Document:

EX-4.3

 Exhibit 4.3 
  

 
 Subscription Agreement 

for 
 Shares in 

Bitwise 10 Crypto Index Fund 

a Delaware Statutory Trust 
 Please
carefully review and follow the instructions to subscribers immediately following this cover page.     
 Incomplete
subscription agreements will be returned to subscribers for completion. 
 Subscribers are strongly encouraged to seek independent legal,
investment and tax advice regarding their individual circumstances and financial objectives in determining whether to subscribe for shares in Bitwise 10 Crypto Index Fund. 

 Bitwise 10 Crypto Index Fund 

Part I: Introduction and Instructions 

Introduction 
 This subscription
agreement (“Subscription Agreement”) provides important information and documentation needed to subscribe for and invest in a units of fractional undivided beneficial interest in the profits, losses, distributions, capital
and assets of, and ownership of (“Shares”), Bitwise 10 Crypto Index Fund (the “Fund”). Bitwise Investment Advisers, LLC, a Delaware limited liability company (“Sponsor”), will serve as the
sponsor of the Fund. 
 By signing the signature page to this Subscription Agreement (“Signature Page”), you agree to be
bound by the terms of the Subscription Agreement, the trust agreement of the Fund (as amended and/or restated from time to time, the “Trust Agreement”), and the private placement memorandum (“Private Placement
Memorandum”), and/or any other offering materials provided to you with respect to the Shares through the date of your execution of this Subscription Agreement (collectively, the “Offering Materials”). 

This Subscription Agreement includes each of the following items: 
  

	 	•	 	 Part I, Introduction and Instructions 

 

	 	•	 	 Part II, the “Investor Questionnaire” and Signature Page 

 

	 	•	 	 Part III, which provides legally binding terms of the Subscription Agreement additional to those in the Investor
Questionnaire 

 Subscribers (“Subscribers”) for Shares should review the materials provided
carefully and follow the steps and instructions below. 
 The terms “I,” “me,” “my” and
similar terms used throughout this Subscription Agreement refer to the Subscriber. 
 Instructions to Subscribers 

In order to invest in the Fund, please complete the following steps. 

1. Investor Questionnaire: Please submit to the Sponsor, by completing and submitting this form online, (1) a completed and signed
Investor Questionnaire and E-Signature Page, and (2) all requested supplemental information and documentation, including the following: 

 

	 	•	 	 For entity investors, a copy of the applicable organizational and authority documents (e.g., trust
instrument, certificate of incorporation, certificate of formation, corporate resolutions, bylaws, partnership agreement, operating agreement, plan documents, etc.).     

 

	 	•	 	 For natural person investors, a copy of a driver’s license, passport or other government-issued form
of identification. 

  

	 	•	 	 IRS Form W-9 (included as Part III of this Subscription
Agreement). 

 2. When and Where to Send: The Investor Questionnaire,
E-Signature Page and supplemental materials should be delivered simultaneously through the online form at bitwiseinvestments.com/onboarding. Failure to submit these documents will result in an incomplete
Subscription Agreement and prevent you from subscribing for Shares. 

  
 I-1 

 3. Payment of Investment: Pursuant to the Trust Agreement, Subscribers will make
capital contributions at the time of acceptance by the Sponsor of their subscription to the Fund in accordance with the wire transfer instructions provided in the notice of acceptance. Wire transfer instructions for payment in U.S. dollars
(“USD”) or the public Bitcoin address for payments in Bitcoin (“BTC”) will be provided in the notice of acceptance. 

4. Questions: If you have any questions about the Subscription Agreement, please contact the Sponsor at
investors@bitwiseinvestments.com. An incomplete Subscription Agreement will be rejected and returned to Subscriber for completion.  

5. Additional Information: The Sponsor may, in its sole discretion, request other information from the Subscriber.  

The enclosed documents may not be reproduced or delivered to any other person or entity. 

  
 I-2 

 Bitwise 10 Crypto Index Fund 

Part II: Investor Questionnaire and Signature Page 
  

	1.	 Subscriber Information  

 

			
	 Amount of Subscription:
                                        
USD

                          
                                         
                  BTC

		
	Full Legal Name of Investor:	  	
	
	 For entities:
                                         
           For natural persons: 
  

                         
                                         
                                         
                                         
                                         
                   

                          
                                         
                                     First Name, Middle Initial,
Last Name

	Indicate if Investor is:	  	
		
	 ☐ S Corporation
 ☐ Grantor Trust

☐ Limited Partnership
 ☐ Limited Liability Company

☐ Estate
 ☐ Trust-EIN (trust with EIN in format: 12-3456789)
 ☐ Trust-SSN (trust with EIN in format: 123-45-6789)
 ☐ Public Pension Plan

☐ Sovereign Investment Fund
	  	 ☐ C Corporation
 ☐ General
Partnership
 ☐ Limited Liability Partnership
 ☐
Exempt Organization
 ☐ Nominee-EIN
 ☐ Nominee-SSN
 ☐ Natural Person

☐ Other
                            

	
	If Subscriber is an entity (e.g., a trust, partnership, corporation, etc.), please answer the questions in this Investor Questionnaire from the perspective of the entity itself, rather than from the
perspective of the individual who will be signing for the entity.
		
	For Entities:	  	For Natural Persons:
		
	Date of Organization:
                                        
	  	Date of Birth:
                                         
                   
	State/Country of Organization:
                                         
   	  	                        (Month/Day/Year)
	
	Street Address:
                                         
                           Mailing Address for All Communications:
	
	☐ Check if same as street
address.                                    
	
	    Address – Line 1:
                                         
                                        Address
– Line 1:
                                         
                               
	
	    Address – Line 2:
                                         
                                        Address
– Line 2:
                                         
                               
	
	    City:
                                         
                                         
                   City:
                                         
                                         
           
	
	    State:
                                         
    Zip Code:
                                      State:
                                         
    Zip Code:                              

  
 II-1 

 Telephone Number:     

Facsimile Number (optional):                 

E-Mail Address:                

 Social Security Number or Tax Identification Number: 

For entity investors, attach a copy of the applicable organizational and authority documents (e.g., trust instrument, certificate of
incorporation, certificate of formation, corporate resolutions, partnership agreement, operating agreement, plan documents, etc.).  
 For
natural person investors, check form of ownership below, and provide a copy of driver’s license, passport or other government-issued form of identification.  

☐ Individual Ownership (One signature required)     

☐ Tenants in Common (All tenants must sign) 

☐ Joint Tenants with Right of Survivorship (All tenants must sign)     

☐ Individual Retirement Account (“IRA”) (One signature required) 

2. Status as a U.S. Person. I am a “U.S. Person,” within the meaning of Rule 902(a)(k) under the U.S. Securities Act of 1933, as
amended (the “Securities Act”), based on the fact that (check all that apply): 
 ☐ I am a natural person resident in
the United States. 
 ☐ I am a corporation, partnership, limited liability company, or equivalent legal entity organized under the laws
of any state of the United States; or organized or incorporated under the laws of any foreign jurisdiction, and formed by a U.S. person principally for the purpose of investing in securities not registered under the Securities Act, unless it is
organized or incorporated, and owned, by accredited investors (as defined below) who are not natural persons, estates or trusts. 
 ☐ I
am an estate of which any executor or administrator is a U.S. person, or a trust of which any trustee is a U.S. person. 
 ☐ I am an
agency or branch of a foreign entity located in the United States. 
 ☐ I am a
non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a U.S. person. 

☐ I am a discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized,
incorporated, or (if an individual) resident in the United States. 

  
 II-2 

 ☐ I am none of the above, and therefore am not a U.S. person within the meaning of
Rule 902(a)(k) of the Securities Act.1 
 (1) I will immediately notify the Sponsor if I
become a U.S. person at any time during which I hold or own an Interest; 
 (2) I am not acquiring the Interest for the account or benefit of
a U.S. person; 
 (3) I was physically located outside of the U.S. at the time that I received the Trust Agreement and this Subscription
Agreement; and 
 (4) I was physically located outside of the U.S. as of the execution date of this Subscription Agreement. 

3. Accredited Investor Status. I am an “accredited investor,” within the meaning of Rule 501(a) under the Securities Act, based on the
fact that (check all that apply): 
 ☐ I am a natural person who has a net worth2, either individually or on a joint basis with my
spouse, of at least U.S. $1,000,000.  
 ☐ I am a natural person who has had individual income in excess of U.S. $200,000 for
each of the two most recent years, or joint income with my spouse in excess of U.S. $300,000 in each of those years, and I have a reasonable expectation of reaching the same income level in the current year. 

☐ I am a director, executive officer or equivalent of the Fund or the Sponsor.  

 
  

	1 	 U.S. persons do not include any of the following: (i) any discretionary account or similar account (other
than an estate or trust) held for the benefit or account of a non-U.S. person by a dealer or other professional fiduciary organized, incorporated, or (if an individual) resident in the United States;
(ii) any estate of which any professional fiduciary acting as executor or administrator is a U.S. person if: (A) an executor or administrator of the estate who is not a U.S. person has sole or shared investment discretion with respect to
the assets of the estate; and (B) the estate is governed by foreign law; (iii) any trust of which any professional fiduciary acting as trustee is a U.S. person, if a trustee who is not a U.S. person has sole or shared investment discretion
with respect to the trust assets, and no beneficiary of the trust (and no settlor if the trust is revocable) is a U.S. person; (iv) an employee benefit plan established and administered in accordance with the law of a country other than the
United States and customary practices and documentation of such country; (v) any agency or branch of a U.S. person located outside the United States if: (A) the agency or branch operates for valid business reasons; and (B) the agency
or branch is engaged in the business of insurance or banking and is subject to substantive insurance or banking regulation, respectively, in the jurisdiction where located; and (vi) the International Monetary Fund, the International Bank for
Reconstruction and Development, the Inter-American Development Bank, the Asian Development Bank, the African Development Bank, the United Nations, and their agencies, affiliates and pension plans, and any other similar international organizations,
their agencies, affiliates and pension plans. 

  

	2 	 “Net worth” means the excess of total assets at fair market value over total liabilities. For
purposes of determining “net worth,” the primary residence owned by an individual should be excluded as an asset. Any liabilities secured by the primary residence should be included in total liabilities only if and to the extent that:
(1) such liabilities exceed the fair market value of the residence; or (2) such liabilities were incurred within 60 days before the sale of the Shares (other than as a result of the acquisition of the primary residence).

  
 II-3 

 ☐ I am a trust, with total assets in excess of U.S. $5,000,000, whose purchase is
directed by a sophisticated person as described in Rule 506(b)(2)(ii) under the Securities Act, and I will not hold Shares in the Fund that is more than 40% of the total value of my assets after the purchase of my Shares. 

☐ I am a corporation, California, Delaware or similar business trust, or partnership, with total assets in excess of U.S. $5,000,000, and
I will not hold Shares in the Fund that is more than 40% of the total value of my assets after the purchase of my Shares. 
 ☐ I am a
private business development company as defined in Section 202(a)(22) of the U.S. Investment Advisers Act of 1940, as amended (“Advisers Act”). 

☐ I am a bank as defined in Section 3(a)(2) of the Securities Act, or a savings and loan association or other institution as defined
in Section 3(a)(5)(A) of the Securities Act, whether acting in its individual or fiduciary capacity. 
 ☐ I am a broker or dealer
registered pursuant to Section 15 of the U.S. Securities Exchange Act of 1934, as amended (“Exchange Act”). 
 ☐
I am an insurance company as defined in Section 2(13) of the Securities Act. 
 ☐ I am an investment company registered under the
U.S. Investment Company Act of 1940 
 (“1940 Act”), as amended, or a business development company as defined in
Section 2(a)(48) of the Investment Company Act. 
 ☐ I am a Small Business Investment Company licensed by the Small Business
Administration under Section 301(c) or (d) of the U.S. Small Business Investment Act of 1958. 
 ☐ I am an entity in which
all of the equity owners are “accredited investors.” 
 ☐ I am not an accredited investor. 

4. ERISA  
 Benefit Plan Investor
Status. I am, or am acting (directly or indirectly) on behalf of, either:  
 ☐ An employee benefit
plan (within the meaning of Section 3(3) of the Employee Retirement Income Security Act (“ERISA”)), whether or not the plan is subject to Title I of ERISA; a plan, individual retirement account or other arrangement that is
subject to Section 4975 of the Internal Revenue Code (“Code”); a “benefit plan investor” within the meaning of 29 C.F.R. Section 2510.3-101; a “governmental plan”
within the meaning of Section 3(32) of ERISA; or a person that is deemed to hold “plan assets” under the ERISA plan assets regulations, and consequently subject to regulation under ERISA. 

☐ An entity 25% or more of the value of any class of equity of which is held by entities described in the paragraph above; provided that
for purposes of making the determination, the value of any equity interest held by a person (other than an entity described in the beginning of this item) who has discretionary authority or control with respect to the assets of the entity or a
person who provides investment advice for a fee (direct or indirect) with respect to those assets, or any affiliate of that person, will be disregarded.3 

 

	3 	 Based on this definition, an insurance company using general account assets may be deemed to include the assets
of a benefit plan investor, pursuant to Section 401(c) of ERISA. For example, plans that are maintained by a foreign corporation, a governmental entity or a church are employee benefit plans within the meaning of Section 3(3) of ERISA but
generally are not subject to Title I of ERISA or Section 4975 of the Code. 

  
 II-4 

 ☐ If I am a “benefit plan investor” based on the immediately preceding item,
I am subject to Title I of ERISA or Section 4975 of the Code. 
 ☐ I am none of the above. 

5. Regulation D Disqualifying Event. I4 am subject to the following Regulation D Rule 506(d)
“disqualifying event,” or am subject to a proceeding or event that could result in a “disqualifying event” (check all that apply):6  

☐ I have been convicted within ten years of the date of my signature on the Signature Page of any felony or misdemeanor (i) in
connection with the purchase or sale of any security, (ii) involving the making of any false filing with the U.S. Securities and Exchange Commission (the “SEC”) or (iii) arising out of the conduct of the business of an
underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities; 
 ☐ I am
subject to any order, judgment or decree of any court of competent jurisdiction entered within five years of the date of my signature on the Signature Page that presently restrains or enjoins me from engaging or continuing to engage in any conduct
or practice (i) in connection with the purchase or sale of any security, (ii) involving the making of any false filing with the SEC or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal
securities dealer, investment adviser or paid solicitor of purchasers of securities; 
 ☐ I am subject to a final order of a state
securities commission (or an agency or officer of a state performing like functions); a state authority that supervises or examines banks, savings associations or credit unions; a state insurance commission (or an agency or officer of a state
performing like functions); an appropriate federal banking agency; the U.S. Commodity Futures Trading Commission; or the National Credit Union Administration that (i) as of the date of my signature on the Signature Page, bars me from
(A) association with an entity regulated by one of these commissions, authorities, agencies or officers, (B) engaging in the business of securities, insurance or banking or (C) engaging in savings association or credit union
activities, or (ii) constitutes a final order based on a violation of any law or regulation that prohibits fraudulent, manipulative or deceptive conduct entered within ten years of the date of my signature on the Signature Page; 

☐ I am subject to any order of the SEC pursuant to Section 15(b) or 15B(c) of the Exchange Act or Section 203(e) or (f) of
the Advisers Act that as of the date of my signature on the Signature Page (i) suspends or revokes my registration as a broker, dealer, municipal securities dealer or investment adviser, (ii) places limitations on my activities, functions or
operations or (iii) bars me from being associated with any entity or from participating in the offering of any penny stock; 
  

 

	4 	 For purposes of this item, references to “I” include any person whose interest in, or relationship
to, me is deemed to make that person a beneficial owner of my voting securities under Exchange Act Rule 13d-3 and within the meaning of Rule 506(d). Under Rule 13d-3, a person is a beneficial owner of a security if, for among other reasons, such
person directly or indirectly has or shares (a) the power to vote or to direct the voting of such security and/or (b) the power to dispose of or direct the disposition of such security. 

  
 II-5 

 ☐ I am subject to any order of the SEC entered within five years of the date of my
signature on the Signature Page that presently orders me to cease and desist from committing or causing a violation or future violation of (i) any scienter-based anti-fraud provision of the federal securities laws or (ii) Section 5 of
the Securities Act; 
 ☐ I am, as of the date of my signature on the Signature Page, suspended or expelled from membership in, or
suspended or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable
principles of trade; 
 ☐ I have filed (as a registrant or issuer), or was or was named as an underwriter in, any registration
statement or Regulation A offering statement filed with the SEC that, within five years of the date of my signature on the Signature Page, was the subject of a refusal order, stop order or order suspending the Regulation A exemption, or is presently
the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued; or 
 ☐ I am
subject to a United States Postal Service false representation order entered within five years of the date of my signature on the Signature Page or presently subject to a temporary restraining order or preliminary injunction with respect to conduct
alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations. 

☐ I am not subject to any of the disqualifying events listed above. 

6. Committee on Foreign Investment in the United States (CFIUS) Foreign Person Status Questions. I am: 

☐ A foreign national – i.e., neither a U.S. citizen nor another individual who owes his or her sole allegiance to the United States.

 ☐ A foreign government, including any government-controlled legal entity organized or incorporated under the laws of any foreign
(i.e., non-U.S.) jurisdiction. 
 ☐ A foreign entity, including any corporation, partnership,
limited liability company, or equivalent legal entity organized or incorporated under the laws of any foreign (i.e., non-U.S.) jurisdiction. 

☐ A U.S. national over whom control5 is exercised or may be exercisable – in
any form – by a foreign national, foreign government or foreign entity (e.g., I have substantial debts held by a foreign government, etc.) 

☐ A corporation, partnership, limited liability company, or equivalent legal entity organized or incorporated under the laws of any state
of the United States over whom control is exercised or may be exercisable – in any form – by a foreign national, foreign government or foreign entity (e.g., I have a foreign shareholder that has the right to nominate candidates for one or
more board seats; I have a foreign manager or general partner; a foreign person otherwise participates in my important decision-making processes; etc.). 
  

 

	5 	 Control means the power, direct or indirect, whether exercised or not exercised, to determine, direct, or
decide important matters affecting an entity, subject to regulations prescribed by CFIUS, and includes negative control (i.e., the ability to prevent an entity from making a particular decision). 

  
 II-6 

 ☐ Not a foreign person under any of the above definitions or otherwise as defined
under Section 721 of the Defense Production Act of 1950, as amended, including all implementing regulations thereof. 
 7. Additional
Certifications and Representations for Entity Investors and Individual Retirement Accounts. Please check all that apply: 

☐ I am an entity that has been organized, reorganized, formed, capitalized or recapitalized for the specific purpose of acquiring
Shares.  
 ☐ The amount of my subscription for Shares in the Fund exceeds 40% of my total assets (on a consolidated basis with
my subsidiaries) or, if I am a private investment fund with binding, unconditional commitments from my beneficial owners, more than 40% of those commitments.  

☐ I am an entity that would be an investment company under the 1940 Act but for Section 3(c)(1) or 3(c)(7) thereof. 

If you have checked any of the above boxes in this Section 8 in the affirmative, please indicate the number of beneficial owners your
entity has below. 
 ____ Number of beneficial owners 

☐ I am (i) a partnership, grantor trust or an S-corporation for U.S. federal income tax
purposes, or (ii) an entity that is disregarded as separate from its owner for U.S. federal income tax purposes that is owned by a partnership, grantor trust or S-corporation.  

If so:  
 ☐ More than
50 percent of the value of the ownership interest of any of my beneficial owners is (or may at any time during the term of the Fund be) attributable to my Shares in the Fund.  

☐ A principal purpose of my participation in the Fund is to permit the Fund to satisfy the 100 partner limitation contained in U.S.
Treasury Regulation Section 1.7704-1(h)(3). 
 ☐ My shareholders, partners or other equity
or beneficial interest holders are able to decide individually whether to participate,6 or the extent of their participation,7 in my investment
in the Fund. 
  
  

	6 	 A Subscriber should check this box if, for example, its shareholders, partners or other holders of equity or
beneficial interests are able to determine whether their capital will form part of the capital invested by the Subscriber in the Fund, including (i) participant-directed defined contribution plans in which participants have or will have
discretion as to their level of investment in the Subscriber or (ii) plans in which employees determine their level of participation. 

  
 II-7 

 ☐ I am directly or indirectly (a) subject to the U.S. Freedom of Information Act,
5 U.S.C. § 552 (“FOIA”), any U.S. state public records access law, or any U.S. state or other jurisdiction’s laws similar in intent or effect to FOIA, or (b) subject, by regulation, contract or otherwise, to disclose
information concerning the Fund to a trading exchange or other market where my Shares are sold or traded, whether foreign or domestic, or (c) an agent, nominee, fiduciary, custodian or trustee for any person described in the preceding clauses
(a) or (b) where information concerning the Fund provided or to be disclosed to that agent, nominee, fiduciary, custodian or trustee by the Fund or the Sponsor is provided or could at any time become available to a person described in the
preceding clauses (a) or (b). 
 ☐ None of the above apply to me. 

8. Truthfulness of Information Provided; Additional Information. 

☐ I represent and warrant to the Fund and the Sponsor that the answers I have provided in this Investor Questionnaire and each Form W-9 or other applicable IRS Form that I have delivered to the Sponsor as my investor information are current, true, correct and complete and do not omit to state any material fact necessary in order to make the
statements contained in those documents not misleading. I further represent that the address set forth in this Investor Questionnaire is my true and correct legal address. I agree to notify the Fund and the Sponsor of any change to the information
provided in this Investor Questionnaire promptly, but in any event within thirty (30) calendar days of the change. 
 ☐ I
represent and warrant that all of the representations and warranties I am making in this Subscription Agreement are true and accurate as of the date of my signature on the Signature Page. If any representations and warranties are not true and
accurate prior to acceptance of this Subscription Agreement, I shall give prompt written notice of this fact to the Fund and the Sponsor specifying which representations and warranties are not true and accurate and the reasons why they are not. I
agree to notify the Fund and the Sponsor promptly if there is any change with respect to any of the representations and warranties in this Subscription Agreement. 

☐ I agree that at any time in the future at which I may acquire additional Shares, I shall be deemed to have reaffirmed, as of the date
of acquisition of the additional Shares, each and every representation and warranty made by me in this Subscription Agreement or any other instrument provided by me to the Fund and the Sponsor in connection with that acquisition, except to the
extent modified in writing by me and consented to by the Fund and the Sponsor. 
 ☐ I agree on behalf of myself and my successors and
assigns, without further consideration, to prepare, execute, acknowledge, file, record, publish and deliver any other instruments, documents and statements and to take any other actions as the Sponsor may determine to be necessary or appropriate to
effectuate and carry out the purposes of this Subscription Agreement and the Trust Agreement.     
 9. Electronic Delivery.
The Fund, the Sponsor and/or any third party service provider selected by the Sponsor under its authority set forth in the Trust Agreement may provide you (or your designated agents) (i) statements, reports, and all other communications
relating to (A) the Fund and (B) your investment in the Fund, including investment account information, subscription and withdrawal activity, Schedule K-1s, annual and other updates of the
Fund’s consumer privacy policies and procedures and (ii) all communications relating to the Sponsor (collectively, the “Fund Information”), in electronic form, such as through a file attached to an email sent to the email
address provided by you, or over a private internet site, in lieu of or in addition to sending such Fund Information as hard copies via facsimile or mail. If the Fund Information is made available over the internet, you may be notified of its
availability through an email sent to the email address provided by you. You agree that all Fund Information provided to you via email notification or website will be deemed to have been good and effective delivery to you when sent or posted,
regardless of whether you actually or timely receive or access the email notification. Email 

  
 II-8 

 
messages are not secure and may contain computer viruses or other defects, may not be accurately replicated on other systems, or may be intercepted, deleted or interfered with without the
knowledge of the sender or the intended recipient. Each of the Fund, the Sponsor and any third party service provider reserves the right to intercept, monitor and retain emails messages to and from its systems as permitted by applicable law. The
Sponsor’s acceptance of your subscription is not conditioned on consent to electronic delivery of Fund Information. You agree that you will be solely responsible for notifying the Fund in writing of any change in your email address and that the
Fund may not seek to verify or confirm your email address as provided. If you do not have access to the internet or email, you should not consent to electronic delivery of Fund Information. You may revoke your consent to electronic delivery of Fund
Information at any time upon written notice to the Fund and receive all Fund Information in paper format. The effective date of the withdrawal of consent will either be the date the notice of withdrawal is received or a subsequent date that will be
communicated to you within a reasonable time after the receipt of notice of the withdrawal of consent. You may also request delivery of a paper copy of any Fund Information by contacting the Fund. 

Please check the appropriate box: 
 ☐ I
agree to receive Fund Information in electronic form at the Sponsor’s discretion in lieu of a separate mailing of paper copies until such time as I no longer have the right to receive Fund Information or I revoke my consent in writing. 

☐ I do not agree to receive Fund Information in electronic form in lieu of or in addition to separate mailing of paper copies. 

10. Agreements. I have received, and understand that I should read and carefully review, the following documents in connection with submitting a
Subscription Agreement, and I agree, if my Subscription Agreement is accepted by the Sponsor in its discretion, to be bound by the terms of the following agreements, all as evidenced by my executing the Signature Page and delivering the Signature
Page to the Sponsor: 
 (a) The Trust Agreement, which sets forth terms applicable to the Fund; 

(b) This Subscription Agreement, which sets forth the terms governing my investment in the Fund and sets forth certain representations I am
making in connection with my investment in the Fund; and 
 (c) The Private Placement Memorandum, including the risk factors contained
therein, and other Offering Materials. 
 11. Related Party Acknowledgement.  

☐ I represent and warrant that, to the best of my knowledge, I do not control, am not controlled by or under common control with, any
other investor in the Fund. 
 [E-Signature Page Follows] 

  
 II-9 

 E-SIGNATURE PAGE 

I agree to comply with and be bound by all terms of the Subscription Agreement, including this Investor Questionnaire and all other components
of the Subscription Agreement.  
 ☐ By checking this box and pressing the “I Agree” button, I agree to comply with
and be bound by the Subscription Agreement and the Trust Agreement. I acknowledge and accept that all purchases of Shares in the Fund are final, and there are no refunds or cancellations except as may be required by applicable law or regulation. I
further acknowledge and accept that the Sponsor reserves the right to refuse or accept any Subscription in its sole discretion prior to the applicable subscription date; provided that if the Sponsor does refuse to accept my Subscription, it shall
return or cause the return of the Subscription to me. 
 I understand that I will not receive any fractional Shares. Any fractional Share that I would
otherwise be entitled to receive that is less than 0.5 Share shall be rounded down to the nearest whole Share and any such fractional Share equal to or greater than 0.5 Share shall be rounded up to the nearest whole Share; provided, however, that
any such rounding up or down will not change the price per Share or contribution payable with respect to such Shares as determined in accordance with the Trust Agreement. I understand the Sponsor will not return to me any money I tender that cannot
be used to purchase a whole Share. 
  

							
	US $
                                         
                               	 		 	By:	 	  

	          Subscription Amount	 		 		 	Name/Title:
		 		 	Email:	 	  

	Date:
                                         
                               	 		 		 	
		 		 	Address:	 	  

		 		 	  

 ACCEPTANCE OF SUBSCRIPTION 

(to be filled out only by the Sponsor of the Fund)  

The Sponsor hereby accepts the above application for subscription for Shares on behalf of the Fund. 

Name of Subscriber: _____________________________________     

Amount of Subscription accepted: US $ ______________________     

 

	
	Sponsor:
	
	Bitwise Investment Advisers, LLC
	
	 By: _________________________________
 Name:

Title:

	
	Date: _________________________________
	
	 Accepted for
 admission as of:
                                         
       

 Bitwise 10 Crypto Index Fund 

Part III: Subscription Agreement 
 Bitwise
10 Crypto Index Fund 
 c/o Bitwise Investment Advisers, LLC 

Ladies and Gentlemen: 
 1. Subscription.
The undersigned (“Subscriber” or “Shareholder”) hereby subscribes pursuant to this subscription agreement (this “Subscription Agreement”) for units of fractional undivided beneficial interest in the
profits, losses, distributions, capital and assets of, and ownership of (“Shares”), Bitwise 10 Crypto Index Fund (the “Fund”), with a subscription amount (“Subscription”) set forth in the
Investor Questionnaire portion of this Subscription Agreement (the “Investor Questionnaire”). 
 2. Acceptance of
Agreement; Conditions. The Subscriber understands and agrees that this subscription is made subject to the terms and conditions contained in this Subscription Agreement and the trust agreement of the Fund (as amended and/or restated from time to
time, the “Trust Agreement”), and that Bitwise Investment Advisers, LLC (the “Sponsor”) shall have the right to accept or reject the Subscriber’s Subscription for any reason or no reason, in whole or in
part, and at any time prior to its acceptance. The Subscriber agrees to provide any information reasonably requested by the Sponsor to verify the accuracy of the representations contained herein. The Subscriber acknowledges that the Fund expects to
enter into separate subscription agreements with other investors providing for the sale of Shares in the Fund. 
 3. Representations,
Warranties and Covenants of the Subscriber. The Subscriber hereby represents and warrants to, and agrees with, the Management Parties (as defined below) as follows: 

3.1. Reliance. The Fund, the Sponsor and their respective officers, directors, principals, members, employees, agents, and other
affiliates (collectively, the “Management Parties”) will be relying on the information, representations, warranties and covenants of the Subscriber in this Subscription Agreement for many purposes. 

3.2. Binding Obligation. The Trust Agreement and the Subscription Agreement shall become binding and enforceable against the Subscriber
in accordance with their terms on the date, if any, that the Sponsor accepts this subscription in whole or in part. The Subscriber understands that, upon acceptance by the Sponsor, the Subscriber is not entitled to cancel, terminate or revoke this
Subscription Agreement or any of the powers conferred in this Subscription Agreement. Upon acceptance the Subscriber shall be deemed to be admitted as a Shareholder of the Fund and agrees to be bound by all of the terms and provisions of the Trust
Agreement and to perform all of its obligations therein. The Subscriber further agrees to execute such other documentation as the Fund or the Sponsor may reasonably request in order to reflect the agreement of the undersigned set forth herein. 

3.3. Regulatory Issues. 

(a) No Registration of Shares. The Subscriber acknowledges and understands that (i) the Shares have not been registered under the
Securities Act of 1933, as amended (the “Securities Act”), the securities laws of any state or the securities laws of any other jurisdiction, nor is registration contemplated, (ii) the Shares are being offered and sold under an
exemption from registration provided in Section 4(a)(2) and Regulation D of the Securities Act, and (iii) the transactions contemplated in the Trust Agreement, this Subscription Agreement and the Offering Materials have not been reviewed
by, passed on or submitted to any federal or state agency or self-regulatory organization. The Fund, and the Subscriber as a holder of Shares in the Fund, will not be afforded the full set of protections provided under the Securities Act or
comparable state law. 

 (b) Investment Company Act Matters. The Subscriber understands and agrees that the
Fund is not registered and does not intend to register as an investment company under the Investment Company Act of 1940, as amended. 
 (c)
Investment Advisers Act Matters. The Subscriber understands and agrees that the Sponsor is not registered and does not intend to register as an investment adviser under the Investment Advisers Act of 1940, as amended. 

(d) Exchange Act Matters. The Subscriber understands that the Sponsor is not registered with the Securities and Exchange Commission
(the “SEC”) or with the securities commission of any state or other jurisdiction as a broker-dealer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Fund, and the Subscriber as a
holder of Shares in the Fund, will not be afforded the full set of protections provided under the Exchange Act or comparable state law. 

(e) Placement Agent. The Subscriber hereby acknowledges and understands that the Fund may engage a placement agent in connection with
fundraising for the Fund, and that placement agent may be paid a fee, which may be based, in part, on the aggregate amount of subscriptions to the Fund, for its placement services. 

3.4. Authorization; No Conflict. 

(a) Authorization of Individuals. If the Subscriber is an individual: 

(i) The Subscriber has all requisite legal capacity for the purchase of Shares; 

(ii) The Subscriber has all requisite legal capacity for the execution and delivery of this Subscription Agreement and each other document
required to be executed and delivered by the Subscriber in connection with this Subscription; and 
 (iii) Neither the execution, delivery
or performance of this Subscription Agreement or any other document required to be executed and delivered by the Subscriber in connection with this Subscription, nor the consummation of any of the transactions contemplated hereby or thereby by the
Subscriber, (a) will violate or conflict with any law, rule, regulation, judgment, order or decree of any court or other governmental body, (b) will conflict with or result in any breach or default under, permit any party to accelerate any
rights under or terminate, or result in the creation of any lien, charge or encumbrance pursuant to the provision of any material contract, indenture, mortgage, lease, franchise, license, permit authorization, instrument or agreement of any kind to
which the Subscriber is a party or by which the Subscriber is bound or to which the properties or assets of the Subscriber are subject, or (c) will require the consent or approval of any person other than consents or approvals that have already
been obtained. 
 (b) Authorization of Entities. If the Subscriber is an entity: 

(i) The Subscriber is a corporation or other organization duly incorporated or organized, validly existing and in good standing under the laws
of its state of incorporation or organization and has the requisite power and authority to carry on its business and operations as now being conducted, 

 (ii) The execution and delivery of this Subscription Agreement and each other document
required to be executed and delivered by the Subscriber in connection with its subscription for Shares, and the performance by the Subscriber under those agreements, have been duly authorized by appropriate action; 

(iii) The Subscriber shall deliver to the Sponsor any evidence of the foregoing as the Sponsor may reasonably require, whether by way of
certified resolution or otherwise; and 
 (iv) The person executing and delivering this Subscription Agreement and any other instruments on
behalf of the Subscriber has all requisite power, authority and capacity to execute and deliver those instruments. 
 (c) Ultimate
Owners.
 (i) If the Subscriber is acting as trustee, agent, representative or nominee for a subscriber (each, an “Ultimate
Owner”), the Subscriber understands and acknowledges that the representations, warranties and agreements made in this Subscription Agreement are made by the Subscriber both (a) with respect to the Subscriber and (b) with respect
to the Ultimate Owner. The Subscriber further represents and warrants that it has all requisite power and authority from the Ultimate Owner to execute and perform the obligations under this Subscription Agreement. 

(ii) Except as otherwise agreed to in writing with the Sponsor, the Subscriber agrees to indemnify the Management Parties for any and all
costs, fees and expenses (including reasonable legal fees and disbursements) in connection with any damages resulting from the assertion of the Subscriber’s lack of proper authorization from the Ultimate Owner to enter into this Subscription
Agreement or perform its obligations under it. 
 3.5. Offering Materials and Other Information. 

(a) Differences with Offering Materials. The Subscriber acknowledges that in the event of any differences between the terms set forth
in this Subscription Agreement, the Private Placement Memorandum and other Offering Materials provided to the Subscriber prior to signing the Signature Page, the terms and conditions of the Trust Agreement shall supersede any different, conflicting
or contrary information set forth in this Subscription Agreement and/or Offering Materials. The Subscriber has had an opportunity to (i) ask questions of and receive answers from the Sponsor concerning the terms and conditions of this
Subscription Agreement, the Trust Agreement, the Offering Materials and the business of the Fund and (ii) obtain any additional information concerning the offering, the Fund and any related material to the extent the Fund or the Sponsor
possesses relevant information or can acquire it without unreasonable effort or expense. 
 (b) No Distribution. The Subscriber
agrees not to copy, reproduce or deliver the Trust Agreement, the Offering Materials or this Subscription Agreement to any other person, except its professional advisers, without the written consent of the Sponsor. 

(c) No Reliance. The Subscriber acknowledges that in making a decision to subscribe for Shares, the Subscriber has relied solely upon
the Trust Agreement, the Offering Materials and independent investigations made by the Subscriber. The Subscriber is not relying and may not rely on any pitch deck or other marketing materials for purposes of making a decision to subscribe for
Shares. The Subscriber is also not relying on the Management Parties with respect to the legal, tax and other economic factors involved in this investment and understands that it is solely responsible for reviewing the legal, tax and other economic
considerations involved with an investment in the Fund with its own legal, tax and other advisers. The Subscriber has consulted to the extent deemed appropriate by the Subscriber with the Subscriber’s own advisers as to the financial, tax,
legal, accounting, regulatory and related matters concerning an investment in the Fund and on that basis understands the financial, tax, legal, accounting, regulatory and related consequences of an investment in the Fund, and believes that an
investment in the Fund is suitable and appropriate for the Subscriber. 

 (d) Subscriber’s Review. The Subscriber understands that it is solely
responsible for reviewing this Subscription Agreement and, to the extent he, she or it believes necessary, for discussing with counsel the representations, warranties and agreements that the Subscriber is making in this Subscription Agreement. The
Subscriber understands that Wilson, Sonsini, Goodrich & Rosati, P.C. acts as counsel only to the Sponsor or the Fund and does not represent the Subscriber or any other person by reason of an investment in the Fund. 

(e) No Guarantees. Neither the Sponsor nor anyone on its behalf has made any representations (whether written or oral) to the
Subscriber (i) regarding the future performance of the Fund or (ii) that the past performance of the principals of the Fund will in any way predict the results of the Fund’s activities. 

3.6. Investment Representations. 

(a) No Resale. The Shares are being acquired solely for the Subscriber’s account, for investment, and are not being purchased with
a view to or for resale, distribution, subdivision or fractionalization. 
 (b) Subscriber’s Knowledge. The Subscriber has
sufficient knowledge and experience, either independently or together with his, her or its purchaser representative(s), in financial and business matters to enable the Subscriber to evaluate the merits and risks of an investment in the Fund. 

3.7. Investment Risks. 

(a) General Economic Risk. The Subscriber (i) is able to bear the economic cost of carrying the investment in the Fund for an
indefinite period of time; (ii) has adequate means of providing for his, her or its current needs and possible personal contingencies even in the event of a complete loss of this investment; and (iii) has no need for liquidity of the
Shares. The Subscriber’s investment in the Fund is consistent with the investment purposes and objectives and cash flow requirements of the Subscriber and will not adversely affect the Subscriber’s overall need for diversification and
liquidity. 
 (b) Distributions. The Subscriber acknowledges that (i) distributions, including, without limitation, the proceeds
associated with redemptions, may be paid in cash or in kind and (ii) the Sponsor may require the Subscriber to withdraw all or any portion of the Subscriber’s investment account pursuant to the terms and conditions set forth in the Trust
Agreement 
 (c) Other General Risks. The Subscriber acknowledges and is aware of the following: (i) the Fund has a limited
financial and operating history and this is the Fund’s first venture; (ii) the speculative nature and the degree of risk involved in the Fund’s proposed investment activities, as described in the Offering Materials and this
Subscription Agreement; (iii) the nature of compensation to be paid to the Sponsor; (iv) there are certain actual and potential conflicts of interest that should be considered by the Subscriber before subscribing for Shares; (v) the
tax effects that may be expected by the Fund are not susceptible to precise prediction, and future legislation, future rulings of the Internal Revenue Service (“IRS”) and court decisions may have an adverse effect on one or more of the tax
elections made by the Fund; and (vi) valuations for certain purposes under the Trust Agreement may be unaudited and/or estimated and the Sponsor has certain rights with respect to valuing securities. 

 (d) Additional Risk Disclosures. The Subscriber is solely responsible for reviewing,
understanding and considering the risks above and any additional risks, including without limitation those described in the Offering Materials. The Fund’s business, financial condition and results of operations could be materially and adversely
affected by any one or more of those risk factors, as could the underlying value of each Shareholder’s Shares, which may lead to the complete loss of any investment Subscriber makes in the Fund. 

3.8. Restrictions on Transfer and Redemption. The Subscriber acknowledges and is aware that (i) there are substantial restrictions
on the transferability of the Shares; (ii) there may be no public market for the Shares; (iii) there are currently substantial restrictions on a Shareholder’s ability to redeem all or a portion of such Shareholder’s Shares in the
Fund, in addition to the required consent of the Sponsor, which the Sponsor may withhold in its sole discretion, and (iv) the Trust Agreement provides for the halting of the Fund’s redemption program prior to and in connection with an
intending initiation of quotation of the Fund’s shares on the OTCQX or other secondary market. The Subscriber acknowledges that the Subscriber is aware and understands that the Subscriber may have to hold the Shares herein subscribed for and
bear the economic risk for this investment indefinitely, and it may not be possible for the Subscriber to liquidate its investment in the Fund. 

3.9. Transfer and Storage of Personal Data. 

(a) Personal Data. The Subscriber understands and agrees that in connection with the services provided to the Fund, its personal data
may be transferred and/or stored in various jurisdictions in which the Fund and the Management Parties have a presence, including in or to jurisdictions that may not offer a level of personal data protection equivalent to the Subscriber’s
country of residence. 
 (b) Disclosure of Personal Data. The Subscriber further understands and agrees that, although the Fund and
the Management Parties will use their reasonable efforts to keep the information provided in the answers to this Subscription Agreement strictly confidential, the Management Parties may present this Subscription Agreement and the information
provided in it, details of the Subscriber’s holdings in the Fund, historical and pending transactions in the Fund and the values of those transactions, to any parties (e.g., affiliates, attorneys, auditors, administrators, brokers and
regulators) as the Management Parties deem necessary or advisable to facilitate the acceptance and management of the Subscriber’s subscriptions, including, but not limited to, (x) in connection with anti-money laundering and similar laws,
(y) if called upon to establish the availability under any applicable law of an exemption from registration of the Shares or to establish compliance with applicable law generally by the Management Parties, or (z) if the information is
relevant to any issue in any action, suit, or proceeding to which the Management Parties are a party or by which they are or may be bound. 

(c) Disclosure by Law. The Management Parties may also release information about the Subscriber if directed to do so by the Subscriber,
if compelled to do so by law or in connection with any government or self-regulatory organization request or investigation. Any disclosure, use, storage or transfer of information for these purposes shall not be treated as a breach of any
restriction upon the disclosure, use, storage or transfer of information imposed on any person by law or otherwise. 
 3.10. Anti-Money
Laundering, Economic Sanctions, Anti-Bribery and Anti-Boycott Representations. 
 (a) Identity of Subscriber and Beneficial
Owners. Neither the Subscriber, nor any of its affiliates or direct or indirect beneficial owners, (i) appears on the Specially Designated Nationals and Blocked Persons List of the Office of Foreign Assets Control of the United States
Department of the Treasury (“OFAC”), nor is any of them otherwise a party with which the Fund is prohibited to deal under 

 
the laws of the United States or otherwise the subject or target of sanctions administered or enforced by OFAC (“Sanctions”); (ii) is a person identified as a terrorist
organization on any other relevant lists maintained by governmental authorities; (iii) unless otherwise disclosed in writing to the Sponsor prior to the Subscriber’s Subscription, is a senior foreign political figure,1 or any immediate family member2 or close associate3 of a senior foreign political figure as
those terms are defined in the footnotes below. The Subscriber further represents and warrants that the Subscriber: (1) has conducted thorough due diligence with respect to all of its beneficial owners, (2) has established the identities
of all direct and indirect beneficial owners and the source of each beneficial owner’s funds and (3) will retain evidence of those identities, any source of funds and any due diligence. 

The Subscriber acknowledges and agrees that (i) should the Subscriber or majority owner be, or become at any time during its investment
in the Fund, a subject of Sanctions, the Fund may immediately and without notice to the Subscriber cease any further dealings with the Subscriber and/or the Subscriber’s Interest in the Fund until the Subscriber ceases to be a subject of
Sanctions or a license is obtained under applicable law to continue such dealings, and (ii) the Fund and the Sponsor shall have no liability whatsoever for any liabilities, costs, expenses, damages and/or losses (including but not limited to
any direct, indirect or consequential losses, loss of profit, loss of revenue, loss of reputation and all interest, penalties and legal costs and all other professional costs and expenses) incurred by the Subscriber in connection with the Subscriber
or a majority owner becoming subject to Sanctions. 
 The Subscriber acknowledges and agrees that should any investment made on behalf of
the Fund subsequently become subject to applicable Sanctions, the Fund may immediately and without notice to the Subscriber cease any further dealings with that investment until the applicable Sanctions are lifted or a license is obtained under
applicable law to continue such dealings. 
 (b) Source and Use of Funds. 

(i) The Subscriber further represents and warrants that the Subscriber: (1) has conducted thorough due diligence with respect to all of
its beneficial owners, (2) has established the identities of all direct and indirect beneficial owners and the source of each beneficial owner’s funds and (3) will retain evidence of those identities, any source of funds and any due
diligence. The Subscriber acknowledges that, pursuant to anti-money laundering laws and regulations, the Sponsor acting on behalf of the Fund may be required to collect documentation verifying the Subscriber’s identity and the source of funds
used to acquire an Interest before, and from time to time after, acceptance by the Sponsor, on behalf of the Fund, of this Subscription Agreement. 

 

	1 	 A “senior foreign political figure” is defined as a senior official in the executive,
legislative, administrative, military or judicial branches of a non-U.S. government (whether elected or not), a senior official of a major non-U.S. political party, or a
senior executive of a non-U.S. government-owned corporation. In addition, a “senior foreign political figure” includes any corporation, business or other entity that has been formed by, or for the
benefit of, a senior foreign political figure. 

	2 	 An “immediate family member” of a senior foreign political figure typically includes the
figure’s parents, siblings, spouse, children and in-laws. 

	3 	 A “close associate” of a senior foreign political figure is a person who is widely and
publicly known to maintain an unusually close relationship with the senior foreign political figure, and includes a person who is in a position to conduct substantial U.S. and non-U.S. financial transactions
on behalf of the senior foreign political figure. 

 (ii) The Subscriber represents, warrants and agrees that no capital commitment,
contribution or payment to the Fund and no distribution to the Subscriber shall cause the Management Parties to be in violation of applicable U.S. federal or state or non-U.S. laws or regulations, including,
without limitation, anti-money laundering, economic sanctions, anti-bribery or anti-boycott laws or regulations, 18 U.S.C. Sections 1956 and 1957, Sanctions or the U.S. Foreign Corrupt Practices Act. 

(iii) The Subscriber agrees and acknowledges that, among other remedial measures, (A) in order to comply with governmental regulations
and/or if the Fund determines in its sole discretion that such action is in the best interests of the Fund, the Fund may “freeze the account” of the Subscriber, either by prohibiting additional investments by the Subscriber, segregating
assets of the Subscriber and/or suspending other rights the Subscriber may have under the Trust Agreement and (B) the Fund may be required to report such action or confidential information relating to the Subscriber (including without
limitation, disclosing the Subscriber’s identity) to the regulatory authorities. 
 (iv) The Subscriber understands and agrees that the
Fund may not accept any amounts from a prospective subscriber if such prospective subscriber cannot make the representations set forth in this Section 3.10. If an existing Shareholder cannot make these representations, the Fund may require the
redemption of such Shareholder from the Fund. 
 (c) Additional Information. The Subscriber will provide to the Fund at any time such
information as the Fund determines to be necessary or appropriate (i) to comply with the anti-money laundering laws, rules and regulations of any applicable jurisdiction and (ii) to respond to requests for information concerning the
identity of Subscriber from any governmental authority, self-regulatory organization or financial institution in connection with the Fund’s anti-money laundering compliance procedures, or to update such information. Failure to provide such
information upon request may result in the compulsory redemption of the Subscriber’s Shares. 
 (d) Filing of Suspicious Activity
Reports. The Subscriber acknowledges and agrees that the Management Parties, in complying with anti-money laundering statutes, regulations and goals, may file voluntarily or as required by law suspicious activity reports
(“SARs”) or any other information with governmental and law enforcement agencies that identify transactions and activities that the Management Parties reasonably determine to be suspicious, or is otherwise required by law. The
Subscriber acknowledges that the Management Parties are prohibited by law from disclosing to third parties, including the Subscriber, any SAR filing itself or the fact that a SAR has been filed. 

(e) Freezing of Investment Account. The Subscriber further understands and agrees that the Sponsor may be obligated to
“freeze” the Subscriber’s investment account (e.g., by prohibiting additional subscriptions and capital contributions from the Subscriber or suspending other rights the Subscriber may have under the Trust Agreement, including
restricting distributions) and the Management Parties may also be required to report any action or failure to comply with information requests and to disclose the Subscriber’s identity to governmental authorities, self-regulatory organizations
and financial institutions, in certain circumstances without notifying the Subscriber that the information has been so provided. Any report and/or disclosure made under these circumstances shall not be treated as a breach of confidence or of any
restriction upon the disclosure of information imposed by any enactment or otherwise. 
 (f) Admission of Shareholders. The
Subscriber understands and agrees that, notwithstanding anything to the contrary contained in the Trust Agreement, any side letter or any other agreement, the Sponsor, on behalf of the Fund, may (i) not accept any subscription for Shares from a
prospective Shareholder if the prospective Shareholder cannot make the representations set forth in this Section 3.10; (ii) require the redemption of an existing Shareholder pursuant to the Trust Agreement if it

 
cannot make the representations set forth in this Section 3.10 or fails to comply with information requests as set forth in Section 3.10(d) and/or the Trust Agreement; or
(iii) take any action set forth in this Section 3.10 or any other reasonably necessary or advisable action with respect to the Shares and the Subscriber shall have no claim, and shall not pursue any claim, against the Management Parties in
connection therewith. 
 (g) Bring Down of Representations and Warranties. The representations and warranties set forth in this
Section 3.10 shall be deemed repeated and reaffirmed by the Subscriber to the Fund as of each date that the Subscriber makes a capital contribution to, or receives a distribution from, the Fund, if any. If at any time during the term of the
Fund, the representations and warranties set forth in this Section 3.10 cease to be true in any material respect, the Subscriber shall promptly so notify the Fund in writing. 

3.11. Non-U.S. Person. If Subscriber is a non-U.S.
person, it represents, warrants, and agrees that: (i) it will notify the Sponsor immediately if the Subscriber becomes a U.S. person at any time during which the Subscriber holds or owns any Shares; (ii) it is not acquiring the Shares for
the account or benefit of a “U.S. person” as defined in Regulation S under the Securities Act; (iii) Subscriber was physically located outside of the U.S. at the time of receipt by it of the Trust Agreement and this Subscription
Agreement; and (iv) Subscriber was physically located outside of the U.S. as of the execution date of this Subscription Agreement. 
 4.
Rule 506(d) of Regulation D. 
 4.1. Disqualifying Events. In the event that the Subscriber becomes subject to an event
specified in Rule 506(d)(1) of the Securities Act (“Disqualifying Event”) at any date after the date of this Subscription Agreement, the Subscriber agrees and covenants to use its best efforts to coordinate with the Sponsor
(i) to provide documentation as reasonably requested by the Sponsor related to any Disqualifying Event and (ii) to implement a remedy to address the Subscriber’s changed circumstances so that the changed circumstances will not affect
in any way the Fund’s or the Management Parties’ ongoing and/or future reliance on an exemption under the Securities Act provided by Rule 506 of Regulation D. 

4.2. Remedies. The Subscriber acknowledges that, at the discretion of the Sponsor, its remedies may include, without limitation, the waiver of
all or a portion of the Subscriber’s voting power in the Fund and/or the Subscriber’s, redemption, transfer or sale of its Shares in the Fund. The Subscriber also acknowledges that the Sponsor may periodically request assurance that the
Subscriber has not become subject to a Disqualifying Event at any date after the date of the Subscriber’s signature on the Signature Page, and the Subscriber further acknowledges and agrees that the Sponsor shall understand and deem the failure
by the Subscriber to respond in writing to any requests to be an affirmation and restatement of the representations, warranties and covenants in this Section 4. 

5. Tax Information. 
 5.1.
Waiver of Privacy. The Subscriber certifies that the Subscriber has completed and submitted any required waiver of local privacy laws that could otherwise prevent disclosure of information to a Management Party, the IRS or any other
governmental authority for purposes of Chapter 3, Chapter 4 or Chapter 61 of the Code (including without limitation in connection with FATCA4) or any 

 

	4 	 As used in this Subscription Agreement, “FATCA” means one or more of the following, as the
context requires: (i) Sections 1471 through 1474 of the Code and any associated legislation, regulations or guidance, or similar legislation, regulations or guidance enacted in any other jurisdiction which seeks to implement equivalent tax
reporting, financial or tax information sharing, and/or withholding tax regimes, (ii) any intergovernmental agreement, treaty or any other arrangement between one jurisdiction and any of the United States, the United Kingdom or any other
jurisdiction (including between any government bodies in each relevant jurisdiction), entered into to facilitate, implement, comply with or supplement the legislation, regulations or guidance described in the foregoing clause (i), and (iii) any
legislation, regulations or guidance implemented in a jurisdiction to give effect to the foregoing clauses (i) or (ii). 

 
intergovernmental agreement entered into in connection with the implementation of FATCA (an “IGA”), and any other documentation required to establish an exemption from, or
reduction in, withholding tax or to permit the Fund to comply with information reporting requirements pursuant to Chapter 3, Chapter 4 or Chapter 61 of the Code (including, without limitation, in connection with FATCA or any IGA). 

5.2. Updated Tax Forms. The Subscriber further certifies that the Subscriber will, within 30 days of the Subscriber’s receipt of
notice that the Subscriber is a Shareholder, provide to the Sponsor a new IRS Form W-9 or applicable IRS Form and any additional documentation required if the IRS Form previously submitted by the Subscriber is
not applicable (or is not accurate) with regard to the Subscriber’s Shares in the Fund. 
 5.3. Subscriber Obligations. The
Subscriber will (a) provide prompt written notice to the Fund, and in any event within 30 days, of any change in the Subscriber’s U.S. tax or withholding status, and (b) execute properly and provide to the Fund, within 30 days of
written request by the Sponsor (or any other Management Party), any other tax documentation or information that may be reasonably required by the Sponsor (or another Management Party) in connection with the operation of the Fund to comply with
applicable laws and regulations (including, but not limited to, the name, address and taxpayer identification number of any “substantial U.S. owner” (as defined in the Code) of the Subscriber or any other document or information requested
by the Sponsor (or another Management Party) in connection with the Fund complying with FATCA and/or any IGA or as required to reduce or eliminate any withholding tax directly or indirectly imposed on or collected by or with respect to the Fund),
and (c) execute and properly provide to the Fund, within 30 days of written request by the Sponsor (or another Management Party), any tax documentation or information that may be requested by the Sponsor (or any Management Party). 

5.4. Reporting. The Subscriber further consents to the reporting of the information provided pursuant to this Section 5, in
addition to certain other information, including, but not limited to, the value of the Subscriber’s Shares in the Fund and the amount of any distributions to the Subscriber, by the Fund to the IRS or any other governmental authority if the Fund
is required to do so under FATCA. 
 5.5. Required FATCA Withholding. The Subscriber agrees to timely provide to the Fund such
information (and, in the case of any non-natural Subscriber, such Subscriber will seek to obtain from its owners, beneficiaries, or account holders, and to provide to the Fund, such information) and to take
such actions as may be necessary (in the reasonable discretion of the Sponsor) to eliminate or minimize the amounts required to be withheld by the Fund under Sections 1471 through 1474 of the Code, any current or future regulations or official
interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the
implementation of such Sections of the Code (a “Required FATCA Withholding”). The Subscriber acknowledges and agrees that the Fund may withhold from any distribution to the Subscriber (or at such other times as required by
applicable law) any Required FATCA Withholding (regardless of whether the Subscriber has provided the information it is required to provide in accordance with this paragraph) and that such amounts withheld shall be treated as distributed to the
Subscriber as provided in the Trust Agreement. The Subscriber acknowledges and understands that the Sponsor or the Fund may be required, and is authorized, to provide any information collected pursuant to this paragraph to the IRS. 

 5.6. Additional Tax Representations. By executing this Subscription Agreement, the
Subscriber understands and acknowledges that (i) the Sponsor (or any other Management Party) may be required to provide the identities of the Subscriber’s direct and indirect beneficial owners to a governmental entity, and (ii) the
Subscriber hereby waives any provision of law and/or regulation of any jurisdiction that would, absent a waiver, prevent the Fund from compliance with the foregoing and otherwise with applicable law as described in this Section 5. Furthermore,
the Subscriber acknowledges and agrees that (a) the Fund may be required by applicable law, and is authorized, to withhold or pay a tax to the IRS or other applicable tax authority, (b) any amount of tax so withheld or paid with respect to
the Subscriber shall be treated as distributed to the Subscriber in accordance with the Trust Agreement, and (c) the Subscriber agrees to repay such amount to the Fund if required in accordance with the Trust Agreement. 

6. Indemnification. 
 6.1.
Indemnification. The Subscriber acknowledges that he, she or it understands the meaning and legal consequences of the representations and warranties contained in this Subscription Agreement, and except as otherwise agreed to in writing with
the Sponsor, hereby agrees to indemnify and hold harmless the Management Parties, and each other person, if any, who controls, is controlled by, or is under common control with any of the foregoing within the meaning of Section 15 of the
Securities Act (each, an “Indemnified Party”) from and against any and all loss, claim, damage, liability or expense whatsoever (including reasonable attorneys’ fees and disbursements) due to or arising out of or based upon
(i) any inaccurate representation or warranty made by the Subscriber, or breach or failure by the Subscriber to comply with any covenant or agreement made by the Subscriber in this Subscription Agreement (including the Investor Questionnaire
and the Subscriber’s tax forms) or in any other document furnished by the Subscriber to any of the foregoing in connection with this transaction, (ii) any action for securities law violations instituted by the Subscriber that is finally
resolved by judgment against the Subscriber, or (iii) any action instituted by or on behalf of the Subscriber against an Indemnified Party that is finally resolved by judgment against the Subscriber or in favor of an Indemnified Party. 

6.2. Third Party Beneficiaries. Each Indemnified Party is an intended third party beneficiary of this Subscription Agreement. The
remedies provided in this Section 6 shall be cumulative and shall not preclude the assertion by any Indemnified Party of any other rights or the seeking of any other remedies against the Subscriber. 

6.3. No Waiver. Notwithstanding the foregoing, nothing contained in this Subscription Agreement or the Trust Agreement shall constitute
a waiver by a Subscriber of any of his, her or its legal rights under applicable U.S. federal securities laws or any other laws whose applicability is not permitted to be contractually waived. 

7. Instructions. The Management Parties are authorized and instructed to accept and execute any instructions in respect of the Shares to
which this Subscription Agreement relates given by the Subscriber in written form or by facsimile or other form of electronic transmission (collectively, “Electronic Instructions”). If Electronic Instructions are given by the
Subscriber, the Subscriber undertakes to send the original letter of instructions to the Fund and, except as otherwise agreed to in writing with the Sponsor, agrees to keep each of the Management Parties indemnified against any loss of any nature
whatsoever arising to any of them as a result of any of them acting upon, or failing to act upon, Electronic Instructions. The Management Parties may rely conclusively upon and shall incur no liability in respect of (i) any action taken upon
any notice, consent, request, instructions or other instrument believed in good faith to be genuine or to be signed by properly authorized persons or (ii) the non-receipt of any instructions relating to
the Shares of the Subscriber delivered by facsimile or other electronic means. 

 8. Power of Attorney. The Subscriber, by executing this Subscription Agreement,
hereby appoints the Sponsor, with full power of substitution, as the Subscriber’s true and lawful representative and attorney-in-fact, and agent of the Subscriber,
with full power and authority to make, execute, acknowledge, verify, swear to, deliver, record and file, in the Subscriber’s name, place and stead, the Trust Agreement (thereby causing the Subscriber to be admitted as a Shareholder in the
Fund), or any other agreement or instrument that the Sponsor deems appropriate to admit the Subscriber as a Shareholder of the Fund. To the maximum extent permitted by law, this power of attorney (“Power of Attorney”) is coupled
with an interest, is irrevocable and will survive, and will not be affected by, the subsequent death, disability, incapacity, incompetency, termination, bankruptcy, insolvency or dissolution of the Subscriber. The Subscriber further acknowledges and
agrees that under the terms of the Trust Agreement, the Subscriber grants a further power of attorney to the Sponsor. The Subscriber represents and warrants that the Power of Attorney granted by the Subscriber has been executed by it in compliance
with the laws of the state or jurisdiction in which this Subscription Agreement was executed and to which the Subscriber is subject. 
 9.
Miscellaneous. 
 9.1. Notices and Electronic Delivery; Privacy Policy. 

(a) Electronic Delivery. The Management Parties, each in its sole and absolute discretion, may provide any notices or other
communications given or made to the Subscriber and deliver to the Subscriber (or the Subscriber’s designated agents) privacy statements, financial information (audited or otherwise), reports and other communications relating to any Management
Party or otherwise relating to this Subscription Agreement and/or the Subscriber’s investment in the Fund (collectively, “Disclosures”) in electronic form, such as via email or posting to a password protected website. 

(b) The Management Parties will send emails to the email address that the Subscriber has included on the Investor Questionnaire. If an email
notification is undeliverable, delivery of the notice will be made to the Subscriber’s postal mail address of record. The Management Parties reserve the right to post communications on their respective websites without providing notice to the
Subscriber, when permitted by law. 
 (c) The Subscriber agrees that all Disclosures provided to the Subscriber via email notification or
the website will be deemed to have been good and effective delivery to the Subscriber when sent or posted, regardless of whether the Subscriber actually or timely receives or accesses the email notification. 

(d) The Subscriber understands that if it has any doubts about the authenticity of an email purportedly sent by the Management Parties, the
Subscriber should contact the purported sender immediately. 
 (e) By signing this Subscription Agreement, the Subscriber affirmatively
consents to the receipt of Schedule K-1s in electronic form. The Subscriber may withdraw its consent by notifying the Administrator by email to bitwise@theoremfundservices.com. The Sponsor will provide written
confirmation of its receipt of a notice of withdrawal and the effective date of the withdrawal. The effective date of the withdrawal of consent will either be the date the notice of withdrawal is received or a subsequent date that will be
communicated to the Subscriber within a reasonable time after the receipt of notice of the withdrawal of consent. 
 (i) A withdrawal of
consent does not apply to a Schedule K-1 that was furnished electronically before the date on which the withdrawal of consent takes effect. 

(ii) Schedule K-1 will no longer be furnished electronically if the Subscriber provides notice that it
has withdrawn consent, if the Subscriber is no longer a Shareholder or if the IRS no longer permits electronic delivery. 

 (iii) The Subscriber is required to provide the Fund and/or the Sponsor with any updates to
the Subscriber’s email address by emailing the Sponsor. The Subscriber will be notified of any changes in the contact information for the Fund and/or the Sponsor by a notice given in accordance with the provisions of this Subscription
Agreement. 
 (iv) Schedule K-1 may be required to be printed and attached to a Federal, state or
local income tax return. 
 9.2. Credit Facilities. The Subscriber acknowledges that the Fund may enter into one or more revolving
credit facilities with one or more syndicates of banks or incur indebtedness in lieu of or in advance of Subscriptions. In connection therewith, the Subscriber hereby agrees to cooperate with the Fund and provide such financial information and other
documentation reasonably and customarily required to obtain such facilities. 
 9.3. Confidential Information. The Subscriber agrees
that this Subscription Agreement, the Offering Materials and the Trust Agreement and all financial statements, tax reports, portfolio valuations, reviews or analyses of potential or actual investments, reports or other materials prepared or produced
by the Management Parties, and all other documents and information concerning the affairs of the Fund and/or its investments (collectively, the “Confidential Information”) that the Subscriber may receive pursuant to or in accordance
with this Subscription Agreement, or otherwise as a result of its ownership of Shares, constitute proprietary and confidential information about the Management Parties. 

(a) The Subscriber acknowledges that the Management Parties derive independent economic value from the Confidential Information not being
generally known and that the Confidential Information is the subject of reasonable efforts to maintain its secrecy. 
 (b) The Subscriber
further acknowledges that the Confidential Information is a trade secret, the disclosure of which is likely to cause substantial and irreparable competitive harm to the Management Parties and their respective businesses. 

(c) The Subscriber shall not reproduce any of the Confidential Information or portion of the Confidential Information or make the contents
available to any third party other than a disclosure on a need-to-know basis to the Subscriber’s legal, accounting or investment advisers, auditors and
representatives (collectively, “Advisers”) without the prior consent of the Sponsor, except to the extent compelled to do so in accordance with applicable law (in which case the Subscriber shall, to the fullest extent permitted by
law, promptly notify the Sponsor of the Subscriber’s obligation to disclose any Confidential Information) or with respect to Confidential Information that otherwise becomes publicly available other than through breach of this provision by the
Subscriber. 
 (d) The Subscriber agrees to notify the Subscriber’s Advisers about their obligations in connection with Confidential
Information and will further cause its Advisers to abide by the aforesaid provisions relating to Confidential Information. 
 9.4. Further
Advice and Assurances. All information which the Subscriber has provided to the Fund is true, correct and complete in all material respects as of the date hereof, and the Subscriber agrees to notify the Fund promptly upon becoming aware that any
representation, warranty or information contained in this Subscription Agreement becomes untrue in any respect at any time. The Subscriber agrees to provide such information and execute and deliver such documents with respect to itself and its
direct and indirect beneficial owners as the Fund may from time to time reasonably request to verify the accuracy of the Subscriber’s representations and warranties herein, establish the identity of the Subscriber and the direct and indirect
participants in its investment in the Fund, to the extent applicable, to effect any transfer and admission and/or comply with any law, rule or regulation to which the Fund may be subject, including, without limitation, compliance with anti-money
laundering laws and regulations or for any other reasonable purpose. 

 9.5. Headings. Section and other headings contained in this Subscription Agreement
are for reference only and are not intended to describe, interpret, define or limit the scope or intent of this Subscription Agreement. 

9.6. Governing Law; Consent to Jurisdiction; Venue and Service of Process. This Subscription Agreement shall be construed in
accordance with and governed by the laws of the State of Delaware without regard to its conflicts of law rules, notwithstanding the place where this Subscription Agreement may be executed by any party. To the extent permissible under applicable
law, the Subscriber hereby irrevocably agrees that any suit, action or proceeding (“Action”) with respect to this Subscription Agreement may, but need not, be resolved, whether by arbitration or otherwise, within the State of
California. Accordingly, the parties consent and submit to the non-exclusive jurisdiction of the federal and state courts and any applicable arbitral body located within the State of California. The Subscriber
agrees and consents that service of process as provided by U.S. federal and California law may be made upon the Subscriber in any Action and may not as a result claim that any Action has been brought in an inconvenient forum. 

9.7. Entire Agreement. This Subscription Agreement along with the Trust Agreement and any side letter or other similar agreement between
the Subscriber and the Sponsor and/or the Fund constitute the entire agreement between the parties hereto with respect to the subject matter of this Subscription Agreement and may be amended only in writing, executed by all parties hereto. 

9.8. Severability. Each provision of this Subscription Agreement (including without limitation each representation made in the Investor
Questionnaire and each provision of or grant of authority by or in the Power of Attorney) shall be considered severable. If it is determined by a court of competent jurisdiction that any provision of this Subscription Agreement is invalid or
unenforceable under any applicable law, then that provision shall (i) be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with applicable law; and (ii) not affect the validity or
enforceability of any other provisions of this Subscription Agreement, and to this extent the provisions of this Subscription Agreement shall be severable. 

9.9. Successors and Assigns; Counterpart Signatures. This Subscription Agreement (i) shall be binding upon the Subscriber and the
heirs, legal representatives, successors and permitted assigns of the Subscriber and shall inure to the benefit of the Fund and its successors and assigns, (ii) shall, if the Subscriber consists of more than one person, be the joint and several
obligation of each, and (iii) may be executed in counterparts, all of which when taken together, shall be deemed one original. 
 9.10.
Survival. The representations and warranties of the Subscriber in, and the other provisions of, this Subscription Agreement shall survive the execution and delivery of this Subscription Agreement and the admission of the Subscriber as a
Shareholder of the Fund. 
 [End of Agreement]EX-10.1

 Exhibit 10.1 

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. Information that 

was omitted has been noted in this document with a placeholder identified by the mark “[***]”. 

TRUST COMPANY CUSTODIAL SERVICES AGREEMENT 

This Custodial Services Agreement (the “Agreement”) is made by and between each entity identified in Exhibit A, attached
hereto and incorporated herein by this reference, (“Client”) and Coinbase Custody Trust Company, LLC, with an address at 200 Park Avenue South, Suite 1208, New York, NY 10003 (“Trust Company”). This Agreement governs
Client’s use of the Custodial Services (as defined herein) provided by Trust Company as a fiduciary to its clients’ assets. 
 1. CUSTODIAL
SERVICES. 
 1.1. Custodial Services. Client’s “Custodial Account” is a segregated custody account
controlled and secured by Trust Company to store certain supported digital currencies and utility tokens (“Digital Assets”), on Client’s behalf (the “Custodial Services”). Trust Company is a fiduciary under
§ 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 of 1940, as amended, and is licensed to custody Client’s Digital
Assets in trust on Client’s behalf. Digital Assets in Client’s Custodial Account are not treated as general assets of Trust Company. Rather, Trust Company serves as a fiduciary and custodian on Client’s behalf, and the Digital Assets
in Client’s Custodial Account are considered fiduciary assets that remain Client’s property at all times. 
 1.2. Opt-in to Division 8 of the California Commercial Code. Trust Company is a “securities intermediary” as that term is defined in Division 8 of the Commercial Code of the State of California. Although it
holds only Digital Assets, Client’s Custodial Account is considered a “securities account” under Division 8, and Client is the “entitlement holder” of the securities account under Division 8. Digital Assets in Client’s
Custodial Account are treated as “financial assets” under Division 8. Trust Company is obligated by Division 8 to maintain sufficient Digital Assets to satisfy all entitlements of customers of Trust Company to the same Digital Assets.
Trust Company may not grant a security interest in the Digital Assets in Client’s Custodial Account. Digital Assets in Client’s Custodial Account are custodial assets. Under Division 8, the Digital Assets in Client’s Custodial Account
are not general assets of Trust Company and are not available to satisfy claims of creditors of Trust Company. The treatment of Digital Assets in Client’s Custodial Account as financial assets under Division 8 does not determine the
characterization or treatment of the Digital Assets under any other law or rule. 
 1.3. Custodial Services Fees. The fees associated
with the Custodial Services set forth herein shall be calculated in accordance with Schedule A (“Fee Schedule”). Trust Company reserves the right to adjust its Fee Schedule at any time, provided that Trust Company will
provide Client with at least thirty (30) days’ advance notice of any changes thereto. Any changes to the Fee Schedule shall be agreed to by Client and Trust Company in writing. To the extent the parties cannot reach an agreement regarding
any modifications in pricing, either party may elect to terminate the Agreement in accordance with Section 4.5 of the Agreement and discontinue the Custodial Services hereunder at no additional charge to Client. 

 1.4. No Investment Advice or Brokerage. Trust Company does not provide investment,
tax, or legal advice, nor does Trust Company broker transactions on Client’s behalf. Client acknowledges that Trust Company has not provided any advice or guidance or made any recommendations to Client with regard to the suitability or value of
any Digital Assets, and that Trust Company has no liability regarding any selection of a Digital Asset that is held by Client through Client’s Custodial Account and the Custodial Services. All deposit and withdrawal transactions are executed
based on Client’s instructions and in accordance with posted deposit and withdrawal execution procedures, and Client is solely responsible for determining whether any investment, investment strategy, or related transaction involving Digital
Assets is appropriate for Client based on Client’s personal investment objectives, financial circumstances, and risk tolerance. Client should consult its legal or tax professional regarding Client’s specific situation. 

1.5. Acknowledgement of Risks. Client acknowledges that Digital Assets are not covered by the Federal Deposit Insurance Corporation or
the Securities Investor Protection Corporation. 
 2. CREATING A CUSTODIAL ACCOUNT. 

2.1. Registration of Custodial Account. The Custodial Services are provided through https://custody.coinbase.com/ or any
associated websites or application programming interfaces (“APIs”) (collectively, the “Trust Company Site”). To use the Custodial Services, Client must create a Custodial Account by providing Trust Company with all
information requested. Trust Company may, in its sole discretion, refuse to allow Client to establish a Custodial Account, or limit the number of Custodial Accounts. 

3. CUSTODIAL ACCOUNT. 
 3.1. In
General. The Custodial Services allow Client to deposit supported Digital Assets from a public blockchain address Client controls to Client’s Custodial Account, and to withdraw supported Digital Assets from Client’s Custodial Account
to a public blockchain address Client controls, in each case, pursuant to instructions Client provides through the Trust Company Site (each such transaction is a “Custody Transaction”). The Digital Assets stored in Client’s
Custodial Account are not commingled with other Digital Assets and are custodied pursuant to the terms of this Agreement and any addenda thereto. Trust Company reserves the right to refuse to process or to cancel any pending Custody Transaction
as required by law or in response to a subpoena, court order, or other binding government order or to enforce transaction, threshold, and condition limits or if Trust Company reasonably believes that the Custody Transaction may violate or facilitate
the violation of an applicable law, regulation or applicable rule of a governmental authority or self-regulatory organization. Trust Company cannot reverse a Custody Transaction which has been broadcast to a Digital Asset network. 

3.2. Instructions. Trust Company may act upon instructions (“Instructions”) from Client (if Client is a natural person)
or Client’s authorized representatives (or otherwise given on Client’s behalf) in such manner as may be agreed by Trust Company and received by Trust Company, in its absolute discretion, provided that when taking action upon Instructions
Trust Company shall act in a reasonable and proper manner, and provided further that (i) Instructions shall continue in full force and effect until cancelled or superseded (except in respect of Instructions executed by Trust Company, which can
no longer be cancelled), (ii) if any Instructions are illegible, unclear or ambiguous, Trust Company shall refuse to execute such Instructions until any ambiguity or conflict has been resolved to its satisfaction, (iii) Trust Company may
further refuse to execute Instructions if in Trust Company’s opinion such 

 
Instructions are outside the scope of its duties under this Agreement or are contrary to any applicable law, rule or other regulatory requirement (whether arising from any governmental authority
or self-regulatory organization), and (iv) Trust Company may rely in the performance of its duties under this Agreement and without liability on its part, upon any Instructions believed by it in good faith to be given by Client’s
authorized representatives (or otherwise to have been given on Client’s behalf) and upon any notice, request, consent, certificate or other instrument believed by it in good faith to be genuine and to be signed or furnished by the proper party
or parties thereto, including (without limitation) Client or any of Client’s authorized representatives. Client is responsible for losses resulting from inaccurate Instructions (e.g., if Client provides the wrong destination address to Trust
Company for executing a withdrawal transaction). Trust Company is responsible for losses resulting from its errors in executing a transaction (e.g., if Client provides the correct destination address for executing a withdrawal transaction, but Trust
Company erroneously sends Client’s Digital Assets to another destination address). 
 3.3. Digital Asset Deposits and Withdrawals.
Trust Company processes supported Digital Asset deposits and withdrawals according to the instructions received from its users, and Trust Company does not guarantee the identity of any user, receiver, requestee, or other party. Client should
verify all transaction information prior to submitting instructions to Trust Company. Client should manage and keep secure any and all information or devices associated with deposit and withdrawal verification procedures, including YubiKeys and
passphrases or other security or confirmation information. Trust Company reserves the right to charge network fees (miner fees) to process a Digital Asset transaction on Client’s behalf. Trust Company will calculate the network fee, if any, in
its discretion, although Trust Company will always notify Client of the network fee at or before the time Client authorizes the transaction. Trust Company reserves the right to delay any Custody Transaction if it perceives a risk of fraud or illegal
activity. 
 3.4. Digital Asset Storage and Transmission Delays. Trust Company requires the following between any request to withdraw
Digital Assets from Client’s Custodial Account and submission of Client’s withdrawal to the applicable Digital Asset network (the “SLA”): (i) up to [***] hours during the Trust Company business hours set forth in
Exhibit B (the “Trust Company Business Hours”), and (ii) up to [***] hours if the withdrawal takes place outside of Trust Company Business Hours. Trust Company reserves the right to modify the SLA provided hereunder
upon prior written notice to Client. Since Trust Company securely stores all Digital Asset private keys held by Trust Company in offline storage, it may be necessary for Trust Company to retrieve certain information from offline storage in order to
facilitate a Custody Transaction in accordance with Client’s instructions, which may delay the initiation or crediting of such Custody Transaction. Client acknowledges and agrees that a Custody Transaction facilitated by Trust Company may be
delayed and that Digital Assets shall not be deposited or withdrawn upon less than forty-eight (48) hours’ notice to Trust Company. Such notice shall be initiated from Client’s Custodial Account.    The time of
such request shall be considered the time of transmission of such notice from Client’s Custodial Account. Trust Company makes no other representations or warranties with respect to the availability and/or accessibility of the Digital Assets or
the availability and/or accessibility of the Custodial Account or Custodial Services. 

 Trust Company will make reasonable efforts to ensure that Client initiated deposits are
processed in a timely manner but Trust Company makes no representations or warranties regarding the amount of time needed to complete processing which is dependent upon many factors outside of Trust Company’s control. 

3.5. Supported Digital Asset. The Custodial Services are available only in connection with those Digital Assets that Trust Company, in its
sole discretion, decides to support. The Digital Assets that Trust Company supports may change from time to time. Prior to initiating a deposit of Digital Asset to Trust Company, Client must confirm that Trust Company offers Custodial Services for
that specific Digital Asset. By initiating a deposit of Digital Asset to a Custodial Account, Client attests that Client has confirmed that the Digital Asset being transferred is a supported Digital Asset offered by Trust
Company.    Under no circumstances should Client attempt to use the Custodial Services to deposit or store Digital Assets in any forms that are not supported by Trust Company. Depositing or attempting to deposit
Digital Assets that are not supported by Trust Company will result in such Digital Asset being unretrievable by Client and Trust Company. Trust Company assumes no obligation or liability 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 Trust Company does not support. To confirm which Digital Assets are supported by Trust Company, Client should login at
https://custody.coinbase.com and carefully review the list of supported Digital Assets. Trust Company recommends that Client deposit a small amount of supported Digital Asset as a test prior to initiating a deposit of a
significant amount of supported Digital Asset. Trust Company may from time to time determine types of Digital Asset that will be supported or cease to be supported by the Custodial Services. Trust Company shall provide Client with thirty
(30) days’ written notice before ceasing to support a Digital Asset, unless Trust Company is required to cease such support by court order, statute, law, rule (including a self-regulatory organization rule), regulation, code, or other
similar requirement. 
 3.6. Advanced Protocols. Unless specifically announced on the Trust Company website or through some
other official public statement of Trust Company, Trust Company does not support metacoins, colored coins, side chains, or other derivative, enhanced, or forked protocols, tokens, or coins which supplement or interact with a Digital Asset supported
by Trust Company (collectively, “Advanced Protocols”). Client shall not use its Custodial Account to attempt to receive, request, send, store, or engage in any other type of transaction involving an Advanced Protocol. The Trust
Company platform is not configured to detect and/or secure Advanced Protocol transactions, and Trust Company assumes absolutely no responsibility whatsoever in respect to Advanced Protocols. 

3.7. Operation of Digital Asset Protocols. Trust Company does not own or control the underlying software protocols which govern the
operation of Digital Assets supported on the Trust Company platform. In general, the underlying protocols are open source and anyone can use, copy, modify, and distribute them. By using the Custodial Services, Client acknowledges and agrees
(i) that Trust Company is not responsible for operation of the underlying protocols and that Trust Company makes no guarantee of their functionality, security, or availability; and (ii) that 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/or even the name of the Digital Asset Client stores in Client’s Custodial Account. In the event of a fork, Client
agrees that Trust Company may temporarily suspend Trust Company operations (with or without advance notice to Client) and that Trust Company may, in its sole discretion, decide whether or not to support (or cease supporting) either branch of the
forked protocol entirely. Client acknowledges and agrees that Trust Company assumes absolutely no responsibility whatsoever in respect of an unsupported branch of a forked protocol. 

 3.8. Use of the Custodial Services. Client acknowledges and agrees that Trust Company
may monitor use of the Custodial Account and the Custodial Services and the resulting information may be utilized, reviewed, retained and or disclosed by Trust Company 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. 

3.9. Privacy. Client acknowledges that Client has read the Trust Company Privacy Policy, available at
https://custody.coinbase.com/, and that Client agrees to the sharing of Client’s information as described therein. 
 3.10.
Security. Trust Company has implemented and will maintain a reasonable information security program that includes policies and procedures that are reasonably designed to safeguard Trust Company’s electronic systems and Client’s
Confidential Information from, among other things, unauthorized access or misuse. In the event of a Data Security Incident (defined below), Trust Company shall promptly notify Client and such notice shall include the following information:
(i) the timing and nature of the Data Security Incident, (ii) the information related to Client that was compromised, including the names of any individuals’ acting on Client’s behalf in his or her corporate capacity whose
personal information was compromised, (iii) when the Data Security Incident was discovered, and (iv) remedial actions that have been taken and that Trust Company plans to take. “Data Security Incident” is defined as any
incident whereby (a) an unauthorized person (whether within Trust Company or a third party) acquired or accessed Client’s information, or (b) Client’s information is otherwise lost, stolen or compromised. 

3.11. Confidentiality. The parties agree that the recipient of any non-public, confidential or
proprietary information of the other party including without limitation the existence and terms of this Agreement and information relating to the other party’s business operations or business relationships or pursuant to this Agreement,
including without limitation the pricing schedule (“Confidential Information”) will not disclose such Confidential Information to any third party except to such party’s officers, directors, agents, employees, consultants,
contractors and professional advisors who needs to know the Confidential Information for the purpose of assisting in the performance of the Agreement and who are informed of, and agree to be bound by obligations of confidentiality no less
restrictive than those set forth herein, and will protect such Confidential Information from unauthorized use and disclosure.    Each party shall use any Confidential Information that it receives pursuant to or in connection with
this Agreement solely for performance of this Agreement, and no other purpose. Confidential Information shall not include any (i) information that is or becomes generally publicly available through no fault of the recipient,
(ii) information that the recipient obtains from a third party (other than in connection with this Agreement) that, to recipient’s best knowledge, is not bound by a confidentiality agreement prohibiting such disclosure;
(iii) information that is independently developed or acquired by the recipient without the use of Confidential Information provided by the disclosing party; (iv) disclosure with the prior written consent of the disclosing party; or
(v) disclosures which are required by applicable law or regulation. 

 Notwithstanding the foregoing, each party may disclose Confidential Information of the other
party to the extent required by a court of competent jurisdiction or governmental authority or otherwise required by law; provided, however, the party making such required disclosure shall first notify the other party (to the extent legally
permissible) and shall afford the other party a reasonable opportunity to seek confidential treatment if it wishes to do so.    For the purposes of this Agreement, no affiliate of Trust Company shall be considered a third party;
provided that Trust Company causes such entity to undertake the obligations in this section. 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 recipient shall be and remain the property of the disclosing party and shall be promptly returned to the disclosing party or destroyed, each upon the disclosing party’s request; provided, however,
notwithstanding the foregoing, the recipient may retain one (1) copy of Confidential Information if (a) required by law or regulation, or (b) retained pursuant to a bona fide and consistently applied document retention policy;
provided, further, that in either case, any Confidential Information so retained shall remain subject to the confidentiality obligations of this Agreement. 

3.12. Account Statements. Trust Company will provide Client with an electronic account statement: (1) every calendar quarter, at a
minimum; or (2) for any month in which Client deposited or withdrew Digital Assets. Each account statement will identify the amount of each Digital Asset in Client’s Custodial Account at the end of the period and set forth all transactions
in Client’s account during that period. Trust Company will send a notice to the email of record given to Trust Company when a new account statement is made available. 

3.13. Independent Verification. If Client is subject to Rule 206(4)-2 under the Investment
Advisers Act of 1940, Trust Company shall, upon written request, provide Client authorized independent public accountant confirmation of or access to information sufficient to confirm (i) Client’s Digital Assets as of the date of an
examination conducted pursuant to Rule 206(4)-2(a)(4), and (ii) Client’s Digital Assets are held either in a separate account under Client’s name or in accounts under Client’s name as agent
or trustee for Client’s clients. 
 3.14. Third-Party Payments. The Custodial Services are not intended to facilitate third-party
payments of any kind. As such, Trust Company 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 Custodial Account. 
 4. GENERAL USE,
PROHIBITED USE, AND TERMINATION. 
 4.1. Trust Company Site and Content. Trust Company hereby grants Client a limited,
nonexclusive, nontransferable, revocable, royalty-free license, subject to the terms of this Agreement, to access and use the Trust Company Site and related content, materials, information (collectively, the “Content”) solely for
approved purposes as permitted by Trust Company from time to time. Any other use of the Trust Company Site or Content is expressly prohibited and all other right, title, and interest in the Trust Company Site or Content is exclusively the property
of Trust Company and its 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
Content, in whole or in part. “custody.coinbase.com,” “Coinbase,” “Coinbase Custody,” “Trust Company” and all logos related to the Custodial Services or displayed on the Trust Company Site are either
trademarks or registered marks of Trust Company or its licensors. Client may not copy, imitate or use them without Trust Company’s prior written consent. 

 4.2. Website Accuracy. Although Trust Company intends to provide accurate and timely
information on the Trust Company Site, the Trust Company Site (including, without limitation, the Content) may not always be entirely accurate, complete, or current and may also include technical inaccuracies or typographical errors. In an effort to
continue to provide Client with as complete and accurate information as possible, information may be changed or updated from time to time without notice, including without limitation information regarding Trust Company policies, products and
services. Accordingly, Client should verify all information before relying on it, and all decisions based on information contained on the Trust Company Site are Client’s sole responsibility and Trust Company shall have no liability for such
decisions. Links to third-party materials (including without limitation websites) may be provided as a convenience but are not controlled by Trust Company. Trust Company is not responsible for any aspect of the information, content, or services
contained in any third-party materials or on any third-party sites accessible from or linked to the Trust Company Site. 
 4.3.
Third-Party or Non-Permissioned Use. Except for fund administrators, Client shall not grant permission to a third party or non-permissioned user to access or connect
to Client’s Custodial Account, either through the third party’s product or service or through the Trust Company Site. Client acknowledges that granting permission to a third party or non-permissioned
user to take specific actions on Client’s behalf does not relieve Client of any of Client’s responsibilities under this Agreement and may violate the terms of this Agreement. Client is fully responsible for all acts or omissions of any
third party or non-permissioned user with access to Client’s Custodial Account. Further, Client acknowledges and agrees that Client will not hold Trust Company responsible for, and will indemnify Trust
Company from, any liability arising out of or related to any act or omission of any third party or non-permissioned user with access to Client’s Custodial Account. Client must notify Trust Company
immediately if a third party or non-permissioned user accesses or connects to Client’s Custodial Account by contacting Client’s Custodial Account representative or by emailing
custody@coinbase.com from the email address associated with Client’s Custodial Account. 
 4.4. Prohibited Use. Client
represents and warrants that Client will not use the Custodial Services or Custodial Account for any illegal activity, including without limitation illegal gambling, money laundering, fraud, blackmail, extortion, ransoming data, the financing of
terrorism, other violent activities or any prohibited market practices, including without limitation activities and business set forth on the Trust Company website, available at https://custody.coinbase.com/. 

4.5. Termination for Convenience. Either party may terminate this Agreement upon thirty (30) days’ prior written notice to the
other party. Notwithstanding the foregoing, Client may cancel Client’s Custodial Account at any time by withdrawing all balances and contacting Trust Company at custody@coinbase.com. Client will not be charged for canceling Client’s
Custodial Account, although Client will be required to pay any outstanding amounts owed to Trust Company. Client authorizes Trust Company to cancel or suspend any pending deposits or withdrawals at the time of cancellation. 

 4.6. Suspension, Termination, and Cancellation. Trust Company may: (a) suspend
or restrict Client’s access to the Custodial Services, and/or (c) deactivate, terminate or cancel Client’s Custodial Account if: 
  

	 	•	 	 Trust Company is so required by a facially valid subpoena, court order, or binding order of a government
authority; 

  

	 	•	 	 Trust Company reasonably suspects Client of using Client’s Custodial Account in connection with a Prohibited
Use or Prohibited Business, as set forth on the Trust Company website; 

  

	 	•	 	 Trust Company perceives a heightened risk of legal or regulatory
non-compliance associated with Client’s Custodial Account activity; 

  

	 	•	 	 Trust Company service partners are unable to support Client’s use; 

 

	 	•	 	 Client takes any action that Trust Company deems as circumventing Trust Company’s controls, including, but
not limited to, opening multiple Custodial Accounts, abusing promotions which Trust Company may offer from time to time, or otherwise making a misrepresentation of Client’s Custodial Account; or 

 

	 	•	 	 Client breaches or violates the terms of this Agreement. 

If Trust Company suspends or closes Client’s Custodial Account, or terminates Client’s use of the Custodial Services for any reason,
Trust Company will provide Client with notice of Trust Company’s actions unless a court order or other legal or regulatory process prohibits Trust Company from providing Client with such notice. Client acknowledges that Trust Company’s
decision to take certain actions, including limiting access to, suspending, or closing Client’s Custodial Account, may be based on confidential criteria that are essential to Trust Company’s risk management and security protocols. Client
agrees that Trust Company is under no obligation to disclose the details of its risk management and security procedures to Client. 
 Client
will be permitted to withdraw Digital Assets associated with Client’s Custodial Account for ninety (90) days after Custodial Account deactivation or cancellation unless such withdrawal is otherwise prohibited (i) under the law,
including but not limited to applicable sanctions programs, or (ii) by a facially valid subpoena, court order, or binding order of a government authority. 

4.7. Relationship of the Parties. Nothing in this Agreement shall be deemed or is intended to be deemed, nor shall it cause, Client and
Trust Company to be treated as partners, joint ventures, or otherwise as joint associates for profit, or either Client or Trust Company to be treated as the agent of the other. 

4.8. Password Security; Contact Information. Client is 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, or any other codes that Client uses to access the Custodial Services. Any loss or compromise of the foregoing
information and/or Client’s personal information may result in unauthorized access to Client’s Custodial Account by third-parties and the loss or theft of any Digital Assets held in Client’s Custodial Account. Client is responsible
for keeping Client’s email address and telephone number up to date in Client’s Custodial Account profile in order to receive any notices or alerts that Trust Company may send Client. Trust Company assumes no responsibility for any loss
that Client may sustain due to compromise of Custodial Account login credentials due to no fault of Trust Company and/or failure to follow or act on any notices or alerts that Trust Company may send to Client. In the event Client believes
Client’s Custodial Account information has been compromised, Client must contact Trust Company Support immediately at custody@coinbase.com. 

 4.9. Taxes. It is Client’s sole responsibility to determine whether, and to what
extent, any taxes apply to any deposits or withdrawals Client conducts through the Custodial Services, and to withhold, collect, report and remit the correct amounts of taxes to the appropriate tax authorities. Client’s deposit and withdrawal
history is available by accessing Client’s Custodial Account through the Trust Company Site or by contacting Client’s account representative. 

4.10. Additional Matters. 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 Trust Company. Client shall receive notice of any material change in the entities that provide the Custodial Services. Unless Client terminates this Agreement as permitted herein, any new agreements
or amended terms and conditions, associated with such change shall be governed by Sections 8.2 and 8.3 herein. 
 4.11. Death of Account
Holder. To the extent Client is a natural person, if Trust Company receives legal documentation confirming Client’s death or other information leading Trust Company to believe Client is deceased, Trust Company will freeze Client’s
Custodial Account (“Freeze Period”). During the Freeze Period, no transactions may be completed until: (i) Client’s designated fiduciary has opened a new Custodial Account, as further described below, and the entirety of
Client’s Custodial Account has been transferred to such new Custodial Account, or (ii) Client has received proof in a form satisfactory to Trust Company that Client is not deceased. If Trust Company has reason to believe Client is deceased
but Trust Company does not have proof of Client’s death in a form satisfactory to Trust Company, Client authorizes Trust Company to make inquiries, whether directly or through third parties, that Trust Company considers necessary to ascertain
whether Client is deceased. Upon receipt by Trust Company of proof satisfactory to Trust Company that Client is deceased, the fiduciary Client designated in a valid Will or similar testamentary document will be required to open a new Custodial
Account. If Client has not designated a fiduciary, then Trust Company reserves the right to (i) treat as Client’s fiduciary any person entitled to inherit Client’s Custodial Account, as determined by Trust Company upon receipt and
review of the documentation Trust Company, 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 Trust Company determine, in its sole and absolute discretion, that there is uncertainty regarding the validity of the fiduciary designation, Trust Company reserves
the right to require an order resolving such issue from a court of competent jurisdiction before taking any action relating to Client’s Custodial Account. Pursuant to the above, the opening of a new Custodial Account by a designated fiduciary
is mandatory following the death of Client, and Client hereby agrees that his/her fiduciary shall be required to open a new Custodial Account and provide the information required under Section 2 of this Agreement in order to gain access to the
contents of Client’s Custodial Account. 

 5. TRUST COMPANY CONTACT INFORMATION AND DISPUTE RESOLUTION. 

5.1. Contact Trust Company; Complaints. If Client has any feedback, questions, or complaints, Client may contact Trust Company Customer
Support, located at 200 Park Avenue South, Suite 1208, New York, NY 10003, via email at custody@coinbase.com or by telephone to Trust Company at +1 (646) 760-6195. 

If Client is a customer of Trust Company in the United States, Client may also direct a complaint to the attention of: New York State
Department of Financial Services, One State Street, New York, NY 10004-1511; +1 (212) 480-6400. Please visit www.dfs.ny.gov for additional information. 

5.2. Arbitration. THE PARTIES AGREE AS FOLLOWS: 
  

	 	•	 	 ALL PARTIES TO THIS AGREEMENT ARE GIVING UP THE RIGHT TO SUE EACH OTHER IN COURT, INCLUDING THE RIGHT TO A TRIAL
BY JURY, EXCEPT AS PROVIDED BY THE RULES OF THE ARBITRATION FORUM IN WHICH A CLAIM IS FILED. 

  

	 	•	 	 ARBITRATION AWARDS ARE GENERALLY FINAL AND BINDING; A PARTY’S ABILITY TO HAVE A COURT REVERSE OR MODIFY AN
ARBITRATION AWARD IS VERY LIMITED. 

  

	 	•	 	 THE ABILITY OF THE PARTIES TO OBTAIN DOCUMENTS, WITNESS STATEMENTS AND OTHER DISCOVERY IS GENERALLY MORE LIMITED
IN ARBITRATION THAN IN COURT PROCEEDINGS. 

  

	 	•	 	 THE ARBITRATORS DO NOT HAVE TO EXPLAIN THE REASON(S) FOR THEIR AWARD UNLESS, IN AN ELIGIBLE CASE, A JOINT REQUEST
FOR AN EXPLAINED DECISION HAS BEEN SUBMITTED BY ALL PARTIES TO THE PANEL AT LEAST TWENTY (20) DAYS PRIOR TO THE FIRST SCHEDULED HEARING DATE. 

  

	 	•	 	 THE PANEL OF ARBITRATORS MAY INCLUDE A MINORITY OF ARBITRATORS WHO WERE OR ARE AFFILIATED WITH THE SECURITIES
INDUSTRY. 

  

	 	•	 	 THE RULES OF SOME ARBITRATION FORUMS MAY IMPOSE TIME LIMITS FOR BRINGING A CLAIM IN ARBITRATION. IN SOME CASES, A
CLAIM THAT IS INELIGIBLE FOR ARBITRATION MAY BE BROUGHT IN COURT. 

  

	 	•	 	 THE RULES OF THE ARBITRATION FORUM IN WHICH THE CLAIM IS FILED, AND ANY AMENDMENTS THERETO, SHALL BE INCORPORATED
INTO THIS AGREEMENT. 

 THE PARTIES AGREE THAT ALL CONTROVERSIES ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE USE
OF THE CUSTODIAL SERVICES, WHETHER ARISING PRIOR, ON, OR SUBSEQUENT TO THE DATE HEREOF, SHALL BE ARBITRATED. ANY ARBITRATION UNDER THIS AGREEMENT SHALL BE CONDUCTED PURSUANT TO THE FEDERAL ARBITRATION ACT AND THE LAWS OF THE STATE OF NEW YORK, AND
IN ACCORDANCE WITH THE CODE OF ARBITRATION OF FINRA. ANY CONTROVERSY BETWEEN THE PARTIES SHALL BE BEFORE THE NEW YORK OFFICE OF FINRA. THE PARTIES AGREE THAT THE AWARD OF THE ARBITRATORS, OR OF THE MAJORITY OF THEM, SHALL BE FINAL, AND JUDGMENT UPON
THE AWARD RENDERED MAY BE ENTERED AND ENFORCED IN ANY COURT, STATE OR FEDERAL, HAVING JURISDICTION. 

 IF ANY CONTROVERSIES ARISING UNDER THIS AGREEMENT ARE NOT PERMITTED TO BE BROUGHT BEFORE
FINRA, THE PARTIES AGREE THAT SUCH CONTROVERSIES SHALL BE ARBITRATED IN ACCORDANCE WITH THE AMERICAN ARBITRATION ASSOCIATION’S RULES FOR ARBITRATION OF COMMERCIAL RELATED DISPUTES (ACCESSIBLE AT
HTTPS://WWW.ADR.ORG/SITES/DEFAULT/FILES/COMMERCIAL%20RULES.PDF), AND THAT SUCH CONTROVERSIES ARE OTHERWISE SUBJECT TO SECTION 5.2 OF THIS AGREEMENT. 

6. REPRESENTATIONS AND WARRANTIES. 

6.1. Client’s Representations and Warranties. In addition to the obligations arising under this Agreement and as a condition of and
in consideration of Client accessing the Custodial Services, Client represents and warrants the following: 
  

	 	(i)	 Client operates in full compliance with all applicable laws, rules, and regulations in each jurisdiction in
which Client operates, including U.S. securities laws and regulations, as well as any applicable state and federal laws, including, but not limited to, U.S. efforts to fight the funding of terrorism and money laundering, and USA PATRIOT Act and Bank
Secrecy Act requirements. Client further understands that any fines or penalties imposed on Trust Company as a result of a violation by Client of any applicable securities regulation or law may, at Trust Company’s discretion, be passed on to
Client and Client acknowledges and represents that Client will be responsible for payment to Trust Company of such fines; 

  

	 	(ii)	 Client is currently in good standing with all relevant government agencies, departments, regulatory or
supervisory bodies in all relevant jurisdictions in which Client does business, including but not limited to FINRA, the Municipal Securities Rulemaking Board, SIPC, the National Futures Association, the Commodity Futures Trading Commission and the
Securities and Exchange Commission, and Client will immediately notify Trust Company if Client ceases to be in good standing with any regulatory authority; 

  

	 	(iii)	 Client will promptly provide such information as Trust Company may reasonably request from time to time
regarding (a) Client’s policies, procedures, and activities which relate to the Custodial Services in any manner, as determined by Trust Company in its sole and absolute discretion, and (b) any transaction which involves the use of
the Custodial Services, to the extent reasonably necessary to comply with applicable law, or the guidance or direction of, or request from, any regulatory authority or financial institution, provided that such information may be redacted to remove
confidential commercial information not relevant to the requirements of this Agreement; 

  

	 	(iv)	 Client will not deposit to a Custodial Account any Digital Asset that is not supported by the Custodial
Services; 

  

	 	(v)	 Client either owns or possesses lawful authorization to transact with all Digital Assets involved in the
Custody Transactions; 

  

	 	(vi)	 Client will not make any public statement, including any press release, media release, or blog post which
mentions or refers to Trust Company or a partnership between Client and Trust Company, without the prior written consent of Trust Company; 

  

	 	(vii)	 Client will not create or use more than one Custodial Account; 

 

	 	(viii)	 Client has the full capacity and authority to enter into and be bound by this Agreement and the person
executing or otherwise accepting this Agreement for Client has full legal capacity and authorization to do so; and 

	 	(ix)	 All information provided by Client to Trust Company in the course of negotiating this Agreement and the
onboarding of Client as Trust Company’s customer and user of the Custodial Services is complete, true, and accurate in all material respects, and no material information has been excluded. 

6.2. Trust Company Representations and Warranties. Trust Company represents and warrants the following: 

 

	 	(i)	 Trust Company will safekeep the Digital Assets and segregate all Digital Assets from both the (a) property
of Trust Company, and (b) assets of other customers of Trust Company; 

  

	 	(ii)	 Trust Company will not, directly or indirectly, lend, pledge, hypothecate or
re-hypothecate any Digital Assets; 

  

	 	(iii)	 Trust Company will maintain adequate capital and reserves to the extent required by applicable law;

  

	 	(iv)	 Trust Company possess, and will maintain, all licenses, registrations, authorizations and approvals required by
any governmental agency, regulatory authority or other party necessary for it to operate its business and engage in the business relating to its provision of the Custodial Services; and 

 

	 	(v)	 Trust Company has the full capacity and authority to enter into and be bound by this Agreement and the person
executing or otherwise accepting this Agreement for Trust Company has full legal capacity and authorization to do so. 

 7.
DISCLAIMERS; INDEMNIFICATION; LIMITATION OF LIABILITY. 
 7.1. Computer Viruses. Trust Company shall not bear any liability,
whatsoever, for any damage or interruptions caused by any computer viruses, spyware, scareware, Trojan horses, worms or other malware that may affect Client’s computer or other equipment, or any phishing, spoofing or other attack, unless such
damage or interruption directly resulted from Trust Company’s gross negligence, fraud, or willful misconduct. Trust Company advises the regular use of a reputable and readily available virus screening and prevention software. Client should also
be aware that SMS and email services are vulnerable to spoofing and phishing attacks and should use care in reviewing messages purporting to originate from Trust Company. Client should always log into Client’s Custodial Account through the
Trust Company Site to review any deposits or withdrawals or required actions if Client has any uncertainty regarding the authenticity of any communication or notice. 

7.2. Release. If Client has a dispute with a third party that is connected with Trust Company or the Custodial Services in any way,
Client releases Trust Company, its affiliates and service providers, and each of their respective officers, directors, agents, joint venturers, employees and representatives from any and all claims, demands and damages (actual and consequential) of
every kind and nature, whether past, present, or future, actual or contingent, arising out of or in any way connected with such disputes, unless such claim directly results from the gross negligence, fraud or willful misconduct or Trust Company.

 7.3. Indemnification. Client agrees to indemnify and hold Trust Company, its
affiliates and service providers, and each of its or their respective officers, directors, agents, joint venturers, employees and representatives, harmless from any claim or demand (including attorneys’ fees and any fines, fees or penalties
imposed by any regulatory authority) arising out of or related to Client’s breach of this Agreement, inaccuracy in any of Client’s representations or warranties in this Agreement, or Client’s violation of any law, rule or regulation,
or the rights of any third party, except where such claim directly results from the gross negligence, fraud or willful misconduct of Trust Company. 

7.4. Limitation of Liability; No Warranty. IN NO EVENT SHALL TRUST COMPANY, ITS AFFILIATES AND SERVICE PROVIDERS, OR ANY OF THEIR
RESPECTIVE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES OR REPRESENTATIVES, BE LIABLE (A) FOR ANY AMOUNT GREATER THAN THE VALUE OF THE SUPPORTED DIGITAL ASSETS ON DEPOSIT IN CLIENT’S TRUST COMPANY CUSTODIAL ACCOUNT OR
(B) FOR ANY LOST PROFITS OR ANY SPECIAL, INCIDENTAL, INDIRECT, INTANGIBLE, OR CONSEQUENTIAL DAMAGES, WHETHER BASED IN CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE, ARISING OUT OF OR IN CONNECTION WITH AUTHORIZED OR UNAUTHORIZED
USE OF THE TRUST COMPANY SITE OR THE TRUST COMPANY CUSTODIAL SERVICES, OR THIS AGREEMENT, EVEN IF AN AUTHORIZED REPRESENTATIVE OF TRUST COMPANY HAS BEEN ADVISED OF OR KNEW OR SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES. THIS MEANS, BY WAY
OF EXAMPLE ONLY (AND WITHOUT LIMITING THE SCOPE OF THE PRECEDING SENTENCE), THAT IF CLIENT CLAIMS THAT TRUST COMPANY FAILED TO PROCESS A DEPOSIT OR WITHDRAWAL PROPERLY, CLIENT’S DAMAGES ARE LIMITED TO NO MORE THAN THE VALUE OF THE SUPPORTED
DIGITAL ASSETS AT ISSUE IN THE DEPOSIT OR WITHDRAWAL, AND THAT CLIENT MAY NOT RECOVER FOR LOST PROFITS, LOST BUSINESS OPPORTUNITIES, OR OTHER TYPES OF SPECIAL, INCIDENTAL, INDIRECT, INTANGIBLE, OR CONSEQUENTIAL DAMAGES IN EXCESS OF THE VALUE OF THE
SUPPORTED DIGITAL ASSETS AT ISSUE IN THE DEPOSIT OR WITHDRAWAL. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL DAMAGES SO THE ABOVE LIMITATION MAY NOT APPLY TO CLIENT. 

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE TRUST COMPANY CUSTODIAL SERVICES ARE PROVIDED ON AN “AS IS” AND “AS
AVAILABLE” BASIS WITHOUT ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESS, IMPLIED OR STATUTORY. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, TRUST COMPANY SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS
FOR A PARTICULAR PURPOSE AND/OR NON-INFRINGEMENT. TRUST COMPANY DOES NOT MAKE ANY REPRESENTATIONS OR WARRANTIES THAT ACCESS TO THE SITE, ANY PART OF THE TRUST COMPANY CUSTODIAL SERVICES, OR ANY OF THE
MATERIALS CONTAINED THEREIN, WILL BE CONTINUOUS, UNINTERRUPTED, OR TIMELY; BE COMPATIBLE OR WORK WITH ANY SOFTWARE, SYSTEM OR OTHER SERVICES; OR BE SECURE, COMPLETE, FREE OF HARMFUL CODE, OR ERROR-FREE. 

8. MISCELLANEOUS. 
 8.1. Entire
Agreement. This Agreement, any addendum or attachments thereto, the Trust Company Privacy Policy, and all disclosures, notices or policies available on the Trust Company website, comprise the entire understanding and agreement
between Client and Trust Company as to the Custodial Services, and supersedes any and all prior discussions, agreements and understandings of any kind (including without limitation any prior versions of this Agreement), and every nature between and
among Client and Trust Company. Section headings in this Agreement are for convenience only and shall not govern the meaning or interpretation of any provision of this Agreement. 

 8.2. Amendments. Any modification or addition to this Agreement must be in a writing
signed by a duly authorized representative of each of party. Client agrees that Trust Company shall not be liable to Client or any third party for any modification or termination of the Custodial Services, or suspension or termination of
Client’s access to the Custodial Services, except to the extent otherwise expressly set forth herein. 
 8.3. Assignment. Client
may not assign any rights and/or licenses granted under this Agreement without the prior written consent of Trust Company. Trust Company reserves the right to assign its rights without restriction except notice to Client, including without
limitation to any Trust Company affiliates or subsidiaries, or to any successor in interest of any business associated with the Custodial Services. Any attempted transfer or assignment in violation hereof shall be null and void. Subject to the
foregoing, this Agreement will bind and inure to the benefit of the parties, their successors and permitted assigns. 
 8.4. Severability.
If any provision of this Agreement shall be determined to be invalid or unenforceable under any rule, law, or regulation or any governmental agency (local, state, or federal), such provision will be changed and interpreted to accomplish the
objectives of the provision to the greatest extent possible under any applicable law and the validity or enforceability of any other provision of this Agreement shall not be affected. 

8.5. Survival. All provisions of this Agreement which by their nature extend beyond the expiration or termination of this Agreement,
including, without limitation, sections pertaining to suspension or termination, Custodial Account cancellation, debts owed to Trust Company, general use of the Trust Company Site, disputes with Trust Company, and general provisions, shall survive
the termination or expiration of this Agreement. 
 8.6. Governing Law. Client agrees that the laws of the State of New York, without
regard to principles of conflict of laws, will govern this Agreement and any claim or dispute that has arisen or may arise between Client and Trust Company, except to the extent governed by federal law. 

8.7. Force Majeure. Trust Company 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 Trust Company, including but not limited to, any delay or failure due to any act of God, natural disasters, act
of civil or military authorities, act of terrorists, including but not limited to cyber-related terrorist acts, hacking, government restrictions, exchange or market rulings, civil disturbance, war, strike or other labor dispute, fire, interruption
in telecommunications or Internet services or network provider services, failure of equipment and/or software, other catastrophe or any other occurrence which is beyond the reasonable control of Trust Company and shall not affect the validity and
enforceability of any remaining provisions. 
 8.8. Non-Waiver of Rights. This agreement shall
not be construed to waive rights that cannot be waived under applicable laws in the jurisdiction where Client is located. 

 9. TRUST COMPANY OBLIGATIONS. 

9.1. Bookkeeping. Trust Company will keep timely and accurate records as to the deposit, disbursement, investment, and reinvestment of
the Digital Assets. Trust Company will maintain accurate records and bookkeeping of the Custodial Services as required by applicable law and in accordance with Trust Company’s internal document retention policies. 

9.2. Insurance. Trust Company will obtain and maintain, at its sole expense, insurance coverage in such types and amounts as are
commercially reasonable for the Custodial Services provided hereunder. 
 9.3. Business Continuity Plan. Trust Company has established
a business continuity plan that will support its ability to conduct business in the event of a significant business disruption (“SBD”). This plan is reviewed and updated annually, and can be updated more frequently, if deemed
necessary by Trust Company in its sole discretion. Should Trust Company be impacted by an SBD, Trust Company aims to minimize business interruption as quickly and efficiently as possible. To receive more information about Trust Company’s
business continuity plan, please send a written request to security@coinbase.com. 
 IN WITNESS WHEREOF, this Agreement is executed
as of the date below. 
  

									
	COINBASE CUSTODY TRUST	  		  	BITWISE 10 PRIVATE INDEX FUND, LLC
	COMPANY, LLC	  		  		  	
					
	BY:	  	 /s/ Sam McIngvale
	  		  	BY:	  	 /s/ Paul E. (“Teddy”) Fusaro

					
	NAME: 	  	 Sam McIngvale
	  		  	NAME:	  	 Paul E. (“Teddy”) Fusaro

					
	TITLE:	  	 Chief Executive Officer
	  		  	TITLE:	  	 COO

					
	DATE:	  	 03 / 08 / 2019
	  		  	DATE:	  	 03/06/2019

			
	BITWISE 10 INDEX OFFSHORE FUND, LTD.	  		  	DIGITAL ASSET INDEX FUND, LLC
					
	BY:	  	 /s/ Paul E. (“Teddy”) Fusaro
	  		  	BY:	  	 /s/ Paul E. (“Teddy”) Fusaro

					
	NAME:	  	 Paul E. (“Teddy”) Fusaro
	  		  	NAME:	  	 Paul E. (“Teddy”) Fusaro

					
	TITLE:	  	 COO
	  		  	TITLE:	  	 COO

					
	DATE:	  	 03/06/2019
	  		  	DATE:	  	 03/06/2019

 [SIGNATURES CONTINUE ON THE
FOLLOWING PAGE] 
  

			
	Bitwise Ethereum Fund, LLC
		
	BY:	 	 /s/ Paul E. (“Teddy”) Fusaro

		
	NAME:	 	 Paul E. (“Teddy”) Fusaro

		
	TITLE:	 	 COO

		
	DATE:	 	 03/06/2019

 EXHIBIT A 

CLIENT 
  

	1.	 BITWISE 10 PRIVATE INDEX FUND, LLC

  

	2.	 BITWISE 10 INDEX OFFSHORE FUND, LTD.

  

	3.	 DIGITAL ASSET INDEX FUND, LLC

  

	4.	 BITWISE ETHEREUM FUND, LLC 

 Exhibit B 

BUSINESS HOURS 
 “Business
Hours” shall mean 5am – 5pm PST on a day other than a Saturday, Sunday or a Trust Company Holiday. A “Trust Company Holiday,” shall mean the following U.S. federal holidays: 

 

	•	 	 New Year’s Day (January 1) 

 

	•	 	 Birthday of Martin Luther King, Jr. (Third Monday in January) 

 

	•	 	 President’s Day / Washington’s Birthday (Third Monday in February) 

 

	•	 	 Memorial Day (Last Monday in May) 

 

	•	 	 Independence Day (July 4) 

 

	•	 	 Labor Day (First Monday in September) 

 

	•	 	 Veterans Day (November 11) 

 

	•	 	 Thanksgiving Day (Fourth Thursday in November) 

 

	•	 	 Christmas Day (December 25) 

 APPENDIX 1: PROHIBITED USE, PROHIBITED BUSINESSES AND CONDITIONAL USE 

Prohibited Use 
 Client may not use Client’s Custodial
Account to engage in the following categories of activity (“Prohibited Uses”). The Prohibited Uses extend to any third party that gains access to the Custodial Services through Client’s account or otherwise, regardless of
whether such third party was authorized or unauthorized by Client to use the Custodial Services associated with the Custodial Account. The specific types of use listed below are representative, but not exhaustive. If Client is uncertain as to
whether or not Client’s use of Custodial Services involves a Prohibited Use, or have questions about how these requirements applies to Client, please contact Trust Company at custody@coinbase.com. By opening a Custodial Account, Client
confirms that Client will not use Client’s Custodial Account to do any of the following: 
  

	 	•	 	 Unlawful Activity: Activity which would violate, or assist in violation of, any law, statute, ordinance,
or regulation, sanctions programs administered in the countries where Trust Company conducts business, including, but not limited to, the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”), or which would
involve proceeds of any unlawful activity; publish, distribute or disseminate any unlawful material or information. 

  

	 	•	 	 Abusive Activity: Actions which impose an unreasonable or disproportionately large load on Trust
Company’s infrastructure, or detrimentally interfere with, intercept, or expropriate any system, data, or information; transmit or upload any material to the Site that contains viruses, Trojan horses, worms, or any other harmful or deleterious
programs; attempt to gain unauthorized access to the Site, other Custodial Accounts, computer systems or networks connected to the Site, through password mining or any other means; use Custodial Account information of another party to access or use
the Site; or transfer Client’s Custodial Account access or rights to Client’s Custodial Account to a third party, unless by operation of law or with the express permission of Trust Company. 

 

	 	•	 	 Abuse Other Users: Interfere with another Trust Company user’s access to or use of any Custodial
Services; defame, abuse, extort, harass, stalk, threaten or otherwise violate or infringe the legal rights (such as, but not limited to, rights of privacy, publicity and intellectual property) of others; incite, threaten, facilitate, promote, or
encourage hate, racial intolerance, or violent acts against others; harvest or otherwise collect information from the Site about others, including, without limitation, email addresses, without proper consent. 

 

	 	•	 	 Fraud: Activity which operates to defraud Trust Company, Trust Company users, or any other person; provide
any false, inaccurate, or misleading information to Trust Company. 

  

	 	•	 	 Gambling: Lotteries; bidding fee auctions; sports forecasting or odds making; fantasy sports leagues with
cash prizes; Internet gaming; contests; sweepstakes; games of chance. 

	 	•	 	 Intellectual Property Infringement: Engage in transactions involving items that infringe or violate any
copyright, trademark, right of publicity or privacy or any other proprietary right under the law, including but not limited to sales, distribution, or access to counterfeit music, movies, software, or other licensed materials without the appropriate
authorization from the rights holder; use of Trust Company intellectual property, name, or logo, including use of Trust Company trade or service marks, without express consent from Trust Company or in a manner that otherwise harms Trust Company, or
Trust Company’s brand; any action that implies an untrue endorsement by or affiliation with Trust Company. 

  

	 	•	 	 Written Policies: Client may not use the Custodial Account or the Custodial Services in a manner that
violates, or is otherwise inconsistent with, any operating instructions promulgated by Trust Company. 

 Prohibited Businesses 

Although Trust Company may offer a Custodial Account to any entity that can successfully create an account in accordance with the terms of the Agreement, the
following categories of businesses, business practices, and sale items are barred from the Custodial Services (“Prohibited Businesses”). The specific types of use listed below are representative, but not exhaustive. If Client is
uncertain as to whether or not Client’s use of the Custodial Services involves a Prohibited Business, or have questions about how these requirements apply to Client, please contact us at custody@coinbase.com. 

By opening a Custodial Account, Client confirm that Client will not use the Custodial Services in connection with any of following businesses, activities,
practices, or items: 
  

	 	•	 	 Restricted Financial Services: Check cashing, bail bonds, collections agencies. 

 

	 	•	 	 Intellectual Property or Proprietary Rights Infringement: Sales, distribution, or access to counterfeit
music, movies, software, or other licensed materials without the appropriate authorization from the rights holder. 

  

	 	•	 	 Counterfeit or Unauthorized Goods: Unauthorized sale or resale of brand name or designer products or
services; sale of goods or services that are illegally imported or exported or which are stolen. 

  

	 	•	 	 Regulated Products and Services: Marijuana dispensaries and related businesses; sale of tobacco, e-cigarettes, and e-liquid; online prescription or pharmaceutical services; age-restricted goods or services; weapons and munitions;
gunpowder and other explosives; fireworks and related goods; toxic, flammable, and radioactive materials; products and services with varying legal status on a
state-by-state basis. 

  

	 	•	 	 Drugs and Drug Paraphernalia: Sale of narcotics, controlled substances, and any equipment designed for
making or using drugs, such as bongs, vaporizers, and hookahs. 

	 	•	 	 Pseudo-Pharmaceuticals: Pharmaceuticals and other products that make health claims that have not been
approved or verified by the applicable local and/or national regulatory body. 

  

	 	•	 	 Substances designed to mimic illegal drugs: Sale of a legal substance that provides the same effect as an
illegal drug (e.g., salvia, kratom). 

  

	 	•	 	 Adult Content and Services: Pornography and other obscene materials (including literature, imagery and
other media); sites offering any sexually-related services such as prostitution, escorts, pay-per view, adult live chat features. 

 

	 	•	 	 Multi-level Marketing: Pyramid schemes, network marketing, and referral marketing programs.

  

	 	•	 	 Unfair, Predatory or Deceptive Practices: Investment opportunities or other services that promise high
rewards; sale or resale of a service without added benefit to the buyer; resale of government offerings without authorization or added value; sites that we determine in our sole discretion to be unfair, deceptive, or predatory towards consumers.

  

	 	•	 	 Gambling Services. 

 

	 	•	 	 Weapons Manufacturers/Vendors. 

 

	 	•	 	 Hate Groups. 

  

	 	•	 	 Money Services: Gift cards; prepaid cards; sale of in-game
currency unless the merchant is the operator of the virtual world; act as a payment intermediary or aggregator or otherwise resell any of the Custodial Services. 

 

	 	•	 	 Crowdfunding. 

  

	 	•	 	 High-risk Businesses: any businesses that we believe pose elevated financial risk or legal liability.

 Conditional Use 
 Express written
consent and approval from Trust Company must be obtained prior to using Custodial Services for the following categories of business and/or use (“Conditional Uses”). Consent may be requested by contacting us at
custody@coinbase.com. Trust Company may also require Client to agree to additional conditions, make supplemental representations and warranties, complete enhanced on-boarding procedures, and operate
subject to restrictions if Client uses the Custodial Services in connection with any of following businesses, activities, or practices: 
  

	 	•	 	 Charities: Acceptance of donations for nonprofit enterprise. 

 

	 	•	 	 Games of Skill: Games which are not defined as gambling under this Agreement or by law, but which require
an entry fee and award a prize. 

	 	•	 	 Religious/Spiritual Organizations: Operation of a for-profit
religious or spiritual organization. 

  

	 	•	 	 Digital Currency Services: Operation of a Bitcoin (“BTC”) ATM, BTC mining, BTC exchange,
or other high-risk Digital Currency service. 

 APPENDIX 2: E-SIGN DISCLOSURE AND CONSENT 

This policy describes how Trust Company delivers communications to Client electronically. Trust Company may amend this policy at any time by providing a
revised version on Trust Company’s website. The revised version will be effective at the time Trust Company posts it. Trust Company will provide Client with prior notice of any material changes via Trust Company’s website. 

Electronic Delivery of Communications 
 Client agrees and
consents to receive electronically all communications, agreements, documents, notices and disclosures (collectively, “Communications”) that Trust Company provides in connection with Client’s Custodial Account and Client’s
use of Custodial Services. Communications include: 
  

	 	•	 	 Terms of use and policies Client agrees to (e.g., the Agreement, any addendum thereto, and Privacy
Policy), including updates to these agreements or policies; 

  

	 	•	 	 Custodial Account details, history, transaction receipts, confirmations, and any other Custodial Account,
deposit, withdrawal or transfer information; 

  

	 	•	 	 Legal, regulatory, and tax disclosures or statements we may be required to make available to Client; and

  

	 	•	 	 Responses to claims or customer support inquiries filed in connection with Client’s Custodial Account.

 We will provide these Communications to Client by posting them on the Site, emailing them to Client at the primary email address on
file with Trust Company, communicating to Client via instant chat, and/or through other electronic communication. 
 Hardware and Software Requirements

 In order to access and retain electronic Communications, Client will need the following computer hardware and software: 

 

	 	•	 	 A device with an Internet connection; 

 

	 	•	 	 A current web browser that includes 128-bit encryption (e.g.,
Internet Explorer version 9.0 and above, Firefox version 3.6 and above, Chrome version 31.0 and above, or Safari 7.0 and above) with cookies enabled; 

  

	 	•	 	 A valid email address (Client’s primary email address on file with Trust Company); and

  

	 	•	 	 Sufficient storage space to save past Communications or an installed printer to print them.

 How to Withdraw Client’s Consent 

Client may withdraw Client’s consent to receive Communications electronically by contacting Trust Company at custody@coinbase.com. If Client fails
to provide or if Client withdraws Client’s consent to receive Communications electronically, Trust Company reserves the right to immediately close Client’s Custodial Account or charge Client additional fees for paper copies. 

Updating Client’s Information 
 It is Client’s
responsibility to provide Trust Company with a true, accurate, and complete e-mail address and Client’s contact information, and to keep such information up to date. Client understands and agrees that if
Trust Company 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, Trust Company will be deemed to have provided the Communication to Client. 
 Client may update Client’s information by
logging into Client’s Custodial Account and visiting settings or by contacting the Custody support team at custody@coinbase.com. 

 Schedule A 

Coinbase Custody Trust Company, LLC Fee Schedule 

This Fee Schedule is effective (the “Effective Date”) upon execution of the Custodial Services Agreement between Trust Company and Client
(the “Agreement”). The parties hereto agree that the fees associated with the Custodial Services for Client shall be as set forth below. All capitalized terms not defined herein shall have the meaning ascribed to such term in the
Agreement. 
  

	I.	 Minimum Custodial Account Balance 

Trust Company is pleased to waive the Minimum Custodial Account Balance at this time. 

 

	II.	 Implementation Fee 

The Client implementation fee set forth below is a one-time, flat fee assessed to cover onboarding and
implementation costs (the “Implementation Fee”): 
 Trust Company is pleased to waive the
Implementation Fee at this time. 
  

	III.	 Custodial Service Fee & Minimum Monthly Charge 

The Custodial Service Fee is an annualized fee, charged monthly, that is assessed as a percentage of Client’s USD denominated average
monthly balance of assets under custody (“AUC”). The Custodial Service Fee is defined and calculated as follows: 

Monthly Average AUC multiplied by the Custodial Billing Rate, as defined herein. 

The Custodial Billing Rate is defined as the proportion of total calendar days in the billing month to total calendar days in the
billing year multiplied by the Annualized Custodial Service Fee (as set forth below). 
 Client’s Monthly Average AUC shall equal
the USD denominated sum of Client’s Daily AUC for each calendar day of the billing month, for each Digital Asset on deposit in Client’s Custodial Account, divided by number of calendar days in the billing month. 

Client’s Daily AUC shall equal the daily Digital Asset price as listed on Coinbase Prime or Coinbase Pro at 4:00 PM ET multiplied
by daily Digital Asset balance as of 4:00 PM ET. 
 On a monthly basis, Client shall pay the greater of (1) the Custodial Service Fee,
or (2) the monthly minimum charge set forth below (collectively, the “Fee”).    Client shall pay the Fee on the earlier of (i) the date that Client’s Custodial Account amasses an equivalent to
$50,000 AUC, or (ii) three months from the Effective Date. The Fee, once it commences, shall be the greater of: 

	 	1.	 Custodial Service Fee, or

 

			
	 Client’s Monthly

Average AUC
	  	Annualized Custodial
Service Fee
	 $[***]-$[***]M
	  	[***]bps
	 $[***]M-$[***]M
	  	[***]bps
	 $[***]M+
	  	[***]bps

  

	 	2.	 Minimum Monthly Charge 

Trust company is pleased to waive the Minimum Monthly Charge. 

 

	IV.	 Payment Terms 

Trust Company will invoice Client for all Fees on a monthly basis and Client shall pay all amounts to Trust Company within fifteen (15) days of
Client’s receipt of an invoice for such Fee. Client will pay any amounts owed hereunder in the form and manner communicated by Trust Company to Client, including but not limited to transfer of cryptocurrency to an address designated by Trust
Company, a debit from Client’s Custodial Account. 
  

	 	V.	 Term 

This Fee Schedule was prepared exclusively for Client on February 15, 2019 and is valid for 30 days. The pricing terms set forth herein shall act in
aggregate with the Pricing Proposal prepared for the following funds. For avoidance of a doubt, Client’s AUC shall act in aggregate with each fund referenced below. 
  

	 	1.	 Bitwise 10 Private Index Fund, LLC 

 

	 	2.	 Bitwise 10 Index Offshore Fund, Ltd. 

 

	 	3.	 Digital Asset Index Fund, LLC 

 

	 	4.	 Bitwise Ethereum Fund, LLC 

The terms of the Agreement and the pricing terms set forth herein are confidential and shall not be shared with any third parties. 

			
	

	  	Audit Trail

  

			
	TITLE	  	Coinbase Custodial Agreement - Bitwise Entities
		
	FILE NAME	  	Bitwise Entities IES - 2-15-19.pdf
		
	DOCUMENT ID	  	eec1c2c2a170989bef56644f57a4d497c4d2cbb8
		
	STATUS	  	 •   Completed

 Document History 
  

					
	

	  	02/15/2019	  	Sent for signature to Teddy Fusaro
	  	16:45:52 UTC-5	  	(teddy@bitwiseinvestments.com) from custody@coinbase.com IP: 4.15.128.222
			
	

	  	 03/06/2019
 15:46:39 UTC-5
	  	 Viewed by Teddy Fusaro (teddy@bitwiseinvestments.com)

IP: 71.198.152.170

			
	

	  	 03/06/2019
 16:04:56 UTC-5
	  	 Signed by Teddy Fusaro (teddy@bitwiseinvestments.com)

IP: 71.198.152.170

			
	

	  	 03/06/2019
 16:04:56 UTC-5
	  	The document has been completed.

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