# EDGAR Filing Document

**Accession Number:** 0002039525
**File Stem:** 0001213900-25-112747
**Filing Date:** 2025-11
**Character Count:** 54489
**Document Hash:** ea782ec73ef6c164b21551ac7316272b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-112747.hdr.sgml**: 20251120

**ACCESSION NUMBER**: 0001213900-25-112747

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20251120

**DATE AS OF CHANGE**: 20251119

**EFFECTIVENESS DATE**: 20251120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bitwise XRP ETF
- **CENTRAL INDEX KEY:** 0002039525
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-282465
- **FILM NUMBER:** 251500365

**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

As filed with the Securities and Exchange Commission on November 19, 2025.

Registration No. 333-282465

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

**Post-Effective Amendment No. 1**

**to**

**FORM S-1**

REGISTRATION STATEMENT<br> UNDER<br> THE SECURITIES ACT OF 1933

**Bitwise XRP ETF**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | 39-7062645 |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer <br> Identification No.) |

---

**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.**

**Chapman and Cutler LLP**

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

**Chicago, Illinois 60606**

**(312) 845-3724**

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

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, 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 post-effective amendment filed pursuant to Rule 462(d) 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. ☒ (File No. 333-282465)

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. ☐

**This post-effective amendment shall become effective upon filing with the Securities and Exchange Commission in accordance with Rule 462(d) under the Securities Act of 1933, as amended.**

**EXPLANATORY NOTE**

This Post-Effective Amendment No. 1 to the Registration Statement on Form S-1 (File No. 333-282465) of Bitwise XRP ETF (the "Trust") is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the "Securities Act"), for the purpose of filing additional exhibits to the Registration Statement. Accordingly, this Post-Effective Amendment No. 1 consists only of a facing page, this explanatory note and Part II of the Registration Statement on Form S-1 setting forth the exhibits being added to the Registration Statement. This Post-Effective Amendment No. 1 does not modify any provision of Part I or Part II of the Registration Statement other than the additions to Item 16 of Part II as set forth below. Pursuant to Rule 462(d) under the Securities Act, this Post-Effective Amendment No. 1 shall become effective immediately upon filing with the Securities and Exchange Commission.

PART II

INFORMATION NOT REQUIRED IN PROSPECTUS

**Item 16. Exhibits and Financial Statement Schedules.**

(a) Exhibit: The following additional exhibits are filed as part of this Registration Statement.

<u>Exhibit<br> Number</u> <u>Description</u> <br> 10.10 [Pricing Benchmark License Agreement](ea026625501ex10-10_bitwise.htm) <br> 10.11 [Amendment to Pricing Benchmark License Agreement](ea026625501ex10-11_bitwise.htm)

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of San Francisco, State of California, on November 19, 2025.

---

| | |
|:---|:---|
| Bitwise Investment Advisers, LLC | Bitwise Investment Advisers, LLC |
| Sponsor of the Bitwise XRP ETF | Sponsor of the Bitwise XRP 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 | November 19, 2025 |
| Hunter Horsley | (Principal Executive Officer)\* |  |
| */s/ Paul ("Teddy") Fusaro* | Chief Operating Officer | November 19, 2025 |
| Paul ("Teddy") Fusaro | (Principal Financial Officer and Principal Accounting Officer)\* |  |

---

\* 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 10.10

**Exhibit 10.10**

This Financial Product License Agreement (the Agreement) is dated July 12, 2023.

**Parties**

&nbsp;&nbsp;&nbsp;&nbsp;1. **CF BENCHMARKS LTD** incorporated and registered in England and Wales with company number 11654816 whose registered
 office is at 4th Floor, 25 Copthall Avenue, London, United Kingdom, EC2R 7BP (**LICENSOR**);

&nbsp;&nbsp;&nbsp;&nbsp;2. **BITWISE INVESTMENT MANAGER, LLC**, a Delaware limited liability company whose principal place of business
 is 400 Montgomery Street, Suite 600, San Francisco, CA 94104 (**LICENSEE**);

**BACKGROUND**

A. CF Benchmarks administrates, maintains and licenses pricing indices and pricing rates for use relating to the value of Digital Assets (as defined below).

B. The Licensee is an investment adviser registered with the United States Securities and Exchange Commission and wishes to issue and manage the financial product listed in Schedule 2 (the "Financial Product") whose performance will track an Index provided by CF Benchmarks.

**AGREED TERMS**

1. Interpretation

1.1 The
 definitions and rules of interpretation in this clause apply in this Agreement (including
 the recitals):

**Affiliates**: means an entity directly or indirectly controlling, controlled by or under common control with a party. Control means the ownership or control, directly or indirectly, of at least fifty percent (50%) or more of all of the voting shares (or other securities or rights) entitled to vote for the election of directors or other governing authority.

**Agents:** means any provider of ancillary services that have been commissioned by CF Benchmarks for the purposes of providing its products and services to its users

**Business Day**: means a day other than a Saturday, Sunday or public holiday in England, when banks in London are open for business.

**Commencement Date**: means the date of the launch of Licensee's Financial Product, such date to be provided by Licensee to Licensor.

**Confidential Information**: means any information of a proprietary or confidential nature with respect to an entity or any of its Affiliates, including, but not limited to, data, technical or commercial information, reports, papers, correspondence or documents, designs, computer code, computer programs, software, formulae, processes and know-how, in whatever form (including written, oral, visual or electronic).

Confidential Information does not include any information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is or becomes generally available to the
 public (other than as a result of its disclosure by the receiving party or its Representatives
 (as defined below) in breach of clause 6);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) was
 available to the receiving party on a non-confidential basis before disclosure by the disclosing
 party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) was,
 is, or becomes, available to the receiving party on a non-confidential basis from a person
 who, to the receiving party's knowledge, is not bound by a confidentiality agreement with
 the disclosing party or otherwise prohibited from disclosing the information to the receiving
 party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) was
 known to the receiving party before the information was disclosed to it by the disclosing
 party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 parties agree in writing is not confidential or may be disclosed.

**Control**: means the beneficial ownership of more than fifty per cent (50%) of the issued share capital of a party or the legal power to direct or cause the direction of the general management of a party.

**Derived Works:** means any data or information that is a result of or modification of, adaption, revision, translation, abridgement, condensation, compilation, evaluation, expansion, or any other recasting or processing solely of the Index Data or in conjunction with other data.

**Digital Asset**: means a digital token that is created and exists based on blockchain technology or similar or related technologies, including, but not limited to, Bitcoin, Ripple XRP, Ether, Litecoin, other so-called "Alt-Coins" or variations thereof.

**Digital Asset Pair**: means the Digital Asset and relevant currency pair for which there is one or more available indices.

**Fees**: has the meaning given to it in clause 5.1.

**Index (Indices):** means one or more benchmarks or indices, each reflecting a market price, settlement price, indicative or informational price of one or more Digital Assets in relation to another Digital Asset or in relation to legal tender currency, calculated and published periodically by CF Benchmarks.

**Index Data:** means data provided by CF Benchmarks that it makes available on its API and through other means of electronic transmission either directly or via a data vendor.

**Informational Material:** all Prospectus, advertisements, brochures, promotional and other similar informational material that in any way use or refer to CF Benchmarks, the Index Data or the Products.

**Initial Period**: means a period of three (3) years commencing on the Commencement Date.

**Intellectual Property Rights**: all patents, rights to inventions, utility models, copyright and related rights, trademarks, service marks, trade, business and domain names, rights in trade dress or get-up, rights in goodwill or to sue for passing off, unfair competition rights, rights in designs, rights in computer software, database rights, semi-conductor topography rights, moral rights, rights in confidential information (including know-how and trade secrets) and any other intellectual property rights, in each case whether registered or unregistered and including all applications for and renewals or extensions of such rights, and all similar or equivalent rights or forms of protection in any part of the world.

**Licence**: means the licence granted by CF Benchmarks to the Licensee in clause 2, which shall be effective from the License Grant Date for each Digital Asset Pair.

**License Grant Date**: means the date a Digital Asset Pair is added to **Schedule**

**1**. **Licensee Group Entity**: means each of Licensee and its Affiliates.

**Peak Assets Under Management:** means the maximum value of all funds invested in each Product, as calculated in U.S. Dollars (USD). To the extent AuM is in a currency other than USD, the exchange rate to calculate the USD value shall be calculated using the exchange rate shown on the Financial Times website at 4:00 PM London Time for the last day of the reporting Quarter.

**Products:** means Licensee Group Derived Works listed in **Schedule 2** including the values and pricing thereof.

**Prospectus:** any prospectus, contract, offering memorandum or similar writing issued in connection with any Product.

**Quarterly or Quarter:** with respect to any calendar year, the three-month period commencing on the first day of such calendar year (January 1), and such succeeding three-month period during such year.

**Renewal Period**: means each successive one (1) year period after the Initial Period for which this Agreement is renewed.

**Representatives**: means a party's directors, officers and/or employees.

**Term**: means the Initial Period and any Renewal Periods.

1.2 Clause,
 schedule and paragraph headings shall not affect the interpretation of this Agreement.

1.3 Unless
 the context otherwise requires, words in the singular shall include the plural and words
 in the plural shall include the singular.

1.4 Unless
 the context otherwise requires, a reference to one gender shall include a reference to the
 other genders.

1.5 A
 reference to a statute or statutory provision is a reference to it as amended, extended or
 re-enacted from time to time.

1.6 A
 reference to a statute or statutory provision shall include all subordinate legislation made
 from time to time under that statute or statutory provision.

1.7 A
 reference to **writing** or **written** includes e-mail.

1.8 References
 to clauses and schedules are to the clauses and schedules of this Agreement and references
 to paragraphs are to paragraphs of the relevant schedule.

1.9 Any
 words following the terms **including**, **include**, **in particular** or **for example** or any similar phrase shall be construed as illustrative and shall not limit
 the generality of the related general words.

2. **Licence** 

The license granted hereunder applies to the Indices listed in **Schedule 1** only:

2.1 CF Benchmarks grants to each the Licensee
 and each Licensee Group Entity a non-exclusive, non-transferable, non-sub-licensable, perpetual,
 worldwide, licence for the Term to access, view and use the Index Data to develop, create,
 calculate, settle, maintain or support and market the Products; including the uses specified
 in **Schedule 2** which can be added to from time to time by agreement of the parties.

2.2 Except
 as otherwise set forth herein the Licensee may not, nor will a Licensee Group entity allow
 or permit any third-party to, develop, create, calculate, or use in any other way in the
 development or support of any Derived Works or product based upon the use of the Index Data,
 without the prior written consent of CF Benchmarks.

2.3 The
 Licensee acknowledges and agrees that CF Benchmarks holds all right, title, Intellectual
 Property Rights and interest in the Index Data and the format in which the Index Data is
 transmitted by CF Benchmarks or its Agents. Except for the limited license granted herein,
 the Intellectual Property Rights of CF Benchmarks are not transferred, assigned, or affected
 in any way by this Agreement.

3. **CF Benchmarks's Obligations** 

CF Benchmarks shall:

3.1 use
 reasonable efforts to compile, maintain and correct any errors in the Index Data, and deliver
 the Index Data with no material delay to the Licensee through its API;

3.2 maintain
 a dedicated point of contact for the Licensee to liaise with CF Benchmarks and respond within
 one (1) Business Day in the event that the Licensee detects any technical errors, delays,
 manipulation, suspicious patterns or other issues in connection with the Index Data;

3.3 make
 available to the Licensee in digital format the Index Data pertaining to historical time
 periods for the purpose of filling any gaps in the Index Data that it may have due to unavailability,
 and/or any technical issues

4. **Licensee's Obligations** 

The Licensee shall:

4.1 comply with the terms of the licence granted
 under Section 2 when using the Index Data, and the specified uses set out in **Schedule 2**;

4.2 Fulfil
 the Reporting requirements and pay the Fees as set out in Section 5; and

4.3 not
 reproduce, display or distribute the Index Data without the prior written consent of CF Benchmarks.

4.4 Each
 Licensee Group entity will include the disclaimer set out at in **Schedule 3** in all
 Informational Materials, and upon request provide a copy thereof to CF Benchmarks. CF Benchmarks
 will provide Licensee with thirty (30) days' written notice of any changes to **Schedule 3**, unless amendments are required under law or regulation.

5. **REPORTING & FEES** 

[\*\*\*]

6. **Licensor's Marks** 

6.1 CF Benchmarks grants to the Licensee for
 the duration of the term a non-exclusive, non-transferable, non-sub-licensable, perpetual,
 worldwide, licence to reproduce the Licensor's Marks as set out in Schedule 4 in any
 Informational Material. The marks are solely to be used when referencing the Licensees Products **2** and their relationship to the Indices listed in **Schedule 2**. All reproduction
 of the Licensor's marks will be accompanied by the **Product Disclaimer** set out
 in **Schedule 3**.

7. **Confidentiality** 

7.1 Each party shall keep the other party's Confidential
 Information confidential and shall not:

7.2 use any Confidential Information except for
 the purpose of exercising or performing its rights and obligations under this Agreement (**Permitted Purpose**); or

7.3 disclose any Confidential Information in
 whole or in part to any third party, except as expressly permitted by this clause.

7.4 A party may disclose the other party's Confidential
 Information to those of its Representatives who need to know that Confidential Information
 for the Permitted Purpose, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it informs those Representatives of the
 confidential nature of the Confidential Information before disclosure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at all times, it is responsible for the
 Representatives' compliance with the confidentiality obligations set out in this clause 6.

7.5 A party may disclose Confidential Information
 to the extent required by law, by any governmental or other regulatory authority (including
 self-regulating authorities), by any supervisory agency or authority or by a court or other
 authority of competent jurisdiction provided that, to the extent it is legally permitted
 to do so, it gives the other party as much notice of the disclosure as possible.

7.6 Each party reserves all rights in its Confidential
 Information. No rights or obligations in respect of a party's Confidential Information, other
 than those expressly stated in this Agreement, are granted to the other party, or are to
 be implied from this Agreement.

7.7 Upon termination of this Agreement, all such
 Confidential Information disclosed hereunder shall be returned to the party who disclosed
 such Confidential Information or destroyed promptly upon the disclosing party's written
 request, and shall not thereafter be retained in any form by the other party or its Representatives.
 Notwithstanding the foregoing, copies of Confidential Information that are required to be
 retained by law or regulation or audit requirements may be retained, however, such Confidential
 Information shall continue to be subject to the terms of this Agreement.

8. **Intellectual Property Rights Ownership** 

The Licensee acknowledges that:

8.1 all
 Intellectual Property Rights in the Index Data are the property of CF Benchmarks or its Suppliers,
 as the case may be; and

8.2 it
 shall have no rights in or to the Index Data other than in accordance with the express terms
 of this Agreement.

9. **Warranties** 

9.1 CF Benchmarks warrants that it has the right
 to licence the Index Data as specified in this Agreement and that the provision, receipt
 or use of the Index Data (wholly or in part) do not infringe any Intellectual Property Right
 of a third party.

9.2 The Licensee warrants that it has full capacity
 and authority to enter into and perform this Agreement. Except as expressly stated in this
 Agreement, all warranties, conditions and terms, whether express or implied by statute, common
 law or otherwise are hereby excluded to the extent permitted by law.

10. **Limitation of Liability** 

10.1 Neither party excludes or limits liability
 to the other party for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) fraud or fraudulent misrepresentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) death or personal injury caused by negligence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a breach of any obligations implied by section
 12 of the Sale of Goods Act 1979 or section 2 of the Supply of Goods and Services Act 1982;
 and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any matter in respect of which it would
 be unlawful for the parties to exclude liability.

10.2 Except for claims arising under Section
 6 of this Agreement, CF Benchmarks's liability to the Licensee arising out of or relating
 to this Agreement, whether based on contract, tort or any other theory, will not exceed the
 payments made by the Licensee to CF Benchmarks hereunder during the two (2) year period preceding
 the relevant claim.

11. **Term and Termination** 

11.1 This Agreement shall commence on the Commencement
 Date. Unless terminated earlier in accordance with clause 10.2 or this clause 10.1, this
 Agreement shall continue for the Initial Period and shall automatically extend for a Renewal
 Period at the end of the Initial Period and at the end of each Renewal Period. Either party
 may give written notice to the other party, not later than sixty (60) days before the end
 of the Initial Period or the relevant Renewal Period, to terminate this Agreement at the
 end of the Initial Period or the relevant Renewal Period, as the case may be.

11.2 Without prejudice to any rights that have
 accrued under this Agreement or any of its rights or remedies, either party may terminate
 this Agreement with immediate effect by giving written notice to the other party if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the other party commits a material breach
 of any term of this Agreement and (if that breach is remediable) fails to remedy that breach
 within a period of thirty (30) days after being notified in writing to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the other party suspends, or threatens to
 suspend, payment of its debts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is unable to pay its debts as they fall
 due or admits inability to pay its debts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (being a company) is deemed unable to pay
 its debts within the meaning of section 123 of the Insolvency Act 1986; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (being a partnership) has any partner to
 whom any of clause (a) to (c) (inclusive) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the other party commences negotiations with
 all or any class of its creditors with a view to rescheduling any of its debts, or makes
 a proposal for or enters into any compromise or arrangement with its creditors other than
 for the sole purpose of a scheme for a solvent amalgamation of that other party with one
 or more other companies or the solvent reconstruction of that other party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a petition is filed, a notice is given,
 a resolution is passed, or an order is made, for or in connection with the winding up of
 that other party other than for the sole purpose of a scheme for a solvent amalgamation of
 that other party with one or more other companies or the solvent reconstruction of that other
 party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) an application is made to court, or an order
 is made, for the appointment of an administrator, or if a notice of intention to appoint
 an administrator is given or if an administrator is appointed, over the other party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the holder of a qualifying floating charge
 over the assets of that other party has become entitled to appoint or has appointed an administrative
 receiver;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a person becomes entitled to appoint a receiver
 over the assets of the other party or a receiver is appointed over the assets of the other
 party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a creditor or encumbrancer of the other
 party attaches or takes possession of, or a distress, execution, sequestration or other similar
 process is levied or enforced on or sued against, the whole or any part of the other party's
 assets and that attachment or process is not discharged within fourteen (14) days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any event occurs or proceeding is taken
 with respect to the other party in any jurisdiction to which it is subject that has an effect
 equivalent or similar to any of the events mentioned in clause 10.2.2(a) to 10.2.2(c) (inclusive);
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the other party suspends or ceases, or threatens
 to suspend or cease, carrying on all or a substantial part of its business.

11.3 Clauses 1, 5 to 11 (inclusive) and 21 to
 22 (inclusive) will survive termination or expiry of this Agreement and will remain in force
 indefinitely.

11.4 Termination or expiry of this Agreement
 shall not affect any rights, remedies, obligations or liabilities of the parties that have
 accrued up to the date of termination or expiry, including the right to claim damages in
 respect of any breach of this Agreement which existed at or before the date of termination
 or expiry.

12. **Force Majeure** 

Neither party shall be in breach of this Agreement nor liable for delay in performing, or failure to perform, any of its obligations under this Agreement if such delay or failure result from events, circumstances or causes beyond its reasonable control. In such circumstances the affected party shall be entitled to a reasonable extension of the time for performing such obligations. If the period of delay or non-performance continues for one (1) month, the party not affected may terminate this Agreement upon written notice to the affected party.

13. **Notice** 

13.1 Any notice, or other communication given
 to a party under or in connection with this Agreement shall be in writing to the email address
 or postal address of the parties as set out in this clause 12. Email notices served under
 this Agreement will be deemed delivered at the time of transmission.

For Licensee:

Email address: katherine@bitwiseinvestments.com

For CF Benchmarks:

Email address: sui@cfbenchmarks.com

14. **Assignment** 

14.1 Licensee shall not assign or transfer this
 Agreement in whole or in part to an Affiliate or the assignee or transferee of its entire
 business or of that part of its business to which this Agreement relates, without written
 consent form CF Benchmarks.

15. **Waiver** 

No failure or delay by a party to exercise any right or remedy provided under this Agreement or by law shall constitute a waiver of that or any other right or remedy, nor shall it preclude or restrict the further exercise of that or any other right or remedy. No single or partial exercise of any right or remedy shall preclude or restrict the further exercise of that or any other right or remedy.

16. **Remedies** 

Except as expressly provided in this Agreement, the rights and remedies provided under this Agreement are in addition to, and not exclusive of, any rights or remedies provided by law.

17. **Entire Agreement** 

This Agreement constitutes the entire agreement between the parties and supersedes all previous discussions, correspondence, negotiations, arrangements, understandings and agreements between them relating to its subject matter. Each party acknowledges that in entering into this Agreement it does not rely on, and shall have no remedies in respect of, any representation or warranty (whether made innocently or negligently) that is not set out in this Agreement.

18. **Variation** 

Except as expressly provided in this Agreement, no variation of this Agreement shall be effective unless it is in writing and signed by the parties (or their authorised representatives).

19. **Severance** 

If any provision or part-provision of this agreement is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision shall be deemed deleted. Any modification to or deletion of a provision or part-provision under this clause shall not affect the validity and enforceability of the rest of this agreement. If one party gives notice to the other of the possibility that any provision or part-provision of this agreement is invalid, illegal or unenforceable, the parties shall negotiate in good faith to amend such provision so that, as amended, it is legal, valid and enforceable, and, to the greatest extent possible, achieves the intended commercial result of the original provision.

20. **No Partnership Or Agency** 

Nothing in this Agreement is intended to, or shall be deemed to, establish any partnership or joint venture between any of the parties, constitute any party the agent of another party, or authorise any party to make or enter into any commitments for or on behalf of any other party. Each party confirms it is acting on its own behalf and not for the benefit of any other person.

21. **Third-Party Rights** 

21.1 A person who is not a party to this Agreement
 shall not have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce
 any term of this Agreement. This does not affect any right or remedy of a third party which
 exists, or is available, apart from that Act.

21.2 The
 rights of the parties to terminate, rescind or agree any variation, waiver or settlement
 under this Agreement are not subject to the consent of any other person.

22. **Governing Law** 

This Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of the state of Delaware.

23. **Jurisdiction** 

Each party irrevocably agrees that the courts of Delaware shall have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this Agreement or its subject matter or formation (including non-contractual disputes or claims).

This Agreement has been entered into on the date stated at the beginning of it.

---

| | |
|:---|:---|
| Signed by Katherine Dowling for and on behalf of **BITWISE INVESTMENT MANAGER,** | /s/ Katherine Dowling |
| **LLC** | Authorised Signatory |
| Signed by Sui Chung and on behalf of **CF BENCHMARKS LTD** | /s/ Sui Chung |
|  | Director |

---

**SCHEDULE 1 – ASSET PAIRS & BENCHMARKS**

---

| | | |
|:---|:---|:---|
| Asset Pair | License Grant Date | Indices |
| Bitcoin - US Dollar | XXXXXXX | CME CF Bitcoin Real Time Index (BRTI) |
| Bitcoin - US Dollar | XXXXXXX | CME CF Bitcoin Reference Rate (BRR) |
| Bitcoin - US Dollar | XXXXXXX | CME CF Bitcoin Reference Rate - New York Variant (BRRNY) |
| Bitcoin - US Dollar | XXXXXXX | CF PRINCIPAL MARKET US PRICE |

---

**SCHEDULE 2 – SPECIFIED PRODUCTS & USES CASES**

---

| | | | |
|:---|:---|:---|:---|
| Number | PRODUCT | USE CASES | USE CASES |
| 1 | XXXXXXXXX; an Exchange Traded Fund to be admitted for trading on an organised marketplace | ● | The calculation of Net Asset Value (NAV) and/or Indicative Net Asset Value (I-NAV or sometimes referred to as IVV or IOPV) for the Product in the course of Issuance of the Product. |
|  |  | ● | The determination of the Product AuM (i.e., NAV) and NAV/share in the course of Issuance of the Product. |
|  |  | ● | The dissemination of the Product AuM (i.e., NAV), NAV/share and I-NAV that have been calculated using the Index Data. |
|  |  | ● | The preparation of financial statements and management accounts at a frequency no greater than once a day. |

---

**SCHEDULE 3 – PRODUCT DISCLAIMER**

CF BENCHMARKS LTD INDEX DATA IS USED UNDER LICENSE AS A SOURCE OF INFORMATION FOR CERTAIN [LICENSEE/LICENSEE GROUP] PRODUCTS. CF BENCHMARKS LTD, ITS LICENSORS AND AGENTS HAVE NO OTHER CONNECTION TO [LICENSEE/LICENSEE GROUP] PRODUCTS AND SERVICES AND DO NOT SPONSOR, ENDORSE, RECOMMEND OR PROMOTE ANY [LICENSEE/LICENSEE GROUP] PRODUCTS OR SERVICES. CF BENCHMARKS ITS LICENSORS AND AGENTS HAVE NO OBLIGATION OR LIABILITY IN CONNECTION WITH THE [LICENSEE/LICENSEE GROUP] PRODUCTS AND SERVICES. CF BENCHMARKS ITS LICENSORS AND AGENTS DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF ANY INDEX LICENSED TO [LICENSEE/LICENSEE GROUP] AND SHALL NOT HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

**SCHEDULE 4 – LICENSOR MARKS**

**MARK 1**

**MARK 2**

![](ex10-10_002.jpg)

![](ex10-10_003.jpg)

## Exhibit 10.11

**Exhibit 10.11**

**AMENDMENT TO FINANCIAL PRODUCTS LICENSE AGREEMENT**

This Amendment is entered into as of October 29th 2025, by and between **CF Benchmarks Ltd** ("Licensor"), Bitwise Investment Advisers, LLC, ("BIA") and **Bitwise Investment Manager LLC,** ("BIM" ad together with BIA each a "**Licensee**").

The Licensor and BIM entered into a Financial Product License Agreement on July 12th 2023 as amended by the Variation Agreement on May 1st 2024 and October 27th 2025 (the "Original Agreement").

The Licensor and BIM, through this amendment agreement (the "Amendment Agreement"), wish to amend the Original Agreement by adding BIA as a third counterparty and by incorporating the changes set out below.

The amendments and additions contained herein shall have effect from October 29th 2025 onwards, and shall supersede where applicable those contained in the Original Agreement.

Except as expressly amended by this Amendment, all terms and conditions of the Agreement shall remain unchanged and in full force and effect. This Amendment shall be read and construed as one with the Agreement, and, in the event of any conflict, the terms of this Amendment shall prevail with respect to the subject matter herein.

The terms of the Original Agreement shall be deemed amended to reflect both the express changes set forth in this Amendment Agreement and any other modifications that are reasonably necessary to give full effect to such changes. Except to the extent inconsistent with this Amendment Agreement or the changes effected hereby, all other terms, conditions, rights, and obligations of the Original Agreement shall remain unchanged and in full force and effect. This Amendment Agreement and the Original Agreement shall be read and construed together as a single contract.

Licensor and Licensee are sometimes referred to herein collectively as the "Parties" and individually as a "Party."

<u>WITNESSETH:</u>

WHEREAS, Licensee wishes to license additional indices from Licensor for use in connection with certain financial products; and

WHEREAS, the Parties desire to amend **Schedule and Schedule 2 inclusive,** of the Original Agreement

**REPLACEMENT OF SCHEDULE 1**

The Parties agree to amend and replace the existing **SCHEDULE 1** of the Original Agreement in its entirety with the below

**SCHEDULE 1**

---

| | | |
|:---|:---|:---|
| Asset Pair | License Grant Date | Indices |
| Bitcoin - US Dollar | January 11<sup>th</sup> 2024 | CME CF Bitcoin Real Time Index (BRTI) |
| Bitcoin - US Dollar | January 11<sup>th</sup> 2024 | CME CF Bitcoin Reference Rate (BRR) |
| Bitcoin - US Dollar | January 11<sup>th</sup> 2024 | CME CF Bitcoin Reference Rate - New York Variant (BRRNY) |
| Bitcoin - US Dollar | January 11<sup>th</sup> 2024 | CME CF Bitcoin Reference Rate – APAC Variant (BRRAP) |
| Ether - US Dollar | July 23rd 2024 | CME CF Ether - Dollar Real Time Index (ETHUSD_RTI) |
| Ether - US Dollar | July 23rd 2024 | CME CF Ether - Dollar Reference Rate (ETHUSD_RR) |
| Ether - US Dollar | July 23rd 2024 | CME CF Ether - Dollar Reference Rate - New York Variant (ETHUSD_NY) |

---

---

| | | |
|:---|:---|:---|
| | | CME CF Ether – Dollar Reference Rate – APAC Variant (ETHUSD_AP) |
| Solana - US Dollar | The date at which Product Number 4 is admitted for trading on a National Stock Exchange | CME CF Solana - Dollar Real Time Index (SOLUSD_RTI) |
| Solana - US Dollar | The date at which Product Number 4 is admitted for trading on a National Stock Exchange | CME CF Solana - Dollar Reference Rate (SOLUSD_RR) |
| Solana - US Dollar | The date at which Product Number 4 is admitted for trading on a National Stock Exchange | CME CF Solana - Dollar Reference Rate - New York Variant (SOLUSD_NY) |
| Solana - US Dollar | The date at which Product Number 4 is admitted for trading on a National Stock Exchange | CME CF Solana – Dollar Reference Rate – APAC Variant (SOLUSD_AP) |
| Chainlink - US Dollar | The date at which Product Number 5 is admitted for trading on a National Stock Exchange | CME CF Chainlink - Dollar Real Time Index (LINKUSD_RTI) |
| Chainlink - US Dollar | The date at which Product Number 5 is admitted for trading on a National Stock Exchange | CME CF Chainlink - Dollar Reference Rate (LINKUSD_RR) |
| Chainlink - US Dollar | The date at which Product Number 5 is admitted for trading on a National Stock Exchange | CME CF Chainlink - Dollar Reference Rate - New York Variant (LINKUSD_NY) |
| Chainlink - US Dollar | The date at which Product Number 5 is admitted for trading on a National Stock Exchange | CME CF Chainlink – Dollar Reference Rate – APAC Variant (LINKUSD_AP) |
| DOGE - US Dollar | The date at which Product Number 6 is admitted for trading on a National Stock Exchange | CF DOGE - Dollar Real Time Index (DOGEUSD_RTI) |
| DOGE - US Dollar | The date at which Product Number 6 is admitted for trading on a National Stock Exchange | CF DOGE - Dollar Reference Rate (DOGEUSD_RR) |
| DOGE - US Dollar | The date at which Product Number 6 is admitted for trading on a National Stock Exchange | CF DOGE - Dollar Reference Rate - New York Variant (DOGEUSD_NY) |
| DOGE - US Dollar | The date at which Product Number 6 is admitted for trading on a National Stock Exchange | CF DOGE – Dollar Reference Rate – APAC Variant (DOGEUSD_AP) |
| Avalanche - US Dollar | The date at which Product Number 7 is admitted for trading on a National Stock Exchange | CME CF Avalanche - Dollar Real Time Index (AVAXUSD_RTI) |
| Avalanche - US Dollar | The date at which Product Number 7 is admitted for trading on a National Stock Exchange | CME CF Avalanche - Dollar Reference Rate (AVAXUSD_RR) |
| Avalanche - US Dollar | The date at which Product Number 7 is admitted for trading on a National Stock Exchange | CME CF Avalanche - Dollar Reference Rate - New York Variant (AVAXUSD_NY) |
| Avalanche - US Dollar | The date at which Product Number 7 is admitted for trading on a National Stock Exchange | CME CF Avalanche – Dollar Reference Rate – APAC Variant (AVAXUSD_AP) |
| XRP - US Dollar | The date at which Product Number 8 is admitted for trading on a National Stock Exchange | CME CF XRP - Dollar Real Time Index (XRPUSD_RTI) |
| XRP - US Dollar | The date at which Product Number 8 is admitted for trading on a National Stock Exchange | CME CF XRP - Dollar Reference Rate (XRPUSD_RR) |
| XRP - US Dollar | The date at which Product Number 8 is admitted for trading on a National Stock Exchange | CME CF XRP - Dollar Reference Rate - New York Variant (XRPUSD_NY) |
| XRP - US Dollar | The date at which Product Number 8 is admitted for trading on a National Stock Exchange | CME CF XRP – Dollar Reference Rate – APAC Variant (XRPUSD_AP) |

---

In addition to the above indices CF Benchmarks will also provide the Free Float Supply of each base asset listed in the above table which the Licensee may utilise in for the defined use cases in connection with the Products listed in Schedule 2.

**REPLACEMENT OF SCHEDULE 2**

The Parties further agree to amend and replace the existing **SCHEDULE 2** of the Original Agreement in its entirety with the below **SCHEDULE 2**

**SCHEDULE 2 – SPECIFIED PRODUCTS & USES CASES**

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| | | | |
|:---|:---|:---|:---|
| Number | FINANCIAL PRODUCTS | USE CASES | USE CASES |
| 1 | The Bitwise Bitcoin ETF (BITB) an Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | The calculation of Net Asset Value (NAV) or Indicative Net Asset Value (I-NAV) for the Product in the course of administering, reporting and marketing the Product |
| 1 | The Bitwise Bitcoin ETF (BITB) an Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | The determination of the Product AuM in the course of administering, reporting and marketing the Product |
| 1 | The Bitwise Bitcoin ETF (BITB) an Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | The dissemination of the Product NAV, I-NAV and AuM in the Product that have been calculated using the Index Data |
| 1 | The Bitwise Bitcoin ETF (BITB) an Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | Comparing the Index Data to data associated with the Nominated Product in its Informational Materials, such as performance, returns, volatility, drawdown, Sharpe ratio and other commonly used financial and investment metrics |
| 2 | The Bitwise Ethereum ETF (ETHW), Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | The calculation of Net Asset Value (NAV) or Indicative Net Asset Value (I-NAV) for the Product in the course of administering, reporting and marketing the Product |
| 2 | The Bitwise Ethereum ETF (ETHW), Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | The determination of the Product AuM in the course of administering, reporting and marketing the Product |
| 2 | The Bitwise Ethereum ETF (ETHW), Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | The dissemination of the Product NAV, I-NAV and AuM in the Product that have been calculated using the Index Data |
| 2 | The Bitwise Ethereum ETF (ETHW), Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | Comparing the Index Data to data associated with the Nominated Product in its Informational Materials, such as performance, returns, volatility, drawdown, Sharpe ratio and other commonly used financial and investment metrics |
| 3 | The Bitwise Bitcoin & Ethereum ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | The calculation of Net Asset Value (NAV) or Indicative Net Asset Value (I-NAV) for the Product in the course of administering, reporting and marketing the Product |
| 3 | The Bitwise Bitcoin & Ethereum ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | The determination of the Product AuM in the course of administering, reporting and marketing the Product |
| 3 | The Bitwise Bitcoin & Ethereum ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | The dissemination of the Product NAV, I-NAV and AuM in the Product that have been calculated using the Index Data |
| 3 | The Bitwise Bitcoin & Ethereum ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | Comparing the Index Data to data associated with the Nominated Product in its Informational Materials, such as performance, returns, volatility, drawdown, Sharpe ratio and other commonly used financial and investment metrics |
| 3 | The Bitwise Bitcoin & Ethereum ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | Utilisation of Free Float Data as listed in Schedule 1 in order to determine the weights of each base asset within the Product |

---

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| | | | |
|:---|:---|:---|:---|
| 4 | The Bitwise Solana ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | The calculation of Net Asset Value (NAV) or Indicative Net Asset Value (I-NAV) for the Product in the course of administering, reporting and marketing the Product |
| 4 | The Bitwise Solana ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | The determination of the Product AuM in the course of administering, reporting and marketing the Product |
| 4 | The Bitwise Solana ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | The dissemination of the Product NAV, I-NAV and AuM in the Product that have been calculated using the Index Data |
| 4 | The Bitwise Solana ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | Comparing the Index Data to data associated with the Nominated Product in its Informational Materials, such as performance, returns, volatility, drawdown, Sharpe ratio and other commonly used financial and investment metrics |
| 4 | The Bitwise Solana ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | Utilisation of Free Float Data as listed in Schedule 1 in order to determine the weights of each base asset within the Product |
| 5 | The Bitwise Chainlink ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | The calculation of Net Asset Value (NAV) or Indicative Net Asset Value (I-NAV) for the Product in the course of administering, reporting and marketing the Product |
| 5 | The Bitwise Chainlink ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | The determination of the Product AuM in the course of administering, reporting and marketing the Product |
| 5 | The Bitwise Chainlink ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | The dissemination of the Product NAV, I-NAV and AuM in the Product that have been calculated using the Index Data |
| 5 | The Bitwise Chainlink ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | Comparing the Index Data to data associated with the Nominated Product in its Informational Materials, such as performance, returns, volatility, drawdown, Sharpe ratio and other commonly used financial and investment metrics |
| 5 | The Bitwise Chainlink ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | Utilisation of Free Float Data as listed in Schedule 1 in order to determine the weights of each base asset within the Product |
| 6 | The Bitwise DOGE ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | The calculation of Net Asset Value (NAV) or Indicative Net Asset Value (I-NAV) for the Product in the course of administering, reporting and marketing the Product |
| 6 | The Bitwise DOGE ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | The determination of the Product AuM in the course of administering, reporting and marketing the Product |
| 6 | The Bitwise DOGE ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | The dissemination of the Product NAV, I-NAV and AuM in the Product that have been calculated using the Index Data |
| 6 | The Bitwise DOGE ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | Comparing the Index Data to data associated with the Nominated Product in its Informational Materials, such as performance, returns, volatility, drawdown, Sharpe ratio and other commonly used financial and investment metrics |
| 6 | The Bitwise DOGE ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | Utilisation of Free Float Data as listed in Schedule 1 in order to determine the weights of each base asset within the Product |

---

---

| | | | |
|:---|:---|:---|:---|
| 7 | The Bitwise Avalanche ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | The calculation of Net Asset Value (NAV) or Indicative Net Asset Value (I-NAV) for the Product in the course of administering, reporting and marketing the Product |
| 7 | The Bitwise Avalanche ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | The determination of the Product AuM in the course of administering, reporting and marketing the Product |
| 7 | The Bitwise Avalanche ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | The dissemination of the Product NAV, I-NAV and AuM in the Product that have been calculated using the Index Data |
| 7 | The Bitwise Avalanche ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | Comparing the Index Data to data associated with the Nominated Product in its Informational Materials, such as performance, returns, volatility, drawdown, Sharpe ratio and other commonly used financial and investment metrics |
| 7 | The Bitwise Avalanche ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | Utilisation of Free Float Data as listed in Schedule 1 in order to determine the weights of each base asset within the Product |
| 8 | The Bitwise XRP ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | The calculation of Net Asset Value (NAV) or Indicative Net Asset Value (I-NAV) for the Product in the course of administering, reporting and marketing the Product |
| 8 | The Bitwise XRP ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | The determination of the Product AuM in the course of administering, reporting and marketing the Product |
| 8 | The Bitwise XRP ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | The dissemination of the Product NAV, I-NAV and AuM in the Product that have been calculated using the Index Data |
| 8 | The Bitwise XRP ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | Comparing the Index Data to data associated with the Nominated Product in its Informational Materials, such as performance, returns, volatility, drawdown, Sharpe ratio and other commonly used financial and investment metrics |
| 8 | The Bitwise XRP ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and or other National Stock Exchanges | ● | Utilisation of Free Float Data as listed in Schedule 1 in order to determine the weights of each base asset within the Product |

---

---

| | |
|:---|:---|
| Signed by Jamie Bebrin for and on behalf of **BITWISE INVESTMENT MANAGER LLC** | /s/ Jamie Bebrin |
|  | Authorised Signatory |
|  | 05 November 2025 |
| Signed by Sui Chung for and on behalf of **CF BENCHMARKS LTD** | /s/ Sui Chung |
|  | Director |
|  | 01 November 2025 |

---