Document:

Exhibit
10.4 

 

CONFIDENTIAL

 

 

 

 

OSPREY
Bitcoin Trust

 

 

 

 

 

 

 

 

SUBSCRIPTION DOCUMENTS

AND

PRIVACY NOTICE

 

 

 

 

 

 

 

 

 

THESE
SUBSCRIPTION DOCUMENTS

ARE TO BE COMPLETED ONLY BY

A NATURAL PERSON OR ENTITY

SUBSCRIBING FOR ITS OWN ACCOUNT

    	 

    	

    
CONFIDENTIAL

 

SUBSCRIPTION
AGREEMENT

 

I, the undersigned, (“Subscriber”)
understand that Osprey Bitcoin Trust, a Delaware trust (the “Trust”) is making a continuous offering of units
(“Units”), each representing a fractional undivided beneficial interest in the Trust. The investment objective
of the Trust is for the Units to track the price of Bitcoin, as measured at 4:00 P.M. New York time using the Coin Metrics CMBI
Bitcoin rate available at: https://cmbi-indexes.coinmetrics.io/cmbibtc
(“CMBI Bitcoin Index Price”),
on each day on which such rate is published, less liabilities and expenses of the Trust. There is a minimum investment of at least
$25,000.00 (Twenty-Five Thousand Dollars). Capitalized terms used in this Subscription Agreement and not otherwise defined shall
have the meanings ascribed to them in the Confidential Private Placement Memorandum Offering of Units in Osprey Bitcoin Trust
dated May 18, 2021 (“Memorandum”).

 

In order to induce the Trust to accept my offer, I advise
you as follows:

 

(1)    MEMORANDUM.
Subscriber declares that it has carefully read, understands and agrees to abide by the terms set forth in the Memorandum, including
without limitation, (a) the terms of the Trust; (b) all other terms of the offering, including all risk factors, conflicts of
interest, tax considerations, transfer restrictions and other rights and obligations; and (c) the powers, duties and obligations
of Osprey Funds, LLC (“Sponsor”). Subscriber represents and warrants that the Sponsor has made available to Subscriber
the opportunity at a reasonable time prior to the date of this Subscription Agreement to ask questions of, and to receive answers
from, the Sponsor concerning this investment, and to obtain any additional information which the Sponsor had in its possession
or was able to acquire without unreasonable effort or expense that was necessary to verify the accuracy of the non-proprietary
information in the Memorandum. Subscriber has carefully considered and has, to the extent it believes such discussion necessary,
discussed with legal, tax, accounting and financial advisers the suitability of an investment in Units in light of its particular
tax and financial situation and has determined that such investment subscribed for by it hereunder is a suitable investment for
it. Subscriber agrees to be bound by the Memorandum and the Subscription Documents and has evidenced the foregoing by executing
the relevant signature pages contained herein. Subscriber further represents and warrants that it understands that the investment:
(a) is not guaranteed and may lose principal; and (b) is high risk and is not liquid.

 

(2)     RESTRICTED
SECURITIES. Subscriber represents and warrants that it understands that the Units are “restricted securities”
that cannot be resold without registration under the Securities Act or exemption therefrom, and that they are purchasing the Units
for investment purposes only and not with a view to resale.

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CONFIDENTIAL

 

(3)     ACCREDITED
INVESTOR.

 

I represent and warrant that I am an “accredited investor”
as defined in Rule 501 under the Securities Act as set forth in Exhibit A hereto:

 

For Individuals:

 

I am a natural person who:

 

	 	○	Earned income that exceeded $200,000 (or $300,000
    together with a spouse) in each of the prior two years, and reasonably expects the same for the current year or has a net
    worth over $1 million, either alone or together with a spouse (excluding the value of the person’s primary residence);
    or
	 	 	 
	 	○	Is an investment professional (e.g.,
    a licensed associated person of a broker-dealer or investment adviser).

 

For Entities:

 

	 	○	I am an entity meeting the definition of “accredited
    investor” as set forth in Exhibit A hereto.

 

(4)     PLAN
INVESTOR REPRESENTATIONS. Subscribers described in Statement (a), Statement (c) or Statement (d) below are referred
to in this Section 3 as “Plan Investors”.

 

(Check
each of the three boxes below that applies, and fill in any blanks in Statement (b) below if it applies.)

 

I (referred to hereinafter in this Section 5 as the Subscriber)
represent, warrant and agree as set forth below:

 

(a)     The Subscriber is, or is acting
on behalf of: (i) an “employee benefit plan” within the meaning of Section 3(3) of ERISA, that is subject to Part 4
of Title I of ERISA; (ii) a “plan” within the meaning of Section 4975(e)(1) of the Code that is subject to Section
4975 of the Code; or (iii) any other entity or account that is deemed under applicable law to hold the “plan assets”
described in (i) or (ii), within the meaning of ERISA and including the regulations promulgated thereunder.

 

(b)     If
the Subscriber checked the box and thereby answered “Yes” to Statement (a) above, based on subclause (iii) of
Statement (a) above (including, without limitation, insurance company general accounts), then the participation in the
Subscriber (or the entity on whose behalf the Subscriber is acting) by “benefit plan investors,” within the
meaning of Section 3(42) of ERISA, expressed as a percentage, is             %
the (“Current Percentage”),
and the maximum percentage of participation by “benefit plan investors” while the Subscriber holds an interest in
the Trust, expressed as a percentage, will be             %.

 

The Subscriber agrees to promptly disclose
any changes with respect to the Current Percentage, to promptly re-confirm such percentages at any time upon the request of the

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CONFIDENTIAL

 

Trust or the Sponsor (or any other person
acting on behalf of the Trust or the Sponsor), and to provide such other information as may reasonably be requested by the Trust
or the Sponsor (or any other person acting on behalf of the Trust or the Sponsor) for purposes of determining whether or not the
Trust is holding “plan assets.”

 

(c)     The Subscriber is, or is acting
on behalf of, a “governmental plan” within the meaning of Section 3(32) of ERISA, a “foreign plan,” or
another plan or retirement arrangement that is not subject to Part 4 of Title I of ERISA and with respect to which Code Section
4975 does not apply, or a partnership, limited liability company or other entity in which such Plan Investor holds 25% or more
of the value of any class of equity interest in such entity or that is deemed to hold the assets of a Plan Investor under ERISA.

 

(d)     The Subscriber is, or is acting
on behalf of, an entity or account described under 29 C.F.R. Section 2510.3-101(h) (such as, for example, a group trust, a bank
common or collective trust or certain insurance company separate accounts).

 

(e)     The Subscriber is not investing
in funds that constitute the assets of any of the above.

 

(f)     If the Subscriber checked the
box and thereby answered “Yes” to Statement (a), Statement (c) or Statement (d) above, then the Investor hereby represents,
warrants and agrees that:

 

(i.)     The decision to invest assets of
the Subscriber in the Trust was made by parties independent of the Sponsor and any placement agent, which parties are duly authorized
to make such investment decisions and who have concluded, after consideration of their fiduciary duties under ERISA or the Code,
that the investment of assets of the Subscriber in the Trust is prudent and have not relied on any advice or recommendation of
the Sponsor or any placement agent or any of their respective partners, members, employees, stockholders, officers, directors,
agents, representatives or affiliates;

 

(ii.)     None of the Sponsor, any placement
agent nor any of their respective employees, representatives, agents or affiliates have exercised any discretionary authority or
control with respect to the Subscriber’s investment in the Trust, nor have the Sponsor or any placement agent or any of their
respective partners, members, employees, stockholders, officers, directors, agents, representatives or affiliates rendered individualized
investment advice to the Subscriber based upon the Subscriber’s investment policies or strategy, overall portfolio composition
or diversification;

 

(iii.)     The Subscriber has been informed
of and understands the investment objectives and policies of the Trust; (x) the Subscriber is aware of the provisions of Section
404 of ERISA or any similar provisions of applicable law governing the Subscriber (“Similar
Law”) relating to fiduciary duties, including any applicable
requirement for diversifying the investments of an employee benefit plan; (y) the Subscriber has given appropriate consideration
to the facts

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CONFIDENTIAL

 

and circumstances relevant to the investment by such Subscriber
in the Trust and has determined that such investment is reasonably designed, as part of such Subscriber’s portfolio of investments,
to further the purposes of the relevant plan(s); and (z) the Subscriber’s investment in the Trust is permissible under the
documents governing the investment of its “plan assets” and under ERISA or Similar Law; and

 

(iv.)     The terms of the Trust Agreement,
including all exhibits and attachments thereto, do not contravene the terms of the Subscriber’s governing instruments and
applicable laws governing the Subscriber, and the Subscriber will promptly advise the Sponsor in writing of any changes in any
governing law or any regulations or interpretations thereunder affecting the duties, responsibilities, liabilities or obligations
of the Trust, the Sponsor or any of their respective partners, members, employees, stockholders, officers, directors, agents or
affiliates.

 

(5)     TITLE.

 

(Fill
in the below.)

 

I will hold title to my interest as follows:

 

	 	○	Individual/Joint Tenancy with Right Survivorship/Tenancy in Common 
	 	○	Self-Directed IRA
	 	○	Entity: (corporation, trust, etc. – please specify below)

 

Note:
Subscribers should seek the advice of their attorneys in deciding in which of the above forms they should take ownership of the
Units, since different forms of ownership can have varying gift tax and other consequences, depending on the state of the investor’s
domicile and other particular personal circumstances. For example, in community property states, if community property assets
are used to purchase Units held in individual ownership, this might have adverse gift tax consequences.

 

IF OWNERSHIP IS BEING TAKEN WITH A SPOUSE
OR ANY OTHER PERSON, THEN
THIS SUBSCRIPTION AGREEMENT AND THE POWER OF ATTORNEY MUST BE EXECUTED BY ALL SUCH PERSONS.

 

(6)     AGE,
CITIZENSHIP/RESIDENCY.

 

	 	○	I am a natural person who is at least twenty-one
    years old and a citizen and resident of the United States or an entity meeting the definition of “U.S. person”
    set forth in Exhibit B hereto. Initial here:               
	 	 	 
	 	○	I am not a “U.S. person” as defined in Exhibit
    B, hereto; I am a foreign national or non-U.S. entity. I acknowledge and agree to the following. Initial here:            

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CONFIDENTIAL

 

	 	○	The delivery of the Memorandum and related offering documents (including
    this Subscription Agreement) shall not constitute an offer to sell, or the solicitation of an offer to buy, Units of the Trust
    in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it is unlawful to make
    such an offer or solicitation.
	 	 	 
	 	○	I shall be solely responsible for compliance with applicable tax obligations (other than
    those arising under the laws of the United States for which the Sponsor shall remain responsible).
	 	 	 
	 	○	The Sponsor, in its sole discretion, may refuse to accept my subscription for the Units
    for any reason, including without limitation, advice of counsel on legal or regulatory risks of authorizing my purchase under
    this Subscription Agreement. In this regard, the Sponsor or its agents may request from me such additional information as
    the Sponsor or its agents reasonably deem necessary or advisable to comply with applicable law and regulation.

 

(7)     ADDITIONAL
REPRESENTATIONS, WARRANTIES AND AGREEMENTS.

 

(a)     I understand that there may be
no available public trading markets for the Units at any particular time, that an investment in the Trust may be illiquid and that
I may have to bear the economic risk of the investment for an indefinite period of time.

 

(b)     I understand and agree this subscription
is personal to me and that it may not be sold, transferred, assigned or otherwise disposed of by me to any other person, except
as permitted by the Trust. If the Subscriber is a corporation, partnership, trust or other entity, I represent and warrant that
the Subscriber is authorized to purchase and hold Units being subscribed for, that this Subscription Agreement is a valid and binding
obligation of the Subscriber and that the execution and delivery of this Subscription Agreement and the performance of the obligations
hereunder shall not contravene the organizational documents of the Subscriber or any law or court or regulatory order or proceeding
to which the Subscriber is subject.

 

(c)     Upon acceptance by the Trust,
my subscription shall be binding upon my heirs, executors, administrators, successors, and assigns, as applicable.

 

(d)     I may not withdraw my subscription
offer. The Trust may reject my subscription offer for any reason or for no reason (including without limitation know-your-customer
concerns or know-your-transaction concerns, and it may unwind my subscription due to know-your-transaction concerns arising after
settlement), and my subscription shall only become effective when accepted by the Trust in writing, and when the Trust has received
payment of the purchase price for the Units being purchased hereunder in form and amount acceptable to the Trust. In the event
the Trust unwinds my transaction after settlement due to know-your-transaction concerns, I will bear the sole risk of loss.

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CONFIDENTIAL

 

(e)     My declarations, representations
and warranties herein are accurate, complete and not misleading, and I will promptly notify the Trust of any changes in the information
I have provided.

 

(f)     I have read and understand the
Osprey Funds Privacy Policy set forth as Exhibit C hereto. I understand and agree that, although the Trust will use its reasonable
efforts to keep the information provided herein confidential, the Trust may present any portion of this Subscription Package and
any of the information provided in it to such parties as it may deem advisable if any such portion or information is or becomes
relevant to any action, suit or proceeding involving the Trust or the Sponsor or to inquiry by any legal, regulatory or self-regulatory
authority.

 

(8)     INDEMNITY.
Subject to applicable law, Subscriber agrees that it will indemnify and hold harmless the Trust, the Sponsor and their respective
affiliates from and against any and all direct and consequential loss, damage, liability, claim, cost or expense (including reasonable
attorneys’ and accountants’ fees and disbursements, whether incurred in an action between the parties hereto or otherwise,
and including any liability which results directly or indirectly from the Trust, the Sponsor or their respective affiliates becoming
subject to ERISA or Section 4975 of the Code) (collectively, “Losses”) which the Trust, the Sponsor or any
such affiliate may incur by reason of or in connection with the Subscription Documents, including any misrepresentation made by
Subscriber or any of Subscriber’s agents (including, but not limited to, any misrepresentation of Subscriber’s status
under ERISA or the Code), any breach of any declaration, representation or warranty of Subscriber, the failure by Subscriber to
fulfill any covenants or agreements under the Subscription Documents, its or their reliance on email or other instructions, or
the assertion of Subscriber’s lack of proper authorization to execute and perform the obligations under the Subscription
Documents. Subscriber also agrees that it will indemnify and hold harmless the Trust, the Sponsor and their respective affiliates
from and against any and all direct and consequential Losses that they or any one of them, may incur (a) as provided in this Section
(9) and (b) by reason of, or in connection with, the failure by Subscriber to comply with any applicable law, rule or regulation
having application to the Trust, the Sponsor or their respective affiliates. Subscriber shall reimburse each indemnified party
for its legal and other expenses (including the cost of any investigation and preparation) as they are incurred. The reimbursement
and indemnity obligations of Subscriber under this paragraph shall survive the date of admission to the Trust applicable to Subscriber
and shall be in addition to any liability that Subscriber may otherwise have (including, without limitation, liabilities under
the Trust Agreement), and shall be binding upon and inure to the benefit of any successors, assigns, heirs, estates, executors,
administrators and personal representatives of the indemnified parties. Notwithstanding any provision of this Subscription Agreement,
Subscriber does not hereby waive any rights granted to it under the Trust Agreement or applicable securities laws.

 

(9)     GOVERNING
LAW. The Subscription Agreement shall be governed by, and construed and enforced in accordance with, the laws of the
State of New York, without giving effect to the principles of conflicts of law thereof. For the purpose of any judicial proceeding
to enforce an

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CONFIDENTIAL

 

award incidental to arbitration or to compel arbitration,
Subscriber and Sponsor hereby submit to the non-exclusive jurisdiction of the Supreme Court of the State of New York, New York
County, or the United States District Court for the Southern District of New York, located in New York, New York, and agree that
service of process in such arbitration or court proceedings shall be satisfactorily made upon it if sent by registered mail addressed
to it at the applicable address set forth herein.

 

(10)     ANTI-MONEY
LAUNDERING. Subscriber acknowledges that due to anti-money laundering requirements operating in the United States,
as well as the Trust and Sponsor’s own internal anti-money laundering policies, the Trust and the Sponsor may require further
identification of Subscriber and the source of its subscription amount before the Subscription Agreement can be processed, subscription
amounts can be accepted or distributions made. The Trust, the Sponsor and their respective Affiliated Persons shall be held harmless
and indemnified against any Loss arising as a result of a failure to process the Subscription Agreement if such information has
been required by the parties referred to and has not been satisfactorily provided by Subscriber. Subscriber represents that all
subscription amounts transferred to the Trust or Sponsor originated directly from a bank or brokerage account in the name of Subscriber.
Subscriber represents and warrants that acceptance by the Sponsor or Trust of the Subscription Agreement, together with acceptance
of the appropriate remittance, will not breach any applicable rules and regulations designed to avoid money laundering. Specifically,
Subscriber represents and warrants that all evidence of identity provided is genuine and all related information furnished and
to be furnished is accurate.

 

(11)     ARBITRATION.
Except as to any claims with respect to enforcement of an arbitration award, any controversy, claim or dispute arising out of,
or relating to, the Subscription Documents or the breach thereof, or regarding the interpretation thereof, shall be solely and
exclusively settled by binding arbitration conducted in New York, New York in accordance with the rules of the American Arbitration
Association then in effect before a single arbitrator appointed in accordance with such rules and applying the laws of the State
of New York. Judgment upon any award rendered therein may be entered and enforcement obtained thereon in any court having jurisdiction.
The arbitrator shall have authority to grant any form of appropriate relief (other than punitive damages), whether legal or equitable
in nature, including specific performance. Subscriber agrees to abide by all decisions and awards rendered in such proceedings.
Such decisions and awards rendered by the arbitrator shall be final and conclusive. All such controversies, claims or disputes
shall be settled in this manner in lieu of any action at law or equity.

 

(12)     COSTS.
If any legal action or any arbitration or other proceeding is brought for the enforcement of the agreement represented by the
Subscription Documents or because of an alleged dispute, breach, default or misrepresentation in connection with any of the provisions
of the Subscription Documents, the successful or prevailing party or parties shall be entitled to recover

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CONFIDENTIAL

 

reasonable attorneys’ fees and other costs incurred
in that action or proceedings, in addition to any other relief to which they may be entitled.

 

(13)     SEVERABILITY.
If any provision of the Subscription Documents is invalid or unenforceable under any applicable law, then such provision shall
be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to confirm to such applicable
laws. Any provision hereof which may be held invalid or unenforceable under any applicable law shall not affect the validity or
enforceability of any other provisions hereof, and to the extent the provisions hereof, shall be severable.

 

(14)     COUNTERPARTS.
The Subscription Documents may be executed in one or more counterparts (including by facsimile and other electronic means), each
of which when executed and delivered shall be an original and all of which taken together shall constitute one and the same instrument.
The Subscription Documents, to the extent signed and delivered by means of a facsimile machine or other electronic transmission,
shall be treated in all manner and respects as an original agreement and shall be considered to have the same binding legal effect
as if it were the original signed version thereof delivered in person.

 

(15)     ELECTRONIC
DELIVERY OF DISCLOSURES. If Subscriber has provided an email address to the Trust (or Sponsor), Subscriber agrees that
each of the Sponsor and the Trust, at its election, may send Subscriber required and non-required disclosures and other information
to the Subscriber’s email address. If Subscriber changes its email address, it will promptly notify the Trust in writing
of its new email address. The foregoing consent will continue unless revoked by Subscriber by notifying the Trust in writing.

 

(16)     NOTICES.
Except as otherwise specifically provided in the Subscription Documents, all notices, required or permitted to be given pursuant
to the Subscription Documents shall be in writing, given in person, by mail (postage prepaid), by overnight courier, or by confirmed
email or confirmed facsimile, and any such notice shall be effective when delivered at the address or email address specified
by the intended recipient below (or at such other address as such recipient may designate from time to time by written notice
to the other parties), and with it being agreed that electronic signature (e.g.,
PDF email) shall have the same force and effect as an original signature for all notice purposes.

 

[Signatures
follow]

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CONFIDENTIAL

 

OSPREY
BITCOIN TRUST

SUBSCRIPTION AGREEMENT SIGNATURE

 

Select
your method of investment:

 

	 	 ○	CASH
        SUBSCRIPTION*

        Subscribing
        with U.S. Dollars
	U.S.
    Dollar Amount $	 	 
	 	 	 	 	 	 
	 	○	IN-KIND
        SUBSCRIPTION*

        Subscribing
        with Tokens
	Quantity
    of BTC Tokens 	 	 

 

WIRING
TO THE TRUST. Set forth below are the instructions for wiring cash to the Trust: Please
do not send wire until authorized by the Sponsor.

 

	Account
    Title:	OSPREY BITCOIN
    TRUST
	 	 
	Account Address:	520 White Plains Road

    Suite 500

    Tarrytown, NY 10591
	 	 
	Bank Name:	Signature Bank
	 	 
	Routing Number/ABA:	026013576
	 	 
	Swift:	SIGNUS33XXX
	 	 
	Bank Address:	565 Fifth Avenue

    New York NY 10017
	 	 
	Account Number:	1503981935

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CONFIDENTIAL

 

FOR
COMPLETION BY SUBSCRIBERS WHO ARE ANY OF THE FOLLOWING

 

	 	1)	Natural Persons (i.e., individuals and revocable grantor trusts);
	 	2)	Entities (i.e., corporations, partnerships, limited liability companies,
    trusts or other entities);
	 	3)	Self-Directed IRAs

 

IN
WITNESS WHEREOF, the parties hereto have caused this Subscription Agreement to be executed and delivered, and have caused it to
become effective, as of the date of execution by or on behalf of Osprey Bitcoin Trust, below, following execution by the Subscriber
hereunder, subject in all events to acceptance by the Trust and to the receipt by the Trust of payment of the purchase price for
the Units being purchased hereunder in form and amount acceptable to the Trust.

 

All Investors:

 

	Tax ID (SSN, TIN, or equivalent):  

 

	Street Address:  

 

	City:  
	State/Province:  
	Zip:  
	Country:  

 

	Email:  
	Phone Number:  

 

	Subscriber Name: 

 

	Signature:  
	Date:  

	 	 
	Name of Signer:  
	Title:  

	 	 
	If signing on the investor’s behalf as an authorized signatory, please attach proof of authorization.
	 	 
	Authorized Signature Name:  
	Title:  

	 	 
	Authorized Signature:  
	Date:  

	 	 
	Co-Subscriber Name:  
 
	 	 
	Co-Subscriber Signature:  
	Date:  

	 	 
	Read and Approved By:  
	Date:  

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CONFIDENTIAL

 

Additional
Contact Details

 

	First	Last	Email
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

Accepted
and agreed to as of the date written below:

 

OSPREY
BITCOIN TRUST

	 	 	 	 	 
	By:	 	 	Date:	 
	 	Name: Gregory King

Title: CEO, Osprey Funds, LLC, as Sponsor to the Osprey Bitcoin Trust

	 	 

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CONFIDENTIAL

 

IF
OWNERSHIP IS BEING TAKEN WITH A SPOUSE OR ANY OTHER PERSON, THEN
THIS POWER OF ATTORNEY AND THE SUBSCRIPTION AGREEMENT MUST BE EXECUTED BY ALL SUCH PERSONS.

 

POWER
OF ATTORNEY

 

To
the maximum extent permitted by applicable law, the undersigned hereby constitutes, appoints and grants each of (a) Osprey Bitcoin
Trust, a Delaware Trust (the “Trust”), (b) Osprey
Funds, LLC, as sponsor of the Trust, and each other person or entity who is or hereafter becomes a sponsor of the Trust, in each
case only for so long as such person or entity continues to be a sponsor of the Trust (collectively, the “Sponsor”),
and (c) each person or entity who is or hereafter becomes a manager of the Sponsor, in each case only for so long as such person
or entity continues to be a manager of the Sponsor, with full power to act, with or without others, as the undersigned’s
true and lawful representative, agent and attorney-in-fact (each, an “Attorney-in-Fact”),
in the undersigned’s name, place and stead, to make, execute, sign, acknowledge, swear to, verify, deliver, record, file
and/or publish) the following:

 

	 	1.	Any certificate of trust or other form or filing required
    in connection with the formation or registration of the Trust, a trust in which the Sponsor is the sponsor and in which the
    undersigned is a unitholder, and any formation certificates or documents for any alternative investment vehicle (each, an
    “AIV”) relating to the Trust, including, without limitation,
    any partnership agreement, operating agreement, shareholders’ agreement or similar governing document;
	 	 	 
	 	2.	The Second Amended and Restated Declaration of Trust and Trust Agreement of Osprey Bitcoin
    Trust, dated as of November 1, 2020 (as it may be further amended, modified and/or restated from time to time in accordance
    with its terms, the “Trust Agreement”);
	 	 	 
	 	3.	Any amendment, restatement, waiver or other modification duly enacted
    pursuant to the terms of the Trust Agreement, and all instruments and documents that may be necessary or desirable to effectuate
    an amendment, restatement, waiver or other modification so approved;
	 	 	 
	 	4.	Any document to admit or cause the undersigned to be admitted as a unitholder
    of the Trust or any AIV;
	 	 	 
	 	5.	Any amendment to, modification to, restatement of or cancellation of the
    certificate of trust or AIV document described in clause 1 above;

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CONFIDENTIAL

 

	 	6.	All instruments, deeds, agreements, documents and certificates that may
    from time to time be required by any law to effectuate, implement and continue the valid and subsisting existence of the Trust
    and/or any AIV;
	 	 	 
	 	7.	All instruments, deeds, agreements, documents and certificates that may
    be necessary or advisable to effectuate the dissolution, liquidation, winding-up and termination of the Trust and/or any AIV
    or admit any additional partners or members thereto, except where such action requires the express approval of the unitholders
    under the Trust Agreement; and
	 	 	 
	 	8.	Such other documents, deeds, agreements or instruments as may be required
    under the laws of any state, the United States or any other jurisdiction in connection with the activities of the Trust.
	 	 	 

The
undersigned hereby empowers each Attorney-in-Fact acting pursuant hereto to determine in its sole discretion the time when, purpose
for and manner in which any power herein conferred upon it shall be exercised, and the conditions, provisions and covenants of
any instruments or documents that may be executed by it pursuant hereto; provided
that the agency and powers of attorney granted herein shall only be exercised in accordance with the Trust Agreement and clauses
1 through 8 above.

 

The
agency and powers of attorney granted herein are coupled with an interest in favor of the Sponsor and each manager of the Sponsor
and as such (a) shall be irrevocable and continue in full force and effect notwithstanding the subsequent death, incompetency,
incapacity, disability, insolvency or dissolution of the undersigned, regardless of whether the Trust, the Sponsor or any manager
of the Sponsor has notice thereof, and (b) shall survive the delivery of an assignment by the undersigned of the whole or any portion
of the undersigned’s interest in the Trust, except that if the assignee thereof has been approved for admission to the Trust
as a substitute unitholder, this agency and power of attorney given by the assignor shall survive the delivery of the assignment
for the sole purpose of enabling the Sponsor to execute, acknowledge and file any instrument necessary to effect the substitution.
The agency and powers of attorney granted herein shall not be deemed to constitute a written consent of the undersigned for purposes
of Section 10.1 of the Trust Agreement. Capitalized terms used but not defined herein shall have the respective meanings given
to such terms in the Trust Agreement.

 

This
power of attorney shall be governed and construed in accordance with the laws of the State of New York.

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CONFIDENTIAL

 

IF OWNERSHIP IS BEING TAKEN WITH A
SPOUSE OR ANY OTHER PERSON, THEN THIS POWER
OF ATTORNEY AND THE SUBSCRIPTION AGREEMENT MUST BE EXECUTED BY ALL SUCH PERSONS.

 

FOR
COMPLETION BY SUBSCRIBERS WHO ARE ANY OF THE FOLLOWING:

 

	 	1)	NATURAL PERSONS (i.e.,
    individuals and revocable grantor trusts);
	 	2)	NOT NATURAL PERSONS (i.e., corporations, partnerships, limited liability
    companies, trusts or other entities);
	 	3)	SELF-DIRECTED IRA

 

IN
WITNESS WHEREOF, the undersigned has executed and delivered this power of attorney on the date set forth below.

 

All Investors:

 

	Tax ID (SSN, TIN, or equivalent):  

 

	Street Address:  

 

	City:  
	State/Province:  
	Zip:  
	Country:  

 

	Email:  
	Phone Number:  

 

	Subscriber Name: 

 

	Signature:  
	Date:  

	 	 
	Name of Signer:  
	Title:  

	 	 
	If signing on the investor’s behalf as an authorized signatory, please attach proof of authorization.
	 	 
	Authorized Signature Name:  
	Title:  

	 	 
	Authorized Signature:  
	Date:  

	 	 
	Co-Subscriber Name:  
 
	 	 
	Co-Subscriber Signature:  
	Date:  

	 	 
	Read and Approved By:  
	Date:  

    	 	 3	 

    

    

CONFIDENTIAL

 

OSPREY
FUNDS INVESTMENT PRODUCT IN-KIND INFORMATION FORM

 

This
Osprey Funds Investment Product In-Kind Information Form (this “Form”) is
for a prospective subscriber (the “Subscriber”) requesting to contribute their
own digital asset tokens to an Osprey Funds Investment Product (an “In-Kind Subscription”).
The information in this Form will be used by Osprey Funds, LLC (“Osprey”)
to populate portions of any transaction documents, including, but not limited to, performing Anti-Money Laundering (AML) and Know-
Your-Customer (KYC) compliance as required by applicable law, rule or regulation, or as required by Osprey’s policies and
procedures, which may also include the use of blockchain analytics tools.

 

	Name of digital asset tokens being contributed:  

	 
	Quantity of digital asset tokens being contributed:  

	 
	Sending Address:  

	 
	Sending Custodian:  

(Name
of the wallet provider or exchange)

 

Describe
how the digital asset tokens were acquired (e.g., name of the exchange, or OTC trading desk, name of the lender or acquisition
source). Please provide all applicable details:

 

 

Osprey
does not permit third-party transfers. Please confirm you are the owner and will be the transferor of the digital asset tokens:

 

	 	YES:    O	          NO:    O

    	 

    	

    

CONFIDENTIAL

 

IN-KIND
SUBSCRIPTION REPRESENTATION LETTER

 

Date

 

Osprey
Funds, LLC.

520
White Plains Road

Tarrytown, New York 10591

Attn: [        ]

 

Re:
In-Kind Subscription for Osprey Bitcoin Trust 

 

Ladies
and Gentlemen:

 

On
behalf of the Subscriber, this letter (this “Letter”) is provided in connection
with the Subscriber requesting to contribute their own digital asset tokens to the Osprey Bitcoin Trust, a Delaware statutory trust
sponsored by Osprey Funds, LLC (“Osprey”).

 

In
connection with the foregoing, as of the date hereof, the Subscriber represents and warrants to Osprey that:

 

	1.	The Diligence Materials are true, accurate, and complete in all respects;
	 	 
	2.	It has no knowledge of any past, present, or pending proceeding, investigation, or legal action against Subscriber in connection with any aspect of its business by any government agency, self-regulatory organization, department, regulatory, legal or supervisory body in any jurisdiction, except as disclosed in the Diligence Materials;
	 	 
	3.	The Subscriber will defend, indemnify, and hold harmless Osprey and each of its respective past, present, and future employees, officers, directors, contractors, consultants, equity holders, parent companies, subsidiaries, affiliates, attorneys, agents, representatives, predecessors, successors, and assigns (individually and collectively, the “Indemnified Parties”), from and against all actual or alleged Claims and Damages that are caused by, arise out of, or are related to: (a) the Subscriber’s breach (or alleged breach) of this Letter, including without limitation any noncompliance with, inaccuracy of or misrepresentation in any representation, warranty, or covenant of the Subscriber; (b) the Subscriber’s violation of the rights of any third party or violation of Applicable Law or (c) any negligence, intentional misconduct or act or omission of Subscriber or its employees, agents, contractors or representatives; and
	 	 
	4.	The Subscriber will not settle any Claim without the Indemnified Parties’ prior written consent provided also that (a) the Indemnified Parties may approve the choice of counsel (which shall not be unreasonably withheld) and (b) if there is any delay in the defense of the Claim by the Subscriber or any other reason where any of the Indemnified Parties would be materially prejudiced by control of the defense, Osprey may assume the control of the defense at Osprey’s sole cost.

    	 	 1	 

    

    

CONFIDENTIAL

 

DEFINITIONS:
The following words and terms shall have the following meanings:

 

“Applicable
Law” means any applicable law or legal requirement including without limitation, any federal,
state, local, municipal, provincial, or other law, statute, ordinance, code, edict, decree, rule, regulation, ruling or requirement
issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any governmental body,
including but not limited to applicable anti-money laundering, money service business, money transmission, data privacy and securities
laws.

 

“Claim”
means any third-party action, suit, litigation, arbitration, proceeding (including any civil, criminal, administrative, investigative
or appellate proceeding), hearing, inquiry, audit, examination or investigation commenced, brought, conducted or heard by or before,
or otherwise involving, any court or other governmental body or any arbitrator or arbitration panel.

 

“Damages”
means any liabilities, damages, diminution in value, payments, obligations, losses, costs and expenses, fines, security or other
remediation costs, penalties (including any regulatory investigation or third-party subpoena costs, reasonable attorneys’
fees, court costs, expert witness fees, and other expenses of litigation), and judgments (at law or in equity) of any nature.

 

“Diligence
Materials” means all information, financial information, technical specifications, and
legal analysis, and other information about the Subscriber furnished by Subscriber in connection with Osprey onboarding the Subscriber
in connection with the In-Kind Subscription.

 

	Subscriber Name:  

 

	Signature:  
	Date:  
	 

 

	Name of
    Signer:  
	Title:  
	 

If
signing on the subscriber’s behalf as an authorized signatory, please attach proof of authorization

    	 	 2	 

    

    

CONFIDENTIAL

 

Additional Documents Checklist

 

For
Individuals:

	Document	Attach
    Documents here
	Government
                                         Issued Photo ID (e.g., Driver’s license, passport, etc.)

                                                                                 

                                                                                 
	 
	Proof of Address (Bank statement or utility bill dated within last 12 months).

                                                                                 

                                                                                 
	 
	Tax
        Document

        ○
           Attach W-9, W-8BEN, W-8 ECI or applicable Tax Document 

        ○
           Complete electronic W-9

         
	 
	Authorized
        Signatory: Proof of Authorization

        (Required
        if an authorized signatory is signing the subscription document on behalf of the investor)

         
	 
	Accreditation Verification – please complete one of the following:

                                                                                 
	 
	Professional
        Certification – CRD # 
 

        Current
        Member Firm 
 

	Net
        Worth – Should your net worth exceed $1,000,000, excluding your primary residence,
        you can satisfy this requirement by providing a statement of assets (bank/brokerage statements, tax assessments, third-party appraisals) and a credit report evidencing liabilities, both dated within the past 90 days.

         

        If
        you have chosen to demonstrate your accredited investor status with net worth, please select which type of document you
        will be attaching

         

           ○   
        Third Party/Form of Individual Accreditation Verification 

           ○
           Statement of Assets AND Credit Report which can be requested here.

         

	Income
        – If your income has exceeded $200,000 individually for the past two years, or $300,000
        jointly with a spouse, with a reasonable expectation of reaching the same income level for this year, you can satisfy
        this requirement by providing copies of any IRS form that reports income such as W-2s, 1099s, K-1s, 1040, etc.

         

        If
        you have chosen to demonstrate your accredited investor status with income, please select which type of document you will
        be attaching 

           ○
           W2 statements for the last 2 years

           ○
           Any IRS (or Foreign government) form that reports income, eg,1040/K-1

           ○
           Third Party/Form of Individual Accreditation Verification.

    	 	 1	 

    

    

CONFIDENTIAL

 

Additional
Documents Checklist

 

For Entities:

	Document	Attach
    Documents here
	Entity
    Formation Documents (e.g., Articles of Incorporation, Trust Formation, Certification, etc.)	 
	Proof
    of Address (Bank statement or utility bill dated within last 12 months).	 
	Authorized
    Signatory: Government Issued ID	 
	Tax Document

           ○   Attach W-9, W-8BEN-E, W-8 ECI or
        applicable Tax Document 

           ○   Complete electronic W-9
	 
	Proof
                                                                                                                                                                                     of
                                                                                                                                                                                     Accreditation

        Upload supporting documents; choose
        from the following: 

           ○   Statement of Assets 

           ○   Current Balance Sheet 

           ○   Tax Form 

           ○   Other

           ○   Third Party – Have a 3rd party licensed
        attorney, CPA, investment adviser, or financial representative at a broker-dealer complete a Form of Individual Accreditation
        Verification
	 

    	 	 2	 

    

    

CONFIDENTIAL

 

EXHIBIT
A

 

DEFINITION
OF ACCREDITED INVESTOR

 

Accredited
investor generally means any person who comes within any of the following categories, or who
the Trust reasonably believes comes within any of the following categories, at the time of the sale of the securities to that person:

 

	•	A bank, insurance company, registered
    investment company, business development company, or small business investment company
	 	 
	•	an employee benefit plan (within the meaning
    of the Employee Retirement Income Security Act) if a bank, insurance company, or registered investment adviser makes the investment
    decisions, or if the plan has total assets in excess of $5 million
	 	 
	•	a tax-exempt charitable organization, corporation
    or partnership with assets in excess of $5 million
	 	 
	•	a director, executive officer, or general
    partner of the company selling the securities
	 	 
	•	an enterprise in which all the equity owners
    are accredited investors
	 	 
	•	an individual with a net worth of at least
    $1 million, not including the value of his or her primary residence
	 	 
	•	an individual with income exceeding $200,000
    in each of the two most recent calendar years or joint income with a spouse exceeding $300,000 for those years and a reasonable
    expectation of the same income level in the current year;
	 	 
	•	an individual investment professional, such
    as a licensed associated person of a broker-dealer or investment adviser, or a certified financial planner; or
	 	 
	•	a trust with assets of at least $5 million,
    not formed only to acquire the securities offered, and whose purchases are directed by a person who meets the legal standard
    of having sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and
    risks of the prospective investment.

    	 

    	

    

CONFIDENTIAL

 

EXHIBIT
B

 

DEFINITION
OF U.S. PERSON

 

U.S.
person.

 

(1)
“U.S. person” means:

 

(i)
Any natural person resident in the United States;

 

(ii)
Any partnership or corporation organized or incorporated under the laws of the United States;

 

(iii)
Any estate of which any executor or administrator is a U.S. person;

 

(iv)
Any trust of which any trustee is a U.S. person;

 

(v)
Any agency or branch of a foreign entity located in the United States;

 

(vi)
Any 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;

 

(vii)
Any 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; and

 

(viii)
Any partnership or corporation if:

 

(A)
Organized or incorporated under the laws of any foreign jurisdiction; and

 

(B)
Formed by a U.S. person principally for the purpose of investing in securities not registered under the Act, unless it is organized
or incorporated, and owned, by accredited investors (as defined in § 230.501(a)) who are not natural persons, estates or trusts.

 

(2)
The following are not “U.S. persons”:

 

(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;

    	 	 1	 

    

    

CONFIDENTIAL

 

(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.

 

(l)
United States.
“United States” means the United States of America, its territories and possessions, any State of the United States,
and the District of Columbia.

    	 	 2	 

    

    

CONFIDENTIAL

 

EXHIBIT
C

 

OSPREY
FUNDs, LLC

 

(“Osprey
Funds”)

 

PRIVACY
POLICY NOTICE

 

As
an investor in trusts sponsored by Osprey Funds (“Trusts”) we are required by United States federal law to inform you
of the policies and practices of Osprey Funds regarding privacy, such as how we collect, share, and protect your personal information.
These policies apply to individuals and self-direct IRAs only and may be changed at any time, provided a notice of the change is
given to you. If we make certain changes, the laws in some states allow you to restrict our ability to share your personal information.

 

Your
personal information that we have collected (and may disclose as described herein), such as name and address, social security
number, date of birth, assets and income information and information about the value of your investment and transactions with
the Trusts , has come from (i) the investor application (including an online application) and related documents you have submitted
even if you have not completed or submitted the application, (ii) written and email correspondence and conversations you have
had with our representatives, (iii) transactions that have been executed, (iv) unaffiliated third-party service providers to verify
your identity, prevent fraud or other purposes permitted by law, and (v) from our website or mobile applications through the use
of cookies, web beacons and other technologies (more information is available on our website at https://www.ospreyfunds.io/privacy-policy.
We may combine the information gathered from these and other sources. We will treat the information we collect in accordance with
this policy. If you do not wish to provide information to us, we may not be able to provide you with certain products and services.

 

We
disclose nonpublic personal information about our clients, former clients and prospective clients to (i) affiliates of Osprey Funds
to service your account, improve our services to you and/or provide you with information on our products and services and (ii)
non-affiliated persons who need to know the information to enable us to provide services to you (including processing transactions
in connection with providing such services and maintaining your account), such as to our attorneys, accountants, auditors and other
service providers to Trusts and/or Osprey Funds, and as permitted by law. We will also release information about you if you direct
us to do so or if we’re required to do so by law.

 

We
seek to safeguard your private information and, to that end, restrict access to nonpublic personal information about you to those
employees and other persons who need to know the

    	 	 1	 

    

    

CONFIDENTIAL

 

information
to provide services. We maintain physical, electronic and procedural safeguards which are designed to protect your nonpublic personal
information that we collect from you. Although we strive to protect your non-public personal information, Osprey Funds cannot ensure
or warrant the security of any information you provide or transmit to us or our or the service providers, and you do so at your
own risk.

    	 	 2Exhibit 10.5

 

CONFIDENTIAL

 

ADMINISTRATION
AGREEMENT

 

This
ADMINISTRATION AGREEMENT (this “Agreement”) is made as of April 10, 2020 (the “Effective Date”),
by and among THEOREM FUND SERVICES, LLC, an Illinois
limited liability company (“Theorem”), OSPREY BITCOIN TRUST,  a
Delaware trust (the “Fund”) and OSPREY FUNDS, LLC, a Delaware
limited liability company serving as the sponsor of the Trust (the “Management”). The Fund and Management may
be referred to herein collectively as the “Client.” Theorem and Client each may be referred to herein individually
as a “Party” or collectively as the “Parties.”

 

It
is agreed as follows:

 

	1.	APPOINTMENT.

 

The
Client hereby appoints Theorem, and Theorem accepts such appointment as an independent contractor to perform the Services (as
defined below) during the term of this Agreement and on the terms set forth herein. In carrying out its Services, Theorem shall
comply with all reasonable instructions of Management in connection therewith to the extent that such instructions are not inconsistent
with this Agreement or any applicable law or regulation. Such instructions may be given in writing or orally, provided, however,
that oral instructions shall be confirmed in writing if so requested by Theorem.

 

	2.	SERVICES.

 

Theorem
will perform the services in connection with the Fund as set forth on Schedule A attached hereto (the “Services”)
upon the launch of the Fund; provided, however, that Theorem receives all necessary information on a timely basis and subject
to applicable laws and the terms and conditions set forth herein. It is recognized by the Parties that outside the terms herein,
Theorem is available to provide other services upon the Client’s request. Such other services shall be provided under the
same terms and conditions as those covered herein unless documented otherwise by an amendment to this Agreement or a separate
agreement. Fees for such incremental services are not contemplated in the fees as set forth in Schedule B and will be billed
at Theorem’s customary rates for such services (hereinafter “Incremental Services” and “Incremental
Fees”).

 

	3.	DELIVERY
    OF DOCUMENTS.

 

In
connection with this Agreement, the Client has delivered to Theorem copies of (i) the Fund’s organizational documents and
governing agreements (collectively, as amended from time to time, the “Organizational Documents”), and (ii)
the current private placement memorandum, subscription documents and other offering documents of the Fund (collectively, as currently
in effect and as amended or supplemental, the “Offering Documents”). The Client hereby agrees to promptly furnish
Theorem with all amendments to the Organizational Documents and the Offering Documents. The Client hereby agrees to deliver, or
cause its other service providers to deliver to Theorem all information necessary (including but not limited to complete and accurate
information relating to the Fund’s transactions, clearers, counterparties, and banks) to enable Theorem to perform its Services.
The Client hereby agrees to instruct its clearers, counterparties, brokers and banks to provide Theorem with copies of monthly
account statements, transaction confirmations, and arrange Internet access for Theorem to view such brokerage and custody accounts.

 

	4.	TERM.

 

(a)        The
initial term of this Agreement will commence on the Effective Date and will continue for a period of one (1) year after the launch
of the Fund unless terminated under the terms set

 

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    Bitcoin Trust_04/10/2020	l

    	 

    	

    

CONFIDENTIAL

 

forth
herein; provided, however, that the Services shall not commence until the launch of the Fund. After the initial term of
this Agreement, this Agreement will automatically renew for successive periods of one (1) year
each unless terminated under the terms set forth herein.

 

(b)        Notwithstanding
any provision to the contrary set forth herein, either Party may terminate this Agreement as of a calendar month end upon sixty
(60) days’ prior written notice. In the event of the termination of this Agreement, Theorem will provide exit assistance
by promptly supplying data of the Client to the Client or any other party designated by the Client in formats already prepared
in the course of providing the Services; provided, however, that all fees and expenses have been paid. In the event that
the Client wishes to retain Theorem to perform additional transition services, including providing data and reports in new formats,
the Client and Theorem shall agree in writing to the additional services and related fees and expenses in advance.

 

(c)        In
addition to the provisions of Section 4(b) above, a Party may, by written notice to the other Party, terminate this Agreement:
(1) if the other Party breaches any material term, condition or provision of this Agreement, which breach, if capable of being
cured, is not cured within thirty (30) calendar days after the non-breaching Party gives the other Party written notice of such
breach; or (2) if the other Party (i) terminates or suspends its business, (ii) becomes insolvent, admits in writing its inability
to pay its debts as they mature, makes an assignment for the benefit of creditors, or becomes subject to direct control of a trustee,
receiver or analogous authority, (iii) becomes subject to any bankruptcy, insolvency or analogous proceeding or (iv) becomes subject
to a material Action (as defined herein) or an Action that the Party providing notice reasonably determines could cause such Party
reputational harm; and in each case set forth in this Section 4(c), the termination will become effective immediately or on the
date stated in the written notice of termination, which date shall not be greater than sixty (60) calendar days after the event.

 

(d)        Termination
of this Agreement shall not affect: (i) any liabilities or obligations of any Party arising before such termination (including
payment of fees and expenses) or (ii) any damages or other remedies to which a Party may be entitled for breach of this Agreement
or otherwise. Sections 5, 7, 9, 10, 12 and 13 of this Agreement shall survive the termination of this Agreement. To the extent
any services that are Services are performed by Theorem for the Client after the termination of this Agreement all of the provisions
of this Agreement except Schedule A shall survive the termination of this Agreement for so long as those services are performed.

 

	5.	FEES
    AND EXPENSES.

 

(a)        In
consideration for the Services furnished hereunder, the Client agrees to pay Theorem the fees as set forth in Schedule B
attached hereto promptly after receiving each invoice. The Client agrees to pay Theorem a fee upon the Parties signing this Agreement,
which is equal to the amount of the fee for Services for the initial month of this Agreement (“Advance Fee”);
provided, however, that such Advance Fee shall not be greater than USD $2,000. Theorem will credit the Advance Fee against
the invoice for Services for the initial month of this Agreement. The Parties acknowledge that the fees for the Services furnished
hereunder are based on numerous assumptions furnished by the Client and set forth in Schedule C attached hereto. Theorem
reserves the right to evaluate the assumptions at any time, and will endeavor to evaluate the assumptions six (6) months after
the launch of the Fund, and on an annual basis. In the event that Theorem has determined that an assumption has been materially
changed, Theorem reserves the right to revise the assumption and increase the fees for the Services furnished hereunder upon providing
the Client with at least thirty (30) days prior written notice of such increase. Thereafter, the Client agrees to pay Theorem
the increased fees in accordance with the terms of the Agreement. Theorem will also bill the Client for out-of-pocket costs and
expenses incurred at the request of Client including but not limited to travel, telephone, fax, postage, courier delivery charges
and any specialized pricing services required to appropriately value the Fund’s investments subject to pre-approval by Client.
Should the Client exercise its right to terminate this Agreement in whole or in part, the Client shall reimburse

 

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    Bitcoin Trust_04/10/2020	2

    	 

    	

    

CONFIDENTIAL

 

Theorem
for all out-of-pocket expenses and time (which is $200 per hour as of the date hereof, and may be subject to change thereafter)
associated with the copying and moving records and materials to Client or a designee.

 

(b)        Any
additional services such as, including but not limited to, services related to reprocessing financial statements, the liquidation
or winding up of the Fund, assistance with examination by taxing authorities, accounting services, transition of administration
from Theorem to a successor administrator, or consultation concerning financial matters or work performed that is incidental to
legal or regulatory issues of the Client performed during or after the term of this Agreement are Incremental Services and are
not contemplated in the fees as set forth in Schedule B and will be billed at Theorem’s customary rates for such services
which is $200 per hour as of the date hereof, and may be subject to change thereafter.

 

(c)        Theorem
will be entitled to recover from the Client its time expended, at its regular standard rates, and expenses, including all reasonable
attorney’s fees and costs in connection with any actual, threatened or potential Action, investor inquiry or regulatory
investigation or proceeding that may arise out of this Agreement.

 

(d)        Notwithstanding
any provision to the contrary set forth herein, Theorem may, by written notice to the Client, suspend or discontinue its Services
or terminate this Agreement if the Client fails to pay the fees or other amounts due hereunder to Theorem within thirty (30) days
of the invoice date for such fees or other amounts; and in such case, the suspension, discontinuance or termination, as determined
by Theorem, will become effective ten (10) days after written notice is given. In the event that Theorem’s Services is suspended
or terminated or this Agreement is terminated as a result of nonpayment, or for any other reason, the Client agrees that Theorem
will not be responsible for the Client’s failure to meet investor reporting, government and other filing deadlines, or for
penalties or interest that may be assessed, or other damages that may be sustained by the Client or its investors, resulting from
the Client’s failure to meet said deadlines.

 

(e)        Theorem
shall not be liable for any taxes, assessments or governmental charges that may be assessed on any basis whatsoever against the
Fund, Management or any investor, limited partner or shareholder of the Fund.

 

	6.	AUTHORIZED
    PERSONS.

 

The
Client shall list in writing those officers or agents of the Client who are authorized by the Client to deliver written and/or
oral instructions to Theorem on behalf of the Client with respect to the subject matter of this Agreement (“Authorized
Persons”). A list of the current Authorized Persons is contained in Schedule D attached hereto. Authorized Persons
may be authorized to deliver instructions to Theorem relating to all or only some matters under this Agreement, provided, however,
that Theorem shall not be deemed to be notified of any limit on an Authorized Person’s authority unless notified in
writing. The Authorized Persons authorized to change the list of Authorized Persons and the manner of effecting any such change
is also contained in Schedule D. In addition, Management may change the list of Authorized Persons at any time upon written
instruction to Theorem. Theorem shall not be held to have notice of any change of authority of any Authorized Person until receipt
of written notice thereof is properly executed and delivered in accordance with this Agreement.

 

	7.	CONFIDENTIALITY.

 

(a)        All
information provided to Theorem by the Client and/or others (i.e., clearers, counterparties, brokers or banks) in connection
with Theorem’s Services shall be considered confidential unless otherwise instructed. Theorem will not disclose any such
confidential information without the express consent of the Client; provided, however, that nothing herein shall prevent
Theorem from

 

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    Bitcoin Trust_04/10/2020	3

    	 

    	

    

CONFIDENTIAL

 

disclosing
such information (i) to Management, subject to applicable legal and regulatory restrictions; (ii) to the Client’s auditors,
affiliates, legal counsel or professional advisors (internal or external) in the normal course of the Fund’s or Theorem’s
business, or (iii) when required to do so by a regulator or a court of competent jurisdiction or by applicable laws or regulations.
Theorem will notify the Client in writing of such a request for information by a regulator or court so that the Client may seek
a protective order and/or other motion to prevent or limited the production or disclosure of such information. If such motion
has been denied or is pending and unresolved at the time disclosure of such information is required by law, then Theorem may disclose
only such portion of such information (A) based on the advice of Theorem’s legal counsel, is required by law to be disclosed
(Theorem using its best efforts to preserve the confidentiality of the remainder of such information) or (B) the Client consents
in writing to having such information disclosed.

 

(b)        Theorem
will protect and safeguard any and all information provided to Theorem connected with the Client and set forth in this Section
using security technology, supervision of its employees and by other means. A security breach is material, and the Client shall
be afforded the right to immediately terminate this Agreement for such a breach. If Theorem becomes aware of any unauthorized
reproduction, distribution, or sale of such information, Theorem will immediately notify the Client, and will cooperate with the
Client in the event that the Client elects to commence any Action or proceeding with respect to such unauthorized reproduction,
distribution or sale.

 

(c)        The
Client acknowledges that this Agreement and its terms shall be considered confidential, and that the Client and Management will
not disclose this Agreement or its terms to any Person (as defined below) without the prior written consent of Theorem.

 

(d)        In
view of the difficulties of placing a monetary value on the information set forth in this Section, the Parties agree that each
Party shall be entitled to seek injunctive relief without posting any bond or undertaking to prevent any further breach of this
Section, separate and apart from any other remedy that each Party may have.

 

(e)        Upon
the prior consent of the Client, Theorem shall have the right to identify the Client in connection with its marketing-related
activities, and on its website and in its marketing materials as a client of Theorem. Client shall have the right to properly
identify Theorem and to describe the Services and the material terms of this Agreement in the Offering Documents.

 

	8.	RESPONSIBILITIES.

 

(a)        The
Client hereby acknowledges that it is responsible for the accuracy and completeness of the information provided by Management
to Theorem. In the event that Management fails to provide Theorem with accurate and complete information, which results in Theorem
reprocessing financial reports and statements after Management confirms (by email) the delivery of all accurate and complete information,
Theorem reserves the right to charge the Client reprocessing fees in an amount equal to the greater of (i) twenty-five percent
(25%) of the Effective Fee for the then-applicable Full NAV Fund Administration services set forth in Schedule B (or as such Effective
Fee may be modified pursuant to this Agreement) or (ii) One Thousand Dollars ($1,000). The Client agrees to pay Theorem the reprocessing
fees in accordance with the terms of the Agreement. The Client has appointed an independent auditor that will be responsible for
conducting an audit of the Client’s financial statements. The Client will provide Theorem with accounting data underlying
the financial statements and acknowledges responsibility for the fair presentation of the financial statements and income tax
returns. The Client further acknowledges responsibility for timely filing of the income tax returns and tax payments and other
items required to be paid on a timely basis. The Client also acknowledges that the Services described in this Agreement are not
designed and cannot be relied upon to disclose errors, fraud, or illegal acts that may exist, although their discovery may result
from such Services. Additionally, the Client acknowledges that, notwithstanding the ability of the Client to delegate the maintenance
of the

 

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    Bitcoin Trust_04/10/2020	4

    	 

    	

    

CONFIDENTIAL

 

anti-money
laundering procedures to Theorem, the Client shall be ultimately responsible for ensuring that it is compliant with its own anti-money
laundering obligations. Theorem shall have no obligation to review, monitor or otherwise ensure compliance by the Client with
the investment policies, restrictions or guidelines applicable to it or any other term or condition of the Offering Document(s).

 

(b)        Theorem
shall at all times in relation to all of its duties and obligations pursuant to this Agreement be entitled to rely upon the instructions
or advice (written, oral or otherwise) of and/or information (including specifically but without limitation, reports on securities
positions, balances, prices and any other information, data and advice necessary and relevant to the calculation of net asset
values) provided, approved or affirmed by Management and/or any other person who Theorem reasonably believes to be acting with
the actual and/or ostensible authority of the Fund or Management. Theorem shall not be liable to the Fund, its investors, Management
or any third party for any loss or damage howsoever caused as a result of such reliance or in respect of the content, nature or
accuracy of such instructions and/or information.

 

(c)        Theorem
may act or rely upon the opinion or advice of or any information obtained from any clearer, counterparty, broker, bank, lawyer,
valuer, accountant, auditor, other expert (including Management) of the Client or any regulator or other authority whether reporting
to the Client or to Theorem or not and Theorem shall not be responsible for any loss occasioned to the Fund, its investors or
any third party by its so acting or reliance.

 

(d)        Theorem
will assist in the preparation of the Fund’s financial statements, but the responsibility for the financial statements remains
with the Client. The Client is responsible for designating a qualified management-level individual to be responsible and accountable
for overseeing these services.

 

(e)        The
Client acknowledges that Theorem engages the services of various third party vendors (“Vendors”) to assist
Theorem with the provision of Services, and Theorem represents to Client that it uses reasonable care to select, engage and retain
such Vendors. Theorem shall not be responsible for any loss occasioned to the Client, the Fund’s investors or any third
party in connection with the Vendors’ products and/or services except to the extent of losses resulting from the gross negligence,
willful misconduct or fraud of Theorem in the selection, engagement or retention of such Vendors’ products and/or services.
Upon the Client’s written request, Theorem will provide the Client with a list of its Vendors. Theorem does not warrant
that the Vendors’ products and/or services will be uninterrupted, free from error or from unauthorized hidden programs introduced
into the Vendors’ products and/or services, or that the Vendors’ products and/or services will meet the needs of the
Client. The Client shall not use or continue to use the Vendors’ products and/or services if to do so would result in the
breach of any applicable local laws or regulations within the Client’s jurisdiction. THEOREM EXPRESSLY DISCLAIMS ALL WARRANTIES,
EXPRESS, STATUTORY OR IMPLIED REGARDING THE VENDORS’ SERVICES, INCLUDING BUT NOT LIMITED TO ALL WARRANTIES OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE OR USE, ACCURACY, TIMELINESS, COMPLETENESS, AND ORIGINALITY, NONINFRINGEMENT AND ALL WARRANTIES
ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING AND USAGE OF TRADE OR THEIR EQUIVALENTS UNDER THE LAWS OF ANY JURISDICTION,
AND THE VENDORS’ PRODUCTS AND/OR SERVICE ARE PROVIDED “AS IS.”

 

	9.	REPRESENTATIONS
    AND WARRANTIES.

 

(a)        Each
Party represents and warrants to each other Party that:

 

(1)        
It is a legal entity duly created, validly existing and in good standing under the law of the jurisdiction in which it is created,
and is in good standing in each other jurisdiction where the

 

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    Bitcoin Trust_04/10/2020	5

    	 

    	

    

CONFIDENTIAL

 

failure
to be in good standing would have a material adverse effect on its business or its ability to perform its obligations under this
Agreement;

 

(2)        It
has all necessary legal power and authority to own, lease and operate its assets and to carry on its business as presently conducted
and as it will be conducted pursuant to this Agreement and will comply in all material respects with all law to which it may be
subject;

 

(3)        It
has all necessary legal power and authority to enter into this Agreement and to perform its obligations hereunder, the execution
and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all necessary
actions on its part, and performance hereunder does not violate the terms of any contract, covenant or agreement between it and
any third party;

 

(4)        The
person signing on its behalf has the authority to contractually bind it to the terms and conditions in this Agreement and that
this Agreement constitutes a legal, valid and binding obligation of it, enforceable against it in accordance with its terms;

 

(5)        It
is not a party to, and is not bound or affected by or subject to, any instrument, agreement, charter or by-law provision, law
or judgment which would be contravened or breached as a result of the execution or performance of this Agreement; and

 

(6)        To
the best of its knowledge and belief, it is not the subject of any civil, criminal, regulatory or administrative lawsuit, allegation,
demand, claim, counterclaim, action, dispute, sanction, suit, request, inquiry, investigation, arbitration, mediation or proceeding,
in each case, made, asserted, commenced or threatened by any person or corporate or unincorporated entity or organization (including
any government authority), regardless of the legal, equitable or other theory (“Action”) that would prevent
it from performing its obligations under this Agreement.

 

(b)        The
Client represents and warrants to Theorem that Management has actual authority to provide instructions and directions on behalf
of the Client and that all such instructions and directions are consistent with the Organizational Documents of Client and other
corporate actions of the Client.

 

(c)        The
Fund represents and warrants to Theorem that (i) it is not registered or required to be registered as an investment company under
the U.S. Investment Company Act of 1940, as amended, and (ii) its securities are not publicly registered or required to be publicly
registered in the U.S. or the EU.

 

(d)        Each
Party represents and warrants to the other that each will act reasonable, honestly and in good faith with respect to its dealings
with the other Party, the Fund’s investors, the Fund’s prospective investors and others.

 

(e)        The
Client represents and warrants to Theorem that it will cause the Offering Documents to include the disclosure language substantially
in the form contained in Schedule E attached hereto.

 

	10.	LIMITATION
    OF LIABILITY AND INDEMNIFICATION.

 

(a)        Notwithstanding
any provision to the contrary set forth herein, Theorem shall not be liable to Client for any action or inaction of Theorem except
to the extent of losses resulting solely from the gross negligence, willful misconduct or fraud of Theorem in the performance
of its duties or obligations under this Agreement. Under no circumstances shall Theorem be liable to Client for losses that are
indirect, special, incidental, consequential, punitive, exemplary, enhanced or similar (including lost profits, opportunity costs
and diminution of value).

 

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    Bitcoin Trust_04/10/2020	6

    	 

    	

    

CONFIDENTIAL

 

(b)        The
Client shall indemnify and hold harmless Theorem from and against losses (including legal fees and costs to enforce this provision)
that Theorem suffers, incurs, or pays as a result of any third party Action, except to the extent of losses resulting solely from
the gross negligence, willful misconduct or fraud of Theorem in the performance of its duties or obligations under this Agreement.
Upon the assertion of an Action for which the Client may be required to indemnify Theorem, Theorem shall notify the Client of
such assertion, and shall keep the Client advised with respect to all developments concerning such Action. The Client shall have
the option to participate with Theorem in the defense of such Action and Theorem shall reasonably allow such participation. Theorem
shall in no case confess, compromise or settle the Action in any case in which the Client may be required to indemnify it except
with the Client’s prior written consent, which consent shall not be unreasonably delayed, withheld or conditioned. Theorem’s
failure or delay to inform the Client shall not limit the Client’s obligation to indemnify Theorem, but any right, duty
or obligation of the Client with respect to this Section 10(b) shall be extended, in the case of a right, or postponed, in the
case of a duty or obligation, until Theorem provides such notice.

 

(c)        The
maximum amount of cumulative liability of Theorem to the Client for losses arising out of the subject matter of, or in any way
related to, this Agreement, except to the extent of losses resulting solely from the gross negligence, willful misconduct or fraud
of Theorem in the performance of its duties or obligations under this Agreement, shall not exceed the fees paid by Client to Theorem
under this Agreement for the most recent twelve (12) months immediately preceding the date of the event giving rise to the Action.

 

(d)        Theorem
shall indemnify and hold harmless the Client from and against losses (including legal fees and costs to enforce this provision)
that the Client suffers, incurs, or pays as a result of any third party Action resulting solely from the gross negligence, willful
misconduct or fraud of Theorem in the performance of its duties or obligations under this Agreement. Upon the assertion of an
Action for which Theorem may be required to indemnify the Client, the Client shall notify the Theorem of such assertion, and shall
keep Theorem advised with respect to all developments concerning such Action. Theorem shall have the option to participate with
the Client in the defense of such Action and the Client shall reasonably allow such participation. The Client shall in no case
confess, compromise or settle the Action in any case in which Theorem may be required to indemnify it except with Theorem’s
prior written consent, which consent shall not be unreasonably delayed, withheld or conditioned. The Client’s failure or
delay to inform Theorem shall not limit Theorem’s obligation to indemnify Theorem, but any right, duty or obligation of
Theorem with respect to this Section 10(d) shall be extended, in the case of a right, or postponed, in the case of a duty or obligation,
until the Client provides such notice.

 

(e)        The
maximum amount of cumulative liability of the Client to Theorem for losses arising out of the subject matter of, or in any way
related to, this Agreement, except to the extent of losses resulting solely from the gross negligence, willful misconduct or fraud
of the Client in the performance of its duties or obligations under this Agreement, shall not exceed the fees paid by Client to
Theorem under this Agreement for the most recent twelve (12) months immediately preceding the date of the event giving rise to
the Action.

 

	11.	BOOKS
    AND RECORDS.

 

The
books and records pertaining to the Fund that are in the possession of Theorem shall be the property of the Client. The Client
and the Fund’s Authorized Persons shall have access to such books and records at all times during Theorem’s normal
business hours. Upon the reasonable request of the Client or such Authorized Persons, copies of any such books and records shall
be provided promptly by Theorem to the Client or Authorized Persons at the Fund’s expense. In the event the Fund designates
a successor to assume any of Theorem’s responsibilities under this Agreement, Theorem shall, subject to payment by the Fund
of any amounts due (whether or not pursuant to any outstanding invoice) and at the

 

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CONFIDENTIAL

 

expense
and direction of the Client, transfer to Client or designee all relevant books, records and other data established or maintained
by Theorem under this Agreement.

 

	12.	NOTICES.

 

All
notices and other written communications given or made pursuant to this Agreement shall be in writing (whether by means of hard
copies or electronic versions, as applicable) and shall be deemed effectively given: (a) upon personal delivery to the Party to
be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and
if not so confirmed, then on the next business day, (c) five (5) days after having been sent by registered or certified mail,
return receipt requested, postage prepaid, or (d) one (1) business day after deposit with a nationally recognized overnight courier,
freight prepaid, specifying next business day delivery, with written verification of receipt. All communications shall be sent
to the respective Parties at their address as set forth below, or to such e-mail address, facsimile number or address as subsequently
modified by written notice given in accordance with this Section.

 

	 	If
    to Theorem:	If
    to the Fund:
	 	 	 
	 	Theorem
        Fund Services, LLC

        6401 Congress Avenue, Suite 210

        Boca Raton, Florida 33487

        Attention: Mikhail Davidvan

        Fax: (312) 896-9594

        Email:
        notices@theoremfundservices.com
	Osprey
    Bitcoin Trust

    c/o Osprey Funds, LLC

    12544 Post Road

    Fairfield, Connecticut 06824

    Attention: Gregory D. King

    Fax: N/A

    Email: greg@ospreyfunds.io 
	 	 	 
	 	 	If
    to Management:
	 	 	 
	 	 	Osprey
    Funds, LLC

    12544 Post Road

    Fairfield, Connecticut 06824

    Attention: Gregory D. King

    Fax: N/A

    Email: greg@ospreyfunds.io

 

	13.	MISCELLANEOUS.

 

(a)        Entire
Agreement. This Agreement (including any schedules, attachments, amendments, and addenda hereto) contains the entire agreement
of the Parties with respect to the subject matter hereof and supersedes all previous communications, representations, understandings
and agreements, either oral or written, between the Parties with respect thereto.

 

(b)        Amendment;
Modification. This Agreement may not be amended or modified except in writing signed by an authorized representative of each
Party.

 

(c)        Interpretation.
All pronouns and all variations thereof shall be deemed to refer to the masculine, feminine, or neuter, singular or plural, as
the context in which they are used may require. All headings herein are inserted only for convenience and ease of reference and
are not to be considered in the construction or interpretation of any provision of this Agreement. In the event any claim is made
by any Party relating to any conflict, omission or ambiguity in this Agreement, no presumption or burden of proof or persuasion
shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular Party or its counsel.
Numbered or lettered articles, sections and subsections herein contained refer to articles, sections and subsections of this Agreement
unless otherwise expressly stated.

 

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CONFIDENTIAL

 

(d)        Independent
Contractor. Theorem is retained hereunder as an independent contractor. No Party, nor any representative of another Party,
shall be deemed for any purpose to be an employee or partner of another nor shall any Party be responsible to another party or
to any governing or taxing body for any income or payroll-related taxes related to the employees of the other.

 

(e)        Severance.
If any provision (or part thereof) of this Agreement is or becomes invalid, illegal or unenforceable, the provision shall be deemed
modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not practical, the relevant
provision shall be deemed deleted. Any such modification or deletion of a provision shall not affect the validity, legality and
enforceability of the rest of this Agreement. If a Party gives notice to another Party of the possibility that any provision of
this Agreement is invalid, illegal or unenforceable, the Parties shall negotiate to amend such provision so that, as amended,
it is legal, valid and enforceable and achieves the intended commercial result of the original provision.

 

(f)        Waiver.
No failure or delay by a Party to exercise any right or remedy provided under this Agreement or by law shall constitute a waiver
of that or any other right or remedy, nor shall it prevent or restrict the further exercise of that or any other right or remedy.
No exercise (or partial exercise) of such right or remedy shall prevent or restrict the further exercise of that or any other
right or remedy.

 

(g)        Assignment.
Neither this Agreement nor any rights under this Agreement may be assigned or otherwise transferred by a Party, in whole or in
part, whether directly or by operation of law, without the prior written consent of the other Party. Notwithstanding any provision
to the contrary set forth herein, either Party may assign or otherwise transfer this Agreement: (i) to a successor in the event
of a change in control of such Party, (ii) an Affiliate or (iii) in connection with an assignment or other transfer of a material
part of such Party’s business. No assignment will be effective unless and until the assigning Party provides written notice
of the assignment to the non-assigning Party and the assignee agrees in writing to be bound by the terms of this Agreement. Additionally,
an assignment made by the Fund or Management will not be effective unless and until Theorem provides written consent to the Client
that the assignee has satisfied Theorem’s know your client and anti-money laundering requirements, which consent shall not
be unreasonably withheld, conditioned or delayed; provided, however, that in the event Theorem fails to object to an assignment
within five (5) business days after the Client provides written notice of such assignment to Theorem, such assignment shall be
deemed approved. For purposes of this Agreement, the term “Affiliate” means, with respect to any natural person
or corporate or unincorporated entity or organization and that person’s personal representatives, successors and permitted
assigns (“Person”), any other Person that is controlled by, controls, or is under common control with such
Person and “control” of a Person means: (i) ownership of, or possession of the right to vote, more than 25% of the
outstanding voting equity of that Person or (ii) the right to control the appointment of the board of directors or analogous governing
body, management or executive officers of that Person. Any attempted delegation, transfer or assignment prohibited by this Agreement
shall be null and void.

 

(h)        Successors
and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors
and assigns of the Parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the
Parties or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this
Agreement.

 

(i)        Governing
Law; Venue. This Agreement and any controversy arising out of or relating to this Agreement shall be interpreted in accordance
with and governed by the law of the State of Illinois. The courts of the State of Illinois and the United States District Court
for the Northern District of Illinois shall have exclusive jurisdiction to settle any Action arising out of the subject matter,
or in any way related to, this Agreement or the Services. Each Party submits to the exclusive jurisdiction of such courts and
waives to the fullest extent permitted by law all rights to a trial by jury.

 

	Osprey Bitcoin Trust_04/l0/2020	9

    	 

    	

    

CONFIDENTIAL

 

(j)        Non-Exclusivity.
The duties and obligations of Theorem hereunder shall not preclude Theorem from providing services of a comparable or different
nature to any other Person. The Client understands that Theorem may have relationships with data suppliers and providers of technology,
data or other services to the Client and Theorem may receive economic or other benefits in connection with Client’s activities.

 

(k)        No
Warranties. Except as expressly listed herein, Theorem makes no warranties, whether express, implied, contractual or statutory
with respect to the Services. Theorem disclaims all implied warranties of merchantability and fitness for a particular purpose
with respect to the Services. All warranties, conditions and other terms implied by law are, to the fullest extent permitted by
law, excluded from this Agreement.

 

(l)        Force
Majeure. Theorem will not be responsible for any losses of the Client or the Client’s property in Theorem’s possession
or for any failure to fulfill its duties or obligations hereunder if such loss or failure is caused, directly or indirectly, by
war, terrorist or analogous action, the act of any government authority or other authority, riot, civil commotion, rebellion,
storm, accident, fire, lockout, strike, power failure, computer error or failure, delay or breakdown in communications or electronic
transmission systems, or other analogous events. Notwithstanding any provision to the contrary set forth herein, Theorem will
not be relieved of its obligations hereunder solely due to governmental action or otherwise resulting from COVID-19. Theorem shall
use commercially reasonable efforts to minimize the effects of any such event and to the extent Theorem cannot perform any of
the Services due to an event described in this Section, the Client may, after fifteen (15) calendar days, terminate this Agreement
immediately by providing written notice to Theorem without any penalty.

 

(m)        Testimony.
If Theorem is required by a third party subpoena, regulatory inquiry or otherwise, to produce documents, testify or provide other
evidence regarding the Services, this Agreement or the operations of the Fund in any Action to which the Client is a party or
otherwise related to the Client, the Client shall reimburse Theorem for all costs and expenses, including the time of its professional
staff at Theorem’s standard rates and the cost of legal representation, that Theorem reasonably incurs in connection therewith.

 

(n)        Counterparts.
This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any
electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com)
or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid
and effective for all purposes.

 

[The
next page is the signature page]

 

	Osprey Bitcoin Trust_04/10/2020	10

    	 

    	

    

CONFIDENTIAL

 

In
Witness Whereof, the Parties have executed this Administration Agreement as of the Effective Date.

 

	Theorem Fund Services, LLC	 	Osprey Bitcoin Trust	 
	 	 	 	By: Osprey Funds, LLC, its sponsor	 
	 	 	 	 	 	 
	By:	 	 	By:	 	 
	 	Stephen Giannone	 	 	Gregory D. King	 
	 	Title: Managing Member	 	 	Title: Chief Executive Officer	 
	 	 	 	 	 	 
	By:	 	 	 	 	 
	 	Mikhail Davidyan	 	 		 
	 	Title: Managing Member	 	 	 	 
	 	 	 	 	 
	 	 	 	Osprey Funds, LLC	 
	 	 	 	 	 	 
	 	 	 	By:	 	 
	 	 	 	 	Gregory D. King	 
	 	 	 	 	Title: Chief Executive Officer	 

 

	Osprey Bitcoin Trust_04/10/2020	11

    	 

    	

    

CONFIDENTIAL

 

SCHEDULE
A

SERVICES

 

Theorem
will perform the following Services in accordance with the terms and conditions of the attached Agreement. No optional or other
services will be performed by Theorem unless and until an amendment to this Schedule A and Schedule B (Fees) have been agreed
upon in writing and signed by authorized representatives of the Parties.

 

Inclusive
Full NAV Fund Administration Services:

	•	Calculate
    the Fund-level DAILY
    net asset value (NAV).
	•	Calculate investor-level management fees and performance
    compensation.
	•	Apply valuations (in accordance with the Offering Documents).
	•	Record trades and track positions.
	•	Reconcile portfolio transactions, positions, and cash balances.
	•	Audit and tax support services.
	•	Generate Fund fact sheet.

 

Optional
Fund Administration Services:

	•	Year-end financial statements preparation
    (GAAP).
	•	Master/Feeder structure services.
	•	Multi-broker processing.
	•	Side Pocket accounting.
	•	Daily P&L reporting.
	•	Special reporting.

 

Inclusive
Banking Services:

	•	Assist with opening bank accounts with
    partner banks.
	•	Act as dual signer on the account to add a level of security.
	•	Review wire requests and prepare transactions for release
    by Authorized Persons.
	•	Reconcile cash activity.

 

Inclusive
Investor Relations Services:

	•	Review subscription documents for completeness
    and accuracy.
	•	Anti-money laundering (AML)/know your client (KYC) verification
    of investors
	•	Prepare
    and distribute MONTHLY
    account statements to investors.

 

Optional
Management Accounting Services:

	•	Record bank account, credit card and
    fund activity transactions.
	•	Perform bank account reconciliation
	•	Deliver quarterly financial statements.

 

EXCEPT
AS OTHERWISE SET FORTH IN SCHEDULE B, THE OPTIONAL SERVICES SET FORTH IN THIS SCHEDULE A ARE NOT CONTEMPLATED IN THE FEES SET
FORTH IN SCHEDULE B AND WILL BE BILLED AT THEOREM’S CUSTOMARY RATES FOR SUCH SERVICES.

 

	Osprey Bitcoin Trust_04/10/2020	12

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