act, or (b) sold to the Plan as part of a public offering pursuant to an effective registration statement under the 1933 Act and the class of which such security is a part is registered under the Exchange Act within 120 days (or such later time as may be allowed by the SEC) after the end of the fiscal year of the issuer in which the offering of such security occurred. The Plan Asset Rules state that the determination of whether a security is "freely transferable" is to be made based on all relevant facts and circumstances. Under the Plan Asset Rules, a class of securities is "widely held" only if it is of a class of securities owned by 100 or more shareholders independent of the issuer and of each other.

The Shares of the Trust should be considered to be publicly-offered securities. First, the Shares were sold as part of a public offering pursuant to an effective registration statement under the 1933 Act, and the Shares were timely registered under the Exchange Act. Second, the Shares are freely transferable because the Shares of the Trust are freely tradable on the Exchange like any other exchange-listed security. Finally, the Shares are owned by at least 100 Shareholders independent of the Trust. Therefore, the underlying assets of the Trust should not be considered to constitute assets of any Plan that purchases Shares.

**Ineligible Purchasers**

In general, Shares may not be purchased with the assets of a Plan if the Sponsor, the Administrator, the Trustee, the Transfer Agent, the Sub-Transfer Agent, the Custodian, the Marketing Agent, the Exchange, or any of their respective affiliates, or any of their respective employees: (a) has investment discretion with respect to the investment of such plan assets; (b) has authority or responsibility to give or regularly gives investment advice with respect to such plan assets, for a fee, and pursuant to an agreement or understanding that such advice will serve as a primary basis for investment decisions with respect to such plan assets and that such advice will be based on the particular investment needs of the Plan; or (c) is an employer maintaining or contributing to such Plan. A party that is described in clause (a) or (b) of the preceding sentence is a fiduciary under ERISA and the Code with respect to the Plan, and any such purchase might result in a "prohibited transaction" under ERISA and the Code.

Except as otherwise set forth, the foregoing statements regarding the consequences under ERISA and the Code of an investment in the Trust are based on the provisions of the Code and ERISA as currently in effect, and the existing administrative and judicial interpretations thereunder. No assurance can be given that administrative, judicial, or legislative changes will not occur that will not make the foregoing statements incorrect or incomplete.

ALLOWING AN INVESTMENT IN THE TRUST IS NOT TO BE CONSTRUED AS A REPRESENTATION BY THE SPONSOR OR ANY OF ITS AFFILIATES, AGENTS, OR EMPLOYEES THAT THIS INVESTMENT MEETS SOME OR ALL OF THE RELEVANT LEGAL REQUIREMENTS WITH RESPECT TO INVESTMENTS BY ANY PARTICULAR PLAN OR THAT THIS INVESTMENT IS APPROPRIATE FOR ANY SUCH PARTICULAR PLAN. THE PERSON WITH INVESTMENT DISCRETION SHOULD CONSULT WITH THE PLAN'S ATTORNEY AND FINANCIAL ADVISERS AS TO THE PROPRIETY OF AN INVESTMENT IN THE TRUST IN LIGHT OF THE CIRCUMSTANCES OF THE PARTICULAR PLAN, CURRENT TAX LAW, AND ERISA.

**Information You Should Know**

This Prospectus contains information investors should consider when making an investment decision about the Shares. Investors should rely only on the information contained in this Prospectus or any applicable prospectus supplement. None of the Trust or the Sponsor has authorized any person to provide investors with different information and, if anyone provides investors with different or inconsistent information, investors 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 the Sponsor and other sources the Sponsor believed to be reliable.

Investors 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 the Sponsor refers to this "Prospectus," it is referring to this Prospectus and (if applicable) the relevant prospectus supplement.

Investors 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.

Cross references in this Prospectus to captions in these materials indicate where an investor can find further related discussions. The table of contents assists in locating these captions.

**Intellectual Property**

The Sponsor owns trademark registrations for the Trust. The 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 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 Sponsor also owns trademark registrations for the Sponsor. The 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 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; INCORPORATION OF CERTAIN<br> INFORMATION BY REFERENCE**

The Trust has filed a registration statement on Form S-3 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 Trust's website, which is www.BITWETP.com. The Trust's website address is only provided here as a convenience 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 Sponsor will make available, free of charge, on the Trust's website the Trust's Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K (including any amendments thereto), proxy statements and other information filed with, or furnished to, the SEC, as soon as reasonably practicable after such documents are so filed or furnished.

The Trust is subject to the informational requirements of the 1934 Act and will file certain reports and other information with the SEC under the 1934 Act. These filings will contain certain important information that does not appear in this Prospectus. The reports and other information are available online at www.sec.gov.

The SEC allows the "incorporation by reference" of information into this Prospectus, which means that information may be disclosed to you by referring you to other documents filed or which will be filed with the SEC. The following documents filed by the Trust are so incorporated by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Annual Report
 on [Form 10-K](https://www.sec.gov/Archives/edgar/data/1723788/000095017025024314/bitw-20241231.htm) for the fiscal year ended December 31, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Quarterly Reports on Form 10-Q
 for the fiscal quarters ended [March 31, 2025](https://www.sec.gov/Archives/edgar/data/1723788/000095017025068782/bitw-20250331.htm) , and [June 30, 2025](https://www.sec.gov/Archives/edgar/data/1723788/000119312525175509/bitw-20250630.htm) ; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Current Report on [Form 8-K](https://www.sec.gov/Archives/edgar/data/1723788/000095017025091474/bitw-20250630.htm) filed on June 30, 2025.

Unless otherwise provided therein, any reports filed (but not those that are furnished) by the Trust with the SEC pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this Prospectus and before the termination or completion of this offering shall be deemed to be incorporated by reference in this Prospectus and to be a part of it from the filing dates of such documents and shall automatically update or supersede, as applicable, any information included in, or incorporated by reference into this Prospectus. The statements in or portions of a future document incorporated by reference in this Prospectus may update and replace statements in and portions of this Prospectus or the above listed documents.

The Sponsor will provide you without charge, upon your written or oral request, a copy of any or all of the information that has been incorporated by reference into this Prospectus but not delivered with the Prospectus. Please direct your written requests to Bitwise Investment Advisers, LLC, 250 Montgomery Street, Suite 200, San Francisco, CA 94104, telephone requests by calling 1-866-880-7228 or by sending an e-mail request to investors@bitwiseinvestments.com.

 **You may also obtain information about the Trust by visiting its website at www.BITWETP.com. Information contained in the Trust's website is not part of this Prospectus.** 

 **Privacy Policy** 

The Trust and the Sponsor may collect or have access to certain nonpublic personal information about current and former investors. Nonpublic personal information may include information received from investors, such as an investor's name, social security number and address, as well as information received from brokerage firms about investor holdings and transactions in Shares.

The Trust and the 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 Sponsor restrict access to the nonpublic personal information they collect about investors to those of their and their affiliates' employees and service providers who need access to such information to provide products and services to investors.

The Trust and the Sponsor maintain safeguards that comply with federal law to protect investors' nonpublic personal information. These safeguards are reasonably designed to (1) ensure the security and confidentiality of investors' records and information, (2) protect against any anticipated threats or hazards to the security or integrity of investors' records and information, and (3) protect against unauthorized access to or use of investors' records or information that could result in substantial harm or inconvenience to any investor.

Third-party service providers with whom the Trust and the Sponsor share nonpublic personal information about investors 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 Sponsor's current Privacy Policy, which is applicable to the Trust, is provided to investors annually and is also available at www.BITWETP.com.

**Bitwise 10 Crypto Index ETF**

**shares**

**prospectus**

**________________, 2025**

PART II

INFORMATION NOT REQUIRED IN PROSPECTUS

**Item 14. Other Expenses of Issuance and Distribution.**

An indeterminate number of the securities is being registered as may from time to time be sold at indeterminate prices. In accordance with Rules 456(d) and 457(u), the registrant is deferring payment of all of the registration fee and will pay the registration fee subsequently on an annual basis. The Trust shall not bear any expenses in connection with the issuance and distribution of the securities being registered. These expenses shall be paid by the Sponsor.

**Item 15. Indemnification of Directors and Officers.**

The Trust Agreement provides that the Sponsor and its shareholders, members, directors, officers, employees, Affiliates and subsidiaries (each a "Sponsor Indemnified Party") will 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 Section 4.06 of the Trust Agreement may be payable in advance or will be secured by a lien on the Trust. The 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 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 Sponsor will be entitled to be reimbursed therefor by the Trust. The obligations of the Trust to indemnify the Sponsor Indemnified Parties will survive the termination of the Trust Agreement.

**Item 16. Exhibits.**

The exhibits to this registration statement are listed in the Exhibit Index to this registration statement, which is incorporated herein by reference.

**Item 17. Undertakings.**

(a) 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;&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;&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 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;&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: (1)(i), (ii), and (iii) of this section do not apply if the registration statement is on Form S-1, Form S-3, Form SF-3 or Form F-3 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 that are incorporated by reference in the registration statement, or, as to a registration statement on Form S-3, Form SF-3 or Form F-3, is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

&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;&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;&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;&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;&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 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;&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;&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;&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;&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.

(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act of 1933, each filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of
the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement 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.

(c) 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.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of San Francisco, State of California, on August 25, 2025.

---

| | |
|:---|:---|
| Bitwise Investment Advisers, LLC | Bitwise Investment Advisers, LLC |
| Sponsor of the Bitwise 10 Crypto Index ETF | Sponsor of the Bitwise 10 Crypto Index ETF |
| By: | */s/ Hunter Horsley* |
| Name: | Hunter Horsley |
| Title: | President and Treasurer |

---

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/ Hunter Horsley* | President and Treasurer | August 25, 2025  |
| Hunter Horsley | (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer) |  |
| */s/ Paul ("Teddy") Fusaro* | Chief Operating Officer and Secretary | August 25, 2025 |
| Paul ("Teddy") Fusaro |  |  |

---

\* The registrant is a trust and the persons are signing in their capacities as officers of Bitwise Investment Advisers, LLC, the Sponsor of the registrant.

EXHIBIT INDEX

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Exhibit Description** |
| 3.1 | [Trust Agreement (incorporated by reference to Exhibit 4.1 of the Registration Statement on Form 10 filed by the Registrant on April 23, 2021).](https://www.sec.gov/Archives/edgar/data/1723788/000119312521127391/d15798dex41.htm) |
| 3.2 | [Certificate of Trust (incorporated by reference to Exhibit 4.2 of the Registration Statement on Form 10 filed by the Registrant on April 23, 2021).](https://www.sec.gov/Archives/edgar/data/1723788/000119312521127391/d15798dex42.htm) |
| 3.3^ | [Form of Amended and Restated Trust Agreement](ea025426601ex3-3_bitwise10.htm) |
| 3.4^ | [Form of Certificate of Amendment](ea025426601ex3-4_bitwise10.htm) |
| 4.1 | [Trust Agreement (incorporated by reference to Exhibit 4.1 of the Registration Statement on Form 10 filed by the Registrant on April 23, 2021).](https://www.sec.gov/Archives/edgar/data/1723788/000119312521127391/d15798dex41.htm) |
| 4.2 | [Certificate of Trust (incorporated by reference to Exhibit 4.2 of the Registration Statement on Form 10 filed by the Registrant on April 23, 2021).](https://www.sec.gov/Archives/edgar/data/1723788/000119312521127391/d15798dex42.htm) |
| 4.3 | [Form of Subscription Agreement (incorporated by reference to Exhibit 4.3 of the Registration Statement on Form 10 filed by the Registrant on April 23, 2021).](https://www.sec.gov/Archives/edgar/data/1723788/000119312521127391/d15798dex43.htm) |
| 5.1^ | [Opinion of Chapman and Cutler LLP as to legality](ea025426601ex5-1_bitwise10.htm) |
| 8.1^ | [Opinion of Chapman and Cutler LLP as to tax matters](ea025426601ex8-1_bitwise10.htm) |
| 10.1^†  | [Coinbase Prime Broker Agreement (with Coinbase Custody Servies Agreement, Coinbase Master Trading Agreement, and Coinbase Trade Finance Agreement included as exhibits thereto)](ea025426601ex10-1_bitwise10.htm)  |
| 10.2 | [License Agreement by and between Bitwise Index Services, LLC and Bitwise Investment Advisers, LLC, dated May 28, 2020 (incorporated by reference to Exhibit 10.3 of the Registration Statement on Form 10 by the Registrant on April 23, 2021).](http://www.sec.gov/Archives/edgar/data/1723788/000119312521127391/d15798dex103.htm) |
| 10.3^  | [Transfer Agency and Services Agreement](ea025426601ex10-3_bitwise10.htm) |
| 10.4^†  | [Marketing Agent Agreement](ea025426601ex10-4_bitwise10.htm) |
| 10.5^  | [Cash Custody Agreement](ea025426601ex10-5_bitwise10.htm) |
| 10.6^  | [Form of Authorized Participant Agreement](ea025426601ex10-6_bitwise10.htm) |
| 10.7^ | [Fund Administration and Accounting Agreement](ea025426601ex10-7_bitwise10.htm) |
| 10.8^† | [Co-Transfer Agency and Registrar Services Agreement](ea025426601ex10-8_bitwise10.htm) |
| 23.1^ | [Consent of Independent Registered Public Accounting Firm](ea025426601ex23-1_bitwise10.htm) |
| 23.2^ | [Consent of Chapman and Cutler LLP (included in Exhibits 5.1 and 8.1)](ea025426601ex5-1_bitwise10.htm) |
| 107 | [Filing Fee Table (incorporated by reference to Exhibit 107 of the Registration Statement on Form S-3 by the Registrant on June 10, 2025)](https://www.sec.gov/Archives/edgar/data/1723788/000121390025052796/ea024475301ex-fee_bitwise10.htm) |

---

† Certain identified information has been excluded from this
exhibit because it is both not material and is the type of information that the registrant treats as private or confidential.

\* To be filed by amendment.

^ Filed herewith.

---

| | | |
|:---|:---|:---|
| ![](cover_001.jpg) | **Richard Coyle**<br> Partner | **Chapman and Cutler LLP**<br> 320 South Canal Street, 27th Floor<br> Chicago, Illinois 60606<br>T 312.845.3724<br> rcoyle@chapman.com |

---

August 22, 2025

***<u>Via EDGAR Correspondence</u>***

United States Securities and Exchange Commission

100 F Street, NE

Washington, D.C. 20549

Re: <u>Bitwise 10 Crypto Index Fund</u>

Ladies and Gentlemen:

On behalf of Bitwise 10 Crypto Index Fund (the *"Registrant"*), we are transmitting for electronic filing under the Securities Act of 1933, as amended (the *"1933 Act"*), the Registrant's amendment no. 2 to the registration statement on Form S-3 (the "*Registration Statement"*). The Registration Statement relates to common shares of beneficial interest of Bitwise 10 Crypto Index Fund, a Delaware statutory trust intending to operate as an exchange-traded fund.

If you have any questions please do not hesitate to contact me at (312) 845-3724.

---

| |
|:---|
| Very truly yours, |
| /s/ Richard J. Coyle |
| Richard J. Coyle |

---

## Exhibit 3.3

**Exhibit 3.3**

**______________________________**

**FIRST AMENDED AND RESTATED**

**TRUST AGREEMENT** 

**of** 

**BITWISE 10 CRYPTO INDEX ETF**

**by and among**

**BITWISE INVESTMENT ADVISERS, LLC**

**CSC DELAWARE TRUST COMPANY**

**and**

**THE SHAREHOLDERS FROM TIME TO TIME HEREUNDER**

**______________________________**

**Dated as of __________ __, 2025**

<u>**TABLE OF CONTENTS**</u>

---

| | |
|:---|:---|
|  | Page |
| **NO **TABLE OF CONTENTS** ENTRIES FOUND.** |  |

---

i

**BITWISE 10 CRYPTO INDEX ETF**

**TRUST AGREEMENT**

________________

This FIRST AMENDED AND RESTATED TRUST AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this "**Agreement**") of Bitwise 10 Crypto Index ETF, a Delaware statutory trust (the "**Trust**"), by and among Bitwise Investment Advisers, LLC, a Delaware limited liability company, as the Sponsor (as hereinafter defined), CSC Delaware Trust Company, as the Trustee (as hereinafter defined), and the Shareholders (as hereinafter defined) from time to time hereunder, is hereby made effective as of the [ ], 2025. Each capitalized term used in this Agreement without definition shall have the meaning specified in Section 2.01.

<u>BACKGROUND</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Bitwise 10 Private Index Fund, LLC (the "**Company**") was originally formed as a Delaware
limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. On May 1, 2020, the Company was converted from to a Delaware limited liability company to a Delaware statutory
trust, as which time the Sponsor and the Trustee entered into that certain Trust Agreement of the Trust dated May 1, 2020 (the **"Original Trust Agreement"**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. On the date hereof, the Trustee filed a Certificate of Amendment to the Certificate of Trust of the Trust
(the **"Trust Certificate"**) and the Sponsor in order to change the name of the Trust from "Bitwise 10 Crypto Index
Fund" to "Bitwise 10 Crypto Index ETF".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Sponsor now desires to amend and restate the Original Trust Agreement, as amended, to reflect the
change of the Trust's name and to contemplate the trust operating as an exchange-traded product.

In consideration of the foregoing and the mutual covenants and agreements hereinafter set forth, the parties hereto hereby agree to amend and restate the Original Trust Agreement, as amended, and agree as follows:

Article 1

<u>ORGANIZATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01. <u>Name</u>. The Trust shall be known as "Bitwise 10 Crypto Index ETF" in which name the Trust and, if necessary, the Trustee on behalf of the Trust, may conduct the business of the Trust, make and execute contracts and other instruments and sue and be sued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02. <u>Delaware Trustee; Trust Office; Declaration of Trust</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 sole Trustee of the Trust is CSC Delaware Trust Company, which is located at 251 Little Falls Road, Wilmington, DE 19808 or at such other address in the State of Delaware as the Trustee may designate in writing to the Shareholders. The Trustee shall receive service of process on the Trust in the State of Delaware at the foregoing address. In the event CSC Delaware Trust Company resigns or is removed as the Trustee, the trustee of the Trust in the State of Delaware shall be the successor Trustee appointed in accordance with Section 4.01.

&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 principal business address of the Trust shall be as set forth in Section 13.02 hereof or at such location as the Sponsor may hereafter designate by notice to the Shareholders.

&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 Estate shall be held in trust for the Shareholders. It is the intention of the parties hereto that the Trust shall be a statutory trust, under the Trust Act and that this Agreement shall constitute the governing instrument of the Trust. Nothing in this Agreement shall be construed to make the Shareholders members of a limited liability company, joint stock association, corporation or, except for tax purposes as provided in Section 10.08, partners in a partnership. Effective as of the Effective Time, the Trustee and the Sponsor shall have all of the rights, powers and duties set forth herein and in the Trust Act with respect to accomplishing the purposes of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03. <u>Objects and Purposes</u>. The Trust's purpose is to engage in the transaction of any and all lawful businesses and activities that a statutory trust may carry on under the Trust Act and the laws of any other jurisdiction in which the Trust is so engaged, including, without limitation, investing in Portfolio Crypto Assets that track the Index and any business or activities incidental thereto or in support thereof. Subject to and in furtherance of the principal purpose of the Trust, the Sponsor, on behalf of the Trust, shall have authority to do all things necessary or convenient for the accomplishment thereof, alone or with others, as principal or agent, including, without limiting the generality of the foregoing, 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;(a) to purchase (for cash or on credit), sell, invest, trade, hold, receive, mortgage, pledge, transfer, exchange, or otherwise acquire or dispose of Portfolio Crypto Assets, Securities, real estate and other property and investments of any and all kinds;

&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) to hold all or any part of the assets or funds of the Trust in cash or cash equivalents;

&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) to borrow or obtain credit from time to time, including for the purpose of financing transactions in Portfolio Crypto Assets, Securities or other investments, to secure the payment of any such indebtedness or credit by lien, pledge, conveyance or assignment in trust of the whole or any part of the assets of the Trust, whether at the time owned or thereafter acquired, to enter into repurchase or reverse repurchase agreements and/or securities lending agreements, and to buy, sell, pledge or otherwise dispose of any evidence of such indebtedness or 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;(d) to lend any of the Trust's assets or funds, including any Portfolio Crypto Assets or Securities, either with or without 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;(e) to open, maintain and close accounts, including margin and discretionary accounts, with brokers and/or dealers, and to pay commissions, fees and other charges applicable to transactions in all such accounts including to utilize brokerage accounts to obtain other services and benefits for the Trust or the Sponsor;

&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) to open, maintain and close bank accounts and draw checks and other orders for the payment of money;

&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) to engage accountants, custodians, attorneys, investment advisers, administrators, placement agents, consultants and any and all other agents and assistants, both professional and nonprofessional, and to compensate them for such 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;(h) to file all forms and documents, or take such other action as may be necessary or appropriate, with state, federal or foreign governments, agencies or self-regulatory organizations, to register Shares for sale, or to qualify for exemptions therefrom, or to register as a broker or dealer with such governments or organizations;

&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 sue, prosecute, settle or compromise all claims against third parties, to compromise, settle or accept judgment in respect of claims against the Trust, and to execute all documents and make all representations, admissions and waivers in connection therewith;

&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) to have and maintain one or more offices within or without the State of Delaware and, in connection therewith, to rent, lease or purchase office space, facilities and equipment, to engage and pay personnel and do such other acts and things and incur such other expenses on behalf of the Trust as may be necessary or advisable in connection with the maintenance of such office or offices and the conduct of the business 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;(k) to combine purchase or sale orders on behalf of the Trust with orders for other accounts to which the Sponsor or any of its affiliates provides investment services and allocate the securities or other assets so purchased or sold, subject to 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;(l) to organize one or more corporations or other entities formed to hold record title, as nominee for the Trust (whether alone or together with the other accounts managed by the Sponsor or its affiliates), to Portfolio Crypto Assets, Securities or other assets 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;(m) to invest in pooled investment vehicles or separately managed accounts, which investments shall be subject in each case to the terms and conditions of the respective governing document for such vehicle or account;

&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) to perform any and all acts on behalf of the Trust, and exercise all rights of the Trust with respect to its interest in any Person, including, without limitation, the voting of Securities, if any, participation in arrangements with creditors, the institution and settlement or compromise of suits and administrative proceedings and other like or similar matters; 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;(o) to enter into, make and perform all other contracts, indemnifications, guarantees, agreements and undertakings of any kind as the Sponsor may deem necessary, appropriate, advisable or incident to carrying out the foregoing objects and purposes of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04. <u>Legal Title</u>. Legal title to all of the Trust Estate shall be vested in the Trust as a separate legal entity; provided, however, that if applicable law in any jurisdiction requires legal title to any portion of the Trust Estate to be vested otherwise, the Sponsor may cause legal title to such portion of the Trust Estate to be held by or in the name of the Sponsor or any other Person (other than a Shareholder) as nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05. <u>The Index and Trust Investment Strategy</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 Sponsor shall design and control the Index to be comprised of the crypto assets selected in the sole discretion of the Sponsor based on criteria developed by the Sponsor. The Sponsor may make changes to the Index as well as the criteria used to develop the Index at any time in its sole discretion. The Sponsor shall grant a nonexclusive license to the Trust for the use of the Index, the license of which may be terminated at such time and on such terms, including with respect to license fees, as determined by the Sponsor in its sole discretion.

&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 furtherance of its objects and purposes, the Trust will invest all or substantially all of the Trust Estate in Portfolio Crypto Assets that track (in composition and allocation) the Index as closely as possible with certain exceptions determined by the Sponsor in its sole discretion, including without limitation that the Trust will not invest in any crypto asset that is, or the Sponsor reasonably determines may be, considered a "security" under the U.S. securities laws, or any crypto asset that the Sponsor reasonably determines is or may be fraudulent or otherwise at high risk to investors. The Sponsor will reevaluate the portfolio of the Trust Estate on a monthly basis based on real-time crypto asset prices published on public exchanges weighted for volume and price variances, subject to availability of information. Any of these investment restrictions or methodologies contained in this Section 1.05(b) may be removed or waived at any time in the sole discretion of the Sponsor upon prior notice of such modification or waiver to the Shareholders.

Article 2

<u>DEFINITIONS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01. <u>Certain Definitions</u>. For purposes of this Agreement, unless the context otherwise requires, the following terms shall have the following respective meanings:

&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) "**Adjusted Basis**" shall have the meaning set forth in Section 8.04(b) 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) "**Adjusted Basis Share**" shall have the meaning set forth in Section 8.04(b) 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;(c) "**Administrator**" shall have the meaning set forth in Section 5.02(i).

&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) "<u>Affiliate</u>" means (i) any Person directly or indirectly owning, controlling or holding with power to vote 10% or more of the outstanding voting securities of such Person, (ii) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with power to vote by such Person, (iii) any Person, directly or indirectly, controlling, controlled by or under common control of such Person, (iv) any employee, officer, director, member, manager or partner of such Person, or (v) if such Person is an employee, officer, director, member, manager or partner, any Person for which such Person acts in any such capacity.

&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) &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) "**Affiliated Party**" and "**Affiliated Parties**" shall have the meaning set forth in Section 5.06 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;(g) "**Agreement**" shall have the meaning set forth in the introductory paragraph 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;(h) "**Auditor**" means KPMG LLP and includes any successor auditor appointed by the Sponsor.

&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) "**Authorized Participant**" means a person who (1) is a registered broker-dealer under the Securities Exchange Act of 1934 and is a member in good standing of the Financial Industry Regulatory Authority ("**FINRA**") or other securities market participant such as a bank or other financial institution that is not required to register as a broker-dealer or be a member of FINRA to engage in securities transactions, (2) is a participant in DTC and (3) has entered into an Authorized Participant Agreement. Only Authorized Participants may place orders to create or redeem one or more Creation Baskets.

&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) "**Authorized Participant Agreement**" shall mean an agreement entered into by each Authorized Participant that provides the procedures for the creation and redemption of Creation Baskets and for the delivery of the Portfolio Crypto Assets and/or cash required for such creations and redemptions.

&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) &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) "**Business Day**" means a day on which banks are open for normal banking business in San Francisco, California, except as the Sponsor may specify otherwise in its discretion.

&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) "**Carrying Value**" shall mean, with respect to any Trust asset, the asset's adjusted basis for U.S. federal income tax purposes, except that: (i) the initial Carrying Value of any asset contributed by a Shareholder to the Trust shall be the fair market value of such asset at the time of such contribution, and (ii) the Carrying Values of all Trust assets may be adjusted to equal their respective fair market values upon the occurrence of any of the events listed in Treasury Regulations § 1.704-1(b)(2)(iv)(f)(5); provided, however, that adjustments pursuant to this clause (ii) (other than in a liquidation of the Trust within the meaning of Treasury Regulations § 1.704-1(b)(2)(ii)(g)) shall be made only if the Sponsor reasonably determines that such adjustments are necessary or appropriate to reflect the relative economic value of the Shares in the Trust. The Carrying Value of any Trust asset distributed with respect to any Share shall be adjusted immediately prior to such distribution to equal its fair market value. In the case of any asset that has a Carrying Value that differs from its adjusted tax basis, Carrying Value shall be adjusted by the amount of depreciation calculated for purposes of the definition of "Profits and Losses" rather than the amount of depreciation determined for U.S. federal income tax purposes.

&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) "**Cash Custodian**" means an entity designated to act as custodian of the Trust's cash pursuant to a written agreement with the Trust or Sponsor 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;(o) "**Code**" shall mean the Internal Revenue Code of 1986, as amended from time to 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;(p) "**Custodian**" shall have the meaning set forth in Section 5.02(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Custody Charge**" shall have the meaning set forth in Section 5.03(a) 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;(r) "**Creation Basket**" shall mean a block of 10,000 Shares or such other amount as established from time to time by the Sponsor. Multiple blocks are called "Creation Baskets."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Delaware Secretary of State**" shall mean the Secretary of State of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**discretion**" shall have the meaning set forth in Section 5.01. Whenever reference is made herein to the Sponsor's "discretion," it shall mean its "sole and absolute discretion."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**DTC**" shall mean The Depository Trust Company, a New York corporation. DTC is a limited purpose trust company organized under New York law, a member of the U.S. Federal Reserve System and a clearing agency registered with the Securities and Exchange Commission.

&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) "**DTC Shareholder**" shall mean each Shareholder that beneficially owns DTC 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;(w) "**DTC Shares**" shall have the meaning set forth in Section 9.04.

&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) "**Exchange**" means the primary exchange or other securities market on which the Shares are listed for trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Exchange Act**" shall mean the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Expenses**" shall have the meaning set forth in Section 4.08.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**FinCEN**" means the Financial Crimes Enforcement Network, a bureau of the U.S. Department of Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Fiscal Year**" shall have the meaning set forth in Section 10.01 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;(cc) "**gains/losses**" shall have the meaning set forth in Section 8.04(a) 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;(dd) "**Global Security**" shall have the meaning set forth in Section 3.05(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Indemnified Party**" and "**Indemnified Parties**" shall have the meaning set forth in Section 5.07 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;(ff) "**Index**" shall mean the Bitwise 10 Large Cap Crypto Index, as such index is further described in Section 1.05 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;(gg) "**Investment Company Act**" means the Investment Company Act of 1940, as amended from time to time, together with any successor statute, and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**Liabilities**" shall have the meaning set forth in Section 5.07(a).

&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) "**liquidating trustee**" shall have the meaning set forth in Section 11.03.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**Management Fee**" shall have the meaning set forth in Section 5.08(a) 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;(kk) "**Net Losses**" shall mean the excess, if any, of (i) the sum of Securities Losses and Net Operating Losses, over (ii) the sum of Securities Gains and Net Operating Profits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**Net Operating Losses**" shall mean the <u>excess</u>, if any, of all expenses incurred by the Trust (other than expenses incurred in the purchase, sale or other disposition of Portfolio Crypto Assets or Securities) <u>over</u> the aggregate income earned by the Trust from all sources whatsoever (other than from the purchase, sale or other disposition of Portfolio Crypto Assets or 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;(mm) "**Net Operating Profits**" shall mean the <u>excess</u>, if any, of the aggregate income earned by the Trust from all sources whatsoever (other than from the purchase, sale or other disposition of Portfolio Crypto Assets or Securities) <u>over</u> all expenses incurred by the Trust (other than expenses incurred in the purchase, sale or other disposition of Portfolio Crypto Assets or 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;(nn) "**Net Profits**" shall mean the <u>excess</u>, if any, of (i) the sum of Securities Gains and Net Operating Profits, <u>over</u> (ii) the sum of Securities Losses and Net Operating Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "**notices**" shall have the meaning set forth in Section 13.02.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "**Organizational Expense**" shall have the meaning set forth in Section 5.03(c) 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;(qq) "**Original Trust Agreement**" shall have the meaning set forth in the Background Section 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;(rr) "**Partnership Adjustment**" shall have the meaning set forth in Section 10.07(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "**Partnership Representative**" shall have the meaning set forth in Section 10.07 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;(tt) "**Pass-Thru Shareholder**" shall have the meaning set forth in Section 10.06 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;(uu) "**Per Share Capital Account**" means, for each Share, a separate account that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Increased by: (A) the Share Price and (B) allocations of Profit with respect to such Share pursuant to Article 8;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Decreased by: (A) the amount of cash distributed to a Shareholder with respect to such Share by the Trust; (B) the fair market value of any other property distributed to a Shareholder with respect to such Share by the Trust (determined as of the time of distribution and net of liabilities secured by such property that the Shareholder assumes or to which the Shareholder's ownership of the property is subject); and (C) allocations of Loss to a Shareholder with respect to such Share pursuant to Article 8; 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;(iii) Otherwise adjusted in accordance with the provisions of this Agreement; 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) Revalued in connection with any event described in paragraph (ii) of the definition of "Carrying Value" including, but not limited to, adjustment of Per Share Capital Accounts pursuant to Treasury Regulations § 1.704-1(b)(2)(iv)(f)(5)(v) to the extent the Sponsor determines that a revaluation is necessary to preserve the economic arrangement of the Shares.

Per Share Capital Accounts shall be maintained in accordance with Treasury Regulations § 1.704-1(b) and specifically in a manner consistent with a Shareholder's interest in the Trust and the provisions of this Agreement shall be interpreted and applied in a manner consistent with such regulations and intent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "**Percentage Interest**" means, with respect to any Shareholder at any time, a fraction, the numerator of which is the number of Shares held by such Shareholder and the denominator of which is the total number of Shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) "**Person**" shall mean any individual or entity including, without limitation, a corporate entity, and the heirs, executors, administrators, successors and assigns of such Person where the context so admits; and, unless the context otherwise requires, the singular shall include the plural and the masculine gender shall include the feminine and neuter genders, and vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) "**Portfolio Crypto Asset**" shall mean each crypto or digital asset invested in, directly or indirectly, 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;(yy) "**Profits and Losses**" shall mean, for any period, the Trust's items of income and gain as well as loss, expense and deduction as determined in accordance with the accounting method used by the Trust for U.S. federal income tax purposes with the following adjustments: (i) any items that are specially allocated pursuant to Section 8.01(b) shall not be taken into account in computing such taxable income or loss; (ii) any income of the Trust that is exempt from U.S. federal income taxation and not otherwise taken into account in computing Profits and Losses shall be added to such taxable income or loss; (iii) if the Carrying Value of any asset differs from its adjusted tax basis for U.S. federal income tax purposes, any gain or loss resulting from a disposition of such asset shall be calculated with reference to such Carrying Value; (iv) upon an adjustment to the Carrying Value of any asset (other than an adjustment in respect of depreciation), pursuant to the definition of Carrying Value, the amount of the adjustment shall be included as gain or loss in computing such taxable income or loss; (v) if the Carrying Value of any asset differs from its adjusted tax basis for U.S. federal income tax purposes, the amount of depreciation, amortization or other cost recovery deductions with respect to such asset shall for purposes of determining Profits and Losses be an amount which bears the same ratio to such Carrying Value as the U.S. federal income tax depreciation, amortization or other cost recovery deductions bears to such adjusted tax basis (provided that if the U.S. federal income tax depreciation, amortization or other cost recovery deduction is zero, the Sponsor may use any reasonable method for purposes of determining depreciation, amortization or other cost recovery deductions in calculating Profits and Losses); and (vi) except for items in (i) above, any expenditures of the Trust not deductible in computing taxable income or loss, not properly capitalizable and not otherwise taken into account in computing Profits and Losses pursuant to this definition shall be treated as deductible items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) "**Purchase Order**" shall have the meaning assigned to such term in Section 6.02 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) "**Purchase Order Date**" shall have the meaning assigned to such terms in Section 6.02 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) "**Redemption Basket**" means the block of Shares that is redeemed in accordance with Section 7.01 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;**(ddd)** "**Redemption Order**" shall have the meaning assigned to such term in Section 7.01 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) "**Redemption Order Date**" shall have the meaning assigned to such term in Section 7.01 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) "**Registration Statement**" means the current registration statement of the Trust as filed with the U.S. Securities and Exchange Commission, either pending effectiveness or already effective, as the same may at any time and from time to time be amended or supplemented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) "**Representative**" shall have the meaning set forth in Section 9.06 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;(iii) "**Secondary Market**" shall mean any marketplace or other alternative trading system, as determined by the Sponsor, on which the Shares may then be listed, quoted or traded, including but not limited to, the OTCQX tier of the OTC Markets Group Inc. and NYSE Arca, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj) "**Securities**" means all forms of securities (including, without limitation, equity and debt securities) and other financial instruments of U.S. and non-U.S. issuers, including, without limiting the generality thereof: listed and unlisted capital stock; pre-organization certificates and subscriptions; shares of beneficial interests; American Depositary Receipts and European Depositary Receipts; exchange traded funds; partnership interests and similar financial instruments; bonds, notes, and debentures (whether subordinated, convertible or otherwise); preferred stock, common stock, rights, units, certificates of beneficial interests, warrants, put and call options on equity securities, and interests in real estate investment trusts; shares of and interests in investment companies; asset backed securities; currencies; crypto assets; tokens; commodities; interest rate, currency, commodity and equity derivative products, including, without limitation, (i) futures contracts (and options thereon) relating to currencies, stock indices, United States government securities and securities of foreign governments, other financial instruments and all other commodities, (ii) swaps, options, warrants, rights, caps, puts, calls, collars, floors and forward rate agreements, (iii) spot and forward currency transactions, and (iv) agreements relating to or securing such transactions; loans and any participations therein; credit paper; accounts and notes receivable and payable held by trade or other creditors; trade acceptances; contract and other claims; executory contracts and participations therein; money market funds; mutual funds; commercial paper; certificates of deposit; bankers' acceptances; choses in action; trust receipts and other obligations; instruments or evidences of indebtedness of whatever kind or nature, whether or not publicly traded or readily marketable; in each case whether created or issued by U.S. or non-U.S. persons, firms, associations, corporations, partnerships, syndicates, combinations, trusts, organizations, governments, subdivisions thereof or any other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk) "**Securities Act**" shall mean the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll) "**Securities Gains**" shall mean the aggregate realized and unrealized increase in the value of Portfolio Crypto Assets, Securities and other investments of the Trust as determined pursuant to Article 6 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;(mmm) "**Securities Losses**" shall mean the aggregate realized and unrealized decrease in the value of Portfolio Crypto Assets, Securities and other investments of the Trust as determined pursuant to Article 6 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;(nnn) "**Share Price**" means, with respect to any Share, the price determined in accordance with Section 6.03 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;(ooo) "**Shareholder**" means with respect to any Share, the Person that owns the ultimate economic beneficial interest in such Share and does not hold the Share as a mere nominee or custodian for another Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppp) "**Shares**" shall mean the units of fractional undivided beneficial interest in the profits, losses, distributions, capital and assets of, and ownership 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;(qqq) "**Sponsor**" shall mean Bitwise Investment Advisers, LLC, a Delaware limited liability company, or any substitute therefor as provided herein, or any successor thereto by merger or operation of 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;(rrr) "**Sponsor Expenses**" shall have the meaning set forth in Section 5.03(a) 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;(sss) "**Subscription Agreement**" shall mean each form of agreement by which any Shareholder agrees to subscribe for and purchase one or more Shares (or fractional unit thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttt) "**Tax Matters Partner**" shall have the meaning set forth in Section 10.06 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;(uuu) "**Title XI 2015 BBA**" shall have the meaning set forth in Section 10.07 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;(vvv) "**Transfer**" shall have the meaning set forth in Section 9.01 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;(www) "**Transferee**" shall have the meaning set forth in Section 9.02(a) 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;(xxx) "**Transferor**" shall have the meaning set forth in Section 9.02(b) 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;(yyy) "**Transfer Agent**" shall mean [ ], or any other Person from time to time engaged to provide such services or related services to the Trust pursuant to authority delegated by the Sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzz) "**Trust**" shall mean Bitwise 10 Crypto Index ETF, a Delaware statutory trust, of which this Agreement is the governing instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaa) "**Trust Act**" shall have the meaning set forth in the Background Section 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;(bbbb) "**Trust Certificate**" shall have the meaning set forth in the Background Section 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;(cccc) "**Trust Estate**" means (i) all the Portfolio Crypto Assets and Securities owned by or on behalf of the Trust, (ii) all other property and investments of any and all kinds held by the Trust, (iii) all proceeds from the sale of Portfolio Crypto Assets, Securities, and any other property or investments held by the Trust pending use of such cash for payment of Trust Expenses or distribution to the Shareholders, and (iv) any rights of the Trust pursuant to any agreements, other than this Agreement, to which the Trust is a 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;(dddd) "**Trust Expenses**" shall have the meaning set forth in Section 5.03(d) 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;(eeee) "**Trustee**" shall mean CSC Delaware Trust Company, its successors and assigns, or any substitute therefor as provided herein, acting not in its individual capacity but solely as trustee 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;(ffff) "**Trustee Indemnified Person**" shall have the meaning set forth in Section 4.08.

Article 3

<u>SHARES AND SHAREHOLDERS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01. <u>Shareholders</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) All Shares shall represent an equal proportionate beneficial interest in the Trust Estate subject to the liabilities of the Trust, and each Share's interest in the Trust Estate shall be equal to each other Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02. <u>No Management or Control; Limited Liability</u>.(a) The Shareholders shall not, in their capacity as Shareholders, participate in the management or control of the Trust nor shall they enter into any transaction on behalf of the Trust or have the power to sign for or bind the Trust, said power being vested solely and exclusively in the Sponsor. Except as otherwise expressly provided herein, no Shareholder shall be bound by, or be personally liable for, the expenses, liabilities or obligations of the Trust in excess of the aggregate value of the Shares owned by that Shareholder, determined by aggregating the Share Price of all of the Shares owned by that Shareholder at the time of determination. No salary shall be paid to any Shareholder in its capacity as a Shareholder, nor shall any Shareholder have a drawing account or earn interest on its Percentage Interest of the Trust Estate. By the purchase and acceptance or other lawful delivery and acceptance of Shares, each owner of such Shares shall be deemed to be a Shareholder and beneficiary of the Trust and vested with a beneficial undivided interest in the Trust to the extent of the Shares owned beneficially by such Shareholder, subject to the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03. <u>Limitation of Liability</u>. The Shareholders shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of Delaware and no Shareholder shall be liable for claims against or debts of the Trust in excess of the aggregate value of the Shares owned by that Shareholder, determined by aggregating the Share Price of all of the Shares owned by that Shareholder at the time of determination. In addition, and subject to the exceptions set forth in the immediately preceding sentence, the Trust shall not make a claim against a Shareholder with respect to amounts distributed to such Shareholder or amounts received by such Shareholder upon redemption of such Shareholder's Shares unless, under Delaware law, such Shareholder is liable to repay such amount. No Shareholder shall be obligated or required to make any Additional Contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04. <u>Derivative Actions</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 any other requirements of applicable law including Section 3816 of the Trust Act, no Shareholder shall have the right, power or authority to bring or maintain a derivative action, suit or other proceeding on behalf of the Trust, other than claims under the federal securities laws and the rules and regulations thereunder, unless two or more Shareholders who (i) are not Affiliates of one another and (ii) collectively hold at least 10% of the outstanding Shares join in the bringing or maintaining of such action, suit or other proceeding.

&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 addition to the requirements set forth in Section 3816 of the Trust Act, a Shareholder may bring a derivative action on behalf of the Trust only if the following conditions are met: (i) the Shareholder or Shareholders must make a pre-suit demand upon the Sponsor to bring the subject action unless an effort to cause the Sponsor to bring such an action is not likely to succeed; and a demand on the Sponsor shall only be deemed not likely to succeed and therefore excused if the Sponsor has a personal financial interest in the transaction at issue, and the Sponsor shall not be deemed interested in a transaction or otherwise disqualified from ruling on the merits of a Shareholder demand by virtue of the fact that the Sponsor receives remuneration for its service as the Sponsor or as a sponsor of one or more companies that are under common management with or otherwise affiliated with the Trust; and (ii) unless a demand is not required under clause (i) of this paragraph, the Sponsor must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim; and the Sponsor shall be entitled to retain counsel or other advisors in considering the merits of the request and may require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Sponsor determines not to bring such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05. <u>Share Certificates; Book-Entry Form</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) Shares may be held in book-entry form by or on behalf of the Sponsor or through a transfer agent, or the Sponsor may, in its sole discretion, cause the Trust to issue Shares in certificated form.

&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 Sponsor may in its sole discretion cause DTC Shares to be represented by a global certificate or certificates as required by DTC (the "**Global Security**"), which will be registered, as DTC shall direct, in the name of Cede & Co., as nominee for DTC, and deposited with, or on behalf of, DTC. If DTC Shares are represented by the Global Security, no other certificates evidencing such DTC Shares will be issued. DTC Shareholders will not be entitled to have DTC Shares registered in their names, will not receive or be entitled to receive physical delivery of certificates in definitive form and will not be considered the record or registered holder of such Shares under this Agreement. Accordingly, to exercise any rights of a Shareholder under this Agreement, DTC Shareholders must rely on the procedures of DTC.

&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) DTC Shares shall be held in book-entry form by the Transfer Agent.

Article 4<u><br>THE TRUSTEE</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01. <u>Term; Resignation; Removal</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) CSC Delaware Trust Company has been appointed and hereby agrees to serve as the Trustee of the Trust. The Trust shall have only one Trustee unless otherwise determined by the Sponsor. The Trustee shall serve until such time as the Trust is terminated or if the Sponsor removes the Trustee or the Trustee resigns. The Trustee is appointed to serve as the trustee of the Trust in the State of Delaware and shall at all times satisfy the requirements of Section 3807(a) of the Trust Act and be authorized to exercise corporate trust powers under the laws of Delaware, having a combined capital, surplus and undivided profits of at least $50,000,000 and subject to supervision or examination by federal or state authorities. If the Trustee publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Article 4 the combined capital, surplus and undivided profits of the Trustee shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Trustee shall cease to be eligible to serve as trustee of the Trust in accordance with the provisions of this Section 4.01, the Trustee shall resign promptly in the manner and with the effect specified in this Article 4. The Trustee may have normal banking and trust relationships with the Sponsor and their respective Affiliates; provided that none of (i) the Sponsor, (ii) any Person involved in the organization or operation of the Sponsor or the Trust or (iii) any Affiliate of any of them may be the Trustee hereunder. The Trust shall have at least one trustee with a principal place of business in Delaware. It is understood and agreed by the parties hereto that the Trustee shall have none of the duties or liabilities of the Sponsor and shall have no obligation to supervise or monitor the Sponsor or otherwise manage the Trust and no such duties shall be implied. To the extent, at law or in equity, the Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Trust or the Sponsor, it is hereby understood and agreed by the parties hereto that such duties and liabilities are replaced by the duties and liabilities of the Trustee expressly set forth in 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) By its execution hereof, the Trustee accepts the trust created herein. Except as otherwise expressly required by clause (a) above, the Trustee shall not have any duty or liability under this Agreement or with respect to the Trust or the administration of the Trust, the investment of the Trust's property or the payment of dividends or other distributions of income or principal to the Shareholders.

&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 Trustee is permitted to resign upon at least sixty (60) days' notice to the Sponsor upon which date such resignation shall be effective; provided, however, that said resignation shall not be effective until such time as a successor Trustee has accepted such appointment in accordance with the provisions of Section 4.05.

&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) If at any time the Trustee shall cease to be eligible to serve as trustee of the Trust in accordance with the provisions of this Agreement, or if at any time the Trustee shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Sponsor may remove the Trustee and appoint a successor trustee by written instrument, in duplicate, which instrument shall be delivered to the Trustee so removed and the successor trustee. The Sponsor may at any time, upon sixty (60) days' prior notice to the Trustee, remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by the Sponsor or its attorney-in-fact duly authorized, one complete set of which instruments shall be delivered to the Trustee so removed and one complete set to the successor so appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02. <u>Powers</u>. Except to the extent expressly set forth in this Article 4, the duty and authority to manage the affairs of the Trust is vested in the Sponsor, which duty and authority the Sponsor may further delegate as provided herein, all pursuant to Section 3806(b)(7) of the Trust Act. The duties of the Trustee shall be limited to (i) accepting legal process served on the Trust in the State of Delaware, (ii) the execution and filing of the Certificate of Trust of the Trust and of any other certificates required to be filed with the Delaware Secretary of State which the Trustee is required to execute under Section 3811 of the Trust Act, (iii) maintaining all records necessary to form and maintain the existence of the Trust under the Trust Act, and (iv) any other duties specifically allocated to the Trustee in this Agreement. The Trustee shall provide prompt notice to the Sponsor of its performance of any of the foregoing. The Sponsor shall reasonably keep the Trustee informed of any actions taken by the Sponsor with respect to the Trust that would reasonably be expected to affect the rights, obligations or liabilities of the Trustee hereunder or under the Trust Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03. <u>Compensation and Expenses of the Trustee</u>. The Trustee shall be entitled to receive from the Sponsor or an Affiliate of the Sponsor (including the Trust) reasonable compensation for its services hereunder as set forth in a separate fee agreement and shall be entitled to be reimbursed by the Sponsor or an Affiliate of the Sponsor (including the Trust) for reasonable out-of-pocket expenses incurred by it in the performance of its duties hereunder. The Trustee may consult with counsel (who may be counsel for the Sponsor or for the Trustee). The reasonable legal fees incurred in connection with such consultation shall be reimbursed to the Trustee pursuant to this Section 4.03, provided that no such fees shall be payable to the extent that they are incurred as a result of the Trustee's gross negligence, bad faith or willful misconduct. The Trustee may earn compensation in the form of short-term interest ("float") on items like uncashed distribution checks (from the date issued until the date cashed), funds that the Trustee is directed not to invest, deposits awaiting investment direction or received too late to be invested overnight in previously directed investments. Nothing in the preceding sentence means, or should be interpreted as meaning, that this Agreement contemplates that the Trustee will, or that the Trust, the Sponsor or any other Person acting pursuant to this Agreement will direct the Trustee to, receive checks or other value from Shareholders or others, invest funds on behalf of the Trust, hold deposits on behalf of the Trust, or take any similar actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04. <u>Liability</u>. Except as otherwise provided in this Article 4, including without limitation the second sentence of this Section 4.04, in accepting the trust created hereby, the Trustee acts solely as trustee hereunder and not in its individual capacity, and all Persons having any claim against the Trustee by reason of the transactions contemplated by this Agreement and any other agreement to which the Trust is a party shall look only to the Trust Estate for payment or satisfaction thereof. The Trustee shall not be liable or accountable hereunder to the Trust or to any other Person or under any other agreement to which the Trust is a party, except for the Trustee's own fraud, gross negligence or willful misconduct. In particular, but not by way of limitation:

&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 Trustee shall have no liability or responsibility for the validity or sufficiency of this Agreement or for the form, character, genuineness, sufficiency, enforceability, collectability, location, existence, value or validity of the Trust Estate;

&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 Trustee has not prepared or verified, and shall not be responsible or liable for, any information, disclosure or other statement in the disclosure statement distributed to members of the Company in any document issued or delivered in connection with the sale or transfer of the 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;(c) The Trustee shall not be liable for any actions taken or omitted to be taken by it in accordance with the instructions of the Sponsor or the liquidating trustee;

&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 Trustee shall not have any liability for the acts or omissions of the Sponsor, the Custodian, the Administrator or their respective delegates;

&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 Trustee shall have no duty or obligation to supervise the performance of any obligations of the Sponsor, the Custodian, the Administrator or their respective delegates;

&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) No provision of this Agreement shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its rights or powers 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;(g) Under no circumstances shall the Trustee be liable for any obligations of the Trust arising under this Agreement or any other agreements to which the Trust is a party; 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;(h) Notwithstanding anything contained herein to the contrary, the Trustee shall not be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will (i) require the consent or approval or authorization or order of, or the giving of notice to, or the registration with or taking of any action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware, (ii) result in any fee, tax or other governmental charge becoming payable by the Trustee under the laws of any jurisdiction or any political subdivision thereof other than the State of Delaware or (iii) subject the Trustee to personal jurisdiction, other than in the State of Delaware, for causes of action arising from personal acts unrelated to the consummation of the actions of the Trustee contemplated by 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;(i) The Trustee shall not be personally liable for any error in judgment made in good faith, except to the extent such judgment constitutes gross negligence on its part;

&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) Under no circumstances shall the Trustee be personally liable for any representation, warranty, covenant, agreement, or indebtedness 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;(k) The Trustee shall not be liable for punitive, exemplary, consequential, special or other similar damages under any circumstances; 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;(l) The Trustee shall not be obligated to give any bond or other security for the performance of its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05. <u>Successor Trustee</u>. Upon the resignation or removal of the Trustee, the Sponsor shall appoint a successor Trustee by delivering a written instrument to the outgoing Trustee. Any successor Trustee must satisfy the requirements of Section 3807 of the Trust Act. If no successor Trustee shall have been appointed and shall have accepted such appointment within sixty (60) days after giving notice of resignation or removal, the Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. The successor Trustee shall become fully vested with all of the rights, powers, duties and obligations of the outgoing Trustee under this Agreement, with like effect as if originally named as Trustee, and the outgoing Trustee shall be discharged of its duties and obligations under this Agreement. Any business entity into which the Trustee may be merged or converted or with which it may be consolidated, or any entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, to the fullest extent permitted by law without the execution or filing of any paper or any further act on the part of any of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.06. <u>Reliance; Advice of Counsel</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 the absence of bad faith, the Trustee may conclusively rely upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Agreement in determining the truth of the statements and the correctness of the opinions contained therein, and shall incur no liability to anyone in acting or not acting on any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties and need not investigate any fact or matter pertaining to, or contained in, any such document; provided, however, that the Trustee shall have examined any certificates and opinions so as to reasonably determine compliance of such certificates and opinions with the requirements of this Agreement. The Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that such resolution is in full force and effect. As to any fact or matter the method of the determination of which is not specifically prescribed in this Agreement, the Trustee may for all purposes hereof rely on a certificate, signed by the president, any vice president, the treasurer or any other authorized officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the exercise or administration of the Trust hereunder and in the performance of its duties and obligations under this Agreement, the Trustee, at the expense of the Trust (i) may act directly or through its agents, attorneys, custodians or nominees pursuant to agreements entered into with any of them, and the Trustee shall not be liable for the conduct or misconduct of such agents, attorneys, custodians or nominees if such agents, attorneys, custodians or nominees shall have been selected by the Trustee with reasonable care and (ii) may consult with counsel, accountants and other skilled professionals to be selected with reasonable care by it. The Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the opinion or advice of any such counsel, accountant or other such Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07. <u>Payments to the Trustee</u>. Any amounts paid to the Trustee pursuant to this Article 4 shall be deemed not to be a part of the Trust Estate immediately after such payment. Any amounts owing to the Trustee under this Agreement shall constitute a claim against the Trust Estate. Notwithstanding any other provision of this Agreement, all payments to the Trustee, including fees, expenses and any amounts paid in connection with indemnification of the Trustee in accordance with the terms of this Agreement will be payable only in U.S. Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08. <u>Indemnification</u>. The Trustee or any officer, affiliate, director, employee or agent of the Trustee (each, a "**Trustee Indemnified Person**") shall be entitled to indemnification from the 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 law) 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 Trustee Indemnified Persons with respect to the creation, operation or termination of the Trust, the execution, delivery or performance of this Agreement or the transactions contemplated hereby; provided, however, that the Sponsor and the Trust shall not be required to indemnify any Trustee Indemnified Person for any Expenses that are a result of the willful misconduct, bad faith or gross negligence of such Trustee Indemnified Person. The obligations of the Sponsor and the Trust to indemnify the Trustee Indemnified Persons as provided herein shall survive the termination of this Agreement.

Article 5

<u>MANAGEMENT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01. <u>Management</u>. Pursuant to Section 3806(b)(7) of the Trust Act, the Trust shall be managed by the Sponsor in accordance with this Agreement. In construing the provisions of this Agreement, the presumption shall be in favor of a grant of power to the Sponsor, but subject, for the avoidance of doubt, to the restrictions, prohibitions and limitations expressly set forth in Section 1.03 and otherwise in this Agreement. To the fullest extent permitted by applicable law, in determining whether the Sponsor has discharged its obligations in accordance with this Agreement, whenever in this Agreement the Sponsor is permitted or required to make a decision in its "discretion" or under a similar grant of authority or latitude, the Sponsor shall be entitled to consider only such interests and factors as it desires and may consider its own interests and the interests of its affiliates and shall have no duty or obligation to give any consideration to any interest of or factors affecting the Trust or the Shareholders. The Sponsor shall be an agent of the Trust for the purpose of the Trust's business and to the extent of its rights and powers set forth herein, the actions of the Sponsor shall bind the Trust. The Sponsor, in its discretion, may, unless prohibited by law, delegate to any Person any and all rights, powers, responsibilities, and duties granted to the Sponsor pursuant to this Agreement, including, without limitation, to an administrator. Except as otherwise set forth herein, the Shareholders shall have no part in the management of the Trust and shall have no authority to act on behalf of the Trust in connection with any matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02. <u>Authority of the Sponsor</u>. In addition to, and not in limitation of, any rights and powers conferred by law or other provisions of this Agreement, and except as limited, restricted or prohibited by the express provisions of this Agreement or the Trust Act, the Sponsor shall have the power acting singly by and in the name of the Trust, and subject to the principal purpose of the Trust as described in Section 1.03 hereof, to carry out any and all of the objects and purposes of the Trust set forth in Section 1.03 hereof, to perform all acts and enter into and perform all contracts and other undertakings that the Sponsor may deem necessary or advisable or incidental thereto, including, without limitation, to:

&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) purchase, hold, sell, exchange, receive and otherwise acquire and dispose of the Portfolio Crypto Assets, Securities and other assets of the Trust, including, without limitation, through the removal of any crypto asset from the Trust's portfolio, notwithstanding that crypto asset's inclusion within the Index calculation, if that crypto asset is, or the Sponsor reasonably determines that it may be, considered (i) a "security" under the U.S. securities laws, or (ii) fraudulent or otherwise at high risk to investors;

&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) open, maintain and close accounts, including margin and custodial accounts, with brokers and/or dealers and prime brokers, which power shall include the authority to issue all instructions and authorizations to brokers and/or dealers regarding Portfolio Crypto Assets and Securities and/or funds therein;

&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) acquire and enter into any contract of insurance that the Sponsor deems necessary or appropriate for the protection of the Trust, the Trustee and the Sponsor, for the conservation of the Trust Estate or for any purpose convenient or beneficial to 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) open, maintain and close bank accounts and draw checks or other orders for the payment of monies;

&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) enter into one or more revolving credit facilities with one or more syndicates of banks or to incur indebtedness in lieu of or in advance of proceeds from the creation and issuance 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;(f) accept or reject any subscription for one or more Shares for any reason and on such terms and conditions and at such times as the Sponsor, in its discretion, shall determine, provided that such terms and conditions shall be subject to applicable laws and the terms and conditions set forth in 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;(g) in furtherance of the foregoing, notwithstanding the other provisions of this Agreement, including Section 12.01, the Sponsor may, without the approval of any Shareholder or any other Person, (i) accept contributions and issue Shares to additional Shareholders or accept additional Contributions from and issue Shares to existing Shareholders, subject to their meeting the requirements therefor determined by the Sponsor from time to time, including a minimum initial Contribution of at least $25,000 and a minimum additional Contribution amount of $10,000 (each such amount subject to amendment or waiver by the Sponsor in its sole discretion), (ii) enter into a Subscription Agreement with a Shareholder or prospective Shareholder, and (iii) enter into separate side letters or similar agreements to or with a Shareholder or prospective 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;(h) redeem all or any portion of the Shares held of record by a 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;(i) delegate any of its responsibilities and/or duties hereunder to service providers, including, without limitation, Theorem Fund Services LLC, as the administrator to the Trust (including any successor administrator appointed by the Sponsor, the "**Administrator**"), Coinbase Custody Trust Company, LLC, as the custodian to the Trust (including any successor custodian appointed by the Sponsor, the "**Custodian**"), and any affiliates of the Sponsor, and to pay compensation therefor, and to enter into agreements, including without limitation, an administration agreement with the Administrator and a custodial agreement with the Custodian, each in connection with such delegations, which agreements may provide for indemnifications and exculpations of such service providers as deemed appropriate by the Sponsor, and terminate and, if desired, replace, such service providers in its sole discretion;

&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) cause the Trust to pay all expenses of the Trust, including, without limitation, costs related to payment of fees for initial and continued quotation of the Shares on OTCQX or another Secondary Market, costs related to making the Shares eligible to trade through DTC, fees associated with retaining and maintaining the Transfer Agent, and including, without limitation, to disburse payments to parties in connection with any 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;(k) employ, retain or otherwise engage and authorize any officer, director, employee or other agent of the Sponsor or agent or employee of the Trust to act for and on behalf of the Trust in all matters incidental to the foregoing or the other permitted activities 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;(l) do any and all acts required of the Trust and exercise all rights of the Trust with respect to its interest in any corporation or other entity;

&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) cause the Trust to engage in agency, agency cross and principal transactions with affiliates to the extent permitted by applicable securities laws;

&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) maintain for the conduct of the Trust's affairs one or more offices and in connection therewith rent or acquire office space, and do such other acts as the Sponsor may deem necessary or advisable in connection with the maintenance and administration 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;(o) engage personnel, whether part-time or full-time, and attorneys, independent accountants or such other Persons as the Sponsor may deem necessary or advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) organize one or more corporations or other entities formed to hold record title, as nominee for the Trust, to Portfolio Crypto Assets, Securities or funds 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;(q) cause the Tax Matters Partner or Partnership Representative, as applicable, to make or revoke such elections under the Code and other relevant tax laws as contemplated by Section 10.08 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;(r) engage in "soft dollar" transactions in accordance with Section 28(e) of the Securities Exchange Act of 1934, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) place orders for the execution of transactions and select a broker to execute portfolio transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) engage one or more placement agents to assist with the issuance 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;(u) establish a record time and date for purposes of determining the Shareholders of record with respect to such matters as the Sponsor shall determine in its discretion;

&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) form one or more subsidiaries through which the Trust will indirectly invest its assets in Portfolio Crypto Assets, Securities or other 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;(w) prepare, or cause to be prepared, and file, or cause to be filed, an application to enable the Shares to be listed, quoted or traded on any Secondary Market and to take any other action and execute and deliver any certificates or documents that may be necessary to effectuate such listing, quotation or trading;

&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) if the Shares are listed, quoted or traded on any Secondary Market, cause the Trust to comply with all rules, orders and regulations of such Secondary Market to which the Trust is subject as a result of the listing, quotation or trading of the Shares on such Secondary Market, and take all such other actions that may reasonably be taken and are necessary for the Shares to remain listed, quoted or traded on such Secondary Market until the Trust is terminated or the Shares are no longer listed, quoted or traded on such Secondary Market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) prepare, or cause to be prepared, and file, or cause to be filed registration statements to (i) register offerings of the Shares under the Securities Act, (ii) register the Shares under the Exchange Act, and/or (iii) register the Trust under the Investment Company Act, if the Sponsor reasonably determines that such registration(s) is or are required or appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) if an offering of the Shares is registered under the Securities Act, the Shares are registered under the Exchange Act, or if the Trust is registered under the Investment Company Act, cause the Trust to comply with all rules, orders and regulations of the Securities and Exchange Commission to which the Trust is subject as a result of such registration(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) if the Shares are transferred in a transaction registered under the Securities Act or registered under the Exchange Act, cause the Trust to comply with all rules, orders and regulations of the Securities and Exchange Commission and take all such other actions as may reasonably be taken and are necessary for the Shares to remain registered under the Exchange Act until the Trust is terminated or the Shares are no longer registered under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) take all actions to prepare and, to the extent required by this Agreement or by law, mail to Shareholders any reports, press releases or statements, financial or otherwise, that the Sponsor determines are required to be provided to Shareholders by applicable law or governmental regulation or the requirements of any Secondary Market on which the Shares are listed, quoted or traded or, if any Shares are transferred in a transaction registered under the Securities Act or registered under the Exchange Act, the Securities and Exchange Commission, as applicable; 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;(cc) act for and on behalf of the Trust in all matters incidental to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03. <u>Payment of Costs and Expenses</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 Sponsor will be responsible for all ordinary administrative and overhead expenses of managing the Trust, including compensation of employees of the Sponsor and payment of rent, custody charges ("**Custody Charge**") or flat rate fees for holding the Trust's assets charged by the Custodian and customary fees and expenses of the Trustee, Administrator and Auditor (including costs incurred for appraisal or valuation expenses associated with the preparation of the Trust's financial statements, tax returns and other similar reports and excluding indemnification and extraordinary costs) (collectively, the "**Sponsor Expenses**").

&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 Sponsor may on behalf of the Trust incur any and all obligations and expend any sums and take any actions deemed by it to be necessary to conduct the Trust's operations or to protect the Trust Estate, including, without limitation, selecting and engaging the Administrator, the Custodian, attorneys, accountants, securities brokers, consultants, placement agents or such other Persons on such terms and for such compensation as the Sponsor may deem necessary or advisable and incurring such other capital, operating, financing or other expenses on behalf of the Trust as the Sponsor may, in its discretion, deem necessary or appropriate for the conduct of Trust affairs, and all of such costs and expenses shall, in the discretion of the Sponsor, be reimbursed to the Sponsor, if applicable, 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;(c) Organizational costs of the Trust and the costs incurred in connection with the initial issuance of Shares, organizational and start-up expenses, including legal, consulting, filing and accounting fees, document production and printing costs in connection with the offering of Shares and other activities of the Trust, federal and state filing fees, and other related expenses, will be expenses of the Trust (collectively, "**Organizational Expenses**"). The Sponsor may elect to amortize the Trust's organizational expenses for payments by the Trust for up to a five-year period.

&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) In addition to the expenses set forth in Sections 5.03(a) and 5.03(c) above, the Trust shall pay, whether directly or through reimbursement of the Sponsor or any affiliate of any of the foregoing, all other expenses incurred in connection with its operation, issuance of Shares, and investment activities, or any other expense incurred with respect to Trust activities, including, without limitation, brokerage commissions and other transaction costs, Management Fee, fees of any valuation agents and any other third party service providers (other than fees payable to any placement agent), clearing and settlement charges, custodial fees (other than the Custody Charge), margin and interest expense and commitment fees on debit balances or borrowings, consulting, expenses associated with the acquisition, holding, and disposition of investments (including legal and other professional fees) whether or not consummated, portfolio tracking software, travel and related expenses, any non-customary costs and expenses (including indemnification and extraordinary costs) of the Administrator and Auditor, costs and expenses of other professionals providing services to the Trust, including legal, audit, custody, accounting, tax and administration excluded from Sponsor Expenses, Organizational Expenses, expenses related to the offer and sale of the Shares, including, but not limited to, reasonable travel expenses related thereto, costs of any liability insurance, including premiums for directors' and officers' and errors and omissions liability insurance, costs of any litigation or investigation involving Trust activities, workout and restructuring and indemnification expenses, regulatory costs, employee compensation and benefit costs for any employees of the Trust, any entity level taxes, regulatory filing fees and compliance costs (including, without limitation, costs incurred in connection with the preparation of Securities Act registration forms, Exchange Act registration and reporting forms, Investment Company Act registration and reporting forms, Form PF, Form CPO-PQR, Form D and other regulatory filings, if any), license fees, costs of reporting and providing information to Shareholders, and any extraordinary expenses, if any (collectively, "**Trust Expenses**"). The Sponsor may cause some or all of the Trust Expenses to be paid using "soft dollars" (i.e., paid by securities brokerage firms in recognition of commissions or other compensation (including markups and markdowns on principal transactions with market makers) paid on securities transactions that the Trust executes through those firms). The Sponsor may (but is not obligated to) reimburse the Trust for Trust Expenses in its sole discretion. The Sponsor may (but is not obligated to), in its sole discretion, reimburse the Trust for any expenses or costs of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.04. <u>Reliance by Third Parties</u>. Persons dealing with the Trust are entitled to rely conclusively upon a certificate of the Sponsor and upon the power and authority of the Sponsor as set forth herein. Nothing herein contained shall impose any obligation on any brokerage firm, custodian, transfer agent, registrar, bank, lessor, lessee, mortgagee, grantee or other Person doing business with the Trust to inquire as to whether or not written approval of the Shareholders or assignees of the Shareholders has been obtained, and any stock power, lease, mortgage, deed, contract or other instrument executed by the Sponsor, shall be valid, sufficient and binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05. <u>Other Activities</u>. The Sponsor hereby agrees to devote as much of its time during normal business days and hours as it, in its discretion, shall deem necessary and sufficient for the management of the affairs of the Trust. Notwithstanding any duty otherwise existing at law or in equity, nothing contained in this Section 5.05 shall preclude the Sponsor, its affiliates and any of their officers, directors, principals, managers, members or employees from engaging, presently or in the future, consistent with the foregoing, and without accountability to the Trust, in any other business venture or ventures of any nature and description including, without limitation, the management, financing, syndication or development of other accounts or other ventures similar to the Trust, or from acting as an investment manager or adviser to others, a trustee of any trust, a manager of a limited liability company, or a general partner of a limited partnership, nor shall the Sponsor, its affiliates and any of their officers, directors, principals, managers, members or employees be precluded from directly or indirectly purchasing, selling and holding Portfolio Crypto Assets or Securities for his, her or its own account or the accounts of such other business, irrespective of whether any such Portfolio Crypto Assets or Securities are purchased, sold or held for the account of the Trust. Neither the Trust nor the Sponsor shall have any rights in or to such other business ventures or the income or profits derived therefrom by virtue of this Agreement nor shall the Sponsor, its affiliates and any of their officers, directors, principals, managers, members or employees be under any obligation to first offer any investment opportunities to the Trust or to allocate investments, as between the Trust, other Persons, or otherwise, in any particular manner, other than as the Sponsor in its discretion shall determine. When the Sponsor deems the purchase and sale of Portfolio Crypto Assets or Securities to be in the best interest of the Trust and of other clients, it may aggregate the Portfolio Crypto Assets and Securities to be purchased or sold. The Trust may engage in transactions with its affiliates and affiliates of the Sponsor (including without limitation, licensing technology), provided that the terms thereof are commercially reasonable as determined by the Sponsor in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06. <u>Exculpation</u>. To the fullest extent permitted by applicable law, the Sponsor, its affiliates, the Administrator and any of their respective officers, directors, principals, partners, members, managers, affiliates or employees, and each of their respective successors and assigns, and each Person who previously served in such capacity (each, an "**Affiliated Party**" and, collectively, the "**Affiliated Parties**"), shall not be liable to any Shareholder, the Trust or any other Person bound by this Agreement for any loss, liability, damage, cost, or expense arising from mistakes of judgment, conduct or any action or inaction unless and until such mistakes of judgment, conduct or any action or inaction are found to constitute willful misconduct or gross negligence as finally determined by a court of competent jurisdiction. The Sponsor and each Affiliated Party may, at the Trust's expense, consult with counsel and accountants in respect of Trust affairs and, in acting in accordance with the advice or opinion of such counsel or accountants, the Sponsor and each Affiliated Party shall not be liable for any loss suffered by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07. <u>Indemnification</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) To the fullest extent permitted by applicable law, the Sponsor, the Administrator, the Partnership Representative and each other Affiliated Party (each, an "**Indemnified Party**" and, collectively, the "**Indemnified Parties**") shall be indemnified and held harmless by the Trust from and against any loss, liability, damage, cost, or expense suffered or sustained by an Indemnified Party by reason of the fact that she, he or it is or was an Indemnified Party, including, without limitation, any judgment, settlement, reasonable attorney's fees and other costs or expenses incurred in connection with the defense of any actual or threatened action or proceeding (collectively, "**Liabilities**"), provided that such Liabilities did not result from such Indemnified Party's own willful misconduct or gross negligence as finally determined by a court of competent jurisdiction. The rights of indemnification provided in this Section 5.07 will be in addition to any rights to which such Indemnified Party may otherwise be entitled by contract or as a matter of law and shall extend to its successors and assigns. In particular, and without limiting the generality of the foregoing, each Indemnified Party shall be entitled to indemnification by the Trust against reasonable expenses (as incurred), including attorneys' fees actually and necessarily incurred by such Indemnified Party or other Persons in connection with the defense of any action to which they may be made a party, in connection with the right of the Trust to procure a judgment in favor of the Trust, and to the fullest extent permitted under any consistent provisions of the Trust Act, the federal securities laws or any other applicable statute. In the discretion of the Sponsor, the Trust will advance to an Indemnified Party funds to pay such expenses.

&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 to the contrary, the provisions of Section 4.04, Section 5.06 and this Section 5.07 shall not be construed so as to provide for the exculpation and indemnification of the Sponsor, the Trustee or an Affiliated Party for any liability (including liability under U.S. federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith), to the extent (but only to the extent) that such liability may not be waived, modified or limited under applicable law, but shall be construed so as to effectuate the provisions of Section 4.04, Section 5.06 and this Section 5.07 to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08. <u>Management Fee</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 consideration for the management services to be provided to the Trust, the Sponsor will receive from the Trust a management fee (the "**Management Fee**") equal to 2.5% per annum of the Trust Estate. Except during periods during which all or a portion of the Management Fee is being waived, the Management Fee will accrue daily in USD and will be payable in cash or in crypto assets monthly at such time as determined by the Sponsor. The Management Fee shall be an expense of the Trust in determining Net Operating Profit and Net Operating Loss. Notwithstanding the foregoing, the Sponsor shall be permitted to cause some or all of the Management Fee to be paid to one or more third parties, including but not limited to, employees of the Trust, if any, and the Custodian; provided however, in no event shall the Management Fee payable in the aggregate exceed the amount set forth in this Section 5.08(a).

&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 Sponsor may, in its discretion, waive, reduce or rebate the Management Fee; provided that such waiver, reduction or rebate shall not increase the Management Fee.

&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 used in this Section 5.08, the term "net asset value" shall mean the value of the assets of the Trust minus the value of the liabilities of the Trust, as determined in good faith by the Sponsor.

&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 anything to the contrary in this Section 5.08, the calculation of the Management Fee for periods prior to the date hereof shall be calculated and paid in accordance with the Original Trust Agreement. If the date hereof is a day other than the end of a calendar month, then the Management Fee calculated for such partial month shall be pro rated for such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09. <u>Reliance; Advice of Counsel</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 Sponsor shall 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 believed by it to be genuine and believed by it to be signed by the proper Person or Persons. The Sponsor may accept a certified copy of a resolution of the board of directors or other governing body of any Person 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 method of determination of which is not specifically prescribed herein, the Sponsor may for all purposes hereof require and rely on a certificate, signed by an officer or agent of the applicable Person, as to such fact or matter, and such certificate shall constitute full protection to the Sponsor 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the exercise of its powers and in the performance of its duties and obligations under this Agreement, the Sponsor (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, and the Sponsor shall not be liable for the conduct or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Sponsor 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. The Sponsor shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the opinion or advice of any such counsel, accountants or other such Persons and not contrary to this Agreement.

Article 6

<u>SHARES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.01. <u>Subscriptions Generally</u>. The Trust will create and redeem Shares from time to time, but only in one or more Creation Baskets or Redemption 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 Portfolio Crypto Assets or cash represented by the baskets being created or redeemed, the amount of which is equal to the combined NAV of the number of Shares included in the baskets being created or redeemed determined in accordance with the then current prospectus of the Trust and Authorized Participant Agreement.

Authorized Participants are the only persons that may place orders to create and redeem baskets. Authorized Participants must be (a) registered broker-dealers or other securities market participants, such as banks and other financial institutions, that are not required to register as broker-dealers to engage in securities transactions described below, and (b) DTC participants. To become an Authorized Participant, a person must enter into an Authorized Participant Agreement with the Sponsor. The Authorized Participant Agreement shall provide, consistent with the creation and redemption procedures set forth below, procedures for the creation and redemption of baskets and for the delivery of the Portfolio Crypto Asssets required for such creation and redemptions. The Authorized Participant Agreement and the related procedures attached thereto may be amended by the Trust or the Sponsor (as the case may be), without the consent of any Shareholder or Authorized Participant. To the extent that the procedures for the creation and redemption of baskets in an Authorized Participant Agreement or Registration Statement conflict with the creation and redemption procedures set forth below, the terms set forth in the Authorized Participant Agreement or Registration Statement shall govern. The Sponsor may require the Authorized Participants to pay the Trust a fee for each order they place to create or redeem one or more Creation Baskets. The transaction fee may be reduced, increased or otherwise changed by the Sponsor in its sole discretion.

Each Authorized Participant shall be required to be registered as a broker-dealer under the Securities Exchange Act of 1934 and a member in good standing with the Financial Industry Regulatory Authority ("**FINRA**"), the self-regulatory agency for the financial services industry, or exempt from being or otherwise not required to be licensed as a broker-dealer or a member of FINRA, and shall 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 shall have its own set of rules and procedures, internal controls and information barriers as it determines is appropriate in light of its own regulatory regime.

Sections 6.02 and 7.01 below specify the procedures that shall be used for the creation and issuance of Creation Baskets and the redemption of Redemption Baskets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02. <u>Creation and Issuance of Creation Baskets</u>. The following procedures, except to the extent otherwise provided in the Authorized Participant Agreement for each Authorized Participant, which may be amended from time to time in accordance with the provisions of such Authorized Participant Agreement (and any such amendment shall not constitute an amendment of this Trust Agreement), shall apply to the creation and issuance of Creation Baskets. Subject to the limitations upon and requirements for issuance of Creation Baskets stated herein and in such procedures, the number of Creation Baskets that may be issued by the Trust shall be unlimited.

&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) On any Business Day, an Authorized Participant may place an order to create one or more baskets in the manner provided in the Authorized Participant Agreement (such request by an Authorized Participant, a "**Purchase Order**"). For purposes of processing Purchase and Redemption Orders, a "business day" means any day other than a day when the Exchange is closed for regular trading. Purchase Orders must be placed by 3:59 p.m., New York Time or the close of regular trading on the Exchange, whichever is earlier, for in-kind orders, or 2:00 p.m., New York Time or the close of regular trading on the Exchange, whichever is earlier, for cash orders. These order placement times are subject to change in the sole discretion of the Sponsor at any time and such changes need not be evidenced by an amendment to this Agreement. The day on which the valid Purchase Order is received in the manner provided in the Authorized Participant Agreement and Registration Statement is referred to as the "**Purchase Order Date**." Authorized Participants may not withdraw a creation request.

Prior to the delivery of baskets for a Purchase Order, the Authorized Participant must have wired to the Custodian or the Cash Custodian (as the case may be) the nonrefundable transaction fee, if applicable, due for the Purchase Order. An Authorized Participant shall also be responsible for any transfer tax, sales or use tax, recording tax, value added tax or similar tax or other governmental charge applicable to the transfer of Portfolio Crypto Assets and the issuance and delivery of Shares pursuant to its Purchase Order, regardless of whether such tax or charge is imposed directly on the Authorized Participant; and by placing a Purchase Order an Authorized Participant agrees to indemnify the Sponsor, the Trustee and the Trust if any of them is required by law to pay any such tax or charge, together with any applicable penalties, additions to tax and interest thereon.

The manner by which creations are made is dictated by the terms of the Authorized Participant Agreement. By placing a purchase order, an Authorized Participant agrees to deposit Portfolio Crypto Assets with the Custodian or an equivalent amount of cash with the Cash Custodian. If an Authorized Participant fails to consummate the foregoing, the order will be cancelled.

&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 total deposit required to create each basket ("**Creation Basket Deposit**") changes from day to day and is published each night for the following Business Day. On each day that the Exchange is open for regular trading, the Administrator adjusts the quantity of Portfolio Crypto Assets constituting the Creation Basket Deposit as appropriate to reflect accrued expenses and any loss of Portfolio Crypto Assets that may occur, and publishes the required deposit amount for the following Business Day. The computation is made by the Administrator after 4:00 p.m. New York time. The Administrator determines the Creation Basket Deposit required to be delivered the following Business Day by dividing the number of Portfolio Crypto Assets held by the Trust as of the close of business on that Business Day, adjusted for the amount of Portfolio Crypto Assets constituting estimated accrued but unpaid fees and expenses of the Trust as of the close of business on that Business Day, by the quotient of the number of Shares outstanding at the close of business, multiplied by 10,000. The Creation Basket Deposit so determined is communicated via electronic mail message to all Authorized Participants and is made available on the Sponsor's website for the Shares. The Exchange also publishes the Creation Basket Deposit determined by the Administrator as indicated above.

&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) An Authorized Participant who places a Purchase Order is responsible for transferring to the Trust's account with the Custodian the required amount of Portfolio Crypto Assets, or the equivalent cash amount with the Cash Custodian, by no later than 3:00 pm New York Time on the Business Day following the Purchase Order Date, or at such later time as may be agreed upon by the Sponsor and the Authorized Participant. Upon receipt of the deposit amount or cash equivalent amount, the Administrator will direct DTC to credit the number of baskets ordered to the Authorized Participant's DTC account. The expense and risk of delivery and ownership of Portfolio Crypto Assets until such Portfolio Crypto Assets have been received by the Custodian on behalf of the Trust shall be borne solely by the Authorized Participant unless otherwise described in the Authorized 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) Any Purchase Order shall be subject to rejection by the Sponsor at its sole discretion as set forth in the Authorized Participant Agreement. None of the Sponsor, the Person authorized to take Purchase Orders in the manner provided in the Authorized Participant Agreement, or the Custodian shall be liable for the rejection of any Purchase Order or Creation Basket Deposit.

&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 procedures set forth in this Section 6.02may be changed from time-to-time at the sole discretion of the Sponsor and need not be evidenced by an amendment to this Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.03. <u>Share Price</u>. The "**Share Price**" with respect to each Share shall be determined by the Sponsor in reference to the quotient of (x) the net asset value of the Trust Estate as determined pursuant to Section 6.04 divided by (y) the number of Shares then outstanding, and adjusted as the Sponsor shall determine to be necessary or desirable to fairly allocate (i) Net Profits and Net Losses among the Shares, (ii) foreign tax credits and other types of withholding tax credits available to the Shareholders, or (iii) otherwise as the Sponsor shall determine to be necessary or desirable to fairly account for the net pro rata value of the Shares in reference to the value of the Trust Estate as determined pursuant to Section 6.04.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04. <u>Valuation of Trust Estate</u>. The Trust Estate will be valued at fair value, as reasonably determined by the Sponsor. Valuation of the Trust's investments will be determined by the Sponsor in its reasonable discretion, or by one or more Persons appointed by the Sponsor to assist in such determination. The "net asset value" of the Trust Estate shall mean the value of the assets of the Trust minus the value of the liabilities of the Trust, as determined in good faith by the Sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05. <u>Determination by the Sponsor of Certain Matters</u>. All matters concerning the valuation of Portfolio Crypto Assets and Securities, the allocation of Net Profits and Net Losses among the Shares, the allocation of related Trust tax items among the Shares and all accounting procedures not specifically and expressly provided for by the terms of this Agreement shall be determined by the Sponsor, whose determination, so long as made in good faith, shall be final and conclusive as to all of the Shares and Shareholders. The Sponsor may waive some or all of its rights under this Agreement, including rights to payments, either generally or with respect to particular matters, periods or Shares, and any such waiver or agreement shall not bind the Sponsor with respect to other periods or Shares, nor with respect to any other matters or rights set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.06. <u>Distributions Generally</u>. The Sponsor may declare distributions of cash or other property of the Trust at such times and in such amounts as the Sponsor shall determine in its discretion, provided that the Sponsor shall not be obligated (except as provided in Article 7) to do so under any circumstance. Any distributions hereunder, unless otherwise determined by the Sponsor, shall be made pro rata on all Shares outstanding as of the date and time of record established for such distribution. The Sponsor may withhold taxes from any distribution on the Shares to the extent required by the Code or any other applicable law. The Sponsor may set up such reserves as may be required by the needs of the Trust. Unless otherwise determined by the Sponsor, any increase in such reserves shall be treated as an expense of the Trust and any decrease in such reserves shall be treated as income of the Trust. If the Trust should distribute property other than cash pursuant to this Section 6.06 or Article 7, such distribution shall be treated as if such property were sold at its fair market value and the cash proceeds of such sale were distributed. Notwithstanding any provision in this Agreement to the contrary, the Trust shall not make a distribution on a Share to the extent such distribution would violate the Trust Act or other applicable law.

Article 7<u><br>REDEMPTIONS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.01. <u>Redemptions by Shareholders</u>. The following procedures, except to the extent otherwise provided in the Authorized Participant Agreement for each Authorized Participant, which may be amended from time to time in accordance with the provisions of such Authorized Participant Agreement (and any such amendment shall not constitute an amendment of this Trust Agreement), apply to the redemption of Redemption Baskets.

&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 procedures by which an Authorized Participant can redeem one or more Redemption Baskets mirror the procedures for the creation of baskets. On any business day, an Authorized Participant may place an order with the Transfer Agent (or such other party designated by the Sponsor) to redeem one or more baskets (each, a "**Redemption Order**"). Redemption Orders must be placed by 3:59 p.m. New York Time or the close of regular trading on the Exchange, whichever is earlier; or 2:00 p.m. New York Time for cash orders or the close of regular trading on the Exchange, whichever is earlier. For a redemption of baskets utilizing the Agent Execution Model (as such term is defined in the Registration Statement), the Authorized Participant may be required to submit a Redemption Order by an early order cutoff time (the "Redemption Early Order Cutoff Time"). The Redemption Early Order Cutoff Time may be as early as 5:00 p.m. New York Time on the Business day prior to Redemption Order Date (as defined below). These order placement times are subject to change in the sole discretion of the Sponsor at any time and such changes need not be evidenced by an amendment to this Trust Agreement. A Redemption Order so received shall be effective on the date it is received in satisfactory form by the Person authorized to take Redemption Orders in the manner provided in the Authorized Participant Agreement ("**Redemption Order Date**"). The redemption procedures shall allow Authorized Participants to redeem baskets but do not entitle an individual shareholder to redeem any Shares in an amount less than a Redemption Basket, or to redeem baskets other than through an Authorized Participant.

By placing a Redemption Order, an Authorized Participant agrees to deliver the Shares to be redeemed through DTC's book-entry system to the Trust not later than the Business Day following the Redemption Order Date. Prior to the delivery of the redemption distribution for a Redemption Order, the Authorized Participant must also have wired to the Sponsor's account at the Custodian or the Cash Custodian (as the case may be) the non-refundable transaction fee due for the Redemption Order. As a condition precedent to the surrender of any Shares or withdrawal of any Trust Estate, the Sponsor (i) may require payment from the applicable Authorized Participant of a sum sufficient to reimburse it for any tax or other governmental charges and any transfer or other fee with respect thereto (including any such tax or charge and fee with respect to any Portfolio Crypto Asssets being withdrawn) and payment of any applicable fees as herein provided and (ii) may also require compliance with any regulations the Trust may establish consistent with the provisions of this Agreement. The applicable Authorized Participant agrees to indemnify the Sponsor, the Trustee and the Trust if any of them is required by law to pay any such tax, charge or fee, together with any applicable penalties, additions to tax and interest thereon.

An Authorized Participant may not withdraw a Redemption Order.

The manner by which redemptions are made shall be dictated by the terms of the Authorized Participant Agreement. By placing a Redemption Order, an Authorized Participant agrees to deliver the Shares to be redeemed through DTC's book-entry system to the Trust's account through the Transfer Agent no later than the Business Day following the Redemption Order Date. In the event that on the Business Day following the Redemption Order Date, the Trust's account at DTC shall not have been credited with the total number of Shares corresponding to the total number of Redemption Baskets to be redeemed pursuant to such Redemption Order the Transfer Agent shall send to the Authorized Participant, the Sponsor and the Custodian via fax or electronic mail message notice of such fact and the Authorized Participant shall have two (2) Business Days following receipt of such notice to correct such failure. If such failure is not cured within such two (2) Business Day period, the Transfer Agent (in consultation with the Sponsor) will cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to the Authorized Participant and the Custodian, and the Authorized Participant will be solely responsible for all costs incurred by the Trust, the Transfer Agent, the Sponsor or the Custodian related to the cancelled Redemption Order.

&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 redemption distribution from the Trust shall consist of a transfer to the redeeming Authorized Participant of an amount of Portfolio Crypto Assets or an equivalent amount of cash that is determined in the same manner as the determination of Creation Basket Deposits discussed above. An estimate of the redemption distribution per basket shall be published as of the beginning of each Business Day in the manner provided for in the Authorized 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;(c) The redemption distribution due from the Trust shall be delivered to the Authorized Participant no later than the Business Day on which the Trust's DTC account has been credited with the Shares to be 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;(d) The Sponsor may, in its discretion, suspend the right of purchase or redemption or may postpone the redemption settlement date, for (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) any period during which an emergency exists as a result of which the fulfillment of a purchase order or the redemption distribution is not reasonably practicable (for example, as a result of an interruption in services or availability of the Trust's prime broker (if any), Custodian, Cash Custodian, Administrator, or other service providers to the Trust, act of God, catastrophe, civil disturbance, government prohibition, war, terrorism, strike or other labor dispute, fire, force majeure, interruption in telecommunications, Internet services, or network provider services, unavailability of Fedwire, SWIFT or banks' payment processes, significant technical failure, bug, error, disruption or fork of the applicable crypto asset network, hacking, cybersecurity breach, or power, Internet, or crypto asset network outage, or similar event), or (3) such other period as the Sponsor determines to be necessary for the protection of the Shareholders of the Trust (for example, where acceptance of the U.S. dollars needed to create each Basket would have certain adverse tax consequences to the Trust or its Shareholders). For example, the Sponsor may determine that it is necessary to suspend redemptions to allow for the orderly liquidation of the Trust's assets. If the Sponsor has difficulty 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 Sponsor, the person authorized to take Redemption Orders in the manner provided in the Authorized Participant Agreement, the Custodian or the Cash Custodian 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 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 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 Sponsor, the Person authorized to take Redemption Orders in the manner provided in the Authorized Participant Agreement or the Custodian make it for all practical purposes not feasible for the Shares to be delivered under the Redemption Order. The Sponsor may also reject a redemption order if the number of Shares being redeemed would reduce the remaining outstanding Shares to 100,000 Shares or less.

&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) To compensate the Trust for its expenses in connection with the creation and redemption of baskets, an Authorized Participant shall be required to pay a transaction fee to the Trust to create or redeem baskets, regardless of the number of baskets in such order. The transaction fee may be reduced, increased or otherwise changed by the Sponsor.

&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 procedures set forth in this Section 7.01 may be changed from time-to-time at the sole discretion of the Sponsor and need not be evidenced by an amendment to this Trust 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;(g) An Authorized Participant is responsible for any transfer tax, sales or use tax, recording tax, value added tax or similar tax or other governmental charge that may be imposed on the Trust or the Custodian in connection with any delivery of Portfolio Crypto Assets by or on behalf of the Authorized Participant to the Custodian (in the case of a Purchase Order placed by the Authorized Participant), or any delivery of Portfolio Crypto Assets to or for the account of the Authorized Participant (in the case of a Redemption Order placed by the 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;(h) The applicable Authorized Participant agrees to indemnify the Sponsor, the Trustee and the Trust if any of them is required by law to pay any such tax, charge or fee, together with any applicable penalties, additions to tax and interest thereon.

Article 8

<u>ALLOCATION OF PROFITS AND LOSSES FOR<br> FEDERAL INCOME TAX PURPOSES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.01. <u>Generally</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) Except as otherwise provided in this Agreement, Profits and Losses for each Fiscal Year and, to the extent necessary, individual items of income, deduction, gain, loss or credit for such Fiscal Year shall be allocated pro rata among the Shares. Allocations shall generally be made pursuant to the principles of Code Section 704, and in conformity with Treasury Regulations §§ 1.704-1, 1.704-2 and 1.704-3 promulgated thereunder, as applicable, or successor provisions to such Code Section and Treasury Regulations.

&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) Without limiting the foregoing, there are hereby incorporated herein such special allocation provisions governing the allocation of Trust income, deduction, gain, and loss for federal income tax purposes as may be necessary under the Treasury Regulations to provide herein a so-called "qualified income offset" within the meaning of Treasury Regulations § 1.704-1(b)(2)(ii)(d) and to ensure that this Article 8 complies with all requirements of Treasury Regulations § 1.704-2 relating to "minimum gain" and "partner nonrecourse debt minimum gain" and the allocation and chargeback of "nonrecourse deductions" and "partner nonrecourse deductions." In addition, to the extent an adjustment to the adjusted tax basis of any Trust asset pursuant to Section 734 or 743 of the Code is required due to certain transfers of Shares, any adjustment that would be required to be made to Per Share Capital Accounts maintained in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv) shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), which such item of gain or loss shall be specially allocated with respect to the Shares in a manner consistent with the manner in which Per Share Capital Accounts maintained in accordance with Treasury Regulations § 1.704-1(b)(2)(iv) are required to be adjusted pursuant to such section of the Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.02. <u>Ordinary Deductions and Ordinary Income</u>. Subject to and in accordance with Section 8.01 and subject to Section 8.04, for federal income tax purposes, all items of deduction other than realized capital losses, and all items of income other than realized capital gains, shall be allocated equally among the Shares, as nearly as is practicable, in accordance with the manner in which such items of deduction or income affected the amounts that were either deducted from or added to the value of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.03. <u>Capital Gains and Capital Losses</u>. Subject to and in accordance with Section 8.01 and subject to Section 8.04, for federal income tax purposes, capital gains and capital losses (short term and long term, as the case may be) recognized by the Trust shall be allocated among the Shares, as nearly as is practicable, in accordance with the manner in which the aggregate of the increase or decrease in the value of the Portfolio Crypto Assets or Securities positions giving rise to such gains or losses was added to or deducted from the value of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.04. <u>Allocations to Redeemed Shareholders</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) Notwithstanding Sections 8.02 and 8.03 above but subject to Section 8.01(b), if the Trust realizes items of capital gain or loss (including short-term capital gain or loss) and/or deductions, items of ordinary income or loss for federal income tax purposes (collectively, "gains/losses") for any Fiscal Year during or as of the end of which the Trust redeems Adjusted Basis Shares (as hereinafter defined below) from one or more Shareholders, the Sponsor may elect to (i) allocate such gains/losses first among such Adjusted Basis Shares in such a manner as will cause the Adjusted Basis of each Adjusted Basis Share to equal zero (or as near to zero in each case as possible if the total amount of gains/losses available to be allocated is insufficient to permit allocations that would cause the Adjusted Basis of each Adjusted Basis Share to equal zero), and (ii) thereafter to allocate any gains/losses not so allocated to Adjusted Basis Shares of the other Shareholders in accordance with Sections 8.01 to 8.03.

&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) As used herein, (i) the term "**Adjusted Basis**" shall mean, with respect to any Share and as of any time of calculation, an amount (which may be positive or negative) equal to (i) the value of such Share minus (ii) its "adjusted tax basis," for federal income tax purposes, as of such time (determined without regard to any adjustments made to such "adjusted tax basis" by reason of any transfer or assignment of such Share, including by reason of death of the Shareholder of such Share, and without regard to such Share's share of the liabilities of the Trust under Code Section 752) and (ii) the term "Adjusted Basis Share" shall mean any Share that is redeemed and has an Adjusted Basis as of the effective date of the redemption that does not equal zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.05. <u>Share Transfer Allocations</u>. A transferee of any Share pursuant to Article 9 shall succeed to the Per Share Capital Account relating to such Share. The Trust shall allocate Profits and Losses for the Fiscal Year of transfer of any Share consistent with this Article 8; provided that such Profits and Losses and, to the extent necessary, individual items of income, deduction, gain, loss or credit shall be prorated for such Fiscal Year to take into account any adjustments in the Carrying Value of the Trust assets through the date of the applicable transfer, using any reasonable method selected by the Sponsor. The Sponsor may revise, alter or otherwise modify such methods of allocation to the extent permitted or required by Section 706 of the Code and the regulations or rulings promulgated thereunder.

Article 9

<u>ASSIGNMENT OF SHARES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01. <u>Assignment</u>. Subject to Section 9.04, no Shareholder shall sell, assign, transfer, pledge, hypothecate, or subject to a security interest (each, a "**Transfer**"), or offer to do any of the same, any of such Shareholder's Shares without the prior written consent of the Sponsor, which consent may be withheld for any reason, other than by will or the laws of intestacy, distribution by inter vivos gift or other transfer to such Shareholder's spouse, child or children; provided, however, that the Sponsor may, but shall not be required to, remove the restrictions described in this Section 9.01 for any Shares that are not "restricted securities" as that term is defined in Rule 144 promulgated under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.02. <u>Conditions of Transfer</u>. Any Transfer permitted by the Sponsor pursuant to Section 9.01, may, in the discretion of the Sponsor, be subject to satisfaction of conditions determined by the Sponsor, including, among other things:

&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 transferee of any Shares (the "**Transferee**") shall have satisfied applicable "Know Your Client," anti-money laundering and similar policies and procedures, as determined by the Sponsor.

&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 transferor of any Shares (the "**Transferor**") and the Transferee shall have executed and delivered to the Trust a transfer agreement in form and substance acceptable to the Sponsor that includes, without limitation, all representations and warranties in connection with the Transfer and an indemnification of the Trust and the Sponsor.

&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 Transferee shall have executed and delivered to the Trust a Subscription Agreement in connection with any transferred Shares and any other documents related to being a holder of one or more Shares as reasonably requested by the Sponsor.

&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 Transferee shall have provided an opinion of counsel satisfactory to counsel to the Sponsor to the effect that, (i) such Transfer is exempt from all registration requirements under applicable securities laws, (ii) such Transfer will not otherwise violate any applicable laws regulating the transfer of securities, (iii) such Transfer will not cause the Trust to be required to register as an "investment company" under the Investment Company Act, (iv) such Transfer will not cause the Trust to be treated as an association taxable as a corporation for U.S. federal income tax purposes or have other adverse tax consequences on the Trust or any Shareholder other than the Transferee or the Transferor, (v) such Transfer will cause the Trust not to qualify for any applicable exemptions promulgated by the Commodity Futures Trading Commission (if the Trust is then relying on any such exemption), and (vi) such Transfer will not cause the Trust to be considered to hold "plan assets" within the meaning of the Employee Retirement Income Security Act of 1974, as amended. Notwithstanding the foregoing, the Sponsor in its discretion may waive all or a portion of the above mentioned opinion if, in its discretion, it is satisfied that the above conditions have been met.

&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) All amounts owed, whether by the Transferor or any Person for whom the Transferor acts as nominee, to the Trust, the Sponsor and its affiliates in connection with the acquisition and holding of one or more Shares shall have been paid in full.

&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 and the Sponsor shall have been reimbursed by the Transferor and/or Transferee for all costs and expenses that the Trust and the Sponsor reasonably incur in connection with such 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;(g) The Trust determines that the proposed Transfer is unlikely to be materially prejudicial to other Shareholders or creditors of the Trust or otherwise materially adverse to the Trust.

All costs and expenses incurred in connection with the Transfer of one or more Shares, including, but not limited to, the legal fees of the Trust, shall be paid by the Transferee.

For the avoidance of doubt and notwithstanding anything herein to the contrary, any Transfer not subject to the restrictions described in Section 9.01, including Transfers for which the Sponsor has removed such restrictions in accordance with Section 9.01 and any Transfers permitted under Section 9.04, shall not be subject to the conditions of Transfer described in this Section 9.02.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03. <u>Void Assignment</u>. Any Transfer by any Shareholder of any Shares in contravention of Sections 9.01 and 9.02 shall, to the fullest extent permitted by law, be void and ineffectual, and shall not bind or be recognized by the Trust or any other party. No purported assignee shall have any right to any profits, losses or distributions of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.04. <u>Transfers of DTC Shares</u>. Notwithstanding anything herein to the contrary, the DTC Shares shall not be subject to Section 9.01 or Section 9.02 and their transfer shall not be restricted hereunder and shall be subject to any requirements or procedures imposed by the Transfer Agent. "**DTC Shares**" shall mean Shares for which DTC is the record holder on books of account for the Trust maintained by the Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.05. <u>Effect of Transfer</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) Any Shareholder who shall Transfer all of its Shares shall cease to be a Shareholder of the Trust and shall no longer have any rights or privileges of a 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;(b) Any Person who acquires in any manner whatsoever any Shares, irrespective of whether such Person has accepted and adopted in writing the terms and provisions of this Agreement, shall be deemed by the acceptance of the benefits or the acquisition thereof to have agreed to be subject to and bound by all the obligations of this Agreement that any predecessor in interest of such Person was subject to or bound by.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.06. <u>Effect of Death, Etc</u>. The death, incompetence or bankruptcy of a Shareholder shall not, in and of itself, (i) dissolve or terminate the Trust, (ii) entitle the executor, administrator, guardian, trustee or other personal representative (the "**Representative**") of the deceased, incompetent or bankrupt Shareholder to claim an accounting or take any action or proceeding in any court for a petition or winding up of all or any part of the Trust or the trust Estate, or (iii) otherwise affect the rights, obligations and liabilities of the parties hereto.

Article 10

<u>BOOKS AND RECORDS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.01. <u>Fiscal Year</u>. The fiscal year of the Trust (the "**Fiscal Year**") shall be the calendar year, and such fiscal period shall be the taxable period of the Trust for federal income tax purposes, except as provided in Section 706 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02. <u>Books and Records</u>. At all times during the continuance of the Trust, the Sponsor shall keep or cause to be kept full and true books of account of the business and investments of the Trust, in which shall be entered fully and accurately each transaction of the Trust. All of said books of account, together with an executed copy of the Trust Certificate and any amendments thereto shall at all times be maintained at an office of the Trust. Each Shareholder, on reasonable prior notice to the Sponsor, shall have the right to inspect and copy any of such books and records during normal business hours; provided, however, that, to the maximum extent permitted under the Trust Act, the Sponsor shall have the right to impose such restrictions with respect to such examination as the Sponsor, in its discretion, determines are appropriate under the circumstances. Such Shareholder shall bear all expenses of such inspection and copying and shall keep all information obtained therefrom confidential. Such information is further subject to the confidentiality provisions of the Subscription Agreements. The Sponsor shall not be required, and each Shareholder waives any right to require the Sponsor, to account in respect of the Trust's assets or operations. Furthermore, if a Shareholder requests an inspection of the Trust's records as set forth above, the Sponsor may take reasonable measures to protect information that the Sponsor reasonably determines constitutes confidential or proprietary information, including, without limitation, information about the Portfolio Crypto Assets, Index and Securities in which the Trust has invested or will invest; such reasonable measures may include, without limitation, redaction of materials provided to the applicable Shareholders with respect to such an inspection. The information rights set forth in this Article 10 are intended to be the exclusive rights of information to which a Shareholder is entitled under this Agreement and under the Trust Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.03. <u>Financial Reports</u>. The Sponsor shall cause to be prepared and sent to each Shareholder annual audited financial statements and any other reports or information that the Sponsor may, in its discretion, deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.04. <u>Bank Accounts, Digital Accounts and Custodian</u>. The bank or digital currency accounts of the Trust shall be maintained in such banking institutions or with providers as the Sponsor shall determine, and withdrawals shall be made therefrom on such signature or signatures or personal key entries as the Sponsor shall determine. All assets of the Trust shall be held by one or more custodians appointed by the Sponsor, and may be registered in the name of the Trust, such custodian or a nominee. The terms of a custodian agreement shall be determined by the Sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.05. <u>Tax Returns</u>. The Sponsor shall prepare and file, or cause the accountants of the Trust to prepare and file, a Federal income tax return in compliance with Code Section 6031, and any required state and local income tax and information returns for each tax year of the Trust. The costs incurred in connection with such returns will be treated as expenses of the Trust. The Sponsor shall provide or make available, or cause the accountants of the Trust to provide or make available, to Shareholders or their designee such tax information reasonably required for Federal, state and local income tax reporting purposes with respect to their ownership of Shares during a tax year of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.06. <u>Tax Matters Partner</u>. For tax years ending on or before December 31, 2017, the Sponsor shall designate one Shareholder to constitute, and have full powers and responsibilities as, the tax matters partner of the Trust for purposes of Section 6231(a)(7) of the Code (the "**Tax Matters Partner**"). The Tax Matters Partner shall be entitled to take such actions on behalf of the Trust in any and all proceedings with the Internal Revenue Service as it, in its reasonable business judgment, deems to be in the best interests of the Trust without regard for whether such actions result in a settlement of tax matters favorable to some Shareholders and adverse to other Shareholders. Each Person (a "**Pass-Thru Shareholder**") that holds or controls Shares as a Shareholder on behalf of, or for the benefit of another Person or Persons, or which Pass-Thru Shareholder is beneficially owned (directly or indirectly) by another Person or Persons will, within 30 calendar days following receipt from the Tax Matters Partner of any notice, demand or request for information or similar document, convey such notice or other document in writing to all holders of beneficial interests in Shares holding such Shares through a Pass-Thru Shareholder. In the event the Trust will be the subject of an income tax audit by any federal, state or local authority, to the extent the Trust is treated as an entity for purposes of such audit, including administrative settlement and judicial review, the Tax Matters Partner will be authorized to act for, and its decision will be final and binding upon, the Trust and each Shareholder thereof. The Tax Matters Partner shall be entitled to be reimbursed by the Trust for all costs and expenses incurred in connection with any such proceeding and to be indemnified by the Trust (solely out of Trust assets) with respect to any action brought against it in connection with the settlement of any such proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.07. <u>Partnership Representative and Audits</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) For taxable years beginning on or after January 1, 2018, the Sponsor shall be the "partnership representative" of the Trust ("**Partnership Representative**") pursuant to and to the extent permitted by Section 6223 of Title XI of the Bipartisan Budget Act of 2015 ("**Title XI 2015 BBA**"). In the event of any pending tax action, investigation, claim or controversy at the Trust level that may result in a "partnership adjustment," within the meaning of Section 6241(2) of Title XI 2015 BBA (a "**Partnership Adjustment**"), to any item reported on a federal tax return of any Shareholder, the Partnership Representative shall keep such Shareholder fully and timely informed by written notice of any audit, administrative or judicial proceedings, meetings or conferences with the Internal Revenue Service or other similar matters that come to its attention in its capacity as Partnership Representative. Notwithstanding the foregoing, (i) the Partnership Representative shall be authorized to act for, and its decision shall be final and binding upon, the Trust and all Shareholders, and (ii) all expenses incurred by the Partnership Representative in connection with any income tax audit of any tax return of the Trust, the filing of any amended return or claim for refund in connection with any item of income, gain, loss, deduction or credit reflected on any tax return of the Trust, or any administrative or judicial proceedings arising out of or in connection with any such audit, amended return, claim for refund or denial of such claim (including, without limitation, reasonable attorneys', accountants' and other experts' fees and disbursements) shall be expenses of the Trust. Without the consent of the Sponsor, as applicable, no Shareholder shall have the right to (A) participate in the audit of any Trust tax return, (B) file any return inconsistent with, or file any amended return or claim for refund in connection with, any item of income, gain, loss, deduction or credit reflected on any tax return of the Trust, (C) participate in any administrative or judicial proceedings arising out of or in connection with any audit, amended return, claim for refund or denial of such claim, or (D) appeal, challenge or otherwise protest any adverse findings in any such audit or with respect to any such amended return or claim for refund or in any such administrative or judicial proceedings.

&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) For any Partnership Adjustment or proposed Partnership Adjustment to the federal income tax returns of the Trust for which an "imputed underpayment," within the meaning of Section 6225(b) of Title XI 2015 BBA would arise, then either, (i) the Partnership Representative may require that the Shareholder(s) affected by such Partnership Adjustment file amended returns that take into account such Partnership Adjustments and pay any additional tax due pursuant to Section 6225(c) of Title XI 2015 BBA or (ii) if the Partnership Representative does not require the affected Shareholder(s) to file such amended returns as provided in clause (i), and the affected Shareholder(s) do not otherwise file such amended returns, the Partnership Representative may elect application of Section 6226 of Title XI 2015 BBA. In any case, (A) the affected Shareholder(s) shall keep the Partnership Representative fully and timely informed by written notice of any administrative or judicial proceedings, meetings or conferences with the Internal Revenue Service or other similar matters with respect to the Partnership Adjustment, and (B) the Partnership Representative shall have the right to review and comment on any submissions to the Internal Revenue Service, and attend and jointly participate in any meetings or conferences with the Internal Revenue Service at its own 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;(c) This Section 10.07 is intended to apply to the Trust for taxable years beginning on or after January 1, 2018 and to comply with certain provisions under Title XI 2015 BBA that may be subject to change or further interpretation by the U.S. Treasury or Internal Revenue Service after the date hereof. In the event of such change or further interpretation, the Sponsor is hereby authorized to amend this Agreement consistent with the provisions of Sections 10.07(a) and (b) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.08. <u>Tax Elections</u>. The Sponsor, and each Shareholder by virtue of its purchase or acceptance of Shares, (i) express their intent that the Shares qualify under applicable tax law as interests in a partnership, and (ii) agree to file U.S. federal, state and local income, franchise and other tax returns in a manner that is consistent with the treatment of Trust as a partnership in which each of the Shareholders thereof is a partner. The Sponsor may, in its discretion, cause the Tax Matters Partner or Partnership Representative, as applicable, to make or revoke all tax elections that it is entitled to make on behalf of the Trust and the Shareholders for federal, state, local, and other tax purposes, including, without limitations, the election referred to in Code Section 754 or any similar provisions of state, local, or foreign tax law, the determination of which items of cash outlay are to be capitalized or treated as current expenses, and selection of the method of accounting and bookkeeping procedures to be used by the Trust. In the event that any election under the Code is made, each Shareholder will furnish the Trust with all information necessary to give effect to such election.

Article 11

<u>DISSOLUTION AND TERMINATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.01. <u>Dissolution</u>. The Trust shall be dissolved and its affairs wound up upon the occurrence of any of the following events:

&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 final distribution of all moneys or other property or proceeds of the Trust Estate;

&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 election by the Sponsor to dissolve 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) dissolution of the Trust 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;(d) 180 days have elapsed since the Trustee notified the Sponsor of the Trustee's election to resign or since the Sponsor removed the Trustee, and a successor has not been appointed and accepted its appointment;

&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 is determined to be a "money service business" under the regulations promulgated by FinCEN under the authority of the Bank Secrecy Act and is required to comply with certain FinCEN regulation 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 Sponsor has made the determination that termination of the Trust is advisable;

&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) a United States regulator requires the Trust to shut down or forces the Trust to liquidate all of its Portfolio Crypto 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;(g) 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 Portfolio Crypto Asset for purposes of determining the net asset value 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;(h) the Sponsor 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trustee elects to terminate the Trust after the Sponsor is conclusively deemed to have resigned effective immediately as a result of the Sponsor being adjudged bankrupt or insolvent, or a receiver of the Sponsor or of its property being appointed, or a trustee or liquidator or any public officer taking charge or control of the Sponsor or of its property or affairs for the purpose of rehabilitation, conservation or liquidation and a successor sponsor has not been appointed; 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;(j) the Sponsor elects to terminate the Trustee after the Trustee, Administrator, Custodian, or Cash Custodian (or any successor trustee, administrator, custodian, or cash custodian) resigns or otherwise ceases to be the trustee, administrator or custodian of the Trust, as applicable, and no replacement trustee, administrator and/or custodian acceptable to the Sponsor is engaged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.02. <u>Removal of the Sponsor</u>. The Shareholders shall not have any right to remove the Sponsor for any reason. The Sponsor may at any time determine to liquidate and dissolve the Trust without any action by the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.03. <u>Procedure</u>. Upon the dissolution of the Trust, an accounting shall be made of the operations from the date of the last previous accounting to the date of such dissolution and, thereupon, the Sponsor (or such Person as may be designated by the Sponsor or, to the extent that there is no Sponsor, by the Shareholders holding a majority of the Shares in the Trust) shall act as "liquidating trustee" of the Trust and immediately proceed to wind up the business and affairs of the Trust in accordance with Section 3808 of the Trust Act. Upon the dissolution of the Trust, the Sponsor or such other liquidating trustee, as the case may be, shall, after paying or making provision for the payment of all liabilities (as and to the extent required by the Trust Act), including providing for the cost of dissolution and reserves for contingent, conditional or unmatured liabilities, distribute the remainder either in cash or in Portfolio Crypto Assets or Securities to the then Shareholders (or their Representatives) as nearly as may be practicable in proportion to their then respective Percentage Interests after taking into account transactions related to the liquidation of the Trust. Upon completion of the distribution of the Trust assets to the Trust's creditors and Shareholders, the Trust shall be terminated and the Sponsor (or any other Person acting as liquidating trustee) shall file a Certificate of Cancellation in the Office of the Delaware Secretary of State, cancel any other applicable filings made with respect to the Trust, and take other actions necessary to terminate the Trust's existence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.04. <u>Return of Contribution Solely Out of Trust Assets</u>. A Shareholder shall look solely to the properties and assets of the Trust for return of his, her or its contribution, and if the properties and assets of the Trust remaining after the payment or discharge of the liabilities of the Trust are insufficient to return his contribution, that Shareholder shall have no recourse against the Sponsor or any other Shareholder for that purpose.

Article 12

<u>POWER OF ATTORNEY</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.01. <u>Power of Attorney</u>. Each Shareholder does hereby irrevocably constitute and appoint the Sponsor as such Shareholder's true and lawful representative and attorney-in-fact with full power of substitution and resubstitution, in his name, place and stead to make, execute, acknowledge, record and file all documents requisite to carry out the intention and purpose of this Agreement, including, without limitation, (i) any certificates and other instruments, including but not limited to, any applications for authority to do business and amendments thereto, which the Sponsor deems appropriate to qualify or continue the Trust as a business or statutory trust in the jurisdictions in which the Trust may conduct business, so long as such qualifications and continuations are in accordance with the terms of this Trust Agreement or any amendment hereto, or which may be required to be filed by the Trust or the Shareholders under the laws of any jurisdiction, (ii) any other amendments hereof required or permitted by law or by this Agreement, (iii) all documents to reflect the exercise by the Sponsor of any of the powers granted to it under this Agreement, and (iv) all other instruments, documents and certificates which may be required by the laws of any jurisdiction in which the Trust does business, or any political subdivision or agency thereof, to effectuate, implement or continue the valid and subsisting existence of the Trust.

The foregoing grant of authority:

&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) is a special power of attorney coupled with an interest, is irrevocable, and shall survive the death, bankruptcy, incompetence, insolvency or dissolution of a 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;(b) may be exercised by the Person appointed as power of attorney for each Shareholder by a facsimile, portable document format or electronic signature or by executing any instrument with his single signature as attorney-in-fact for all of the Shareholders; 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;(c) shall survive the delivery of an assignment by a Shareholder of the whole or any portion of his Shares for the sole purpose of enabling the Sponsor to execute, acknowledge and file any instrument necessary to effect such assignment.

Article 13

<u>MISCELLANEOUS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.01. <u>Amendments to this Agreement</u>. This Agreement may be amended at any time solely upon the written consent of the Sponsor for the purpose of (i) reflecting new Shareholders; (ii) changing the name of the Trust or the location of its office; (iii) correcting ambiguities, inconsistencies or any incompleteness in this Agreement; (iv) conforming this Agreement and Trust operations to federal or state tax, legal, securities or other requirements or regulations, including amendments necessary to preserve the Trust's qualification to be taxed as a partnership, and to prevent the Trust from in any manner being deemed an "investment company" subject to the provisions of the Investment Company Act; (v) reflecting the Contributions and Shares of the Shareholders; (vi) making a change in any provision of this Agreement that requires any action to be taken by or on behalf of the Sponsor or the Trust pursuant to applicable Delaware law if the provisions of applicable Delaware law are amended, modified or revoked so that the taking of such action is no longer required; or (vii) effecting such other amendments as may be deemed by the Sponsor to be necessary and/or desirable to conduct the Trust's business, and not adverse in any material respects to the Shares of existing Shareholders. Except as specifically permitted in this Agreement, without the specific consent of each Shareholder adversely affected thereby, no amendment may (i) reduce the Per Share Capital Account of any Share, (ii) change the respective liabilities of the Sponsor and the Shareholders, (iii) have the effect of allocating Net Profits and Net Losses other than in accordance with Article 6 hereof (as in effect prior to such amendment), or (iv) change the provisions of this Agreement regarding such amendments. Notwithstanding any other provision in this Agreement to the contrary, including the provisions in this Article 13, amendments to this Agreement that do not adversely affect the rights of any Shareholder or the Trust in any material respect may be made by the Sponsor without the consent of any Shareholder. Any amendment to this Agreement not otherwise provided for in this Section 13.01 or elsewhere in this Agreement may be made at any time by written consent of the Sponsor and of Shareholders holding a majority of the outstanding Shares. The Trust shall provide to the Shareholders written notice of any amendments to this Agreement. No amendment shall be made to this Trust Agreement without the consent of the Trustee if it reasonably believes that such amendment adversely affects any of the rights, duties or liabilities of the Trustee. At the expense of the Sponsor, the Trustee shall execute and file any amendment to the Certificate of Trust if so directed by the Sponsor or if such amendment is required in the opinion of the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.02. <u>Notices</u>. All notices, approvals, consents, and other communications required or permitted hereunder (collectively "**notices**") shall be in writing, duly signed by the party giving such notice, and shall be delivered, sent electronically, by facsimile, or mailed by registered or certified mail, 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;(a) If given to the Trust, in care of the Sponsor at 300 Brannan Street Suite 201, San Francisco, CA 94107, or at such other address as the Sponsor hereafter designates by notice to the Trust, which address shall then be reflected on the Trust's books;

&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) If given to the Sponsor, at its mailing address set forth in Section 13.02(a) above, or at such other address the Sponsor hereafter designates by notice to the Trust, which address shall then be reflected on the Trust's books;

&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 given to any Shareholder, at the address set forth in such Shareholder's Subscription Agreement, the address set forth in the books and records of the Trust or the Transfer Agent, or such other address such Shareholder hereafter designates by notice to the Trust or to the Transfer Agent, or through methods generally used to provide notice to DTC Shareholders; 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) If given to the Trustee, at 251 Little Falls Drive, Wilmington, DE 19808, Attn: Corporate Trust Administration, or at such other address as the Trustee hereafter designates by notice to the Trust, which address shall then be reflected on the Trust's books.

Any notice complying with the foregoing shall be deemed to have been given, (i) when delivered personally, (ii) on the next Business Day after being sent by a recognized overnight courier service, (iii) on receipt of return acknowledgment by facsimile or electronic transmission, when given by facsimile or electronic transmission, or (iv) on the third Business Day after being sent by registered or certified mail, postage prepaid, return receipt requested. Any reports or notices by the Sponsor to the Shareholders which are given electronically shall be effective upon receipt without requirement of confirmation.

Each Shareholder consents to the electronic delivery (including via email and through PDF file format) of information, including, without limitation, any information required to be delivered pursuant to applicable securities laws. In addition, each Shareholder (i) consents to the electronic delivery of reports, including without limitation, any applicable tax reports (e.g., Schedules K-1), (ii) agrees that such reports may be delivered by the Trust by making them available for viewing, downloading and/or saving on the Internet website www.bitwiseinvestments.com under "Investor Relations," and (iii) agrees to monitor that website on a regular basis in order to ensure timely receipt of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.03. <u>Entire Agreement</u>. This Agreement, any Subscription Agreement that is executed by a Shareholder in connection with this Agreement and any side letter or other similar agreement constitute the entire agreement among the parties hereto pertaining to the subject matter hereof and supersede all prior agreements and understandings pertaining thereto. No modification or waiver of this Agreement or any part hereof shall be valid or effective unless in writing and signed by the party sought to be charged therewith; and no waiver of any breach or condition of this Agreement shall be deemed a waiver of any other or subsequent breach or condition, whether of like or different nature. Notwithstanding the provisions of this Agreement (including Section 13.01), or of any Subscription Agreement, it is hereby acknowledged and agreed that the Sponsor on its own behalf or on behalf of the Trust without the approval of any Shareholder or any other Person may enter into a side letter or similar agreement to or with a Shareholder which has the effect of establishing rights under, or altering or supplementing the terms of, this Agreement or of any Subscription Agreement. The parties hereto agree that any terms contained in a side letter or similar agreement to or with a Shareholder shall govern with respect to such Shareholder notwithstanding the provisions of this Agreement or of any Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.04. <u>Severability</u>. The invalidity or unenforceability of any particular provision of this Agreement shall not affect the other provisions hereof, and this Agreement shall be construed as if such invalid or unenforceable provision were omitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.05. <u>Captions and Gender</u>. The captions of the Articles and Sections are for convenience and reference only and are not to be considered in construing this Agreement. Whenever used herein, the singular number includes the plural, the plural includes the singular and the use of any gender shall include all genders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.06. <u>Law Governing</u>. This Agreement and the rights of the parties hereunder shall be interpreted in accordance with the laws of the State of Delaware, and all rights and remedies shall be governed by such laws, without regard to principles of conflicts of laws, except to the extent such laws are preempted by applicable U.S. federal law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.07. <u>Successors and Assigns</u>. Subject to the restrictions on transferability contained herein, this Agreement and all the terms and provisions hereof shall be binding upon and shall inure to the benefits of the Shareholders, their respective legal representatives, heirs, successors and assigns. The Sponsor shall provide the Shareholders with prompt notice of any assignment of its duties and responsibilities as the Sponsor. In addition, to the extent required by applicable law, the Sponsor shall notify the Trust of any changes in ownership of the Sponsor within a reasonable period of time after such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.08. <u>Additional Instruments</u>. Each Shareholder hereby agrees upon request of the Sponsor to execute and deliver from time to time such other certificates or other documents and to perform such acts as the Sponsor may reasonably request for the purposes of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.09. <u>Waiver of Right to Partition</u>. Each of the Shareholders irrevocably waives during the term of the Trust any right that it may have to maintain any action for partition with respect to the property and assets of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10. <u>Anti-Money Laundering and Securities Laws</u>. Notwithstanding anything to the contrary contained in this Agreement, the Sponsor, in its own name and on behalf of the Trust, shall be authorized without the consent of any Person, including any Shareholder, to take such action as it determines in its sole discretion to be necessary or advisable to comply with any anti-money laundering, anti-terrorist or securities laws, rules, regulations, directives or special measures, including the actions contemplated in the Subscription Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11. <u>No Third-Party Rights</u>. Except as provided in Sections 4.04, 5.06 and 5.07, the provisions of this Agreement are not intended to be for the benefit of any creditor or other Person (other than the Shareholders in their capacities as such) to whom any debts, liabilities or obligations are owed by (or who otherwise have a claim against or dealings with) the Trust or any Shareholder, and no such creditor or other Person shall obtain any rights under any of such provisions (whether as a third-party beneficiary or otherwise) or shall by reason of any such provisions make any claim in respect to any debt, liability or obligation (or otherwise) against the Trust or any Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12. <u>No Legal Title to Trust Estate</u>. The Shareholders shall not have legal title to any part of the Trust Estate. No transfer, by operation of law or otherwise, of any right, title or interest of the Shareholders to and in their ownership interest in the Trust shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Trust Estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13. <u>No Recourse</u>. Each Shareholder acknowledges that its beneficial interest in the Trust does not represent an interest in or obligation of the Administrator, the Custodian, the Trustee, the Sponsor or any affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.14. <u>Execution in Counterparts</u>. This Agreement may be executed in any number of counterparts (including by facsimile or other electronic transmission), each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument. No counterpart of this Agreement shall be binding unless signed by the Sponsor.

IN WITNESS WHEREOF, the undersigned have hereunto executed this Agreement as of the date first above written.

---

| | | |
|:---|:---|:---|
| BITWISE INVESTMENT ADVISERS, LLC, | BITWISE INVESTMENT ADVISERS, LLC, | BITWISE INVESTMENT ADVISERS, LLC, |
| as Sponsor | as Sponsor | as Sponsor |
| By: |  |  |
|  | Name: | Hunter Horsley |
|  | Title: | President and Treasurer |
| CSC DELAWARE TRUST COMPANY, | CSC DELAWARE TRUST COMPANY, | CSC DELAWARE TRUST COMPANY, |
| as Trustee | as Trustee | as Trustee |
| By: |  |  |
|  | Name: |  |
|  | Title: |  |

---

## Exhibit 3.4

**Exhibit 3.4**

**CERTIFICATE OF AMENDMENT**

**TO**

**CERTIFICATE OF TRUST<br> OF<br> Bitwise 10 Crypto Index Fund**

This Certificate of Amendment to the Certificate of Trust of Bitwise 10 Crypto Index Fund (the "Trust") is being duly executed and filed to amend the Certificate of Trust (the "Certificate of Trust") of a statutory trust formed under the Delaware Statutory Trust Act (12 <u>Del. C.</u> § 3801 <u>et seq</u>.) (the "Act").

&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. <u>Name</u>. The name of the statutory trust amended hereby is Bitwise 10 Crypto Index Fund.

&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. <u>Amendment of Certificate.</u> The Certificate of Trust of the Trust is hereby amended by changing the name of the Trust to Bitwise 10 Crypto Index ETF.

&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. <u>Effective Date</u>. This Certificate of Amendment shall be effective upon filing.

IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Amendment in accordance with Section 3811(a)(2) of the Act.

---

| | |
|:---|:---|
| CSC DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee of the Trust | CSC DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee of the Trust |
| By: |  |
|  | Name: Gregory Daniels |
|  | Title: Vice President |

---

## Exhibit 5.1

**Exhibit 5.1**

---

| | | |
|:---|:---|:---|
| ![](ex5-1_001.jpg) | **Richard Coyle**<br> Partner | **Chapman and Cutler LLP**<br> 320 South Canal Street, 27th Floor<br> Chicago, Illinois 60606<br>T 312.845.3724<br> rcoyle@chapman.com |

---

August 22, 2025

Bitwise 10 Crypto Index Fund

250 Montgomery Street, Suite 200

San Francisco, California 94104

Re: <u>Bitwise 10 Crypto Index Fund</u>

Ladies and Gentlemen:

We have acted as counsel to the Bitwise 10 Crypto Index Fund, a Delaware statutory trust (the *"Trust"*), with respect to the filing with the U.S. Securities and Exchange Commission of Amendment No. 2 (the *"Amendment"*) to the Trust's Registration Statement on Form S-1 under the Securities Act of 1933, as amended. The Trust filed the Amendment on or about August 22, 2025, in order to register shares (the *"Shares"*) of beneficial interest of the Trust. The Amendment seeks to register an unlimited number of Shares.

We have examined the Trust's Certificate of Trust; its Trust Agreement; a form of Authorized Participant Agreement; its Certificate of Good Standing for the Trust; and such other legal and factual matters as we have considered necessary.

This opinion is based exclusively on the Delaware Statutory Trust Act and the federal securities laws of the United States of America governing the issuance of shares of the Trust and does not extend to the securities or "blue sky" laws of the State of Delaware or other States or to other Federal securities or other laws.

We have assumed the following for purposes of this opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The legal capacity of all natural persons, the accuracy and
completeness of all documents and records that we have reviewed, the genuineness of all signatures, the authenticity of the documents
submitted to us as originals and the conformity to authentic original documents of all documents submitted to us as certified, conformed
or reproduced copies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Trust's Shares will be issued against consideration
therefor as described in the Trust's prospectus relating thereto.

This opinion relates solely to the registration of Shares of the Trust and not to the registration of any other series or classes of the Trust that have previously been registered.

![](ex5-1_001.jpg)

August 22, 2025

Based upon the foregoing, it is our opinion that, upon the effectiveness of the Amendment, the Shares of beneficial interest of the Trust, when issued upon the terms and for the consideration described in the Amendment, will be validly issued, fully paid and non-assessable.

This opinion is being furnished to you for submission to the Commission as an exhibit to the Registration Statement. We hereby consent to the prospectus discussion of this opinion, the filing of this opinion as an exhibit to the Registration Statement and to the use of the name of our firm therein. In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the 1933 Act.

---

| | |
|:---|:---|
| Respectfully submitted, | Respectfully submitted, |
| By: | /s/ Chapman and Cutler LLP |
|  | Chapman and Cutler llp |

---

------

## Exhibit 8.1

**Exhibit 8.1**

---

| | |
|:---|:---|
| ![](ex8-1_001.jpg) | **Chapman and Cutler LLP**<br>320 South Canal Street, 27th Floor<br> Chicago, Illinois 60606 |
|  | T 312.845.3000 |
|  | F 312.701.2361 |
|  | Paul D. Carman \| Partner |
|  | D 312.845.3443 |
|  | M 312.315.6964 |
|  | F 312.516.1443 |
|  | carman@chapman.com |

---

August 22, 2025

Bitwise Investment Advisors, LLC

250 Montgomery Street Suite 200

San Francisco, California 94104<br> Attention: Katherine Dowling

Re: Bitwise 10 Crypto Index Fund

Dear Ladies and Gentlemen:

You have requested our opinion regarding the federal income tax characterization of the Bitwise 10 Crypto Index Fund (the *"Fund"),* a Delaware statutory trust. Specifically, we have been asked for our opinion as to whether the Fund will be treated as a partnership for U.S. federal income tax purposes.

**Review and Reliance**

In rendering the opinions expressed below, we have made such legal and factual examinations and inquiries as we have deemed necessary or advisable for the purpose of rendering such opinions, including but not limited to the examination of the Trust Agreement of the Fund, and the prospectus (such documents, the *"Transaction Documents").*

 

In rendering the opinions set forth below, we have assumed that: (i) each Transaction Document has been duly authorized by each party thereto; (ii) each Transaction Document has been duly executed and delivered by each party thereto; (iii) each party to each Transaction Document has the requisite power and authority (corporate, partnership, or other) to execute, deliver, and perform each Transaction Document to which it is a party; (iv) each Transaction Document constitutes a legal, valid, and binding agreement of the parties to such Transaction Document enforceable against such parties in accordance with its terms; (v) each of the parties to the Transaction Documents will duly comply with the terms of the relevant Transaction Documents; and (vi) the parties to the Transaction Documents will conduct their activities only as provided in the Transaction Documents.

![](ex8-1_002.jpg)

![](ex8-1_001.jpg)

We have relied, without independent investigation, as to factual matters on, and assumed the accuracy of (without regard to any qualifications as to knowledge or belief), the representations and warranties contained in the Transaction Documents and on certificates of public officials and of officers and other representatives of the Sponsor.

**Assumptions**

In our examination, we have assumed the legal capacity of natural persons, the authenticity of all documents submitted to us as original, the conformity to original documents of all documents submitted to us as translations or certified or photostatic copies and the authenticity of the originals of such latter documents. We have further assumed that there are not, and will not be any, arrangements, understandings or agreements among any of the parties relating to the investment in the portfolio other than those expressly set forth in the Transaction Documents.

We have also assumed based upon your representations to us that the facts as described in the Factual Background section of this opinion is accurate in all material respects. We have further assumed that all representations made to us by the Sponsor are true.

This opinion is based upon the Code, United States Treasury regulations (the *"Regulations"),* judicial decisions, and administrative rulings and pronouncements of the Internal Revenue Service (the *"IRS"),* all as in effect on the date hereof.

**Opinions**

Based on the foregoing discussion and subject to qualifications and assumptions stated herein, on the basis of our examination of the Transaction Documents and the facts and analysis herein stated, we are of the opinion that if all of the parties to the Transaction Documents comply (without waiver) with all of the provisions of the Transaction Documents,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Fund should be treated as a partnership and not as an association
taxable as a corporation for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Fund may be classified
 as a publicly traded partnership within the meaning of Section 7704 of the Internal Revenue
 Code of 1986, as amended (the *"Code"),* <sup>1</sup> but should be eligible
 for the exception under Section 7704(c) for publicly traded partnerships that meet certain
 gross income requirements.

<sup>1</sup> Unless otherwise indicated, references to "Sections" in this opinion are references to sections of the Code.

**Factual Background**

The Fund's principal investment objective is to invest in a portfolio of crypto assets that tracks the Bitwise 10 Large Cap Crypto Index (the "Index") as closely as possible with certain exceptions. In addition, in the event the portfolio crypto assets being held by the Fund present opportunities to generate returns in excess of the Index the Fund may also pursue these incidental opportunities as part of the investment objective. The Fund rebalances monthly alongside the rebalance of the Index to stay current with changes.

**Discussion**

The Fund will be formed as a trust for state law purposes, but under Treas. Reg. § 301.7701-4(c) a trust with a power to vary the investment of the certificate holders will be treated as a business entity for federal income tax purposes. The investment strategy of the Fund will cause the Fund to have a power to vary the investment of the Shareholders. Thus, the Fund will be a business entity. Under Treas. Reg. § 301.7701-2, an unincorporated business entity with more than two owners is generally treated as a partnership.

Under Section 7704, in general, publicly traded partnerships are taxed as corporations for federal income tax purposes. A partnership is considered to be publicly traded if interests in the partnership are traded on an established securities market, on a secondary market or the substantial equivalent thereof. It is anticipated that interests in the Fund will be traded on an established securities exchange.

If a partnership is publicly traded, the partnership may still not be taxed as a corporation if at least 90 percent of the gross income of the partnership consists of interest, dividends, real property rents, gain from the sale or disposition of real property, income and gain derived from the exploration, development, mining or production, processing, refining transportation (including pipelines transporting gas, oil, or products thereof) or the marketing of any mineral or natural resources (including fertilizer, geothermal energy and timber), any gain from the sale or disposition of a capital asset (or property described in Section 1231(b), held from the production of income described in this sentence and, in the case of a partnership a principal activity of which is the buying and selling of commodities (not described in Section 122l(a)(l)) or futures, forwards and options with respect to commodities, income and gain from such commodities, futures, forwards or options.

The word "commodities" has not been defined for the purposes of Section 7704. In construing a statute, words are given their ordinary, plain meaning unless defined otherwise.<sup>2</sup> The Internal Revenue Service, in Revenue Ruling 73-158, has interpreted the "ordinary financial sense" of the word "commodities" to include all products that are traded in and listed on commodities exchanges located in the United States. Furthermore, under Revenue Ruling 73-158, the word "commodities" includes the actual commodity and commodity futures contracts. Futures, forwards, and options in regard to bitcoin, ether and solana are traded on commodities exchanges in the United States,<sup>3</sup> so bitcoin, ether and solana would be a commodities as interpreted by Revenue Ruling 73-158.

The Commodity Futures Trading Commission *("CFTC')* has interpreted "commodities" to include cryptocurrencies and at least one court has confirmed that cryptocurrencies fall well within the category of goods and articles in which contracts for future delivery are presently or in the future dealt in.<sup>4</sup>

---

| | |
|:---|:---|
| | *BedRoc Ltd., LLC v. United States,* 541 U.S. 176, 183, 124 S. Ct. 1587, 1593, 158 L. Ed. 2d 338 (2004) (quoting *Connecticut Nat'l Bank v. Germain,* 503 U.S. 249, 253-54, 112 S. Ct. 1146, 1149, 117 L. Ed. 2d 391 (1992)). |
| <sup>3</sup> | *See, e.g.,* https://www.cmegroup.com/markets/cryptocurrencies.html#explore-our-cryptocurrency-products; https://www.cftc.gov/PressRoom/PressReleases/7654-17. |
| <sup>4</sup> | The CFTC first established the position that bitcoin and other cryptocurrency were commodities through enforcement actions settling alleged violations of the Commodity Exchange Act. *See, e.g., In the Matter of: Coinflip, Inc., d/b/a Derivabit, and Francisco Riordan,* CFTC Docket No. 15-29 (Sept. 17, 2015) (consent order) and *In re BFXNA INC. d/b/a BITFINEX,* CFTC Docket No. 16-19 (June 2, 2016) (consent order). The CFTC successfully litigated before federal courts the position that cryptocurrencies such as bitcoin are commodities. See, e.g., *CFTC v McDonnell and CabbageTech, Corp.,* 18-CV-361 (E.D.N.Y. Mar. 6, 2018) and *CFTC v My Big Coin Pay, Inc.,* l 8-cv-10077-RWZ (D. Mass. Sept. 26, 2018). |

---

![](ex8-1_001.jpg)

The Fund intends to have a principal activity be buying and selling crypto assets to replicate the Index. Applying the definitions of commodities in Revenue Ruling 73-158 and adopted by the CFTC, the Fund would have a principal activity of buying and selling commodities. The Fund does not intend to hold its crypto assets as inventory.

However, the income exception does not apply to partnerships that would be classified as regulated investment companies if they were corporations. In general, a partnership would be classified as a regulated investment company if it were a corporation if the partnership is required to register under the Investment Company Act of 1940, as amended, as a management company or a unit investment trust.

The Securities Exchange Commission has determined that a fund investing substantially in crypto assets and related products does not meet the definition of an investment company under the Investment Company Act of 1940 and is not permitted to register under such act. <sup>5</sup> Because the Fund would not be eligible to register under the Investment Company Act of 1940, the Fund should be eligible to make use of the income exception under Section 7704(c) to treatment of a publicly traded partnership as taxable as a corporation.

**Limitations**

Our opinion is based on relevant authorities and law, all as in effect on the date hereof. Consequently, future changes in the relevant authorities and law may cause the tax treatment to be materially different from that described above. Our opinion represents only our legal judgment and, unlike a tax ruling, is binding neither on the IRS nor a court of law and has no official status of any kind. The IRS or a court of law could disagree with the opinion expressed herein. Although we believe that, in a properly presented case, the opinion expressed herein would be found to be correct if challenged, there can be no assurance that this will be the case.

These opinions, as qualified and limited herein, are strictly limited to the Funds and applying the Assumptions and Factual Background above for U.S. federal income tax purposes, and we express no opinion with respect to any other considerations which may arise relating to the transaction, any other taxes or any other matters arising under United States federal, state, local or foreign law.

This opinion is limited in scope. There may be material issues affecting the transaction that are not discussed herein. This opinion cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on the taxpayer unless the issues are specifically addressed by the opinion.

---

| |
|:---|
| Sincerely, |
| /s/ Chapman and cutler llp |
| Chapman and Cutler llp |

---

PDC/H_M/JMA

<sup>5</sup> SEC Division of Investment Management, Letter re Cipher Technologies Bitcoin Fund (Oct. 1, 2019).

## Exhibit 10.1

**Exhibit 10.1**

**<u>AMENDED RESTATED AND CONSOLIDATED COINBASE PRIME BROKER AGREEMENT</u>**

**General Terms and Conditions**

WHEREAS, Coinbase, as defined below, on behalf of itself and the Coinbase Entities, as defined below, and Bitwise Bitcoin ETF, f/k/a Bitwise Bitcoin ETP Trust ("<u>Bitwise Bitcoin ETP</u>"), are party to that certain Prime Broker Agreement, dated as of July 29, 2023, as amended from time to time (the "<u>Bitwise Bitcoin ETP Coinbase PBA</u>");

WHEREAS, Coinbase, on behalf of itself and the Coinbase Entities, and Bitwise Investment Advisers, LLC, solely in its capacity as Sponsor of the Bitwise Ethereum ETF ("<u>Bitwise Ethereum ETF</u>") are party to that certain Prime Broker Agreement, dated as of May 31, 2024, as amended from time to time (the "<u>Bitwise Ethereum ETF Coinbase PBA</u>" and together with the Bitwise Bitcoin ETP Coinbase PBA, the "<u>Existing Coinbase PBAs</u>");

WHEREAS, Coinbase, Bitwise Bitcoin ETP, Bitwise Ethereum ETF desire to amend, restate, and consolidate each of the Existing Coinbase PBAs in accordance with the terms set forth in this Amended, Restated, and Consolidated Prime Broker Agreement; and

NOW, THEREFORE, in consideration of the mutual agreement as set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby mutually acknowledged, Coinbase, Bitwise Bitcoin ETP, and Bitwise Ethereum ETF agree that: (a) each of the Existing Coinbase PBAs are amended, restated and consolidated in accordance with the terms set forth in this Amended, Restated, and Consolidated Prime Broker Agreement; (b) the execution and delivery of this Amended, Restated, and Consolidated Prime Broker Agreement shall not constitute a novation, waiver, or release of the agreements or obligations incurred pursuant to terms of the Existing Coinbase PBAs, and accordingly any of the agreements and obligations incurred, and any security interests and liens granted pursuant to the terms of the Existing Coinbase PBAs are hereby ratified and affirmed by the parties hereto and remain in full force and effect; and (c) all references to the Existing Coinbase PBA's in any other addendum thereto shall be deemed to refer to this Amended, Restated, and Consolidated Coinbase Prime Broker Agreement.

WHEREAS, Bitwise 10 Crypto Index Fund ("<u>Bitwise 10 Crypto Index Fund</u>"), Bitwise Solana ETF ("<u>SOL ETF</u>") and Bitwise Bitcoin and Ethereum ETF ("<u>BTC/ETH ETF</u>") desire to become party to this Amended, Restated, and Consolidated Prime Broker Agreement.

NOW THEREFORE, in consideration of the mutual agreement as set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby mutually acknowledged, Coinbase, Bitwise Bitcoin ETP, Bitwise Ethereum ETF, Bitwise 10 Crypto Index Fund, SOL ETF and BTC/ETH ETF agree as follows:

1. Introduction

&nbsp;&nbsp;&nbsp;&nbsp;1.1 This Amended, Restated, and Consolidated Prime Broker Agreement dated as of August 22, 2025 (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> "), the Coinbase Trade Finance Agreement attached hereto as Exhibit C (the " <u>PTFA</u> ") whose
 counterparties are listed in the Exhibit C 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> "), unless otherwise specified in the relevant Exhibits, 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.

&nbsp;&nbsp;&nbsp;&nbsp;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> ").

&nbsp;&nbsp;&nbsp;&nbsp;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>."

&nbsp;&nbsp;&nbsp;&nbsp;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, 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;4.2 The Coinbase Entities may act upon instructions received from Client or Client's Authorized Representative
(" <u>Instructions</u> "). 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 refuse to execute
such Instructions until any such ambiguity has been resolved to the Coinbase Entity's satisfaction; (c) the Coinbase Entities may
refuse to execute Instructions if in the applicable Coinbase Entity's 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;
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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

5. Representations, Warranties, and Additional Covenants

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:

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

&nbsp;&nbsp;&nbsp;&nbsp;5.2 Client is and shall remain in full 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 AML and Sanctions Laws and Regulations (as defined below), and other anti-terrorism statutes,
regulations, and conventions of the U.S. or other international jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;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 it will immediately notify Coinbase
if it ceases to be in good standing with any regulatory authority;

&nbsp;&nbsp;&nbsp;&nbsp;5.4 Client is not a resident in nor organized under the laws of any country with which transactions or dealings
are prohibited by governmental sanctions imposed by the U.S., the United Nations, the European Union, the United Kingdom, or any other
applicable jurisdiction (collectively, " <u>Sanctions Regimes</u> "), nor is it owned or controlled by a person, entity or government
prohibited under an applicable Sanctions Regime;

&nbsp;&nbsp;&nbsp;&nbsp;5.5 If it is a legal entity, 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 or
residing in high-risk jurisdictions; (c) processes to conduct ongoing monitoring of customer transactional activity and report 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 law;

&nbsp;&nbsp;&nbsp;&nbsp;5.6 Client does not maintain any asset in an Account which is derived from any unlawful activity and it will
not 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;

&nbsp;&nbsp;&nbsp;&nbsp;5.7 Client shall 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;

&nbsp;&nbsp;&nbsp;&nbsp;5.8 By executing this Coinbase PBA, Client further provides written consent to allow the Coinbase Entities
to request and obtain any and all beneficial owner information regarding the Client that is maintained on any national beneficial ownership
registry, including, but not limited to, the Beneficial Ownership Information Registry maintained by the U.S. Financial Crimes Enforcement
Network (" <u>FinCEN</u> "), in order to assist the Coinbase Entities in complying with their anti-money laundering and customer
due diligence obligations, with the understanding that the Coinbase Entities will only use such information for those purposes and will
maintain the information pursuant to the confidentiality provisions of this Coinbase PBA.

&nbsp;&nbsp;&nbsp;&nbsp;5.9 Client's use of the PB Services shall be for commercial, business purposes only, limited to activities
disclosed in the due diligence information submitted to Coinbase, 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;

&nbsp;&nbsp;&nbsp;&nbsp;5.10 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;

&nbsp;&nbsp;&nbsp;&nbsp;5.11 This Coinbase PBA is a legal, valid, and binding obligation, enforceable against it in accordance with
its terms;

&nbsp;&nbsp;&nbsp;&nbsp;5.12 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;

&nbsp;&nbsp;&nbsp;&nbsp;5.13 Client has duly appointed and authorized the individual(s) whose
signatures are stated below to execute and deliver this Coinbase PBA;

&nbsp;&nbsp;&nbsp;&nbsp;5.14 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 (other than liens solely in favor of any of the Coinbase Entities) 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);

&nbsp;&nbsp;&nbsp;&nbsp;5.15 To the best of Client's knowledge, there is no pending or threatened 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;

&nbsp;&nbsp;&nbsp;&nbsp;5.16 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;

&nbsp;&nbsp;&nbsp;&nbsp;5.17 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

&nbsp;&nbsp;&nbsp;&nbsp;5.18 Client will promptly inform Coinbase in writing if any of the above representations, warranties, and covenants
cease to be true.

Coinbase, on behalf of itself and each other Coinbase Entity, represents, warrants, and covenants that:

&nbsp;&nbsp;&nbsp;&nbsp;5.19 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;

&nbsp;&nbsp;&nbsp;&nbsp;5.20 Coinbase will not, directly or indirectly, lend, pledge, hypothecate, or rehypothecate Client Assets unless
otherwise agreed in writing by Client;

&nbsp;&nbsp;&nbsp;&nbsp;5.21 Coinbase has the full power, authority, and capacity to enter into and be bound by this Coinbase PBA;
and

&nbsp;&nbsp;&nbsp;&nbsp;5.22 This Coinbase PBA is a legal, valid, and binding obligation, enforceable against it in accordance with
its terms.

6. No Investment Advice or Brokerage

&nbsp;&nbsp;&nbsp;&nbsp;6.1 Client assumes responsibility for each transaction executed by or for it in connection with this Coinbase
PBA. 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;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. 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

&nbsp;&nbsp;&nbsp;&nbsp;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, 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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.
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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;8.6 *Prohibited Use*. Client will comply with the Prohibited Use Policy found at https://www.coinbase.com/legal/prohibited_use.

9. Taxes

&nbsp;&nbsp;&nbsp;&nbsp;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 shall file all tax returns, reports, and disclosures required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;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. 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.

10. PB Services Fees

&nbsp;&nbsp;&nbsp;&nbsp;10.1 Client agrees to pay all 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 amounts to minimize any rounding error.

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

&nbsp;&nbsp;&nbsp;&nbsp;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 services 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 (a) will not disclose such Confidential Information
except to such party's officers, directors, agents, employees, and professional advisors who need to know such Confidential Information
relating to the Parties' obligations under this Coinbase PBA and who are informed of, and agree to be bound by, obligations of confidentiality
and (b) will protect such Confidential Information from unauthorized use and disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;11.2 Each Party shall use any Confidential Information that it receives solely for purposes of (i) exercising
its rights and performing its duties under the Coinbase PBA and (ii) complying with any applicable laws, rules, and regulations; provided
that, the each Party may use Confidential Information for (1) risk management and/or compliance with applicable laws and regulations (as
reasonably interpreted by Coinbase) and (2) for the Coinbase Entities to develop, enhance, and market their products and services, as
reasonable. Confidential Information shall not include any (w) information that is or becomes generally publicly available through no
fault of the recipient, (x) information that the recipient obtains from a third party (other than in connection with this Coinbase PBA)
that, to the recipient's best knowledge, is not bound by a confidentiality agreement prohibiting such disclosure, (y) information
that is independently developed or acquired by the recipient without the use of Confidential Information provided by the disclosing party,
or (z) disclosure with the prior written consent of the disclosing Party.

&nbsp;&nbsp;&nbsp;&nbsp;11.3 Notwithstanding the foregoing, each Party may disclose Confidential Information of the other Party to
each Party's partners – provided that the disclosing Party ensures that each recipient is bound by written confidentiality
obligations no less protective than those set out herein prior to the disclosure of any Confidential Information - and to the extent required
by a court of competent jurisdiction or governmental authority or otherwise required by law. For purposes of this Section, no affiliate
of Coinbase shall be considered a third party of any Coinbase Entity, and the Coinbase Entities may freely share Client's Confidential
Information among each other and with such affiliates. 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 receiving Party
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 receiving Party may retain one (1) copy of
Confidential Information if (a) required by law or regulation or (b) retained pursuant to an established document retention policy.

12. Security and Business Continuity

The Coinbase Entities shall not have any liability, obligation, or responsibility whatsoever for any damage or interruptions caused by any computer viruses, spyware, scareware, Trojan horses, worms, or other malware that may affect computer or other equipment, or any phishing, spoofing, or other attack, unless such damage or interruption directly resulted from the Coinbase Entities' gross negligence, fraud, or willful misconduct. Client agrees to access and use the PB Services through 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.

The Coinbase Entities have implemented and will maintain a reasonable information security program that includes policies and procedures that are reasonably designed to safeguard the Coinbase Entities' electronic systems and Client's Confidential Information from, among other things, unauthorized access or misuse. In the event of a Data Security Incident (as defined below), the applicable Coinbase Entity shall promptly notify as required by New York law, Client and such notice shall include the following information: (a) the timing and nature of the Data Security Incident; (b) the information related to Client that was compromised; (c) when the Data Security Incident was discovered; and (d) any remedial actions that have been taken and that the applicable Coinbase Entity plans to take. "<u>Data Security Incident</u>" means an incident whereby (i) an unauthorized person acquired or accessed Client's Confidential Information, or (ii) Client's Confidential Information is otherwise lost, stolen, or compromised, in each case while in the possession or control of the Coinbase Entities resulting in material harm to the Client.

The Coinbase Entities have established a business continuity plan that will support their ability to conduct business in the event of a significant business disruption. The business continuity plan is reviewed and updated annually and may be updated more frequently as deemed necessary by the Coinbase Entities in their sole discretion. To receive more information about the Coinbase Entities' business continuity plan, please send a written request to Client's account manager or sales representative.

13. Acknowledgement of Risks

&nbsp;&nbsp;&nbsp;&nbsp;13.1 Client hereby acknowledges, that:

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;(vi) There is no assurance that a person or entity 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;(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;&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;&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;&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

&nbsp;&nbsp;&nbsp;&nbsp;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, 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. 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, Client acknowledges and
assumes the risk of the same.

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

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. 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

&nbsp;&nbsp;&nbsp;&nbsp;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, relating to or in connection with (i) this Coinbase
PBA, the Accounts, the relationship between the Parties and the Prime Services, (ii) Coinbase's enforcement and protection of its
rights hereunder (including the exercise of its rights and remedies upon an Event of Default, enforcement of this indemnification, and
collection of amounts due to it hereunder), and (iii) reliance on any communication, notice, or instruction of Client or its Authorized
Representative. 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.

&nbsp;&nbsp;&nbsp;&nbsp;16.2 For the purposes of this Coinbase PBA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) " <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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) " <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 external 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.

17. Limitation of Liability

&nbsp;&nbsp;&nbsp;&nbsp;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 GROSS 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.

&nbsp;&nbsp;&nbsp;&nbsp;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 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>"), 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 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, 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;17.4 *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:

&nbsp;&nbsp;&nbsp;&nbsp;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 30 days' prior notice to the other party; provided, however, Client's termination
of this Coinbase PBA shall not be effective until Client has fully satisfied its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;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 without prior notice
to Client. Provided that, if Coinbase takes any action for any reason under this Section 18.2, Coinbase will provide Client with notice
unless such notice is not permitted under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;18.3 " <u>Event of Default</u> " shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Client breaches any 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 three (3) business days after such 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;&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;&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 or Portfolio Financing and Margining Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Client institutes or becomes subject to any bankruptcy or insolvency proceeding under any applicable laws,
rules, or regulations which is not dismissed within fifteen (15) days, such termination being effective immediately upon any declaration
of bankruptcy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) A Coinbase Entity becomes aware of any facts or circumstances with respect to Client's financial,
legal, regulatory, or reputational position which may affect Client's ability to comply with its obligations under this Coinbase
PBA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) 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;&nbsp;&nbsp;&nbsp;&nbsp;(ix) 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; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) 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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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 thirty (30) days following such notice to the extent not prohibited under applicable law, including applicable AML and Sanctions Laws and Regulations, or by facially valid subpoena, court order, or binding order of a government authority. Client agrees that failure to do so within that thirty (30) day 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.

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.

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.

21. Arbitration

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;21.3 This Coinbase PBA 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.

&nbsp;&nbsp;&nbsp;&nbsp;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. Client agrees that the Coinbase Entities may submit such recordings in evidence in any dispute, suit, action, or other proceeding. 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; provided that nothing herein shall obligate any Coinbase Entity from making or keeping any records that it does not make or keep in the ordinary course of its business.

**23. Waiver**

Any waivers of rights by the Coinbase Entities under this Coinbase PBA must be in writing and signed by Coinbase on behalf of the relevant Coinbase Entities. 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. The Coinbase Entities' failure to insist on strict compliance with this Coinbase PBA or any other course of conduct by the Coinbase Entities shall not be considered a waiver of their 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, except to the extent such state law is preempted by federal law.

26. Force Majeure

The Coinbase Entities shall not be liable for delays, suspension of operations, whether temporary or permanent, failure in performance, or interruption of service which result directly or indirectly from any cause or condition beyond the reasonable control of the Coinbase Entities, 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 Coinbase Entities.

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, 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. 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.

29. 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.

30. 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. 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, provided that Coinbase shall notify Client within a reasonable amount of time after such assignment. Subject to the foregoing, this Coinbase PBA will bind and inure to the benefit of the Parties, their successors, and permitted assigns.

31. Electronic Delivery of Communications and Notices

&nbsp;&nbsp;&nbsp;&nbsp;31.1 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.

&nbsp;&nbsp;&nbsp;&nbsp;31.2 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.

&nbsp;&nbsp;&nbsp;&nbsp;31.3 If a notice is not provided electronically as provided for in Section 31.1 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: the address specified in its signature block on the Execution Page

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: the email address specified in its signature block on the Execution Page. ›

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.

"Business Day" means any day on which it is not (i) a public holiday in New York, or (ii) a Saturday or Sunday.

To see more information about our regulators, licenses, and contact information for feedback, questions, or complaints, please visit *https://www.coinbase.com/legal/licenses*.

32. Address for Process

Client's address set forth in Section 31 above shall be the address for its service of process with respect to any claim, action, or proceeding arising hereunder or related to this Coinbase PBA. Client will promptly notify Coinbase of any change to its address or service of process instructions.

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.

**Coinbase's address for process can be found at https://www.coinbase.com/legal/us.**

33. 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.

34. 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

---

| | |
|:---|:---|
| By: | /s/ Lauren Abendschein |
| Name: | Lauren Abendschein |
| Title: | VP |
| Date: | August 22, 2025 |

---

CLIENT: Bitwise Investment Advisers, LLC solely in its capacity as Sponsor of the

Bitwise Bitcoin ETF,

Bitwise Ethereum ETF,

Bitwise 10 Crypto Index Fund,

Bitwise Bitcoin and Ethereum ETF,

Bitwise Solana ETF

---

| | |
|:---|:---|
| By: | /s/ Katherine Dowling |
| Name: | Katherine Dowling |
| Title: | General Counsel & CCO |
| Date: | August 22, 2025 |

---

Address: 250 Montgomery Street SF, CA 94104

E-Mail: katherine@bitwiseinvestments.com

**<u>Schedule A</u>**

**List of Client Entities**

Clients:

Bitwise Bitcoin ETF

Bitwise Ethereum ETF

Bitwise 10 Crypto Index Fund

Bitwise Bitcoin and Ethereum ETF

Bitwise Solana ETF

**EXHIBIT A**

**<u>to the Coinbase PBA</u>**

**COINBASE CUSTODY SERVICES AGREEMENT**

This Custody Agreement is entered into between Client and Coinbase Custody and forms a part of the Coinbase PBA between 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.

1. Custody Accounts.

&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 " <u>Vault Account</u> ") 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 wallets
(each, a " <u>Custody Wallet</u> ") in Client's name controlled and secured by Coinbase Custody.

&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 is licensed 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) 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 at the direction
of Client.

2. Vault Account.

&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 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 or in response to a 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 perceives a risk of fraud or illegal activity.** 

&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 (as calculated by Coinbase Custody in its sole discretion) 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;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.

&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 by court order, statute, law, rule (including a self-regulatory
organization rule), regulation, code, or other similar requirement.

&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;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;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

&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;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> "). Coinbase Custody shall use commercially
reasonable efforts to ensure the accuracy and availability of validator information and interface functionality on the Coinbase PB Site.
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. However, where Coinbase Cloud is selected via the Coinbase
PB Site, Coinbase Custody shall, upon Client's written request, use commercially reasonable efforts to facilitate communication
and issue resolution with Coinbase Cloud.

&nbsp;&nbsp;&nbsp;&nbsp;3.3 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;3.4 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;(xi) 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;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Upon request, Coinbase Custody shall provide Client with any publicly available information it has regarding
expected staking rewards, validator performance, or applicable protocol terms for supported Digital Assets.

4. Coinbase Custody Obligations

&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;4.2 *Insurance.* Coinbase Custody shall obtain and maintain, 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.

*[Remainder of page intentionally left blank]*

**<u>EXHIBIT B</u>**

**<u>to the Coinbase Prime Broker Agreement</u>**

**COINBASE MASTER TRADING AGREEMENT**

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

&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;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;1.3 *Selection of CTVs.* Client acknowledges that Coinbase has sole discretion to determine the CTVs
with which it will establish connections. 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;1.4 *Responsibility for CTVs.* 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;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.

2. Accounts for Trading

&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;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;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;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;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;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;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

&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;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)

&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;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;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;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;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

&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.

&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.

6. Prime Trading Rules and Order Types

&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;6.2 *Modifications.* Coinbase may modify the terms of, or cancel, any Order if Coinbase determines in
its sole reasonable discretion that the Order was clearly erroneous according to the Prime Trading Rules. 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

&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;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;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;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:

(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.

(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.

(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.

(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).

(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.

**EXHIBIT C**

**to the Coinbase Prime Broker Agreement**

**<u>COINBASE TRADE FINANCE AGREEMENT</u>**

**1. Introduction**

This Coinbase Trade Finance Agreement (the "<u>TFA</u>") is entered into by and among each entity listed in Schedule B (each a "TFA <u>Client</u>" and each as "<u>Borrower</u>") and Coinbase Credit ("<u>Lender</u>"), Coinbase, Inc. ("<u>Coinbase</u>" or for purposes of this TFA, "<u>Agent</u>"), and Coinbase Custody as agent with respect to the Borrower's balance of Digital Assets held in its Custodial Account (including any Vault Balance) pursuant to Borrower's Custody Agreement to govern the extension of credit from Lender to Borrower for use in connection with trading Digital Assets on Agent's Trading Platform. This TFA shall constitute separate agreements, each among a single TFA Client, Lender, Coinbase and Coinbase Custody, effective as of the date set forth opposite such Client's name on Schedule B, as if such TFA Client had executed a separate TFA naming only itself as the TFA Client, no TFA Client shall have any liability for the obligations of any other Client, and the Trade Credits and TF Terms (as defined below) may differ from any other TFA Client. "<u>Digital Assets</u>" shall mean a digital asset (also called a "cryptocurrency," "virtual currency," "digital currency," or "digital commodity") such as bitcoin, which is based on the cryptographic protocol of a computer network that may be (i) centralized or decentralized, (ii) closed or open-source, and (iii) used as a medium of exchange and/or store of value. Lender extends Trade Credits to Borrower in its sole discretion.

Unless otherwise defined herein, capitalized terms used in this TFA shall have the meanings assigned to them in the Coinbase PBA.

**2. Trade Credits and Trading**

Lender agrees to lend to Borrower a quantity of Cash and/or Digital Assets, to be determined in Lender's sole discretion, in connection with the purchase or sale of Digital Assets via the Agent's Trading Platform ("<u>Trade Credits</u>") for use on the Trading Platform. In the absence of Trade Credits or other financing arrangement authorized by Agent, Borrower must pre-fund its Trading Balance on Agent's Trading Platform with Cash or Digital Assets (collectively and as defined in the MTA, "<u>Client Assets</u>") in order to buy or sell Digital Assets. Trade Credits may only be available for specified Digital Assets, as determined by Lender in its sole discretion. "<u>Cash</u>" shall mean USD or any other currency as agreed between the Borrower and Lender.

Lender will provide TFA Client with information setting forth the terms under which Lender may extend Trade Credits (the "<u>TF Terms</u>"). Such information may be available (i) in the Coinbase Prime Broker Site, (ii) via API, or (iii) in the form of a Trade Finance Schedule, which Lender may provide from time to time substantially in the form of the Schedule attached hereto. The TF Terms shall include the fee associated with each Trade Credit, the Digital Assets and/or Cash eligible for Trade Credits and acceptable as collateral (including any relevant haircuts or liability multipliers associated therewith), and any other additional terms that may be required by Lender in its sole discretion. The TF Terms in effect at the time a Trade Credit is extended, together with this TFA, will constitute conclusive evidence of the terms agreed between Borrower and Lender with respect to the Trade Credits.

**3. Requesting a Trade Credit and the Trade Finance Debit Account**

Once Lender has approved Borrower to receive Trade Credits, Borrower may place Order(s) pursuant to the MTA, as applicable, in amounts up to Borrower's then-current Available Balance with respect to the specific asset, which may include Cash, being borrowed. "<u>Available Balance</u>" shall mean the amount available to Borrower to place Order(s), such amount to be calculated by the Agent. Borrower may request extension of a Trade Credit at any time during the term of this TFA by placing an Order(s) with Agent via the Trading Platform to buy or sell Digital Assets in an amount that exceeds the relevant Client Assets in the Borrower's Trading Balance at the time such Order(s) is submitted. The amount by which Borrower's Order exceeds the applicable Client Assets available in the Borrower's Trading Balance shall constitute the specific quantity of a Trade Credit. The USD notional amount of each Trade Credit drawn in a Digital Asset will be determined by Agent, on the basis of the price for that Digital Asset that the Agent is indicating via the Trading Platform.

Lender is under no obligation to provide Trade Credits or to continue to provide Trade Credits for certain specific fiat currencies and/or Digital Assets, and may in its sole discretion impose black-out periods during which Trade Credits for any or all fiat currencies and/or Digital Assets may be unavailable.

Lender will establish in the name of Borrower a ledger entry for purposes of tracking Trade Credits extended by Lender ("<u>Trade Finance Debit Account</u>"). The Trade Finance Debit Account shall reflect the cumulative Trade Credits that Lender has extended during each Defined Interval (as defined below), both in terms of the aggregate notional value of the Trade Credits and the Trade Credits denominated in specific Digital Assets. The Trade Finance Debit Account shall be conclusive, absent manifest error, of the amount of Trade Credits extended by the Lender to the Borrower. "<u>Defined Interval</u>" shall mean a twenty-four (24) hour period starting at 6:00 A.M. ET (or such other time as may be notified by Lender to Borrower from time to time) on any day that Lender has extended Trade Credit to Borrower. Lender may revise the Defined Interval time period referenced above upon notice to Borrower.

Each separate extension of Trade Credits is due and payable by the Settlement Deadline (as defined below) for that Trade Credit, as dictated in Section 5.

Borrower and Lender agree that Borrower may use the Trade Credits extended hereunder exclusively for the purpose of the execution of trades on the Trading Platform. Borrower agrees that (i) it is required to maintain the Trading Balance to be equal to or greater than the USD notional value of all outstanding Trade Credits at the time of execution of trades on the Trading Platform, by asset, until such Trade Credits have been repaid; and (ii) if Borrower fails to maintain such amount in its Trading Balance at the Settlement Deadline, Agent will automatically lock the Trading Balance to prevent withdrawals. For the avoidance of doubt, Borrower shall maintain the types of collateral in its Trading Balance acceptable to Lender as may be specified in the TF Terms.

Borrower acknowledges that this TFA is not intended to be utilized for short selling of Digital Assets.

**4. Credit Protection**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *"Financial Assets" Election*. Each Party hereby agrees that any Digital Assets and any item of property (whether investment property, financial asset, security, general intangible or instrument (each as defined in the UCC) or Cash) and all proceeds of the foregoing, credited to the Borrower's Trading Balance and Custodial Account shall be treated as a "financial asset" within the meaning of NY UCC §8-102(a)(9).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties further agree and acknowledge that the Borrower's Trading Balance and Custodial Account constitutes "securities accounts" under the UCC of the State of New York, and that Agent and Coinbase Custody are each a "securities intermediary" with respect to the Trading Balance and Custodial Account, respectively, as that term is defined under NY UCC §8-102(a)(14).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Grant of Security Interest*. Borrower hereby grants to Lender and Agent a continuing first priority security interest in, lien on and right of set off against all of Borrower's right, title and interest, whether now owned or existing or hereafter acquired or arising, in Borrower's Trading Balance and Custodial Account together with proceeds thereof, in order to secure (i) repayment of Trade Credits to Lender, (ii) payment of all fees and other amounts owed by Borrower to Lender or Agent hereunder, and (iii) all other obligations of Borrower's to the Lender and Agent arising hereunder from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *No Other Liens*. Borrower represents that the Trading Balance and Custodial Account shall be free and clear of all prior liens, claims and encumbrances (other than liens solely in favor of the Lender and the Agent), and Borrower will not cause or allow the Trading Balance or the Custodial Account, whether now owned or hereafter acquired, to be or become subject to any liens, security interests, mortgages or encumbrances of any nature other than security interests solely in favor of the Lender and the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Perfection*. Borrower shall execute such documents and take such other actions as the Lender or Agent shall reasonably request in order to perfect and maintain the priority of the Lender's and Agent's security interest with respect to Borrower's Trading Balance and Custodial Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Control by Agent and Coinbase Custody.* For purposes of perfecting Lender's security interest in the Trading Balance, Agent holds Borrower's Trading Balance for itself and also as agent for Lender, and has control over Borrower's Trading Balance for its own benefit and for the benefit and on behalf of Lender. Agent agrees to follow entitlement orders of Lender as secured party with respect to the Trading Balance without further consent of the Borrower.

For purposes of perfecting Lender's and Agent's security interest in the Custodial Account, Coinbase Custody holds Borrower's Custodial Account as agent for Lender and Agent, and has control over Borrower's Custodial Account for the benefit and on behalf of Lender and Agent. Coinbase Custody agrees to follow entitlement orders of Lender or Agent as secured parties with respect to the Custodial Account without further consent of the Borrower.

Each of the Lender and Agent is authorized, but is not obligated, to use, apply, credit or transfer any and all interests in Borrower's Trading Balance and Custodial Account among the Coinbase Entities at any time, and without prior notice to Borrower, but only to the extent necessary to satisfy any unpaid obligations of Borrower existing under a relevant agreement with the Coinbase Entities.

**5. Repayment of the Trade Credits**

Borrower agrees to fully repay to Lender the Trade Credits extended during a Defined Interval by the Settlement Deadline for that Defined Interval. The "<u>Settlement Deadline</u>" shall mean 6:00 P.M. Eastern Time on the calendar day immediately following the start of a Defined Interval. Borrower is permitted to repay the Trade Credits at any time during the Defined Interval. Failure of Borrower to fully repay the Trade Credits by the Settlement Deadline may result in an Event of Default (as defined in Section 7 below).

Borrower must repay Lender with the same type of asset that Lender provided in extending the applicable Trade Credit. Borrower's repayment obligation shall be satisfied only when Lender receives good funds for Cash Trade Credits or the relevant Digital Asset for Digital Asset Trade Credits. All Cash repayments must be made to Lender in good funds by the Settlement Deadline, regardless of whether the Federal Reserve wire transfer system is open for business.

Any Trade Credits that are repaid during a Defined Interval can be re-borrowed during the same Defined Interval, but must be fully repaid by the Settlement Deadline for that Defined Interval. Borrower agrees to comply with Lender's and Agent's settlement instructions to fund Borrower's Trading Balance in order to repay the Trade Credits.

**6. Fees for Trade Credits**

Borrower agrees to pay Lender a fee for Lender's extension of financing to Borrower, and in accordance with the TF Terms ("<u>Fees</u>"). Unless otherwise specified by Lender, fees for Cash Trade Credits and Digital Asset Trade Credits shall be paid on the basis of the aggregate USD notional value of each Digital Asset and/or Cash borrowed during a Defined Interval.

**7. Event of Default**

Borrower understands and agrees that the following events shall constitute an event of default hereunder, and each shall be referred to as an "<u>Event of Default</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The failure of Borrower to repay Trade Credits by the applicable Settlement Deadline;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Other than as contemplated by 8(a), a default by Borrower in the payment or performance of any of obligations, conditions, covenants, representations, provisions or stipulations between Borrower and Lender, Agent, Coinbase Custody, or other Coinbase Entities in this TFA or any other agreement provided that, the Borrower shall have twenty four (24) hours after notice from Lender or Agent to cure such default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any event or circumstance occurs or exists that has a material adverse effect on the business, operations, prospects, property, assets, liabilities or financial condition of Borrower, taken as a whole, or has a material adverse effect on the ability of Borrower to perform its obligations under this TFA or any other agreement, including the ability to repay any and all outstanding Trade Credits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for the relief of debtors or dissolution proceedings are instituted by or against the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If Borrower notifies Lender of its inability to or its intention not to perform its obligations under this TFA or any other agreement, or otherwise disaffirms, rejects, or repudiates any of its obligations this TFA or any other agreement.

**8. Remedies on Default**

If Borrower fails to make payment of Trade Credits by the applicable Settlement Deadline or pay any other amounts due hereunder when due, Agent, on behalf of Lender, may freeze the Borrower's ability to use the Trading Platform.

Additionally, upon the occurrence of an Event of Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any outstanding extension of Trade Credit shall be immediately due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to all rights under the Coinbase Prime Broker Agreement, Lender or Agent may exercise any rights of a secured creditor with respect to its interests in Borrower's assets, and may exercise all other rights under Agreements between Borrower and Lender, Agent or Coinbase Custody, including the Lender's, Agent's or Coinbase Custody's rights under the Coinbase Prime Broker Agreement. Lender and Agent agree that they will exercise their secured creditor rights with respect to the Trading Balance before exercising their secured creditor rights with respect to the Custodial Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Borrower hereby authorizes Agent, as securities intermediary with respect to the Trading Balance, to comply with all instructions and entitlement orders from Lender, as secured party, with respect to the disposition of assets in Borrower's Trading Balance as contemplated herein without further consent or direction from Borrower or any other party. Agent agrees to follow such instructions and entitlement orders without further consent or direction from Borrower or any other party. Borrower hereby authorizes Coinbase Custody, as securities intermediary with respect to the Custodial Account, to comply with all instructions and entitlement orders from Lender or Agent, as secured party, with respect to the disposition of assets in Borrower's Custodial Account as contemplated herein without further consent or direction from Borrower or any other party. Coinbase Custody agrees to follow such instructions and entitlement orders without further consent or direction from Borrower or any other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without prior notice to Borrower, Lender shall have the right to instruct Agent (and Agent agrees to comply with such instruction) to: (i) transfer the Borrower's Client Assets from the Borrower's Trading Balance to the Lender to repay the unpaid Trade Credits, and/or (ii) liquidate or cancel outstanding Orders (including 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 Borrower, Lender may suspend or terminate the Borrower's ability to receive extensions of Trade Credits, regardless of whether Borrower has cured the Event of Default.

If the above actions are not sufficient to satisfy all obligations of Borrower to Lender and Agent, Lender or Agent shall have the right to liquidate any and all of Borrower's assets and positions held with Lender, Agent, or Coinbase Custody, including the Trading Balance and the Custodial Account, to cover any losses incurred by Borrower's failure to repay the Trade Credits. In connection with liquidating such assets, Borrower authorizes Lender or Agent, on Lender's behalf, in Lender's sole discretion, to liquidate any of Borrower'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 Borrower 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. Borrower understands that the value of Digital Assets may rise or fall quickly, and neither Lender nor Agent has any obligation to liquidate Borrower's Digital Assets at a time that provides the best price for Borrower. Borrower agrees that Digital Assets held in its Trading Balance and Custodial Account are of a kind or type customarily sold on recognized markets, subject to standard price quotations and may threaten to decline speedily in value. Borrower agrees that if Lender or Agent exercises its setoff rights or secured party remedies against Borrower's Digital Assets, that Lender or Agent 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 Lender or Agent of Borrower'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. Financial Reporting; Information Requests**

Borrower will deliver to Lender each of the following, in form and substance acceptable to Lender in its sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;(a) as soon as available, and in any event within 120 days after
the end of each fiscal year of Borrower, the annual audited financial statements of Borrower prepared in accordance with generally accepted
accounting principles in the United States of America (" <u>GAAP</u> "), together with an audit report thereon issued by independent
certified public accountants certified in the United States of America and of recognized national standing (without a "going concern"
or like qualification or exception and without any qualification or exception as to the scope of such audit);

&nbsp;&nbsp;&nbsp;&nbsp;(b) within 20 days after the end of each calendar month, a monthly
statement setting forth Client's Net Asset Value (exclusive of withdrawals and redemptions), Total Assets and Total Liabilities
as of such date (as each term is defined or understood under GAAP), together with percentage changes in Net Asset Value (exclusive of
withdrawals and redemptions) compared to the last business day of the immediately preceding calendar month, the last business day of
the third calendar month immediately preceding such calendar month, and as of the last business day of the same month in the immediately
preceding calendar; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) promptly upon request, such additional information regarding
the financial performance, results, projections, position or business of Borrower as Lender may reasonably request, including, without
limitation, (i) leverage data, (ii) portfolio composition, (iii) good faith oral estimates of Net Asset Value and (iv) portfolio liquidity.

**10. Effect of Forks or Airdrops**

In the event that the blockchain of a Digital Asset for which a Trade Credit is extended is the subject of a "hard fork" or "airdrop" while the Trade Credit is outstanding, Borrower will receive the benefit and ownership of any incremental tokens generated with respect to that Trade Credit as a result of the hard fork or airdrop, <u>provided</u> that Lender or Agent may, in their sole discretion, decide whether or not to support (or cease supporting) either branch of the forked blockchain or any airdropped Digital Asset entirely. Borrower acknowledges and agrees that Lender and Agent assume absolutely no liability, obligation, or responsibility whatsoever in respect to unsupported hard forks or airdrops.

**11. Termination**

The Parties may terminate this TFA immediately upon giving the other Party written notice. Upon notice of termination under this provision, all outstanding extensions of Trade Credits shall become due and payable immediately. All obligations of Borrower with respect to outstanding Trade Credits and other amounts due hereunder, and rights of Lender and Agent in connection therewith shall survive the termination of this TFA, including Lender's and Agent's security interest in Borrower's Trading Balance and Custodial Account and Lender, Agent's and Coinbase Custody's right of set-off under the Coinbase Prime Broker Agreement.

**12. Borrower Representations and Warranties**

Borrower hereby represents and warrants that, as of the date of this TFA and continuing through the term of this TFA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It (i) has the power to execute and deliver this TFA, to enter into the extension of Trade Credits contemplated hereby and to perform its obligations hereunder, (ii) has taken all necessary action to authorize such execution, delivery and performance, and (iii) this TFA constitutes a legal, valid, and binding obligation enforceable against it in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is an eligible contract participant ("<u>ECP</u>") for purposes of the Commodity Exchange Act (the "<u>CEA</u>") and all U.S. Commodity Futures Trading Commission regulations thereunder ("<u>CFTC Regulations</u>"). Any information provided to Lender, Agent, or their affiliates for purposes of onboarding and due diligence regarding Borrower's ECP status and other financial information is true and correct in all material respects. Borrower further agrees that it will at all times maintain its status as an ECP as that term is defined in the CEA and CFTC Regulations. If Borrower at any time during the pendency of this TFA ceases to be an ECP, Borrower will notify Lender and Agent immediately. Borrower acknowledges and understands that if it ceases to be an ECP during the pendency of this TFA, Lender will not make any new Trade Credits to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It has not relied on Lender or Agent for any tax or accounting advice concerning this TFA and that it has made its own determination as to the tax and accounting treatment of any Trade Credit, any Digital Assets or funds received or provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is acting for its own account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It is sophisticated and fully familiar with the inherent risks involved in the transaction contemplated in this TFA, including risk of new financial regulatory requirements, potential loss of money and risks due to volatility of the price of Digital Assets and voluntarily takes full responsibility for any risk to that effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) It is not insolvent and is not subject to any bankruptcy or insolvency proceedings under any applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) There are no proceedings pending or, to its knowledge, threatened, which could reasonably be anticipated to have any adverse effect on the transactions contemplated by this TFA or the accuracy of the representations and warranties hereunder or thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To its knowledge the transactions contemplated in this TFA are not prohibited by law or other authority in the jurisdiction of its place of incorporation, place of principal office, or residence and that it has necessary licenses and registrations to operate in the manner contemplated in this TFA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It has, or will have at the time of repayment of any Trade Credits, the right to deliver such Cash and Digital Assets subject to the terms and conditions hereof, free and clear of all liens and encumbrances other than those arising under this TFA.

**13. Rights and Remedies Cumulative**

No delay or omission by the Lender or Agent in exercising any right or remedy hereunder shall operate as a waiver of the future exercise of that right or remedy or of any other rights or remedies hereunder. All rights of the Lender and Agent stated herein are cumulative and in addition to all other rights provided by law, in equity.

**14. Collection Costs**

In the event Borrower fails to pay its Fees or any other amounts due, or to return any Digital Assets or Cash upon the occurrence of any Event of Default in Section 7 hereunder, Borrower shall, upon demand, pay to Lender all reasonable costs and expenses, including reasonable external attorney' fees court costs, trading fees, and technology costs incurred by the Lender, Agent or Coinbase Custody in connection with the enforcement of its rights hereunder.

**15. Incorporation by Reference**

The Coinbase Prime Broker Agreement, including the General Terms and all exhibits, addenda, policies, and supplements attached thereto and referenced therein, are hereby incorporated by reference in this TFA and made a part hereof.

This TFA and the Coinbase Prime Broker Agreement shall not be deemed in conflict based on the fact that a document is silent on a topic that is affirmatively addressed in another document. In the event of an irreconcilable conflict between this TFA and the Coinbase Prime Broker Agreement, this TFA shall control as it relates to the extension of Trade Credits from Lender to Borrower for use in connection with trading Digital Assets on Agent's Trading Platform. For the avoidance of doubt, the Coinbase Master Trading Agreement shall control as it relates to Borrower's Trading Account and the trading on the Trading Platform.

**Schedule B**

**to the TFA** 

**List of TFA Clients / Borrowers**

Bitwise Bitcoin ETF – Effective as of [DATE]

Bitwise Ethereum ETF – Effective as of [DATE]

Bitwise 10 Crypto Index Fund – Effective as of [DATE]

## Exhibit 10.3

**Exhibit 10.3**

![](ex10-3_001.jpg)

EXECUTION

**TRANSFER AGENCY AND SERVICE AGREEMENT**

THIS AGREEMENT is made as of the 8 day of May, 2025, by and between Bitwise 10 Crypto Index Fund (hereinafter the "Trust"), a Delaware Statutory Trust, having its principal office and place of business at 250 Montgomery Street, Suite 200, San Francisco, CA 94104 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").

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 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 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;(xviii) 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 ten business days following the receipt of the respective billing notice accompanied by supporting documentation, as appropriate. 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 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.

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 has become effective, will remain effective, and appropriate state securities law filings have been 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>

The Bank shall have no responsibility and shall not be liable for any Losses, except that the Bank shall be liable to the Trust for direct money damages caused by its own gross negligence or willful misconduct or that of its employees. 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 be liable for special, indirect or consequential damages, regardless of the form of action and even if the same were foreseeable. For purposes of this Agreement, none of the following shall be or be deemed a breach of the Bank's standard or 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 employ agents or attorneys-in-fact which are not affiliates of the Bank with the prior written consent of the Trust (which consent shall not be unreasonably withheld), and shall not be liable for any loss or expense arising out of, or in connection with, the actions or omissions to act of such agents or attorneys-in-fact, provided that the Bank acts in good faith and with reasonable care in the selection and retention of such agents or attorneys-in-fact.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 The Bank shall be entitled to conclusively rely upon any written or oral instruction actually received by the Bank and reasonably believed by the Bank to be duly authorized and delivered. The Trust agrees to forward to the Bank written instructions confirming oral instructions by the close of business of the same day that such oral instructions are given to the Bank. The Trust agrees that the fact that such confirming written instructions are not received or that contrary written instructions are received by the Bank shall in no way affect the validity or enforceability of transactions authorized by such oral instructions and effected by the Bank.

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

&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 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 (i) the validity of the Shares, the obtaining of all necessary governmental consents, whether such Shares are fully paid and non-assessable and the status of such Shares under the Securities Act of 1933, as amended, and any other applicable federal law or regulations (<u>i.e.</u>, if subject to registration, that they have been registered and that the Registration Statement has become effective or, if exempt, the specific grounds therefore), and (ii) the due and proper listing of the Shares on all applicable securities exchanges.

&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 (i) the validity of the Shares, the obtaining of all necessary governmental consents, whether such Shares are fully paid and non-assessable and the status of such Shares under the Securities Act of 1933, as amended, and any other applicable federal law or regulations (<u>i.e.</u>, if subject to registration, that they have been registered and that the Registration Statement has become effective or, if exempt, the specific grounds therefore), and (ii) the due and proper listing of the Shares on all applicable securities exchanges.

&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 and data pertaining to the business of the other party which are exchanged or received pursuant to the negotiation or the carrying out of this Agreement shall remain confidential, and shall not be voluntarily disclosed to any person other than its auditors, accountants, regulators, employees, agents, attorneys-in-fact or counsel, except as may be, or may become required by law, by administrative or judicial order or by rule. 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>

9.1 The term of this Agreement shall be three years commencing upon regulatory approval by the U.S. Securities and Exchange Commission permitting shares of the Trust to be offered for sale (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 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 ninety (90) 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.

&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, either party may assign this Agreement to a party controlling, controlled by or under common control with it.

&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>

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

If to the Bank:

The Bank of New York Mellon

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:

250 Montgomery Street, Suite 200

San Francisco, CA 94104

Attention: Katherine Dowling, General Counsel

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.

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.

[Signature page follows.]

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.

---

| | |
|:---|:---|
| BITWISE 10 CRYPTO INDEX FUND | BITWISE 10 CRYPTO INDEX FUND |
| By: BITWISE INVESTMENT ADVISERS, LLC, solely | By: BITWISE INVESTMENT ADVISERS, LLC, solely |
| in its capacity as Sponsor of the Bitwise 10 Crypto Index Fund | in its capacity as Sponsor of the Bitwise 10 Crypto Index Fund |
| By: | /s/ Paul Fusaro |
| Name: | Paul Fusaro |
| Title: | Chief Operating Officer |
| Date: | 5/8/2025 |
| THE BANK OF NEW YORK MELLON | THE BANK OF NEW YORK MELLON |
| By: | /s/ Tricia Tumminello |
| Name: | Tricia Tumminello |
| Title: | Sr. Director, Asset Servicing |
| Date: | August 7, 2025 |

---

**<u>SCHEDULE A</u>**

**<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

**<u>EXHIBIT A</u>**

Form of Authorized Participant Agreement

## Exhibit 10.4

**Exhibit 10.4**

**MARKETING AGENT AGREEMENT**

THIS AGREEMENT is made and entered into as of this 29th day of July, 2025, by and between Bitwise 10 Crypto Index Fund, a Delaware statutory trust (the "Trust"), which is sponsored by Bitwise Investment Advisers, LLC, a Delaware limited liability company (the "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 and Statement of Additional Information constituting parts of the Registration Statement of the Trust under the 1933 Act as such Prospectus and Statement of Additional Information 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;a) ACA Foreside shall use commercially reasonable efforts to
provide the following services to the Trust:

&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;(ii) maintain copies of confirmations of Creation Unit creation
and redemption order acceptances and produce such copies upon reasonable request from the Trust or Sponsor;

&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;(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;(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 Sponsor
any comments provided by FINRA with respect to such Marketing Materials;

&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;(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;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;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;b) The Trust shall deliver to ACA Foreside copies of the following
documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the current Prospectus for the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any relevant policies and procedures adopted by the 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;(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;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;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;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;(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;(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;(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;(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;(vii) 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;(viii) 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;(ix) 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;(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;(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;(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;(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;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;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;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;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;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;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;b) Notwithstanding the foregoing, this Agreement may be terminated,
without the payment of any penalty, upon no less than sixty (60) days' written notice by either party.

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 Distributor 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, Distributor will use commercially reasonable efforts to mitigate material risks related to such vulnerabilities within 30 days or as promptly thereafter as reasonably practicable.

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:

---

| | |
|:---|:---|
| (i) **To ACA Foreside:** | (ii) **If to the Trust:** |
| Foreside Fund Services, LLC | Bitwise 10 Crypto Index Fund |
| Three Canal Plaza, Suite 100 | c/o Bitwise Investment Advisers, LLC |
| Portland, ME 04101 | 250 Montgomery Street, Suite 200 San |
| Attn: Legal Department Telephone: | Francisco, CA 94104 |
| (207) 553-7110 | Attn: Katherine Dowling |
| Email: legal@foreside.com | Telephone: 415-640-1185 |
|  | Email: katherine@bitwiseinvestments.com |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With a copy to: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;etp-services@Foreside.com |  |
| **With a copy to Sponsor:** |  |
| Bitwise Investment Advisers, LLC |  |
| 250 Montgomery Street, Suite |  |
| 200 San Francisco, CA 94104 |  |
| Attn: Katherine Dowling |  |
| Telephone: 415-640-1185 |  |
| Email: katherine@bitwiseinvestments.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

**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 and Trust both represent and warrant to the other 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.

**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 Sponsor**. It is expressly understood and agreed by ACA Foreside that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) this Agreement is executed and delivered on behalf of the
Trust by the Sponsor, not individually or personally, but solely as Sponsor of the Trust in the exercise of the powers and authority
conferred and vested in it;

&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 Sponsor
but are made and intended for the purpose of binding only the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;(c) nothing herein contained shall be construed as creating any
liability on the 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;(d) under no circumstances shall the 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: | /s/ Teresa Cowan |
| Name: | Teresa Cowan |
| Title: | President |
| Bitwise Investment Advisers, LLC, Sponsor, on behalf of the Bitwise 10 Crypto Index Fund | Bitwise Investment Advisers, LLC, Sponsor, on behalf of the Bitwise 10 Crypto Index Fund |
| By: | /s/ Katherine Dowling |
| Name: | Katherine Dowling |
| Title: | General Counsel and Vice President |

---

## Exhibit 10.5

**Exhibit 10.5**

EXECUTION

![](ex10-5_001.jpg)

**CUSTODY AGREEMENT**

**By and Between**

**THE BANK OF NEW YORK MELLON**

**And**

**BITWISE 10 CRYPTO INDEX FUND**

---

| | |
|:---|:---|
| **BNY MELLON AND CUSTOMER CONFIDENTIAL** | EXECUTION |

---

**TABLE OF CONTENTS**

**1.** **DEFINITIONS** **1** 

**2.** **APPOINTMENT OF CUSTODIAN; ACCOUNTS** **3** 

2.1 Appointment of Custodian 3

2.2 Establishment of Accounts 3

**3.** **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS** **3** 

3.1 Authorized Persons 3

3.2 Instructions 4

3.3 BNY Actions Without Instructions 5

3.4 Funds Transfers 5

3.5 Electronic Access 5

**4.** **AGENTS** **5** 

4.1 Use of Agents 5

**5.** **TAX MATTERS** **6** 

5.1 Responsibility for Taxes 6

5.2 Payments 6

**6.** **CREDITS AND ADVANCES** **6** 

6.1 Advances 6

6.2 Repayment 6

6.3 Securing Repayment 6

6.4 Setoff 7

**7.** **STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA** **7** 

7.1 Statements 7

7.2 Books and Records 7

7.3 Third Party Data 8

**8.** **DISCLOSURES** **8** 

8.1 Foreign Exchange Transactions 8

8.2 Investment of Cash 8

**9.** **REGULATORY MATTERS** **9** 

9.1 USA PATRIOT Act 9

9.2 Sanctions; Anti-Money Laundering 9

**10.** **COMPENSATION** **10** 

10.1 Fees and Expenses 10

10.2 Other Compensation 10

**11.** **REPRESENTATIONS, WARRANTIES AND COVENANTS** **11** 

11.1 BNY 11

11.2 Customer 11

**12.** **LIABILITY** **11** 

12.1 Standard of Care 11

12.2 Limitation of Liability 11

12.3 Force Majeure 12

12.4 Indemnification 12

i

**13.** **CONFIDENTIALITY** **13** 

13.1 Confidentiality Obligations 13

13.2 Exceptions 13

**14.** **TERM AND TERMINATION** **13** 

14.1 Term 13

14.2 Termination 13

14.3 Effect of Termination 14

14.4 Survival 14

**15.** **GENERAL** **14** 

15.1 Assignment 14

15.2 Amendment 14

15.3 Governing Law/Forum 14

15.4 Business Continuity/Disaster Recovery 15

15.5 Non-Fiduciary Status 15

15.6 Notices 15

15.7 Entire Agreement 15

15.8 No Third Party Beneficiaries 16

15.9 Counterparts/Facsimile 16

15.10 Interpretation 16

15.11 No Waiver 16

15.12 Headings 16

15.13 Severability 16

ii

EXECUTION

**CUSTODY AGREEMENT**

This Custody 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 **BITWISE 10 CRYPTO INDEX FUND**, a **Delaware Statutory Trust** ("**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 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 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.

"**Customer**" has the meaning set forth in the introductory paragraph.

"**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.

"**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.

"**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) or any other applicable domestic or foreign authority with jurisdiction over Customer.

"**Series**" means the respective portfolios, if any, of Customer listed on Appendix I to this Agreement. If no portfolios are listed on Appendix I 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.

"**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.

&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

BNY will establish and maintain a separate account 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 Series established under this Agreement shall be maintained separately from the Account of each other Series.

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.

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.

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 for any amount payable by Customer in connection with any and all obligations and liabilities (whether or not matured) of Customer relating to a Series 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 Customer has not honored any of its obligations relating to a Series to BNY or such BNY Affiliate, BNY will have the right without notice to Customer to retain or set-off against any obligations relating to such Series any cash BNY or any BNY Affiliate may directly or indirectly hold with respect to such Series and any obligations (whether or not matured) that BNY or any BNY Affiliate may have with respect to such Series in any currency. Any such cash or obligation relating to a Series may be transferred to BNY and any BNY Affiliate in order to effect the above rights.

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.

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: (i) will have
in place and will implement policies and procedures designed to 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; (ii) will ensure that neither Customer nor any of its Affiliates,
directors, officers, 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 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.

&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 or joint customer with BNY. Customer (and
not BNY) has the responsibility to, and will, fulfill any compliance requirement or obligation with respect to each of its authorized
participants 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 investors that includes the following:
(i) a know-your-customer program in order to understand and verify the identity of each authorized participant, 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
to the appropriate law enforcement and regulatory authorities and to BNY where related to the services provided by BNY hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Customer will promptly provide to BNY such information as BNY reasonably requests
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 cooperate with BNY and
provide assistance reasonably requested by BNY in connection with any anti-money laundering and terrorist financing or Sanctions 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 from time to time upon thirty (30) days' prior written notice to Customer) and (b) reimburse BNY for any 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 terminating Customer (including, any offer, sale or distribution
of the shares of, or interest in, Customer) shall be done in 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 standard of care and diligence that a professional custodian would observe in these affairs taking into account the prevailing rules, practices, procedures and circumstances in the relevant market ("**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 that are caused by BNY's failure to perform its obligations under this Agreement in accordance with
the Standard of Care. In no event will BNY 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 BNY has been advised of the possibility of such losses or damages).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If BNY is in doubt as to any action it should or should not take, either pursuant
to, or in the absence of, Instructions, BNY may obtain the advice of either reputable counsel of its own choosing or counsel to Customer,
and BNY will not be liable for acting in accordance with such advice.

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

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 against BNY arising out of or relating to BNY's performance under this Agreement. Any obligations of Customer under this Section 12.4 with respect to a particular Series will not be satisfied out of the assets of another Series.

13. CONFIDENTIALITY

13.1 Confidentiality Obligations

Each Party agrees to 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 such information to any other Person without the prior written consent of the other Party. 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.

13.2 Exceptions

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 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.

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

Each Party may terminate this Agreement with respect to one or more Series by giving to the counter-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.

14.3 Effect of Termination

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. 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 may 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, 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 for a registered investment company. 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 Business Continuity/Disaster Recovery

BNY will implement business continuity and disaster recovery plans designed to minimize interruptions of service and ensure recovery of systems and applications used to provide the services under this Agreement. Such plans will cover the facilities, systems, applications and employees that are critical to the provision of the services hereunder, and will be tested at least annually to validate whether the recovery strategies, requirements, and protocols are viable and sustainable.

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), notices given hereunder will be: (a) addressed to BNY or Customer at the address set forth on the signature page (or such other address as either Party may designate in writing to the other Party) and (b) sent by hand delivery, by certified mail, return receipt requested, or by overnight delivery service, in each case with postage or charges prepaid. All notices given in accordance with this Section will 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.

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.

**IN WITNESS WHEREOF**, the Parties have executed this Agreement as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **THE BANK OF NEW YORK MELLON** | **THE BANK OF NEW YORK MELLON** | **BITWISE 10 CRYPTO INDEX FUND** | **BITWISE 10 CRYPTO INDEX FUND** |
|  |  | By: BITWISE INVESTMENT ADVISERS, LLC, solely in its capacity as Sponsor of the Bitwise 10 Crypto Index Fund | By: BITWISE INVESTMENT ADVISERS, LLC, solely in its capacity as Sponsor of the Bitwise 10 Crypto Index Fund |
| By: | /s/ Tricia Tumminello | By: | /s/ Paul Fusaro |
| Name: | Tricia Tumminello | Name: | Paul Fusaro |
| Title: | Sr. Director, Asset Servicing | Title: | Chief Operating Officer |
| Date: | August 7, 2025 | Date: | 5/8/2025 |
| **Address for Notice:** | **Address for Notice:** | **Address for Notice:** | **Address for Notice:** |
| THE BANK OF NEW YORK MELLON | THE BANK OF NEW YORK MELLON | Bitwise 10 Crypto Index Fund | Bitwise 10 Crypto Index Fund |
| 333 South Hope Street, Suite 2525 | 333 South Hope Street, Suite 2525 | 250 Montgomery Street, Suite 200 | 250 Montgomery Street, Suite 200 |
| Los Angeles, CA 90071 | Los Angeles, CA 90071 | San Francisco, CA 94104 | San Francisco, CA 94104 |
| Attention: Kevin Beadles | Attention: Kevin Beadles | Attention: Katherine Dowling | Attention: Katherine Dowling |

---

**APPENDIX I**

**BITWISE 10 CRYPTO INDEX FUND**

## Exhibit 10.6

**Exhibit 10.6**

**AUTHORIZED PARTICIPANT AGREEMENT**

AUTHORIZED PARTICIPANT AGREEMENT (this "**Agreement**") dated as of [*Date*] among (i) [Authorized Participant Entity Name] a corporation organized under the laws of Delaware (the "**Authorized Participant**"), (ii) the Bitwise 10 Crypto Index Fund, a Delaware statutory trust (the "**Trust**") created pursuant to the First Amended and Restated Declaration of Trust (the "**Trust Agreement**"), and (iii) Bitwise Investment Advisers, LLC, a Delaware limited liability company in its capacity as sponsor of the Trust (in such capacity, the "**Sponsor**"). This Agreement is further acknowledged by Bank of New York Mellon, a New York banking corporation in its capacity as transfer agent to the Trust ("**Transfer Agent**").

**R E C I T A L S**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Pursuant to the provisions of the Trust Agreement, the Trust may from time to time issue or redeem equity securities representing an interest in the assets of the Trust ("**Shares**"), in each case only in aggregate amounts of 10,000 Shares (such aggregate amount, a "**Basket**", which amount may be modified in the future), and integral multiples thereof, and only in transactions with a party who, at the time of the transaction, shall have signed and in effect an Authorized Participant Agreement with such Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. [Authorized Participant Name] has requested to become an "**Authorized Participant**" with respect to the Trust (as such term is defined in the Trust Agreement), and the Sponsor and the Trust have agreed to such request.

**NOW, THEREFORE**, in consideration of the foregoing premises, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties, hereto, intending to be legally bound, agree as follows:

Section 1. <u>Procedures</u>. The Authorized Participant will purchase or redeem Baskets of Shares of the Trust in compliance with the Trust Agreement as supplemented by the Creation and Redemption Procedures attached to this Agreement as Schedule 1 (such procedures, as the same may be amended or modified from time to time in compliance with the provisions hereof and thereof, the "**Procedures**"), using either (i) the form attached thereto as Annex I (a "**Purchase Order**", in the case of an order to purchase one or more Baskets of Shares issued by a specified Trust and a "**Redemption Order**", in case of an order to redeem one or more Baskets of Shares issued by a specified Trust) or (ii) through the Trust'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 thereto as Annex II. All Purchase Orders and Redemption Orders (collectively, "**Orders**") shall be placed and executed in accordance with the Trust Agreement as supplemented by the Procedures. Capitalized terms used in this Agreement and not otherwise defined herein have the meaning ascribed to them in the Procedures. The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended.

Notwithstanding the Procedures, the Authorized Participant shall not be liable for any failure or delay in making Delivery of portfolio digital assets (the "Digital Assets") in respect of an Order (a "Digital Asset Delivery Failure"). Should a Digital Asset Delivery Failure occur, the relevant Order shall be cancelled and any delivered Digital Assets, cash, shares or other consideration shall be returned to the Authorized Participant or the Intermediary, as applicable.

Section 2. <u>Incorporation of Standard Terms</u>. The Standard Terms attached hereto as Schedule 2 are hereby incorporated by reference into, and made a part of, this Agreement.

Section 3. <u>Conflicts Rules</u>. In case of any inconsistency between the provisions of this Agreement and the Trust Agreement, the provisions of such Trust Agreement shall control, <u>provided however</u> that, pursuant to Section 1 of this Agreement, Authorized Participant shall not be liable for an Digital Asset Delivery Failure. In case of inconsistency between the provisions incorporated by reference into this Agreement pursuant to Section 2 above and any other provision of this Agreement, the latter will control.

Section 4. <u>Authorized Representatives</u>. Pursuant to Section 2.01 of the Standard Terms, attached hereto as Schedule 3 is a certificate listing the Authorized Representatives of the Authorized Participant.

Section 5. <u>Additional Covenants</u>. The Authorized Participant covenants and agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to use commercially reasonable efforts to ensure that any Delivery of applicable Digital Assets to the Custodian, or any withdrawal of applicable Digital Assets from the Trust, in connection with an In-Kind Purchase Order or In-Kind Redemption Order placed by the Authorized Participant will take place only through the Custodian and that any Delivery of cash to the Transfer Agent or withdrawal of cash in connection with a Cash Purchase Order or Cash Redemption Order placed by the Authorized Participant will take place only through the Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly upon written demand therefore (accompanied by such reasonable evidence as the Authorized Participant may request), to reimburse the Trust or the Custodian the amount of any taxes (including value added taxes) that may be imposed on the Trust or the Custodian in connection with any Delivery of Digital Assets by or on behalf of the Authorized Participant or the Authorized Participant Client (as defined in the Procedures) to the Custodian (in the case of a Purchase Order placed by the Authorized Participant), or any Delivery of Digital Assets to or for the account of the Authorized Participant or the Authorized Participant Client (in the case of a Redemption Order placed by the Authorized Participant).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Authorized Participant uses an intermediary ("Intermediary") to facilitate Delivery of Digital Assets to the Custodian for the Authorized Participant or an Authorized Participant Client (in the case of a Purchase Order placed by the Authorized Participant), or any Delivery of Digital Assets to or for the account of the Authorized Participant or an Authorized Participant Client (in the case of a Redemption Order placed by the Authorized Participant), that (i) such Intermediary shall be identified to the Trust and the Sponsor and (ii) Authorized Participant shall instruct such Intermediary to take commercially reasonable steps to comply with the terms of this Agreement and the Procedures and shall supply the Intermediary with a copy of this Agreement and the Procedures.

Section 6. <u>Notices</u>. Except as otherwise specifically provided in the Procedures, all notices required or permitted to be given pursuant hereto shall be given in writing and delivered by personal delivery, overnight courier or by postage prepaid registered or certified United States first class mail, return receipt requested, or by email (with a confirming copy by mail) addressed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If
 to the Trust:

Attn: Paul Fusaro

250 Montgomery Street, Suite 200

Telephone: (203) 539-9393

Email: teddy@bitwiseinvestments.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If
 to the Sponsor: same as above

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If
 to the Authorized Participant:

[Authorized Participant notice address and contact information]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If
 to the Transfer Agent:

Bank of New York Mellon

Attn: ETF Services

240 Greenwich Street

New York, NY 10286

Telephone: (844) 545-1258

Email: bnymetforderdesk@bnymellon.com

or such other address as any of the parties hereto shall have communicated in writing to the remaining parties in compliance with the provisions hereof.

Section 7. <u>Effectiveness, Termination and Amendment</u>. This Agreement shall become effective upon execution and delivery by each of the parties hereto. This Agreement may be terminated at any time by any party upon sixty days prior written notice to the other parties and may be terminated earlier by the Trust or the Sponsor at any time on the event of a breach by the Authorized Participant of any provision of this Agreement (including the Standard Terms incorporated by Section 2 hereof) or the Procedures. This Agreement shall terminate immediately upon termination of the Trust. This Agreement, along with any other agreement or instrument delivered pursuant to this Agreement, supersedes any prior agreement between or among the parties concerning the matters governed hereby. This Agreement may be amended by the Sponsor from time to time without the consent of the Authorized Participant or any Beneficial Owner by the following procedure: the Sponsor will email and mail a copy of the amendment to the Authorized Participant in compliance with the notice provisions of this Agreement; if the Authorized Participant does not object in writing to the amendment within fifteen (15) Business Days after receipt of the proposed amendment, the amendment will become part of this Agreement in accordance with its terms. Titles and section headings in this Agreement (and in the Standard Terms incorporated by Section 2 hereof and the Procedures) are included solely for convenient reference and are not a part of this Agreement.

Section 8. <u>Governing Law</u>. This Agreement and all the transactions hereunder shall be governed by and interpreted in accordance with the laws of the State of New York (regardless of the laws that might otherwise govern under applicable New York conflict law principles) as to all matters including matters of validity, construction, effect, performance and remedies. The parties irrevocably submit to the exclusive jurisdiction of any New York State or United States Federal court sitting in New York City, Borough of Manhattan over any suit, action or proceeding arising out of, or relating to, this Agreement, or any action taken or omitted hereunder, and waives any claim of forum non conveniens and any objections to the laying of venue. 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.

Section 9. <u>Assignment</u>. No party to this Agreement shall assign any rights, or delegate the performance of any obligations, arising hereunder without the prior written consent of the other parties hereto, which shall not be unreasonably withheld; provided, 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, consolidation or conversion to which a party hereunder shall be a party, shall be the successor of such party hereto. The party resulting from any such merger, conversion, consolidation or succession shall promptly notify the other parties hereto of the change. Any purported assignment or delegation in violation of these provisions shall be null and void.

Section 10. <u>No Strict Construction</u>. 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.

Section 11. <u>Counterparts</u>. This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.

[*Signatures Follow on Next Page*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Authorized Participant Agreement as of the date set forth above.

**BITWISE 10 CRYPTO INDEX FUND,**

By: BITWISE INVESTMENT ADVISERS, LLC, solely in its capacity as Sponsor of the<br> Bitwise 10 Crypto Index Fund

---

| | |
|:---|:---|
| By: |  |
| Name: | Paul Fusaro |
| Title: | Chief Operating Officer |
| Date: |  |
| **BITWISE INVESTMENT ADVISERS, LLC** | **BITWISE INVESTMENT ADVISERS, LLC** |
| By: |  |
| Name: | Paul Fusaro |
| Title: | Chief Operating Officer |
| Date: |  |
| **[Authorized Participant Name]** | **[Authorized Participant Name]** |
| By: |  |
| Name: |  |
| Title: |  |
| Date: |  |
| By: |  |
| Name: |  |
| Title: |  |
| Date: |  |
| Acknowledged by: | Acknowledged by: |
| **BANK OF NEW YORK MELLON** | **BANK OF NEW YORK MELLON** |
| By: |  |
| Name: |  |
| Title: |  |
| Date: |  |

---

*Signature page to Authorized Participant Agreement*

**SCHEDULE 1- CREATION AND REDEMPTION PROCEDURES**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | Page |
| ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01. Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.02. Interpretation | 5 |
| ARTICLE II CREATION PROCEDURES |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01. Initial Creation of Shares | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.02. Subsequent Creation of Shares | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.03. Provenance of Digital Asset Deposits | 9 |
| ARTICLE III REDEMPTION PROCEDURES |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.01. Redemption of Shares | 10 |
| ANNEX I TO CREATION AND REDEMPTION PROCEDURES |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creation/Redemption Order Form | A-1 |
| ANNEX II TO CREATION AND REDEMPTION PROCEDURES |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Order Entry System Terms and Conditions | A-3 |

---

**CREATION AND REDEMPTION PROCEDURES**

Adopted by the Sponsor and Trust (each as defined below) as of [*Date*], 2025

ARTICLE I

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 1.01. <u>Definitions</u>. For purposes of these Procedures, and the Standard Terms incorporated by reference into the Authorized Participant Agreement to which these Procedures are attached, unless the context otherwise requires, the following terms will have the following meanings:

"**1933 Act**" means the U.S. Securities Act of 1933, as amended.

"**Affiliate**" shall have the meaning given to it by Rule 501(b) under the 1933 Act.

"**AP Indemnified Party**" shall have the meaning ascribed to such term in Section 6.01.a of the Standard Terms.

"**Authorized Participant**" shall have the meaning ascribed to the term in the introductory paragraph of the Authorized Participant Agreement.

"**Authorized Participant Agreement**" shall mean each Authorized Participant Agreement among the Authorized Participant, the Trust and the Sponsor into which these Creation and Redemption Procedures are attached as Schedule 1 and the Standard Terms and Conditions attached as Schedule 2 shall have been incorporated by reference.

"**Authorized Participant Client**" means any party on whose behalf the Authorized Participant acts in connection with an Order (whether a customer or otherwise).

"**Authorized Representative**" shall mean, with respect to an Authorized Participant, each individual who, pursuant to the provisions of the Authorized Participant Agreement between such Authorized Participant, the Sponsor, and the Trust, has the power and authority to act on behalf of the Authorized Participant in connection with the placement of Purchase Orders or Redemption Orders and is in possession of the personal identification number (PIN) assigned by the Transfer Agent for use in any communications regarding Purchase or Redemption Orders on behalf of such Authorized Participant.

"**Basket**" means a block of 10,000 Shares.

"**Basket Amount**" shall mean the number of each of the Digital Assets to be delivered by an Authorized Participant, for its own account or for the account of an Authorized Participant Client, in connection with an In-Kind Purchase Order.

"**Beneficial Owner**" shall have the meaning given to it by Rule 16a-1(a)(2) of the Securities Exchange Act of 1934.

"**Bitcoin**" shall mean the cryptocurrency that is the native unit of account of the Bitcoin Network, as determined by the Sponsor in accordance with the Prospectus and which is identified in the Prospectus and on the Trust's website.

"**Bitcoin Benchmark Price**" means the U.S. dollar price of one bitcoin as determined by the CME CF Bitcoin Reference Rate – New York Variant or such other means as determined the Sponsor in accordance with the Prospectus and which is identified on the Trust's website.

"**Bitcoin Network**" shall mean the peer-to-peer cryptographic network commonly accepted as "Bitcoin" and for which Bitcoin is the native unit of account.

"**Digital Assets"** shall mean the digital assets comprising the portfolio of the Fund, including Bitcoin and Ether, as determined by the Sponsor in accordance with the Prospectus and which is identified in the Prospectus and/or on the Trust's website.

"**Digital Assets Network"** shall mean the relevant peer-to-peer cryptographic network commonly accepted for the relevant digital asset and for which such digital asset is the native unit of account.

"**Ether**" shall mean the cryptocurrency that is the native unit of account of the Ethereum Network, as determined by the Sponsor in accordance with the Prospectus and which is identified in the Prospectus and on the Trust's website.

"**Ether Benchmark Price**" means the U.S. dollar price of one Ether as determined by the CME CF Ethereum Reference Rate – New York Variant or such other means as determined the Sponsor in accordance with the Prospectus and which is identified on the Trust's website.

"**Ethereum Network**" shall mean the peer-to-peer cryptographic network commonly accepted as "Ethereum" and for which Ether is the native unit of account.

"**Business Day**" shall mean, if and as applicable, (i) each day the exchange on which the relevant Shares trade is open for regular trading, and/or (ii) a New York Business Day

"**Cash Purchase Order**" shall mean a Purchase Order whereby the Authorized Participant or the Authorized Participant Client, through the Authorized Participant, as agent, shall deliver cash (U.S. dollars, in immediately available funds) in exchange for Shares.

"**Cash Redemption Order**" shall mean a Redemption Order whereby the Authorized Participant or the Authorized Participant Client, through the Authorized Participant, as agent, shall receive U.S. dollars (in immediately available funds) in exchange for its delivery of Shares.

"**Creation**" means the process that begins when an Authorized Participant first indicates to the Transfer Agent its intention or an Authorized Participant Client's intention to purchase one or more Baskets pursuant to these Procedures and concludes with the issuance by the Trust and Delivery to such Authorized Participant or, through the Authorized Participant, to such Authorized Participant Client of the corresponding number of the Trust's Shares.

"**Creation and Redemption Line**" shall mean a telephone number designated as such by the Transfer Agent and specified in Annex I of the Procedures or otherwise communicated to each Authorized Participant in compliance with the notice provisions of the Authorized Participant Agreement.

"**Custodial Account**" shall mean the Digital Asset accounts established by the Trust with the Custodian pursuant to the Custodian Agreement.

"**Custodian**" shall mean Coinbase Custody Trust Company LLC, in its capacity as custodian under the Custodian Agreement and any successor thereto or additional or other custodian appointed in compliance with the provisions of the Trust Agreement and relevant Custodian Agreement.

"**Custodian Agreement**" shall mean the applicable Custodian Agreement by and between the Trust and the Custodian.

"**Delivery**" shall mean a delivery of Digital Assets, Shares or U.S. dollars, as applicable; **provided,** in the case of a delivery of Digital Assets, that Delivery is deemed to have occurred upon the transaction or transactions appearing on the public blockchain of the relevant Digital Assets' Network, as applicable; provided further, that if the block on the Digital Assets Network, as applicable, containing the Delivery transaction is "orphaned", reversed, or otherwise not confirmed consistent with the normal operation of the relevant Digital Assets Network, then Delivery shall be deemed not to have occurred despite any initial confirmation of the Delivery on the relevant Digital Assets Network, as applicable.

"**Depositor**" shall mean any Authorized Participant or Authorized Participant Client, through an Authorized Participant, that deposits (or causes the deposit of) Digital Assets or cash into the Trust, either for its own account or on behalf of another Person that is the owner or beneficial owner of that Digital Assets or cash.

"**Deposit Property**" means any Digital Assets, as applicable, in the case of an In-Kind Purchase Order, or cash (U.S. dollars, in immediately available funds), in the case of a Cash Purchase Order, which must be transferred by the Authorized Participant to the Trust in exchange for Shares.

"**DTC**" shall mean The Depository Trust Company, its nominees and their respective successors.

"**FINRA**" means the Financial Industry Regulatory Authority.

"**In-Kind Purchase Order**" shall mean a Purchase Order whereby the Authorized Participant or Authorized Participant Client, through the Authorized Participant, as agent, shall deliver Digital Assets as applicable, in exchange for Shares.

"**In-Kind Redemption Order**" shall mean a Redemption Order whereby the Authorized Participant or Authorized Participant Client, through the Authorized Participant, as agent, shall receive Digital Assets, as applicable, in exchange for its delivery of Shares.

"**Initial Creation**" shall mean the initial creation of Shares pursuant to the provisions of Section 2.01 hereof.

"**New York Business Day**" shall mean a day (other than a Saturday, Sunday or a public holiday in New York) on which commercial banks generally are open for the transaction of business in New York.

"**Order**" shall have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement.

"**Order Cutoff Time**" shall mean the time by which a Purchase Order or Redemption Order must be placed with the Transfer Agent to be deemed received on a particular Business Day. For In-Kind Purchase Orders and In-Kind Redemption Orders, the Order Cutoff Time is 3:59:59 p.m. (New York time) on any Business Day. For Cash Purchase Orders or Cash Redemption Orders, the Order Cutoff Time is 1:59:59 p.m. (New York time) on any Business Day unless the Sponsor determines, in its sole discretion, to designate an earlier Order Cutoff Time, in which case such alternative Order Cutoff Time shall be communicated by the Sponsor to the Authorized Participant in writing by 9:29:29 am (New York time) on any Business Day.

"**Order Date**" shall mean the Business Day upon which a Purchase Order or Redemption Order shall be deemed to be "accepted" by the Transfer Agent.

"**Person**" shall mean any natural person or any limited liability company, corporation, partnership, joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.

"**Procedures**" shall have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement.

"**Prospectus**" or "**Prospectuses**" means the current prospectus for the Shares of the relevant Trust included in its effective registration statement for such Shares (the "**Registration Statement**"), as supplemented or amended from time to time.

"**Purchase Order**" shall have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement.

"**Redemption Order**" shall have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement.

"**Required Cash Amount"** shall mean an amount of U.S. dollars equal to the Basket Amount multiplied by the Benchmark Price on any Order Date plus any transaction costs or less any transaction costs, in the case of a Purchase Order or Redemption Order, respectively.

"**Shares**" means Shares issued by the Trust pursuant to the provisions of the Trust Agreement and as registered with the SEC under the 1933 Act.

"**Sponsor**" shall mean Bitwise Investment Advisers, LLC, a Delaware limited liability company.

"**Sponsor Indemnified Party**" shall have the meaning ascribed to such term in Section 6.01.b of the Standard Terms.

"**Transfer Agent**" shall mean Bank of New York Mellon, a New York banking corporation, in its capacity as transfer agent of the Trust, and any successor thereto in compliance with the provisions thereof.

"**Trustee**" shall mean Delaware Trust Company, a Delaware trust company, in its capacity as Trustee under the Trust Agreement, and any successor thereto in compliance with the provisions thereof.

"**Trust**" means the Bitwise 10 Crypto Index Fund, a Delaware statutory trust.

"**Trust Agreement**" shall have the meanings ascribed to them in the introductory paragraph of the Authorized Participant Agreement.

Section 1.02. <u>Interpretation</u>. In these Procedures:

Unless otherwise indicated, all references to Sections, clauses, paragraphs, schedules or exhibits, are to Sections, clauses, paragraphs, schedules or exhibits in or to these Procedures.

To the extent that term(s) defined in Section 1.01 apply to the Trust and the Trust has not commenced operations as of any relevant date, such term(s) shall not be operative and any provisions relating to the Trust and its Shares contained in the Authorized Participant Agreement shall have no effect until such Trust commences operations and the Trust Agreement and applicable Custodian Agreement have been executed and delivered whereupon such terms and provisions shall become automatically operative and effective without any further action by the parties to the Authorized Participant Agreement.

The words "hereof", "herein", "hereunder" and words of similar import shall refer to these Procedures as a whole, and not to any individual provision in which such words may appear.

A reference to any statute, law, decree, rule, regulation or other applicable norm shall be construed as a reference to such statute, law, decree, rule, regulation or other applicable norm as re-enacted, re-designated or amended from time to time.

A reference to any agreement, instrument or document shall be construed as a reference to such agreement, instrument or document as the same may have been amended from time to time in compliance with the provisions thereof.

Whenever in these Procedures a Person is permitted or required to make a decision or take an action or omit to do any of the foregoing (i) in its "sole and absolute discretion" or "discretion" or that it deems "necessary or appropriate" or "necessary or advisable" or under a similar grant of authority or latitude, such Person will be entitled to consider such interests and factors, including its own interests, as it desires, and will have no duty or obligation to consider any other interests or factors affecting the Trust, any Authorized Participant or any other Person or to seek the consent of any Person, and shall not be subject to any other or different standards imposed by the Procedures, the Trust Agreement, any other agreement contemplated hereby, under any law, rule or regulation or in equity or (ii) with an express standard of behavior (including, without limitation, standards such as "reasonable" or "good faith"), then the Person will comply with such express standard and will not be subject to any other or different standard.

ARTICLE II

CREATION PROCEDURES

Section 2.01. <u>Initial Creation of Shares</u>. The initial creation of Shares of the Trust will take place in compliance with such procedures as the Transfer Agent, the Sponsor and the initial Depositor may agree.

Section 2.02. <u>Subsequent Creation of Shares</u>. After the Initial Creation, the issuance and Delivery of Shares shall take place only in integral numbers of Baskets in compliance with the following rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Authorized Participants wishing to acquire from the Trust one or more Baskets shall place a Purchase Order with the Transfer Agent no later than the Order Cutoff Time. Purchase Orders received by the Transfer Agent on or after the Order Cutoff Time on a Business Day shall be considered received at the opening of business on the next Business Day and shall have as their Order Date such next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. For purposes of Section 2.02a. above, a Purchase Order shall be deemed "received" by the Transfer Agent only when either of the following has occurred no later than the Order Cutoff 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;(i) Telephone/fax Order — An Authorized Representative shall have placed a telephone call to the Trust's Creation and Redemption Line and has received an Order Number from the Transfer Agent for insertion in the Purchase Order, 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;(ii) Web-based Order — An Authorized Representative shall have accessed the Trust's online services (nexen.bnymellon.com), and informed the Transfer Agent that the Authorized Participant wishes to place a Purchase Order for a specified number of Baskets and, in the case of a telephone order, within 30 minutes following such telephone call the Transfer Agent shall have received a properly completed, irrevocable Purchase Order in the form set out in Annex I to these Procedures executed by an Authorized Representative of such Authorized Participant, via facsimile or email at the number or address specified in such Annex I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Transfer Agent shall provide a written summary to the Sponsor and the Custodian of all accepted Purchase Orders for such Order Date no later than 6:30 p.m. (New York time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. As soon as reasonably practicable following receipt of a properly completed Purchase Order, but not later than 6:30 p.m. (New York time) on the Order Date for such Purchase Order, the Transfer Agent shall send to the Authorized Participant (with copy to the Sponsor and the Custodian, via facsimile or electronic mail message, a copy of the corresponding Purchase Order endorsed "Accepted" by the Transfer Agent and indicating the Basket Amount (in the case of an In-Kind Purchase Order) or Required Cash Amount (in the case of a Cash Purchase Order) that the Authorized Participant shall Deliver (or cause to be Delivered) to the Custodian (in the case of an In-Kind Purchase Order) or Transfer Agent (in the case of a Cash Purchase Order) in respect of each Basket. Prior to the transmission of the Transfer Agent's acceptance as specified above, a Purchase Order will only represent the Authorized Participant's unilateral offer to Deliver, or cause to be Delivered, the Basket Amount or Required Cash Amount, as applicable, in exchange for Baskets of Shares and will have no binding effect upon the Trust or any other party. Following the transmission of the Transfer Agent's acceptance as specified above, a Purchase Order will be a binding agreement among the Trust and the Authorized Participant for the Creation and purchase of Baskets of Shares and the deposit of the Basket Amount or Required Cash Amount pursuant to the terms of the Purchase Order and these Procedures unless cancelled, including due to a Digital Asset Delivery Failure. If a Purchase Order is rejected, the Transfer Agent shall send to the Authorized Participant (with copy to the Custodian), via facsimile or electronic mail message, as soon as reasonably practicable, but not later than 6:30 p.m. (New York time) on the Order Date for such Purchase Order, a copy of the corresponding Purchase Order endorsed "Declined" by the Transfer Agent and indicating the reason. The preceding sentence notwithstanding, Purchase Orders received before the Order Cutoff Time for an Order Date and not accepted by the Transfer Agent by 6:30 p.m. (New York time) on the Order Date shall be deemed cancelled. A Purchase Order which is not accepted by the Transfer Agent and is determined by the Transfer Agent not to be properly completed will be deemed invalid and rejected by the Transfer Agent; the Authorized Participant may submit a corrected Purchase Order within the time period specified in Section 1.09 of the Standard Terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Each Purchase Order shall settle on the Business Day following the Order Date. For In-Kind Purchase Orders, the Basket Amount corresponding to each Basket must be Delivered to the Custodial Account no later than 3:00 p.m. (New York time) on the Business Day following the Order Date; **provided, however,** the Sponsor may, in its sole discretion, extend such deadline to accommodate delays or disruptions on, as applicable, any relevant Digital Assets Network For Cash Purchase Orders, although the Required Cash Amount corresponding to each Basket must be deposited with the Transfer Agent no later than 3:00 p.m. (New York time) on the Business Day following the Order Date. If after extension of the deadline for Delivery for more than 10 Business Days from the originally scheduled settlement date, the Purchase Order shall be deemed cancelled and the Trust shall return the Required Cash Amount and all other consideration and Deposit Payments received in respect to such Purchase Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. For In-Kind Purchase Orders, the Custodian shall advise the Sponsor in writing of the Deliveries made to the Custodial Account in connection with each In-Kind Purchase Order. For Cash Purchase Orders, the Transfer Agent shall advise the Sponsor in writing of the Required Cash Amount deposits made to the Transfer Agent in connection with each Cash Purchase Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. On the Business Day following the Order Date corresponding to a Purchase Order, or on such earlier date and time as the Sponsor in its absolute discretion may agree with the Authorized Participant, the Trust shall issue the aggregate number of Shares corresponding to the number of Baskets ordered by the Authorized Participant and Deliver them, by credit to the account at DTC which the Authorized Participant shall have identified for such purpose in its Purchase Order, provided that, on the date such issuance and Delivery is to take place:

&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) in the case of an In-Kind Purchase Order, the Custodian shall have reported in writing to the Sponsor, and the Sponsor shall have reported to the Transfer Agent that the Basket Amount has been Delivered to the Custodial Account in compliance with the provisions of Section 2.02e. above and the Authorized Participant shall have paid the Transfer Agent the per order transaction fee; 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;(ii) in the case of a Cash Purchase Order, the Authorized Participant shall have paid the Transfer Agent the Required Cash Amount and a per order transaction fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. In all other cases, the Trust shall issue the aggregate number of Shares corresponding to the number of Baskets ordered by the Authorized Participant and deliver them by credit to the account at DTC which the Authorized Participant shall have identified for such purpose in its Purchase Order on the Business Day following the date on which the conditions set forth in either clause (i) or (ii) of Section 2.02g. above shall have been met. In the event that on the Business Day following the Order Date of a Purchase Order, in the case of an In-Kind Purchase Order, the Basket Amount shall not have been Delivered to the Custodial Account, or, in the case of a Cash Purchase Order, the Required Cash Amount shall not have been Delivered to Transfer Agent, in compliance with the provisions of section 2.02e. above, the Sponsor shall notify the Authorized Participant of such failure and the Authorized Participant shall have two (2) Business Days to correct such failure. If such failure is not cured within such two (2) Business Day period, the Sponsor shall direct the Transfer Agent to cancel such Purchase Order and will send via electronic mail message notice of such cancellation to the Authorized Participant and the Custodian, and the Authorized Participant will be solely responsible for all direct, reasonable costs incurred by the Trust, the Transfer Agent, the Sponsor or the Custodian related to the cancelled Order and shall reimburse such Persons for the same to the extent paid by such Persons subject to the prompt return to the Authorized Participant or Intermediary, as applicable, of all cash, Digital Assets and shares delivered to the Trust or its service providers in connection with the cancelled Order; **provided,** for the avoidance of doubt, that any obligation of an Authorized Participant to bear costs pursuant to this sentence shall not affect such Authorized Participant's indemnification obligations and limitation of liability under these Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The foregoing provisions notwithstanding, the Authorized Participant shall not be liable (including for costs) resulting from any failure or delay to Deliver any portion of a Deposit Payment and none of the Trust, the Sponsor, the Transfer Agent or the Custodian shall be liable for any failure or delay in making Delivery of Shares or any Digital Assets, as applicable, in respect of a Purchase Order arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government, public authority, public service or utility problems, power outages resulting in telephone, telecopy, internet and computer failures, act of God such as fires, floods, extreme weather conditions, pandemics, market conditions or activities causing trading halts, delays, systems failures involving computer, network, blockchain or other information systems affecting the Trust, the Transfer Agent, the Sponsor or the Custodian and similar extraordinary events beyond their control. In the event of any such delay, the time to complete Delivery in respect of a Purchase Order will be extended for a period equal to that during which the inability to perform continues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Except as provided in Sections 2.02d., 2.02f. and 2.02h., none of the Trust, the Transfer Agent, the Sponsor, or the Custodian are under any duty to give notification of any defects or irregularities in any Purchase Order or the delivery of the Basket Amount or Required Cash Amount, as applicable, and shall not incur any liability for the failure to give any such notification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Purchase Orders may be rejected under the circumstances specified in the applicable Prospectus.

Section 2.03. <u>Provenance of Digital Asset Deposits</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Authorized Participant represents and warrants that any Digital Asset it Delivers (or causes to be Delivered) to the Custodial Account in connection with an In-Kind Purchase Order 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;(i) be Delivered free and clear of any lien, pledge, encumbrance, right, charge or claim;

&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) not have been acquired by the Authorized Participant or any Intermediary facilitating such delivery as part of an employee compensation plan or held by such Authorized Participant or Intermediary as inventory in the ordinary course of business;

&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) be Delivered by a Person duly authorized by the Authorized Participant to make such deposit; 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;(iv) be Delivered by it or another Person that or who has been vetted by the Authorized Participant pursuant to policies and procedures reasonably designed to ensure that the Digital Asset was not be derived from, or related to, any activity that is deemed criminal under the United States law, including anti-corruption laws, anti-bribery laws, OFAC regulations or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Authorized Participant shall cooperate, and use its reasonable efforts to cause any Intermediary facilitating delivery of the relevant Digital Asset on its behalf to cooperate, with the Sponsor and the Transfer Agent in respect of any reasonable request for information regarding such the Authorized Participant's or Authorized Participant Client's (as applicable) cost basis in such Digital Asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Authorized Participant acknowledges that the Sponsor or the Transfer Agent may, but is not required to, facilitate a compliance review relating to the applicable Digital Asset Delivered to the Custodial Account in connection with a Purchase Order and, to the extent that such compliance review results in an inquiry in respect of the provenance of such Digital Asset, the Sponsor or Transfer Agent may make inquiries of the Authorized Participant or reject such deposit of such Digital Asset.

ARTICLE III

REDEMPTION PROCEDURES

Section 3.01. Redemption of Shares. Redemption of Shares shall take place only in integral numbers of Baskets in compliance with the following rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Authorized Participants wishing to redeem one or more Baskets on their own behalf or for an Authorized Participant Client shall place a Redemption Order with the Transfer Agent no later than the Order Cutoff Time on any Business Day. Redemption Orders received by the Transfer Agent on or after the Order Cutoff Time on any Business Day shall be considered received at the opening of business on the next Business Day and shall have as their Order Date such next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. For purposes of Section 3.01a. above, a Redemption Order shall be deemed "received" by the Transfer Agent only when either of the following has occurred no later than the Order Cutoff 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;(i) Telephone/fax Order — An Authorized Representative shall have placed a telephone call to the Trust's Creation and Redemption Line and has received an Order Number from the Transfer Agent for insertion in the Redemption Order, 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;(ii) Web-based Order — An Authorized Representative shall have accessed the Trust's online services (nexen.bnymellon.com) and informed the Transfer Agent that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets for itself or for an Authorized Participant Client and, in the case of a telephone order, within 30 minutes following such telephone call the Transfer Agent shall have received a duly completed, irrevocable Redemption Order in the form set out in Annex I to these Procedures executed by an Authorized Representative of such Authorized Participant, via facsimile at the number specified in such Annex I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Transfer Agent shall provide a written summary to the Sponsor and the Custodian of all accepted Redemption Orders for such Order Date no later than 6:30 p.m. (New York time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Upon receipt of a properly completed Redemption Order, the Transfer Agent shall send to the Authorized Participant (with copy to the Custodian), via facsimile or electronic mail message, as soon as reasonably practicable, but not later than 6:30 p.m. (New York time) on the Order Date for such Redemption Order a copy of the corresponding Redemption Order endorsed "Accepted" by the Transfer Agent and, in the case of an In-Kind Redemption Order, indicating the Basket Amount that the Custodian shall Deliver to the Authorized Participant (or its Authorized Participant Client), or in the case of a Cash Redemption Order, the Required Cash Amount that the Transfer Agent shall deliver to the Authorized Participant, in respect of each Basket being redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Transfer Agent shall on the Business Day following the Order Date of a Redemption Order confirm in writing to the Sponsor that the Authorized Participant has Delivered to the Trust's account at DTC the total number of Shares to be redeemed by such Authorized Participant pursuant to such Redemption Order and has paid the Transfer Agent a per order transaction fee in the published amount*.*

Provided that the Sponsor has received written confirmation from the Transfer Agent that the conditions set forth in Section 3.01e. above have been satisfied, the Sponsor shall, on the same Business Day: (1) in the case of an In-Kind Redemption Order, Deliver, through the Custodian, the Basket Amount specified in the communication sent in compliance with Section 3.01d. above, to the relevant Digital Asset Network address indicated by the Authorized Participant for itself or the Authorized Participant Client in its Redemption Order; or (2) in the case of a Cash Redemption Order, the Transfer Agent shall distribute to the Authorized Participant or the Authorized Participant Client, in accordance with the instructions of the Authorized Participant, the Required Cash Amount. In the case of an In-Kind Redemption Order, the relevant Digital Asset Network address indicated by the redeeming Authorized Participant shall be properly formatted and in the control of the Authorized Participant or its Authorized Participant Client for receipt of Digital Assets, as applicable. As between the Trust, Transfer Agent, Sponsor and Custodian, on the one hand, and the Authorized Participant (and the Authorized Participant Client and any of their agents, intermediaries or designees) on the other hand, the Authorized Participant (on its behalf and on behalf of the Authorized Participant Client) shall be solely responsible for delivery to the Transfer Agent of the correct Digital Assets Network address for receipt of the Basket Amount. Having caused such Delivery, the Custodian shall send written confirmation thereof to the Sponsor, and the Sponsor shall deliver to the Transfer Agent who shall then cancel the Shares so redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. In all other cases involving an In-Kind Redemption Order, Delivery must be completed by the Custodian as soon as, in the reasonable judgment of the Custodian, it is practicable following receipt of written confirmation from the Transfer Agent that the conditions set forth in clauses (i) and (ii) of Section 3.01e. above have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The foregoing provisions notwithstanding, none of the Authorized Participant, the Trust, the Transfer Agent, the Sponsor, or the Custodian shall be liable for any failure or delay in making Delivery of Digital Assets or the Required Cash Amount or the Shares in respect of a Redemption Order arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government, public authority, public service or utility problems, power outages resulting in telephone, telecopy and computer failures, act of God such as fires, floods, extreme weather conditions, pandemics, market conditions or activities causing trading halts, delays, systems failures involving computer, network, blockchain or other information systems affecting the Trust, the Transfer Agent, the Sponsor or the Custodian and similar extraordinary events beyond any of their control. Notwithstanding the foregoing, the Trust, Transfer Agent, Sponsor and Custodian shall be responsible for malfunctions in the operations of their and their designee's systems and operations within their reasonable control. Each of the Trust, Transfer Agent, Sponsor and Custodian agrees to maintain its systems and controls in good repair and to maintain at all times reasonable cyber security software and other protections against misappropriation, misuse, destruction or corruption of information and data relating to the Authorized Participant and any Authorized Participant Client. Furthermore, the Trust, the Transfer Agent, the Sponsor or the Custodian shall not be liable to the Authorized Participant or vice versa for any delay or cancellation of a Redemption Order due to a technical or security issue relating to the any Digital Assets Network or the Custodian's security system or a hard fork of any Digital Assets Network. In the event of any such delay, the time to complete Delivery in respect of a Redemption Order will be extended for a period equal to that during which the inability to perform continues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. In the event that on the Business Day following the Order Date of a Redemption Order, the Trust's account at DTC shall not have been credited with the total number of Shares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order the Sponsor shall notify the Authorized Participant of such failure and the Authorized Participant shall have two (2) Business Days to correct such failure. If such failure is not cured within such two (2) Business Day period, the Sponsor shall direct the Transfer Agent to cancel such Redemption Order and will send electronic mail message notice of such cancellation to the Authorized Participant and the Custodian, and the Authorized Participant will be solely responsible for all direct, reasonable costs incurred by the Trust, the Transfer Agent, the Sponsor or the Custodian related to the cancelled Redemption Order unless the cause of the failure of the Trust's account at DTC to be credited was caused by the gross negligence or willful misconduct of the Trust, the Sponsor, the Transfer Agent or the Custodian, including, without limitation, provision of inaccurate settlement instructions, in which case, the entity that provided the inaccurate instructions shall be liable for all costs actually incurred resulting from the cancelled Redemption Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Upon cancellation of an Order, all Deposit Payments Delivered by the Authorized Participant or Intermediary to the Trust or any service provider to the Trust shall be returned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. The redemption of Shares may be suspended or rejected under the circumstances specified in the applicable Prospectus.

*[Signatures Follow on Next Page]*

**IN WITNESS WHEREOF**, the Trust, the Sponsor and the Transfer Agent have executed these Creation and Redemption Procedures as of the date set forth above.

BITWISE 10 CRYPTO INDEX FUND

By: BITWISE INVESTMENT ADVISERS, LLC, solely in its capacity as Sponsor of the<br> Bitwise 10 Crypto Index Fund

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| | |
|:---|:---|
| By: |  |
| Name: | Paul Fusaro |
| Title: | Chief Operating Officer |
| BITWISE INVESTMENT ADVISERS, LLC | BITWISE INVESTMENT ADVISERS, LLC |
| By: |  |
| Name: | Paul Fusaro |
| Title: | Chief Operating Officer |
| THE BANK OF NEW YORK MELLON, in its capacity as Transfer Agent | THE BANK OF NEW YORK MELLON, in its capacity as Transfer Agent |
| By: |  |
| Name: |  |
| Title: |  |

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*Signature page to Creation and Redemption Procedures*

ANNEX I TO CREATION AND REDEMPTION PROCEDURES

**BITWISE 10 CRYPTO INDEX FUND**

**CREATION/REDEMPTION ORDER FORM**

CONTACT INFORMATION FOR ORDER EXECUTION:

Telephone order number: Fax order number:

Authorized Participant must complete all items in Part 1. The Transfer Agent in its discretion may reject any order not submitted in proper form.

**I. TO BE COMPLETED BY AUTHORIZED PARTICIPANT:**

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| | |
|:---|:---|
| Date: ____________________________ | Time: ________________________________________ |
| Broker Name: ______________________ | Authorized Participant Firm Name: __________________ |
| DTC Participant Number: _____________ | Fax Number: ___________________________________ |
| Telephone Number: _________________ | Symbol: ______________________________________ |

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Type of order (Check Creation or Redemption and Cash or In-Kind please)

Creation: ____________________________ Redemption: ____________________________ <br> Cash: ____________________________ In-Kind: ____________________________

# of Creation Units:__________________ Number of Creation Units written out: _____________________

Order # ____________________

If utilizing an Intermediary to facilitate delivery of Digital Assets or the receipt of Digital Assets, please identify:

Digital Asset to be delivered or received: ______________________

Intermediary Name: __________________ Contact Person Name: __________________

Telephone Number: __________________ Email: ___________________________________

Digital Assets Network Address for each Digital Asset receipt/delivery:_______________________________________

This Purchase or Redemption Order is subject to the terms and conditions of the Trust Agreement of the Shares of the Trust as currently in effect and the Authorized Participant Agreement between the Authorized Participant, the Trust and the Sponsor. All representations and warranties of the Authorized Participant set forth in such Trust Agreement (including, if this is a Purchase Order, the representations in the Authorized Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof.

The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Representative under the Authorized Participant Agreement and that he/she is authorized to deliver this Purchase or Redemption Order to the Transfer Agent on behalf of the Authorized Participant. The Authorized Participant acknowledges and agrees that (1) once accepted by the Transfer Agent, this Purchase or Redemption Order will become a legally binding contract for the delivery by the Authorized Participant of the Basket Amount per Basket for a Purchase Order, or the number of Baskets for a Redemption Order, indicated above, and that the final Basket Amount will be announced at the conclusion of the trading day and, (2) any taxes incurred in connection with this transaction will be the responsibility of, and will be reimbursed upon demand from the Trust, the Transfer Agent, the Sponsor or the Custodian by, the Authorized Participant if required pursuant to the Authorized Participant Agreement.

____________________________________ ______________________ <br> Authorized Representative's Signature Date

II. TO BE COMPLETED BY TRANSFER AGENT:

This certifies that the above order has been:

______________________ Accepted by the Transfer Agent

______________________ Declined-

Reason: _____________________________________

________________________________________

Type of Digital Asset: __________________

Final # of each Digital Asset: _______________

Final # of Shares: _____________________

Final Cash Due to Transfer Agent _______________

      <br> Date Time Authorized Signature of Transfer Agent

ANNEX II TO CREATION AND REDEMPTION PROCEDURES

ORDER ENTRY SYSTEM TERMS AND CONDITIONS

This Annex II shall govern use by 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 Schedule 1 of the Authorized Participant Agreement. In the event of any conflict between the terms of this Annex II and the main body of the Authorized Participant Agreement with respect to the placing of Purchase Orders and Redemption Orders, the terms of this Annex II shall control.

1. (a) Authorized Participant shall provide to The Bank of New York Mellon a duly executed authorization letter, in a form satisfactory to The Bank of New York Mellon, identifying those authorized persons who will access the System (the "**Authorized Persons**"). Authorized Participant shall notify The Bank of New York Mellon in writing in the event that any person's status as an Authorized Person is revoked or terminated as soon as possible, in order to give The Bank of New York Mellon a reasonable opportunity to terminate such Authorized Person's access to the System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Authorized Participant Agreement. Upon termination of the Authorized Participant Agreement, the Authorized Participant's and each Authorized Person's access rights with respect to System shall be immediately revoked.

2. The Bank of New York Mellon 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 The Bank of New York Mellon 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 The Bank of New York Mellon 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 therefor) by The Bank of New York Mellon 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 The Bank of New York Mellon'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 The Bank of New York Mellon's request. The Bank of New York Mellon agrees to maintain its System in good repair and to maintain at all times robust cyber security software and protections to prevent unauthorized access, destruction, corruption or misuse of the information submitted by Authorized Participant through the System.

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 The Bank of New York Mellon. 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 The Bank of New York Mellon'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. THE BANK OF NEW YORK MELLON 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon termination of the Authorized Participant Agreement for any reason, upon the request of The Bank of New York Mellon, Authorized Participant shall return to The Bank of New York Mellon 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 The Bank of New York Mellon. The Bank of New York Mellon shall be entitled to rely on the information received by it from the Authorized Participant and The Bank of New York Mellon may assume that all such information was transmitted by or on behalf of an Authorized Person regardless of by whom it was actually transmitted.

5. The Bank of New York Mellon 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 The Bank of New York Mellon's gross negligence or willful misconduct or its gross negligence in maintaining the System in good repair and maintaining reasonable cyber security protections, consistent with industry standards. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, IT IS HEREBY AGREED THAT IN NO EVENT SHALL THE BANK OF NEW YORK MELLON 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 AUTHORIZED PARTICIPANT HEREUNDER, OR ANY TRANSACTION EFFECTED OR ATTEMPTED TO BE EFFECTED BY AUTHORIZED PARTICIPANT HEREUNDER, EVEN IF THE BANK OF NEW YORK MELLON OR SUCH MANUFACTURER OR SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, NOR SHALL THE BANK OF NEW YORK MELLON 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. The Bank of New York Mellon reserves the right to revoke Authorized Participant's access to the System immediately and without notice upon any breach by the Authorized Participant of the terms and conditions of this Annex II.

7. The Bank of New York Mellon 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 The Bank of New York Mellon 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 The Bank of New York Mellon. The Bank of New York Mellon may in its discretion decline to act upon any instructions or communications that are insufficient or incomplete or are not received by The Bank of New York Mellon in sufficient time for The Bank of New York Mellon to act upon, or in accordance with such instructions or communications.

8. Authorized Participant agrees to use reasonable efforts 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 The Bank of New York Mellon 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.

**SCHEDULE 2- STANDARD TERMS**

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | Page |
| ARTICLE I ORDERS FOR PURCHASE AND REDEMPTION |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01. Authorization to Purchase and Redeem Baskets | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.02. Procedures for Orders | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.03. Consent to Recording | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.04. Irrevocability | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.05. Costs and Expenses | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.06. Delivery of Property to the Trust | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.07. Title to Deposit Property and Shares Surrendered for Redemption | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.08. Certain Payments or Distributions | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.09. Ambiguous Instructions | 4 |
| ARTICLE II AUTHORIZED REPRESENTATIVES |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01. Certification | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.02. PIN Numbers | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.03. Termination of Authority | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.04. Verification | 6 |
| ARTICLE III AUTHORIZED PARTICIPANT REPRESENTATIONS, WARRANTIES AND COVENANTS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.01. Entity Status | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.02. Outstanding Legal Matters | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.03. Compliance with Certain Laws | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.04. Clearing Status | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.05. Broker-Dealer Status | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.06. Foreign Status | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.07. Compliance with Certain Laws | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.08. Authorized Participant Status | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.10. Money Laundering and Similar Activities | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.11. Authorized Participant Status | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.12. Authorized Participant Clients | 8 |
| ARTICLE IV ROLE OF AUTHORIZED PARTICIPANT |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.01. No Agency | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.02. Rights and Obligations of DTC Participant | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.03. Beneficial Owner Communications | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.04. Authorized Participant Customer Information | 9 |
| ARTICLE V MARKETING MATERIALS AND REPRESENTATIONS AND WARRANTIES |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.01. Authorized Participant's Representation | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.02. Prospectus | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.03. Representations of the Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.04. Use of Authorized Participant's Name |  |
| ARTICLE VI INDEMNIFICATION; LIMITATION OF LIABILITY |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.01. Indemnification | 10 |
| ARTICLE VII LIABILITY PROVISIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.01. No Special Damages | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.02. Force Majeure | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.03. Reliance on Instructions | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.04. Limited Liability | 12 |
| ARTICLE VIII MISCELLANEOUS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.01. Commencement of Trading | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.02. Defined Terms | 12 |

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**STANDARD TERMS FOR AUTHORIZED PARTICIPANT AGREEMENTS** (the **"Standard Terms"**) agreed to as of [*Date*], 2025 by and between [Name of Authorized Participant]. (the "Authorized Participant"), Bitwise 10 Crypto Index Fund (the "**Trust**"), The Bank of New York Mellon, a New York banking corporation (the "**Transfer Agent**"), and Bitwise Investment Advisers, LLC, a Delaware limited liability company (the "**Sponsor**").

ARTICLE I

ORDERS FOR PURCHASE AND REDEMPTION

Section 1.01. <u>Authorization to Purchase and Redeem Baskets</u>. Subject to the provisions of the Authorized Participant Agreement, during the term of the Authorized Participant Agreement the Authorized Participant will be authorized to purchase and redeem Baskets of Shares in compliance with the provisions of the relevant Prospectus.

Section 1.02. <u>Procedures for Orders</u>. Each party hereto agrees to comply with the provisions of the relevant Prospectus the Procedures, and these Standard Terms to the extent applicable to it.

Section 1.03. <u>Consent to Recording</u>. The phone lines or chat software used by the Transfer Agent, the Sponsor and/or their affiliated persons may be recorded, and the Authorized Participant hereby consents to the recording of all calls or chats with any of those parties. In the event that the Transfer Agent, the Sponsor or any of their affiliated persons becomes legally compelled to disclose to any third party any recording involving communications with the Authorized Participant, the Sponsor agrees to provide the Authorized Participant with reasonable advance written notice identifying the recordings to be so disclosed unless prohibited by applicable rule, regulatory request, law or order, together with copies of such recordings, so that the Authorized Participant may seek a protective order or other appropriate remedy with respect to the recordings or waive its right to do so. In the event that such protective order or other remedy is not obtained or the Authorized Participant waives its right to seek such protective order or remedy, the Sponsor will use commercially reasonable efforts to obtain reliable assurance that confidential treatment will be accorded the recorded conversation. The Transfer Agent, the Sponsor or any of their affiliated persons shall not otherwise disclose to any third party any recording involving communications with the Authorized Participant without the Authorized Participant's express written consent, except the Transfer Agent and the Sponsor may disclose to any regulatory or self- regulatory organization, to the extent requested or required by applicable rule or law, any recording involving communications with the Authorized Participant.

Section 1.04. <u>Irrevocability; Cancellation</u>. The Authorized Participant agrees that delivery to the Transfer Agent of an Order shall be irrevocable; provided that the Trust will reject any Order that is not properly completed. In the event that the purchase or redemption of Baskets is suspended by the Transfer Agent or the Sponsor or a Force Majeure event (defined below) occurs so that such purchase or redemption becomes impossible or impractical and such suspension or Force Majeure event affects any Order submitted by the Authorized Participant, the Transfer Agent or Sponsor, as applicable, will promptly notify the Authorized Participant of such suspension. In such case, the Sponsor agrees to undertake commercially reasonable efforts to accommodate any request by the Authorized Participant to cancel a previously placed Order. The parties agree such cancellation will not result in any liability to either the Authorized Participant or the Trust or Sponsor for buy-in costs, consequential damages or other losses, provided that, in the event the cancellation was caused by a failure to Deliver a Deposit Payment by the Authorized Participant or any person represented by it, then the Authorized Participant shall be responsible for paying to the Trust direct, reasonable costs incurred due to the failure in Delivery.

Section 1.05. <u>Costs and Expenses</u>. The Authorized Participant shall be responsible for the expenses and costs incurred by the Trust that can be directly attributable to Orders submitted by the Authorized Participant other than ordinary course expenses and costs which are reimbursed through payment of the fee contemplated in Section 2.02(g) of the Procedures or expenses or costs incurred due to the gross negligence or willful malfeasance of the Trust or any service provider to the Trust. The Transfer Agent or the Sponsor shall provide the Authorized Participant with reasonably detailed information relating to such expenses and costs (as well as those described above in connection with cancellation of an Order) upon request by the Authorized Participant.

Section 1.06. <u>Delivery of Property to the Trust and Shares Surrendered for Redemption</u>. The Authorized Participant understands and agrees that in the event Deposit Property is not transferred to the Trust by the time specified for the Purchase Order, or Shares are not delivered to the Trust by the time specified for the Redemption Order and, in each such case, in compliance with the Procedures and the relevant Prospectus, the Purchase Order or Redemption Order will be cancelled by the Transfer Agent and the Authorized Participant will be solely responsible for all direct, reasonable costs incurred by the Trust, the Transfer Agent, the Sponsor or the Custodian related to the cancelled Order (excluding any costs incurred to replace the Order with another authorized participant, hedging costs or any incidental or consequential damages). The Authorized Participant will not, however, be responsible for costs incurred by the Trust, the Transfer Agent, the Sponsor, or the Custodian related to cancelled Orders where the failure to transfer Deposit Property to the Trust is due to the gross negligence, bad faith, or reckless or willful misconduct of the Transfer Agent, the Sponsor, or the Custodian. The foregoing provisions notwithstanding, the Authorized Participant shall not be liable for any failure or delay in making Delivery of Deposit Property in respect of a Purchase Order or for any failure or delay in surrendering Shares for redemption arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government, public authority, public service or utility problems, power outages resulting in telephone, telecopy and computer failures, acts of God, such as fires, floods, extreme weather conditions, pandemic market conditions or activities causing trading halts, delays systems failures involving computer, network, blockchain or other information systems affecting the Authorized Participant, or similar extraordinary events beyond the Authorized Participant's control (a "Force Majeure event"). Furthermore, the Authorized Participant shall not be liable for any failure or delay in making Delivery of Deposit Property that results from the Custodian halting deposits or the Authorized Participant or any person represented by the Authorized Participant being unable to (or reasonably determining that it should not, for security or illegality reasons, attempt) Deliver Digital Assets due to a technical or security issue relating to, as applicable, each Digital Assets Network or a hard fork of any Digital Assets Network. In the event of any such delays, the time to complete Delivery in respect of a Purchase Order or Redemption Order will be extended for a period equal to that during which the inability to perform continues; provided that the Order shall be deemed cancelled on the first Business Day occurring after an extension has continued for ten Business Days. The Trust, the Transfer Agent, and the Sponsor agree, upon cancellation of an Order, promptly to return or cause to be returned to the Authorized Participant all Deposit Payments and other assets Delivered by the Authorized Participant or any person represented by the Authorized Participant in connection with the cancelled Order to the Authorized Participant or, in the case of Digital Assets, to return such Digital Assets to the account or wallet address of the Authorized Participant Client or other person represented by the Authorized Participant in connection with such Order.

Section 1.07. <u>Title to Deposit Property and Shares Surrendered for Redemption</u>. The Authorized Participant represents and warrants to the Trust, the Transfer Agent and the Sponsor, on behalf of itself and as to each Authorized Participant Client, as applicable, 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. in connection with each Purchase Order, the Authorized Participant or the Authorized Participant Client, as applicable, will have the right and authority to transfer to the Trust the corresponding Deposit Property, and that upon delivery of such Deposit Property to the Custodian or Transfer Agent, as applicable, in accordance with the Procedures, the Trust will acquire good and unencumbered title to such property, free and clear of all liens, charges, duties imposed on the transfer of assets and encumbrances and not subject to any adverse claims or transferability restrictions, whether arising by operation of law or otherwise; 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. in connection with a Redemption Order, the Authorized Participant or the Authorized Participant Client, as applicable, will have the right and authority to surrender to the Trust for redemption the corresponding Shares, and upon such surrender the Trust will acquire good and unencumbered title to such Shares, free and clear of all liens, charges, duties imposed on the transfer of assets and encumbrances and not subject to any adverse claims, transferability restrictions (whether arising by operation of law or otherwise), loan, pledge, repurchase or securities lending agreements or other arrangements which, under such circumstances, would preclude the delivery of such Shares to the Trust on the settlement date for the Order Date.

Section 1.08. <u>Certain Payments or Distributions</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. With respect to any Purchase Order, the Transfer Agent acknowledges and agrees to return to the Authorized Participant or any Authorized Participant Client for which it is acting any payment, distribution or other amount paid to the Trust in respect of any Deposit Property transferred to the Trust that, based on the valuation of such Deposit Property at the time of transfer, should have been paid to the Authorized Participant or any Authorized Participant Client. Likewise, the Authorized Participant acknowledges and agrees to return to the Trust any payment, distribution or other amount paid to the Authorized Participant or any Authorized Participant Client in respect of any Deposit Property transferred to the Trust that, based on the valuation of such Deposit Property at the time of transfer, should have been paid to 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. With respect to any Redemption Order, the Authorized Participant on behalf of itself and any Authorized Participant Client acknowledges and agrees to return to the Trust any payment, distribution or other amount paid to it or an Authorized Participant Client in respect of any property transferred to the Authorized Participant or any Authorized Participant Client that, based on the valuation of such property at the time of transfer, should have been paid to the Trust. The Trust is entitled to reduce the amount of any property due to the Authorized Participant or any Authorized Participant Client by an amount equal to any payment, distribution or other sum to be paid to the Authorized Participant or to the Authorized Participant Client in respect of any property transferred to the Authorized Participant or any Authorized Participant Client that, based on the valuation of such property at the time of transfer, should be paid to the Trust. If, however, the Trust so reduces an amount of any property appropriately due to the Authorized Participant, the Authorized Participant shall not be required to return to the Trust payments, distributions or other amounts equal to such reduction that has been paid to the Authorized Participant or the Authorized Participant Client as is contemplated in the first sentence of this Section 1.08(b). Likewise, the Trust acknowledges and agrees to return to the Authorized Participant or any Authorized Participant Client any payment, distribution or other amount paid to it in respect of any Shares transferred to the Trust that, based on the valuation of such Shares at the time of transfer, should have been paid to the Authorized Participant or such Authorized Participant Client.

Section 1.09. <u>Ambiguous Instructions</u>. In the event that a Purchase Order or Redemption Order contains terms that differ from the information provided in the related telephone call, chat or email transmission, the Transfer Agent will attempt to contact the Authorized Participant to request confirmation of the terms of the order at the telephone number indicated in the Purchase Order or Redemption Order. If an Authorized Representative confirms the terms as they appear in the Purchase Order or Redemption Order, then the order will be accepted and processed. If an Authorized Representative contradicts the terms of the Purchase Order or Redemption Order, the order will be deemed invalid, and a corrected Purchase Order or Redemption Order must be received by the Transfer Agent not later than the earlier of (i) within fifteen (15) minutes of such contact with the Authorized Representative or (ii) thirty (30) minutes after the Order Cutoff Time. For the avoidance of doubt, notwithstanding the invalidation of the initial Purchase Order or Redemption Order pursuant to this paragraph, a Purchase Order or Redemption Order that is otherwise in proper form shall be deemed submitted at the time of its initial submission for purposes of determining when orders are deemed "received." If the Transfer Agent is not able to contact an Authorized Person, then the Purchase Order or Redemption 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 a Purchase Order or Redemption Order contains terms that are illegible, the submission will be deemed invalid and the Transfer Agent will attempt to contact the Authorized Participant to request retransmission. A corrected Purchase Order or Redemption Order must be received by the Transfer Agent, as applicable, not later than the earlier of (i) within fifteen (15) minutes of such contact with the Authorized Participant or (ii) thirty (30) minutes after the Order Cutoff Time.

ARTICLE II

AUTHORIZED REPRESENTATIVES

Section 2.01. <u>Certification</u>. Concurrently with the execution of the Authorized Participant Agreement, the Authorized Participant shall deliver to the Transfer Agent a certificate in a form as attached at Schedule 3 to the Authorized Participant Agreement (an "**Authorized Representative Certificate**") signed by the Authorized Participant's Secretary or other duly authorized person setting forth the names, signatures, e-mail addresses and telephone and facsimile numbers of all persons authorized to give instructions relating to any activity contemplated hereby or any other notice, request or instruction on behalf of the Authorized Participant (each an "**Authorized Representative**"). Such certificate may be accepted and relied upon by the Transfer Agent as conclusive evidence of the facts set forth therein and shall be considered to be in full force and effect until (i) receipt by the Transfer Agent of a superseding Authorized Representative Certificate, or (ii) termination of the Authorized Participant Agreement. After such Authorized Representative Certificate is accepted by the Transfer Agent, the Authorized Participant may authorize additional Authorized Representatives to give instructions relating to any activity contemplated hereby or any other notice, request or instruction on behalf of the Authorized Participant by delivering to the Transfer Agent an addendum to the certificate described above.

Section 2.02. <u>PIN Numbers</u>. The Transfer Agent shall issue to each Authorized Participant a unique personal identification number ("**PIN Number**") by which such Authorized Participant shall be identified and instructions issued by the Authorized Participant shall be authenticated. The PIN Number shall be kept confidential and only provided to Authorized Representatives. The Authorized Participant may revoke the PIN Number at any time upon written notice to the Transfer Agent, and the Authorized Participant shall be responsible for doing so in the event that it becomes aware that an unauthorized person has received access to its PIN Number or has or intends to use the PIN Number in an unauthorized manner. Upon receipt of such written request, the Transfer Agent shall promptly de-activate the PIN Number. If an Authorized Participant's PIN Number is changed, the new PIN Number will become effective on a date mutually agreed upon by the Authorized Participant and the Transfer Agent. Except as otherwise provided in these Standard Terms, the Authorized Participant agrees that, absent the Transfer Agent's fraud, gross negligence, bad faith or reckless or willful misconduct in failing to cancel the PIN Number promptly following a written request to do so from the Authorized Participant or the termination of the Authorized Participant Agreement, none of the Trust, the Sponsor, the Transfer Agent or the Custodian shall be liable for losses incurred by the Authorized Participant as a result of unauthorized use of the Authorized Participant's PIN Number prior to the time when the Authorized Participant provides reasonable prior notice to the Transfer Agent of the termination or revocation of authority pursuant to Section 2.03 and the Transfer Agent has de-activated the PIN Number as provided for in this paragraph.

Section 2.03. <u>Termination of Authority</u>. Upon the termination or revocation of authority of an Authorized Representative by the Authorized Participant, the Authorized Participant shall (i) promptly give written notice of such fact to the Transfer Agent and such notice shall be effective upon receipt by the Transfer Agent; and (ii) request a new PIN Number. The Transfer Agent shall promptly de-activate the PIN Number upon receipt of such written notice.

Section 2.04. <u>Verification</u>. The Transfer Agent may assume that all instructions issued to it using the Authorized Participant's PIN Number have been properly placed by Authorized Representatives, unless the Transfer Agent has actual knowledge to the contrary or the Authorized Participant has revoked its PIN Number. The Transfer Agent shall have no duty to verify that an Order is being placed by an Authorized Representative that uses a valid PIN Number. The Authorized Participant agrees that the Transfer Agent shall not be responsible, absent the Transfer Agent's fraud, gross negligence, bad faith or reckless or willful misconduct, for any losses incurred by the Authorized Participant as a result of an Authorized Representative identifying himself or herself as a different Authorized Representative or an unauthorized person identifying himself or herself as an Authorized Representative, unless the Transfer Agent previously received from the Authorized Participant written notice to revoke its PIN Number.

ARTICLE III

AUTHORIZED PARTICIPANT REPRESENTATIONS, WARRANTIES AND COVENANTS

Section 3.01. <u>Entity Status</u>. The Authorized Participant hereby represents, covenants and warrants that it has all requisite authority, whether arising under applicable federal or state law, the rules and regulations of any self-regulatory organization to which it is subject, or its certificate of incorporation, formation or limited liability company operating agreement or other organizational document, as the case may be, to enter into the Authorized Participant Agreement and to discharge the duties and obligations apportioned to it in accordance with the terms hereof.

Section 3.02. <u>Outstanding Legal Matters</u>. The Authorized Participant hereby represents, covenants and warrants that there are no actions, grievances, proceedings (including, without limitation, arbitration proceedings), orders, inquiries or claims pending, or to the Authorized Participant's knowledge, threatened against or affecting it or any broker or employee (in his or her capacity as such) by the Securities and Exchange Commission, FINRA or any other self-regulatory organization that would affect the Authorized Participant's ability to fulfill its obligations under the Authorized Participant Agreement.

Section 3.03. <u>Compliance with Certain Laws</u>. The Authorized Participant represents and warrants that it shall act in a manner consistent with the instructions of the Trust and materially comply with all applicable laws, including, without limitation, securities laws of each jurisdiction in which the Authorized Participant proposes to carry on the business contemplated by this Agreement. The Authorized Participant's responsibility to the Trust is solely contractual in nature, the Authorized Participant has been retained solely to act as an agent for submission of Creation Orders and Redemption Orders by other persons and no fiduciary, advisory, distribution or underwriting or placement agency relationship between the Trust and the Authorized Participant has been created.

Section 3.04. <u>Clearing Status</u>. The Authorized Participant represents, covenants and warrants that, as of the date of execution of the Authorized Participant Agreement, and at all times during the term of the Authorized Participant Agreement, the Authorized Participant is and will be entitled to use the clearing and settlement services of each of the national or international clearing and settlement organizations through which, in compliance with the Procedures, the transactions contemplated hereby will clear and settle. Any change in the foregoing status of the Authorized Participant shall terminate the Authorized Participant Agreement and the Authorized Participant shall give prompt written notice thereof to the Transfer Agent.

Section 3.05. <u>Broker-Dealer Status</u>. The Authorized Participant represents and warrants that it is registered as a broker-dealer under the 1934 Act, and is a member in good standing of FINRA. The Authorized Participant will maintain any such registrations, qualifications and membership in good standing, or, if applicable, exempt status, in full force and effect throughout the term of this Agreement. In carrying out its responsibilities hereunder, the Authorized Participant will comply with all applicable United States federal laws, the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated thereunder, and with the Constitution, By-Laws and Conduct Rules of FINRA and shall not offer or sell Shares in any state or jurisdiction where the Sponsor has disclosed to the Authorized Participant they may not lawfully be offered and/or sold.

Section 3.06. <u>Digital Asset Custody</u>. The Authorized Participant hereby represents, covenants and warrants that the Intermediary and/or the Authorized Participant Client with which the Trust will transact in connection with In-Kind Purchase Orders or In-Kind Redemption Orders maintains a wallet or wallets from a reputable Digital Asset wallet software provider, or with a third party provider of applicable Digital Asset wallets. If there is any change in the foregoing, the Authorized Participant shall give immediate notice to the Sponsor of such event.

Section 3.07. <u>[Reserved]</u>.

Section 3.08. <u>Foreign Status</u>. If the Authorized Participant is offering and selling Shares in jurisdictions outside the several states, territories and possessions of the United States and is not otherwise required to be registered, qualified, or a member of FINRA as set forth in the preceding paragraph, the Authorized Participant nevertheless represents and warrants that it shall observe the applicable laws of the jurisdiction in which such offer and/or sale is made and to conduct its business in accordance with the FINRA Conduct Rules, to the extent the foregoing relates to the Authorized Participant's transactions in, and activities with respect to, Shares in such jurisdiction.

Section 3.09. <u>Compliance with U.S.A PATRIOT Act</u>. The Authorized Participant represents and warrants that it and each Authorized Participant Client has adopted and maintains policies and procedures reasonably designed to ensure that is in compliance with the money laundering and related provisions of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the "USA PATRIOT Act"), and the regulations promulgated thereunder, if the Authorized Participant is subject to the requirements of the USA PATRIOT Act. If there is any change in the foregoing, the Authorized Participant shall give immediate notice to the Sponsor of such event.

Section 3.10. <u>Money Laundering and Similar Activities.</u> The Authorized Participant represents and warrants that, in carrying out its responsibilities hereunder, it shall act in a manner consistent with all applicable laws concerning money laundering to which it is subject. In furtherance of such efforts, the Authorized Participant shall maintain policies and procedures reasonably designed to ensure, with respect to any prospective investor in Shares contacted by the Authorized Participant's or that contacts the Authorized Participant that: (i) none of the Digital Assets, cash or any other property that would be paid to or through the Authorized Participant in connection with an investment in the Trust, would be derived from, or related to, any activity that is deemed criminal under the United States law or any other applicable law, including anti- corruption laws, anti-bribery laws, OFAC regulations or otherwise; and (ii) no contribution or payment to the Authorized Participant in connection with an investment in the Trust by such prospective investor would cause the Trust or the Sponsor to be in violation of the United States Bank Secrecy Act, the United States Money Laundering Control Act of 1986 or the United States International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001.

Section 3.11. <u>Authorized Participant Status</u>. The Authorized Participant understands and acknowledges that the method by which Baskets of Shares will be created and traded may raise certain issues under applicable securities laws. For example, because new Baskets of Shares may be issued and sold by the Trust on an ongoing basis, at any point a "distribution", as such term is used in the 1933 Act, may occur. The Authorized Participant should consult with its own counsel in connection with entering into this Agreement and submitting a Purchase Order or Redemption Order.

Section 3.12. Authorized Participant Clients. The Authorized Participant represents and warrants that it will not place a Redemption Order for the purpose of redeeming Baskets of the Trust on behalf of an Authorized Participant Client unless it first ascertains that the Authorized Participant Client owns outright or has arranged to borrow and has full legal authority and legal and beneficial right to tender for redemption the Baskets to be redeemed and to receive the Basket Amount or Required Cash Amount, as applicable, associated with such redemption.

ARTICLE IV

ROLE OF AUTHORIZED PARTICIPANT

Section 4.01. <u>No Agency</u>. The Authorized Participant acknowledges and agrees that for all purposes of the Authorized Participant Agreement, the Authorized Participant will have no authority to act as agent for the Trust or the Transfer Agent in any matter or in any respect. The Authorized Participant agrees to make itself and its employees available, upon reasonable request and no more frequently than once quarterly, during normal business hours to consult with the Transfer Agent, the Sponsor or their designees concerning the performance of the Authorized Participant's responsibilities under the Authorized Participant Agreement, including, without limitation, the manner in which the Authorized Participant shall cause the delivery or receipt of Digital Assets in connection with a Purchase Order or Redemption Order, respectively; *provided, however*, that the Authorized Participant shall be under no obligation to divulge or otherwise disclose any information that the Authorized Participant reasonably believes (i) the disclosure of which to third parties is in violation of any applicable law or regulation or is otherwise prohibited, or (ii) is confidential or proprietary in nature.

Section 4.02. <u>Rights and Obligations of DTC Participant</u>. The Authorized Participant, as a DTC Participant, agrees that it shall be bound by all of the obligations of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Procedures.

Section 4.03. <u>Beneficial Owner Communications</u>. The Authorized Participant agrees (i) subject to any limitations arising under federal or state securities laws relating to privacy, its internal privacy policies, or other obligations it may have to its customers, to assist the Transfer Agent or the Sponsor in determining certain information regarding sales of Shares made by or through the Authorized Participant (including, without limitation, the ownership level of each beneficial owner relating to positions in Shares that the Authorized Participant may hold as record holder) upon the request of the Transfer Agent or the Sponsor that is necessary for the Transfer Agent or Sponsor to comply with their obligations to distribute information to beneficial owners of Shares under applicable state or federal securities laws or (ii) in lieu thereof, and at the option of the Authorized Participant, to forward to such beneficial owners written materials and communications received from the Sponsor or the Transfer Agent in sufficient quantities to allow mailing thereof to such beneficial owners, including notices, annual reports, disclosure or other informational materials and any amendments or supplements thereto that may be required to be sent by the Sponsor or the Transfer Agent to such beneficial owners pursuant applicable law or regulation or otherwise, or that the Sponsor or the Transfer Agent reasonably wishes to distribute to such beneficial owners, in each case at the expense of the Sponsor and/or the Trust.

Section 4.04. <u>Authorized Participant Customer Information</u>. The Sponsor and the Transfer Agent agree that the names and addresses and other information concerning the Authorized Participant's customers and designees (including without limitation, the Authorized Participant Client) are and shall remain the sole property of the Authorized Participant, and none of the Sponsor, the Trust, or the Transfer Agent, or any of their respective affiliates shall use such names, addresses or other information for any purpose except in connection with the performance of their duties and responsibilities under the Authorized Participant Agreement, the Procedures, the Standard Terms and the applicable Prospectus and except for servicing and informational mailings related to the Trust referred to in Section 4.03 above.

ARTICLE V

MARKETING MATERIALS

Section 5.01. <u>Authorized Participant's Representation</u>. The Authorized Participant represents, warrants and agrees that, in connection with any sale or solicitation of a sale of Shares, it will not make, or permit any of its representatives to make on its behalf, any representations concerning Shares other than those not inconsistent with the Trust's then current Prospectus or any promotional materials or sales literature furnished to the Authorized Participant by the Sponsor or by the listing exchange. The Authorized Participant agrees not to furnish or cause to be furnished to any person or display or publish any information or materials relating to Shares (excluding, without limitation, promotional materials and sales literature, advertisements, press releases, announcements, statements, posters, signs or other similar materials not inconsistent with the Trust's then current Prospectus and in accordance with applicable laws and regulations, and any materials prepared and used for the Authorized Participant's internal use only or brokerage communications prepared by the Authorized Participant in the normal course of its business), except such information and materials as may be furnished to the Authorized Participant by the Sponsor and such other information and materials as may be approved in writing by the Sponsor. The Authorized Participant understands that the Trust will not be advertised as offering redeemable securities, and that any advertising materials will prominently disclose that the Shares are not redeemable units of beneficial interest in the Trust. Notwithstanding the foregoing, the Authorized Participant and its Affiliates and representatives may, without the approval of the Sponsor, prepare and circulate in the regular course of their respective businesses, research, reports, marketing materials, sales literature or similar materials that include information, opinions or recommendations relating to Shares (i) for public dissemination, provided that such reports, research, marketing materials, sales literature or other similar materials comply with applicable FINRA rules and (ii) for internal use by the Authorized Participant and its Affiliates and representatives.

Section 5.02. <u>Prospectus</u>. The Sponsor will provide, or cause to be provided, to the Authorized Participant copies of the then current Prospectus and any printed supplemental information in reasonable quantities upon request. The Sponsor will, as promptly as practicable under the circumstances, notify the Authorized Participant when a revised, supplemented or amended Prospectus for the Shares is available, and deliver or otherwise make available to the Authorized Participant copies of such revised, supplemented or amended Prospectus at such time and in such quantities as may be reasonable to permit the Authorized Participant to comply with any obligation the Authorized Participant may have to deliver such Prospectus to its customers, including the Authorized Participant Clients. The Sponsor will make such revised, supplemented or amended Prospectus available to the Authorized Participant no later than its effective date. The Sponsor shall be deemed to have complied with this Section 5.02 when the Authorized Participant has received such revised, supplemented or amended Prospectus by e-mail, in printable form, with such number of hard copies as may be agreed from time to time by the parties promptly thereafter.

ARTICLE VI

INDEMNIFICATION; LIMITATION OF LIABILITY

Section 6.01. <u>Indemnification</u>. The provisions of this Section 6.01 shall survive termination of the 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;a. Subject to any limitation on liability provisions herein, the Authorized Participant shall indemnify and hold harmless the Sponsor, in its capacity as sponsor of the applicable Trust, the Transfer Agent, the Custodian, the Trust and their respective Affiliates, subsidiaries, directors, officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each an "**AP Indemnified Party**") from and against any loss, liability, cost and expense (including reasonable attorneys' fees) incurred by such AP Indemnified Party as a result of (i) any material breach by the Authorized Participant of any provision of the Authorized Participant Agreement that relates to the Authorized Participant; (ii) any failure on the part of the Authorized Participant to perform any of its obligations in any material respect or comply, in all material respects, with the procedures set forth in the Authorized Participant Agreement applicable to it; provided, however, in either case the Authorized Participant shall not be required to pay for damages incurred by any AP Indemnified Party as a result of a cancelled Order and the Authorized Participant shall, in respect to a cancelled Order (which is due to failure in delivery or otherwise) be liable solely for reimbursement of direct reasonable costs incurred by such AP Indemnified Party as a result of such cancelled Order; (iii) any failure by the Authorized Participant to comply in all material respects with applicable laws, including rules and regulations of self-regulatory organizations to the extent such laws, rules and regulations are applicable to the transactions being undertaken pursuant to the Authorized Participant Agreement; or (iv) actions of such AP Indemnified Party pursuant to any instructions issued in accordance with the relevant Prospectus, Authorized Participant Agreement, the Procedures, or the Standard Terms reasonably believed by the AP Indemnified Party to be genuine and to have been given by the Authorized Participant except to the extent that the Authorized Participant had previously provided written revocation of a PIN Number used in giving such instructions or representations (where applicable) and such revocation was given by the Authorized Participant and received by the Transfer Agent in accordance with the terms of Section 2.03 hereto. The Authorized Participant shall not be liable under its indemnity agreement contained in this paragraph with respect to any claim made against any AP Indemnified Party unless the AP Indemnified Party shall have notified the Authorized Participant in writing of the claim within a reasonable time (no more than 30 days) after the summons or other first written notification giving information of the nature of the claim was served upon the AP Indemnified Party (or after the AP Indemnified Party shall have received notice of service on any designated agent). However, failure to notify the Authorized Participant of any claim shall not relieve the Authorized Participant from any liability which it may have to any AP Indemnified Party against whom such action is brought otherwise than on account of its indemnity agreement contained in this paragraph and shall only release it from such liability under this paragraph to the extent it has been materially prejudiced by such failure to give notice. The Authorized Participant 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 any claims, but if the Authorized Participant elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the AP Indemnified Parties in the suit and who shall not, except with consent of the AP Indemnified Parties, be counsel to the Authorized Participant. If the Authorized Participant does not elect to assume the defense of any suit, it will reimburse the AP Indemnified Parties in the suit for the reasonable fees and expenses of any counsel retained by them.

&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 Sponsor hereby agrees to indemnify and hold harmless the Authorized Participant, its Affiliates, subsidiaries, directors, officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each a "**Sponsor Indemnified Party**") from and against any loss, liability, cost and expense (including reasonable attorneys' fees) incurred by such Sponsor Indemnified Party as a result of (i) any breach by the Sponsor of any provision of the Authorized Participant Agreement that relates to the Sponsor; (ii) any failure on the part of the Sponsor to perform any of its obligations or comply with the procedures set forth in the Authorized Participant Agreement applicable to it; (iii) any failure on the part of the Sponsor to comply in all material respects with applicable laws, including rules and regulations of self-regulatory organizations to the extent such laws, rules and regulations are applicable to the transactions being undertaken pursuant to the Authorized Participant Agreement; (iv) actions of such Sponsor Indemnified Party pursuant to any instructions issued or representations made in accordance with the relevant Prospectus, Authorized Participant Agreement, the Procedures, or the Standard Terms reasonably believed by the Sponsor Indemnified Party to be genuine and to have been given by the Sponsor; or (v) any untrue statements or omissions made in any promotional material, including, without limitation, the registration statement and the Prospectus covering the Shares or sales literature furnished to the Authorized Participant by the Sponsor or otherwise approved in writing by the Sponsor. The Sponsor shall not be liable under its indemnity agreement contained in this paragraph with respect to any claim made against any Sponsor Indemnified Party unless the Sponsor Indemnified Party shall have notified the Sponsor in writing of the claim within a reasonable time (not more than 30 days) after the summons or other first written notification giving information of the nature of the claim shall have been served upon the Sponsor Indemnified Party (or after the Sponsor Indemnified Party shall have received notice of service on any designated agent). However, failure to notify the Sponsor of any claim shall not relieve the Sponsor from any liability which it may have to any Sponsor Indemnified Party against whom such action is brought otherwise than on account of its indemnity agreement contained in this paragraph and shall only release it from such liability under this paragraph to the extent it has been materially prejudiced by such failure to give notice. The Sponsor 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 any claims, but if the Sponsor elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the Sponsor Indemnified Parties in the suit and who shall not, except with the consent of the Sponsor Indemnified Parties, be counsel to the Sponsor. If the Sponsor does not elect to assume the defense of any suit, it will reimburse the Sponsor Indemnified Parties in the suit for the reasonable fees and expenses of any counsel retained by them.

&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. No indemnifying party, as described in paragraphs (a) and (b) above, shall, without the written consent of the AP Indemnified Party or the Sponsor Indemnified Party, as the case may be, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the AP Indemnified Party or Sponsor Indemnified Party, as the case may be, from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any AP Indemnified Party or Sponsor Indemnified Party, as the case may be.

&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 Authorized Participant shall not be liable to any AP Indemnified Party for any damages arising out of (i) mistakes or errors in data provided in connection with purchase or redemption transactions except for data provided by the Authorized Participant, (ii) mistakes or errors by, or arising out of interruptions or delays of communications with, the Transfer Agent or any AP Indemnified Party or (iii) any failures by the Authorized Participant to the extent resulting from a Force Majeure event.

&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. Except with respect to any mistakes or errors in data provided in connection with purchase or redemption transactions provided by the Authorized Participant, the indemnification provided for in Section 6.01(a) shall not apply to the extent any such losses, liabilities, damages, costs and expenses are incurred as a result of any fraud, gross negligence, bad faith or reckless or willful misconduct on the part of an AP Indemnified Party. Except with respect to any mistakes or errors in data provided in connection with purchase or redemption transactions provided by a Sponsor Indemnified Party, the indemnification provided for in Section 6.01(b) shall not apply to the extent any such losses, liabilities, damages, costs and expenses are incurred as a result of any fraud, gross negligence, bad faith or reckless or willful misconduct on the part of a Sponsor Indemnified 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;f. The indemnity agreements contained in this Section 6.01 shall remain in full force and effect and shall survive any termination of this Agreement.

ARTICLE VII

LIABILITY PROVISIONS

Section 7.01. <u>No Special Damages</u>. In no event shall any Party to these Standard Terms be liable for any special, indirect, incidental, exemplary, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of revenue, loss of actual or anticipated profit, loss of contracts, loss of the use of money, loss of anticipated savings, loss of business, loss of opportunity, loss of market share, loss of goodwill or loss of reputation), even if such parties have been advised if the likelihood of such loss or damages and regardless of the form of action. In no event shall any party be liable for the acts or omissions of DTTC, NSCC or any other securities depository or clearing corporation.

Section 7.02. <u>Force Majeure</u>. No party to these Standard Terms shall be responsible or liable for any failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation: acts of God; earthquakes; fires; floods; wars; civil or military disturbances; terrorism; sabotage; epidemics; riots; interruptions; loss or malfunction of utilities, computer (hardware or software) or communications service; failures or outages of any networks; accidents; labor disputes; acts of civil or military authority or governmental actions.

Section 7.03. <u>Reliance on Instructions</u>. The Transfer Agent may conclusively rely upon, and shall be fully protected in acting or refraining from acting upon, any communication authorized under these Standard Terms and upon any written or oral instruction, notice, request, direction or consent reasonably believed by it to be genuine.

Section 7.04. <u>Limited Liability</u>. In the absence of fraud, bad faith, gross negligence or willful misconduct on its part, the Transfer Agent, whether acting directly or through agents, affiliates or attorneys, shall not be liable for any action taken, suffered or omitted or for any error of judgment made by it in the performance of its duties hereunder. The Transfer Agent shall not be liable for any error of judgment made in good faith unless in exercising such, it shall have been grossly negligent in ascertaining the pertinent facts necessary to make such judgment. The Transfer Agent 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 fraud, bad faith, gross negligence or willful misconduct.

ARTICLE VIII

MISCELLANEOUS

Section 8.01. <u>Commencement of Trading</u>. The Authorized Participant may not submit an Order prior to the effectiveness of the registration statement, or amendment to the registration statement, filed with the Securities and Exchange Commission and pursuant to which the Authorized Participant is identified as such in the relevant Prospectus.

Section 8.02. <u>Defined Terms</u>. All capitalized terms used in these Standard Terms and not otherwise defined herein shall have the meanings ascribed to such terms in the Authorized Participant Agreement and the Procedures.

[*Signatures Follow on Next Page*]

**IN WITNESS WHEREOF**, the Trust, Authorized Participant, the Sponsor and the Transfer Agent have executed these Standard Terms as of the date set forth above.

**BITWISE 10 CRYPTO INDEX FUND,**

By: BITWISE INVESTMENT ADVISERS, LLC, solely in its capacity as Sponsor of the<br> Bitwise 10 Crypto Index Fund

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| | |
|:---|:---|
| By: |  |
| Name: | Paul Fusaro |
| Title: | Chief Operating Officer |
| **BITWISE INVESTMENT ADVISERS, LLC**, in its capacity as Sponsor | **BITWISE INVESTMENT ADVISERS, LLC**, in its capacity as Sponsor |
| By: |  |
| Name: | Paul Fusaro |
| Title: | Chief Operating Officer |
| **[Authorized Participant Name]** in its capacity as Authorized Participant | **[Authorized Participant Name]** in its capacity as Authorized Participant |
| By: |  |
| Name: |  |
| Title: |  |
| By: |  |
| Name: |  |
| Title: |  |
| **THE BANK OF NEW YORK MELLON**, in its capacity as Transfer Agent | **THE BANK OF NEW YORK MELLON**, in its capacity as Transfer Agent |
| By: |  |
| Name: |  |
| Title: |  |

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*Signature page to Standard Terms*

**SCHEDULE 3 : AUTHORIZED REPRESENTATIVES OF THE AUTHORIZED PARTICIPANT**

<u>Certificate of Authorized Representatives 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 the Participant Agreement or any other notice, request or instruction on behalf of the Authorized Participant pursuant to the Participant Agreement (as hereinafter defined).

Authorized Participant: _____________________________________

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| | |
|:---|:---|
| Name: | Name: |
| Title: | Title: |
| Signature: | Signature: |
| E-mail: | E-mail: |
| Phone: | Phone: |
| Name: | Name: |
| Title: | Title: |
| Signature: | Signature: |
| E-mail: | E-mail: |
| Phone: | Phone: |

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The undersigned, ______________ [name], ______________ [title] of ______________ [company], 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 pursuant to the Participant Agreement by and among [*Name of Authorized Participant*], each of Bitwise 10 Crypto Index Fund and Bitwise Investment Advisers, LLC, dated [___________] (the "Participant Agreement"), and that their signatures set forth above are their own true and genuine signatures.

In Witness Whereof, the undersigned has hereby caused this Agreement to be executed on the date set forth below.

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| |
|:---|
| By: |
| Name: |
| Title: |
| Date: |

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## Exhibit 10.7

**Exhibit 10.7**

![](ex10-8_001.jpg)

EXECUTION

**<u>FUND ADMINISTRATION AND ACCOUNTING AGREEMENT</u>**

THIS AGREEMENT is made as of May 8, 2025 by and between Bitwise 10 Crypto Index Fund (hereinafter the "Trust"), a Delaware Statutory Trust, having its principal office and place of business at 250 Montgomery Street, Suite 200, San Francisco, CA 94104, and The Bank of New York Mellon, a New York corporation having its principal office and place of business at 240 Greenwich Street, New York, New York 10286, authorized to do a banking business ("BNY").

<u>W I T N E S S E T H</u> :

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;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>Confidential Information</u>" shall have the meaning given in Section 18 of this Agreement.

"<u>Documents</u>" shall mean such other documents, including but not limited to, resolutions of the 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) or 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.

"<u>Sponsor</u>" shall mean the entity identified by the Trust to BNY as the entity having investment responsibility with respect to the Trust.

&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;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 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 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. The Trust shall provide BNY with the index provider's list of eligible digital assets at least once every one-hundred-eighty (180) days. Prior to any investment by the Trust in a digital asset other than the digital assets that constitute the Trust as of the Effective Date (an "Additional Digital Asset"), the Trust shall provide BNY written notice no less than thirty (30) days in advance, or as soon as practicable upon becoming aware of the potential investment in an Additional Digital Asset by the Trust that may occur as a result of a change in the Trust's underlying index, in order to allow BNY to conduct appropriate due diligence on such Additional Digital Asset. BNY shall notify the Trust of its ability and/or inability to support an Additional Digital Asset in a commercially reasonable amount of time following BNY's receipt of written notice from the Trust as contemplated herein. 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 any Fund, the Sponsor or the Board.

&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;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 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, Sponsor, 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) BNY may consult with counsel to the Trust and shall be fully protected with respect to anything done or omitted by it provided that BNY acts in good faith in accordance with the advice or opinion of such counsel.

&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) 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;(j) 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;(k) 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;(l) 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;(m) 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.

&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 of Trust shares or membership interests, as applicable, fees and expenses incident to the registration or qualification 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 material to the Trust's shareholders or members, as applicable, all expenses incidental to holding meetings of 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;7. <u>Standard of Care; Indemnification.</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) 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 own bad faith, gross negligence or willful misconduct. In no event shall BNY or any BNY Affiliate be liable to any Fund 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. 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 the bad faith, gross negligence or willful misconduct 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;(b) 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Action or inaction taken or omitted to be taken by BNY or any BNY Affiliate pursuant to Instructions of the Trust or otherwise without gross negligence or willful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Any improper use by the Trust or its agents, distributor or Sponsor of any valuations or computations supplied by BNY pursuant to 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. The method of valuation and the method of computing the Trust'sn et asset value; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VI. 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;(c) 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;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 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 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;9. <u>Records; Visits.</u> 

&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;(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;10. <u>Term of Agreement.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective commencing upon regulatory approval by theU .S. Securities and Exchange Commission permitting shares of the Trust to be offered for sale, 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. For the avoidance of doubt, no services shall be provided to the Trust hereunder until such regulatory approval is obtained by the Trust.

&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;(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;(d) Notwithstanding any other provision of this Agreement, BNY may in its sole discretion terminate this Agreement immediately by sending notice thereof to the Trust upon the happening of any of the following: (i) the Trust commences as debtor any case or proceeding under any bankruptcy, insolvency or similar law, or there is commenced against the Trust any such case or proceeding; (ii) the Trust commences as debtor any case or proceeding seeking the appointment of a receiver, conservator, trustee, custodian or similar official for the Trust or any substantial part of its property or there is commenced against the Trust any such case or proceeding; (iii) the Trust makes a general assignment for the benefit of creditors; or (iv) the Trust admits in any recorded medium, written, electronic or otherwise, its inability to pay its debts as they come due. BNY 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 BNY of its termination right under this Section 10(d) shall be without any prejudice to any other remedies or rights available to BNY 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;(e) The Trust may terminate this Agreement at any time upon ninety (90) days' prior written notice in the event that the 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 Sections 3(i)(d), 3(i)(e), and 3(i)(f) hereof.

&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;12. <u>Assignment; Subcontracting.</u> 

&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;(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 subcontract with, hire, engage or otherwise outsource to any BNY Affiliate with respect to the performance of any one or more of the functions, services, duties or obligations of BNY under this Agreement but any such subcontracting, hiring, engaging or outsourcing shall not relieve BNY of any of its liabilities hereunder; (iii) BNY may subcontract with, hire, engage or otherwise outsource to an unaffiliated third party with respect to the performance of any one or more of the functions, services, duties or obligations of BNY under this Agreement but any such subcontracting, hiring, engaging or outsourcing shall (A) require the prior written consent of the Trust and (B) limit BNY's liability such that BNY shall only be liable for failure to reasonably select such unaffiliated third party, and BNY shall have no liability for any acts or omissions to act of such unaffiliated third party; and (iv) 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;(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;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;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;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;16. <u>Notices.</u> 

All notices, requests, consents and other communications pursuant to this Agreement in writing shall be sent as follows:

if to the Trust, at

250 Montgomery Street, Suite 200

San Francisco, CA 94104

Attention: Katherine Dowling

if to BNY, at

BNY

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

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;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;18. <u>Confidentiality</u>.

&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) 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; (b) 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; (c) 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 (d) 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 20 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;(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.

&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 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 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.

[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.

---

| | |
|:---|:---|
| BITWISE 10 CRYPTO INDEX FUND | BITWISE 10 CRYPTO INDEX FUND |
| By: BITWISE INVESTMENT ADVISERS, LLC, solely in its capacity as Sponsor of the Bitwise 10 Crypto Index Fund | By: BITWISE INVESTMENT ADVISERS, LLC, solely in its capacity as Sponsor of the Bitwise 10 Crypto Index Fund |
| By: | /s/ Paul Fusaro |
| Name: | Paul Fusaro |
| Title: | Chief Operating Officer |
| Date: | 5/9/2025 |
| THE BANK OF NEW YORK MELLON | THE BANK OF NEW YORK MELLON |
| By: | /s/ Tricia Tumminello |
| Name: | Tricia Tumminello |
| Title: | Sr. Director, Asset Servicing |
| Date: | August 7, 2025 |

---

**<u>EXHIBIT A</u>**

I, Bitwise 10 Crypto Index Fund, a Delaware trust (the "Trust"), do hereby certify that:

The following individuals serve in the following positions with the Trust, and each has been duly elected or appointed by the Trust to each such position and qualified therefor in conformity with the Trust's Organizational Documents, and the signatures set forth opposite their respective names are their true and correct signatures. Each such person is designated as an Authorized Person under the Fund Administration and Accounting Agreement dated as of May 8, 2025, between the Trust and The Bank of New York Mellon.

---

| | | |
|:---|:---|:---|
| **Name** | **Position** | **Signature** |
| Hunter Horsley | President and Treasurer | /s/ Hunter Horsley |
| Paul "Teddy" Fusaro | Chief Operating Officer and Secretary | /s/ Paul "Teddy" Fusaro |
| Katherine Dowling | General Counsel and Vice President | /s/ Katherine Dowling |

---

**<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Journalize investment, capital share and income and expense activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Maintain 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Maintain historical tax lots for Trust assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Calculate various contractual expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Obtain quotes from pricing services as directed and approved by the Sponsor, or
if such quotes are unavailable, then obtain such prices from the 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 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;&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;&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 Sponsor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ *Financial Statement Preparation & Review* 

● Prepare financial statements for the Trust;

● 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

● 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:

● Prepare annual grantor trust tax reporting statements for client review and approval.

**<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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Calculate total return information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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 anys 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.

## Exhibit 10.8

**Exhibit 10.8**

<u>CO-TRANSFER AGENCY AND REGISTRAR SERVICES AGREEMENT</u>

THIS CO-TRANSFER AGENCY AND REGISTRAR SERVICES AGREEMENT (this "<u>Agreement</u>"), dated as of July 14, 2025 (the "<u>Effective Date</u>"), is entered into by and between BITWISE INVESTMENT ADVISERS, LLC, a Delaware limited liability company (the "Company"), by and on behalf of the Bitwise 10 Crypto Index Fund, a Delaware statutory trust, and EQUINITI TRUST COMPANY, LLC, a New York limited liability trust company ("<u>Equiniti</u>"; together with the Company, the "<u>Parties</u>"; each, the "<u>Party</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment of Equiniti as Co-Transfer Agent and Registrar</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company hereby appoints Equiniti, and Equiniti hereby accepts such appointment, to act as co-transfer agent and registrar (the "<u>Co-Transfer Agent</u>") for the common stock of the Company and for any other securities of the Company as requested in writing by the Company from time to time (the "<u>Shares</u>"). Equiniti shall perform only those duties and obligations that are specifically set forth in this Agreement, and no implied duties and obligations shall be read into this Agreement against Equiniti. If the Company desires that Equiniti perform any duties or responsibilities not expressly set forth in this Agreement or have special operational requirements that deviate from Equiniti's standard processes in providing the services herein, the Parties shall execute a written amendment to this Agreement setting forth the terms and conditions (including any applicable fees) to be mutually agreed by the Parties at such time. The Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts, instruments and assurances as may be reasonably requested by Equiniti in performing the services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or immediately after the Effective Date, if requested by Equiniti, the Company shall deliver to Equiniti the following: (i) forms of outstanding stock certificates of the Company (the "<u>Stock Certificates</u>") approved and authorized by the board of directors of the Company (the "<u>Board</u>") and certified by the corporate secretary or similar authorized officers of the Company; (ii) incumbency certificates of the officers of the Company who are authorized to (x) execute Stock Certificates and/or (y) deliver written instructions and requests on behalf of the Company to Equiniti; (iii) copies of the organizational documents of the Company, certified by the corporate secretary or similar authorized officers of the Company; (iv) a sufficient supply of blank Stock Certificates executed by (or bearing the facsimile signature of) the officers of the Company who are authorized to execute Stock Certificates and, if required, bearing the Company's corporate seal; (v) a schedule that lists the class of the Shares, the par value of the Shares, and the number of authorized Shares; and (vi) all documentation or information reasonably requested by Equiniti that is required by bank regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including without limitation the United and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as amended (the "<u>Patriot Act</u>"). The Company authorizes Equiniti to use Stock Certificates bearing the signature of an authorized officer of the Company who at the time of use is no longer an officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall promptly advise Equiniti in writing of any change in the capital structure of the Company, and the Company shall promptly provide Equiniti with resolutions of the Board authorizing any recapitalization of the Shares or change in the number of issued or authorized Shares. Further, the Company shall advise Equiniti reasonably promptly of any amendment or supplement to any information or materials provided by the Company to Equiniti and shall provide such amendment or supplement to Equiniti as soon as practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company hereby authorizes and directs Equiniti to liquidate/sell all fractional shares listed in Exhibit 1 at least five business days PRIOR to the Effective Date of the ETF Listing. The Company indemnifies and agrees to hold harmless Equiniti from any claims associated with the sale of these fractional shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Term</u>. The initial term of this Agreement shall be one (1) year from the date hereof, and this Agreement shall automatically renew for additional one-year successive terms (each, a "<u>Term</u>") without further action of the Parties, unless written notice is provided by either Party at least ninety (90) days prior to the end of the initial or any subsequent one-year period. The Term shall be governed by this <u>Section</u>, notwithstanding the cessation of active trading of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Fees; Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As consideration for the services listed on <u>Schedule 1</u> (the "<u>Services</u>"), the Company shall pay to Equiniti the fees set forth on <u>Schedule 2</u> (the "<u>Fees</u>"). If the Company requests that Equiniti provide additional services not contemplated hereby, the Company shall pay to Equiniti fees for such services at Equiniti's reasonable and customary rates, such fees to be governed by the terms of a separate agreement to be mutually agreed to and entered into by the Parties at such time (the "<u>Additional Service Fee</u>"; together with the Fees, the "<u>Service Fees</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall reimburse Equiniti for all reasonable and documented expenses incurred by Equiniti (including, without limitation, reasonable and documented fees and disbursements of counsel) in connection with the Services (the "<u>Expenses</u>"); <u>provided</u>, <u>however</u>, that Equiniti reserves the right to request advance payment for any out-of-pocket expenses. The Company agrees to pay all Service Fees and Expenses within thirty (30) days following receipt of an invoice from Equiniti. If the Company fails to pay the Fees when due, in addition to all other remedies available hereunder or at law, all such payments shall bear interest at a rate that is the lesser of (i) 2.5% per month on the basis of a 365-day year and (b) the highest rate permissible under applicable law, subject to a $50 minimum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During each twelve-month period of the Term, Equiniti may adjust the Service Fees by up to the annual percentage of change in the latest Consumer Price Index of All Urban Consumers United States City Average, as published by the U.S. Department of Labor, Bureau of Labor Statistics, Further, Equiniti may adjust the Service Fees to reflect cost increases due to (i) changes mandated by legal or regulatory requirements, or (ii) additional services requested by the Company that are not ordinarily provided by Equiniti to its customers generally without charging fees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon termination of this Agreement for any reason, Equiniti shall assist the Company with the transfer of records of the Company held by Equiniti. Equiniti shall be entitled to reasonable additional compensation and reimbursement of any Expenses for the preparation and delivery of such records to the successor agent or to the Company, and for maintaining records and/or Stock Certificates that are received after the termination of this Agreement (the "<u>Record Transfer Services</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company represents and warrants to Equiniti that (i) it is duly organized and validly existing and in good standing under the laws of the state of its organization; (ii) it has all requisite power and authority to enter into this Agreement and to perform the transactions contemplated hereby; (iii) the execution, delivery and performance of this Agreement and the transactions contemplated hereby have been duly authorized by all necessary action on the part of the Company; and (iv) this Agreement has been duly executed and delivered and is the legally valid and binding obligation of the Company, enforceable against the Company in accordance with the Agreement's terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors' rights generally or by equitable principles (whether enforcement is sought by proceeding in equity or at law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Shares issued and outstanding as of the date hereof, or to be issued during the Term, are or shall be duly authorized, validly issued, fully paid and non-assessable. All such Shares are or shall be duly registered under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), and the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Shares that are not registered under the Securities Act and the Exchange Act are or shall be issued or transferred in a transaction that is, or a series of transactions that are, exempt from the registration provisions under the Securities Act and the Exchange Act, and such Shares bear or shall bear the applicable restrictive legends. Upon any issuance or transfer of such Shares, the Company shall deliver to Equiniti a legal opinion in form and substance reasonably satisfactory to Equiniti.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Reliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Equiniti shall be entitled to assume the validity of the issuance, presentation or transfer of a Stock Certificate, the genuineness of any endorsement(s), the authority of its presenter(s), or the collection or payment of charges or taxes incident to the issuance or transfer of such Stock Certificate; <u>provided</u>, <u>however</u>, that Equiniti may delay or decline to issue or transfer a Stock Certificate if it determines in good faith and in its sole discretion that it is in the Company's and/or Equiniti's best interests to receive evidence or written assurance of the validity of the issuance, presentation or transfer of the Stock Certificate, the authority of its presenter(s) or the collection or payment of any charges or taxes relating to the issuance or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the avoidance of doubt, Equiniti shall not be responsible for any transfer or issuance of Shares that has not been effected by Equiniti.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Equiniti may rely on, and shall be protected and incur no liability in acting or refraining from acting in reliance upon: (i) any writing or other instruction, including, but not limited to, oral instruction, certificate, wire instruction, instrument, opinion, notice, letter, stock power, affidavit or other document or security, received from any Person (as defined below) it believes in good faith to be an authorized officer, agent or employee of the Company, unless the Company has advised Equiniti in writing that Equiniti must act and rely only on written instructions of certain authorized officers of the Company; (ii) any statement of fact contained in any such writing or instruction which Equiniti in good faith believes to be accurate; (iii) other authenticity and genuineness of any signature (manual, facsimile or electronic) appearing on any writing, including, but not limited to, any certificate, wire instruction, instrument, opinion, notice, letter, stock power, affidavit or other document or security; and (iv) the conformity to original of any copy. Equiniti may act and rely on the advice, opinions or instructions received from the Company's legal counsel. In the event that the Company or its legal counsel is unavailable or does not respond to Equiniti's requests for legal advice, Equiniti may seek the advice of Equiniti's own legal counsel (including its internal legal counsel), and Equiniti shall be entitled to act and rely on the advice, opinion or instruction of such counsel, which shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by Equiniti pursuant to such advice, opinion or instruction. Without limiting the foregoing, Equiniti shall be entitled to use and rely upon any instructions of the Company without responsibility for independent verification thereof and shall not assume responsibility for the accuracy or completeness of such instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Equiniti may rely on, and shall be protected and incur no liability in acting or refraining from acting in reliance upon: (i) any writing or other instruction believed by Equiniti in good faith to have been furnished by or on behalf of a Shareholder, including, but not limited to, any oral instruction, certificate, wire instruction, instrument, opinion, notice, letter, stock power, affidavit or other document or security; (ii) any statement of fact contained in any such writing or instruction which Equiniti in good faith believes to be accurate; (iii) the apparent authority of any Person to act on behalf of a Shareholder as having actual authority to the extent of such apparent authority; (iv) the authenticity and genuineness of any signature (manual, facsimile or electronic) appearing on any writing, including, but not limited to, any certificate, wire instruction, instrument, opinion, notice, letter, stock power, affidavit or other document or security; and (v) on the conformity to original of any copy. Equiniti is authorized to reject any transfer request that fails to satisfy Equiniti's internal procedures relating to the transfer of Shares. Without limiting the foregoing, Equiniti shall be entitled to use and rely upon any instructions of a Shareholder or its representatives without responsibility for independent verification thereof and shall not assume responsibility for the accuracy or completeness of such instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Equiniti may rely on, and shall be protected and incur no liability in acting or refraining from acting in reliance upon: (i) any information, records, documents and communication provided to Equiniti by the Company's principal transfer agent, any former transfer agent or former registrar of the Company; (ii) any guaranty of signature by an "eligible guarantor institution" that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable signature guarantee program or insurance program; or (iii) any instructions received through the Depository Trust Company's Direct Registration System/Profile service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Equiniti shall promptly notify the Company upon receipt of a Stock Certificate that is not reflected in Equiniti's records. If the Company and Equiniti are unable to account for such Stock Certificate, within sixty (60) days of such determination, the Company shall in its sole discretion (a) increase the number of issued Shares or (b) acquire and cancel a number of Shares to account for such Stock Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Lost, Stolen or Destroyed Certificates</u>. Equiniti shall not be obligated to issue a replacement certificate for any Stock Certificate reported to have been lost, stolen or destroyed, unless Equiniti shall have received from the applicable Shareholder: (a) an affidavit of loss; (b) an indemnity bond in form and substance reasonably satisfactory to Equiniti; and (c) payment of all applicable processing fees; <u>provided</u> that, upon the Company's written request, Equiniti may, in its sole discretion, accept an indemnification letter from the Company in lieu of an indemnity bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Unclaimed Property</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent required by applicable unclaimed property laws or if requested by the Company, Equiniti will provide, or cause to be provided, unclaimed property reporting services for unclaimed property that may be deemed abandoned or otherwise subject to unclaimed property law. Such services may include (without limitation) (i) identification of unclaimed or abandoned property, (ii) preparation of unclaimed or abandoned property reports, (iii) delivery of unclaimed or abandoned property to the applicable state unclaimed property departments, (iv) completion of required due diligence notifications, (v) responses to inquiries from Shareholders relating to unclaimed or abandoned property, and (vi) such other services as may reasonably be necessary to comply with unclaimed property laws or regulations. The Company shall assist and cooperate with Equiniti as reasonably necessary in connection with the performance of the services described in this <u>Section</u>. Equiniti shall assist the Company in responding to (x) inquiries from state unclaimed property departments regarding reports filed by or on behalf of the Company or (y) requests for the confirmation of names of owners of unclaimed or abandoned property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company acknowledges and agrees that Equiniti may use a shareholder locating service provider (the "<u>Locating Service Provider</u>") to locate and contact Shareholders (or their surviving relatives, joint tenants or heirs, as applicable) to assist them in preventing the escheatment of applicable Shares and related unclaimed or abandoned property. The Company shall not be charged by Equiniti or the Locating Service Provider for such services. The Locating Service Provider shall inform the Shareholders that they may elect (x) to contact Equiniti at no charge other than at Equiniti's applicable fees or (y) to utilize the services of the Locating Service Provider for a fee, which shall not exceed the maximum fee allowed under the applicable state's unclaimed property rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Confidential Information</u>" means, as to the Disclosing Party (as defined below) and, if applicable, its Affiliates: (i) information concerning the business of the Disclosing Party and, if applicable, its Affiliates (including, without limitation, business, financial, technical, and other information marked or designated by such Party as "confidential" or "proprietary", historical financial statements, financial projections and budgets, audits, tax returns and accountants' materials, historical, current and projected sales, capital spending budgets and plans, business plans, strategic plans, marketing and advertising plans, publications, and customer agreements); (ii) information that, by the nature of the circumstances surrounding the disclosure, ought in good faith to be treated as confidential; (iii) information, including account information, relating to the shareholders of the Disclosing Party; and (iv) all notes, analyses, compilations, studies, summaries and other material prepared by the Receiving Party (as defined below), its Affiliates, employees, agents, and representatives containing or based, in whole or in part, on any or all of the foregoing; <u>provided</u> that Confidential Information shall not include any information that (x) is or becomes (through no improper action or inaction of the Receiving Party) generally available to the public; (y) was rightfully disclosed to the Receiving Party by a third party without a breach of any confidentiality obligations hereunder; or (z) was independently developed by the Receiving Party without reference to or use of any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Affiliates</u>" means, as to a specified Person, another Person that directly, or indirectly, controls or is controlled or is under common control with the specified Person; "<u>Person</u>" means any corporation, limited liability company, partnership or other legal entity; and "<u>contro</u>l" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. "<u>Controlling</u>" and "<u>controlled</u>" shall have corresponding meanings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Party (the "<u>Receiving Party</u>") acknowledges that it may acquire or have access to Confidential Information of the other Party (the "<u>Disclosing Party</u>") in connection with the Services or this Agreement. The Receiving Party shall not disclose Confidential Information to any other Person, and shall not use Confidential Information for any purposes other than in connection with the performance of its obligations under this Agreement; <u>provided</u> that the Receiving Party shall be permitted to disclose Confidential Information (i) pursuant to the order of any court or administrative agency or in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable law or compulsory legal process based on the advice of counsel (in which case the Receiving Party agrees, to the extent practicable and not prohibited by applicable law, to inform the Disclosing Party promptly thereof prior to disclosure; <u>provided</u>, <u>however</u>, that this <u>clause</u> shall not require Equiniti to notify the Company of its receipt of any subpoena, summons, or other legal process relating to wage garnishment, tax levy or domestic matter proceedings filed against or by a Shareholder); or (ii) upon the request or demand of any regulatory authority having jurisdiction over the Receiving Party (in which case the Receiving Party agrees, to the extent practicable and not prohibited by applicable law, to inform the Disclosing Party promptly thereof prior to disclosure). The Receiving Party shall safeguard the Confidential Information to the same extent that it safeguards its own confidential information of a like nature and in any event with not less than a reasonable degree of care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the termination of this Agreement or upon the Disclosing Party's written request, the Receiving Party shall, at the Disclosing Party's option, either destroy or return to the Disclosing Party any and all of the Confidential Information, written or other materials derived from the Confidential Information, and copies thereof, and shall delete and purge permanently all copies and traces of the same from any storage location and/or media to the extent reasonably or technically possible. The Receiving Party shall, within fifteen (15) days from the termination of this Agreement or such request, provide the Disclosing Party with a certificate signed by an authorized officer of the Receiving Party confirming that the Receiving Party has fulfilled its obligations under this <u>clause</u>. Notwithstanding the foregoing, the Receiving Party may retain copies of the Confidential Information to the extent that such retention is required by applicable law or in accordance with the Receiving Party's bona fide internal record retention policies and procedures; <u>provided</u> that the Recipient shall continue to be bound by its confidentiality obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Either Party may terminate this Agreement if the other Party breaches any material provision herein and either the breach cannot be cured or, if the breach can be cured, it is not cured by the breaching Party within 45 days after the breaching Party's receipt of written notice of such breach (the "<u>Cure Period</u>"). If the Company is the breaching Party, then, during the Cure Period, upon written notice to the Company, Equiniti may suspend the Services without terminating the Agreement. During the period of suspension of Services, Equiniti shall have no obligation to act as Co-Transfer Agent, it being understood that such suspension shall not affect Equiniti's rights and remedies hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Either Party may terminate this Agreement, effective upon written notice to the other Party, if the other Party (i) becomes insolvent or admits its inability to pay its debts generally as they become due; (ii) becomes subject, voluntarily or involuntarily, to any proceeding under any domestic or foreign bankruptcy or insolvency law, which is not fully stayed within seven (7) business days or is not dismissed or vacated within forty-five (45) business days after filing; (iii) is dissolved or liquidated or takes any corporate action for such purpose; (iv) makes a general assignment for the benefit of creditors; or (v) has a receiver, trustee, custodian or similar agent appointed by order of any court of competent jurisdiction to take charge of or sell any material portion of its property or business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company acknowledges that Equiniti is required to perform a "know-your-customer" review of the Company from time to time pursuant to applicable anti-money laundering rules and regulations, including without limitation the Patriot Act, and Equiniti may terminate this Agreement, effective upon written notice to the Company, if Equiniti determines in its sole discretion that the Company has failed such "know-your-customer" review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The expiration or termination of this Agreement, for any reason, shall not release either Party from any obligation or liability to the other Party, including any payment and delivery obligation, that (i) has already accrued hereunder; (ii) comes into effect due to the expiration or termination of the Agreement; or (iii) otherwise survives the expiration or termination of this Agreement. Following the termination of this Agreement, Equiniti shall promptly invoice the Company for any outstanding Service Fees and Expenses due and owing under this Agreement, and the Company shall pay all such Service Fees and Expenses to Equiniti in accordance with the payment terms set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Company terminates this Agreement pursuant to <u>Sections 2</u> or <u>9(a)</u>, then the Company shall pay to Equiniti (i) all amounts outstanding under this Agreement as of the date of such termination and (ii) Equiniti's then-customary fees for Record Transfer Services. If the Company terminates this Agreement for any reason other than pursuant to <u>Sections 2</u> or <u>9(a)</u>, then the Company shall pay to Equiniti (x) all outstanding Service Fees and Expenses as of the date of such termination, (y) the Service Fees that would otherwise have accrued during the remainder of the then-current Term, and (z) Equiniti's then-customary fees for Record Transfer Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Limitations on Liability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by applicable law, no Party shall be liable to any other Party on any theory of liability for any special, indirect, consequential or punitive damages (including, without limitation, any loss of profits, business or anticipated savings).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Equiniti's liability arising out of or in connection with the Services shall not exceed the aggregate amount of all Service Fees paid under this Agreement during the twelve-month period immediately prior to the date of occurrence of the circumstances giving rise to such liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Indemnity</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company hereby agrees to indemnify and hold harmless Equiniti and its Affiliates and its and their officers, directors, employees, advisors, agents, other representatives and controlling persons (each, an "<u>Indemnified Person</u>") from and against any and all losses, claims, damages, liabilities and expenses, joint or several, to which any such Indemnified Person may become subject arising out of or in connection with this Agreement and the Services or any claim, litigation, investigation or proceeding relating to any of the foregoing (each, a "<u>Proceeding</u>"), regardless of whether any such Indemnified Person is a party thereto or whether a Proceeding is brought by a third party or by the Company or any of its Affiliates, and to reimburse each such Indemnified Person upon demand for any reasonable, documented legal or other out-of-pocket expenses incurred in connection with investigating or defending any of the foregoing by one counsel to the Indemnified Persons taken as a whole and, in the case of a conflict of interest, one additional counsel to the affected Indemnified Persons taken as a whole; <u>provided</u> that the foregoing indemnity shall not, as to any Indemnified Person, apply to losses, claims, damages, liabilities or related expenses to the extent they have resulted from the willful misconduct, bad faith or gross negligence of such Indemnified Person (as determined by a court of competent jurisdiction in a final and non- appealable decision).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Equiniti agrees to notify the Company promptly of the assertion of any Proceeding against any Indemnified Person; <u>provided</u>, <u>however</u>, failure to provide such notice shall not adversely affect any Indemnified Person's right to indemnification hereunder unless the Company is actually prejudiced by such failure. At the Company's election, unless there is a conflict of interest, the defense of the Indemnified Persons shall be conducted by the Company's counsel. Notwithstanding the foregoing, Equiniti may employ separate counsel to represent it or defend Equiniti or an Indemnified Person in such Proceeding, and the Company will pay any reasonable, documented legal or other out-of-pocket expenses of counsel if Equiniti or such Indemnified Person reasonably determines, based on the advice of its legal counsel, that there are defenses available to Equiniti or such Indemnified Person that are different from, or in addition to, those available to the Company, or if an actual or potential conflict of interest between Equiniti or the Indemnified Person and the Company makes representation by the Company's counsel not advisable; <u>provided</u> that, unless there is an actual or potential conflict of interest, the Company will not be required to pay the fees and expenses of more than one separate counsel for all Indemnified Persons in any jurisdiction in any single Proceeding. In any Proceeding the defense of which the Company assumes, the Indemnified Persons shall be entitled to participate in such Proceeding and retain its own counsel at such Indemnified Person's own expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall not be liable for any settlement of any Proceedings effected without its consent (which consent shall not be unreasonably withheld, conditioned or delayed), but if settled with the Company's written consent or if there is a final judgment for the plaintiff in any such Proceedings, the Company agrees to indemnify and hold harmless each Indemnified Person from and against any and all losses, claims, damages, liabilities and expenses by reason of such settlement or judgment in accordance with <u>clause (a)</u> above. The Company shall not, without the prior written consent of an Indemnified Person (which consent shall not be unreasonably withheld, conditioned or delayed), effect any settlement or consent to the entry of any judgment of any pending or threatened Proceedings in respect of which indemnity could have been sought hereunder by such Indemnified Person, unless (i) such settlement includes an unconditional release of such Indemnified Person in form and substance satisfactory to such Indemnified Person from all liability on claims that are the subject matter of such Proceedings and (ii) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Force Majeure</u>. Equiniti shall not be liable for failure or delay in the performance of the Services if such failure or delay is due to causes beyond its reasonable control, including but not limited to Acts of God (including fire, flood, earthquake, storm, hurricane or other natural disaster), pandemic, epidemic, state of emergency, war, invasion, act of foreign enemies, hostilities (regardless of whether war is declared), civil war, rebellion, revolution, insurrection, military or usurped power or confiscation, terrorist activities, nationalization, government sanction, blockage, embargo, labor dispute, strike, lockout or interruption or failure of electricity or telephone service or any other force majeure event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Notices</u>. Any notice, report or payment required or permitted to be given or made under this Agreement by one Party to the other shall be in writing and addressed to the other Party at the following address (or at such other address as shall be given in writing by one Party to the other):

If to the Company:

Bitwise Investment Advisers, LLC.

250 Montgomery Street, Suite 200

San Francisco, CA 94104

Attention: Katherine Dowling

Email: katherine@bitwiseinvestments.com

If to Equiniti:

Equiniti Trust Company, LLC

28 Liberty Street – 53<sup>rd</sup> Floor

New York, NY 10005

Attention: Chief Customer Officer

Email: margot.jordan@equiniti.com

With a copy to:

Equiniti Trust Company, LLC

28 Liberty Street – 53<sup>rd</sup> Floor

New York, New York 10005

Attention: Legal Department

Email: LegalTeamUS@equiniti.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company acknowledges and agrees that (i) nothing herein shall be construed as creating any agency, partnership, joint venture or other form of joint enterprise, employment or fiduciary relationship between the Parties, and (ii) the Company waives, to the fullest extent permitted by law, any claims that it may have against Equiniti for breach of fiduciary duty or alleged breach of fiduciary duty and agrees that Equiniti shall have no liability (whether direct or indirect) to the Company in respect of such a fiduciary duty claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall be construed and enforced in accordance with the laws of the State of New York, without reference to its conflicts of law rules. It is agreed that any action, suit or proceeding arising out of or based upon this Agreement shall be brought in the United States District Court for the Southern District of New York or any court of the State of New York of competent jurisdiction located in such District. Service of any process by registered mail addressed to each party at the respective address above shall be effective service of process against such party for any suit, action or proceeding brought in any such court. Each Party (i) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the Services in any New York State court or in any such Federal court; (ii) waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such suit, action or proceeding in any such court; and (iii) agrees that a final judgment in any such suit, action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. **EACH PARTY IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THIS AGREEMENT OR THE PERFORMANCE OF ANY SERVICE HEREUNDER.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The compensation, reimbursement, confidentiality, indemnification, jurisdiction, governing law, and waiver of jury trial provisions contained herein shall remain in full force and effect regardless of the termination of this Agreement. No amendment or waiver of any provision hereof shall be effective unless in writing and signed by the Parties and then only in the specific instance and for the specific purpose for which given. This Agreement is the only agreement between the Parties with respect to the matters contemplated hereby and sets forth the entire understanding of the Parties with respect thereto. This Agreement and the obligations hereunder of each Party shall not be assignable by such Party without the prior written consent of the other Party (such consent not to be unreasonably withheld, delayed or conditioned); <u>provided</u> that Equiniti may assign this Agreement or any rights granted hereunder, in whole or in part, to (i) its Affiliates in connection with a reorganization or (ii) a Person that acquires all or substantially all of the business or assets of Equiniti whether by merger, acquisition, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may be executed in any number of counterparts and by different Parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this Agreement by facsimile transmission or in "<u>.pdf</u>" or "<u>.tif</u>" form shall be effective as delivery of a manually executed counterpart of this Agreement. If any provision of this Agreement shall be held illegal or invalid by any court, this Agreement shall be construed and enforced as if such provision had not been contained herein and shall be deemed an agreement between the Parties to the fullest extent permitted by law.

[**REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.**]

IN WITNESS WHEREOF, each Party has caused this Agreement to be duly executed as of the date first above written.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| EQUINITI TRUST COMPANY, LLC | EQUINITI TRUST COMPANY, LLC | EQUINITI TRUST COMPANY, LLC | BITWISE INVESTMENT ADVISERS, LLC | BITWISE INVESTMENT ADVISERS, LLC | BITWISE INVESTMENT ADVISERS, LLC |
| By: | /s/ Jacqueline Kretzu | /s/ Jacqueline Kretzu | By: | /s/ Teddy Fusaro | /s/ Teddy Fusaro |
|  | Name: | Jacqueline Kretzu |  | Name: | Teddy Fusaro |
|  | Title: | SVP, Relationship Director |  | Title: | Chief Operating Officer |
|  | Date: 07/14/2025 | Date: 07/14/2025 |  |  |  |

---

**<u>Schedule 1</u>**

**<u>Services</u>**

Capitalized terms used herein and not defined have the meaning ascribed to such terms in the Agreement. Unless otherwise noted, Equiniti will provide the following services:

**<u>ACCOUNT MAINTENANCE AND RECORDKEEPING</u>**

● Open new accounts, c onsolidate
 and close Shareholder accounts

● Annual
 record storage services (subject to an additional fee)

● Maintain
 all Shareholder accounts

● Process
 address changes, including seasonal addresses

● Place,
 maintain and remove stop transfers

● Post
 all debit and credit certificate transactions

● Perform
 social security solicitation

● Handle
 shareholder and broker inquiries, including internet correspondence

● Respond
 to requests for audit confirmations

● Monthly
 report for all classes of securities in Microsoft Word and HTML formats (Excel format is
 subject to an additional fee)

● Provide
 records of transfer to the Company's principal transfer agent

**<u>STOCK AUDIT / CONTROL BOOK FUNCTIONS</u>**

● Maintain
 accurate records of outstanding Shares

● Respond
 to requests for audit confirmations (subject to an additional fee)

● Provide
 web access to the total outstanding Share balances

**<u>CERTIFICATE AND SECURITY ISSUANCE FUNCTIONS</u>**

● Process
 all routine transfers

● Post
 all debit and credit certificate transactions

● Issue
 Stock Certificates

● Create
 book entry Direct Registration System (" <u>DRS</u> ") positions

● Participate
 in the DRS profile system, allowing broker "sweeps" of registered positions

● Interface
 electronically with DTC/CEDE & CO.

● Mail
 newly-issued certificates/DRS advices to Shareholders

● Replace
 lost or stolen Stock Certificates upon Shareholder request

● Issue
 and register all Stock Certificates

● Issue
 shares upon exercise of stock options.

● Process
 legal transfers and transactions requiring special handling

● Provide,
 upon request, access to daily reports of processed transfers

**<u>REPORTING</u>**

● Furnish,
 upon request, unlimited Shareholder list, sorted by Company-designated criteria

**<u>LISTS AND MAILINGS</u>**

● Enclose
 multiple proxy cards to same household in one envelope, if applicable (subject to an additional
 fee)

● Monitor
 and suppress undeliverable mail until correct address is located

● Furnish
 shareholder lists, in any sequence

● Provide
 geographical detail reports of all stocks issued/surrendered over a specific period

● Provide
 mailing labels

**<u>WEB-BASED ORIGINAL ISSUANCE (OI) / DWAC SYSTEM</u><sup>1</sup>**

● Facilitate
 Deposit/Withdrawal At Custodian (" <u>DWAC</u> ") and original issuances initiated
 from the Company's
desktop via Internet

● Accept
 files for original issuances

● Allow
 multiple requests to be submitted on the same form at the same time

● Notify
 the Company via email when matching broker instructions have not been received

● Provide
 designated brokers the ability for brokers to log into the system and track the status of
 Company-submitted items

● Report
 daily and monthly transactions via e-mail

● Enforce
 built-in security procedures

**<u>TECHNOLOGY AND INTERNET ACCESS</u>**

● Retrieve
 account information (including outstanding Stock Certificates and checks) 24 hours a day,
 7 days per week

● Review
 frequently asked questions, including transfer requirements and corporate actions data

● Download
 forms (e.g., affidavit of domicile, form W8/W9, letters of transmittal and stock power)

● Change
 account addresses

● Replace
 lost, stolen or uncashed checks

● Replace
 lost, stolen or non-received Stock Certificates

● Obtain
 a duplicate Form 1099

● Sign
 up for electronic delivery (e.g., for proxy materials)

● Request
 a certificate for shares held in book-entry or plan form

● Enroll
 to have dividends directed toward purchase of additional Shares

● Send
 e-mail inquiries concerning Shareholder's account, or conduct an online chat session
 with one of Equiniti's customer service representatives

<sup>1</sup> Please note that Equiniti does not charge a fee for DWAC processing but that the broker may charge fees incurred from receipt of Shares.

**<u>SHAREHOLDERS VIA THE INTERACTIVE VOICE RESPONSE ("IVR")</u>**

● Obtain
 account-specific information, including account balance

● Execute
 plan transactions, including sales and certification requests

● Request
 a duplicate Form 1099, with delivery via mail or fax

● Request
 a transfer package via mail or fax

● Request
 forms to effect address changes, check replacements, Stock Certificate replacements and direct
 deposit enrollments

● Obtain
 information pertaining to current corporate actions or other significant Company events

**<u>SHAREHOLDER (INQUIRIES)</u>**

● Distribute
 "welcome" material to new Shareholders (may incur reimbursable expenses)

● Provide
 assistance to Shareholders related to their securities holdings as they initiate account
 inquiries or perform transactions, including guidance through common transactions and explanations
 for transaction rejections and the corrective steps required to complete their request

● Provide
 24/7 account access via the internet and IVR telephonic system

● Provide
 toll-free number for Shareholder-initiated telephone inquiries to Equiniti's call center

● Oversee
 the fulfillment process for potential investors (if applicable)

**<u>CLIENT-DESIGNATED PERSONNEL VIA THE INTERNET</u>**

● View
 and download detailed Shareholder data, including: name, address of record, account number(s),
 number of Shares held in certificate and book-entry form, historical dividend-related information
 and cost basis reporting information

● Obtain
 total outstanding Share balances

● Utilize
 Equiniti's reporting tool to generate comprehensive reports in a real-time environment,
 with immediate e-mail delivery

● Issue
 stock options and effect delivery through the DWAC system

● Update
 company profile and corporate information

**<u>CONTROL BOOKS TRACKING</u>**

● Receive
 daily emails of control books information

● Review
 current transactions affecting the number of outstanding Shares in a Company-specified date
 range

**<u>PROXY CENTRAL</u>**

● Proxy
 reports (either summarized or detailed) by proposal

● Voting
 status on the 50 largest accounts

● Shareholders
 attending the Company annual meeting

● DTC
 position listing

● Broker
 voting detail

**<u>ANNUAL SHAREHOLDER MEETING</u>**

● Process
 proxy votes for routine/non-routine meetings of the Company

● Imprint
 Shareholders' name on proxy cards

● <sup>2</sup> Mail material to Shareholders

● Prepare
 and transmit daily proxy tabulation reports to the Company by email

● Provide
 certified Shareholder list in hard copy if requested

● Facilitate
 proxy distribution mailing

**<u>UNCLAIMED PROPERTY</u>**

● Analyze
 and identify unclaimed or abandoned property across each class of security (if applicable)

● Prepare
 and distribute due diligence notices (may incur reimbursable expenses)

● Prepare
 unclaimed or abandoned property reports (including null or negative reports, if applicable)

● Deliver
 all unclaimed property and reports to the applicable jurisdictions

● Respond
 to shareholder and state inquiries relating to unclaimed property filings

<sup>2</sup> Please note that postage and processing fees will apply.

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_002.jpg)

KPMG LLP <br> 345 Park Avenue <br> New York, NY 10154-0102

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the registration statement (No. 333-287889) on Form S-3 of our report dated February 20, 2025, with respect to the financial statements of Bitwise 10 Crypto Index Fund, and to the reference to our firm under the heading "Experts" in the registration statement.

![](ex23-1_001.jpg)

New York, New York

August 22, 2025

KPMG LLP, a Delaware limited liability partnership and a member firm of

the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.