Document:

EX-4.1.1

 Exhibit 4.1.1 
  

 
 AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT 

This AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT (this “Declaration of Trust and Trust Agreement”), dated as
of February 1, 2017, amends and restates the Declaration of Trust and Trust Agreement dated December 30, 2014 (the “Initial Declaration of Trust and Trust Agreement”), between DIGITAL ASSET SERVICES, LLC
(formerly Math-Based Asset Services, LLC), a Delaware limited liability company, as sponsor (the “Sponsor”), and DELAWARE TRUST COMPANY, a Delaware corporation, as trustee (the “Trustee”). 

WHEREAS, the Trust was formed under the Delaware Act on December 30, 2014, by the filing of the Certificate of Trust in the Office of the
Secretary of State of the State of Delaware and the execution and delivery of the Initial Declaration of Trust and Trust Agreement dated as of December 30, 2014, which is superseded by this Declaration of Trust and Trust Agreement; 

NOW, THEREFORE, the Trust will hold IN TRUST all bitcoin and any other assets that the Trust now possesses or may hereafter acquire from time to
time in any manner and manage and dispose of the same upon the following terms and conditions. The Trust Estate shall be held in trust for the benefit of the Shareholders. Accordingly, the Sponsor and the Trustee hereby agree as follows: 

ARTICLE I 
 Formation of
the Trust; Definitions; General Interpretive Matters 
 Section 1.1 Formation of Trust. 

	 	a.	The trust is known as “Winklevoss Bitcoin Trust” (the “Trust”) in which name the Sponsor, the Trustee, the Administrator, the Custodian or other duly authorized parties
may conduct the activities of the Trust only to the extent provided herein, make and execute contracts, and sue and be sued. Any name change of the Trust shall become effective upon the filing of a certificate of amendment under the Delaware Act
reflecting such change. Any such action shall have the status of an amendment to this Declaration of Trust. In the event of any name change, the Trustee shall cause notice to be given to the Sponsor for further distribution to the affected
Shareholders within a reasonable time after the implementation of such change, which notice will be deemed given if the changed name is reflected in any Registration Statement. The principal executive office of the Trust shall be 301 N. Market
Street, Suite 1463, Wilmington, DE 19801. 

  

	 	b.	The Sponsor has assigned, transferred, conveyed and set over to the Trust the sum of $1, which amount constituted the initial trust estate. The trust estate (“Trust Estate”) is held in trust for
the Shareholders. It is the intention of the parties hereto that the Trust created hereby constitute a statutory trust under Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801 et seq. (the “Delaware Act”) and
that this Declaration of Trust and Trust Agreement constitute the governing instrument of the Trust. Pursuant to authorization granted to it under the Initial Declaration of Trust and Trust Agreement, the Trustee has executed and filed the
Certificate of Trust with the Delaware Secretary of State. 

  

	 	c.	The purpose of the Trust is to invest in and hold bitcoin for the benefit of the Shareholders and to engage in only those other activities necessary, advisable or incidental thereto. 

Section 1.2 Definitions. Whenever used herein, unless otherwise required by the context or specifically provided: 

 

	 	a.	“Administrator” shall mean State Street Bank and Trust Company, or any successor thereto, or any other entity who acts as administrator to the Trust pursuant to a written agreement with the
Trust. 

  

	 	b.	“Authorized Participant” shall mean a market participant who (i) is a registered broker-dealer or other securities market participant such as a bank or other financial institution which is
not required to register as a broker-dealer to engage in securities transactions, (ii) is a direct participant in the DTC, and (iii) has entered into an Authorized Participant Agreement with the Sponsor, subject to acceptance by the
Transfer Agent. To facilitate the creation and redemption of Baskets, Authorized Participants may, but are not required to, establish a bitcoin custody account with the Custodian. Only Authorized Participants may place orders to create or redeem one
or more Baskets; 

	 	c.	“Basket” shall mean a block of 100,000 Shares (or such other number of Shares that the Trust shall determine from time to time); 

 

	 	d.	“bitcoin” shall mean a type of a digital asset based on an open source protocol existing on the Bitcoin Network and utilizing cryptographic security. Bitcoin constitutes the assets underlying the
Trust’s Shares; 

  

	 	e.	“Bitcoin” or “Bitcoin Network” shall mean the online, end-user-to-end-user network hosting the public transaction ledger, known as the Blockchain, and the source code comprising the basis for the protocols and cryptographic security governing the
Bitcoin Network; 

  

	 	f.	“Certificate of Trust” shall mean the certificate of trust, as amended or restated from time to time, filed by the Trustee in the Office of the Secretary of State of the State of Delaware in
accordance with the Delaware Act to form the Trust; 

  

	 	g.	“Custodian” shall mean the Gemini Trust Company, LLC, appointed by the Sponsor to serve as custodian of the Trust’s assets pursuant to the Trust Custody Agreement between and among the
Sponsor, the Trust and the Custodian, or any other entity who acts as custodian to the Trust pursuant to a written agreement with the Trust; 

  

	 	h.	“Digital Asset Network Fork” shall mean a substantial software modification to the Blockchain where the Trust’s Assets are reflected which results in two or more competing and incompatible
Blockchain implementations; 

  

	 	i.	“DTC” shall mean the Depository Trust Company. The DTC is a limited purpose trust company organized under New York law, a member of the U.S. Federal Reserve System and a clearing agency
registered with the U.S. Securities and Exchange Commission. The DTC will act as the securities depository for the Shares; 

  

	 	j.	“General Direct Action”’ shall mean an action, suit or other proceeding asserting a direct claim of any nature whatsoever (regardless of whether such claim (i) sounds in contract, tort,
fraud or otherwise or (ii) is based on common law, statutory, equitable, legal or other grounds) where the harm alleged falls upon all Shareholders (and not an individual harm only to the Shareholder or Shareholders bringing such action, suit
or other proceeding) on a pro rata basis and/or proportionally based on their interests in the Trust. 

  

	 	k.	“Person” shall mean and include individuals, corporations, limited liability companies, partnerships, trusts, associations, joint ventures, estates and other entities, whether or not legal
entities, governments and agencies and political subdivisions thereof, whether domestic or foreign, and any other “person” within the meaning of Section 3801(f) of the Delaware Act; 

	 	l.	“Registration Statement” shall mean the Trust’s registration statement or statements as filed with the U.S. Securities and Exchange Commission, as from time to time in effect and shall
include any prospectus or statement of additional information forming a part thereof; 

  

	 	m.	“Shareholder” shall mean a record owner of outstanding Shares; 

  

	 	n.	“Shares” shall mean units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust and named “Winklevoss Bitcoin Shares;”

  

	 	o.	“Sponsor’s Fee” shall mean the fee paid by the Trust to the Sponsor in consideration for the Sponsor’s duties and its assumption of the ordinary administrative and marketing expenses
that the Trust is expected to incur. The Sponsor’s Fee will accrue daily in bitcoin and will be payable in kind (in bitcoin) according to the Gemini Exchange Auction Price (or as otherwise provided pursuant to the Trust’s Registration
Statement) monthly in arrears by the transfer of bitcoin from the Trust Custody Account to the Sponsor Custody Account. 

  

	 	p.	“Transfer Agent” shall mean State Street Bank and Trust Company, or any successor thereto, or any other entity who acts as transfer agent to the Trust pursuant to a written agreement with the
Trust. 

  

	 	q.	“Trust Property” shall mean the bitcoin and any other property that is from time to time owned or held by or for the account of the Trust under this Declaration of Trust and Trust Agreement.

 Section 1.3 General Interpretive Principles. For purposes of this Declaration of Trust, except as otherwise expressly provided
or unless the context otherwise requires: 
  

	 	a.	the terms defined in this Declaration of Trust and Trust Agreement have the meanings assigned to them in this Declaration of Trust and Trust Agreement and include the plural as well as the singular, and the use of any
gender herein shall be deemed to include the other gender, and capitalized terms not defined in this Declaration of Trust and Trust Agreement have the meanings assigned to them in the Registration Statement of the Trust; 

 

	 	b.	accounting terms not otherwise defined herein have the meanings assigned to them in accordance with United States generally accepted accounting principles as in effect from time to time; 

 

	 	c.	references herein to “Articles”, “Sections”, “Subsections”, “Paragraphs” and other subdivisions without reference to a document are to designated Articles, Sections, Subsections,
Paragraphs and other subdivisions of this Declaration of Trust and Trust Agreement; 

	 	d.	a reference to a Subsection without further reference to a Section is a reference to such Subsection as contained in the same Section in which the reference appears, and this rule shall also apply to Paragraphs and
other subdivisions; 

  

	 	e.	the words “herein”, “hereof”, “hereunder”, “hereto”, “hereby” and other words of similar import refer to this Declaration of Trust and Trust Agreement as a whole and not
to any particular provision unless the context requires otherwise; and 

  

	 	f.	the terms “include,” “includes” and “including” and any comparable term shall mean without limitation by reason of enumeration. 

Section 1.4 The Trustee is appointed to serve as the trustee of the Trust in the State of Delaware for the sole purpose of satisfying the requirement of
Section 3807(a) of the Delaware Act that the Trust have at least one trustee with a principal place of business in Delaware. It is understood and agreed by the parties hereto that the Trustee shall have none of the duties or liabilities of the
Sponsor, Administrator or Custodian and shall have no obligation to supervise or monitor the Sponsor, Administrator or Custodian or any other Person or otherwise manage the Trust. The duties of the Trustee shall be limited to (i) accepting
legal process served on the Trust in the State of Delaware and (ii) the execution of any certificates required to be filed with the Secretary of State of the State of Delaware which the Trustee is required to execute under Section 3811 of
the Delaware Act. The Trustee shall provide prompt notice to the Sponsor of its performance of any of the foregoing. The Sponsor shall reasonably keep the Trustee informed of any actions taken by the Sponsor with respect to the Trust that would
reasonably be expected to affect the rights, obligations or liabilities of the Trustee hereunder or under the Delaware Act. 
 ARTICLE II

 Representations and Warranties 

Section 2.1 Representations and Warranties of the Sponsor. 
  

	 	a.	The Sponsor hereby represents and warrants to the Trustee as of the date hereof, that: 

  

	 	i.	The Sponsor is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization. 

  

	 	ii.	The Sponsor has the full corporate power and authority to enter into and consummate all transactions contemplated by this Declaration of Trust and Trust Agreement, has duly authorized the execution, delivery and
performance of this Declaration of Trust, and has duly executed and delivered this Declaration of Trust and Trust Agreement. 

	 	iii.	This Declaration of Trust and Trust Agreement, assuming due authorization, execution and delivery by the Trustee, constitutes a valid, legal and binding obligation of the Sponsor, enforceable against the Sponsor in
accordance with the terms hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting the enforcement of creditors’ rights generally, and (B) general principles of equity, regardless
of whether such enforcement is considered in a proceeding in equity or at law. 

  

	 	iv.	The execution, delivery and performance of the Sponsor of this Declaration of Trust and Trust Agreement will not violate, conflict with, result in a breach of, or constitute a default under (a) the organizational
documents of the Sponsor, (b) any agreement or instrument to which the Sponsor is a party or by which it may be bound, (c) any law, any order or decree of any court or arbiter, or any order, regulation or demand of any federal, state or
local governmental or regulatory authority, and (d) any order, decision, judgment or decree that may be applicable to the Sponsor or any of its affiliates or any of their properties. 

 

	 	v.	No consent, approval, authorization or order of any state or federal court or governmental agency or body is required for the consummation by the Sponsor of the transactions contemplated herein, except for those
consents, approvals, authorizations or orders that previously have been obtained. 

  

	 	b.	The representations and warranties of the Sponsor set forth in this Section 2.1(b) shall survive the execution and delivery of this Declaration of Trust and Trust Agreement and shall inure to the benefit of the Trustee
for so long as the Trust remains in existence. Upon discovery by any party hereto of any breach of any of the foregoing representations and warranties, the party discovering such breach shall give prompt written notice thereof to the other parties
hereto. The Sponsor will be deemed to have made the representation and warranties of the Sponsor set forth in this Section 2.1(b) with respect to any future contributions of funds upon the effectiveness of such contribution. 

Section 2.2 Representations and Warranties of the Trustee. 
  

	 	a.	The Trustee hereby represents, warrants and covenants for the benefit of the Sponsor, as of the date hereof, that: 

  

	 	i.	The Trustee is a Delaware corporation duly organized and validly existing under the laws of the State of Delaware. 

  

	 	ii.	The Trustee has the full power and authority to enter into and consummate all transactions contemplated by this Declaration of Trust and Trust Agreement, has duly authorized the execution, delivery and performance of
this Declaration of Trust and Trust Agreement, and has duly executed and delivered this Declaration of Trust. 

	 	iii.	This Declaration of Trust and Trust Agreement, assuming due authorization, execution and delivery by the Trustee, constitutes a valid, legal and binding obligation of the Trustee, enforceable against the Trustee in
accordance with the terms hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting the enforcement of creditors’ rights generally and the rights of creditors of banks, and
(B) general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law. 

  

	 	iv.	The Trustee’s execution and delivery of, performance under and compliance with this Declaration of Trust and Trust Agreement, will not violate the Trustee’s organizational documents or constitute a default (or
an event which, with notice or lapse of time, or both, would constitute a default) under, or result in a material breach of, any material agreement or other material instrument to which it is a party or by which it is bound. 

 

	 	v.	The execution, delivery and performance by the Trustee, in its individual capacity, of this Declaration of Trust and Trust Agreement do not (i) violate or contravene any judgment, injunction, order or decree
binding on the Trustee or (ii) result in the creation or imposition of any lien attributable to the Trustee, in its individual capacity, on the Trust Estate. 

 

	 	vi.	No consent, approval or authorization of any Delaware governmental agency governing the trust powers of the Trustee is required for the consummation by the Trustee of the transactions contemplated herein.

  

	 	vii.	No litigation is pending or, to the best of the Trustee’s knowledge, threatened against the Trustee that, if determined adversely to the Trustee, would prohibit the Trustee from entering into this Declaration of
Trust and Trust Agreement or that, in the Trustee’s good faith and reasonable judgment, is likely to materially and adversely affect the ability of the Trustee to perform its obligations under this Declaration of Trust and Trust Agreement.

  

	 	b.	The representations and warranties of the Trustee set forth in this Section 2.2 shall survive the execution and delivery of this Declaration of Trust and Trust Agreement, to the fullest extent permitted by law,
shall inure to the benefit of the Sponsor for so long as the Trust remains in existence. Upon discovery by any party hereto of a breach of any such representations and warranties, the party discovering such breach shall give prompt written notice
thereof to the other parties hereto. 

	 	c.	Any successor Trustee shall be deemed to have made, as of the date of its succession, each of the representations and warranties set forth in Section 2.2. 

Except as otherwise provided in this Section 2.2, in accepting the trust hereby created, Delaware Trust Company is acting solely as Trustee hereunder and
not in its individual capacity, and all Persons having any claim against the Trustee by reason of the transactions contemplated by this Declaration of Trust and Trust Agreement shall look only to the Trust Estate for payment or satisfaction thereof.

 ARTICLE III 

Matters Pertaining to Shares of the Trust 

Section 3.1 Division of Beneficial Interest. The beneficial interest in the Trust shall be divided into Shares, which shall all be of a single
class, and which may be issued or redeemed from time to time only in one or more whole Baskets in accordance with Article VI. The Trust will issue and redeem the Shares in Baskets only to certain Authorized Participants on an ongoing basis and only
in exchange for bitcoin in accordance with Article VI. The Trust is authorized to issue an unlimited number of Shares unless otherwise determined and subject to any conditions set forth, by the Sponsor. Subject to the further provisions of this
ARTICLE III and ARTICLE VI, the Sponsor shall have full power and authority, in its sole discretion, (i) to authorize and cause the Trust to issue Baskets of Shares without limitation as to number to such Authorized Participants and for such
amount of bitcoin, at such time or times and on such terms as the Sponsor may deem appropriate, (ii) to divide or combine the Shares of the Trust into a greater or lesser number without thereby materially changing the proportionate beneficial
interest of the Shares of the Trust in the assets held with respect to the Trust, and (iii) to take such other action with respect to the Shares of the Trust as the Trustee or the Sponsor may deem necessary or desirable to further the purpose
of the Trust. The Trust shall not issue securities or other evidences of beneficial ownership of, or beneficial interest in, the Trust other than Shares issued in accordance with this ARTICLE III and ARTICLE VI. 

Each Basket of Shares shall initially consist of 100,000 Shares. Each Share of the Trust shall represent units of fractional undivided beneficial interest in
and ownership of the Trust, and shall have no par value. 
 Notwithstanding any other provision of this Declaration of Trust and Trust Agreement, all Shares
issued hereunder, including Shares issued in connection with a split or reverse split of Shares, shall be fully paid and non-assessable. Shares held in the Trust’s treasury shall not confer any voting
rights and shall not be entitled to any dividends or other distributions declared with respect to the Shares. 
 Section 3.2 Ownership of
Shares. The ownership of Shares shall be recorded on the books of the Trust or the Transfer Agent or similar agent for the Trust, which books shall contain the names and addresses of the Shareholders and the Shares held by each Shareholder. No

 
certificates certifying the ownership of Shares shall be issued except as the Transfer Agent or the Sponsor may otherwise determine from time to time. The Sponsor (or the Transfer Agent, in
consultation with the Sponsor), may make such rules as it considers appropriate for the issuance of Share certificates, the transfer of Shares and similar matters. The record books of the Trust as kept by the Trust or the Transfer Agent or similar
agent, as the case may be, shall be conclusive as to the identity of the Shareholders and as to the number of Shares of the Trust held from time to time by each Shareholder. No Shareholder shall be entitled to receive payment of any distribution or
to have notice given to such Shareholder of any meeting or other action in respect of the Trust until such Shareholder has given its address and such other information as shall be required to such officer or agent of the Trust as shall keep the
record books of the Trust for entry thereof. 
 Section 3.3 Transfer of Shares. Except as otherwise provided in the Trust’s Registration
Statement, Shares shall be transferable on the books of the Trust only by the record holder thereof or by his duly authorized agent upon delivery to the Sponsor or the Trust’s Transfer Agent or similar agent of a duly executed instrument of
transfer, together with a Share certificate if one is outstanding, and such evidence of the genuineness of each such execution and authorization and of such other matters as may be required by the Sponsor. Upon such delivery, and subject to any
further requirements specified by the Sponsor, the transfer shall be recorded on the books of the Trust. Until a transfer is so recorded, the Shareholder of record of Shares shall be deemed to be the Shareholder with respect to such Shares for all
purposes hereunder and neither the Sponsor nor the Trust, nor the Transfer Agent or any similar agent or registrar or any officer, employee or agent of the Trust, shall be affected by any notice of a proposed transfer. 

Section 3.4 Status of Shares and Limitation of Personal Liability. Shares shall be deemed to be personal property giving only the rights provided
in this Declaration of Trust and Trust Agreement. Every Shareholder by virtue of having become a Shareholder shall be held to have expressly assented and agreed to the terms hereof. The death, incapacity, dissolution, termination or bankruptcy of a
Shareholder during the existence of the Trust shall not operate to terminate the Trust, nor entitle the representative of any such Shareholder to an accounting or to take any action in court or elsewhere against the Trust or the Trustee, but
entitles such representative only to the rights of such Shareholder under this Trust. Ownership of Shares shall not entitle the Shareholder to any title in or to the whole or any part of the Trust Property or right to call for a partition or
division of the same or for an accounting, nor shall the ownership of Shares constitute the Shareholders as partners. Neither the Trust nor the Trustee, nor any officer, employee or agent of the Trust shall have any power to bind personally any
Shareholder, nor to call upon any Shareholder for the payment of any sum of money whatsoever other than such as the Shareholder may at any time personally agree to pay. 

ARTICLE IV 
 Powers and
Obligations of the Trustee and the Sponsor 

 Section 4.1 Eligibility Requirements for Trustee. The Trustee hereunder shall at all times satisfy
the requirements of Section 3807 of the Delaware Act and be authorized to exercise corporate trust powers under the laws of the jurisdiction of its organization, having a combined capital, surplus and undivided profits of at least $50,000,000
and subject to supervision or examination by federal or state authorities. If such trust company or banking institution publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or
examining authority, then for the purposes of this ARTICLE IV the combined capital, surplus and undivided profits of such trust company or banking institution shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 4.1, the Trustee shall resign promptly in the manner and with the effect specified in ARTICLE IX. The
trust company or banking institution serving as Trustee may have normal banking and trust relationships with the Sponsor and their respective affiliates; provided that none of (i) the Sponsor, (ii) any Person involved in the organization
or operation of the Sponsor or the Trust, or (iii) any affiliate of any of them, may be the Trustee hereunder. 
 Section 4.2 Instructions or
Directions Pursuant to E-mail, Facsimile or Other Similar Unsecured Electronic Methods. The Trustee agrees to accept and act upon written instructions or directions pursuant to this Declaration of Trust
and Trust Agreement sent by the Sponsor, as the case may be, by unsecured or secured e-mail, facsimile transmission or other similar unsecured or secured electronic methods, provided that the Sponsor shall
provide to the Trustee an incumbency certificate listing designated persons with the authority to provide such instructions, which incumbency certificate shall be amended whenever a person is to be added or deleted from the listing. The Sponsor
shall confirm the receipt of any such instructions by the Trustee, and the Trustee shall have no liability for the failure to respond to any instructions or directions that it has not actually received. The Trustee shall not be liable for any
losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding that such instructions conflict, or are inconsistent, with a subsequent written instruction
(provided that the Trustee shall notify the sender of any such conflict or inconsistency before acting thereon). The Sponsor agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the
Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. 

Section 4.3 Powers. The duty and authority to manage the affairs of the Trust is vested in the Sponsor, which duty and authority the Sponsor may
further delegate, all pursuant to Section 3806(b)(7) of the Delaware Act. In furtherance of the foregoing, it is understood and agreed that all obligations, duties and responsibilities of the Trust under all documents to which the Trust is a party
or otherwise has obligations shall be effected and undertaken by or at the discretion of the Sponsor, Administrator, Transfer Agent, or the Custodian, as applicable. To the extent that, at law or at equity, the Trustee has duties (including
fiduciary duties) and liabilities relating thereto to the Trust or the Sponsor, it is understood and agreed by the other parties hereto and the Sponsor that such duties and liabilities are replaced by the duties and liabilities of the Trustee
expressly set forth in this Declaration of Trust and Trust Agreement. The Sponsor (or 

 
any service provider authorized by the Sponsor or the Trust) is hereby authorized to execute and deliver each and every document on behalf of the Trust or any of them to which the Trust or
Trustee is a party, and is authorized and empowered to execute and deliver, on behalf of the Trust or any of them, any and all other documents, to receive on behalf of the Trust, all notices, statements, reports, invoices, communications and other
information to be delivered to the Trust under all such documents, and to make or cause to be made deposits and withdrawals from accounts of the Trust in accordance with the terms of this Declaration of Trust and Trust Agreement, provided that
Trustee shall not be liable for any action of the Sponsor (or any such service provider to the Trust). The Sponsor (or any service provider authorized by the Sponsor of the Trust) is authorized and empowered to pay or cause such other Persons to pay
out of the Trust Estate any amounts that are required to be paid by the Trust, including for the payment of fees, the reimbursement of expenses and the making of indemnity payments not otherwise payable by the Sponsor pursuant to this Declaration of
Trust and Trust Agreement or as described in the Registration Statement. 
 Without limiting the foregoing, the Sponsor shall have the power and authority
to cause the Trust (or to act on behalf of the Trust); 
  

	 	a.	To own bitcoin, to store bitcoin with the Custodian subject to the conditions set forth in the Trust Custody Agreement and to transfer bitcoin in accordance with the Registration Statement; 

 

	 	b.	To compromise, arbitrate or otherwise adjust claims in favor of or against the Trust or any matter in controversy, including claims for taxes; 

 

	 	c.	To operate as a trust with the purpose for which the Trust was established as described herein, and exercise all the powers necessary or appropriate to the conduct of such operations; 

 

	 	d.	To employ one or more banks, trust companies or companies that are members of a national securities exchange as custodians of any assets of the Trust subject to any conditions set forth in this Declaration of Trust and
Trust Agreement; 

  

	 	e.	Subject in each case to ARTICLE III and ARTICLE VI, to issue, sell, repurchase, redeem, cancel, retire, acquire, hold, resell, reissue, transfer, dispose of and otherwise deal in Shares pursuant to applicable federal
law; to establish terms and conditions including any fees or expenses regarding the issuance, sale, repurchase, redemption, cancellation, retirement, acquisition, holding, resale, reissuance, disposition of or dealing in Shares; and to apply to any
such repurchase, redemption, retirement, cancellation or acquisition of Shares any funds or property of the Trust; 

  

	 	f.	 Subject to the terms of the trust custody agreement and the Registration Statement, in the event of an upcoming
modification to the Bitcoin Network that could potentially result in a Digital Asset Network Fork, the Custodian, in consultation with the Sponsor, will 

	 	
elect to support the Bitcoin Network that has the greatest cumulative computational difficulty for the forty-eight (48) hour period following a given hard fork, in order to engage in bitcoin
transactions and the valuation of bitcoin; and 

  

	 	g.	To enter into contracts and carry on any other activities in connection with or incidental to any of the foregoing powers or with the furtherance of the Trust’s purpose. 

To the fullest extent permitted by law, the Trust shall not in any way be bound or limited by any present or future law or custom in regard to investment by
fiduciaries. The Trust shall not be required to obtain any court order to deal with any assets of the Trust or take any other action hereunder. Notwithstanding anything contained in this Declaration of Trust and Trust Agreement to the contrary, the
Trust and the Sponsor shall not, and any other Person acting for or on behalf of the Trust shall cause the Trust not to: (i) acquire any asset other than bitcoin; (ii) sell or otherwise dispose of Trust Property other than in order to pay
expenses of the Trust, to facilitate the termination of the Trust or to facilitate a redemption in accordance with Article VI; (iii) have any power to or consent to any action that would vary the investment (within the meaning of Treasury
Regulation section 301.7701-4(c)) of the Trust or the Shareholders or (iv) take any action or fail to take any action that would cause the Trust to fail or cease to qualify as a grantor trust for U.S.
federal income tax purposes. 
 Section 4.4 Duties of Trustee; Limitation of Liability. 

 

	 	a.	The Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Declaration of Trust and Trust Agreement. Any permissive right of the Trustee contained in this Declaration of
Trust and Trust Agreement shall not be construed as a duty. The Trustee is authorized to execute and deliver such documents and any amendment thereto, in each case, in such form as the Sponsor shall direct in writing, and the approval by the Sponsor
shall be evidenced conclusively by the Trustee’s execution thereof. 

  

	 	b.	The Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Trustee that are specifically required to be furnished pursuant to any
provision of this Declaration of Trust and Trust Agreement, shall examine them to determine whether they conform on their face to the requirements of this Declaration of Trust and Trust Agreement. The Trustee shall notify the Sponsor of any such
documents which do not materially conform to the requirements of this Declaration of Trust and Trust Agreement in the event that the Trustee, after so requesting of the party required to deliver the same, does not receive satisfactorily corrected
documents or a satisfactory explanation regarding any such nonconformities. The Trustee shall not be liable with respect to any action omitted to be taken until such corrected documents or satisfactory explanation is received. 

	 	c.	No provision of this Declaration of Trust and Trust Agreement shall be construed to relieve the Trustee from liability for its own grossly negligent action, its own grossly negligent failure to act or its own willful
misconduct; further: 

  

	 	i.	the duties and obligations of the Trustee shall be determined solely by the express provisions of this Declaration of Trust and Trust Agreement, the Trustee shall not be liable except for the performance of such duties
and obligations as are specifically set forth in this Declaration of Trust and Trust Agreement, no implied covenants, duties (including fiduciary duties) or obligations shall be read into this Declaration of Trust and Trust Agreement against the
Trustee and, in the absence of willful misconduct on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to
the Trustee and conforming to the requirements of this Declaration of Trust and Trust Agreement; 

  

	 	ii.	the Trustee shall not be liable for an error of judgment made in good faith by an officer or employee of the Trustee, unless it shall be proved that the Trustee was grossly negligent in ascertaining the pertinent facts;
and 

  

	 	iii.	the Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it in good faith in accordance with the direction of the Sponsor or any other person with the right to direct the
Trustee. 

 Section 4.5 Payment of Expenses by the Trust. The Trust shall pay the Sponsor’s Fee as calculated by the
Administrator. The Sponsor is authorized to pay or cause to be paid out of the Trust, all extraordinary, nonrecurring expenses, fees, charges, taxes and liabilities incurred or arising in connection with the Trust, including expenses and charges for
the services of agents or independent contractors and such other expenses and charges as the Sponsor may, in its sole discretion, deem necessary or proper to incur. 

Section 4.6 Trustee’s Fees. The Trustee shall be entitled to receive the amounts set forth in a separate fee agreement with the Trustee, for
all services rendered by it in the execution of the trusts hereby created and in the exercise and performance of any of the powers and duties of the Trustee hereunder, which amounts shall be paid by the Sponsor promptly upon receipt of an invoice
from the Trustee. The provisions of this Section 4.6 shall survive any resignation or removal of the Trustee and appointment of a successor trustee. 

Section 4.7 Service Contracts. 
  

	 	a.	 The Trust may enter into contracts with one or more Persons, to act as administrator, sub-administrator, transfer agent, or other agent, and as such to perform such functions as the Sponsor may deem reasonable and proper to further the purpose of the Trust, including, without limitation, valuation of
assets, clerical and administrative functions, 

	 	
under such terms and conditions, and for such compensation, as the Sponsor may deem advisable. Without limiting the foregoing, the Sponsor may also authorize any administrator to employ one or
more sub-administrators from time to time, any custodian to employ one or more sub-custodians from time to time, and any transfer agent to employ one or more sub-transfer agents upon such terms and conditions as shall be approved by the Sponsor. 

  

	 	b.	The Trust may enter into a contract or contracts with one or more Persons to act as underwriters, distributors or placement agents whereby the Trust may either agree to sell Shares of the Trust to the other party or
parties or appoint such other party or parties its sales agent or agents for such Shares and with such other provisions as the Sponsor may deem reasonable and proper, and the Trust may from time to time enter into transfer agency, sub-transfer agency and or shareholder servicing contract(s), in each case with such terms and conditions, and providing for such compensation, as the Sponsor may deem advisable. 

 

	 	c.	Any contract of the character described in this Section 4.7 may be entered into with any Person, although one or more of the Trustee, officers, or Shareholders of the Trust may be an officer, director, trustee,
shareholder, or member of such other party to the contract, or otherwise interested in such contract, and no such contract shall be invalidated or rendered voidable by reason of the existence of any such relationship, nor shall any Person holding
such relationship be liable merely by reason of such relationship for any loss or expense to the Trust under or by reason of said contract or accountable for any profit realized directly or indirectly therefrom. The same Person may be a party to
more than one contract entered into pursuant to this Section 4.7 and any individual may be financially interested or otherwise affiliated with Persons who are parties to any or all of the contracts mentioned in this Section 4.7.

  

	 	d.	The authority of the Sponsor hereunder to authorize the Trust to enter into contracts or other agreements or arrangements shall include the authority of the Sponsor to modify, amend, waive any provision of supplement,
assign all or a portion of, novate, or terminate such contracts, agreements or arrangements. The enumeration of any specific contracts in this Section 4.7 shall in no way be deemed to limit the power and authority of the Sponsor as otherwise
set forth in this Declaration of Trust and Trust Agreement to authorize the Trust to employ, contract with or make payments to such Persons as the Sponsor may deem desirable for the transaction of the business of the Trust. 

 

	 	e.	The Sponsor is further empowered, at any time and from time to time, to contract with any Person to provide such other services to the Trust as the Sponsor determines to be in the best interests of the Trust and in
furtherance of the purpose of the Trust. 

 Section 4.8 Determinations by Sponsor. The Sponsor may make any determinations it
deems necessary with respect to the provisions of this Declaration of Trust and Trust Agreement, including the following matters: the amount of the assets, obligations, liabilities and expenses of 

 
the Trust; the amount of the net income of the Trust from capital gains or other sources for any period and the amount of assets at any time legally available for the payment of dividends or
distributions; which items are to be treated as income and which as capital; the amount, purpose, time of creation, increase or decrease, alteration or cancellation of any reserves or charges and the propriety thereof (whether or not any obligation
or liability for which such reserves or charges were created shall have been paid or discharged); the market value, or any other price to be applied in determining the market value, or the fair value, of any bitcoin owned or held by the Trust; the
number of Shares of the Trust issued or issuable; and the net asset value per Share. 
 Section 4.9 State of Delaware. Notwithstanding anything
contained herein to the contrary, the Trustee shall not be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will (i) require the registration with, licensing by or the taking of
any other similar action in respect of, any State or other governmental authority or agency of any jurisdiction other than the State of Delaware by or with respect to the Trustee (as such or in its individual capacity); (ii) result in any fee, tax
or other governmental charge under the laws of any jurisdiction or any political subdivisions thereof in existence on the date hereof other than the State of Delaware becoming payable by the Trustee (as such or in its individual capacity); or
(iii) subject the Trustee (as such or in its individual capacity) to personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by the
Trustee contemplated hereby. 
 Section 4.10 Certain Matters Affecting the Trustee. 

 

	 	a.	The Trustee shall be under no obligation to exercise any of the duties or powers vested in it by this Declaration of Trust and Trust Agreement; or to make any investigation of matters arising hereunder; or to institute,
conduct or defend any litigation hereunder or in relation hereto; or (except as provided in Section 4.4(b)) to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by the Sponsor; in each case, at the request, order or direction of the Sponsor, unless (in the Trustee’s reasonable opinion) the Sponsor
shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which may be incurred therein or thereby; and the Trustee shall not be required to expend or risk its own funds or otherwise incur any
liability financial or otherwise in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or indemnity reasonably
satisfactory to it against such risk or liability is not reasonably assured to it. 

  

	 	b.	The Trustee shall not be liable for any action reasonably taken, suffered or omitted by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this
Declaration of Trust and Trust Agreement. 

	 	c.	The Trustee shall not be required to give any bond or surety in respect of the execution of the trusts created hereby or the powers granted hereunder. 

 

	 	d.	The Trustee may execute any of the trusts or powers vested in it by this Declaration of Trust and Trust Agreement or perform any of its duties hereunder either directly or by or through agents, nominees, or attorneys-in-fact appointed with due care and shall not be responsible for any willful misconduct or negligence on the part of any agent, custodian, nominee or attorney-in-fact so appointed, and the Trustee shall provide notice to the Sponsor upon the appointment of any such agent, custodian, nominee or
attorney-in- fact, provided that the appointment of any agent, custodian, nominee or
attorney-in-fact shall not relieve the Trustee of any of its obligations or liabilities under this Declaration of Trust and Trust Agreement. 

 

	 	e.	Whenever in the administration of the provisions of this Declaration of Trust and Trust Agreement the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering any
action to be taken hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of gross negligence, willful misconduct or bad faith on the part of the Trustee, be deemed to be conclusively
proved and established by a certificate signed by the Sponsor and delivered to the Trustee, and such certificate, in the absence of gross negligence, willful misconduct or bad faith on the part of the Trustee, shall be full warrant to the Trustee
for any action taken, suffered or omitted by it under the provisions of this Declaration of Trust and Trust Agreement upon the faith thereof. 

  

	 	f.	Anything in this Declaration of Trust and Trust Agreement to the contrary notwithstanding, in no event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever
(including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

  

	 	g.	 In no event shall the Trustee hereto be liable for any failure or delay in the performance of its obligations
under this Declaration of Trust and Trust Agreement or any related documents because of circumstances beyond its control, including, but not limited to, a failure, termination, or suspension of, or limitations or restrictions in respect of post-
payable adjustments through, a clearing house, securities depositary, settlement system or central payment system in any applicable part of the world or acts of God, flood, war (whether declared or undeclared), civil or military disturbances or
hostilities, nuclear or natural catastrophes, political unrest, explosion, severe weather or accident, earthquake, terrorism, fire, riot, labor disturbances, strikes or work stoppages for any reason, embargo, government action, including any laws,
ordinances, regulations or the like (whether domestic, federal, state, county or municipal or foreign) which delay, restrict or prohibit the providing of the services contemplated by this Declaration of Trust and Trust Agreement or any related
documents, or the unavailability of communications or computer facilities, the failure of equipment or interruption of communications or 

	 	
computer facilities, or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility, or any other causes beyond its control whether or not of the same
class or kind as specified above; provided, however, that the Trustee shall exercise commercially reasonable efforts to resume performance of its obligations hereunder as soon as practicable under the circumstances. 

 

	 	h.	The Trustee shall take such action or refrain from taking such action under this Declaration of Trust and Trust Agreement as it may be directed in writing by the Sponsor from time to time; provided, however, that the
Trustee shall not be required to take or refrain from taking any such action if it shall have reasonably determined or shall have been advised by counsel, that such performance may involve the Trustee in personal liability or is contrary to the
terms of this Declaration of Trust and Trust Agreement or of any document contemplated hereby to which the Trust is a party or is otherwise contrary to law. In the absence of bad faith, the Trustee shall have no liability for following any such
instructions. 

  

	 	i.	The Trustee shall not have any obligation or duty to supervise or monitor the performance of any other Person and shall have no liability for the failure of any other Person to perform its obligations or duties under
the agreements to which the Trust or the Trustee is a party or otherwise. 

  

	 	j.	The Trustee shall have no obligation or duty to monitor the Trust’s obligations and duties under the agreements to which the Trust or the Trustee is a party or to ensure its compliance with the terms thereof. In
addition, the Trustee shall not have any duty or obligation to manage, make any payment in respect of, register, record, sell, dispose of or otherwise deal with the Trust Property, or to otherwise take or refrain from taking any action under, or in
connection with, any document contemplated hereby to which the Trustee or the Trust is a party, except as expressly provided by the terms of this Trust Agreement. 

 

	 	k.	It shall be the Sponsor’s duty and responsibility, and not the Trustee’s duty or responsibility, to cause the Trust to respond to, defend, participate in or otherwise act in connection with any regulatory,
administrative, governmental, investigative or other proceeding or inquiry relating in any way to the Trust, its assets or the conduct of its business. 

  

	 	l.	 Each of the parties hereto hereby agrees and, as evidenced by its acceptance of any benefits hereunder, any
Shareholder agrees that the Trustee in any capacity (i) has not provided and will not provide in the future, any advice, counsel or opinion regarding the tax, financial, investment, securities law or insurance implications and consequences of
the formation, funding and ongoing administration of the Trust, including, but not limited to, income, gift and estate tax issues, insurable interest issues, doing business or other licensing matters and the initial and ongoing selection and
monitoring of financing arrangements, (ii) has not made any investigation as to the accuracy of any 

	 	
representations, warranties or other obligations of the Trust under any of the documents to which the Trust is a party and shall have no liability in connection therewith and (iii) the
Trustee has not prepared or verified, and shall not be responsible or liable for, any information, disclosure or other statement in any disclosure or offering document or in any other document issued or delivered in connection with the sale or
transfer of Shares. 

 Section 4.11 Sponsor’s Fiduciary Duty. 

 

	 	a.	To the extent that, at law or in equity, the Sponsor has duties (including fiduciary duties) and liabilities relating thereto to the Trust, the Shareholders or to any other Person, the Sponsor acting under this
Declaration of Trust and Trust Agreement shall not be liable to the Trust, the Shareholders or to any other Person for its good faith reliance on the provisions of this Declaration of Trust and Trust Agreement. The provisions of this Declaration of
Trust and Trust Agreement, to the extent that they restrict or eliminate the duties and liabilities of the Sponsor otherwise existing at law or in equity are agreed by the parties hereto to replace such other duties and liabilities of the Sponsor.
To the fullest extent permitted by law, no person other than the Sponsor and the Trustee shall have any duties (including fiduciary duties) or liabilities at law or in equity to the Trust and the Shareholders (including any Person that becomes a
Shareholder) or any other person. 

  

	 	b.	Unless otherwise expressly provided herein: 

  

	 	i.	whenever a conflict of interest exists or arises between the Sponsor or any of its affiliates, on the one hand, and the Trust or any Shareholder or any other Person, on the other hand; or 

 

	 	ii.	whenever this Declaration of Trust and Trust Agreement or any other agreement contemplated herein or therein provides that the Sponsor shall act in a manner that is, or provides terms that are, fair and reasonable to
the Trust, any Shareholder or any other Person, the Sponsor shall resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest of each party (including its own interest) to such conflict,
agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the
Sponsor, the resolution, action or terms so made, taken or provided by the Sponsor shall not constitute a breach of this Declaration of Trust and Trust Agreement or any other agreement contemplated herein or of any duty or obligation of the Sponsor
at law or in equity or otherwise. 

  

	 	c.	 The Sponsor and any affiliate of the Sponsor may engage in or possess an interest in other profit-seeking or
business ventures of any nature or description, independently or with others, whether or not such ventures are competitive with the Trust and the doctrine 

	 	
of corporate opportunity, or any analogous doctrine, shall not apply to the Sponsor. If the Sponsor acquires knowledge of a potential transaction, agreement, arrangement or other matter that may
be an opportunity for the Trust, it shall have no duty to communicate or offer such opportunity to the Trust, and the Sponsor shall not be liable to the Trust or to the Shareholders for breach of any fiduciary or other duty by reason of the fact
that the Sponsor pursues or acquires for, or directs such opportunity to another Person or does not communicate such opportunity or information to the Trust. Neither the Trust nor any Shareholders shall have any rights or obligations by virtue of
this Declaration of Trust and Trust Agreement or the trust relationship created hereby in or to such independent ventures or the income or profits or losses derived therefrom, and the pursuit of such ventures, even if competitive with the activities
of the Trust, shall not be deemed wrongful or improper. Except to the extent expressly provided herein, the Sponsor may engage or be interested in any financial or other transaction with the Trust, the Shareholders or any affiliate of the Trust or
the Shareholders. 

  

	 	d.	To the fullest extent permitted by law and notwithstanding any other provision of this Agreement or in any agreement contemplated herein or applicable provisions of law or equity or otherwise, whenever in this
Declaration of Trust and Trust Agreement a Person is permitted or required to make a decision (a) in its “sole discretion” or “discretion” or under a grant of similar authority or latitude, the Person shall be entitled to
consider only such interests and factors as it desires, including its own interests, and shall have no duty or obligation to give any consideration to any interest of or factors affecting the Trust, the Shareholders or any other Person, or
(b) in its “good faith” or under another express standard, the Person shall act under such express standard and shall not be subject to any other or different standard. The term “good faith” as used in this Declaration of
Trust and Trust Agreement shall mean subjective good faith as such term is understood and interpreted under Delaware law. 

 Section 4.12
Commodity Pool. The Trust will not hold or trade in commodity futures contracts regulated by the Commodity Exchange Act as amended from time to time and any rules or regulations promulgated thereunder (collectively, the
“Act”). For the avoidance of doubt, the Trustee shall be indemnified in connection with any breach of the foregoing in accordance with Article VIII. The Sponsor represents and warrants that it believes that the Trust is not
subject to regulation under the Act and the Trustee is not required to register as a commodity pool operator under the Act. 
 Section 4.13 Virtual
Currencies. It is the intent of the parties that the execution, delivery and performance of the transactions contemplated by this Declaration of Trust and Trust Agreement will not result in the Trustee being required to obtain a license or make
a registration under any federal or state law including rules pertaining to virtual currencies under Title 23, Part 200 of New York Codes, Rules and Regulations, the U.S. Commodity Exchange Act or any federal or state law regulating, money
transmitters, money services business, providers of prepaid or stored value or similar entities, or virtual currency business. 

 ARTICLE V 

Matters Pertaining to Shareholders 

Section 5.1 Shareholders’ Rights, Voting, Transferability and Splits. All of the Shares are of the same class with equal rights and
privileges. Each of the Shares is transferable, is fully paid and nonassessable and entitles the holder to vote on the limited matters upon which Shareholders may vote under the Declaration of Trust and Trust Agreement. The Shares do not entitle
their holders to any conversion or pre-emptive rights or, except as provided below, any redemption rights or rights to distributions. Shareholders have no voting rights except in limited circumstances. The
Sponsor will act to terminate the Trust upon the agreement of Shareholders owning at least seventy-five (75) percent of the outstanding Shares. If the Sponsor believes that the Share price in the secondary market for the Shares has risen or
fallen outside a desirable trading price range, the Sponsor may direct the Transfer Agent to declare a split or reverse split in the number of Shares outstanding and to make a corresponding change in the number of Shares constituting a Basket. 

Section 5.2 Amendments. 
  

	 	a.	The Sponsor may, without the approval of the Shareholders, make such amendments to this Declaration of Trust and Trust Agreement which (i) are necessary to add to the representations, duties or obligations of the
Sponsor or surrender any right or power granted to the Sponsor herein, for the benefit of the Shareholders, (ii) are necessary to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other
provision herein or in the Registration Statement, or to make any other provisions with respect to matters or questions arising under this Declaration of Trust and Trust Agreement or the Registration Statement which will not be inconsistent with the
provisions of the Declaration of Trust and Trust Agreement or the Registration Statement, or (iii) the Sponsor deems advisable, provided, however, that no amendment shall be adopted pursuant to this clause 5.2(a) unless the adoption thereof
(A) is not adverse to the interests of the Shareholders; (B) is consistent with Section 4.3 hereof; (C) does not affect the allocation of profits and losses among the Shareholders or between the Shareholders and the Sponsor; and
(D) does not adversely affect the limitations on liability of the Shareholders, as described in Section 3.4 hereof or the status of the Trust as a grantor trust for U.S. federal income tax purposes. Amendments to this document which
adversely affect (i) the rights of Shareholders, (ii) the dissolution of the Trust pursuant to Section 10.5 below and (iii) any material changes in the Trust’s basic investment policies or structure shall occur only upon the
written approval or affirmative vote of Shareholders holding Shares equal to at least a majority (over 50%) of the Shares. 

  

	 	b.	 Notwithstanding any provision to the contrary contained in Section 5.2(a) hereof, the Sponsor may, without the
approval of the Shareholders, amend the provisions of this Declaration of Trust and Trust Agreement if the Trust is advised at any time by the 

	 	
Trust’s accountants or legal counsel that the amendments made are necessary to ensure that the Trust will qualify as a grantor trust for U.S. federal income tax purposes. 

 

	 	c.	Upon amendment of this Declaration of Trust and Trust Agreement, the Certificate of Trust shall also be amended, if required by the Delaware Act, to reflect such change. At the expense of the Sponsor, the Trustee shall
execute and file any amendment to the Certificate of Trust if so directed by the Sponsor. 

  

	 	d.	No amendment affecting the rights or duties of the Trustee shall be binding upon or effective against the Trustee unless consented to by the Trustee in writing. No amendment shall be made to this Declaration of Trust
and Trust Agreement without the consent of the Trustee if it reasonably believes that such amendment adversely affects any of the rights, duties or liabilities of the Trustee. The Trustee shall be under no obligation to execute any amendment to the
Declaration of Trust and Trust Agreement or to any agreement to which the Trust is a party until it has received an instruction letter from the Sponsor, in form and substance reasonably satisfactory to the Trustee (i) directing the Trustee to
execute such amendment, (ii) representing and warranting to the Trustee that such execution is authorized and permitted by the terms of the Declaration of Trust and Trust Agreement and (if applicable) such other agreement to which the Trust is
a party and does not conflict with or violate any other agreement to which the Trust is a party and (iii) confirming that such execution and acts related thereto are covered by the indemnity provisions of the Declaration of Trust and Trust
Agreement in favor of the Trustee and do not adversely affect the Trustee. 

  

	 	e.	To the fullest extent permitted by law, no provision of this Declaration of Trust and Trust Agreement may be amended, waived or otherwise modified orally but only by a written instrument adopted in accordance with this
Section. 

 ARTICLE VI 

Net Asset Value, Creations and Redemptions 

Section 6.1 Determination of Net Asset Value, Net Income, and Distributions. The Administrator will calculate the net asset value per share
(“NAV”) of the Trust in accordance with the Registration Statement and the relevant provisions of the Declaration of Trust and Trust Agreement, Administration Agreement, Transfer Agency and Service Agreement and Trust Custody
Agreement (collectively, the “Trust Documents”). The following is a description of the material terms of the Registration Statement and Trust Documents as they relate to the determination of the Trust’s NAV. On each day
the Bats BZX Exchange, Inc. is open for trading (each a “Business Day”), the Administrator will calculate the NAV of the Trust as measured at 4:00 p.m. Eastern Time using the daily
two-sided 4:00 p.m. Eastern Time auction price of the Gemini exchange (the “Gemini Exchange Auction Price”) on each Business Day. The Sponsor will provide the Gemini Exchange Auction
Price, which is publicly available, to the Administrator each day. The NAV of the Trust is the asset value of the Trust less its liabilities 

 
(which include accrued but unpaid fees and expenses) divided by the number of outstanding Shares as of 4:00 p.m. Eastern Time each Business Day. Any determination that the Gemini Exchange Auction
Price is unavailable or otherwise not an appropriate basis for calculating the Trust’s NAV on a given Business Day would be based upon extraordinary criteria in which the operation of the Gemini exchange (“Gemini
Exchange”) is disrupted or otherwise experiencing material calculation or reporting irregularities. In the event that the Sponsor determines that the Gemini Exchange Auction Price is not an appropriate basis for evaluation of the
Trust’s bitcoin on a given Business Day, the Sponsor will instruct the Administrator to use the 4:00 p.m. Eastern Time spot price of the Gemini Exchange or the itBit bitcoin exchange (the “itBit Exchange”) as an
alternative basis for calculating the Trust’s NAV on that Business Day (an “Alternate Price”). If the Sponsor determines in good faith that neither the Gemini Exchange Auction Price nor an Alternate Price are reliable
for calculating the Trust’s NAV on a particular Business Day, including but not limited to situations where it does not reflect material information or events occurring between the time of calculation of such prices and the time the
Trust’s Shares are valued, bitcoin will be valued by the Sponsor using fair market value pricing as determined in good faith by the Sponsor and calculated by the Administrator. Determining the fair market value of bitcoin involves the
consideration of a number of subjective factors and thus the prices for bitcoin may differ from the Gemini Exchange Auction Price or the spot price on the Gemini Exchange or the itBit Exchange. Factors the Sponsor may consider include the market
price for bitcoin on other Bitcoin Exchanges, or in other forums for which bitcoin prices are published publicly, recent significant transactions on the Blockchain where the USD-bitcoin exchange rate can be readily ascertained (e.g., sales of items
with widely available USD prices where the cost in bitcoin can be readily determined), movements in the price of other Digital Assets or fiat currencies, movements in the price of other Digital Asset ETPs, global or regional political, economic or
financial events, and other factors determined by the Sponsor in good faith. The Sponsor shall not be liable to any person for the determination that the Gemini Exchange Auction Price, Alternate Price, or an alternative basis for a fair market value
of bitcoin is not appropriate as a basis for calculation of the Trust’s NAV provided that such determination is made in good faith. 
 The Sponsor will
publish the Trust’s NAV on the Trust’s website as soon as practicable after its calculation by the Administrator. To the extent that the NAV has been calculated using a price per bitcoin other than the Gemini Exchange Auction Price for
such Business Day, the publication on the Trust’s website will note the valuation methodology and the price per bitcoin resulting from such calculation. 

The Administrator’s estimation of accrued but unpaid fees, expenses and liabilities will be conclusive upon all persons interested in the Trust and no
revision or correction in any computation made under the Administration Agreement will be required by reason of any difference in amounts estimated from those actually paid. 

Section 6.2 Creations, Redemptions and Repurchases. The Trust will issue and redeem Shares from time to time, in accordance with the Registration
Statement and the relevant provisions of the Trust Documents as they may be amended from time to time. The following is a description 

 
of the material terms of the Registration Statement and Trust Documents as they relate to the creation and redemption of the Trust’s Shares as of the date of this Agreement (and which may
change over time). The Trust is expected to issue or redeem Shares from time to time only in one or more whole Baskets. The Trust will issue and redeem the Shares in Baskets only to certain Authorized Participants on an ongoing basis. On a creation,
Baskets will be distributed to the creating Authorized Participant by the Trust in exchange for the delivery to the Trust of the appropriate number of bitcoin (i.e., bitcoin equal in value to the NAV multiplied by the number of Shares in the
Basket). On a redemption, the Trust will distribute bitcoin equal in value to the NAV multiplied by the number of Shares in the Basket to the redeeming Authorized Participant in exchange for the delivery to the Trust of one or more Baskets. On each
Business Day, the value of each Basket accepted by the Transfer Agent in a creation or redemption transaction will be the same (i.e., each Basket will initially consist of 100,000 Shares and the value of the Basket will be equal to the value of
100,000 Shares (or such other amount as determined by the Trust from time to time) at their net asset value per Share on that day). The Trust will not issue or redeem fractions of a Basket. Only Authorized Participants will be able to place orders
to create or redeem Baskets. Authorized Participants must be (i) registered broker-dealers or other securities market participants, such as banks and other financial institutions, which are not required to register as broker-dealers to engage
in securities transactions, and (ii) DTC Participants. To become an Authorized Participant, a person must enter into an Authorized Participant Agreement with the Sponsor on behalf of the Trust, subject to acceptance by the Transfer Agent.
Authorized Participant Agreements provide the procedures for the creation and redemption of Baskets as well as the quantity of bitcoin required for delivery or distribution for such creations and redemptions. An Authorized Participant Agreement and
the related procedures attached thereto may be amended by the Trust and the Sponsor without the consent of any Shareholder or Authorized Participant. A transaction fee (“Transaction Fee”) may be imposed to offset the transfer
and other transaction costs associated with creation or redemption. Authorized Participants will not receive a fee, or any other form of compensation or inducement from either the Sponsor or the Trust, and no Authorized Participant has any
obligation or responsibility to the Sponsor or the Trust to effect any sale or resale of the Shares. 
 The number of bitcoin required for deposit with the
Trust to create one or more Baskets initially is the equivalent of the net asset value of 100,000 shares per Basket. The number of bitcoin required to create a Basket, or to be delivered upon the redemption of a Basket, will gradually decrease over
time, due to the accrual of the Trust’s expenses, the transfer of the Trust’s bitcoin to pay the Sponsor’s Fee and the transfer of the Trust’s bitcoin to pay any Trust expenses not assumed by the Sponsor. 

Authorized Participants may sell to other investors all or part of the Shares included in the Baskets they purchase from the Trust. The Initial Purchaser will
not be subject to a Transaction Fee for the purchase of the initial Baskets issued to it in its capacity as the purchaser of such initial Baskets. 

Subject to this Section 6.2, Shares may be redeemed or repurchased at their NAV which may be reduced by any Transaction Fee or other form of charge
authorized by the Sponsor. NAV shall be determined as set forth in Section 6.1 hereof. Payment for Shares redeemed or repurchased shall be made in bitcoin out of the assets of the Trust. 

 The Sponsor may require any Authorized Participant or group of Authorized Participants to redeem Shares for any
reason as determined by the Sponsor, in its sole discretion. Any such redemption shall be effected at the redemption price and in the manner provided in this Article VI. 

The Authorized Participants shall upon demand disclose to the Sponsor in writing such information with respect to direct and indirect ownership of Shares as
the Sponsor deems necessary to comply with the provisions of the Internal Revenue Code of 1986, as amended (or any successor statute thereto), or to comply with the requirements of any other taxing authority. 

ARTICLE VII 
 Tax
Matters 
 Section 7.1 Tax Status of the Trust. The Sponsor intends that the Trust shall be treated, for federal, state and local income tax
purposes, as a grantor trust, and, notwithstanding anything contained in this Declaration of Trust and Trust Agreement to the contrary, neither the Sponsor nor the Trustee, nor any other Person acting for or on behalf of the Trust, shall take any
action that is inconsistent with such treatment. 
 Section 7.2 Certain Costs. The Sponsor shall pay out of its own funds any and all routine
tax administration expenses incurred with respect to the Trust, but not including any professional fees or expenses related to audits or any administrative or judicial proceedings with respect to the Trust that involve the IRS or state, local or
other taxing authorities, which extraordinary expenses shall be payable or reimbursable pursuant to Section 4.5. 
 ARTICLE VIII

 Compensation and Indemnification of the Trustee 

Section 8.1 The Trust hereby agrees to be primary obligor and shall indemnify, defend and hold harmless the Trustee and any of the officers, directors,
employees, affiliates and agents of the Trustee (the “Indemnified Persons”) from and against any and all losses, damages, liabilities, claims, actions, suits, costs, expenses, disbursements (including reasonable legal fees
and expenses in connection with enforcement of its rights to indemnity hereunder and including the reasonable fees and expenses of counsel), taxes and penalties of any kind and nature whatsoever (collectively, “Expenses”), to
the extent that such Expenses arise out of or are imposed upon or asserted at any time against such Indemnified Persons with respect to the performance of this Trust Agreement, the creation, operation or termination of the Trust or the transactions
contemplated hereby; provided, however, that the Trust shall not be required to indemnify any Indemnified Person for any Expenses which are a result of the willful misconduct, 

 
bad faith or gross negligence of an Indemnified Person. If the Trust shall have insufficient assets or improperly refuses to pay an Indemnified Person within sixty (60) days of a request for
payment owed hereunder, the Sponsor shall, as secondary obligor, compensate or reimburse the Trustee or indemnify, defend and hold harmless an Indemnified Person as if it were the primary obligor hereunder; provided, however, that the Sponsor shall
not be required to indemnify any Indemnified Person for any Expenses which are a result of the willful misconduct, bad faith or gross negligence of an Indemnified Person. To the fullest extent permitted by law, Expenses to be incurred by an
Indemnified Person shall, from time to time, be advanced by, or on behalf of, the Sponsor prior to the final disposition of any matter upon receipt by the Sponsor of an undertaking by, or on behalf of, such Indemnified Person to repay such amount if
it shall be determined that the Indemnified Person is not entitled to be indemnified under this Agreement. In addition, the Sponsor shall (i) compensate the Trustee in accordance with a separate fee agreement with the Trustee and
(ii) reimburse the Trustee for all reasonable expenses (including reasonable fees and expenses of counsel and other experts). Notwithstanding the foregoing, the Trust may incur certain extraordinary, nonrecurring expenses of the Trust that are
not borne by the Sponsor, including the cost of indemnifying the Custodian in the event of losses resulting from a Digital Asset Network Fork pursuant to the terms of the Trust Custody Agreement among the Sponsor, the Trust and the Custodian. 

Section 8.2 As security for any amounts owing to the Trustee hereunder, the Trustee shall have a lien against the Trust property, which lien shall be
prior to the rights of the Sponsor or any other beneficial owner of the Trust. The obligations of the Sponsor and the Trust to indemnify the Indemnified Persons under this Section 8.2 shall survive the termination of this Trust Agreement. 

ARTICLE IX 
 Section 9.1
Resignation and Removal of the Trustee. The Trustee shall serve for the duration of the Trust and until the effective date of the Trustee’s resignation. The Trustee may resign upon thirty (30) days’ prior notice to the Sponsor
which shall promptly appoint a successor. If no successor has been appointed by the Sponsor within such thirty (30) day period, the Trustee may, at the expense of the Trust, petition a court to appoint a successor trustee. Any Person into which
the Trustee may be merged or with which it may be consolidated, or any Person resulting from any merger or consolidation to which the Trustee shall be a party, or any Person which succeeds to all or substantially all of the corporate trust business
of the Trustee, shall be the successor Trustee under this Declaration of Trust and Trust Agreement without the execution, delivery or filing of any paper or instrument or further act to be done on the part of the parties hereto, except as may be
required by applicable law. Any successor trustee appointed pursuant to this ARTICLE IX shall be eligible to act in such capacity in accordance with this Declaration of Trust and Trust Agreement and, following compliance with this ARTICLE IX, shall
become fully vested with the rights, powers, duties and obligations of its predecessor under this Declaration of Trust and Trust Agreement, with like effect as if it was originally named as trustee. Any such successor trustee shall notify the
Trustee of its appointment by providing a written instrument to the Trustee. At such time the Trustee shall be discharged of its duties 

 
herein. The respective obligations and responsibilities of the Trustee created hereby shall terminate after the payment of all claims, obligations and liabilities of the Trust pursuant to the
instructions of the Sponsor as to the disposition of the assets in the Trust Estate. After payment to the Sponsor of all amounts held by or on behalf of the Trustee and required to be paid to the Sponsor hereunder on the termination of the Trust,
the Sponsor shall provide written confirmation to the Trustee that the Trust has terminated. 
  

	 	a.	If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Declaration of Trust and Trust Agreement, or if at any time the Trustee shall become incapable of acting, or shall be
adjudged bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or
liquidation, then the Sponsor may remove the Trustee and appoint a successor trustee by written instrument, in duplicate, which instrument shall be delivered to the Trustee so removed and the successor trustee. 

 

	 	b.	The Sponsor may at any time, upon thirty (30) days’ prior notice to the Trustee, remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by the Sponsor or
its attorney-in-fact duly authorized, one complete set of which instruments shall be delivered to the Trustee so removed and one complete set to the successor so
appointed. 

  

	 	c.	Notwithstanding anything to the contrary contained herein, any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this ARTICLE IX shall become effective
only upon acceptance of appointment by the successor trustee as provided herein. 

  

	 	d.	Effect of Removal, Resignation, etc. of the Trustee. The declination to serve, resignation, removal of the Trustee, or all of them, shall not operate to annul the Trust or to revoke any existing agency created pursuant
to the terms of this Declaration of Trust and Trust Agreement. As evidence of such vacancy, an instrument certifying the existence of such vacancy may be executed by an officer of the Sponsor, acting on behalf of the Trust, or by the Trustee. In the
event of the declination, resignation, or removal of the Trustee within a short period of time and without the opportunity for the Sponsor being able to appoint a new Trustee, the Trust’s Sponsor is empowered to appoint a new Trustee subject to
Section 4.1 and this ARTICLE IX. 

 ARTICLE X 

Miscellaneous 
 Section 10.1
Entire Agreement. This Declaration of Trust and Trust Agreement represents the entire agreement between the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings between the parties,
whether written or oral. 

 Section 10.2 Governing Law. The validity and construction of this Declaration of Trust and Trust
Agreement and all amendments hereto shall be governed by the laws of the State of Delaware, and the rights of all parties hereto and the effect of every provision hereof shall be subject to and construed according to the laws of the State of
Delaware without regard to the conflicts of law provisions thereof; provided, however, that the parties hereto and the Shareholders intend that the provisions hereof shall control over any contrary or limiting statutory or common law of the State of
Delaware (other than the Delaware Act) and that, to the maximum extent permitted by applicable law, there shall not be applicable to the Trust, the Sponsor, the Trustee, the Shareholders or this Declaration of Trust and Trust Agreement any provision
of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts which relate to or regulate in a manner inconsistent with the terms hereof: (a) the filing with any court or governmental body or
agency of trustee accounts or schedules of trustee fees and charges, (b) affirmative requirements to post bonds for trustees, officers, agents, or employees of a trust, (c) the necessity for obtaining court or other governmental approval
concerning the acquisition, holding or disposition of real or personal property, (d) fees or other sums payable to trustees, officers, agents or employees of a trust, (e) the allocation of receipts and expenditures to income or principal,
(f) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, (g) the existence of rights or interests
(beneficial or otherwise) in trust assets, (h) the ability of beneficial owners or other persons to terminate or dissolve a trust, or (i) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or
powers of trustees or beneficial owners that are inconsistent with the limitations on liability or authorities and powers of the Trustee or the Shareholders set forth or referenced in this Declaration of Trust and Trust Agreement. Sections 3540,
3542 and 3561 of Title 12 of the Delaware Code shall not apply to the Trust. 
 Section 10.3 Counterparts. This Declaration of Trust and Trust
Agreement may be executed in two or more counterparts, each of which shall be an original, but all such counterparts shall together constitute one and the same agreement. 

Section 10.4 Merger and Consolidation. The Sponsor may cause (i) the Trust to be merged into or consolidated with, converted to or to sell
all or substantially all of its assets to, another trust or entity; (ii) the Shares of the Trust to be converted into beneficial interests in another statutory trust (or series thereof); or (iii) the Shares of the Trust to be exchanged for
units in another trust or company under or pursuant to any U.S. state or federal statute to the extent permitted by law. For the avoidance of doubt, the Sponsor, with written notice to the Shareholders, may approve and effect any of the transactions
contemplated under (i) – (iii) above without any vote or other action of the Shareholders. Notwithstanding the foregoing, the Sponsor shall not approve or effect any of the transactions contemplated under (i) – (iii) above if doing so
would cause the Trust, its successor or other trust or company in which the Shareholders hold beneficial interests as a result of such transaction to fail or cease to qualify as a grantor trust for U.S. federal income tax purposes. 

 Section 10.5 Dissolution of the Trust. The Trust may dissolve at the written direction of the Sponsor
under the circumstances described in the Trust’s Registration Statement. On and after the date of dissolution of the Trust and upon completion of the winding up of the Trust in accordance with the Delaware Act, Shareholders will be entitled to
the distribution of the amount of Trust assets (paid in cash) represented by those Shares, upon (i) surrender of Shares then held, (ii) payment of the expenses of liquidation and termination and any fee to the Transfer Agent in connection
with the surrender of Shares and (iii) payment of any applicable taxes or other governmental charges. Upon dissolution, the Trustee shall, at the written direction and expense of the Sponsor, file a certificate of cancellation in accordance
with the Delaware Act and thereafter shall be released from any further duties or liabilities. Any remaining expenses of the Trust shall be paid by the Sponsor. 

Section 10.6 Notices. Any communications provided for or permitted hereunder shall be in writing and, unless otherwise expressly provided herein,
shall be deemed to have been duly given when delivered to: (i) in the case of the Sponsor, Digital Asset Services, LLC, c/o Cameron Winklevoss, Chief Executive Officer, Farmers Bank Building, 301 N. Market Street, Suite 1463, Wilmington, DE
19801; (ii) in the case of the Trustee, Delaware Trust Company, Little Falls Centre One, 2711 Centerville Road, Wilmington, DE 19808; or (iii) as to each such Person (including, without limitation, a Shareholder) such other address, facsimile
number and/or telecopy number as may hereafter be furnished by such Person to the other party hereto in writing. Unless expressly set forth herein to the contrary, any communication required or permitted to be delivered to the Sponsor shall be
deemed to have been duly given when mailed first class, postage prepaid, to the address of the Sponsor. Unless expressly set forth herein to the contrary, any communication required or permitted to be delivered to a Shareholder shall be deemed to
have been duly given upon personal delivery, when mailed first class, postage prepaid, or if sent by facsimile or telecopy. 
 Section 10.7
Inspection of Records and Reports. The Trustee shall have the right at any reasonable time to inspect all books, records, and documents of every kind and the physical properties of the Trust. This inspection by the Trustee may be made in
person or by an agent or attorney, and the right of inspection includes the right to copy and make extracts of documents. No Shareholder shall have any right to inspect any account, book or document of the Trust that is not publicly available,
except as conferred by the Trustee. The books and records of the Trust may be kept at such place or places as the Trustee may from time to time determine, except as otherwise required by law. 

Section 10.8 Jurisdiction and Waiver of Jury Trial. The Declaration of Trust and Trust Agreement and the rights of the Sponsor, Trustee, DTC (as
registered owner of the Trust’s global certificates for Shares) and Shareholders under the Declaration of Trust and Trust Agreement are governed by the laws of the State of Delaware. The Trustee, each Shareholder and each Person beneficially
owning an interest in a Share of the Trust (whether through a 

 
broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise), to the fullest extent permitted by law, including Section 3804(e) of the Delaware
Act, (i) irrevocably agrees that any claims, suits, actions or proceedings arising out of or relating in any way to the Trust or its business and affairs, the Delaware Act, this Declaration of Trust and Trust Agreement or asserting a claim
governed by the internal affairs (or similar) doctrine (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of this Declaration of Trust and Trust Agreement, or (B) the
duties (including fiduciary duties), obligations or liabilities of the Trust to the Shareholders or the Trustees, or of officers or the Trustee to the Trust, to the Shareholders or each other, or (C) the rights or powers of, or restrictions on,
the Trust, the officers, the Trustee or the Shareholders, or (D) any provision of the Delaware Act or other laws of the State of Delaware pertaining to trusts made applicable to the Trust pursuant to Section 3809 of the Delaware Act, or
(E) any other instrument, document, agreement or certificate contemplated by any provision of the Delaware Act, the Declaration of Trust and Trust Agreement relating in any way to the Trust or (F) the federal securities laws of the United
States, including, without limitation, the securities or antifraud laws of any international, national, state, provincial, territorial, local or other governmental or regulatory authority, including, in each case, the applicable rules and
regulations promulgated thereunder (regardless, in every case, of whether such claims, suits, actions or proceedings (x) sound in contract, tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other
grounds, or (z) are derivative or direct claims)), shall be exclusively brought, unless the Trust, in its sole discretion, consents in writing to an alternative forum, in the Court of Chancery of the State of Delaware or, if such court does not
have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, (ii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or
proceeding, (iii) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in
such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum, or (C) the venue of such claim, suit, action or proceeding is improper, (iv) consents to process being served in any such
claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process
and notice thereof; provided, nothing in clause (iv) hereof shall affect or limit any right to serve process in any other manner permitted by law, and (v) irrevocably waives any and all right to trial by jury in any such claim, suit,
action or proceeding. 
 Section 10.9 Derivative Actions. 
  

	 	a.	No person who is not a Shareholder shall be entitled to bring any derivative action, suit or other proceeding on behalf of the Trust. No Shareholder may maintain a derivative action on behalf of the Trust unless holders
of at least ten percent (10%) of the outstanding Shares join in the bringing of such action. 

	 	b.	In addition to the requirements set forth in Section 3816 of the Delaware Act, a Shareholder may bring a derivative action on behalf of the Trust only if the following conditions are met: 

 

	 	i.	the Shareholder or Shareholders must make a pre-suit demand upon the Sponsor to bring the subject action unless an effort to cause the Sponsor to bring such an action is not
likely to succeed; and a demand on the Sponsor shall only be deemed not likely to succeed and therefore excused if the Sponsor has a personal financial interest in the transaction at issue, and the Sponsor shall not be deemed interested in a
transaction or otherwise disqualified from ruling on the merits of a Shareholder demand by virtue of the fact that the Sponsor receives remuneration for his service as the Sponsor; and 

 

	 	ii.	unless a demand is not required under clause (i) of this paragraph, the Sponsor must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim; and the
Sponsor shall be entitled to retain counsel or other advisors in considering the merits of the request. 

 Section 10.10 General
Direct Actions. 
  

	 	a.	To the fullest extent permitted by Delaware law, the Shareholders’ right to bring a General Direct Action against the Trust, the Sponsor and/or its Trustee is eliminated, except for a General Direct Action to
enforce an individual Shareholder right to vote or a General Direct Action to enforce an individual Shareholder’s rights under Sections 3805(e) or 3819 of the Delaware Statutory Trust Act. To the extent such right cannot be eliminated to this
extent as a matter of Delaware law, then subsection (b) shall apply. 

  

	 	b.	No Shareholder may maintain a General Direct Action unless holders of at least ten percent (10%) of the outstanding Shares join in the bringing of such action. In addition, a Shareholder may bring a General Direct
Action only if the following conditions are met: 

  

	 	i.	the Shareholder or Shareholders has obtained authorization from the Sponsor to bring such General Direct Action unless an effort to cause the Sponsor to authorize such an action is not likely to succeed; and a demand on
the Sponsor shall only be deemed not likely to succeed and therefore excused if the Sponsor has a personal financial interest in the transaction at issue, and the Sponsor shall not be deemed interested in a transaction or otherwise disqualified from
ruling on the merits of a Shareholder demand by virtue of the fact that the Sponsor receives remuneration for his service as the Sponsor; and 

  

	 	ii.	unless a demand is not required under clause (i) of this paragraph, the Sponsor must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim; and the
Sponsor shall be entitled to retain counsel or other advisors in considering the merits of the request. 

 Section 10.11 Action Without a Meeting. Any action required or permitted to be taken by Shareholders
by vote may be taken without a meeting by written consent setting forth the actions so taken. Such written consents shall be treated for all purposes as votes at a meeting. If the vote or consent of any Shareholder to any action of the Trust or any
Shareholder, as contemplated by this Declaration of Trust and Trust Agreement, is solicited by the Sponsor, the solicitation shall be effected by notice to each Shareholder given in the manner provided in Section 10.6. The vote or consent of
each Shareholder so solicited shall be deemed conclusively to have been cast or granted as requested in the notice of solicitation, whether or not the notice of solicitation is actually received by that Shareholder, unless the Shareholder expresses
written objection to the vote or consent by notice given in the manner provided in Section 10.6 above and actually received by the Trust within twenty (20) days after the notice of solicitation is effected. The Sponsor and all persons
dealing with the Trust shall be entitled to act in reliance on any vote or consent which is deemed cast or granted pursuant to this Section and shall be fully indemnified by the Trust in so doing. Any action taken or omitted in reliance on any such
deemed vote or consent of one or more Shareholders shall not be void or voidable by reason of timely communication made by or on behalf of all or any of such Shareholders in any manner other than as expressly provided in Section 10.6. 

Section 10.12 Statutory Trust Only. It is the intention of the parties hereto to create a statutory trust pursuant to the Delaware Act. It is not
the intention of the parties hereto to create a general partnership, limited partnership, joint stock association, corporation, bailment, or any form of legal relationship other than a statutory trust pursuant to the Delaware Act. Nothing in this
Declaration of Trust and Trust Agreement shall be construed to make the Shareholders, either by themselves or with the Trustee, partners or members of a joint stock association. 

[Remainder of Page Intentionally Blank; Signature Page Follows.] 

 IN WITNESS WHEREOF, the parties hereto have caused this Amended and Restated Declaration of Trust and
Trust Agreement to be duly executed by their respective officers or representatives hereunto duly authorized, as of the day and year first above written. 
  

			
	DIGITAL ASSET SERVICES, LLC, as Sponsor:
		
	 By:
	 	 /s/ Cameron Winklevoss

	 Name:
	 	Cameron Winklevoss
	 Title:
	 	Manager
	
	DELAWARE TRUST COMPANY, as Trustee:
		
	By:	 	 /s/ Alan R. Halpern

	Name:	 	 Alan R. Halpern

	Title:	 	 Vice PresidentEX-4.2

 Exhibit 4.2 

FORM OF AGREEMENT 
 FORM
OF 
 PARTICIPANT AGREEMENT 

This Participant Agreement (the “Agreement”), dated as of
                    , is entered into by and among [Name of Authorized Participant] (the “Authorized Participant”),
the Winklevoss Bitcoin Trust (the “Trust”), and Digital Asset Services, LLC, a Delaware limited liability company, as sponsor of the Trust (the “Sponsor”) and is subject to acceptance by State Street Bank and Trust
Company, as Transfer Agent of the Trust (the “Transfer Agent”). 
 SUMMARY 

As provided in the Declaration of Trust of the Trust (the “Trust Agreement”) as currently in effect and described in the
Registration Statement (defined below), units of fractional undivided beneficial interest in and ownership of the Trust (the “Shares”) may be created or redeemed in aggregations (each aggregation, a “Basket”) as
specified in the Registration Statement. Baskets are offered only pursuant to the registration statement of the Trust on Form S-1, as amended (Registration No.:
333-189752), as declared effective by the Securities and Exchange Commission (“SEC”) and as the same may be amended from time to time thereafter or any successor registration statement in
respect of Shares of the Trust (the “Registration Statement”) filed with the SEC under the Securities Act of 1933, as amended (the “1933 Act”), as amended from time to time. Under the Trust Agreement, the Sponsor is
authorized to issue Baskets to, and redeem Baskets from, Authorized Participants, only through the facilities of The Depository Trust Company (“DTC” or the “Depository”), or a successor depository, and only in
exchange for bitcoin or Shares. This Agreement sets forth the specific procedures by which an Authorized Participant may create or redeem Baskets. 

Capitalized terms used but not otherwise defined in this Agreement shall have the meanings assigned to such terms in the Trust Agreement. To
the extent there is a conflict between any provision of this Agreement and the provisions of the Trust Agreement, the provisions of the Trust Agreement shall control. To the extent there is a conflict between any provision of this Agreement and the
provisions of the Registration Statement, the Registration Statement shall control. 
 Nothing in this Agreement shall obligate the
Authorized Participant to create or redeem one or more Baskets of Shares or to sell or offer to sell Shares. 
 To give effect to the
foregoing premises and in consideration of the mutual covenants and agreements set forth below, the parties hereto agree as follows: 

Section 1.    Order Placement. To place orders to create or redeem one or more Baskets, Authorized
Participants must follow the procedures for creation and redemption referred to in Section 3 of this Agreement and the procedures described in Exhibit C hereto (the “Procedures”), as each may be amended, modified
or supplemented from time to time with notice to the Authorized Participant. 

 Section 2.    Status of Authorized Participant. The Authorized
Participant represents and warrants and covenants the following: 
 (a)    The Authorized Participant is a participant
of DTC (as such a participant, a “DTC Participant”). If the Authorized Participant ceases to be a DTC Participant, the Authorized Participant shall give immediate notice to the Sponsor and the Transfer Agent of such event, and this
Agreement shall terminate immediately as of the date the Authorized Participant ceased to be a DTC Participant. 

(b)    Unless Section 2(d) applies, the Authorized Participant either (i) is registered as a broker-dealer under the
Securities Exchange Act of 1934, as amended (the “1934 Act”), and is a member in good standing of the Financial Industry Regulatory Authority (“FINRA”), or (ii) is exempt from being, or otherwise is not
required to be, licensed as a broker-dealer or a member of FINRA, and in either case is qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. The Authorized Participant shall
maintain any such registrations, qualifications and membership in good standing, or, if applicable, exempt status, in full force and effect throughout the term of this Agreement. The Authorized Participant shall comply with all applicable United
States federal laws and all applicable rules of the SEC, the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated thereunder, and with FINRA’s Constitution and
By-Laws and the Conduct Rules of FINRA (the “FINRA Conduct Rules”), if it is a FINRA member, and shall not offer or sell Shares in any state or jurisdiction where they may not lawfully be
offered and/or sold. 
 (c)    The Authorized Participant understands and acknowledges that the proposed method by which
Baskets will be created and traded may raise certain issues under applicable securities laws. For example, because new Shares can be created and issued on an ongoing basis, depending upon the facts and circumstances, at any point during the life of
the Trust, a “distribution,” as such term is used in the 1933 Act, may be occurring. The Authorized Participant is cautioned that, depending on the circumstances and under certain possible interpretations of applicable law, some of its
activities may be deemed participation in a distribution in a manner that would render it a statutory underwriter and subject it to the prospectus delivery and liability provisions of the 1933 Act. The Authorized Participant should review the
“Plan of Distribution” section of the Registration Statement and consult with its own counsel in connection with entering into this Agreement and submitting an order for the creation of Basket(s) on a Creation/Redemption Order Form (as
defined below). 
 (d)    If the Authorized Participant is offering or selling Shares in jurisdictions outside the
several states, territories and possessions of the United States and is not otherwise required to be registered, qualified or a member of FINRA as set forth in Section 2(b) above, the Authorized Participant shall (i) observe the applicable laws
of the jurisdiction in which such offer and/or sale is made, (ii) comply with the full disclosure requirements of the 1933 Act, and the regulations promulgated thereunder, and (iii) conduct its business in accordance with the spirit of the
FINRA Conduct Rules. 
 (e)    The Authorized Participant further represents that its anti-money laundering program
(“AML Program”) is maintained consistent with all applicable federal laws, rules and 

  
 2 

 
regulations, including the USA Patriot Act and rules promulgated by the SEC, and that its AML Program, at a minimum, (i) designates a compliance officer to administer and oversee the AML
Program, (ii) provides ongoing employee training, (iii) includes an independent audit function to test the effectiveness of the AML Program, (iv) establishes internal policies, procedures, and controls that are tailored to its
particular business, (v) includes a customer identification program consistent with the rules under Section 326 of the USA Patriot Act, (vi) provides for the filing of all necessary anti-money laundering reports including, but not
limited to, currency transaction reports and suspicious activity reports, (vii) provides for screening all new and existing customers against reports and suspicious activity reports, (viii) provides for screening all new and existing
customers against the Office of Foreign Asset Control list and any other government list that is or becomes required under the USA Patriot Act, and (ix) allows for appropriate regulators to examine its anti-money laundering books and records.

 Section 3.    Orders. (a) All orders to create or redeem Baskets shall be made in accordance with
the terms of the Trust Agreement, this Agreement, the Registration Statement and the Procedures. Each party shall comply with such foregoing terms and procedures to the extent applicable to it. The Authorized Participant hereby consents to the use
of recorded telephone lines whether or not such use is reflected in the Procedures and the Authorized Participant may reasonably request that it be provided with copies or transcripts of such recordings. The Sponsor and the Transfer Agent may issue
additional or other procedures from time to time relating to the manner of creating or redeeming Baskets which are not related to the Procedures, and the Authorized Participant shall comply with such procedures of which it has reasonable prior
notice in accordance with this Agreement. 
 (b)    The Authorized Participant acknowledges and agrees on behalf of
itself and any party for which it is acting (whether such party is a customer or otherwise) that each order to create or redeem a Basket (a “Creation/Redemption Order Form” or an “Order”) may not be revoked by the
Authorized Participant after its delivery to and acceptance by the Sponsor. Notwithstanding the foregoing, the Sponsor and the Transfer Agent on behalf of the Trust each agrees to undertake commercially reasonable efforts to accommodate requests by
the Authorized Participant to cancel any Purchase Order or Redemption Order before the Order Cut-Off Time. In the event that the Sponsor and/or Transfer Agent cancels a Purchase Order or Redemption Order at
the Authorized Participant’s request, the Authorized Participant agrees to bear reasonable exchange or processing fees, if applicable. A form of Creation/Redemption Order Form is attached hereto as Exhibit B. 

(c)    The Sponsor shall have the absolute right, but shall have no obligation, to reject any Creation/Redemption Order
Form (i) it determines not to be in proper form; (ii) the acceptance or receipt of which could, in the opinion of counsel to the Sponsor, be unlawful; or (iii) if circumstances outside the control of the Sponsor, the Transfer Agent or
the Trust’s custodian, as applicable, make it, for all practical purposes, not feasible to process Creation Baskets. The Sponsor shall reject a Creation/Redemption Order Form if it believes that such order would have adverse tax consequences to
the Trust or its shareholders. The Sponsor shall notify the Authorized Participant prior to such rejection of its intention to reject such Purchase Order or Redemption Order and (to the extent it is permitted to do so) the reason for such rejection,
and in the event that the rejection was due to the Purchase Order or Redemption Order not being in proper form, to the extent possible, provide the Authorized Participant an 

  
 3 

 
opportunity to place the Purchase Order or Redemption Order in proper form prior to rejection. Neither the Sponsor nor the Transfer Agent shall be liable to any person by reason of the rejection
of any Creation/Redemption Order Form or Creation Basket Capital Contribution. Notwithstanding the foregoing, the Sponsor will promptly cause to be returned to the Authorized Participant upon rejection of a Purchase Order or Redemption Order all
consideration, including bitcoin and cash tendered by the Authorized Participant, including any transaction fees, in respect of such rejected Purchase Order. 

(d)    The Sponsor shall reject any Redemption Order whereby the fulfillment of which counsel to the Sponsor advises in
writing would be illegal under applicable laws and regulations, in which case the Sponsor or the Transfer Agent shall notify the Authorized Participant of such rejection as set forth in Section 3(c) above. Neither the Sponsor nor the Transfer Agent
shall have liability to any person for the rejection of a Redemption Order in such circumstances, except for the return to the Authorized Participant all consideration tendered by the Authorized Participant in respect of such rejected Redemption
Order as set forth in Section 3(c) above. 
 (e)    The Sponsor may, in its discretion, suspend the right of redemption,
or postpone the applicable Redemption Settlement Time, (i) for any period during which the Bats BZX Exchange, Inc. or any exchange on which the Trust’s assets are regularly traded is closed other than for customary weekend or holiday
closings, or trading is suspended or restricted; (ii) for any period during which a Force Majeure Event exists as a result of which delivery, disposal or evaluation of the Trust’s assets is not reasonably practicable; (iii) for
such other period as the Sponsor determines in good faith to be necessary for the protection of the Beneficial Owners; or (iv) as otherwise provided in the Registration Statement. The Sponsor shall promptly notify the Authorized Participant of
any action taken pursuant to this Section 3(e). The Sponsor and the Transfer Agent shall not be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement. 

Section 4.    Fees. In connection with each Order by an Authorized Participant to create or redeem one or more
Baskets, the Authorized Participant agrees to pay the Transaction Fee prescribed in the Trust Agreement and/or the Registration Statement (as applicable) with respect to such creation or redemption. The Transaction Fee may be adjusted from time to
time as set forth in the Trust Agreement and/or the Registration Statement (as applicable) provided, however, that the Authorized Participant shall be notified of any change in the Transaction Fee in advance of any such change. As described in the
Procedures, the Authorized Participant agrees to pay an additional processing charge if the Authorized Participant fails to timely deliver the Baskets. 

Section 5.    Authorized Persons. Concurrently with the execution of this Agreement and from time to time
thereafter, the Authorized Participant shall deliver to the Sponsor and the Transfer Agent, duly certified as appropriate by its secretary or other duly authorized person, a certificate in the form of Exhibit A setting forth the names and
signatures of all persons authorized to give instructions relating to activity contemplated hereby or by any other notice, request or instruction given on behalf of the Authorized Participant (each, an “Authorized Person”). The
Sponsor and the Transfer Agent may accept and rely upon such certificate as conclusive evidence of the facts set forth therein and shall consider such certificate to be in full force and effect until the Sponsor and the Transfer Agent receive a
superseding certificate 

  
 4 

 
bearing a subsequent date. Upon the termination or revocation of authority of any Authorized Person by the Authorized Participant, the Authorized Participant shall give prompt written notice of
such fact to the Sponsor and the Transfer Agent and such notice shall be effective upon receipt by Sponsor and the Transfer Agent. The Transfer Agent shall issue to each Authorized Person a unique personal identification number (the “PIN
Number”) by which such Authorized Person shall be identified and by which instructions issued by the Authorized Participant to the Transfer Agent and/or the Sponsor, as applicable, hereunder shall be authenticated. The PIN Number shall be
kept confidential by the Authorized Participant and shall only be provided to the Authorized Person and the Transfer Agent. If, after issuance, the Authorized Person’s PIN Number is changed, the new PIN Number shall become effective on a date
mutually agreed upon by the Authorized Participant and the Transfer Agent. If for some reason, the Authorized Participant’s PIN Number is compromised, the Authorized Participant must contact the Transfer Agent promptly in order for a new one to
be issued. 
 Section 6.    Redemption. The Authorized Participant represents and warrants that it shall not
obtain an Order Number (as described in the Procedures) from the Transfer Agent for the purpose of redeeming a Basket unless (i) it or its customer, as the case may be, owns outright or has a reasonable basis to believe that it can acquire the
Basket of Shares or has full legal authority and legal and beneficial right to tender for redemption the Baskets to be redeemed and to receive the entire proceeds of the redemption, and (ii) such Baskets have not been loaned or pledged to
another party and are not the subject of a repurchase agreement, securities lending agreement or any other arrangement which would preclude the delivery of such Baskets to the Transfer Agent on the Business Day following the date the redemption
order is placed. 
 Section 7.    Role of Authorized Participant. (a) The Authorized Participant
acknowledges that, for all purposes of this Agreement and the Trust Agreement, the Authorized Participant shall be deemed to be an independent contractor and shall have no authority to act as agent for the Trust, the Sponsor or the Transfer Agent in
any matter or in any respect. 
 (b)    The Authorized Participant will make itself and its employees available, upon
request, during normal business hours to consult with the Sponsor or their designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement. 

(c)    With respect to any creation or redemption transaction made by the Authorized Participant pursuant to this
Agreement for the benefit of any customer or any other DTC Participant or Indirect Participant, or any other Beneficial Owner, the Authorized Participant shall extend to any such party all of the rights, and shall be bound by all of the obligations,
of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Trust Agreement. 

(d)    Upon reasonable request by the Sponsor, the Authorized Participant will, subject to any limitations arising under
federal or state laws or other obligations it may have to its customers, provide the Sponsor written notice indicating the number of Shares that the Authorized Participant may hold as record holder and the number of such Shares that it holds for the
benefit of other broker-dealers that clear and settle transactions in Shares through the Authorized Participant, in each case as of the date of such request, with respect to the Trust. In addition, the Authorized Participant agrees, upon request of
the Sponsor, and subject to 

  
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applicable laws, rules and regulations, to transmit to its account holders who are Beneficial Owners of Shares, such written materials received from the Sponsor (including notices, annual
reports, disclosure or other informational or tax materials and any amendments or supplements thereto and other communications) as may be required to be transmitted to Beneficial Owners pursuant to the Trust Agreement or applicable law, provided
that the expenses associated with such transmissions shall be borne by the Sponsor in accordance with usual custom and practice in respect of such communications. The Sponsor agrees that the names, addresses and other information concerning the
Authorized Participant’s customers are and shall remain the sole property of the Authorized Participant and the Sponsor, the Trust or any of their respective affiliates shall not use such names, addresses or other information for any purpose
except to the extent strictly necessary to comply with applicable law and regulation. Notwithstanding the foregoing, such names, addresses or other information shall not be deemed to be the sole property of the Authorized Participant if it is
obtained by the Sponsor or the Trust (i) from a source not known by it to be under any obligation of confidentiality to the Authorized Participant, (ii) which was, is or hereafter becomes part of the public domain without any violation of
this Agreement on the part of the Trust or the Sponsor, (iii) the names and address and other information are that of Shareholders of the Trust and were independently compiled as a result thereof. 

Section 8.    Indemnification. 

(a)    The Authorized Participant hereby indemnifies and holds harmless the Trust, the Sponsor, the Transfer Agent, the
Trust’s custodian and their respective direct or indirect affiliates (as defined below) and their respective directors, trustees, Sponsors, partners, members, managers, officers, employees and agents (each, an “AP Indemnified
Party”) from and against any losses, liabilities, damages, costs and expenses (including reasonable attorneys’ fees and the reasonable costs of investigation) incurred by such AP Indemnified Party as a result of or in connection with:
(i) any material breach by the Authorized Participant of any provisions of this Agreement, including its representations, warranties and covenants; (ii) any failure on the part of the Authorized Participant to perform any of its
obligations set forth in this Agreement; (iii) any failure by the Authorized Participant to comply with applicable laws and the rules and regulations of self-regulatory organizations, to the extent relating to its role as an authorized
participant hereunder, except the Authorized Participant shall not be required to indemnify an AP Indemnified Party to the extent that such failure was caused by the Authorized Participant’s reasonable reliance on instructions given or
representations made by one or more AP Indemnified Parties that provided such instructions or representations and the Authorized Participant did not know that such reliance would cause it not to be in compliance with such applicable laws;
(iv) any actions of such AP Indemnified Party in reliance upon any instructions issued in accordance with the Procedures reasonably believed by the AP Indemnified Party to be genuine and to have been given by the Authorized Participant, except
to the extent that such instructions were provided by a person whom the Authorized Participant duly informed the Transfer Agent and the Sponsor was no longer an Authorized Person prior to the time of such instructions; or (v) (A) any
representation by the Authorized Participant, its employees or its agents or other representatives about the Shares, any AP Indemnified Party or the Trust that is not consistent with the Trust’s Registration Statement made in connection with
the offer or the solicitation of an offer to buy or sell Shares and (B) any untrue statement or alleged untrue statement of a material fact contained in any research reports, marketing material and sales

  
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literature described in Section 12(b) hereof or any alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading to
the extent that such statement or omission relates to the Shares, any AP Indemnified Party or the Trust, unless, in either case, such representation, statement or omission was made or included by the Sponsor or the Trust in materials furnished by
the Sponsor or the Trust to the Authorized Participant, or, was made or included by the Authorized Participant at the written direction of the Sponsor or the Trust or is based upon any omission or alleged omission by the Sponsor to state a material
fact in connection with such representation, statement or omission necessary to make such representation, statement or omission not misleading. The Authorized Participant shall not have any obligation to indemnify the AP Indemnified Party for any
damages to the extent arising out of mistakes or errors in data provided to the Authorized Participant by an AP Indemnified Party, mistakes or errors by, or out of interruptions or delays of communications with the AP Indemnified Parties who are
service providers to the Trust, or extreme weather, a Force Majeure Event or other similar event outside the control of the Authorized Participant. The Authorized Participant shall not be liable under the indemnity contained in this Section with
respect to any claim made against any AP Indemnified Party unless the AP Indemnified Party shall have notified the Authorized Participant in writing of the claim within a reasonable time after the summons or other first written notification giving
information of the nature of the claim shall have been served upon the AP Indemnified Party (or after the AP Indemnified Party shall have received notice of service on any designated agent). However, failure to notify the Authorized Participant of
any claim shall not relieve the Authorized Participant from any liability that it may have to any AP Indemnified Party against whom such action is brought otherwise than on account of the indemnity agreement contained in this Section and shall only
release it from such liability under this Section to the extent it has been materially prejudiced by such failure to receive notice. 

(b)    The Sponsor hereby agrees to indemnify and hold harmless the Authorized Participant, its respective subsidiaries,
affiliates, directors, officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each, a “Sponsor Indemnified Party”) from and against any losses,
liabilities, damages, costs and expenses (including reasonable attorneys’ fees and the reasonable cost of investigation) incurred by such Sponsor Indemnified Party as a result of (i) any material breach by the Sponsor of any provision of
this Agreement that relates to the Sponsor including a breach of any representation, warranty, covenant or agreement herein; (ii) any representations provided by the Sponsor herein relating to this Agreement, the Registration Statement or the
issuance or distribution of Shares that is false or misleading in any material respect or omits material information necessary to make the statement contained therein complete; (iii) any failure on the part of the Sponsor to perform any
obligation of the Sponsor set forth in this Agreement; (iv) any failure by the Sponsor to comply with applicable laws in connection with this Agreement and the offer, sale, creation, redemption and marketing of the Shares, including rules and
regulations of self-regulatory organizations; (v) actions of such Sponsor Indemnified Party taken in reasonable reliance upon any instructions issued or representations reasonably believed by the Sponsor Indemnified Party to be genuine and to
have been given by or on behalf of the Sponsor; (vi) any (1) representation by the Sponsor, its employees or its agents or other representatives about the Trust, the Shares or any affiliated person of Trust that is not consistent with the
Trust’s then-current Registration Statement made in connection with the offer or the solicitation of an offer to buy or sell Shares, and (2) any untrue statement or alleged untrue statement of a material fact

  
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contained in the Registration Statement as originally declared effective by the SEC or in any amendment thereof, or arising out of or based upon the omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein not misleading or (vii) any untrue statement or alleged untrue statement of a material fact, or omission or alleged omission of a material fact, made in
any Marketing Materials prepared by or for the Sponsor or Trust and/or furnished to the Authorized Participant by the Sponsor or the Trust or any agent on behalf of the Sponsor or the Trust, or any disclosure provided by the Sponsor to the
Authorized Participant for inclusion in Marketing Materials prepared by the Authorized Participant. 
 (c)    This
Section 8 shall not apply to the extent any such losses, liabilities, damages, costs and expenses are incurred as a result of or in connection with any gross negligence, bad faith or willful misconduct on the part of the AP Indemnified Party or
the Sponsor Indemnified Party, as the case may be. The term “affiliate” in this Section 8 shall include, with respect to any person, entity or organization, any other person, entity or organization which directly, or indirectly
through one or more intermediaries, controls, is controlled by or is under common control with such person, entity or organization. 

(d)    The indemnity agreements contained in this Section 8 shall remain in full force and effect regardless of any
investigation made by or on behalf of the Authorized Participant, its partners, stockholders, members, directors, officers, employees or any person (including each partner, stockholder, member, director, officer or employee of such person) who
controls the Authorized Participant within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, or by or on behalf of the Sponsor, its partners, stockholders, members, managers, directors, officers, employees or any
person who controls the Sponsor within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, and shall survive any termination of this Agreement. The Sponsor, for itself and on behalf of the Trust, Sponsor Indemnified
Party, and the Authorized Participant agree promptly to notify, to the extent practicable and legally permissible, each other of the commencement of any Proceeding against it or any AP Indemnified Party or Sponsor Indemnified Party, as the case may
be, relating to this Agreement and, in the case of the Sponsor, against any of the Sponsor’s officers or directors, in connection with the issuance and sale of the Shares or in connection with the Registration Statement. 

Section 9.    (a) Limitation of Liability. Other than in connection with a material misstatement or omission
of a material fact in the Registration Statement, in the absence of negligence, bad faith or willful misconduct, neither the Sponsor, whether acting on its own behalf or on behalf of the Trust, nor the Authorized Participant shall be liable to each
other or to any other person, including any party claiming by, through or on behalf of the Authorized Participant, for any losses, liabilities, damages, costs or expenses arising out of any mistake or error in data or other information provided to
any of them by each other or any other person or out of any interruption or delay in the electronic means of communications used by them.    In the absence of gross negligence, bad faith or willful misconduct, the Transfer Agent
shall not be liable to the Sponsor, whether acting on its own behalf or on behalf of the Trust, or to the Authorized Participant or to any other person, including any party claiming by, through or on behalf of the Authorized Participant, for any
losses, liabilities, damages, costs or expenses arising out of any mistake or error in data or other information provided to it by the Sponsor, the Authorized Participant or any other person or out of any interruption or delay in the electronic

  
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means of communications used by it. Subject to the foregoing, any references to the Transfer Agent or the Trust’s custodian herein shall not be deemed to imply, nor have such parties agreed,
to undertake any obligations under this Agreement nor made any representations or warranties under this Agreement and none of such parties shall be required to advance, expend or risk its own funds or otherwise incur, become exposed to or be
responsible for any loss, liability, damages, costs or expenses hereunder or in connection herewith regardless of form of action or legal theory including, without limitation, any type of special, indirect or consequential loss or damage of any kind
whatsoever. Notwithstanding the foregoing, the Transfer Agent shall not be liable for any error of judgment made in good faith unless it shall have been grossly negligent in ascertaining the pertinent facts necessary to make such judgment. In no
event shall the Sponsor, Transfer Agent or Authorized Participant be liable for the acts or omissions of DTC, NSCC or any other securities depository or clearing corporation. In no event shall the Sponsor, Transfer Agent or Authorized Participant be
liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profit), even if such parties have been advised of the likelihood of such loss or damage and regardless of the form of action.

 (b)    Trust Liability. It is expressly acknowledged and agreed that (i) the obligations of the Trust
hereunder shall not be binding upon any shareholder, Trustee, officer, employee or agent of the Trust or the Sponsor, personally, and (ii) the debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with
respect to the Trust shall be enforceable against the assets of the Trust only, and not against the assets of any other trust sponsored by the Sponsor, and none of the debts, liabilities, obligations, and expenses incurred, contracted for, or
otherwise existing with respect to any other trust shall be enforceable against the assets of the Trust. This Agreement has been duly authorized, executed and delivered by the Trust and neither such authorization nor such execution and delivery
shall be deemed to have been made by any of them individually or to impose any liability on any of them personally. 

(c)    Tax Liability. The Authorized Participant shall be responsible for the payment of any transfer tax, sales or
use tax, stamp tax, recording tax, value added tax and any other similar tax or government charge applicable to the creation or redemption of any Basket made pursuant to this Agreement, regardless of whether or not such tax or charge is imposed
directly on the Authorized Participant. To the extent the Sponsor or the Trust is required by law to pay any such tax or charge, the Authorized Participant agrees to promptly indemnify such party for any such payment, together with any applicable
penalties, additions to tax or interest thereon. 
 Section 10.    Acknowledgment. The Authorized
Participant acknowledges receipt of (i) a copy of the Trust Agreement and (ii) the current Registration Statement and represents that it has reviewed and understands such documents. 

Section 11.    Effectiveness and Termination. Upon the execution of this Agreement by the parties hereto, this
Agreement shall become effective in this form as of the date first set forth above, and may be terminated at any time by any party upon thirty (30) days prior written notice to the other parties unless earlier terminated: (i) in accordance
with Section 2(a) hereof; (ii) upon notice to the Authorized Participant or the Sponsor in the event of a breach by the Authorized Participant or the Sponsor of this Agreement or the procedures described or incorporated herein;
(iii) immediately in the circumstances described in Section 17(j) hereof; or (iv) at such time as the Trust is terminated pursuant to the Trust Agreement. 

  
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 Section 12.    Marketing Materials; Representations Regarding Shares;
Identification in Registration Statement. 
 (a)    The Authorized Participant represents, warrants and covenants
that (i) without the written consent of the Sponsor, the Authorized Participant shall not make, or permit any of its representatives to make, any representations concerning the Shares or any AP Indemnified Party other than representations
contained (A) in the then-current Registration Statement, (B) in printed information approved by the Sponsor as information supplemental to such Registration Statement or (C) in any promotional materials or sales literature furnished
to the Authorized Participant by the Sponsor (each of (B) and (C) referred to herein as “Marketing Materials”), or (D) other information and materials filed by the Trust with the SEC or made available on any website controlled
Sponsor or the Trust, and (ii) the Authorized Participant shall not furnish or cause to be furnished to any person or display or publish any information or material relating to the Shares, any AP Indemnified Person or the Trust that are not
consistent with the Trust’s then current Registration Statement. The foregoing shall apply to (i) written materials of any kind which relate to asset allocation or strategic or economic matters that generally mention the Trust without
recommending or describing the Trust; (ii) materials prepared and used for the Authorized Participant’s internal use only; (iii) brokerage communications prepared by the Authorized Participant in the normal course of its business; and
(iv) research reports as described in Section 12(b) of this Agreement ((i) through (iv) of this Section 4(c) are hereinafter referred to as “Excluded Materials”). Copies of the then current Registration Statement and any such
printed supplemental information or amendments thereto will be supplied by the Sponsor to the Authorized Participant in reasonable quantities upon request. 

(b)    Notwithstanding the foregoing, the Authorized Participant may, without the written approval of the Sponsor, prepare
and circulate in the regular course of its business, Excluded Material, research reports, institutional communications (as such term in defined in FINRA Rule 2210 or any successor rule), correspondence (as such term is defined in FINRA Rule 2210 or
any successor rule) marketing material, sales literature that includes information, opinions or recommendations relating to the Shares other similar materials that include information, opinions or recommendations relating to Shares (i) for
public dissemination, provided that such research reports, marketing material or sales literature comply with all applicable laws, rules and regulations; and (ii) for internal use by the Authorized Participant. The Authorized Participant shall
file all such Excluded Materials, research reports, marketing material and sales literature related to the Shares with FINRA to the extent required by the FINRA Conduct Rules. 

(c)    The Authorized Participant hereby agrees that for the term of this Agreement the Sponsor may deliver the
then-current Registration Statement, and any supplements or amendments thereto or recirculation thereof, to the Authorized Participant in Portable Document Format (“PDF”) via electronic mail to
[            ], in printable form, in lieu of delivering the Registration Statement in paper form. The Authorized Participant acknowledges that it has the capability to access, view, save
and print material provided to it in PDF and that it will incur no appreciable extra costs by receiving the Registration Statement in PDF instead of in paper form. 

  
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 (d)    The Sponsor, on its own behalf and on behalf of the Trust, agrees, for
as long as this Agreement is effective, not to identify or name the Authorized Participant in the Registration Statement or in any Marketing Materials for the Trust without the prior written consent of the Authorized Participant, which consent shall
not be unreasonably withheld. The Authorized Participant hereby consents to be named as an Authorized Participant of the Trust in the Registration Statement. If the Authorized Participant agrees to be identified in any of such documents, upon the
termination of this Agreement, (i) the Sponsor shall remove such identification from the Registration Statement in the amendment of either the Registration Statement or a supplement to the Registration Statement, as applicable, next occurring
after the date of the termination of this Agreement and (ii) the Sponsor shall promptly update the Trust’s website to remove any identification of the Authorized Participant as an authorized participant of the Trust. 

(e)    Except as required by court order or requested by any regulatory or self-regulatory authority of competent
jurisdiction, the Sponsor agrees that it will not, without prior written consent of the Authorized Participant, use in advertising or publicity the name of the Authorized Participant or any affiliate of the Authorized Participant, any trade name,
trademark, trade device, service mark, symbol or any abbreviation, contraction or simulation thereof owned by the Authorized Participant or any of its affiliates or represent, directly or indirectly, that any product or any service provided or
distributed by the Trust or the Sponsor has been approved or endorsed by the Authorized Participant or any of its affiliates or that the Authorized Participant acts as underwriter, distributor or selling group member with respect to the Shares. This
provision shall survive termination or expiration of this Agreement. 
 Section 13.    Certain Representations,
Warranties and Covenants of the Sponsor. The Sponsor, on its own behalf and as sponsor of the Trust, covenants and agrees: 

(a)    that (i) it has taken all actions necessary to execute this Agreement; (ii) the person(s) executing this
Agreement on its behalf has been duly authorized to do so; (iii) the Registration Statement conforms in all material respects to the requirements of the 1933 Act and the rules and regulations of the SEC thereunder and do not and will not, as of
the applicable effective date as to the Registration Statement and any amendment thereto and as of the applicable filing date as to the prospectus and any amendment or supplement thereto, contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, (iv) the sale and distribution of the Shares as contemplated herein will
not conflict with or result in a breach or violation of any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Trust or the Sponsor, and (v) no consent, approval, authorization,
order, registration or qualification of or with any such court or governmental agency is required for the issuance of the Shares, except registration of the Shares under the 1933 Act, which has occurred and is in effect for the Shares; (vi) the
Registration Statement has been declared effective by the SEC under the 1933 Act, and the SEC has not issued any stop order or other order or notice preventing or suspending the use of the Registration Statement or the prospectus, and no proceedings
for such purpose have been instituted, are pending or, to the best of its knowledge, are being contemplated or threatened by the SEC; (vii) the Shares, bitcoin or any Basket of securities, when issued and delivered against payment of
consideration, as provided in this Agreement, will be validly issued, fully paid and non-assessable and free of statutory and contractual preemptive rights, rights of first refusal and similar rights;
(viii) prior to the launch of the Trust, the Trust’s Shares have been approved for 

  
 11 

 
listing on the Bats BZX Exchange, Inc.; and (ix) all Marketing Materials prepared by the Trust, the Sponsor or any of their agents on their behalf, or to be prepared by any of them in the
future and provided to the Authorized Participant in connection with the offer and sale of Shares, comply with applicable law, including without limitation, as applicable, the provisions of the 1933 Act, FINRA’s marketing rules, and the rules
and regulations of the SEC. 
 (b)    to notify the Authorized Participant promptly of the happening of any event during
the term of this Agreement which could require the making of any change in the Registration Statement so that the Registration Statement would not include an untrue statement of material fact or omit to state a material fact necessary to make the
statements therein, in the light of the circumstances under which they are made, not misleading, and, will promptly coordinate with the Trust to amend such Registration Statement so that it is complete and accurate in all material respects and
complies with applicable law and furnish, at the expense of the Trust, as applicable, to the Authorized Participant promptly such amendments or supplements to such Registration Statement as may be necessary to reflect any such change. 

Section 14.    Third Party Beneficiaries. Each AP Indemnified Party, to the extent it is not a party to this
Agreement, is a third-party beneficiary of this Agreement (each, a “Third Party Beneficiary”) and may proceed directly against the Authorized Participant (including by bringing proceedings against the Authorized Participant in its
own name) to enforce any obligation of the Authorized Participant under this Agreement which directly or indirectly benefits such Third Party Beneficiary. 

Section 15.    Force Majeure. No party to this Agreement shall incur any liability for any delay in
performance, or for the non-performance, of any of its obligations under this Agreement by reason of any cause beyond its reasonable control. This includes any Act of God or war or terrorism, any breakdown,
malfunction or failure of transmission in connection with or other unavailability of any wire, communication or computer facilities beyond its reasonable control, any transport, port, or airport disruption, industrial action, acts and regulations
and rules of any governmental or supra-national bodies or authorities or regulatory or self-regulatory organization or failure of any such body, authority or organization for any reason to perform its obligations (each, a “Force Majeure
Event”). 
 Section 16.    Ambiguous Instructions. If a Creation/Redemption Order Form otherwise in
good form contains order terms that differ from the information provided in the telephone call at the time of issuance of the applicable order number, the Transfer Agent will attempt to contact one of the Authorized Persons of the Authorized
Participant to request confirmation of the terms of the Order. If an Authorized Person confirms the terms as they appear in the Order, then the Order shall be accepted and processed. If an Authorized Person contradicts the Order terms, the Order
shall be deemed invalid, and a corrected Order must be received by the Transfer Agent not later than the earlier of: (i) within 15 minutes of such contact with the Authorized Person; or (ii) 45 minutes after the Order Cut-Off Time. The Transfer Agent will attempt to promptly contact an Authorized Person regarding any inconsistency with the terms of the telephone information. In the event that an Order contains terms that are
illegible, the Order shall be deemed invalid and the Transfer Agent will use reasonable efforts to contact one of the Authorized Persons of the Authorized Participant to request retransmission of the Order. A corrected Order must be received by the
Transfer Agent not later than the earlier of (i) within 15 minutes of such contact with the Authorized Person or (ii) 45 minutes after the Order Cut-Off Time, as the case may be. 

  
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 Section 17.    Miscellaneous. 

(a)    Amendment and Modification. This Agreement and the exhibits hereto (the “Exhibits”) may be
amended, modified or supplemented by the Trust and the Sponsor, without consent of any Beneficial Owner or Authorized Participant from time to time by the following procedure. After the proposed amendment, modification or supplement has been agreed
to by the Sponsor, the Sponsor shall mail a copy of the proposed amendment, modification or supplement to the Authorized Participant. For the purposes of this Agreement, mail shall be deemed received by the recipient thereof on the third (3rd) day following the deposit of such mail into the United States postal system. Within ten (10) calendar days after its deemed receipt, the amendment, modification or supplement will become part
of this Agreement or the Exhibits, as the case may be, in accordance with its terms. 
 (b)    Waiver of
Compliance. Any failure of any of the parties to comply with any obligation, covenant, agreement or condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such
waiver, but any such written waiver, or the failure to insist upon strict compliance with any obligation, covenant, agreement or condition herein, shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. 

(c)    Notices. Except as otherwise specifically provided in this Agreement, all notices required or permitted to
be given pursuant to this Agreement shall be given in writing and delivered by personal delivery, by postage prepaid registered or certified United States first class mail, return receipt requested, by nationally recognized overnight courier
(delivery confirmation received) or by telex, electronic mail, telegram or telephonic facsimile or similar means of same day delivery (transmission confirmation received), with a confirming copy by regular mail, postage prepaid. Unless otherwise
notified in writing, all notices to the Trust shall be given or sent to the Sponsor and, if applicable, the Transfer Agent. All notices shall be directed to the address or telephone or facsimile numbers or electronic mail addresses indicated below
the signature line of the parties on the signature page hereof. 
 (d)    Successors and Assigns. This Agreement
and all of the provisions hereof shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. 

(e)    Assignment. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be
assigned by any party without the prior written consent of the other parties, except that any entity into which a party hereto may be merged or converted or with which it may be consolidated or any entity resulting from any merger, conversion, or
consolidation to which such party hereunder shall be a party, or any entity succeeding to all or substantially all of the business of the party, shall be the successor of the party under this Agreement and except that the Sponsor may delegate its
obligations hereunder by notice to the Authorized Participant, provided however that the Sponsor shall remain liable for any such delegated obligations hereunder as if performed by Sponsor itself. The party resulting from any such merger,

  
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conversion, consolidation or succession shall notify the other parties hereto of the change. Any purported assignment in violation of the provisions hereof shall be null and void. Notwithstanding
the foregoing, this Agreement shall be automatically assigned to any successor trustee or Sponsor at such time such successor qualifies as a successor trustee or Sponsor under the terms of the Trust Agreement. 

(f)    Governing Law; Consent to Jurisdiction. This Agreement shall be governed by and construed in accordance with
the laws of the State of New York (regardless of the laws that might otherwise govern under applicable conflict of laws principles) as to all matters, including matters of validity, construction, effect, performance and remedies. Each party hereto
irrevocably consents to the jurisdiction of the courts of New York State or the Southern District of New York of U.S. federal courts, in either case, located in the borough of Manhattan in New York City in connection with any action, suit or other
proceeding arising out of or relating to this Agreement or any action taken or omitted hereunder, and waives any claim of forum non conveniens and any objections as to laying of venue. Each party further waives personal service of any summons,
complaint or other process and agrees that service thereof may be made by certified or registered mail directed to such party at such party’s address for purposes of notices hereunder. 

(g)    Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to
be an original copy of this Agreement and all of which, when taken together, shall be deemed to constitute one and the same agreement, and it shall not be necessary in making proof of this Agreement as to any party hereto to produce or account for
more than one such counterpart executed and delivered by such party. 
 (h)    Interpretation. The section
headings contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the parties and shall not in any way affect the meaning or interpretation of this Agreement. 

(i)    Entire Agreement. This Agreement and the Trust Agreement, along with any other agreement or instrument
delivered pursuant to this Agreement and the Trust Agreement, supersede all prior agreements and understandings between the parties with respect to the subject matter hereof, provided, however, that the Authorized Participant shall not be deemed by
this provision to be a party to the Trust Agreement. 
 (j)    Severance. If any provision of this Agreement is
held by any court or any act, regulation, rule or decision of any other governmental or supra-national body or authority or regulatory or self-regulatory organization to be invalid, illegal or unenforceable for any reason, it shall be invalid,
illegal or unenforceable only to the extent so held and shall not affect the validity, legality or enforceability of the other provisions of this Agreement and this Agreement shall be construed as if such invalid, illegal, or unenforceable provision
had never been contained herein, provided, however, that if a party to this Agreement determines in its reasonable judgment that the provision of this Agreement that was held invalid, illegal or unenforceable does affect the validity,
legality or enforceability of one or more other provisions of this Agreement, and that this Agreement should not be continued without the provision that was held invalid, illegal or unenforceable, then the party shall notify the other party to this
Agreement of such determination, whereupon this Agreement shall immediately terminate. 

  
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 (k)    No Strict Construction. The language used in this Agreement
shall be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction shall be applied against any party. 

(l)    Survival. Section 8 (Indemnification), Section 9(a) (Limitation of Liability), Section 14 (Third
Party Beneficiaries), Section 17(f) (Governing Law; Consent to Jurisdiction), and this Section 17(l) shall survive the termination of this Agreement. 

(m)    Other Usages. The following usages shall apply in interpreting this Agreement: (i) references to a
governmental or quasi-governmental agency, authority or instrumentality shall also refer to a regulatory body that succeeds to the functions of such agency, authority or instrumentality; and (ii) “including” means “including, but not
limited to.” 
 [Signature Page Follows] 

  
 15 

 IN WITNESS WHEREOF, the Authorized Participant and the Sponsor, on behalf of itself and the
Trust, have caused this Agreement to be executed by their duly authorized representatives as of the date first set forth above. 
  

			
	Winklevoss Bitcoin Trust
	By Digital Asset Services, LLC
		
	By:	 	  

		
	Name:	 	Tyler Winklevoss
		
	Title:	 	Manager – CEO
		
	Address:	 	 30 W. 24th Street

4th Floor

New York, NY 10010

		
	Telephone:	 	646-751-4444
		
	Facsimile:	 	
		
	E-mail:	 	tyler@winklevosscapital.com
	
	[Name of Authorized Participant]
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

		
	Address:	 	  

		
	Telephone:	 	  

		
	Facsimile:	 	  

		
	E-mail:	 	  

  
 16 

			
	ACCEPTED BY:
	
	State Street Bank and Trust Company, as Transfer Agent
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

		
	Address:	 	  

		
	Telephone:	 	  

		
	Facsimile:	 	  

		
	E-mail:	 	  

  
 17 

 FORM OF AGREEMENT 

EXHIBIT A 
 FORM OF
CERTIFIED AUTHORIZED PERSONS OF AUTHORIZED PARTICIPANT 
 The following are the names, titles and signatures of all persons (each an
“Authorized Person”) authorized to give instructions relating to any activity contemplated by the Participant Agreement or any other notice, request or instruction on behalf of the Authorized Participant pursuant to the Participant
Agreement (as hereinafter defined). 
  

									
	Authorized Participant:	 	                                     
                         	 	    	 		 	

									
					
	Name:	 	  
	 		 	Name:	 	  

					
	Title:	 	  
	 		 	Title:	 	  

					
	Signature:	 	  
	 		 	Signature:	 	  

					
	E-mail:	 	  
	 		 	E-mail:	 	  

					
	Phone:	 	  
	 		 	Phone:	 	  

					
	Name:	 	  
	 		 	Name:	 	  

					
	Title:	 	  
	 		 	Title:	 	  

					
	Signature:	 	  
	 		 	Signature:	 	  

					
	E-mail:	 	  
	 		 	E-mail:	 	  

					
	Phone:	 	  
	 		 	Phone:	 	  

 The undersigned,
                             [name],
                             [title] of
                                     [company], does hereby
certify that the persons listed above have been duly elected to the offices set forth beneath their names, that they presently hold such offices, that they have been duly authorized to act as Authorized Persons pursuant to the Participant Agreement
by and among [Name of Authorized Participant], each of Winklevoss Bitcoin Trust and Digital Asset Services, LLC, dated             , 2016 (the “Participant
Agreement”), and that their signatures set forth above are their own true and genuine signatures. 
 In Witness Whereof, the
undersigned has hereby has caused this agreement to be executed on the date set forth below. 
  

			
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

		
	Date:

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