Document:

Exhibit 4.5

    

    

    

    

    

    

    

    

    THIRD AMENDED AND RESTATED

      DECLARATION OF TRUST

      AND

      TRUST AGREEMENT

      OF

      WSHARES BITCOIN FUND

    Dated as of September 23, 2022

    By and Among

    WILSHIRE PHOENIX FUNDS LLC

    and

    DELAWARE TRUST COMPANY

    

    

    
      
        

    

    
    TABLE OF CONTENTS

    Page

    	
            RECITALS

          	
            1

          
	 	 
	
            ARTICLE I      DEFINITIONS; THE TRUST

          	
            1

          
	 	 
	
            Section 1.1 Definitions

          	
            1

          
	
            Section 1.2 Name

          	
            7

          
	
            Section 1.3 Delaware Trustee; Offices

          	
            7

          
	
            Section 1.4 Declaration of Trust

          	
            7

          
	
            Section 1.5 Purposes and Powers

          	
            8

          
	
            Section 1.6 Tax Treatment

          	
            8

          
	
            Section 1.7 Legal Title

          	
            9

          
	 	 
	
            ARTICLE II      THE TRUSTEE

          	
            9

          
	 	 
	
            Section 2.1 Term; Resignation; Removal

          	
            9

          
	
            Section 2.2 Powers

          	
            10

          
	
            Section 2.3 Compensation of the Trustee

          	
            10

          
	
            Section 2.4 Indemnification

          	
            10

          
	
            Section 2.5 Successor Trustee

          	
            11

          
	
            Section 2.6 Liability of Trustee

          	
            11

          
	
            Section 2.7 Reliance; Advice of Counsel

          	
            12

          
	
            Section 2.8 Payments to the Trustee

          	
            13

          
	 	 
	
            ARTICLE III      SHARES;  ASSETS AND LIABILITIES OF TRUST; DISTRIBUTIONS

          	
            13

          
	 	 
	
            Section 3.1 General

          	
            13

          
	
            Section 3.2 Offer of Shares

          	
            13

          
	
            Section 3.3 Book-Entry-Only System

          	
            14

          
	
            Section 3.4 Assets of the Trust

          	
            15

          
	
            Section 3.5 Liabilities of the Trust

          	
            15

          
	
            Section 3.6 Distributions

          	
            15

          
	
            Section 3.7 Voting Rights

          	
            16

          
	
            Section 3.8 Equality

          	
            16

          
	 	 
	
            ARTICLE IV      TRANSFERS OF SHARES

          	
            16

          
	 	 
	
            Section 4.1 General

          	
            16

          
	 	 
	
            ARTICLE V      REDEMPTION OF SHARES

          	
            16

          
	 	 
	
            Section 5.1 Redemption of Shares

          	
            16

          
	
            Section 5.2 Right to Reject Redemption

          	
            18

          
	
            Section 5.3 Other Redemption Procedures

          	
            18

          
	
            Section 5.4 Redemption Orders Irrevocable

          	
            18

          
	
            Section 5.5 Redemptions Paid in Cash

          	
            18

          

    

    

    
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            ARTICLE VI      SUSPENSION EVENTS

          	
            19

          
	 	 
	
            Section 6.1 Suspension Events

          	
            19

          
	 	 
	
            ARTICLE VII      THE TRUST

          	
            20

          
	 	 
	
            Section 7.1 Management of the Trust

          	
            20

          
	
            Section 7.2 Authority of Sponsor

          	
            20

          
	
            Section 7.3 General Prohibitions

          	
            22

          
	
            Section 7.4 Liability of Covered Persons

          	
            22

          
	
            Section 7.5 Certain Duties

          	
            22

          
	
            Section 7.6 Indemnification of the Sponsor

          	
            24

          
	
            Section 7.7 Business of Shareholders

          	
            25

          
	
            Section 7.8 Voluntary Withdrawal of the Sponsor

          	
            25

          
	
            Section 7.9 Officer’s Certificate of Sponsor

          	
            25

          
	
            Section 7.10 Authorization of Prospectus

          	
            25

          
	
            Section 7.11 Litigation

          	
            25

          
	
            Section 7.12 Merger or Corporate Reorganization of Sponsor

          	
            26

          
	 	 
	
            ARTICLE VIII      THE SHAREHOLDERS

          	
            26

          
	 	 
	
            Section 8.1 No Management or Control; Limited Liability

          	
            26

          
	
            Section 8.2 Rights and Duties

          	
            26

          
	
            Section 8.3 Limitation of Liability

          	
            27

          
	
            Section 8.4 Derivative Actions

          	
            27

          
	 	 
	
            ARTICLE IX      BOOKS OF ACCOUNT AND REPORTS

          	
            27

          
	 	 
	
            Section 9.1 Books of Account

          	
            27

          
	
            Section 9.2 Reports

          	
            27

          
	
            Section 9.3 Tax Matters

          	
            28

          
	
            Section 9.4 Tax Information

          	
            29

          
	
            Section 9.5 Calculation of Bitcoin Holdings

          	
            29

          
	
            Section 9.6 Calculation of GAAP NAV

          	
            31

          
	
            Section 9.7 Fiscal Year

          	
            31

          
	
            Section 9.8 Maintenance of Records

          	
            31

          
	 	 
	
            ARTICLE X      FEES AND EXPENSES

          	
            32

          
	 	 
	
            Section 10.1 Sponsor’s Fee

          	
            32

          
	
            Section 10.2 Sponsor-paid Expenses

          	
            32

          
	
            Section 10.3 Additional Trust Expenses

          	
            32

          
	
            Section 10.4 Payment of Fees and Expenses

          	
            33

          
	 	 
	
            ARTICLE XI      AMENDMENT OF TRUST AGREEMENT; MEETINGS

          	
            33

          
	 	 
	
            Section 11.1 Amendments to the Trust Agreement

          	
            33

          
	
            Section 11.2 Meetings of the Trust

          	
            34

          
	
            Section 11.3 Action Without a Meeting

          	
            34

          
	 	 
	
            ARTICLE XII      TERM

          	
            34

          

    

    

    
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            Section 12.1 Term

          	
            34

          
	 	 
	
            ARTICLE XIII      TERMINATION

          	
            34

          
	 	 
	
            Section 13.1 Events Requiring Dissolution of the Trust

          	
            34

          
	
            Section 13.2 Distributions on Dissolution

          	
            36

          
	
            Section 13.3 Termination; Certificate of Cancellation

          	
            36

          
	 	 
	
            ARTICLE XIV      MISCELLANEOUS

          	
            36

          
	 	 
	
            Section 14.1 Governing Law

          	
            36

          
	
            Section 14.2 Provisions In Conflict With Law or Regulations

          	
            37

          
	
            Section 14.3 Merger and Consolidation

          	
            37

          
	
            Section 14.4 Construction

          	
            38

          
	
            Section 14.5 Notices

          	
            38

          
	
            Section 14.6 Counterparts; Electronic Transmission

          	
            39

          
	
            Section 14.7 Binding Nature of Trust Agreement

          	
            39

          
	
            Section 14.8 No Legal Title to Trust Estate

          	
            39

          
	
            Section 14.9 Creditors

          	
            39

          
	
            Section 14.10 Integration

          	
            39

          
	
            Section 14.11 Goodwill; Use of Name

          	
            39

          
	 	 
	
            EXHIBIT A  CERTIFICATE OF TRUST

          	
            A-1

          

    

    

    
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    THIRD AMENDED AND RESTATED DECLARATION OF TRUST

      AND TRUST AGREEMENT

    This THIRD AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT of WSHARES BITCOIN FUND is made and entered into as of the 23rd day of September, 2022, between WILSHIRE PHOENIX FUNDS LLC, a Delaware
      limited liability company, and DELAWARE TRUST COMPANY, a Delaware corporation, as trustee.

    RECITALS

    WHEREAS, Wilshire Phoenix Funds LLC and the Trustee have heretofore created a
      Delaware statutory trust pursuant to the Delaware Trust Statute (as hereinafter defined) by entering into a Trust Agreement dated as of April 29, 2020, and by executing and filing with the Secretary of State of the State of Delaware the Certificate
      of Trust;

    WHEREAS, on April 14, 2021, the Trustee, at the instruction of the Sponsor, filed
      a Certificate of Amendment to the Certificate of Trust amending the Trust’s name from “Bitcoin Commodity Trust” to “wShares Bitcoin Commodity Trust”;

    WHEREAS, on February 4, 2022, the Trustee, at the instruction of the Sponsor,
      filed a Certificate of Amendment to the Certificate of Trust amending the Trust’s name from “wShares Bitcoin Commodity Trust” to “wShares Bitcoin Fund”;

    WHEREAS, on February 11, 2022, the Trustee and the Sponsor entered into an Amended
      and Restated Declaration of Trust and Trust Agreement, and on July 15, 2022, the Trustee and the Sponsor entered into a Second Amended and Restated Declaration of Trust and Trust Agreement (the “Existing Agreement”);

    WHEREAS, the parties hereto desire to amend and restate the Existing Agreement in
      its entirety and to provide for the matters set forth herein;

    NOW, THEREFORE, in consideration of the agreements and obligations set forth
      herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby amend and restate the Existing Agreement in its entirety and agree as follows:

    ARTICLE I

      

      DEFINITIONS; THE TRUST

    SECTION 1.1  Definitions. As used in this Agreement, the following terms
      shall have the following meanings unless the context otherwise requires:

    “Additional Trust Expenses” has the meaning set forth in Section 10.3.

    “Administration Agreement” means the agreement between the Trust and the
      Administrator which sets forth the obligations and responsibilities of the Administrator in respect of the administration, accounting and recordkeeping of the Trust.

    
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    “Administrator” means UMB Fund Services, Inc., together with its permitted
      successors and assigns, or any other Person from time to time engaged by the Trust to assist in the administration of the Trust.

    “Administrator Fee” means the fee payable to the Administrator for services it
      provides to the Trust, which shall be paid to the Administrator as a Sponsor-paid Expense.

    “Affiliate” means, with respect to any Person, any other Person, directly or
      indirectly, controlling, controlled by or under common control with such Person. For the purposes of this definition, “control” when used with respect to any Person, means the power to direct the management and policies of such Person, directly or
      indirectly, whether through the ownership of voting securities, by contract or otherwise and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

    “Agreement” means this Second Amended and Restated Declaration of Trust and Trust
      Agreement, as the same may be amended, restated, amended and restated or otherwise modified from time to time.

    “Auditor” means Citrin Cooperman & Company, LLP, together with its permitted
      successors and assigns, or any other Person from time to time engaged by the Trust to assist with auditing the Trust.

    “Bankruptcy Code” means Title 11 of the United States Code (11 U.S.C. Section 101
      et seq.), as amended.

    “Beneficial Owner” means any Person owning a beneficial interest in any Shares,
      including a person who holds Shares through or on behalf of any Shareholder.

     “bitcoin” means a digital asset based on the cryptographic protocols used by the
      decentralized, peer-to-peer bitcoin computer network.

    “Bitcoin Custodian” means Fidelity Digital Asset Services, LLC, together with its
      permitted successors and assigns, or any other Person from time to time engaged by the Trust to assist with custody of the Trust’s bitcoin.

     “Bitcoin Custodian Fee” means the fees payable to the Bitcoin Custodian pursuant
      to the Bitcoin Custody Agreement for the services it provides to the Trust.

    “Bitcoin Custody Agreement” means the agreement between the Trust and the Bitcoin
      Custodian which sets forth the obligations and responsibilities of the Bitcoin Custodian in respect of the safekeeping of the Trust’s bitcoin, as the same may be amended from time to time.

    “Bitcoin Holdings” means the value of bitcoin, as determined by reference to the
      Bitcoin Reference Rate, and cash held by the Trust less the Trust’s expenses and other liabilities determined in accordance with Section 9.5.

    “Bitcoin Holdings per Share” means the Trust's Bitcoin Holdings divided by the
      number of outstanding Shares.

    
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    “Bitcoin Network” means 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 cryptographic and algorithmic protocols governing the Bitcoin Network.

    “Bitcoin Price” means (i) with respect to the determination of Bitcoin Holdings in
      accordance with Section 9.5, the price of bitcoin that is based on the Bitcoin Reference Rate, and (ii) with respect to the determination of GAAP NAV, the price of bitcoin that is based on the Trust’s principal market.

    “Bitcoin Reference Rate” means the CME CF BRR or, if the CME CF BRR ceases to be
      published, the rate determined in accordance with the cascading rules set forth in Section 9.5(c).

    “Blockchain” means the public transaction ledger of the Bitcoin Network on which
      miners or mining pools solve algorithmic equations allowing them to add records of recent transactions (called “blocks”) to the chain of transactions in exchange for an award of bitcoin from the Bitcoin Network and the payment of transaction fees, if
      any, from users whose transactions are recorded in the block being added.

    “Business Day” means any day other than a Saturday or a Sunday on which the New
      York Stock Exchange is scheduled to be open for business and, in respect of any action to be taken by the Trustee, on which the Trustee is scheduled to be open for business.

    “Cash Custody Agreement” means the agreement between the Trust and the Cash
      Custodian which sets forth the obligations and responsibilities of the Cash Custodian in respect of the safekeeping of the Trust’s cash, as the same may be amended from time to time.

    “Cash Account” means an account maintained by the Cash Custodian in the name of
      the Trust pursuant to the Cash Custody Agreement, in which U.S. dollars will be held.

    “Cash Custodian” means UMB Bank, N.A., together with its permitted successors and
      assigns, or any other Person from time to time engaged by the Trust to assist with custody of the Trust’s U.S. dollars.

    “Cash Custodian Fee” means the fee payable to the Cash Custodian for the services
      it provides to the Trust.

    “Certificate of Trust” means the Certificate of Trust of the Trust in the form
      filed with the Secretary of State of the State of Delaware pursuant to Section 3810 of the Delaware Trust Statute, as amended or restated from time to time, attached hereto as Exhibit A.

    “CFTC” means the Commodity Futures Trading Commission.

    “CME CF BRR” means the Chicago Mercantile Exchange Bitcoin Reference Rate.

    “Code” means the United States Internal Revenue Code of 1986, as amended.

    “Constituent Platforms” means the trading venues approved by the CME CF
      Cryptocurrency Pricing Products Oversight Committee to serve as a pricing source for the

    
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    calculation of the CME CF BRR. As of the date of this Agreement, the following trading venues are Constituent Platforms: Bitstamp, Coinbase
      Pro, itBit, Kraken, Gemini and LMAX Digital.

    “Corporate Trust Office” means the principal office at which at any particular
      time the corporate trust business of the Trustee is administered, which office at the date hereof is located at 251 Little Falls Drive, Wilmington, DE 19808, Attention:  Corporate Trust Administration.

    “Covered Person” means the Sponsor, its Affiliates, any authorized signatory of
      the Trust and their respective members, managers, directors, officers, employees, agents and controlling persons.

    “Delaware Trust Statute” means the Delaware Statutory Trust Act, Chapter 38 of
      Title 12 of the Delaware Code, 12 Del. C. § 3801 et seq., as the same may be amended from time to time.

    “DTC” means The Depository Trust Company.

    “DTC Participant” means a direct participant in DTC, such as a bank, broker,
      dealer or trust company.

    “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

    “Escrow Agent” means the entity appointed by the Trust to act as escrow agent in
      connection with a Share Placement.

    “Exchange Act” means The Securities Exchange Act of 1934, as amended.

    “Expenses” has the meaning set forth in Section 2.4(a).

    “FinCEN” means the Financial Crimes Enforcement Network of the U.S. Department of
      the Treasury.

    “Fiscal Year” has the meaning set forth in Section 9.7.

    “GAAP” means U.S. generally accepted accounting principles.

    “GAAP NAV” means the value of bitcoin, as determined by reference to the Trust’s
      primary market in accordance with GAAP, and cash held by the Trust less the Trust’s expenses and other liabilities.

    “GAAP NAV per Share” means the Trust's GAAP NAV divided by the number of
      outstanding Shares.

    “Indemnified Persons” has the meaning assigned to such term in Section 2.4(a).

    “Indirect Participants” means those banks, brokers, dealers, trust companies and
      others who maintain, either directly or indirectly, a custodial relationship with a DTC Participant.

    “Initial Issuance Date” means the date on which the initial issuance of Shares
      occurs.

    
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    “IRS” means the U.S. Internal Revenue Service.

    “Liquidating Trustee” has the meaning assigned thereto in Section 13.2.

    “Minimum Redemption Size” means 1,000 Shares.

    “OTCQX” shall mean OTC Markets Group, Inc.’s OTCQX Best Marketplace.

    “Partnership Representative” has the meaning assigned thereto in Section
        1.6(b).

    “Partnership Representative Agreement” means the agreement entered into between
      the Partnership Representative and the Trust which sets forth the obligations and responsibilities of the Partnership Representative in respect of the Trust’s tax audits, as the same may be amended from time to time.

    “Partnership Representative Fee” means the fee payable to the Partnership
      Representative for services it provides to the Trust.

    “Percentage Interest” means a fraction, the numerator of which is the number of
      any Shareholder’s Shares and the denominator of which is the total number of Shares of the Trust outstanding as of the date of determination.

    “Person” means an individual, corporation, partnership, joint venture,
      association, limited liability company, joint stock company, trust, unincorporated organization or other entity, including any government agency, commission, board, department, bureau or instrumentality.

    “Record Date” means, with respect to (i) any distribution to Shareholders to be
      made pursuant to this Agreement upon a redemption of Shares, the applicable Redemption Date, (ii) any distribution to Shareholders to be made pursuant to this Agreement upon termination of the Trust, the date that is two (2) Business Days prior to
      the date of such termination, or (iii) any vote of Shareholders pursuant to this Agreement, the date established by the Sponsor or the Administrator, as applicable, for determining who is a Shareholder entitled to such voting right.

    “Redemption Cut-off Date” means the fifth (5th) Business Day prior to a Redemption Date.

    “Redemption Date” means the last Business Day of each month.

    “Redemption Order” means a written notice delivered by a Shareholder to the
      Administrator and the Transfer Agent pursuant to Section 5.1(a) in connection with a redemption of its Shares, the form of which is attached to the Registration Statement.

    “Register” means the books and records of the Transfer Agent in which the
      ownership of Shares by each Shareholder will be registered.

    “Registration Statement” means a registration statement of the Trust under the
      Securities Act to register the Trust’s Shares as filed with the SEC from time to time, as the same may at any time and from time to time be amended or supplemented.

    
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    “SEC” means the Securities and Exchange Commission.

    “Securities Act” means the Securities Act of 1933, as amended.

    “Secondary Market” means any marketplace or other alternative trading system, as
      determined by the Sponsor, on which the Shares may then be listed, quoted or traded, including but not limited to, the OTCQX.

    “Service Providers” means the Trustee, the Administrator, the Cash Custodian, the
      Bitcoin Custodian, the Transfer Agent, the Partnership Representative and any other service provider appointed by the Trust to provide delegated services on behalf of the Trust.

    “Service Provider Agreements” means this Agreement, the Administration Agreement,
      the Cash Custody Agreement, the Bitcoin Custody Agreement, the Transfer Agent Services Agreement, the Partnership Representative Agreement and any other agreement entered into with a Service Provider from time to time.

    “Shareholder” means the Person in whose name a Share is registered in the books
      and records of the Trust by the Transfer Agent, which, in the case of any Share registered in DTC, shall be DTC or its nominee, as applicable.

    “Shares” means the common units of fractional undivided beneficial interest in,
      and ownership of, the Trust.

    “Share Placement” has the meaning set forth in Section 3.2(a).

    “Sponsor” means Wilshire Phoenix Funds LLC or any substitute therefor as provided
      herein, or any successor thereto by merger, consolidation or operation of law.

    “Sponsor Fee Basis Amount” has the meaning set forth in Section 9.5(b)(v).

    “Sponsor-paid Expense” and “Sponsor-paid Expenses”
      have the meanings set forth in Section 10.2.

    “Sponsor’s Fee” has the meaning set forth in Section 10.1.

    “Subscription Agreement” means a subscription agreement of the Trust executed by a
      Shareholder, as it may be amended or supplemented from time to time in accordance with its terms.

    “Suspension Event” has the meaning set forth in Section 6.1.

    “Transfer Agent” means Broadridge Corporate Issuer Solutions, Inc. together with
      its successors and assigns, or any other Person from time to time engaged by the Trust to assist with transfer agency services for the Trust.

    “Transfer Agent Fee” means the fee (if any) payable to the Transfer Agent for
      services it provides to the Trust.

    
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    “Transfer Agent Services Agreement” means the Agreement between the Transfer Agent
      and the Trust governing the Transfer Agent's duties and obligations, as the same may be amended from time to time.

    “Treasury Regulations” means regulations, including proposed or temporary
      regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations.

    “Trust” means the wShares Bitcoin Fund, a Delaware statutory trust formed pursuant
      to the Certificate of Trust, the business and affairs of which are governed by this Agreement.

    “Trustee” means Delaware Trust Company, its successors and assigns, or any
      substitute therefor as provided herein, acting not in its individual capacity but solely as trustee of the Trust.

    “Trustee Fee” has the meaning set forth in Section 2.3.

    “Trust Estate” means the assets of the Trust, which are comprised solely of
      bitcoin and U.S. Dollars held by or on behalf of the Trust.

    “Website” means www.wshares.com or such other website as may be designated by the
      Sponsor from time to time.

    SECTION 1.2  Name.  The name of the Trust is the “wShares Bitcoin Fund” in which name the Trustee and the Sponsor
      cause the Trust to carry out its purposes as set forth in Section 1.5, make and execute contracts and other instruments in the name and on behalf of the Trust and sue and be sued in the name and on behalf of the Trust. Without limiting the
      foregoing, and for the avoidance of doubt, any member of the Sponsor that is appointed by the Sponsor as an authorized signatory of the Trust may execute contracts and other instruments in the name and on behalf of the Trust.

    SECTION 1.3  Delaware Trustee; Offices.

    (a)  The sole Trustee of the Trust is Delaware Trust Company, which is located at the Corporate Trust Office or at such
      other address in the State of Delaware as the Trustee may designate in writing to the Shareholders. The Trustee shall receive service of process on the Trust in the State of Delaware at the foregoing address.

    (b)  The principal office of the Trust, and such additional offices as the Sponsor may establish, shall be located at such
      place or places inside or outside the State of Delaware as the Sponsor may designate from time to time in writing to the Trustee and the Shareholders. Initially, the principal office of the Trust shall be at 2 Park Avenue, 20th Floor, New York, New York 10016.

    SECTION 1.4  Declaration of Trust. The Trust Estate shall be held in trust for the Shareholders. It is the
      intention of the parties hereto that the Trust constitute a statutory trust under the Delaware Trust Statute and that this Agreement constitute the governing instrument of the Trust. It is not the intention of the parties hereto to create a general
      partnership, limited partnership,

    
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    limited liability company, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware statutory
      trust that is treated as a partnership for U.S. federal income tax purposes and for purposes of applicable state and local tax laws. Nothing in this Agreement shall be construed to make the Shareholders partners or members of a joint stock
      association. Effective as of the date hereof, the Trustee and the Sponsor shall have all of the rights, powers and duties set forth herein and in the Delaware Trust Statute with respect to accomplishing the purposes of the Trust. The Trustee has
      filed the certificate of trust required by the Delaware Trust Statute in connection with the formation of the Trust under the Delaware Trust Statute.

    SECTION 1.5  Purposes and Powers. The purpose of the Trust is for the Shares to closely reflect the value of
      bitcoin, as determined by reference to the Bitcoin Price, and cash held by the Trust less the Trust’s expenses and other liabilities. The Trust shall be authorized to (i) issue Shares for U.S. dollars through Share Placements, (ii) purchase bitcoin
      from net proceeds received in connection with the issuance of Shares, (iii) pay the Sponsor’s Fee and any Additional Trust Expenses in U.S. dollars and sell bitcoin as necessary to pay the Sponsor’s Fee and any Additional Trust Expenses, (iv) redeem
      Shares for U.S. Dollars (and therefore sell bitcoin as necessary) pursuant to Article V, (v) sell bitcoin upon the termination of the Trust and to distribute the proceeds of such sales in accordance with Section 13.2, and (vi) engage
      in activities that are necessary to accomplish the foregoing activities or are incidental thereto or connected therewith. The Sponsor, on behalf of the Trust, shall also be authorized to cause the sale of the Trust’s assets if the Sponsor determines
      that such sale is required by applicable law or regulation or in connection with the termination and liquidation of the Trust.  The Trust shall not engage in any other business activity and shall not acquire or own any
        assets other than bitcoin and/or U.S. dollars as provided in this Agreement or take any of the actions set forth in Section 7.3.

    SECTION 1.6  Tax Treatment.

    (a)  The Trust shall be treated as a partnership for U.S. federal, state and local tax purposes, and the Auditor shall
      timely file any and all forms required to give effect to such treatment. Each Shareholder shall be treated as a partner of the Trust for all U.S. federal, state and local tax purposes and shall not take a position on his or her U.S. federal, state or
      local tax or information returns that is inconsistent with such treatment. Each Shareholder shall provide the Sponsor and the Auditor with the information required by Section 6031(c) of the Code and the information required by Treasury Regulation
      Section 1.743-1(k) timely and shall provide such other information or certifications as the Sponsor or the Auditor reasonably requires for tax purposes and reasonably requests. The Auditor will timely prepare and file a partnership information return
      (IRS Form 1065) with the IRS for each taxable year of the Trust and will report to each Shareholder his or her allocable share of items of income, gain, loss, deduction, expense and credit of the Trust on Schedule K-1 to IRS Form 1065.

    (b)  Corporation Service Company shall be designated, in the manner prescribed by applicable law, as the partnership
      representative, within the meaning of Section 6223(a) of the Code, and is authorized to act on behalf of the Trust in respect of Trust audits relating to tax returns filed for taxable years beginning after December 31, 2021 (the “Partnership Representative”).  In the event the Trust shall be the subject of an income tax audit by any federal, state or local authority, including administrative settlement and judicial review, the Partnership
      Representative shall be authorized to act for, and its decision shall be final and binding upon, the Trust and each

    
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    Shareholder.  The Partnership Representative shall have the authority to make, or cause to be made, all relevant decisions and elections,
      including, with respect to audits relating to tax returns filed for taxable years beginning after December 31, 2021, an election under Section 6226 of the Code, as then in effect, and any similar elections under state or local law.  All expenses
      incurred in connection with any such audit, investigation, settlement or review shall be borne by the Trust.

    (c)  Each Shareholder agrees that it shall not, except as required by applicable law, (i) treat, on its own income or
      information tax returns or any information returns that it provides to any broker, nominee or beneficial owner in respect of its Shares, any item of income, gain, loss, deduction, credit, basis or any other tax item relating to its Shares in a manner
      inconsistent with the treatment of such items by the Trust as reflected on the Schedule K-1 to IRS Form 1065 or other information statement furnished to such Shareholder pursuant to this Section 1.6 or (ii) file any claim for a refund
      relating to any such item based on, or which would result in, such inconsistent treatment.

    SECTION 1.7  Legal Title.  Legal title to all of the Trust Estate shall be vested in the Trust as a separate legal
      entity.

    ARTICLE II

      

      THE TRUSTEE

    SECTION 2.1  Term; Resignation; Removal.

    (a)  Delaware Trust Company has been appointed and hereby agrees to serve as the
      Trustee of the Trust. The Trustee is appointed to serve as the trustee of the Trust in the State of Delaware for the purpose of satisfying the requirement of Section 3807(a) of the Delaware Trust Statute that the Trust have at least one trustee with
      a principal place of business in Delaware. The Trust shall have only one Trustee unless otherwise determined by the Sponsor. The Trustee shall serve for the duration of the Trust until the earlier of (i) the effective date of the Trustee’s
      resignation or (ii) the effective date of the removal of the Trustee. The Trustee shall at all times satisfy the requirements of Section 3807(a) of the Delaware Trust Statute, be authorized to exercise corporate trust powers

        under the laws of Delaware and be subject to supervision or examination by federal or state authorities. In case at any time the Trustee shall cease to be eligible to serve as trustee of the Trust in accordance with the provisions of this Section

          2.1, the Trustee shall resign promptly in the manner and with the effect specified in this Article II. Any resignation or removal of the Trustee and appointment of a successor Trustee shall not become effective until a written acceptance of
        appointment is delivered by the successor Trustee to the outgoing Trustee and the Sponsor and any fees and expenses due to the outgoing Trustee are paid. The Trustee may have normal banking and trust relationships with the Sponsor and their
        respective affiliates; provided that none of (i) the Sponsor, (ii) any Person involved in the organization or operation of the Sponsor or the Trust or (iii) any affiliate of any of them may be the Trustee hereunder. The Trust shall have at least
        one trustee with a principal place of business in Delaware. It is understood and agreed by the parties hereto that the Trustee shall have none of the duties or liabilities of the Sponsor and no such duties shall be implied. The Trustee shall have
        no obligation to supervise or monitor the Sponsor or otherwise manage the Trust.

    
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    (b)  The Trustee is permitted to resign upon at least thirty (30) days’ written notice to the Trust and the Sponsor;
      provided, however, such resignation shall not be effective until such time as a successor Trustee has been appointed by the Sponsor and has accepted such appointment in writing.

    (c)  If at any time the Trustee shall cease to be eligible to serve as trustee of the Trust in accordance with the
      provisions of this Agreement, or if at any time the Trustee shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or
      control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Sponsor may, immediately upon notice to the Trustee, remove the Trustee and appoint a successor Trustee. Without limiting
      the foregoing, the Sponsor may at any time, upon at least ten (10) days’ prior notice to the Trustee, remove the Trustee and appoint a successor Trustee.

    SECTION 2.2  Powers. Except to the extent expressly set forth in Section 1.3 and this Article, the duty
      and authority to manage the affairs of the Trust is vested in the Sponsor, which duty and authority the Sponsor may further delegate as provided herein, all pursuant to Section 3806(b)(7) of the Delaware Trust Statute. 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 Trust Statute. The Trustee shall provide prompt notice to the Sponsor of its performance of any of the foregoing. Other than the foregoing, the Trustee shall have no other duties (including fiduciary duties) or
      obligations, express or implied, at law or in equity.

    SECTION 2.3  Compensation of the Trustee.  The Trustee shall be entitled to receive, as a Sponsor-paid Expense,
      fees for its services hereunder as set forth in such schedules as shall have been separately agreed to from time to time by the Trustee and the Trust (the “Trustee Fee”), which shall be payable in U.S.
      dollars.  To the extent that any funds are received by the Trustee, the Trustee may earn compensation in the form of short-term interest (“float”) on items like uncashed distribution checks (from the date
      issued until the date cashed), funds that the Trustee is directed not to invest, deposits awaiting investment direction or received too late to be invested overnight in previously directed investments; provided, however that, notwithstanding anything
      contained herein to the contrary, in no event shall the Trustee be entitled to invest any cash held by it in any investments, money market accounts or other sweep vehicles, and instead shall only be entitled to hold such cash in a demand deposit
      account or trust account that does or does not bear interest.

    SECTION 2.4  Indemnification.

    (a)  The Trust shall indemnify and hold harmless the Trustee and any of the officers, affiliates, directors, employees and
      agents of the Trustee (the “Indemnified Persons”) from and against any and all losses, damages, liabilities (including liabilities under state or federal securities laws), claims, actions, suits, costs,
      reasonable expenses, disbursements (including the reasonable fees and expenses of counsel generally and in connection with its enforcement of its indemnification rights), 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

    
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    time against such Indemnified Persons in connection with the execution or delivery of this Agreement, the performance of its obligations
      under this Agreement, the creation, operation or termination of the Trust or the transactions contemplated hereby; provided, however, that (i) 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 in connection with its express duties or obligations hereunder and (ii) any such indemnification will be recoverable only from the Trust Estate; provided
      however that, to the extent that the Trust has not satisfied any indemnification obligation set forth in the foregoing sentence with respect to Expenses of any Indemnified Persons, by the thirtieth (30th) day following written demand therefor, the Sponsor shall indemnify and hold harmless such Indemnified Persons from and against any and all Expenses and shall pay on demand any such Expenses which
      remain unpaid.  For the avoidance of doubt, the Trustee may consult with counsel (who may be counsel for the Trust or the Sponsor).  The reasonable legal fees incurred in connection with such consultation shall be reimbursed to the Trustee pursuant
      to this Section 2.4; provided that no such fees shall be payable to the extent that they are incurred as a result of an Indemnified Person’s gross negligence, bad faith or willful misconduct.  As security for any amounts owing to the Trustee
      under this Section 2.4, the Trustee shall have a lien against the Trust property, which lien shall be senior to the lien of the Sponsor under Section 7.7.  For the avoidance of doubt, all Expenses to any Indemnified Persons shall be
      payable in U.S. dollars.

    (b)          The obligations of
        the Trust and the Sponsor to indemnify the Indemnified Persons under this Section 2.4 shall survive the resignation or removal of the Trustee and the termination of this Agreement.

    SECTION 2.5  Successor Trustee.  Upon the resignation or removal of the Trustee, the Sponsor shall appoint a
      successor Trustee. Any successor Trustee shall be eligible to act in such capacity in accordance with this Agreement, including satisfaction of the requirements of Section 3807 of the Delaware Trust Statute. Following compliance with this Section
        2.5, the successor Trustee shall become fully vested with all of the rights, powers, duties and obligations of the outgoing Trustee under this Agreement, with like effect as if originally named as Trustee, and shall notify the outgoing Trustee
      of its acceptance of such appointment by providing a written instrument to the outgoing Trustee. At such time, the outgoing Trustee shall be discharged of its duties and obligations under this Agreement. Any business entity into which the Trustee may
      be merged or converted or with which it may be consolidated, or any entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any entity succeeding to all or substantially all of the corporate trust
      business of the Trustee, shall be the successor of the Trustee hereunder, to the fullest extent permitted by law without the execution or filing of any paper or any further act on the part of any of the parties hereto. If the Trustee resigns and no
      successor Trustee is appointed within forty-five (45) days after the Trustee notifies the Sponsor of its resignation, the Trustee may petition a court of competent jurisdiction to appoint a successor Trustee.

    SECTION 2.6  Liability of Trustee. Except as otherwise provided in this
      Article II, in accepting the trust created hereby, Delaware Trust Company acts solely as Trustee hereunder and not in its individual capacity, and all Persons having any claim against the Trustee by reason of the transactions contemplated by this
      Agreement and any other agreement to which the Trust is a party shall look only to the Trust Estate for payment or satisfaction thereof. The Trustee shall not

    
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    be personally liable or accountable hereunder to the Trust or to any other Person or under any other agreement to which the Trust is a party,
      except for the Trustee’s own gross negligence, bad faith or willful misconduct in connection with its express duties or obligations hereunder. In particular, but not by way of limitation:

    (a)  The Trustee shall not be personally liable for any error of judgment made in good faith, except to
      the extent such error of judgment constitutes gross negligence on its part;

    (b)  The Trustee shall have no personal liability or responsibility for the validity or sufficiency of
      this Agreement or for the due execution hereof by the Sponsor;

    (c)  The Trustee shall not have any liability for the acts or omissions of the Sponsor, the Transfer
      Agent, the Administrator, the Bitcoin Custodian, the Cash and Treasury Custodian or any other Person;

    (d)  The Trustee shall have no duty or obligation to supervise the performance of any obligations of
      the Sponsor, the Transfer Agent, the Administrator, the Bitcoin Custodian, the Cash and Treasury Custodian or any other Person;

    (e)  No provision of this Agreement shall require the Trustee to expend or risk its personal funds or
      otherwise incur any financial liability in the performance of any of its rights or powers hereunder, if the Trustee shall have reasonable grounds for believing that the payment of such funds or adequate indemnity against such risk or liability is not
      reasonably assured or provided to it;

    (f)  Under no circumstances shall the Trustee be personally
      liable for any representation, warranty, covenant, agreement or indebtedness of the Trust arising under this Agreement or any other agreements to which the Trust is a party;

    (g)  The Trustee shall not be liable for punitive, exemplary, consequential, special or other similar
      damages for a breach of this Agreement under any circumstances; and

    (h)  The Trustee shall not be obligated to give any bond or other security for the performance of any
      of its duties under this Agreement.

    SECTION 2.7  Reliance; Advice of Counsel.

    (a)  In the absence of bad faith, the Trustee shall incur no liability to anyone in acting on any signature, instrument,
      notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper reasonably believed by it to be genuine and reasonably believed by it to be signed by the proper party or parties. The Trustee may accept a
      certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that such resolution is in full force and effect. As to any
      fact or matter the manner of ascertainment of which is not specifically prescribed in this Agreement, the Trustee may for all purposes hereof rely on a certificate, signed by the Sponsor or the Administrator, as to such fact or matter, and such

    
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    certificate shall constitute full protection to the Trustee for any action taken or omitted to be taken by it in good faith in reliance
      thereon.

    (b)  In the exercise or administration of the Trust hereunder and in the performance of its duties and obligations under
      this Agreement, the Trustee (i) may act directly or through agents or attorneys pursuant to agreements entered into with any of them, and the Trustee shall not be liable for the default or misconduct of such agents or attorneys if such agents or
      attorneys shall have been selected by the Trustee in good faith and with due care and (ii) may consult with counsel, accountants and other skilled professionals to be selected by it in good faith  and with due care and employed by it. The Trustee
      shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any such counsel, accountant or other such skilled professionals.

    SECTION 2.8  Payments to the Trustee. Any amounts paid to the Trustee
      pursuant to this Article II shall be deemed not to be a part of the Trust Estate immediately after such payment. Any amounts owing to the Trustee under this Agreement shall constitute a claim against the Trust Estate.

    ARTICLE III

      

      SHARES;

      ASSETS AND LIABILITIES OF TRUST; DISTRIBUTIONS

    SECTION 3.1  General. The Shares shall represent fractional undivided
      beneficial interests in, and ownership of, the Trust.  The Sponsor shall have the power and authority, in its sole discretion, without action or approval by the Shareholders, to cause the Trust to issue Shares from time to time. The number of Shares
      authorized shall be unlimited, and the Shares so authorized may be represented in part by fractional Shares. The Trust shall issue Shares solely in exchange for cash in U.S. dollars. The minimum initial investment for Shares shall be $25,000 and
      investments in excess thereof shall be in integral multiples of $1,000.  All Shares when so issued shall be fully paid and non-assessable. The Shares shall be unrestricted, registered Shares and, subject to Section 3.3, DTC shall act as
      securities depository for such Shares.  Every Shareholder, by virtue of having purchased or acquired a Share, shall be deemed to have expressly consented and agreed to be bound by the terms of this Agreement.

    SECTION 3.2  Offer of Shares.

    (a)  The initial Shares sold by the Trust will be sold through underwriters, placement agents or distributors (a “Share Placement”).

    (b)  From time to time, at the sole discretion of the Sponsor, the Trust may issue additional Shares after the Initial
      Issuance Date. Additional Shares issued after the Initial Issuance Date will be sold through Share Placements.  Notwithstanding anything contained in this Agreement to the contrary, in no event shall the Trust offer any additional Shares in violation
      of applicable law, including but not limited to Regulation M promulgated under the Exchange Act.  The Sponsor shall from time to time and in consultation with counsel determine whether the period

    
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    during which the Trust may not offer additional Shares to comply with Regulation M should be adjusted, and may make any adjustments necessary
      under or permitted by Regulation M.

    (c)  In connection with the issuance of Shares by the Trust pursuant to Share Placements hereunder, the Sponsor shall
      coordinate with the Transfer Agent to effect the issuance of Shares in accordance with the terms of such Share Placements. Shares sold in a Share Placement after the Initial Issuance Date will be issued at a price determined so that the net proceeds
      received by the Trust are at least equal to the most recently calculated Bitcoin Holdings per Share immediately prior to, or upon, the determination of the pricing of such issuance pursuant to the applicable agreement between the Trust and the
      underwriter, placement agent or distributor, as applicable.

    (d)  The Escrow Agent shall establish and maintain an account into which the applicable underwriter, placement agent or
      distributor shall deposit, in U.S. dollars, the amounts sold or placed by the applicable underwriter, placement agent of distributor in accordance with the terms and provisions of the agreements governing the Share Placement. Any net proceeds with
      respect to the issuance of Shares shall be used to purchase bitcoin on the date such Shares are issued.  The Sponsor and the applicable Service Providers shall use commercially reasonable efforts to complete the purchase of bitcoin contemplated on
      the date such Shares are issued, provided that if any such purchases are unable to be made on the date such Shares are issued then such purchases shall be made as soon as practicable thereafter.

    SECTION 3.3  Book-Entry-Only System.

    (a)  Shares issued shall be held in electronic format through a book entry system. Individual certificates shall not be
      issued for the Shares. The Register of Shareholders shall be maintained by the Transfer Agent. Subject to the applicable terms and provisions of this Agreement and compliance by the applicable Shareholders, DTC Participants, Indirect Participants and
      Persons holding interests through DTC Participants or Indirect Participants, as the case may be, with all applicable procedures of the Transfer Agent and DTC, DTC shall act as depository for the Shares.  In the case of issuance of Shares, the
      Transfer Agent shall, at the direction of the Sponsor, designate to DTC the applicable accounts to be credited.

    (b)  With respect to the Shares, the provisions of this Section 3.3(b) and, to the extent applicable, Section
        3.3(c), shall govern such Shares.  Beneficial ownership of Shares shall be limited to DTC Participants, Indirect Participants and Persons holding interests in Shares through DTC Participants and Indirect Participants. Upon the issuance,
      transfer or redemption of Shares, the Transfer Agent shall credit or debit, on DTC’s book-entry registration and transfer system, the amount of such Shares to the accounts of the appropriate DTC Participants. Owners of beneficial interests in Shares
      shall be shown on, and the transfer of that ownership shall be effected only through, records maintained by DTC (with respect to DTC Participants), the records of the applicable DTC Participants (with respect to Indirect Participants) and the records
      of Indirect Participants (with respect to interests of Persons that are not DTC Participants or Indirect Participants).

    (c)  Owners of beneficial interests in Shares not reflected in the Register shall not have any rights either under this
      Agreement or under any Share held on their behalf by DTC

    
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    or the applicable registered Shareholder, as the case may be. The Shareholder of any Share as reflected in the Register may be treated by the
      Trust, the Sponsor, the Transfer Agent, the Administrator and any agent of the foregoing as the absolute owner of such Share for all purposes whatsoever. The rights of the owners of beneficial interests in the Shares, if not the registered
      Shareholder in the Register, shall be exercised only through DTC or such registered Shareholder, as applicable, and shall be limited to those established by law and agreements between such owners of beneficial interests in such Shares and DTC or the
      applicable registered Shareholder, as the case may be.  Notwithstanding the foregoing, nothing shall prevent the Trust, the Sponsor, the Transfer Agent, the Administrator or any agent of the foregoing from giving effect to any written certification,
      proxy or other authorization furnished by DTC or such other registered Shareholder, or impair, as between DTC or such other registered Shareholder, and owners of beneficial interests in the subject Shares, the operation of customary practices of DTC
      or such other registered Shareholder governing the exercise of the rights of an owner of a beneficial interest in a Share. DTC or such other registered Shareholder may grant proxies and otherwise authorize any Person, including the owners of
      beneficial interests in the Shares and Persons that may hold interests through such owners, to take any action which a Shareholder is entitled to take under this Agreement or the Shares. None of the Trust, the Sponsor, the Transfer Agent or the
      Administrator shall have any responsibility or liability for any actions taken or not taken by DTC or any other Shareholder. The Trust, the Sponsor, the Transfer Agent and the Administrator shall each be fully protected in relying upon information
      furnished by DTC or a registered Shareholder with respect to its agent members and other members, participants and any beneficial owners, as applicable.

    (d)  If DTC has notified the Trust, the Sponsor or the Transfer Agent that it (i) is unwilling or unable to continue as
      the depositary for the Shares, or (ii) has ceased to be a clearing agency registered under the Exchange Act, as amended, at a time when DTC is required to be registered to act as depositary, the Sponsor shall seek a replacement for DTC to perform
      comparable functions at a comparable cost (which, for the avoidance of doubt, may include the Register maintained by the Transfer Agent), or if a replacement is not engaged, the Sponsor may act to terminate the Trust.

    (e)  The Transfer Agent shall coordinate and cooperate with DTC in respect of any matters involving the Shares.

    SECTION 3.4  Assets of the Trust.  The Trust Estate shall irrevocably belong to the Trust for all purposes,
      subject only to the rights of creditors of the Trust and shall be so recorded upon the books of account of the Trust.

    SECTION 3.5  Liabilities of the Trust.  The Trust Estate shall be charged with the liabilities of the Trust and
      with all expenses, costs and charges attributable to the Trust.  The Administrator, to the extent not inconsistent with applicable law, shall determine which items shall be treated as income and which items as capital, and each such determination and
      allocation shall be conclusive and binding upon the Shareholders.

    SECTION 3.6  Distributions.  Shareholders shall only be entitled to distributions in respect of their Shares upon
      either a redemption by such Shareholder or upon termination of the Trust.  All such distributions shall be made to the applicable Shareholder(s) as of the applicable Record Date and shall be made in cash.

    
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    SECTION 3.7  Voting Rights.  Notwithstanding any other provision hereof, on each matter for which Shareholders are
      entitled to vote pursuant to the express provisions of this Agreement, each Shareholder as of the applicable Record Date shall be entitled to a proportionate vote based upon its Percentage Interest as of the applicable Record Date.

    SECTION 3.8  Equality.  All Shares shall represent an equal proportionate beneficial interest in the Trust Estate
      subject to the liabilities of the Trust, and each Share’s interest in the Trust Estate shall be equal to each other Share.

    ARTICLE IV

      

      TRANSFERS OF SHARES

    SECTION 4.1  General.

    (a)  Beneficial owners of interests in Shares that are not DTC Participants may transfer Shares through DTC by instructing
      the DTC Participant or Indirect Participant through which such Beneficial Owners hold their interests to transfer such Shares.

    (b)  Beneficial Owners of interests in Shares that are DTC Participants may transfer such Shares by instructing DTC in
      accordance with the rules of DTC.

    (c)  Transfers of Shares will be made in accordance with standard securities industry practice, subject to the applicable
      Shareholder complying with any applicable procedures of DTC and providing any documentation that DTC, or any applicable Service Provider of the Trust, in its sole discretion deems necessary.

    ARTICLE V

      

      REDEMPTION OF SHARES

    SECTION 5.1  Redemption of Shares.  Subject to (i) the right of the Sponsor, on behalf of the Trust, to suspend
      redemptions upon the occurrence or during the continuation of a Suspension Event in accordance with Section 6.1, and (ii) Sections 5.2 and 5.3 below, a Shareholder may redeem all or a portion (subject to the Minimum Redemption
      Size) of its Shares on the last Business Day of each month for cash as follows:

    (a)  A Shareholder’s DTC Participant must complete a Redemption Order, which must include a valid
      signature guarantee, and deliver the Redemption Order to the Administrator and the Transfer Agent in accordance with the delivery instructions set forth in the Redemption Order form by no later than 4:00 p.m., New York time, on the Redemption Cut-Off
      Date;

    (b)  Upon receipt of a Redemption Order from a Shareholder’s DTC Participant, the Administrator shall
      review the Redemption Order and determine within one (1) Business Day of its receipt whether:

    
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    (i)  such Redemption Order has been properly and fully completed by the Shareholder’s DTC Participant
      and contains a valid signature guarantee, in which case it shall forward such Redemption Order to the Sponsor and send a confirmation of receipt to the Shareholder’s DTC Participant; or

    (ii)  such Redemption Order is incomplete, improperly completed, for less than the Minimum Redemption
      Size, does not contain a valid signature guarantee, not delivered in accordance with the instructions set forth in the Redemption Order form or received after 4:00 p.m., New York time, on the Redemption Cut-Off Date, in which case such Redemption
      Order shall be rejected by the Administrator and returned to the Shareholder’s DTC Participant.

    (c)  Two (2) Business Days prior to the Redemption Date, the Administrator shall provide to each of the
      Sponsor and the Transfer Agent a report of the Shares being redeemed on such Redemption Date broken down by DTC Participant.  Such report shall include the following information, together with any additional information reasonably requested to be
      provided by the Sponsor or the Transfer Agent and agreed to be provided by the Administrator (i) the name and DTC Participant number for such DTC Participant redeeming Shares, and (ii) the number of Shares to be redeemed by such DTC Participant;

    (d)  One (1) Business Day prior to the Redemption Date:

    (i)  by no later than 4:00 p.m., New York time, the Shareholder’s DTC Participant shall deliver the
      Shares to be redeemed by submitting a Deposit/Withdrawal At Custodian instruction (a “DWAC”) through the facilities of DTC;

    (ii)  the Transfer Agent shall (1) based on instruction from the Sponsor, withdraw the Shares received
      via DWAC instruction from the applicable DTC Participants redeeming Shares, and (2) provide a report to the Administrator and the Sponsor detailing the Shares that were withdrawn from DTC (the “Withdrawn Shares”)

      broken down by DTC Participant; and

    (iii)  the Administrator shall determine the number of bitcoin to be sold in order to have sufficient
      cash to pay each DTC Participant for its redeemed Shares and notify the Sponsor who shall confirm such determination.

    In the event that a DWAC is improperly submitted, including without limitation if either: (i) the total Shares delivered
      by a DTC Participant via DWAC instruction by 4:00 p.m., New York time, on the Business Day prior to the Redemption Date does not match the total Shares listed on such DTC Participant’s Redemption Order, or (ii) a DTC Participant delivers Shares for
      cancellation via DWAC instruction but did not complete and timely submit a Redemption Order that was confirmed by the Administrator, then, in each case, such Shares shall not be cancelled or redeemed and shall instead remain outstanding;

    (e)  On the Redemption Date:

    
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    (i)  the Transfer Agent shall (1) cancel the Withdrawn Shares at the instruction of the Sponsor, and
      (2) provide a report to the Sponsor and the Administrator detailing the cancelled Shares broken down by DTC Participant; and

    (ii)  the Administrator shall (1) provide the Bitcoin Holdings per Share to the Transfer Agent so that
      the Transfer Agent can perform the calculations stated in Section 5.1(e)(i) above, and (2) instruct the Bitcoin Custodian to transfer to a third party broker or dealer an amount of bitcoin necessary to receive sufficient cash to pay the
      redemption amount due to each redeeming DTC Participant.

    (f)  On the Business Day following the Redemption Date, the Transfer Agent shall (i) calculate the cash value of the
      Withdrawn Shares for each DTC Participant, which shall be based on the Bitcoin Holdings per Share on the Redemption Date and the number of Shares to be redeemed by such DTC Participant, and (ii) provide a report to the Sponsor and the Administrator
      detailing the cash value of the Withdrawn Shares for each DTC Participant.

    (g)  Subject to Section 5.5(b), within five (5) Business Days after the Redemption Date, the Transfer Agent shall
      instruct the Cash Custodian to, and the Cash Custodian based upon such instruction shall, distribute cash to each DTC Participant in respect of their redeemed Shares.

    SECTION 5.2  Right to Reject Redemption.  The Administrator shall reject
      a Redemption Order if it is not completed or in proper form or if the Sponsor determines that fulfillment of the order might be unlawful. The Administrator shall notify the Sponsor prior to any rejection of a Redemption Order.

    SECTION 5.3  Other Redemption Procedures.

    (a)  Redemptions shall be deemed to occur on a “first-in first-out” basis (FIFO) among Shares held by a particular
      Shareholder.

    (b)  The redemption of Shares shall also be subject to compliance with all applicable requirements and procedures of the
      Transfer Agent and DTC.

    SECTION 5.4  Redemption Orders Irrevocable.  A Redemption Order
      delivered by a Shareholder shall be irrevocable unless otherwise agreed by the Sponsor.

    SECTION 5.5  Redemptions Paid in Cash.

    (a)  All redemptions shall be paid in cash to the redeeming Shareholder based on the Bitcoin Holdings of the Shares
      submitted for redemption, determined as of the Redemption Date, less a $250 redemption fee charged by the Administrator.

    (b)  Subject to the occurrence or continuation of a Suspension Event, the Trust shall use commercially reasonable efforts
      to pay amounts relating to the final redemption of Shares within five (5) Business Days after the applicable Redemption Date; provided that if a Suspension Event occurs, the Trust shall make such payment as soon as practicable thereafter. The
      applicable redemption amount to which a redeeming Shareholder will be entitled shall be the Bitcoin

    
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    Holdings of the Shares submitted for redemption, determined as of the Redemption Date, less a $250 redemption fee charged by the
      Administrator.

    ARTICLE VI

      

      SUSPENSION EVENTS

    SECTION 6.1  Suspension Events.  The Trust may temporarily suspend the Shareholders right to redeem Shares, the
      payment of redemption proceeds or the determination of Bitcoin Holdings in the case of the occurrence of any of the following events until such time as the event has passed (each, a “Suspension Event”):

    (a)  when a redemption would, in the opinion of counsel, result in a violation of the securities laws
      of the United States (including but not limited to Regulation M, Rule 13e-3 of the Exchange Act and Rule 13e-4 of the Exchange Act) or any other applicable laws or the rules of any national securities exchange, self-regulatory organization or
      regulatory agency applicable to the Trust, the Sponsor or its respective affiliates;

    (b)  any exchange, dealer market, quotation system or other market on which a significant portion of
      the Trust's assets are regularly traded or quoted is closed (otherwise than for weekends or holidays) or trading thereon is generally suspended or limited;

    (c)  the Bitcoin Network experiences delays or is suspended in a manner that affects the ability of the
      Trust to buy, sell or deliver bitcoin to a third party;

    (d)  the Sponsor has determined in good faith that the disposition of any asset of the Trust, or other
      transaction involving the sale, transfer or delivery of the Trust's assets is not reasonably practicable without being detrimental to the Trust or the interest of the remaining Shareholders;

    (e)  any breakdown in the means of communication or publication normally employed in determining the
      Trust's Bitcoin Holdings or the Bitcoin Holdings per Share has occurred and is continuing, or the prices or values of the Trust's assets cannot reasonably be promptly and accurately ascertained for any reason;

    (f)  any event has occurred and is continuing which may cause the dissolution of the Trust;

    (g)  the Sponsor has otherwise determined, in good faith, with respect to the Trust or the Shares of
      the redeeming or remaining Shareholders, respectively, that the redemption by any Shareholder of its Shares (whether in whole or in part) would have a material adverse effect on the Trust or the Shares of the redeeming or remaining Shareholders,
      respectively, including, without limitation, the risk of potential re-classification of the Trust for U.S. federal income tax purposes; or

    (h)  any event constituting force majeure (including without limitation pandemic or riot) which, in the
      good faith determination of the Sponsor, makes determination of the Bitcoin Holdings or redemption impossible or impracticable; provided

    
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    that any determination of the Bitcoin Holdings or redemption so suspended shall be reinstated or processed as soon the
      force majeure event has resolved.

    ARTICLE VII

      

      THE TRUST

    SECTION 7.1  Management of the Trust.  Pursuant to Section 3806(b)(7) of the Delaware Trust Statute, the Sponsor
      is hereby granted the exclusive authority, and shall initially appoint the Administrator, the Transfer Agent, the Bitcoin Custodian, the Cash Custodian and the other Service Providers, to manage the Trust in accordance with their respective governing
      agreements. The Sponsor shall have the exclusive authority to direct the Service Providers in the performance of their respective obligations under this Agreement and their respective governing agreements. Without limiting the foregoing, the Sponsor
      shall have the authority to execute and deliver this Agreement and to enter into and perform such contracts and other undertakings on behalf of the Trust and any amendment thereto, as the Sponsor may deem necessary or advisable, and the Trust is
      hereby authorized and shall have the power and authority to enter into such agreements and perform its obligations thereunder.

    SECTION 7.2  Authority of Sponsor.  In addition to, and not in limitation of, any rights and powers conferred by
      law or other provisions of this Agreement, and except as limited, restricted or prohibited by the express provisions of this Agreement or the Delaware Trust Statute, the Sponsor shall have, and may exercise on behalf of
        the Trust (including, without limitation, delegating any such powers and rights to the Service Providers in accordance with their respective governing agreements), all powers and rights necessary, proper,
        convenient or advisable to effectuate and carry out the purposes of the Trust, which powers and rights shall include, without limitation, the following:

    (a)  to enter into, execute, accept, and deliver, on behalf of the Trust, contracts, agreements and any
      or all other documents and instruments incidental to the Trust’s purposes, including, but not limited to, the Service Provider Agreements and other contracts with service providers to provide various services;

    (b)  to establish, maintain, deposit into and/or otherwise draw upon, accounts on behalf of the Trust
      with appropriate custodial, banking, savings or other institutions;

    (c)  to deposit, withdraw, pay, retain and distribute the Trust Estate or any portion thereof in any
      manner consistent with the provisions of this Agreement;

    (d)  to supervise the preparation and filing of Registration Statements and any prospectus contained
      therein and any supplements and amendments thereto and to execute such Registration Statements on behalf of the Trust;

    (e)  to pay or authorize the payment of distributions to the Shareholders and pay or authorize the
      payment of the expenses of the Trust;

    (f)  to prepare, or cause to be prepared, and file, or cause to be filed, an application to enable the
      Shares to be traded on a national exchange or traded over-the-

    
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    counter and reported on a quotation system and to take any other action and execute and deliver any certificates or
      documents that may be necessary to effectuate such trading;

    (g)  to delegate those of its duties hereunder as it shall determine from time to time to one or more
      service providers, and add any additional service providers, if needed and as applicable;

    (h)  to appoint any members of the Sponsor as authorized signatories of the Trust with the power to
      execute contracts on behalf of and in the name of the Trust;

    (i)  to determine to use a reference rate other than the CME CF BRR if the CME CF BRR is no longer
      calculated or available;

    (j)  to develop a distribution plan on behalf of the Trust on an initial and ongoing basis;

    (k)  to facilitate registration of the Shares in book-entry form to be held in the name of Cede &
      Co. at the facilities of DTC;

    (l)  to instruct the Transfer Agent in connection with the issuance and cancellation of Shares;

    (m)  to instruct the Bitcoin Custodian and/or third party broker or dealer in connection with the
      purchase and sale of bitcoin on behalf of the Trust;

    (n)  to perform such other services as the Sponsor believes that the Trust may from time to time
      require; and

    (o)  in general, to do everything necessary, suitable or proper for the accomplishment of any purpose
      or the attainment of any objective or the furtherance of any power herein set forth, either alone or in association with others, and to do every other act or thing incidental or appurtenant to, or growing out of or connected with, the aforesaid
      purposes, objects or powers.

    In the event that on or prior to the date of this Agreement, any actions have been taken or documents executed by the
      Sponsor pursuant to the aforementioned powers and rights (including on behalf of the Trust), such actions or documents are hereby ratified.  For the avoidance of doubt, in respect of any such action or document, all rights, protections, immunities
      and indemnities granted to the Sponsor pursuant to this Agreement shall be applicable to the Sponsor as of the date of any such action or document.

    The foregoing clauses of Section 7.2 shall be construed both as objects and powers, and the foregoing enumeration
      of specific powers shall not be held to limit or restrict in any manner the general powers of the Sponsor. Any action by the Sponsor hereunder shall be deemed an action on behalf of the Trust, and not an action in an individual capacity.

    
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    Notwithstanding anything contained in this Agreement to the contrary, the Sponsor shall be entitled to delegate its
      obligations under this Agreement and applicable law to the Service Providers and shall not be liable for the actions of any such Service Providers.

    SECTION 7.3  General Prohibitions. The Trust shall not:

    (a)  receive any property other than cash in U.S. dollars upon the issuance of Shares;

    (b)  hold any property other than bitcoin and U.S. dollars;

    (c)  redeem Shares other than (i) as provided in Article V or (ii) upon the dissolution of the
      Trust;

    (d)  create, incur, assume or suffer to exist any lien, mortgage, pledge conditional sales or other
      title retention agreement, charge, security interest or encumbrance on or with respect to the Trust Estate, except liens expressly contemplated by this Agreement or the Service Provider Agreements, and liens for taxes not delinquent or being
      contested in good faith and by appropriate proceedings;

    (e)  commingle the Trust Estate with the assets of any other Person other than as expressly
      contemplated by the agreements governing the duties and obligations of the Service Providers; or

    (f)  cause the Trust to take any action that would result in the Trust being treated as an association
      taxable as a corporation for U.S. federal income tax purposes.

    SECTION 7.4  Liability of Covered Persons.  A Covered Person shall have no liability to the Trust or any
      Shareholder or other Person for any action or omission taken or omitted to be taken by such Covered Person in good faith or for errors in judgment by such Covered Person, except to the extent such action or omission taken or omitted to be taken or
      such error in judgment constitutes willful misconduct, bad faith or gross negligence in the performance of such Covered Person’s duties. Subject to the foregoing, neither the Sponsor nor any other Covered Person shall be personally liable for the
      return or repayment of all or any portion of the investment, capital or profits of any Shareholder or assignee thereof, it being expressly agreed that any such return of investment, capital or profits made pursuant to this Agreement shall be made
      solely from the assets of the Trust without any rights of contribution from the Sponsor or any other Covered Person. A Covered Person shall not be liable for the conduct or misconduct of any service provider or delegate.

    SECTION 7.5  Certain Duties.

    (a)  To the extent that, at law or in equity, the Sponsor has duties (including fiduciary duties) and liabilities relating
      to the Trust, the Shareholders or any other Person, the Sponsor acting under this 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 Agreement subject to the
      standard of care described in Section 7.4 herein. The provisions of this Agreement, to the extent that they restrict or eliminate the duties and liabilities of the Sponsor otherwise existing at law or in equity

    
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    are agreed by the parties hereto and the Shareholders to replace such other duties and liabilities of the Sponsor.

    (b)  The Sponsor allocates its resources among different clients and potential future business ventures to which the
      Sponsor may owe fiduciary duties. Additionally, the professional staff of the Sponsor also services other Affiliates of the Sponsor and its respective clients. It is agreed and understood that (i) the Sponsor and its professional staff shall not be
      required to devote its or their respective time or resources exclusively to the management of the business and affairs of the Trust and may engage in other business interests and activities similar to or in addition to those relating to the
      activities to be performed for the Trust and (ii) the officers of the Sponsor may buy or sell bitcoin for their own personal trading accounts (subject to certain internal trading policies and procedures) at the same time that they are managing the
      account of the Trust. In the event that the Sponsor, its partners, employees, associates and Affiliates or any of them now or hereafter carry on activities competitive with those of the Trust or buy, sell or trade in assets and portfolio securities
      of the Trust or of other investment funds, none of them shall be under any liability to the Trust or to the Shareholders for so acting. Every Shareholder, by virtue of having purchased or acquired a Share, shall be deemed to have consented to such
      conflicts of interest.

    (c)  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, any Shareholder or any other Person, on the other hand; or

    (ii)  whenever this Agreement or any other agreement contemplated herein 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 Agreement or any other agreement contemplated herein or of any duty
      or obligation of the Sponsor at law or in equity or otherwise.

    (d)  The Sponsor and any Affiliate of the Sponsor may engage in or possess an interest in 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

    
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    the Trust. Neither the Trust nor any Shareholder shall have any rights or obligations by virtue of this 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 purposes 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.

    (e)  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 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
      Agreement shall mean subjective good faith as such term is understood and interpreted under Delaware law.

    SECTION 7.6  Indemnification of the Sponsor.

    (a)  The Sponsor shall be indemnified by the Trust and held harmless against any losses, judgments, liabilities, claims,
      suits, penalties, taxes, costs, amounts paid in settlement of any claims sustained by it and expenses incurred by it arising out of or in connection with the performance of its obligations under this Agreement and under each other agreement entered
      into by the Sponsor in furtherance of the administration of the Trust, including, without, limitation, any costs and expenses incurred by the Sponsor in defending itself against any claim or liability in its capacity as Sponsor (each, a “Loss”); provided that (i) such Loss was not the direct result of gross negligence, bad faith or willful misconduct on the part of the Sponsor, as determined by a final judgment of a court of competent
      jurisdiction, and (ii) any such indemnification will be recoverable only from the Trust Estate. All rights to indemnification permitted herein and payment of associated expenses shall not be affected by the dissolution or other cessation of existence
      of the Sponsor, or the withdrawal, adjudication of bankruptcy or insolvency of the Sponsor, or the filing of a voluntary or involuntary petition in bankruptcy under the Bankruptcy Code by or against the Sponsor. Any amounts payable to the Sponsor
      under this Section 7.6 may be payable in advance. As security for any amounts owing to the Sponsor under this Section 7.6, the Sponsor shall have a lien against the Trust property. The obligations of the Trust to indemnify the Sponsor
      under this Section 7.6 shall survive the termination of this Agreement.

    (b)  Expenses incurred in defending a threatened or pending civil, administrative or criminal action suit or proceeding
      against the Sponsor shall be paid by the Trust in advance of the final disposition of such action, suit or proceeding if (i) the legal action relates to the performance of duties or services by the Sponsor on behalf of the Trust; (ii) the legal
      action is initiated by a third party who is not a Shareholder or the legal action is initiated by a Shareholder and a court of competent jurisdiction specifically approves such advance; and (iii) the Sponsor undertakes to repay the advanced funds
      with interest to the Trust in cases in which it is not entitled to indemnification under this Section 7.6.

    
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    (c)  The term “Sponsor” as used only in this Section 7.6 shall include, in addition to the Sponsor, any other
      Covered Person performing services on behalf of the Trust and acting within the scope of the Sponsor’s authority as set forth in this Agreement.

    (d)  In the event the Trust is made a party to any claim, dispute, demand or litigation or otherwise incurs any Loss as a
      result of or in connection with any Shareholder’s (or assignee’s) obligations or liabilities unrelated to the activities of the Trust, such Shareholder (or assignees cumulatively) shall indemnify, defend, hold harmless and reimburse the Trust for all
      such Losses incurred, including attorneys’ and accountants’ fees.

    SECTION 7.7  Business of Shareholders.  Except as otherwise specifically provided herein, any of the Shareholders
      and any shareholder, officer, director, employee or other Person holding a legal or beneficial interest in an entity that is a Shareholder, may engage in or possess an interest in business ventures of every nature and description, independently or
      with others, and the pursuit of such ventures, even if adverse to the interests of the Trust, shall not be deemed wrongful or improper.

    SECTION 7.8  Voluntary Withdrawal of the Sponsor.  The Sponsor may withdraw voluntarily as the Sponsor of the
      Trust only upon ninety (90) days’ prior written notice to all Shareholders and the Trustee. Following receipt of such notice, Shareholders holding Shares equal to at least fifty-one percent (51%) of the outstanding Shares of the Trust as of the
      Record Date (not including Shares held by the Sponsor or its Affiliates) may vote to elect and appoint, effective as of a date on or prior to the withdrawal, a successor Sponsor who shall carry on the business of the Trust.

    SECTION 7.9  Officer’s Certificate of Sponsor.  In the event that an opinion of counsel is to be delivered in
      respect of any matter contemplated by this Agreement, the Sponsor shall be required to deliver an officer’s certificate as to any matters relevant thereto, upon which such counsel shall be entitled to conclusively rely.

    SECTION 7.10  Authorization of Prospectus.  Each Shareholder (or any permitted assignee thereof) hereby agrees
      that the Trust, the Sponsor, the Trustee and each Service Provider are authorized to execute, deliver and perform the agreements, acts, transactions and matters contemplated hereby or described in or contemplated by a Registration Statement and any
      prospectus contained therein and any supplements and amendments thereto on behalf of the Trust (and any such execution, delivery or performance that has already been undertaken is hereby ratified) without any further act, approval or vote of the
      Shareholders, notwithstanding any other provision of this Agreement, the Delaware Trust Statute or any applicable law, rule or regulation.

    SECTION 7.11  Litigation.  The Sponsor is hereby authorized to prosecute, defend, settle or compromise actions or
      claims at law or in equity that it considers necessary or proper to protect the Trust or the interests of the Shareholders. The Sponsor is hereby authorized to satisfy any judgment, decree or decision of any court, board or authority having
      jurisdiction or any settlement of any suit or claim prior to judgment or final decision thereon out of the Trust’s assets. The legal expenses and costs of any such actions shall be deemed Additional Trust Expenses for which the Sponsor shall be
      entitled to be reimbursed by the Trust.

    
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    SECTION 7.12  Merger or Corporate Reorganization of Sponsor.  To the fullest extent permitted by law, nothing in
      this Agreement shall be deemed to prevent the merger of the Sponsor with another corporation or other entity, the reorganization of the Sponsor into or with any other corporation or other entity, the transfer of all the capital stock of the Sponsor,
      the assumption of the rights, duties and liabilities of the Sponsor by, in the case of a merger, reorganization or consolidation, the surviving corporation or other entity by operation of law. The resulting, surviving or transferee entity shall,
      without any further act, be the successor Sponsor under this Agreement and each of the related documents.  Without limiting the foregoing, none of the transactions referenced in the preceding sentence shall be deemed to be a voluntary withdrawal for
      purposes of Section 7.8.

    ARTICLE VIII

      

      THE SHAREHOLDERS

    SECTION 8.1  No Management or Control; Limited Liability.  The Shareholders shall not participate in the
      management or control of the Trust nor shall they enter into any transaction on behalf of the Trust or have the power to sign for or bind the Trust, said power being vested solely and exclusively in the Sponsor and the Service Providers subject to,
      and to the extent expressly set forth in, this Agreement and the other Service Provider Agreements. Except as provided in Section 8.3, no Shareholder shall be personally liable for the expenses, liabilities or obligations of the Trust in
      excess of his Percentage Interest of the Trust Estate. Except as provided in Section 8.3, each Share owned by a Shareholder shall be fully paid and no assessment shall be made against any Shareholder. No salary shall be paid to any
      Shareholder in his capacity as a Shareholder, nor shall any Shareholder have a drawing account or earn interest on its Percentage Interest of the Trust Estate. By the purchase and acceptance or other lawful delivery and
        acceptance of Shares, each Shareholder shall be a beneficiary of the Trust vested with a fractional undivided beneficial interest in the Trust to the extent of the Shares owned beneficially by such Shareholder, subject to the terms and conditions
        of this Agreement.

    SECTION 8.2  Rights and Duties.  The Shareholders shall have the following rights, powers, privileges, duties and
      liabilities:

    (a)  the Shareholders shall receive the share of the distributions provided for in this Agreement in
      the manner and at the times provided for in this Agreement;

    (b)  Shareholders shall have the right, subject to the occurrence or continuation of a Suspension
      Event, to demand a redemption of their Shares in accordance with Article V or upon the dissolution and winding up of the Trust and only to the extent of funds available therefor as provided in Section 13.2. In no event shall a
      Shareholder be entitled to demand or receive property other than cash upon the dissolution and winding up of the Trust. No Shareholder shall have priority over any other Shareholder as to distributions. No Shareholder shall have any right to bring an
      action for partition against the Trust; and

    (c)  the Shareholders holding Shares representing at least fifty-one percent (51%) of the outstanding
      Shares of the Trust as of the Record Date (not including Shares held by the Sponsor or its Affiliates) may vote to appoint a successor Sponsor as provided

    
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    in Section 7.8 or Section 13.1(a)(vi). Except as set forth in this Section 8.2(c), Section
        11.1 and Section 13.2, the Shareholders shall have no voting rights with respect to the Trust.

    SECTION 8.3  Limitation of Liability.  Except as provided in Section 7.6(d) and as otherwise provided
      under Delaware law, the Shareholders shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of Delaware and no Shareholder shall be liable
      for claims against or debts of the Trust in excess of his Percentage Interest of the Trust Estate, except in the event that the liability is founded upon misstatements or omissions contained in such Shareholder’s Subscription Agreement. In addition,
      and subject to the exceptions set forth in the immediately preceding sentence, the Trust shall not make a claim against a Shareholder with respect to amounts distributed to such Shareholder or amounts received by such Shareholder upon redemption of
      such Shareholder’s Shares unless, under Delaware law, such Shareholder is liable to repay such amount.

    SECTION 8.4  Derivative Actions.  In addition to any other requirements of applicable law, no Shareholder shall
      have the right, power or authority to bring or maintain a derivative action, suit or other proceeding on behalf of the Trust unless two or more Shareholders who (i) are not Affiliates of one another and (ii) collectively hold at least ten percent
      (10%) of the outstanding Shares join in the bringing or maintaining of such action, suit or other proceeding.

    ARTICLE IX

      

      BOOKS OF ACCOUNT AND REPORTS

    SECTION 9.1  Books of Account.  Proper books of account for the Trust shall be kept by the Administrator and shall
      be audited, as required by law, by independent registered public accountants designated by the Trust, and there shall be entered therein all transactions, matters and things relating to the Trust as are required by the applicable law and regulations.
      The books of account shall be kept at the principal office of the Administrator and no Shareholder shall have any right to inspect any account, book or document of the Trust that is not publicly available, except as consented to by the Sponsor. Such
      books of account shall be kept, and the Trust shall report its profits and losses on, the accrual method of accounting for financial accounting purposes on a Fiscal Year basis as described in Section 9.7.

    SECTION 9.2  Reports.

    (a)  At the end of each Business Day, the Sponsor, based on information received from the Administrator, shall post to the
      Website a report detailing, among other things, the following items: the Bitcoin Price, the Bitcoin Holdings, the Bitcoin Holdings per Share, the GAAP NAV, the GAAP NAV per Share and such other information required to be posted by any appropriate
      regulatory authority or, if applicable, any Secondary Market.

    (b)  The Trust is subject to the informational requirements of the Exchange Act and will file quarterly and annual reports
      and other information with the SEC. The reports and other information will be made available online at www.sec.gov. The Trust’s reports will also be made available, free of charge, on its website at www.wshares.com.

    
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    SECTION 9.3  Tax Matters.

    (a)  Although formed under the laws of Delaware, the Trust has elected, pursuant to Section 301.7701-3 of the Treasury
      Regulations, to be classified as a partnership for U.S. federal income tax purposes and not as an association taxable as a corporation.  As a consequence of such election:

    (i)  this Agreement contains certain provisions appropriate to such classification, including, but not
      limited to, provisions concerning the allocation of income, gain and loss and the establishment and maintenance of capital accounts; and

    (ii)  the Shareholders will be treated as partners for U.S. federal income tax purposes.

    (b)  Notwithstanding anything to the contrary in this Agreement, with respect to each Fiscal Year (or portion thereof) in
      which the Trust is classified and treated as a partnership for U.S. federal income tax purposes, a capital account will be maintained for each Shareholder (representing an amount equal to the aggregate Bitcoin Holdings per Share of such Shareholder's
      Shares, as adjusted on the last day of each Fiscal Year and as adjusted to take account of issues and redemptions of Shares) and all items of income, deduction, gain, loss or credit of the Trust will be allocated to such capital accounts pursuant to
      the terms of this Agreement, all in accordance with Section 704 of the Code and the Treasury Regulations promulgated thereunder.

    (c)  For each Fiscal Year, items of income or credit of the Trust shall be allocated to the Shareholders for U.S. federal
      income tax purposes in accordance with the allocations of the corresponding items for capital account purposes, except that items with respect to which there is a difference between tax and book bases will be allocated in accordance with Section
      704(c) of the Code and the Treasury Regulations promulgated thereunder.

    (d)  Notwithstanding anything in Section 9.3(c) to the contrary, in the event that a Shareholder redeems all its
      shares in the Trust or otherwise ceases to hold shares, dies, dissolves or becomes bankrupt or insane, the Administrator or Sponsor may, in their sole discretion, specially allocate items of income, gain or loss of the Trust to that Shareholder for
      tax purposes to reduce the amount, if any, by which the amount distributable to that Shareholder upon such Shareholder ceasing to hold Shares exceeds, or is less than, that Shareholder’s tax basis for its Shares.

    (e)  Notwithstanding anything in this Agreement to the contrary, in the event that any Shareholder unexpectedly receives
      any adjustments, allocations or distributions described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), Section 1.704-1(b)(2)(ii)(d)(5), or Section 1.704-1(b)(2)(ii)(d)(6), items of income (including gross income) and gain of the Trust shall
      be specially allocated to such Shareholder in an amount and manner sufficient to eliminate the deficit balance in such Shareholder’s capital account (in excess of (i) the amount such Shareholder is obligated to restore upon liquidation of the Trust
      or on such Shareholder ceasing to hold Shares and (ii) such Shareholder’s share of the “minimum gain” (as defined in Treasury Regulations Section 1.704-2)) created by such adjustments, allocations or distributions as quickly as possible.

    
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    Any special allocations of income and gain pursuant to this Section 9.3(e) shall be taken into account in computing subsequent
      allocations of income and gain pursuant to this Agreement, so that the net amount of any items so allocated and the income, gain, loss, deduction and all other items allocated to each Shareholder pursuant to this Agreement shall, to the extent
      possible, equal the net amount that would have been allocated to each such Shareholder pursuant to this Agreement if such special allocations had not been made.  This Section 9.3(e) is intended to comply with the qualified income offset
      requirement in the Treasury Regulations sections described in this Section 9.3(e) and shall be interpreted consistently therewith.

    (f)  For purposes of determining the net investment income or losses and net realized securities gains or losses, or any
      other such items allocable to any period, net investment income or losses and net realized securities gains or losses, and any such other items shall be determined on a daily, monthly, or other basis, as determined by the Shareholders using any
      permissible method under Section 706 of the Code and the Treasury Regulations promulgated thereunder.

    (g)  The Shareholders are aware of the income tax consequences of the allocations made by this Section 9.3 and by
      their acceptance of Shares agree to be bound by the provisions hereof in reporting their allocable distributable shares of income and loss of the Trust for U.S. federal income tax purposes.

    SECTION 9.4  Tax Information. The Trust shall use commercially reasonable efforts to deliver appropriate tax
      information (adequate to enable each Shareholder to complete and file its U.S. federal tax return) to each Shareholder as soon as practicable following the end of each Fiscal Year. If final tax information cannot be distributed by March 15 following
      the end of the immediately preceding Fiscal Year, estimated tax information shall be distributed no later than March 15. All such information shall be prepared, and all of the Trust’s tax returns shall be filed, in a manner consistent with the
      treatment of the Trust as a partnership. The Trust’s taxable year shall be the calendar year. The Trust shall comply with all U.S. federal withholding requirements applicable to distributions to, or receipts of amounts on behalf of, Shareholders that
      the Administrator reasonably believes are applicable under the Code. The consent of Shareholders shall not be required for such withholding.

    SECTION 9.5  Calculation of Bitcoin Holdings.

    (a)  The Trust’s Bitcoin Holdings shall be calculated by the Administrator on each Business Day and shall be equal to the
      value of the bitcoin and U.S. dollars held by the Trust, less the expenses and liabilities of the Trust, in each case determined in accordance with Section 9.5(b) below. The Bitcoin Holdings per Share, which shall be calculated by the
      Administrator on each Business Day, shall be equal to the Trust’s Bitcoin Holdings divided by the number of outstanding Shares.

    (b)  On each Business Day at 4:00 p.m., New York time, or as soon thereafter as practicable, the Administrator will
      calculate and publish the Trust’s Bitcoin Holdings and Bitcoin Holdings per share. To calculate the Trust’s Bitcoin Holdings, the Administrator will:

    (i)  determine the Bitcoin Price as of such Business Day;

    
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    (ii)  multiply the Bitcoin Price by the aggregate number of bitcoin owned by the Trust as of 4:00 p.m.,
      New York time, on such day;

    (iii)  add the amount of U.S. dollars held by the Trust;

    (iv)  subtract the U.S. dollar amount of accrued and unpaid Additional Trust Expenses, if any;

    (v)  on a Redemption Date, subtract the U.S. dollar value of the Shares redeemed, if any, determined by
      multiplying the number of Shares redeemed by the Bitcoin Holdings per Share on such Redemption Date (the amount derived from steps (i) through (v) above, the “Sponsor Fee Basis Amount”); and

    (vi)  subtract the U.S. dollar amount of the Sponsor’s Fee that accrues for such Business Day,
      calculated based on the Sponsor Fee Basis Amount for such Business Day.

    (c)  In the event that CF Benchmarks Ltd. ceases to publish the CME CF BRR, the Trust will undertake the following steps
      to calculate the Bitcoin Price:

    (i)  First, in the immediate interim period prior to
      establishing the permanent replacement benchmark, to the extent necessary, the Trust will source bitcoin prices directly from the CME CF BRR Constituent Platforms and closely replicate the daily calculation of the CME CF BRR; and

    (ii)  Second, for the permanent replacement benchmark, the
      Trust will look to determine a successor benchmark that satisfies the properties of high integrity, resilient methodology, and reliable availability. Possible options that the Trust may elect for a permanent replacement benchmark include:

    (1)  If the CME bitcoin futures are trading, the successor index or benchmark that the CME futures are
      cash settling on;

    (2)  An industrywide accepted index or benchmark that satisfies the aforementioned properties;

    (3)  An index or benchmark offered by the Bitcoin Custodian to price bitcoin; or

    (4)  Replicate the CME CF BRR process and calculation through an independent third party calculation
      agent.

    In the event that the CME CF BRR ceases to be published, the Trust shall provide notice of such cessation to all Shareholders (which may be
      delivered through the facilities of DTC) and shall also provide details of how the Trust will determine the Bitcoin Price thereafter.

    (d)  The determinations that the Administrator makes as contemplated by Sections 9.5(a) and (b) above
      shall be made in good faith upon the basis of, and neither the Sponsor

    
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    nor the Administrator will be liable for any errors contained in, information reasonably available to it; provided however that the preceding
      liability exclusion will not protect the Sponsor or the Administrator against any liability resulting from gross negligence, willful misconduct or bad faith in the performance of their respective duties as determined by a final judgment issued by a
      court of competent jurisdiction.

    SECTION 9.6 Calculation of GAAP NAV.

    (a)    The Trust's bitcoin is carried, for financial statement purposes, at fair value, as required by GAAP.  The Trust
      determines the fair value of bitcoin based on the price provided by the Trust’s principal market for bitcoin. The net asset value of the Trust determined on a GAAP basis is referred to as the Trust’s “GAAP NAV.”

    (b)  The Trust’s bitcoin trading within the Constituent Platforms forms the basis for determining the Trust’s principal
      market for valuing bitcoin, following the below steps:

    (i)  First, the Trust reviews the current list of the
      Constituent Platforms comprising the CME CF BRR;

    (ii)  Second, the Trust sorts the current Constituent
      Platforms from high to low by trading volume of bitcoin (USD-BTC) within each of the platforms for the trailing twelve (12) month period; and

    (iii)  Third, the Trust selects the Constituent Platform with
      the highest trading volume as its principal market.

    (c)  The Trust shall conduct the determination of the principal market on an annual basis. As of the date of this
      Agreement, the Trust has currently determined Coinbase to be the initial principal market on which the Trust will base its GAAP NAV determinations.

    (d)  The Trust’s GAAP NAV and GAAP NAV per Share shall be calculated daily by the Administrator and shall be used solely
      for GAAP accounting purposes for the Trust. The daily calculation of the Trust’s GAAP NAV and GAAP NAV per Share shall follow the same methodology as the calculation of the Trust’s Bitcoin Holdings and Bitcoin Holdings per Share pursuant to Section

        9.5(b), except that the Bitcoin Price is sourced from the Trust’s principal market for valuing bitcoin instead of the CME CF BRR.

    SECTION 9.7  Fiscal Year. The fiscal year of the Trust for financial accounting purposes (the “Fiscal Year”) shall begin on the 1st day of January and end on the 31st day of December of each year. The Fiscal Year in which the
      Trust shall terminate shall end on the date of such termination. The Sponsor may select an alternate Fiscal Year.

    SECTION 9.8  Maintenance of Records.  The Administrator shall maintain
      for a period of at least seven (7) years, or such longer period as required by applicable law, (a) all books of account required by Section 9.1; (b) a copy of the Certificate of Trust and all certificates of amendment thereto; (c) copies of
      the Trust’s U.S. federal, state and local income tax returns and reports, if any; (d) a copy of this Agreement, each effective Subscription Agreement, and in each case, any amendments or waivers thereto; and (e) any
        financial statements of the Trust. The Administrator

    
      31

      
        

    

    

    

    may keep and maintain the books and records of the Trust in paper, magnetic, electronic or other format as the Administrator
      may determine in its sole discretion, provided that the Administrator shall use reasonable care to prevent the loss or destruction of such records. If there is a conflict between this Section 9.8 and the rules and regulations of the
      SEC or any applicable exchange or quotation system with respect to the maintenance of records, the records shall be maintained pursuant to the rules and regulations of the SEC or any applicable exchange or quotation system.

    ARTICLE X

      

      FEES AND EXPENSES

    SECTION 10.1  Sponsor’s Fee.  The Trust shall pay to the Sponsor a fee (the “Sponsor’s

        Fee”), payable in U.S. dollars, which shall accrue daily at an annual rate of 90 basis points (0.90%) of the Sponsor Fee Basis Amount as of 4:00 p.m., New York time, on each day; provided that for a
      day that is not a Business Day, the calculation shall be based on the Sponsor Fee Basis Amount from the most recent Business Day, reduced by the accrued and unpaid Sponsor’s Fee for such most recent Business Day and for each day after such most
      recent Business Day and prior to the relevant calculation date. The Sponsor’s Fee shall be payable to the Sponsor monthly in arrears from amounts on deposit in the Cash Account maintained by the Cash Custodian. The Sponsor, from time to time, may
      waive all or a portion of the Sponsor’s Fee in its sole discretion.

    SECTION 10.2  Sponsor-paid Expenses.  The following ordinary and
      recurring fees of the Trust will be paid by the Administrator out of the Sponsor’s Fee: (i) the Administrator Fee, (ii) the Bitcoin Custodian Fee, (iii) the Cash Custodian Fee, (iv) the Transfer Agent Fee, (v) the Trustee Fee, and (vi) the
      Partnership Representative Fee (each, a “Sponsor-paid Expense” and together, the “Sponsor-paid Expenses”).

    SECTION 10.3 Additional Trust Expenses. The Trust may incur certain other fees and expenses that are not
      contractually assumed by the Sponsor as Sponsor-paid Expenses, including, but not limited to: (i) fees in connection with the purchase and sale of the Trust’s bitcoin (including any commission and exchange fees), (ii) expenses incurred in connection
      with an offering of Shares of the Trust, including but not limited to fees to the underwriters, placement agents or distributors and fees of the Escrow Agent, (iii) license fees, taxes and governmental charges, (iv) the Trust's regulatory fees and
      expenses (including any filings, applications or licenses and any registration fees or FINRA filing fees), (v) the Trust's audit fees (including any fees and expenses associated with tax preparation), (vi) marketing and advertising expenses, (vii)
      printing and mailing costs, (viii) costs of maintaining the Trust's website, (ix) fees and expenses related to the listing, quotation or trading of the Shares on any Secondary Market (including legal, marketing and audit fees and expenses) to the
      extent exceeding $100,000 in any given fiscal year, (x) expenses and costs of any extraordinary services performed by the Sponsor (or any other Service Provider) on behalf of the Trust, (xi) indemnification obligations of the Trust to the Sponsor,
      any Service Provider or any counterparties of the Trust, (xii) the Sponsor’s legal fees in connection with the establishment of the Trust and the offering of the Shares and (xiii) the Trust’s legal fees to the extent they exceed $100,000 in any given
      fiscal year (collectively, “Additional Trust Expenses”).  The Sponsor may, in its sole discretion and without obligation, pay certain Additional Trust Expenses on behalf of the Trust.

    
      32

      
        

    

    

    

    SECTION 10.4  Payment of Fees and Expenses.  If at any time there is an insufficient amount of cash in the Cash
      Account, the Sponsor will instruct the sale of an appropriate amount of the Trust's bitcoin and deposit, or cause to be deposited, the net sales proceeds into the Cash Account.

    ARTICLE XI

      

      AMENDMENT OF TRUST AGREEMENT; MEETINGS

    SECTION 11.1  Amendments to the Trust Agreement.

    (a)  Except as specifically provided herein, the Sponsor, without the Trustee or Shareholder consent, may amend or
      otherwise supplement this Agreement by making an amendment, an agreement supplemental hereto, or an amended and restated declaration of trust and trust agreement. Any such restatement, amendment and/or supplement hereto shall be effective on such
      date as designated by the Sponsor; provided that (i) no such amendment may be made if it would adversely affect the status of the Trust as a partnership for U.S. federal income tax purposes, (ii) any amendment that affects the duties,
      liabilities, rights or protections of the Trustee shall also require the Trustee’s prior written consent, which it may grant or withhold in its sole discretion, (iii) any amendment that affects the duties, liabilities, rights or protections of the
      Administrator shall also require the Administrator’s prior written consent, which it may grant or withhold in its sole discretion, and (iv) any amendment that appoints a new sponsor (upon the withdrawal or the adjudication or admission of bankruptcy
      or insolvency of the Sponsor) or makes any material change to the Trust’s basic investment policies shall also require the consent of Shareholders owning at least fifty-one percent (51%) of the outstanding Shares of the Trust as of the Record Date
      (not including Shares held by the Sponsor or its Affiliates).

    (b)  Without limitation of the foregoing, the Sponsor may, without the approval of the Shareholders, amend the provisions
      of this 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’s status as a partnership will be respected for U.S. federal income tax purposes.

    (c)  For all purposes of this Section 11.1, a Shareholder shall be deemed to consent to a modification or
      amendment of this Agreement if the Sponsor has notified such Shareholder in writing of the proposed modification or amendment and the Shareholder has not, within twenty (20) calendar days of such notice, notified the Sponsor in writing that the
      Shareholder objects to such modification or amendment. Notwithstanding anything to the contrary herein, notice pursuant to this Section 11.1 may be given by the Sponsor to the Shareholder by email, through DTC’s electronic notification system
      or via other electronic transmission and shall be deemed given upon delivery without requirement of confirmation.

    (d)  Upon amendment of this Agreement, the Certificate of Trust shall also be amended, if required by the Delaware Trust
      Statute, to reflect such change. At the expense of the Trust, the Trustee shall execute and file any amendment to the Certificate of Trust if so directed in writing by the Sponsor.

    
      33

      
        

    

    

    

    (e)  To the fullest extent permitted by law, no provision of this Agreement may be amended, waived or otherwise modified
      orally but only by a written instrument adopted in accordance with this Section 11.1.

    SECTION 11.2  Meetings of the Trust.  The Trust will not have regular Shareholder meetings. Meetings of the
      Shareholders may be called by the Sponsor. If a meeting is so called, the Sponsor shall provide written notice to all Shareholders thereof which shall provide basic details about the meeting such as the time, venue and purpose of the meeting.

    SECTION 11.3  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 Agreement, is solicited by the Sponsor, the solicitation shall be effected by notice to each Shareholder given in the manner provided in Section 14.5. The vote or consent of each Shareholder so solicited shall not be
      deemed to have been cast or granted as requested in the notice of solicitation, unless the Shareholder expresses objection or consent by written notice delivered in the manner provided in Section 14.5 or as otherwise set forth in such
      solicitation and which is actually received by the Trust. The Covered Persons dealing with the Trust shall be entitled to act in reliance on any vote or consent that is deemed cast or granted pursuant to this Section 11.3 and shall be fully
      indemnified by the Trust in so doing.

    ARTICLE XII

      

      TERM

    SECTION 12.1  Term.  The term for which the Trust is to exist shall be perpetual, unless terminated pursuant to
      the provisions of Article XIII or as otherwise provided by law.

    ARTICLE XIII

      

      TERMINATION

    SECTION 13.1  Events Requiring Dissolution of the Trust.

    (a)  The Trust shall dissolve if any of the following events occur:

    (i)  a U.S. federal or state regulator requires the Trust to shut down or forces the Trust to liquidate
      its bitcoin or seizes, impounds or otherwise restricts access to Trust assets;

    (ii)  the Trust is determined to be a “money service business” under the regulations promulgated by
      FinCEN under the authority of the U.S. Bank Secrecy Act and is required to comply with certain FinCEN regulations thereunder, and the Sponsor has made the determination that dissolution of the Trust is advisable;

    (iii)  the Trust is required to obtain a license or make a registration under any state law regulating
      money transmitters, money services business, providers of

    
      34

      
        

    

    

    

    prepaid or stored value or similar entities, or virtual currency businesses, and the Sponsor has made the determination
      that dissolution of the Trust is advisable;

    (iv)  any ongoing event exists that either prevents the Trust from making or makes impractical the
      Trust's reasonable efforts to make a fair determination of the Bitcoin Price;

    (v)  any ongoing event exists that either prevents the Trust from converting, or makes impractical the
      Trust's reasonable efforts to convert bitcoin to U.S. dollars;

    (vi)  upon the withdrawal or the adjudication or admission of bankruptcy or insolvency of the Sponsor
      unless within ninety (90) days of such event, Shareholders holding at least fifty-one percent (51%) of the outstanding Shares of the Trust as of the Record Date (not including Shares held by the Sponsor or its affiliates) agree in writing to continue
      the Trust and to select, effective as of the date of such event, one or more successor sponsors;

    (vii)  the Trust becomes insolvent or bankrupt;

    (viii)  all of the Trust’s assets are sold; or

    (ix)  the Sponsor determines that the size of the assets of the Trust in relation to the expenses of
      the Trust make it unreasonable or imprudent to continue the Trust;

    (x)  the SEC determines that the Trust is an investment company required to be registered under the
      Investment Company Act, and the Sponsor has made the determination that dissolution of the Trust is advisable;

    (xi)  the CFTC determines that the Trust is a commodity pool under the CEA, and the Sponsor has made
      the determination that dissolution of the Trust is advisable;

    (xii)  sixty (60) days have elapsed since DTC or another depository has ceased to act as depository
      with respect to the Shares, and the Sponsor has not identified another depository that is willing to act in such capacity;

    (xiii)  the Sponsor elects to terminate the Trust after the Trustee, the Administrator, the Bitcoin
      Custodian or the Cash Custodian (or any successor trustee, administrator or custodian) resigns or otherwise ceases to be the trustee, administrator or custodian of the Trust, as applicable, and no replacement trustee, administrator and/or custodian
      acceptable to the Sponsor is engaged, and accordingly the Sponsor has made the determination that dissolution of the Trust is advisable; or

    (xiv)  the Sponsor, in its sole discretion, determines for any other reason to dissolve the Trust.

    
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    (b)  The death, legal disability, bankruptcy, insolvency, dissolution, or withdrawal of any Shareholder (as long as such
      Shareholder is not the sole Shareholder of the Trust) shall not result in the termination of the Trust, and such Shareholder, his estate, custodian or personal representative shall have no right to withdraw or value such Shareholder’s Shares. Each
      Shareholder (and any assignee thereof) expressly agrees that in the event of his death, he waives on behalf of himself and his estate, and he directs the legal representative of his estate and any person interested therein to waive, the furnishing of
      any inventory, accounting or appraisal of the Trust Estate and any right to an audit or examination of the books of the Trust.

    SECTION 13.2  Distributions on
        Dissolution. If the Trust is to be liquidated, the Trust will be liquidated under the Sponsor’s direction (or in the event there is no Sponsor or the Sponsor is adjudicated bankrupt or insolvent, such person as the Shareholders holding at least
      fifty-one percent (51%) of the outstanding Shares of the Trust as of the Record Date (not including Shares held by the Sponsor or its Affiliates) may propose and approve (the “Liquidating Trustee”)). Any
      Liquidating Trustee so appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the Sponsor under the terms of this Agreement,
        subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions, obligations and expenses of the Trust. 
        In accordance with Section 3808(e) of the Delaware Trust Statute, the affairs of the Trust shall be wound up and the Sponsor or the Liquidating Trustee, as applicable, on behalf of the Trust, will cause any bitcoin then held by the Trust to
      be liquidated in an orderly fashion. The proceeds therefrom, together with any other amounts held by or on behalf of the Trust, will be applied and distributed in the following order of priority: (a) first, to
      the expenses of liquidation and termination, to amounts due to creditors, including without limitation the Sponsor and the Service Providers, to the extent otherwise permitted by law, and to any applicable taxes, other governmental charges and
      contingent or future liabilities of the Trust as the Sponsor or Liquidating Trustee, as applicable, shall determine, in each case, in satisfaction of liabilities of the Trust other than liabilities for distributions to Shareholders in respect of the
      Shares and (b) second, to the Shareholders pro rata in accordance with their respective Percentage Interests. Upon the dissolution of the Trust, the Sponsor or the Liquidating Trustee, as applicable, shall
      take full charge of the Trust Estate.

    SECTION 13.3  Termination; Certificate of Cancellation. Following the
      dissolution and distribution of the assets of the Trust, the Trust shall terminate, and the Trustee shall, at the written direction of the Sponsor or the Liquidating Trustee, as applicable, and at the expense of the Trust, execute and cause to be
      filed a certificate of cancellation of the Certificate of Trust in accordance with the Delaware Trust Statute. Notwithstanding anything to the contrary contained in this Agreement, the existence of the Trust as a separate legal entity shall continue
      until the filing of such certificate of cancellation.

    ARTICLE XIV

      

      MISCELLANEOUS

    SECTION 14.1  Governing Law. The
      validity and construction of this 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

    
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    to the laws of the State of Delaware without regard to the conflict of laws provisions thereof; provided,
      however, that causes of action for violations of U.S. federal or state securities laws shall be governed by applicable federal and state securities laws; provided, further, that the parties hereto 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 Trust Statute) and that, to
      the maximum extent permitted by applicable law, there shall not be applicable to the Trust, the Trustee, the Sponsor, the Administrator, any other Service Provider, the Shareholders or this Agreement any provision of the laws (statutory or common) of
      the State of Delaware (other than the Delaware Trust Statute) pertaining to trusts that 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, or (g) the establishment of fiduciary or other standards or responsibilities or limitations on the acts
      or powers of trustees or managers that are inconsistent with the limitations on liability or authorities and powers of the Trustee or the Sponsor set forth or referenced in this Agreement. Sections 3540 and 3561 of
        Title 12 of the Delaware Trust Statute shall not apply to the Trust. The Trust shall be of the type commonly called a “statutory trust,” and without limiting the provisions hereof, but subject to Sections 1.5 and 1.6, the Trust may
        exercise all powers that are ordinarily exercised by such a statutory trust under Delaware law. Subject to Sections 1.5 and 1.6, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to
        statutory trusts and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

    SECTION 14.2  Provisions In Conflict With Law or Regulations.

    (a)  The provisions of this Agreement are severable, and if any one or more of such provisions (the “Conflicting Provisions”) are in conflict with the Code, the Delaware Trust Statute, the Securities Act or other applicable U.S. federal or state laws or the rules and regulations of the SEC or any applicable exchange or quotation system, the Conflicting Provisions shall be deemed never to have constituted a part of this Agreement, even without any amendment of this Agreement pursuant to this Agreement; provided,
      however, that such conflict shall not affect or impair any of the remaining provisions of this Agreement or render invalid or improper any action taken or omitted prior to a determination that any such conflict exists. Neither the Sponsor nor
      the Trustee shall be liable for making or failing to make such a determination.

    (b)  If any provision of this Agreement shall be held invalid or unenforceable in any jurisdiction, such holding shall not
      in any manner affect or render invalid or unenforceable such provision in any other jurisdiction or any other provision of this Agreement in any jurisdiction.

    SECTION 14.3  Merger and Consolidation. Subject to the provisions of Section

        1.5, the Sponsor may cause (i) the Trust to be merged into or consolidated with, converted to or to sell all

    
      37

      
        

    

    

    

    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 shares 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,
      subject to the provisions of Section 1.5, the Sponsor, with written notice to the Shareholders, may approve and effect any of the transactions contemplated under (i), (ii) and (iii) above without any vote or other action of the Shareholders.

    SECTION 14.4  Construction. In this Agreement, unless the context
      otherwise requires, words used in the singular or in the plural include both the plural and singular and words denoting any gender include all genders. In this Agreement, unless otherwise indicated in context, all references to Articles or Sections
      refer to an Article or Section of this Agreement. The titles and headings of various Articles and Sections herein are inserted for convenience of reference only and shall not affect the meaning, construction or
      effect of this Agreement.

    SECTION 14.5  Notices. All notices
      or communications under this Agreement shall be in writing and shall be effective upon personal delivery, or if sent by mail, postage prepaid, or if sent electronically, by facsimile or by overnight courier, and addressed,

        in each such case, to the address set forth in the books and records of the Trust or such other address as may be specified in writing or specified below, of the party to whom such notice is to be given, upon the deposit of such notice in the
        United States mail, upon transmission and electronic confirmation thereof or upon deposit with a representative of an overnight courier, as the case may be.

    All notices or other communications under this Agreement that are required to be provided to the following parties shall
      be sent to:

    (i)  if to the Trustee:

    Delaware Trust Company

    Attention: Corporate Trust Administration

    251 Little Falls Drive

    Wilmington, DE 19808

    (ii)  if to the Trust:

    wShares Bitcoin Fund

    c/o Wilshire Phoenix Funds LLC

    2 Park Avenue, 20th Floor

    New York, New York 10016

    (iii)  if to the Sponsor:

    Wilshire Phoenix Funds LLC

    2 Park Avenue, 20th Floor

    New York, New York 10016

    
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    SECTION 14.6  Counterparts; Electronic Transmission. This Agreement may
      be executed in several counterparts, and all so executed shall constitute one agreement, binding on all of the parties hereto, notwithstanding that all the parties are not signatory to the original or the same counterpart. This Agreement, any
      documents to be delivered pursuant to this Agreement, and any notices hereunder may be transmitted between the parties by email and/or facsimile to an email address or facsimile number at which the recipient has consented to receive the same. The
      parties intend that faxed signatures and electronically imaged signatures such as .pdf files shall constitute original signatures and are binding on all parties.

    SECTION 14.7  Binding Nature of Trust Agreement.  The terms and provisions of this Agreement shall be binding upon
      and inure to the benefit of the heirs, custodians, executors, estates, administrators, personal representatives, successors and permitted assigns of the respective Shareholders. For purposes of determining the rights of any Shareholder or assignee
      hereunder, the Trust and the Sponsor may rely upon the Trust records as to who are Shareholders and permitted assignees, and all Shareholders and assignees agree that the Trust and the Sponsor, in determining such rights, shall rely on such records
      and that Shareholders and their assignees shall be bound by such determination.

    SECTION 14.8  No Legal Title to Trust Estate. The Shareholders shall not
      have legal title to any part of the Trust Estate.

    SECTION 14.9  Creditors. No creditors of any Shareholders shall have any
      right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the Trust Estate.

    SECTION 14.10  Integration. This Agreement constitutes the entire
      agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto, whether written or oral.

    SECTION 14.11  Goodwill; Use of Name. No value shall be placed on the name or goodwill of the Trust, which shall
      belong exclusively to the Sponsor.

    

    

    

    

    [ signature page follows ]

    
      39

      
        

    

    IN WITNESS WHEREOF, the undersigned have duly executed this Third Amended and
      Restated Declaration of Trust and Trust Agreement as of the day and year first above written.

    

    

    	 	 	
            DELAWARE TRUST COMPANY,

              as Trustee

             

          	 
	 	 	 	 
	 	 	
            By:

          	 	 
	 	 	 	
            Name:

          	 
	 	 	 	
            Title:

          	 
	 	 	 	 
	 	 	 	 
	 	 	
            WILSHIRE PHOENIX FUNDS LLC,

              not in its individual capacity but solely as Sponsor of the Trust

             

          	 
	 	 	 	 
	 	 	
            By:

          	 	 
	 	 	 	
            Name:

          	 
	 	 	 	
            Title:

          	 
	 	 	 	 
	 	 	 	 

    

    

    

    

    
      40

      
        

    

    
    EXHIBIT A

      

      CERTIFICATE OF TRUST

      OF

      BITCOIN COMMODITY TRUST

    THIS Certificate of Trust of Bitcoin Commodity Trust (the “Trust”) is being duly executed and filed on behalf of
      the Trust by the undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) (the “Act”).

    	

          	1.	
            Name.  The name of the statutory trust formed by this Certificate of Trust is Bitcoin Commodity Trust.

          

    	

          	2.	
            Delaware Trustee.  The name and address of the trustee of the Trust with a principal place of business in the State of Delaware are Delaware Trust Company, 251 Little
              Falls Drive, Wilmington DE 19808, Attention: Corporate Trust Administration.

          

    	

          	3.	
            Effective Date.  This Certificate of Trust shall be effective upon filing.

          

    IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Trust in accordance with Section 3811(a)(1) of
      the Act.

    	 	
            DELAWARE TRUST COMPANY, not in its individual capacity but solely as Delaware Trustee of the Trust

              

              

              By:  /s/ Alan R. Halpern            

              Name: Alan R. Halpern

              Title: Vice Present

          

    

    

    
      A-1

      
        

    

    

    

    STATE OF DELAWARE

    CERTIFICATE OF AMENDMENT TO

    CERTIFICATE OF TRUST

    

    

    Pursuant to Title 12, Section 3810(b) of the Delaware Statutory Trust Act, the undersigned Trust executed the following
      Certificate of Amendment:

    	

          	1.	
            Name of Statutory Trust: Bitcoin Commodity Trust.

          

    	

          	2.	
            The Certificate of Amendment to the Certificate of Trust is hereby amended as follows: The name of the Trust is hereby changed to “wShares Bitcoin Commodity Trust”.

          

    	

          	3.	
            This Certificate of Amendments shall be effective April 14, 2021.

          

    IN WITNESS WHEREOF, the undersigned have executed this Certificate on the 14th day of April, 2021 A.D.

    

    

    

    

    	 	
            By: Alan R. Halpern, Vice President

          
	 	
                                   Trustee

          
	 	 
	 	
            Name: Delaware Trust Company

          
	 	
                                Type or Print

          

    

    

    
      A-2

      
        

    

    

    

    STATE OF DELAWARE

    CERTIFICATE OF AMENDMENT TO

    CERTIFICATE OF TRUST

    

    

    Pursuant to Title 12, Section 3810(b) of the Delaware Statutory Trust Act, the undersigned Trust executed the following
      Certificate of Amendment:

    	

          	1.	
            Name of Statutory Trust: wShares Bitcoin Commodity Trust.

          

    	

          	2.	
            The Certificate of Amendment to the Certificate of Trust is hereby amended as follows: The name of the Trust is hereby changed to “wShares Bitcoin Fund”.

          

    	

          	3.	
            This Certificate of Amendments shall be effective February 4, 2022.

          

    IN WITNESS WHEREOF, the undersigned have executed this Certificate on the 4th day of February, 2022 A.D.

    

    

    	 	
            By:

          	
            Alan R. Halpern, Vice President

                                Trustee

            

          
	 	
                                       

            

          
	 	 
	 	
            Name:

          	
            Delaware Trust Company, not in its individual capacity but solely as Trustee

                               Type or Print 

          
	 	
                                       

            

          

    

    

    

    

    

    

  

  A-3Exhibit 10.8

     

    

     [Certain identified information has been excluded from the exhibit because it is both not material and would likely
      cause competitive harm to the company if publicly disclosed.]

    AMENDED AND RESTATED CUSTODIAL SERVICES

      AGREEMENT

     

    

    wShares

      Bitcoin Fund

      &

    Fidelity Digital Asset Services, LLC

     

    

    
      
        

    

    
    THIS AMENDED AND RESTATED CUSTODIAL SERVICES AGREEMENT (this “Agreement”) is made on August 23, 2022 and replaces in its entirety that certain Custodial Services Agreement dated as of January 21, 2022 (the “Effective Date”), by and between wShares Bitcoin Fund, (the “Client”), and Fidelity Digital Asset Services, LLC (the “Custodian,”
      and collectively with the Client, the “Parties,” and each individually, a “Party”).

    	1.	
            DEFINITIONS AND INTERPRETATION

          

    	A.	
            Definitions. For purposes of this Agreement and any exhibit or schedule hereto, the following terms shall have the meanings ascribed
              to them below:

          

    “Affiliated Agent” shall have the meaning set forth in Section
      12.C.iii.

    “Assets” means Cash and Eligible Assets that have been
      Delivered to the Custodian to be held in one or more Custody Accounts established and maintained by the Custodian on behalf of the Client, in each case until such Assets are withdrawn or cease to be Assets pursuant to this Agreement. Assets shall
      also mean any Forked Digital Asset that the Custodian, in its sole discretion, chooses to support pursuant to Section 8 hereof.

    “Authenticated Instruction” means an Instruction that has been
      confirmed as originating from an Authorized Person through a video conference call, the use of a mobile phone application or hardware security module or other method of authentication in accordance with procedures specified by the Custodian from time
      to time as required to be used in connection with the services hereunder.

    “Authorized Agent” means, as the date hereof, none.

    “Authorized Person” shall have the meaning set forth in
      Section 5.A.

    “Blockchain Address” means a public address on a blockchain in
      which a record of Eligible Assets can be held (including, without limitation, a bitcoin address for the asset commonly known as bitcoin).

    “Business Day” means any day on which the Federal Reserve Bank
      of New York is open for business.

    “Cash” has the meaning set forth in Section 2.A.ii.

    “Cut-Off Time” has
      the meaning set forth in Section 5.G.

    “Delivery” (or “Deliver” or “Delivered”) means the transfer of Eligible Assets to one or more Blockchain Addresses controlled by the receiving Party and provided by the receiving Party to
      the sending Party for such transfer. Eligible Assets shall be considered Delivered to the Custodian after the prevailing number of network confirmations as required by the Custodian from time to time have occurred on the blockchain used for the
      transaction transferring the Eligible Assets.

    “Digital Asset” shall mean a digital asset (also called a
      “cryptocurrency,” “virtual currency,” “digital currency,” or “digital commodity”), such as bitcoin, which is based on the cryptographic protocol of a computer network that may be (i) centralized or decentralized, (ii) closed or open- source, and
      (iii) used as a medium of exchange and/or store of value.

    “Eligible Assets” mean Digital Assets that are supported by
      the Custodian in its sole discretion on

    
      2

      
        

    

    

    

    any given date in accordance with Section 2.C.

    “Fee Schedule” means the schedule referred to in Section
      12.D.i., as annexed hereto.

    “Force Majeure Event” means any event due directly or
      indirectly to any cause or condition beyond the reasonable control of the Custodian, such as, but not limited to: changes in the functioning or features of Eligible Assets or the software protocols that govern their operation; sabotage or fraudulent
      manipulation of the protocols or network that govern Eligible Assets; changes in applicable Law; cybersecurity attacks, hacks or other intrusions; unavailability or malfunction of wire, communications or other technological systems; suspension or
      disruption of trading markets; requisitions; involuntary transfers; failure of utility services; fire; flooding; adverse weather or events of nature; explosions; acts of God, civil commotion, strikes or industrial action of any kind; riots,
      insurrection, terrorist acts; war (whether declared or undeclared); or acts of government or government agencies (U.S. or foreign).

    “Fork” means a change in the consensus rules of a network for
      a Digital Asset, as further described in Schedule 3.

    “Forked Digital Asset” means the resulting branches of a
      Digital Asset that has undergone a Fork.

    “Governmental Authority” means any governmental body at the
      supranational, national, state, county, province, city, municipal, local or any other level, any agency, authority, instrumentality, regulatory body, quasi-regulatory authority, administrative tribunal, central bank, public office, court, arbitration
      or mediation panel, or other entity or subdivision exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of government, securities exchange or self-regulatory organization, in each case in any
      jurisdiction.

    “Ineligibility Determination” shall have the meaning set forth
      in Section 2.C.

    “Instructions” mean communications received by the Custodian
      through an on-line communication system, by e-mail, or other method or system, as specified by the Custodian from time to time as available for use in connection with the services hereunder.

    “Law” means each of the following, including any updates
      thereto throughout the Term, to the extent applicable: any and all supranational, national, state, provincial or local laws, treaties, rules, regulations, regulatory guidance, directives, policies, orders or determinations of (or agreements with),
      and mandatory written direction from (or agreements with), any Governmental Authority or other regulatory authority, including export laws, sanctions regulations, and all federal and state statutes or regulations relating to banking, stored value,
      money transmission, unclaimed property, payment processing, telecommunications, unfair or deceptive trade practices or acts, anti- corruption, trade compliance, anti-money laundering, terrorist financing, “know your customer,” securities,
      commodities, derivatives, other financial products or services, privacy or data security.

    “Person” means any natural person, corporation, general
      partnership, limited partnership, limited liability company, joint venture, trust, proprietorship, governmental body or other entity, association or organization of any nature. Any reference herein to any Person shall be construed to include such
      Person’s successors and assigns.

    “Proper Instructions” shall have the meaning set forth in
      Section 5.B.

    
      3

      
        

    

    “Registration Statement” means the Registration Statement
      (including a Prospectus and Statement of Additional Information) for the Client under the Securities Act of 1933, as amended, filed with the U.S. Securities and Exchange Commission.

    “Shares” means undivided beneficial interests in the Client.

    “System Failure” means a failure of any computer hardware or software used by the Custodian or a service provider to the Custodian, or any telecommunications lines or devices used by the Custodian or a service provider to the
      Custodian.

    “Taxes” means all federal, state, local, foreign, and other
      taxes, government fees or the like, including, without limitation, income taxes, estimated taxes, alternative minimum taxes, franchise taxes, capital stock taxes, sales taxes, use taxes, ad valorem, or value-added taxes, employment and
      payroll-related taxes, withholding taxes, and transfer taxes, whether or not measured in whole or in part by net income, and all deficiencies, or other additions to tax, interest thereon, and fines and penalties imposed in connection therewith.

    “Trade Order” shall have the meaning set forth in Section 4.A.

    	B.	
            Interpretation. The words “hereof,” “herein” and “hereunder” and words of like import used in this Agreement will refer to this
              Agreement as a whole and not to any particular provision of this Agreement. References to Sections, Exhibits, Appendices and Schedules are to Sections, Exhibits, Appendices and Schedules of this Agreement unless otherwise specified. All
              Exhibits, Appendices and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit, Appendix or Schedule but not
              otherwise defined therein, will have the meaning as defined in this Agreement. Any singular term in this Agreement will be deemed to include the plural, and any plural term the singular. Whenever the words “such as,” “include,” “includes” or
              “including” are used in this Agreement, they will be deemed to be followed by the words “without limitation,” whether or not they are in fact. The word “will” shall be construed to have the same meaning and effect as the word “shall.”

          

    	2.	
            ESTABLISHMENT AND MAINTENANCE OF CUSTODY ACCOUNTS AND APPOINTMENT OF CUSTODIAN

          

    	A.	
            Custody Accounts. The Client authorizes, approves and directs the Custodian to establish and maintain on its books, in the name of the
              Client, pursuant to the terms of this Agreement:

          

    	

          	i.	
            one or more custody accounts for the receipt, safekeeping and maintenance of Eligible Assets (each a “Digital Asset
                Custody Account”); and

          

    	

          	ii.	
            one or more cash accounts (each a “Cash Custody Account”, and, together with the Digital Asset Custody Accounts,
              the “Custody Account”), each corresponding to a Digital Asset Custody Account, to hold cash and monies received for deposit for the account of the Client (“Cash”) in accordance with the terms of this Agreement. Cash held for the Client in Cash Custody Accounts may be held by the Custodian in an omnibus, non-interest bearing cash account, along with the Cash of
              other customers of the Custodian, at an unaffiliated depository in the name of the Custodian, specifically designated for the purpose of holding funds of the Custodian’s customers. The Custodian may hold Cash in a Cash Custody Account subject
              to and in accordance with applicable local law, rules or practices. The

          

    
      4

      
        

    

    establishment of the Custody Account in the name of the Client shall be subject to successful completion of the
      Custodian’s screening procedures.

    	B.	
            Digital Asset Segregation.

          

    	

          	i.	
            Digital Assets in the Digital Asset Custody Account will be held through an omnibus wallet structure, along with the Digital Assets of other customers of the Custodian (an “Omnibus Wallet”). The Client agrees that the Digital Assets that are transferred by the Client to the Custodian or acquired by the Client through Trade Orders (“Client Digital Assets”) will be treated as fungible with those Digital Assets of other clients of the Custodian that are based on the same cryptographic protocol or consensus rules of a computer network
              (subject to Schedule 3) that are also held in the Omnibus Wallet by the Custodian on behalf of such other clients. The Client acknowledges that the redelivery rights of the Client in respect of the Client Digital Assets are not necessarily
              for the same Digital Assets as the Client Digital Assets (or addresses or accounts that are associated with the Client Digital Asset), but rather will be in respect of an equal amount of Digital Assets that are based on the same cryptographic
              protocol or consensus rules of a computer network (subject to Schedule 3) as the Client Digital Asset. The Custodian will manage all associated private keys on behalf of the Client, subject to the terms of this Agreement.

          

    	

          	ii.	
            A substantial portion of the Digital Assets held for clients in the Omnibus Wallet will be held within an offline storage system used by the Custodian in connection with the
              storage or maintenance of the Digital Assets.

          

    	C.	
            Acceptance and Holding of Assets. The Custodian will determine in its sole discretion whether to accept Assets of any kind for custody
              in the Custody Account. If the Custodian determines in its sole discretion that, due to legal, regulatory, operational, security or reputational risk, an Asset currently held in custody is no longer an Eligible Asset (“Ineligibility Determination”), the Custodian shall (i) deliver the Client written notice of such Ineligibility Determination, (ii) provide no other services with respect to any such
              Asset, except for Digital Asset Debit Requests and the services described in this Section 2, following such Ineligibility Determination and (iii) within 60 Business Days, or if that is not reasonably practicable, as promptly as reasonably
              practicable, of the delivery of the Ineligibility Determination, Deliver Digital Assets that are of the same type as the Client Digital Assets (as set forth in Section 2.B.i) in the amount of the Digital Assets subject to the Ineligibility
              Determination.

          

    	D.	
            Designation of Assets. The Custodian shall on its books and records segregate all Digital Assets from the proprietary property of the
              Custodian; provided that the Custodian may maintain in the Omnibus Wallet an amount of proprietary Digital Assets that are used for operational or other purposes. The ownership of all of the Client’s Assets shall be clearly recorded
              in the Custodian’s books and records as belonging to the Client. The Client and the Custodian agree that the Digital Assets credited to the Client’s Digital Asset Custody Account under this Agreement shall be "financial assets" under Article
              8 of the Uniform Commercial Code.

          

    	E.	
            Status of Custodian. The Custodian is a limited liability company and its capacity under this Agreement shall be:

          

    	

          	i.	
            a bailee with respect to any Digital Asset Custody Account and any Digital Assets in such Digital Asset Custody Account;

          

    
      5

      
        

    

    	

          	ii.	
            an agent for the exclusive benefit of the Client and other customers of the Custodian with respect to any Cash Custody Account and any cash deposits in such Cash Custody
              Account, subject to Section 12.C.vii; or

          

    	

          	iii.	
            agent or principal with respect to any actions taken by the Custodian with respect to the purchase and sale services pursuant to Section 4 of this Agreement, subject to
              Section 12.C.vii.

          

    	F.	
            Information and Documentation Requests. Upon the reasonable request by the Client (at Client’s expense), the Custodian shall provide
              the Client with reasonably requested documentation regarding the Assets and reasonably requested information necessary to verify that satisfactory internal control systems and procedures are in place.

          

    	G.	
            Notice of Attachment. The Custodian shall give the Client prompt notice of the occurrence of any consent, writ, order or claim that
              would encumber or affect the Client Custody Account (unless such notice is prohibited by applicable law).

          

    	3.	
            TRANSFER OF ASSETS

          

    	A.	
            Credits to the Digital Asset Custody Account. Subject to the terms of this Agreement, the Client may transfer Eligible Assets from an
              external provider or other third parties to the Digital Asset Custody Account. In advance of any such transfer from an external provider or other third party, the Client shall send the Custodian the applicable Proper Instructions in
              accordance with Section 5.B (a “Digital Asset Credit Request”). The Custodian is not obligated to credit any Digital Assets to the Digital Asset Custody Account before the Custodian
              actually receives such Digital Assets by final settlement.

          

    	

          	i.	
            The Custodian, upon receiving the Digital Asset Credit Request and verifying that such request complies with Section 5.B, will generate and deliver to the Client a recipient
              address and complete any Delivery to the Digital Asset Custody Account within two (2) Business Days after receipt of the Digital Assets at the recipient address specified by the Custodian to the Client (or at an address previously specified
              by the Custodian to the Client and not subsequently identified to the Client as invalid), subject to successful completion of the Custodian’s screening procedures. If a Digital Asset Credit Request is received after the Cut-off-Time on a
              Business Day, such Delivery will be completed within two (2) Business Days of the following Business Day.

          

    	

          	ii.	
            The Custodian shall monitor associated nodes, as determined to be necessary by the Custodian in its sole discretion, for incoming transactions. The Custodian shall advise the
              Client of Eligible Assets availability after Eligible Assets have been Delivered to the Digital Asset Custody Account.

          

    	B.	
            Debits to the Digital Asset Custody Account. Subject to the terms of this Agreement, the Client may Deliver Eligible Assets from the
              Digital Asset Custody Account by sending the Custodian the applicable Proper Instructions in accordance with Section 5.B (a “Digital Asset Debit Request”).

          

    	

          	i.	
            The Custodian, upon receiving the Digital Asset Debit Request and verifying that such request complies with Section 5.B, will initiate the transfer and broadcast the Digital
              Asset Debit Requests to the blockchain supporting the relevant Eligible Asset within two (2) Business Days after the Custodian receives such Digital Asset Debit Request, subject to successful completion of the Custodian’s screening
              procedures.

          

    
      6

      
        

    

    	

          	ii.	
            The Custodian shall provide the Client with a confirmation of a pending debit transaction. Within the three (3) hours immediately following receipt of such confirmation, the
              Client may notify the Custodian to query or halt the transaction.

          

    	

          	iii.	
            If the Custodian has received a Digital Asset Debit Request that would result in the transfer of Assets from the Custody Account exceeding the credit to the Custody Account
              for that Asset, the Custodian may, in its sole and absolute discretion, reject such Instructions or decide which deliveries it will make (in whole or in part and in the order it selects).

          

    	C.	
            Request for Additional Information. The Client shall promptly provide to the Custodian such additional information as the Custodian
              may reasonably request regarding the source or ownership of the Eligible Assets that are subject to a Digital Asset Credit Request or the recipient of Eligible Assets that are the subject of a Digital Asset Debit Request.

          

    	D.	
            Credits to the Cash Custody Account. Subject to the terms of this Agreement, the Client may transfer Cash into the Client’s Cash
              Custody Account from a third-party bank account or a third party by sending the Custodian the applicable Proper Instructions in accordance with Section 5.B (a “Cash Credit Request”).

          

    	

          	i.	
            The Custodian, upon receiving the Cash Credit Request and verifying that such request complies with Section 5.B, will complete any transfer to the Cash Custody Account within
              two (2) Business Days after receipt of the Cash Credit Request. If a Cash Credit Request is received after the Cut-off-Time, such transfer will be completed within two (2) Business Days of the following Business Day. Transfers to the Cash
              Custody Account are subject to fees specified in the Fee Schedule.

          

    	E.	
            Debits to the Cash Custody Account. Subject to the terms of this Agreement, the Client may transfer Cash from the Cash Custody Account
              to an account at a third-party bank established and maintained in the name of the Client or in the name of a third party in connection with the Client’s purchase of Digital Assets by sending the Custodian the applicable Proper Instructions in
              accordance with Section 5.B (a “Cash Debit Request”).

          

    	

          	i.	
            The Custodian, upon receiving the Cash Debit Request and verifying that such request complies with Section 5.B, will complete any transfer from the Cash Custody Account on the
              Business Day in which the Cash Debit Request was received, provided that it was received by the Cut-off Time. If a Cash Debit Request is received after the Cut-off-Time, such request may need to be resubmitted on another Business Day.
              Transfers from the Cash Custody Account are subject to fees specified in the Fee Schedule.

          

    	

          	ii.	
            Such transfer may only be effected via wire transfer.

          

    	F.	
            Purpose of Transfer of Cash. Any transfer of Cash to or from the Client’s Cash Custody Account requested by the Client pursuant to this
              Agreement shall be solely for the purpose of the settlement of transactions that are the subject of the Client’s Digital Asset Credit Request or Digital Asset Debit Request, to transfer Cash to an account at a third-party bank established and
              maintained in the name of the Client or to pay fees or expenses of the Custodian.

          

    	G.	
            Investment in and Transfer of Assets. The Client shall bear the sole risk and expense associated with investing, transferring or
              otherwise transacting in respect of Digital Assets (except to the extent otherwise specifically provided in this Agreement).

          

    
      7

      
        

    

    	H.	
            Transaction Limits. In the reasonable discretion of the Custodian, the Custodian may, for risk management or other reasons, impose
              limits on the number or size, or both, of transactions processed for the Client under this Section 3.

          

    	4.	
            PURCHASE AND SALE OF DIGITAL ASSETS

          

    	A.	
            Role of Custodian. The Custodian may purchase any Digital Assets constituting Eligible Assets from the Client or sell any such Digital
              Assets to the Client upon receipt of a sale or purchase order in the form of Proper Instructions from the Client (“Trade Orders”).

          

    	B.	
            Execution and Order Fulfillment. The Custodian will execute and fulfill the Client’s Trade Orders in accordance with the terms set
              forth in Schedule 2 attached hereto, as such terms and procedures may be modified by the Custodian from time to time. The Custodian’s execution and settlement of Trade Orders is subject to available liquidity and market conditions
              generally. The Custodian reserves the right to cancel or reject any Trade Order, in whole or in part, for any reason.

          

    	5.	
            INSTRUCTIONS

          

    	A.	
            Authorized Persons and Authorized Agents. The Persons identified as “Authorized Persons” on the Firm Authorized User Form(s) completed
              by the Client or the Authorized Agent shall, subject to approval by the Custodian, be authorized to act on behalf of the Client in the performance of those acts or duties specified for each such person from time to time in the Firm Authorized
              User Form(s) (“Authorized Persons”). The Client, or Authorized Agent acting on behalf of the Client, may, from time to time, add to or remove names from the list of Authorized
              Persons maintained by the Custodian, or change the authorizations granted to any Authorized Person, by delivery of a new or revised Firm Authorized User Form to the Custodian. If at any time there are no Authorized Persons designated by the
              Client or the Authorized Agent, the president/chief executive officer and chief financial officer of the Client shall be deemed Authorized Persons hereunder.

          

    	B.	
            Proper Instructions.

          

    	

          	i.	
            “Proper Instructions” mean:

          

    	

          	a)	
            With respect to Digital Assets Debit Requests or Cash Debit Requests, an Authenticated Instruction delivered by an Authorized Person (or Person that the Custodian believes in
              good faith to be an Authorized Person) that is confirmed by an Authenticated Instruction from at least one additional Authorized Person (or Person that the Custodian believes in good faith to be an Authorized Person);

          

    	

          	b)	
            With respect to Digital Assets Credit Requests or Cash Credit Requests, an Authenticated Instruction delivered by an Authorized Person (or Person that the Custodian believes
              in good faith to be an Authorized Person);

          

    	

          	c)	
            With respect to Trade Orders, an Instruction delivered by an Authorized Person (or Person that the Custodian believes in good faith to be an Authorized Person) through the
              user interface specified by the Custodian to submit Trade Orders; and

          

    	

          	d)	
            With respect to requests not involving the transfer of Assets from or to the Custody Account, an Instruction delivered by an Authorized Person (or

          

    
      8

      
        

    

    Person that the Custodian believes in good faith to be an Authorized Person).

    	

          	ii.	
            The Custodian may act upon and rely upon any Proper Instruction received from, or believed in good faith by the Custodian to be received from, an Authorized Person, that have
              been validated in accordance with procedures in place from time to time, unless or until the Custodian has (i) received written notice of any change thereto from the Client and (ii) had a reasonable time to note and implement such change.
              Validation procedures used by the Custodian are designed only to verify the source of the Instruction and not to detect errors in the content of that Instruction or to prevent duplicate Instructions. The Client agrees that the Custodian shall
              have no obligation to act in accordance with purported Instructions to the extent that they conflict with applicable Law. The Custodian shall not be liable for any loss resulting from a delay while it obtains clarification of any Proper
              Instructions. The Client agrees that the Custodian is not responsible for any errors made by or on behalf of the Client, any errors resulting, directly or indirectly, from fraud or the duplication of any Instruction by or on behalf of the
              Client, or any losses resulting from the malfunctioning of any devices used by the Client or loss or compromise of credentials used by the Client to deliver Instructions.

          

    	C.	
            Rejection of Instruction. The Custodian may reject or decide, in its sole and absolute discretion, not to act on any Instruction to
              transfer Eligible Assets (i) based on the Custodian’s applicable policies and procedures, including the results of the Custodian’s transaction monitoring and screening procedures, (ii) where it reasonably doubts such Instruction’s contents,
              authorization, origination or compliance with the Custodian’s policies and procedures, (iii) where it reasonably believes that acting on the Instruction could (a) require it to register or qualify as a regulated entity, (b) violate or
              facilitate the violation of any Law or (c) subject the Custodian to any financial or other liability for which it has not been provided adequate indemnification, and, in each case, the Custodian covenants to promptly notify the Client of its
              decision in such instance if permitted to do so by Law, or (iv) in order to give effect to transaction limits imposed in accordance with Section 3.H. In the event the Custodian shall receive conflicting Instructions from the Client or any
              Authorized Person, the Custodian shall be entitled, at its option, to refrain from taking action until such conflicting Instructions are reconciled to its reasonable satisfaction.

          

    	D.	
            Responsibility for Instructions. The Client is responsible for any Instructions actually given to the Custodian or on which the
              Custodian is entitled to rely hereunder, whether or not properly authorized by the Client. The Custodian shall have no duty or responsibility to inquire into, make recommendations, or determine the suitability of any Instructions or
              transactions affecting the Custody Account.

          

    	E.	
            Acknowledgment of Risk. The Client expressly acknowledges and agrees that the use of electronic communication systems to convey
              Instructions does not eliminate the risk of error and fraudulent activities or security and privacy issues.

          

    	F.	
            English. Instructions are to be given in the English language only.

          

    	G.	
            Cut-Off Times. The Custodian may act on Instructions only within applicable cut-off times specified by the Custodian from time to time
              in writing on Business Days when the Custodian is open for business in the ordinary course (a “Cut-Off Time”).

          

    
      9

      
        

    

    	6.	
            PERFORMANCE BY THE CUSTODIAN

          

    	A.	
            Custodial Duties Requiring Instructions The Custodian shall carry out any of the following actions only upon receipt of specific
              Instructions, delivered in accordance with Section 5, authorizing and requesting same:

          

    	

          	i.	
            Receive or deliver any Assets, except as otherwise specifically provided for in this Agreement;

          

    	

          	ii.	
            Carry out any action affecting Assets and the Custody Account, other than those specified in Section 6.B below; provided, however, that each instance shall be subject to the
              prior approval and agreement of the Custodian; provided further, that all instructions regarding Forked Digital Assets are subject to Section 8 of this Agreement; and

          

    	

          	iii.	
            Transfer Assets in connection with the services described in Section 3.

          

    	B.	
            Non-Discretionary Custodial Duties. Absent a contrary Instruction, the Custodian shall be permitted, and is hereby authorized and
              directed by Client to, and may authorize subcustodians or depositories to, carry out any of the following administrative non-discretionary actions without any further Instructions or approval by or on behalf of Client:

          

    	

          	i.	
            In the Client’s name or on its behalf, sign any affidavits, certificates of ownership and other certificates and documents relating to Assets which may be required to (a)
              obtain any Assets, or (b) by any tax or regulatory authority having jurisdiction over the Assets or the Custody Account;

          

    	

          	ii.	
            Notify the Client of notices, circulars, reports and announcements that require discretionary action, in each case, which the Custodian has received in the course of acting in
              the capacity of custodian of any Assets held on the Client’s behalf; and

          

    	

          	iii.	
            Attend to all administrative non-discretionary matters in connection with anything provided in this Section 6.B or any Instruction.

          

    	C.	
            Use of Third Parties.

          

    The Custodian may perform any of its duties or obligations under this Agreement through depositories, subcustodians,
      subcontractors or agents (including its affiliates), whenever and on such terms and conditions as it deems necessary or advisable to perform such duties or obligations or liabilities.

    The Custodian shall act in good faith and use reasonable care in the selection and continued appointment of unaffiliated
      depositories, subcustodians, subcontractors or agents but the Custodian will not be liable to Client for the activities of such unaffiliated depositories, subcustodians, subcontractors or agents. [REDACTED]. Upon written request of the Client, the
      Custodian will provide information as may be reasonably requested by the Client with respect to any appointed unaffiliated subcustodians of the Trust’s Digital Assets.

    
      10

      
        

    

    	D.	
            Reporting. The Custodian will provide to Client monthly account statements identifying the Digital Assets in the Custody Account on a
              monthly basis and setting forth all transactions in the Custody Account during such month. Upon written request from the Authorized Agent, the Custodian will also provide copies of monthly account statements to the Authorized Agent. The
              Client shall, to the extent it has knowledge thereof, promptly notify the Custodian in writing (and in any event, within [REDACTED] Business Days of the date of the applicable statement) of (A) any discrepancy between Instructions given by
              the Client and the position shown on any monthly statement and (B) any other errors on any monthly statement. [REDACTED].

          

    	E.	
            Security of Assets. The Custodian may take such steps that it determines, in its sole discretion, may be necessary or advisable to
              inspect and protect the security of the Assets, the Custody Account or the Omnibus Wallet or enhance the Custodian’s ability to secure the Assets or the Omnibus Wallet, including cancelling, interrupting, terminating or suspending any or all
              of the Custodian's services and operations hereunder and the Client's access to the Custodian's services and operations, to any Assets or to the Custody Accounts. The Custodian may from time to time review and amend its policies and
              procedures or impose such additional policies and procedures as the Custodian, in its sole discretion, considers necessary or advisable to enhance the Custodian's ability to secure the Assets or the Omnibus Wallet and in such event, the
              Custodian shall provide notice to the Client of any such amendments or additions directly impacting the Client.

          

    	7.	
            TAXATION

          

    	A.	
            Client’s Tax Obligations. The Client shall, for all tax purposes, be treated as the owner of all Assets held by the Custodian pursuant
              to this Agreement. It is the Client’s sole responsibility to determine whether and to what extent Taxes and Tax reporting obligations may apply to the Client with respect to its Assets, Custody Accounts, and transactions, and the Client shall
              timely pay all such Taxes and shall file all returns, reports, and disclosures required by applicable law.

          

    	B.	
            Tax Information. Upon execution of this Agreement, as well as upon request of the Custodian, the Client will promptly provide the
              Custodian with all forms, certifications, documentation, representations and warranties and any other information as the Custodian may request (“Account Tax Documentation”),
              including a duly completed and executed W-9 or W-8 (both available at www.irs.gov), as applicable, as to the Client’s and/or the Client’s underlying beneficial owners’ tax status and/or residence. The Client warrants that, when given, such
              Account Tax Documentation is true, complete and correct. If any such Account Tax Documentation becomes inaccurate, incorrect or obsolete, the Client will notify the Custodian immediately and promptly provide updated Account Tax Documentation.
              The Client understands that the Custodian may disclose any information with respect to Client Assets, Custody Accounts and transactions required or requested by any applicable taxing authority or other governmental entity.

          

    	C.	
            Payments; Indemnity. Custodian is authorized to deduct and/or withhold Taxes, including Taxes arising as a result of the Client’s
              failure to provide Account Tax Documentation pursuant to Section 7.B above, from Client’s Assets, Custody Account or cash or other property of the Client and remit such amounts to the relevant taxing authority and the Custodian shall provide
              prior written notice, to the extent legally permissible, of such deduction or withholding to the Client. If any Taxes become payable with respect to any prior payment made to the Client by the Custodian, the Custodian may withhold any cash or
              other property of the Client held or received with respect to Client’s Assets, Custody Accounts or cash or other property in satisfaction of such prior Taxes and

          

    
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    the Custodian shall provide prior written notice, to the extent legally permissible, to the Client of any such
      withholding. The Client shall remain liable for any Tax deficiency. If Taxes are required to be deducted or withheld from any payments made by the Client to Custodian, the Client will pay such additional amounts as are necessary so that Custodian
      receives a net amount equal to the amount Custodian would have received absent such withholding or deduction. Without limiting Section 13 hereof, the Client shall indemnify and hold the Custodian harmless from and against any and all liabilities,
      penalties, interest or additions to tax with respect to, or resulting from, any delay in, or failure by, the Custodian to pay, withhold or report any Taxes imposed on Client’s Assets, cash or other property.

    	8.	
            DIGITAL ASSET FORKS

          

    The Custodian is not responsible for any Fork of a Digital Asset, including any Eligible Assets, and is not liable for any
      loss in value of the Assets held by the Custodian on the Client’s behalf as a result of any Fork or otherwise. It is the responsibility of the Client to make itself aware of anticipated or upcoming operational or systemic changes in a Digital Asset
      and the Client must carefully consider publicly available information as well as information provided by the Custodian, if any, in determining whether to continue to use an account with the Custodian in connection with a Forked Digital Asset. In the
      event of a Fork of an Eligible Asset, the Custodian will use reasonable efforts to investigate the technical and operational feasibility of providing services with respect to Forked Digital Assets and will act in accordance with its Policy Statement
      on Forks as set forth in Schedule 3 attached hereto, which may be supplemented or modified by the Custodian from time to time in its sole discretion; provided that the Custodian retains the right, in its sole discretion, to determine
      whether or not to support (or cease supporting) each Forked Digital Asset.

    	9.	
            VALUE AND SUPPLY OF DIGITAL ASSETS; INSURANCE

          

    	A.	
            VALUE FLUCTUATION. THE CLIENT UNDERSTANDS THAT THE VALUE OF DIGITAL ASSETS AND ANY UNSUPPORTED FORKED DIGITAL ASSET CAN FLUCTUATE
              SUBSTANTIALLY, WHICH MAY RESULT IN A SIGNIFICANT OR TOTAL LOSS OF THE VALUE OF THE ASSETS HELD BY THE CUSTODIAN ON THE CLIENT’S BEHALF OR ANY UNSUPPORTED FORKED DIGITAL ASSET. THE CLIENT AGREES THAT THE CUSTODIAN WILL NOT BE LIABLE FOR ANY
              LOSS IN VALUE OF THE ASSETS OR UNSUPPORTED FORKED DIGITAL ASSET AT ANY TIME.

          

    	B.	
            SUPPLY OF DIGITAL ASSETS. THE SUPPLY OF DIGITAL ASSETS AVAILABLE TO THE CUSTODIAN TO PROVIDE TO THE CLIENT THROUGH TRADE ORDERS AND
              THE ABILITY OF THE CUSTODIAN TO DELIVER DIGITAL ASSETS DEPENDS ON THIRD PARTY PROVIDERS THAT ARE OUTSIDE OF THE CUSTODIAN’S CONTROL. THE CUSTODIAN DOES NOT OWN OR CONTROL ANY OF THE PROTOCOLS THAT ARE USED IN CONNECTION WITH DIGITAL ASSETS
              AND THEIR RELATED NETWORKS, INCLUDING THOSE RESULTING FROM A FORK. ACCORDINGLY, THE CUSTODIAN DISCLAIMS ALL LIABILITY RELATING TO SUCH PROTOCOLS AND ANY CHANGE IN THE VALUE OF ANY DIGITAL ASSETS (WHETHER FORKED DIGITAL ASSETS OR NOT), ANY
              ELIGIBLE ASSETS, OR ANY ASSETS, AND MAKES NO GUARANTEES REGARDING THE SECURITY, FUNCTIONALITY, OR AVAILABILITY OF SUCH PROTOCOLS OR NETWORKS. THE CLIENT ACCEPTS ALL RISKS ASSOCIATED WITH THE USE OF THE SERVICES TO CONDUCT TRANSACTIONS,
              INCLUDING, BUT NOT LIMITED TO, RISKS IN CONNECTION WITH THE FAILURE OF HARDWARE, SOFTWARE AND INTERNET CONNECTIONS.

          

    
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    	C.	
            INSURANCE. THE CLIENT ACCEPTS THAT DIGITAL ASSETS ARE NOT SUBJECT TO THE PROTECTIONS OR INSURANCE PROVIDED BY THE FEDERAL DEPOSIT
              INSURANCE CORPORATION OR THE SECURITIES INVESTOR PROTECTION CORPORATION. IN ADDITION, ALTHOUGH THE CUSTODIAN MAY MAINTAIN INSURANCE FOR ITS OWN BENEFIT IN CONNECTION WITH ITS BUSINESS, THIS INSURANCE, IF MAINTAINED, IS SOLELY FOR THE BENEFIT
              OF THE CUSTODIAN AND DOES NOT GUARANTEE OR INSURE THE CLIENT IN ANY WAY.

          

    	10.	
            ACKNOWLEDGMENT OF DIGITAL ASSET RISKS

          

    	A.	
            General Risks. The Client understands and acknowledges that investing in, buying, and selling Digital Assets presents a variety of
              risks that are not presented by investing in, buying, and selling products in other, more traditional asset classes. These risks include, but are not limited to, the following:

          

    	

          	i.	
            Digital Assets are not legal tender, operate without central authority or banks, and are not backed by any government.

          

    	

          	ii.	
            Digital Assets are a new technological innovation with a limited history and are a highly speculative asset class, and as such, have in the past experienced, and are likely in
              the future to continue to experience, high volatility, including periods of extreme volatility.

          

    	

          	iii.	
            Digital Assets could become subject to Forks, and various types of cyberattacks, including but not limited to a “51% Attack” or a “Replay Attack,” as described in the Policy
              Statement on Forks attached to this Agreement as Schedule 3.

          

    	

          	iv.	
            Trading platforms on which Digital Assets are traded, including exchanges that may be used by the Custodian to fill Trade Orders, may stop operating or shut down due to fraud,
              technical problems, hackers or malware, and these trading platforms may be more susceptible to fraud and security breaches than established, regulated exchanges for other products.

          

    	

          	v.	
            The decentralized, open source protocol of the peer-to-peer computer network supporting a Digital Asset could be affected by internet disruptions, fraud or cybersecurity
              attacks, and such network may not be adequately maintained and protected by its participants.

          

    	

          	vi.	
            Regulatory actions or policies may limit the ability to exchange a Digital Asset or utilize it for payments, and federal, state or foreign governments may restrict the use and
              exchange of Digital Assets.

          

    	

          	vii.	
            It may be or in the future become illegal to acquire, own, sell, or use a Digital Asset in one or more countries, and the regulation of Digital Assets within and outside of
              the United States is still developing.

          

    	

          	viii.	
            A Digital Asset could decline in popularity, acceptance or use, thereby impairing its price and liquidity.

          

    	B.	
            Acknowledgement. The risks described in this Section 10 are just some of the risks presented by investing in, buying and selling
              Digital Assets, and the Client acknowledges that the Client is solely responsible for understanding and accepting the risks involved in investing in, buying, and selling Digital Assets, acknowledges that, subject to the other provisions of
              this Agreement, the Custodian

          

    
      13

      
        

    

    has no control or influence over such risks, and acknowledges that the Custodian shall not be liable for any loss in value
      of Digital Assets that occurs in connection, directly or indirectly, with these risks.

    	11.	
            REPRESENTATIONS AND WARRANTIES

          

    	A.	
            General. Each Party hereto represents and warrants to the other Party, as of the date this Agreement, that:

          

    	

          	i.	
            It is duly organized and in good standing in its jurisdiction of formation;

          

    	

          	ii.	
            It has the requisite power and authority to execute this Agreement and to perform its obligations hereunder;

          

    	

          	iii.	
            It has taken all necessary action to authorize the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby;

          

    	

          	iv.	
            This Agreement, when executed and delivered, will be its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as such
              enforceability may be limited by applicable bankruptcy or other similar laws;

          

    	

          	v.	
            Any consent, authorization or Instruction required in connection with its execution and performance of this Agreement has been provided by any relevant third party;

          

    	

          	vi.	
            Any act reasonably required by any relevant governmental or other authority to be done in connection with its execution and performance of this Agreement has been or will be
              done (and will be renewed if necessary); and

          

    	

          	vii.	
            Neither the execution nor performance of this Agreement by such Party will materially breach any applicable Law, contract or other requirement to which such Party is bound.

          

    	B.	
            Client. In addition to the general representations set forth in Section 11(A) hereof, the Client also represents, warrants and
              covenants to the Custodian that:

          

    	

          	i.	
            Its principal place of business is in New York State, and it will notify the Custodian before changing its principal place of business to another jurisdiction;

          

    	

          	ii.	
            It has the requisite power and authority to deposit the Assets in the Custody Account;

          

    	

          	iii.	
            Any factual information heretofore or contemporaneously furnished by or on behalf of the Client in writing to the Custodian for purposes of or in connection with the services
              contemplated by this Agreement is to the best of its knowledge true and accurate in all material respects on the date as of which such information is dated or certified and not incomplete by omitting to state any fact necessary to make such
              information not misleading in any material respect at such time; provided that, with respect to forecasts or projections, the Client represents only that such information was prepared in good faith based upon assumptions believed to
              be reasonable at the time;

          

    	

          	iv.	
            There is no claim pending, or to the Client’s knowledge, threatened, and no encumbrance or other lien, in each case, that may adversely affect any delivery of Assets made in
              accordance with this Agreement;

          

    
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          	v.	
            It owns the Assets in the Custody Account free and clear of all liens, claims, security interests and encumbrances (except those granted herein) and it has all rights, title
              and interest in and to the Assets in the Custody Account as necessary for the Custodian to perform its obligations under this Agreement;

          

    	

          	vi.	
            It acknowledges that Digital Assets are new forms of assets, that the law regarding their ownership, custody and transfer is developing and uncertain, and that custody of such
              assets poses certain risks that are not present in the case of more traditional asset classes, including the risks of fraud and theft; and it understands that it will bear such risks and the potential loss or diminution in value of Digital
              Assets due to (a) changes or developments in the Law or conditions under existing Law in which its rights in and to such Digital Assets are not adequately protected, (b) changes in the Custodian’s policies or procedures made in the
              Custodian’s sole discretion in light of legal, regulatory, operational, security or reputational risks, (c) an Ineligibility Determination or (d) fraud and theft to the extent not the result of the Custodian’s gross negligence, willful
              misconduct or fraud;

          

    	

          	vii.	
            It is not, and no transferee of Assets pursuant to any Digital Asset Debit Request is, (a) the target of any economic, financial or trade sanctions or embargoes, export
              controls or other restrictive measures imposed by the United States of America (including those administered by the United States Department of the Treasury’s Office of Foreign Assets Control), the European Union, any member state of the
              European Union, the United Kingdom or the United Nations (the “Sanctions”), or (b) located, organized or resident in a country or territory with which dealings are broadly restricted
              or prohibited by any Sanctions (as of the date hereof, Crimea, Cuba, Iran, North Korea and Syria)(any such country, territory, entity or individual described in this clause (ix), a “Sanctioned
                Party”);

          

    	

          	viii.	
            The Client does not know or have any reason to suspect that (a) any part of the Assets are or will be derived from, held for the benefit of, or related in any way to
              transactions with or on behalf of, any Sanctioned Party, and (b) any Sanctioned Party has or will have any legal or beneficial interest in the Client or any of the Assets;

          

    	

          	ix.	
            The Client does not know or have any reason to suspect that (a) any part of the Assets was derived from unlawful activities, or (b) any part of the Assets or proceeds of the
              Assets will be used to finance any unlawful activities;

          

    	

          	x.	
            If the Client is a non-U.S. banking institution (a “Non-U.S. Bank”) or is holding the Assets directly or indirectly
              on behalf of or for the benefit of a Non-U.S. Bank, such Non-U.S. Bank (a) maintains a place of business at a fixed address, other than solely a post office box or an electronic address, in a country where the Non-U.S. Bank is authorized to
              conduct banking activities; (b) at such location, employs one or more individuals on a full-time basis; (c) maintains operating records related to its banking activities; (d) is subject to inspection by the banking authority that licensed the
              Non-U.S. Bank; and (e) does not provide banking services to any other Non-U.S. Bank that does not have a physical presence in any country and that is not a registered affiliate of such Non-U.S. Bank;

          

    	

          	xi.	
            If the Client is an entity holding the Assets on behalf of third parties, (a) the Client is in compliance in all material respects with Sanctions and, as applicable to the
              Client, the U.S. Bank Secrecy Act, as amended, the U.S. Money Laundering Control Act of 1986, as amended, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as
              amended, or any similar U.S. federal, state or foreign law or regulation, (b) the Client has anti-money laundering policies

          

    
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    and procedures in place reasonably designed to verify the identity of its customers and investors and their sources of
      funds, and (c) the Client has established the identities of and conducted due diligence required by Laws applicable to it with respect to all of its customers or investors who beneficially own or will beneficially own, directly or indirectly, any of
      the Assets;

    	

          	xii.	
            It acknowledges that the Custodian may, with or without prior notice to the Client, "freeze" the Client’s Custody Account, or any other Assets of the Client in the Custodian’s
              possession or control, including, but not limited to, prohibiting transfers, declining any Cash Debit Request, Cash Credit Request, Digital Asset Debit Request or Digital Asset Credit Request, and/or segregating Assets or property, if the
              Custodian determines, suspects, or is advised that such actions are necessary or advisable to comply with any applicable anti-money laundering, OFAC or other laws or regulations in any relevant jurisdiction. The Client acknowledges that the
              Custodian may be required to report transactions that raise suspicions of money laundering or OFAC violations and to disclose the identity of the Client and any related parties to appropriate government authorities;

          

    	

          	xiii.	
            It does conduct and intends to continue to conduct its business in material compliance with all applicable Laws, and has obtained, and will maintain, all licenses,
              registrations, authorizations, approvals and consents by any governmental agency, regulatory authority or other party necessary to perform its obligations under this Agreement; without limiting the generality of the foregoing, it will not use
              the services provided by Custodian hereunder in any manner that is, or would result in, a violation of any applicable Law;

          

    	

          	xiv.	
            It is aware of and familiar with, and has been fully informed of, the risks associated with giving Proper Instructions, and is willing to accept such risks, and it shall (and
              shall cause each Authorized Person to) safeguard and treat with extreme care any devices or credentials related to Proper Instructions, understands that there may be alternative methods of giving or delivering the same than the methods
              selected by the Custodian, agrees that the security procedures (if any) to be followed in connection therewith provide a commercially reasonable degree of protection in light of its particular needs and circumstances, and acknowledges and
              agrees that a deposit or withdrawal request may conclusively be presumed by the Custodian to have been given by Authorized Person(s) duly authorized to do so, and may be acted upon as given; and

          

    	

          	xv.	
            It is not an investment company, as defined in the Investment Company Act of 1940, as amended;

          

    	

          	xvi.	
            It is not a broker or dealer, as respectively defined in the Securities Exchange Act of 1934, as amended; and

          

    	

          	xvii.	
            It has determined, and agrees that it is solely responsible for ensuring, that the services offered by the Custodian under this Agreement are sufficient for all legal,
              regulatory, contractual, operational and other requirements and obligations of the Client, and that such services are appropriate and desirable for the Client, including, but not limited to, determining whether the services provided by the
              Custodian hereunder are sufficient for satisfying any obligation of the Client to arrange for a qualified custodian to maintain Client funds and securities under the Investment Advisers Act of 1940, as amended.

          

    	C.	
            Custodian. The Custodian represents to the Client that the Custodian (A) is a New York State limited liability trust company authorized
              pursuant to Section 102-a of the New York Banking Law

          

    
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    to engage in all activities described in Sections 96 and 100 of the New York Banking Law, with the exception of accepting
      deposits and making loans, (B) is a “bank” as defined in Section 202(a) of the Investment Advisers Act of 1940, as amended, and (C) it has obtained, and will maintain, all licenses, registrations, authorizations and approvals required by any
      governmental agency, regulatory authority or other party necessary for it to perform its obligations under this Agreement. Section 11A. and Section 11C. contain the only representations made by the Custodian and except as specifically stated in such
      sections, the Custodian excludes and disclaims all other representations and warranties of any kind whatsoever.

    	12.	
            SCOPE OF RESPONSIBILITY

          

    	A.	
            Standard of Care. The Custodian shall exercise the reasonable care of a professional custodian for hire taking into account any
              industry standards then prevailing, with such standard of care being deemed satisfied if the Custodian exercises such care as it exercises with respect to any Custody Account, and Assets of a similar type, owned by the Custodian or any of its
              affiliates.

          

    	B.	
            Limitations on Losses.

          

    	

          	i.	
            In no event will the Custodian be responsible or liable for any loss, claim or damage suffered by the Client, except to the extent of a final, non-appealable judicial
              determination that such loss, claim or damage directly resulted from the gross negligence, willful misconduct or fraud of the Custodian. In the event of such final, non-appealable judicial determination, the liability of the Custodian will
              not exceed the lesser of (a) the replacement cost of any Assets and (b) the market value of the Assets (as determined by the Custodian) to which such loss or damage relates at the time the Client reasonably should have been aware of such
              gross negligence, willful misconduct or fraud. In the event of any loss sustained by the Client for which the Custodian is liable hereunder, the liability of the Custodian shall be reduced to the extent that the Client’s own negligence
              contributed to such loss.

          

    	

          	ii.	
            The Custodian shall not be liable for any loss caused, directly or indirectly, by (a) the failure of the Client to adhere to the Custodian’s policies and procedures that have
              been disclosed to the Client, (b) a Force Majeure Event or (c) any action taken pursuant to Section 6.E.

          

    	

          	iii.	
            Under no circumstances will the Custodian be liable to the Client for (a) acting in accordance with or conclusively relying upon any Instruction that it believes in good faith
              to have been authorized by the Client or any Person acting on behalf of the Client, or (b) any indirect, consequential, incidental, special or punitive loss or damage, even if the Custodian has been advised of or otherwise might have
              anticipated the possibility of such loss or damage.

          

    	

          	iv.	
            The Custodian shall not be responsible or liable to the Client for any loss caused, directly or indirectly, by any failure or delay to act by any service provider to the
              Custodian or any System Failure (other than a System Failure caused by the gross negligence, misconduct or fraud of the Custodian or the Custodian’s affiliates), that prevents the Custodian from fulfilling its obligations under this
              Agreement.

          

    	C.	
            Limitations on the Custodian’s Responsibility

          

    	

          	i.	
            General. The Custodian shall only be responsible for the performance of those duties as are expressly set forth herein, including the
              performance of any Proper Instructions given

          

    
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    in accordance with this Agreement. The Custodian shall have no implied duties or obligations whatsoever. The Custodian
      shall not be subject to, nor required to comply with, any other agreement to which the Client is a party.

    	

          	ii.	
            Third Parties. Subject to Section 3,C., in no event shall the Custodian be responsible or liable for the acts, omissions, default,
              insolvency, negligence, gross negligence, misconduct or fraud of any other third party that is not an Affiliated Agent (as defined herein), including any liquidity provider, counterparty, or third-party vendor.

          

    	

          	iii.	
            Sole Obligations of the Custodian. The Client understands and agrees that notwithstanding any delegation by the Custodian of any of
              its obligations and duties to any affiliate of the Custodian (defined as an “Affiliated Agent”), no such agreement with any Affiliated Agent shall discharge the Custodian from its
              obligations or liabilities hereunder, and the rights of the Client with respect to the Custodian extend only to the Custodian and do not extend to any Affiliated Agent of the Custodian. The Client shall have no direct or indirect rights or
              causes of action against any Affiliated Agent, nor shall any Affiliated Agent have any responsibility or liability to any Client of the Custodian.

          

    	

          	iv.	
            Performance Subject to Laws. The Client understands and agrees that the Custodian’s performance of this Agreement may be subject to
              relevant Laws and any rules, operating procedures, practices, and protocols related to Digital Assets, all of which may be subject to change. The Custodian may from time to time review and amend its policies and procedures or impose such
              additional policies and procedures as the Custodian, in its discretion, considers necessary or advisable due to change in any Law, including any Law related to Digital Assets and the Custodian shall provide notice to the Client of any such
              amendments or additions directly impacting the Client.

          

    	

          	v.	
            Preventing of Performance. The Custodian will not be responsible for any failure to perform any of its obligations if such performance
              is prevented, hindered or delayed by a Force Majeure Event, by changes in the Custodian’s policies or procedures made in the Custodian’s sole discretion in light of legal, regulatory, operational, security or reputational risks or after an
              Ineligibility Determination. In such case, the Custodian’s obligations will be suspended for so long as the Force Majeure Event continues or any change in the Custodian’s policies or procedures or Ineligibility Determination remains in
              effect.

          

    	

          	vi.	
            Validity of Assets. The Custodian does not warrant or guarantee the form, authenticity, value or validity of any Asset received by the
              Custodian.

          

    	

          	vii.	
            No Fiduciary Duties. The Custodian has no fiduciary duty to the Client in any respect, including with respect to the Assets held in
              the Custody Account under this Agreement (irrespective of whether an affiliate of the Custodian has provided other services or is currently providing other services to the Client on other matters).

          

    	

          	viii.	
            Capacity of Custodian. For the avoidance of doubt, the Custodian is not acting as an investment manager or as a broker or dealer (as
              respectively defined in the Securities Exchange Act of 1934, as amended), nor is it acting as an investment, financial, legal or tax adviser to the Client. This Agreement is an arm’s length, commercial transaction between the Client and the
              Custodian. The Custodian is not recommending that the Client take any investment or other action with respect to the Assets held in the Custody Account under this Agreement.

          

    
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          	ix.	
            Forwarded Information; Contents of Documents. The Custodian is not responsible for the form, accuracy or content of any notice,
              circular, report, announcement or other material provided under Section 6.B.ii of this Agreement not prepared by the Custodian and the Custodian shall not be required to make any investigation into the facts or matters stated in any
              certificate, report, or other document.

          

    	

          	x.	
            Reliance on Counsel. The Custodian may consult with legal counsel(s) of its own choosing as to any matter relating to this Agreement,
              and the Custodian shall not incur any liability with respect to anything done or omitted by it in accordance with any written advice from such counsel.

          

    	

          	xi.	
            Security of Assets. The Custodian shall not be liable to the Client for any loss resulting from actions taken by the Custodian to
              inspect, protect or improve the security of the Client’s Assets pursuant to Section 6.E.

          

    	

          	xii.	
            Conflicting Claims. In the event of any dispute or conflicting claims by any person or persons with respect to the Assets, the
              Custodian shall be entitled to refuse to act until either (a) such dispute or conflicting claim shall have been finally determined by a court of competent jurisdiction or settled by agreement between conflicting parties, and the Custodian
              shall have received written evidence satisfactory to it of such determination or agreement or (b) the Custodian shall have received an indemnity, security or both, satisfactory to it and sufficient to hold it harmless from and against any and
              all loss, liability and expense that the Custodian may incur as a result of its actions.

          

    	

          	xiii.	
            Legal and Regulatory Compliance. The Custodian shall have no obligation to review, monitor or otherwise ensure compliance by the Client
              or the Authorized Agent with (a) any Law applicable to the Client or the Authorized Agent or (b) any term or condition of any agreement between the Client and any third party, including the Authorized Agent. The Custodian makes no express or
              implied warranty, guarantee, or representation that the services offered by the Custodian under this Agreement satisfy any legal or regulatory requirements applicable to the custody of Client Assets.

          

    	

          	xiv.	
            Reliance on Written Items. The Custodian may rely on and shall be protected in acting or refraining from acting upon any written
              notice, instruction, statement, certificate, request, waiver, consent, opinion, report, receipt or other paper or document furnished to it in accordance with this Agreement, not only as to its due execution and validity, but also as to the
              truth and accuracy of any information therein contained, which it in good faith believes to be genuine and signed or presented by an Authorized Person. The Custodian shall be entitled to presume the genuineness and due authority of any
              signature appearing thereon. The Custodian shall not be bound to make any independent investigation into the facts or matters stated in any such notice, instruction, statement, certificate, request, waiver, consent, opinion, report, receipt
              or other paper or document.

          

    	D.	
            Client Obligations.

          

    	

          	i.	
            The Client agrees to pay all reasonable and documented fees, expenses, charges and obligations incurred from time to time for any services pursuant to this Agreement as
              determined in accordance with the terms of the Fee Schedule, which may be changed from time to time by the Custodian upon prior written notice to the Client or the Authorized Agent, together with any other amounts payable to the Custodian
              under the Agreement; provided however that the Client shall not be required to pay any fees, expenses or charges

          

    
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    to the extent resulting from the gross negligence, willful misconduct or fraud of the Custodian as determined by a final,
      non-appealable judicial determination. The Client authorizes the Authorized Agent to agree to any changes to the Fee Schedule on behalf of the Client without notifying or obtaining prior consent from the Client, and the Client agrees to be bound by
      any fees or charges agreed to by the Authorized Agent. Unless otherwise agreed, all fees and expenses paid to the Custodian shall be paid in U.S. Dollars.

    	

          	ii.	
            The Client hereby acknowledges that the Custodian is subject to various laws including those verifying the identities of customers, pursuant to which the Custodian will
              obtain, verify and record information that allows the Custodian to identify each Client. Accordingly, prior to entering into this Agreement, the Custodian will ask the Client to provide certain information including, but not limited to, the
              Client’s name, physical address, tax identification number and other information that will help the Custodian to identify and verify the Client’s identity, such as organizational documents, certificate of good standing, license to do business
              or other pertinent identifying information. The Custodian may obtain and verify comparable information for any Authorized Person. The Client shall provide the Custodian with documentation to allow for obtaining and verifying the beneficial
              owners and control persons of customers that are legal entities. The Client acknowledges that the Custodian cannot provide services under this Agreement until the Custodian verifies the identity of the Client (and, if applicable, Authorized
              Persons and/or beneficial owners) in accordance with its customer identification and verification procedures. The Client’s Custody Account may be restricted or closed if the Custodian cannot obtain and verify this information. The Custodian
              will not be responsible for any losses or damages (including, but not limited to, lost opportunities) that may result if a Client’s Custody Account is restricted or closed.

          

    	

          	iii.	
            The Client will promptly provide the Custodian with such additional information and documentation (including, as applicable, by executing additional documentation) as the
              Custodian may reasonably request to confirm ownership of Assets, for the Custodian to comply with its policies and procedures, and to enable the Custodian to perform its duties and obligations under this Agreement.

          

    	

          	iv.	
            The Client shall promptly inform the Custodian if (a) the Client is or becomes a Sanctioned Person, (b) the Client is or becomes located, organized, or resident in, or begins
              to conduct business in or with a country or territory with which dealings are broadly restricted or prohibited by any Sanctions (including, as of the date hereof, Crimea, Cuba, Iran, North Korea and Syria) or (c) the Client becomes aware that
              the Client or any Asset, or any transaction involving an Asset, is or becomes the target of any Sanctions or investigation (including the reasonable details thereof).

          

    	

          	v.	
            The Client shall not grant any other Person a lien, security interest, charge or similar rights or claims against the Assets without the Custodian’s prior consent.

          

    	

          	vi.	
            In giving any Instructions which purport to be Proper Instructions under this Agreement, the Client will act, and will cause the Authorized Agent to act, in accordance with
              the provisions of any and all constitutional documents of the Client, any and all documents governing the Assets and any related laws and regulations.

          

    	

          	vii.	
            The Client and its Authorized Persons are responsible for creating a strong password and maintaining adequate security and control of any and all IDs, passwords, hints,
              personal identification numbers, or any other codes that the Client and any Authorized Person uses

          

    
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    to access the services provided by the Custodian under this Agreement. Any loss or compromise of the foregoing information
      and/or the Client’s personal information may result in unauthorized access to the Custody Account by third-parties and the loss or theft of any Digital Assets or Assets held in the Custody Account and any associated accounts. The Client is
      responsible for keeping the Client’s contact information, including email address and telephone number, up to date in order to receive any notices or alerts that the Custodian may send to the Client. The Custodian assumes no responsibility for any
      loss that the Client may sustain due to compromise of account login credentials not due to fault of the Custodian, or due to any failure by the Client, any Authorized Person or the Authorized Agent to follow or act on any notices or alerts that the
      Custodian may send to the Client, an Authorized Person or the Authorized Agent.

    	

          	viii.	
            At any time, the Custodian may request Instructions from any Authorized Person or Authorized Agent (or Person that the Custodian believes in good faith to be an Authorized
              Person or Authorized Agent), and may consult with its own legal counsel or outside legal counsel for the Client, at the expense of the Client, with respect to any matter arising in connection with the services to be performed by the Custodian
              under this Agreement. The Client agrees to pay all reasonable fees, expenses, charges and obligations incurred by the Custodian in connection with such Instructions or consultations.

          

    	13.	
            INDEMNITY

          

    	A.	
            Indemnity to the Custodian. The Client agrees to indemnify, defend and hold harmless the Custodian, its parent companies, subsidiaries
              and affiliates, and its and their directors, officers, agents and employees, against any and all claims, costs, causes of action, losses, liabilities, lawsuits, demands and damages, fines, penalties and expenses, including without limitation,
              any and all court costs and reasonable attorney’s fees, in any way related to or arising out of or in connection with this Agreement or any action taken or not taken pursuant hereto, except to the extent resulting from the gross negligence,
              willful misconduct or fraud of the Custodian as determined by a final, non- appealable judicial determination. The foregoing indemnifications shall survive any termination of this Agreement.

          

    	B.	
            Client’s Direct Liability. The disclosure by the Client to the Custodian that the Client has entered into this Agreement as the agent
              or representative of another person shall not relieve the Client of any of its obligations under this Agreement, including those described in Section 13.A above.

          

    	14.	
            CLIENT FINAL DISTRIBUTION OF ASSETS

          

    The Client agrees that the Assets will be finally distributed, transferred and delivered to the Client only upon the
      Client’s indefeasible payment in full of any amounts due and owing to the Custodian hereunder.

    	15.	
            REMEDIES UPON NONPAYMENT

          

    If the Client, upon demand, fails to pay the Custodian any required amount in respect of any Asset subject to this
      Agreement, the Custodian may, without prior notice to the Client (except as required by law) and at any time appropriate, sell such Asset and/or exercise in respect of each such Asset any and all the rights and remedies of a secured party on default
      under applicable law; provided however that the Custodian shall provide notice of such sale to the Client promptly after effecting such sale.

    
      21

      
        

    

    	16.	
            LIEN AND SET OFF

          

    In addition to all rights and remedies available to the Custodian under applicable law, the Custodian shall have, and the
      Client hereby grants, a continuing lien on and valid and perfected first-priority security interest in all Assets in the Custody Account until the satisfaction of all liabilities of the Client to the Custodian arising under this Agreement, including
      without limitation liabilities in respect of any fees and expenses or credit exposures in relation to the Custody Account incurred in the performance of services under this Agreement. Custodian shall have all the remedies of a secured party under the
      Uniform Commercial Code in effect in the Commonwealth of Massachusetts. The Client shall not grant any other Person a lien, security interest, charge or similar rights or claims against the Assets without the Custodian’s prior written consent.

    Without limiting any other rights and remedies of the Custodian under this Agreement or applicable law, to the extent
      permitted by applicable law, the Custodian may, with prior notice to the Client, set off any payment obligation owed to the Custodian by the Client against any payment obligations owed by the Custodian to the Client, regardless of the place of
      payment, delivery and/or currency of any obligation (and for such purposes may make any necessary conversions of currencies or Digital Assets). If any obligation is unliquidated or unascertained, the Custodian may set off an amount estimated by the
      Custodian in good faith to be the amount of that obligation.

    	17.	
            RECORDS

          

    The Custodian shall keep appropriate records regarding the custodial services performed under this Agreement. All records
      maintained by the Custodian with respect to the Client shall be retained by the Custodian for such period as required by applicable law, but in no event for less than seven (7) years, after which retention of such records shall be at the Custodian’s
      discretion.

    	18.	
            CONFIDENTIAL INFORMATION

          

    Each of the Custodian and the Client agrees that it will maintain any confidential and proprietary information disclosed
      to it by the other Party hereto, including the fees set forth in the Fee Schedule (“Confidential Information”), in a confidential manner using the same care it uses to protect the
      confidentiality of its own confidential information, and will not use for its own benefit or otherwise the Confidential Information of the other Party except (x) as expressly authorized by this Agreement and to the extent necessary for performance of
      this Agreement or (y) upon the prior written consent of the other Party; provided, however, that each of the Custodian and the Client may disclose any such confidential or proprietary information of the other Party to those of its
      affiliates and its and their officers, directors, employees, agents (including attorneys and financial advisors), and contractors, in each case, who need to know such information for purposes of this Agreement and who are bound by confidentiality
      obligations consistent with the terms hereof. Notwithstanding the foregoing, Confidential Information shall not include information that was (a) publicly available prior to disclosure by such disclosing party; (b) already in the receiving party’s
      possession and not subject to an obligation of confidentiality; (c) obtained by the receiving party from a third party without restriction on disclosure; (d) entirely independently developed by the receiving party without reference to any
      Confidential Information of the disclosing party; (e) the tax treatment and any facts that may be relevant to the income tax consequences of the transactions contemplated by this Agreement.

    If, at any time, the receiving party is required by law or regulation to make any disclosure of any of the Confidential
      Information, by summons, subpoena, judicial or administrative order or otherwise, the receiving party shall (to the extent permissible and practicable under the

    
      22

      
        

    

    circumstances) give prompt prior written notice of such requirement to the disclosing party and permit the disclosing
      party to intervene in any relevant proceedings to protect its interests in the Confidential Information, and provide reasonable cooperation and assistance to the disclosing party in lawful efforts to resist, limit or delay disclosure at the
      disclosing party’s sole expense. The Custodian and the Client each may disclose Confidential Information to its regulators without the consent of the other party.

    The receiving party shall promptly notify the disclosing party in writing of any loss, or use, access or disclosure of
      Confidential Information of the disclosing party in violation of this Agreement promptly following recipient’s discovery and shall promptly take measures to minimize the effect and prevent its recurrence. The receiving party shall be liable under
      this Agreement to the disclosing party for any loss, or access, use, or disclosure in violation of this Agreement by itself or its representatives.

    Notwithstanding anything contained in this Section 17 or otherwise in this Agreement to the contrary, the parties agree
      that (i) the Client may reference Fidelity Digital Assets LLC and summarize the material terms of this Agreement (in a form approved by the Custodian) in the Registration Statement and any other offering memorandum or prospectus related to an
      offering of the Shares by the Client to potential investors, (ii) the client may file the form of this Agreement with the Securities Exchange Commission as an Exhibit to the Registration Statement (with such redactions as are reasonably requested by
      the Custodian), and (iii) the Client may disseminate information related to the Assets and the services provided by the Custodian hereunder to its investors that is required to be provided to such investors pursuant to the terms of the Registration
      Statement or the transaction documents related to the Shares.

    	19.	
            TRADE NAMES

          

    The Client acknowledges that the names and logos of the Custodian and its affiliates including, but not limited to,
      “Fidelity”, “Fidelity Investments” and “Fidelity Digital Assets” (collectively, “Names”) are proprietary trademarks and trade names and are of significant value and importance. Client will
      not undertake any written or oral sales, advertising, press release, marketing, promotional or solicitational activities which identify, make reference to or otherwise use these Names, or suggest either orally or in writing that Client is an agent
      of, affiliated with or in any way part of the Fidelity organization, except as otherwise approved in writing by the Custodian. No reference to the Custodian or Fidelity companies may be made in such a way as to potentially mislead customers of the
      Client.

    	20.	
            TERMINATION

          

    	A.	
            Term. The term of this Agreement shall commence on the Effective Date and terminate when terminated pursuant to this Section 20 (the “Term”).

          

    	B.	
            Termination. Either Party may terminate this Agreement in whole or in part, with or without cause, by giving not less than sixty (60)
              days’ prior written notice to the other Party.

          

    	C.	
            Immediate Termination by Either Party. Without prejudice to any accrued rights and remedies under this Agreement, either Party may
              terminate this Agreement immediately by giving written notice to the other Party upon the occurrence of any of the following events (provided such notice to terminate is given within three (3) months following the occurrence of the event):

          

    
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          	i.	
            if the other Party commits any material breach of any of its obligations under this Agreement and, in the case of any breach which is capable of remedy, fails to remedy such
              breach within seven (7) days of delivery of a written notice to the other Party specifying such breach (or such longer period as the notice may specify); or

          

    	

          	ii.	
            if the other Party becomes insolvent, enters into liquidation (apart from solvent liquidation for the purposes of amalgamation or reconstruction) or is dissolved or declared
              bankrupt or has a receiver, administrator or administrative receiver appointed over all or a substantial part of its assets or enters into an arrangement with its creditors or takes or suffers similar action.

          

    	D.	
            Immediate Termination by Custodian or Client.

          

    	

          	i.	
            Without prejudice to any accrued rights and remedies under this Agreement, the Custodian may terminate this Agreement immediately by giving written notice to the Client if in
              its sole discretion it has determined that (i) continuing to provide services under this Agreement would result in violation of any Law, (ii) any of the representations or warranties made by the Client under this Agreement cease to be true on
              a continuing basis or that (iii) the Client has conducted or participated in any activity, transaction or conduct that may present a material adverse impact or reflection on the Custodian’s reputation.

          

    	

          	ii.	
            Without prejudice to any accrued rights and remedies under this Agreement, the Client may terminate this Agreement immediately by giving written notice to the Custodian if it
              incurs any loss under this Agreement resulting from the gross negligence, willful misconduct or fraud of the Custodian as determined by a final, non-appealable judicial determination.

          

    	E.	
            Effect on Assets. Upon termination of this Agreement and subject to Section 14 hereof, the Custodian shall deliver the
              Client’s Assets as instructed by the Client in writing. If by the termination date the Client has not given instructions to the Custodian regarding where to deliver any Assets, the Custodian will continue to safekeep such Assets until the
              Client provides such Proper Instructions to effect a free delivery of such, and the Client shall be liable to pay monthly storage fees in the amount charged by the Custodian until all Assets are removed. However, the Custodian will provide no
              other services with respect to any such Assets following termination. Notwithstanding termination of this Agreement or any Proper Instruction, the Custodian may retain sufficient Assets to close out or complete any transaction that was in
              process prior to such termination or to pay any fees of the Custodian or amounts otherwise outstanding hereunder.

          

    	F.	
            Surviving Terms. The rights and obligations contained in Sections 7, 11, 13, 15, 16, 18 and 19 of this Agreement shall survive the
              termination of this Agreement.

          

    	21.	
            GOVERNING LAW AND JURISDICTION

          

    	A.	
            Governing Law. This Agreement is solely and exclusively governed, construed and enforced in accordance with the laws of the
              Commonwealth of Massachusetts, without giving effect to conflict of law rules or principles that would cause the application of the laws of any other jurisdiction.

          

    	B.	
            Jurisdiction. Both Parties submit to personal jurisdiction in the federal and state courts located in Commonwealth of Massachusetts,
              and further agree to the exclusive jurisdiction of the courts in the Commonwealth of Massachusetts to resolve any and all claims and controversies arising out of this Agreement that cannot be amicably resolved by the Parties.

          

    
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    	C.	
            Venue. Each Party hereto waives any objection it may have at any time, to the laying of venue of any actions or proceedings brought in
              an inconvenient forum and further waives the rights to object that such court does not have jurisdiction over such parties.

          

    	22.	
            MISCELLANEOUS

          

    	A.	
            Entire Agreement; Amendments. This Agreement, including all exhibits and schedules, constitutes the entire Agreement and understanding
              between the Parties, and supersedes all previous communications, representations or agreements, whether written or oral, with respect to the subject matter hereof. In the event that this Agreement conflicts with any exhibit, schedule, or
              terms of use, the terms of this Agreement shall control and govern. Except as specified in this Agreement, this Agreement may be modified only by written agreement signed by both Parties.

          

    	B.	
            Notices. For the purposes of any notices or other communications required to be delivered hereunder, the Custodian’s address shall be
              245 Summer Street, Boston, MA 02210 and the Client’s address shall be as set forth in the signature page hereto. Either Party may provide such notice by sending written notice by registered or certified mail or by e-mail to the address
              designated by the other Party. Any notices provided under this provision shall be effective, upon receipt (in the case of registered or certified mail) or by the recipient acknowledging receipt (in the case of e-mail).

          

    	C.	
            Third Parties. This Agreement is not intended to confer any rights or benefits to any third parties, including, but not limited to, the
              Client’s end customers or investors.

          

    	D.	
            Severability. If any provision of this Agreement is or becomes illegal, invalid, or unenforceable under any applicable law, the
              remaining provisions shall remain in full force and effect (as shall that provision under any other law).

          

    	E.	
            Waiver of Rights. No failure or delay of the Client or the Custodian in exercising any right or remedy under this Agreement shall
              constitute a waiver of that right. Any waiver of any right will be limited to the specific instance. The exclusion or omission of any provision or term from this Agreement shall not be deemed to be a waiver of any right or remedy the Client
              or the Custodian may have under applicable law.

          

    	F.	
            Recordings. The Client and the Custodian each consent to telephonic or electronic recordings for security and quality of service
              purposes and agree that either may produce telephonic or electronic recordings or computer records as evidence in any proceedings brought in connection with this Agreement.

          

    	G.	
            Assignment. The Custodian may assign this Agreement and transfer the Custody Account to any of its affiliates or to its successors and
              assigns, whether by merger, consolidation, or otherwise, in each case, without prior notice to the Client, however the Custodian shall provide Client with prompt written notice of such assignment after such assignment is effected. The Client
              may not assign or transfer any of its rights or obligations under this Agreement without the Custodian’s prior written consent. Any attempted transfer or assignment in violation hereof shall be null and void.

          

    	H.	
            No Agency. Nothing contained in this Agreement shall constitute the Client and/or the Custodian (and/or any other Person) as members of
              any partnership, joint venture, association, syndicate, unincorporated business or similar assignment as a result of or by virtue of the engagement or relationship established by this Agreement. Neither the Client nor the Custodian shall hold
              itself

          

    
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    out as an agent, partner or joint venture partner of the other or any of the subsidiaries or companies controlled directly
      or indirectly by or affiliated with the other.

    	I.	
            No Affiliate Obligations. The Client acknowledges and agrees that (i) the obligations and duties of the Custodian hereunder apply only
              to the Custodian and are not obligations or duties of any other member of the Fidelity organization; (ii) notwithstanding any affiliation of the Custodian with the Fidelity organization or any member thereof (including FMR LLC, the parent
              company of the Custodian), this Agreement is with the Custodian only, and the rights of the Client under this Agreement apply only to the Custodian and not to FMR LLC or any other affiliate of the Custodian; and (iii) the Custodian may in its
              sole and absolute discretion in the performance of its responsibilities hereunder make such arrangements as it sees fit with any affiliate to have access to and use the services and resources of its affiliates, and in such event, the
              Custodian alone shall remain solely responsible and liable to the Client for the provision of services hereunder and any such affiliate shall have no duty, responsibility or liability whatsoever to any Client in connection herewith.

          

    	J.	
            Other Business. Nothing herein shall prevent the Custodian or any of its affiliates from engaging in other business, or from entering
              into any other transaction or financial or other relationship with or receiving fees from or from rendering services of any kind to the Client or any other Person. The Custodian and its affiliates may own and trade Digital Assets and are not
              prohibited from engaging in other business or activities, including those that might be in direct competition with the Client. The Custodian and its affiliates (or funds or other accounts advised or managed by them) may have investments in,
              or other commercial arrangements with, counterparties that fill Trade Orders or other service providers to the Custodian. Affiliates of the Custodian (and funds or other accounts advised or managed by them) may themselves utilize the
              Custodian’s trade execution service and submit Trade Orders that could be internally crossed with Trade Orders of the Client.

          

    	K.	
            Headings. Titles to Sections of this Agreement are included for convenience of reference only and shall be disregarded in construing
              the language contained in this Agreement.

          

    	L.	
            Counterparts; Electronic Signatures. This Agreement may be executed in several counterparts, each of which shall be an original, but
              all of which together shall constitute one and the same agreement. This Agreement may be accepted, executed, and agreed to through the use of electronic signatures and electronic transmission.

          

    	M.	
            Sponsor of the Client. Sponsor (as defined below) represents that it is the sole sponsor of the Client and is duly authorized by the
              Client to execute this Agreement and to bind the Client hereunder. It is expressly understood and agreed by the Custodian and the Client that:

          

    	

          	i.	
            this Agreement is executed and delivered on behalf of the Client by Wilshire Phoenix Funds LLC, not individually or personally, but solely as the sponsor of the Client (the “Sponsor”) in the exercise of the powers and authority conferred and vested in it;

          

    	

          	ii.	
            the representations, covenants, undertakings and agreements herein made by the Client are made and intended not as personal representations, undertakings and agreements by the
              Sponsor but are made and intended for the purpose of binding only the Client;

          

    	

          	iii.	
            nothing herein contained shall be construed as creating any liability on the Sponsor, individually or personally, to perform any covenant of the Client either expressed or

          

    
      26

      
        

    

    implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person
      claiming by, through or under the parties hereto; and

    	

          	iv.	
            under no circumstances shall the Sponsor be personally liable for the payment of any of the Client’s indebtedness or expenses or be liable for the breach or failure of any
              obligation, duty, representation, warranty or covenant made or undertaken by the Client under this Agreement or any other related document.

          

    [signature page follows]

    
      27

      
        

    

    IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their respective officers thereunto
      duly authorized.

    

    

    

    

    	
            WSHARES BITCOIN FUND

          	 	 
	 	 	 
	
            By:

          	 	 	 	 
	
            Name:

          	 	 	 	 
	
            Title:

          	 	 	 	 

    

    

    

    

    

    

    	
            FIDELITY DIGITAL ASSET SERVICES, LLC

          	 	 
	 	 	 
	
            By:

          	 	 	 	 
	
            Name:

          	 	 	 	 
	
            Title:

          	 	 	 	 

    

    

    
      28

      
        

    

    Schedule 1

    Fees

    [REDACTED]

    
      29

      
        

    

    Schedule 2

    Purchase and Sale Execution and Order Fulfillment

    (as of July 12, 2021)

    Clients may buy Digital Assets with U.S. dollars and sell Digital Assets for U.S. dollars in “spot” transactions through
      the Custodian’s execution service in accordance with the following terms, as such terms and procedures may be modified by the Custodian from time to time. As further described below, the Custodian’s trade execution service is comprised of (1) an
      internal matching engine with a “dark” order book, (2) a smart order router to facilitate execution of Trade Orders that do not match through the internal matching engine, and (3) external market reference data.

    Business Hours

    Trade Orders may be entered only within applicable ‘trading session hours’ specified by the Custodian on Business Days
      when the Custodian is open for business in the ordinary course. Open Trade Orders (or portions thereof) that are not fully executed by the close of trading session hours will be cancelled by the Custodian. Trading session hours, and the time in force
      for Trade Orders, may be modified by the Custodian from time to time.

    Trading Accounts / Balances

    Trade Orders may be submitted in amounts of Digital Assets or US Dollars (or portions thereof) that do not exceed the “XBT
      Balance” or “USD Balance” in the Client’s Custody Account, as reflected in the trading interface. The executed U.S. dollar value of Trade Orders will be rounded up or down to the nearest cent. If one cent or less is remaining in a Trade Order that
      was submitted in U.S. dollars, the Custodian will treat that order as filled. Trade Orders entered in US Dollars will be converted to quantities of Digital Assets for execution; as a result, the actual amount of an executed Trade Order entered in US
      Dollars may be more or less than the US Dollar amount entered for the Trade Order.

    The Custodian’s trading interface can only be accessed via successful log-in to the Custodian’s custody dashboard. The
      Custodian’s custody dashboard will display, for each Custody Account, the “Available”, “Unsettled” and “Total Value” amounts for both U.S. dollars and Digital Assets. Because the custody dashboard does not reflect open Trade Orders, the “Available”
      balances shown in the custody dashboard could be different than the “XBT Balance” and “USD Balance” shown in the trading interface.

    Balance Available to Trade

    When a Trade Order is entered, the notional U.S. dollar value of the purchase, or quantity of Digital Assets of the sale
      will be deducted from the Client’s “Available” balance in the Custody Account. An additional reserve may be deducted for market orders to protect against market movement. Deducted value may be returned to the Client’s Custody Account if the Trade
      Order expires, is cancelled, or the executed value is less than the amount deducted. “Available” balances are maintained in real-time to account for intraday activity.

    Digital Asset and U.S. dollar balances related to executed Trade Orders must be settled in the Client’s Custody Account
      (as reflected in the “Available” balance) before additional Trade Orders may be placed in respect of those Digital Asset and U.S. dollar balances. When open Trade Orders exist, the Client

    
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    should refer to the “Available” balances as reflected in the trading interface to determine Digital Asset or U.S. dollar balances available
      for transfer.

    Order Entry

    All Trade Orders must be submitted through the Custodian’s proprietary trading interface. Initially, the Custodian’s
      system will support market, limit, and stop-limit orders.

    The Custodian may, for risk management or other reasons, impose limits on the number or size, or both, of Trade Orders.
      Each Trade Order shall not exceed the maximum limit in notional U.S. dollar value established by the Custodian; multiple Trade Orders from the Client may have a cumulative value over the maximum limit if they are entered as separate Trade Orders that
      individually do not exceed the maximum limit. Each Trade Order must exceed a minimum amount in notional U.S. dollar value established by the Custodian. The Client is responsible for the accuracy, content, and submission of each Trade Order.

    Execution Quality

    The Custodian will attempt to provide Clients with the ‘best’ price for Trade Orders that is available from its internal
      order books or network of approved counterparties through its order handling process, as described in this Schedule 2. As used in this Schedule 2, ‘best price’ means the highest available price for “sells” and the lowest available price for “buys”.
      The Custodian makes no representations as to how the execution price of any Trade Order compares to prices quoted by other trading platforms or market information generally, and makes no assurances that Client Trade Orders will be executed at prices
      more favorable to the Client than are available through other trading platforms. The Custodian is not, and is not registered as, a broker-dealer or investment adviser and has no obligation to seek “best execution” for Client purchases
        or sales of Digital Assets.

    Order Handling

    The Custodian’s order handling process will first attempt to electronically match each Trade Order with a Trade Order from
      another client (on the opposite side) before routing a Trade Order externally. The Client will not know if an executed Trade Order was internally matched or routed away.

    The internal matching engine prioritizes orders with the highest (buy) or lowest (sell) price over orders with a lower
      (buy) or higher (sell) price; orders are then ranked on the system by arrival time. Trade Orders that are matched internally at the mid-point of prices that are derived from reference prices from external marketplaces, subject to the requirements of
      the applicable order type. Limit orders are matched internally if the Limit price is greater than or equal to the best ask for buy orders, or less than or equal to the best bid for sell orders. The Client will not know the execution price of an
        order before the Trade Order is executed.

    If a Trade Order is not matched internally, it will be routed away to counterparties that have been previously approved by
      the Custodian. The composition of the network of approved counterparties available to the Custodian may change at any time. The Custodian does not provide economic incentives to counterparties to attract order flow. The Custodian is not able to honor
      Client requests or prohibitions about trading with certain counterparties. The identity of the approved counterparties to whom the Client’s Trade Order has been externally routed will not be disclosed to the Client.

    
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    The routing algorithm prioritizes Trade Orders by price, as described in the second paragraph of this section. The
      Custodian’s system requests the best prices that are available from approved counterparties; the Custodian’s order handling process will choose the best price from among the prices that are quoted by approved counterparties within a narrow range and
      will execute the Client’s Trade Order at that price as the execution price, subject to requirements of the applicable order type. The Client will not know the execution price of an order before the Trade Order is executed. Trade Orders
      are not aggregated, and buy and sell orders are not netted, when quotes are requested from approved counterparties.

    The Custodian will only execute Trade Orders that have been internally matched with another Trade Order or that have been
      executed at a price received from an approved counterparty. The Custodian does not mark-up or mark-down any quotes received from approved counterparties. The Custodian may declare a Trade Order to be null and
      void, or may adjust the execution price or other components of a Trade Order, if it determines, in its sole discretion, that the execution price of the Trade Order was clearly erroneous.

    With respect to each executed Trade Order that was routed away (or, with respect to partial executions of a Trade Order,
      that portion that is executed), the relevant deliver, receive and related payment obligations will be owed to and from the Client and the Custodian (and will be settled through corresponding credits or debits to the Client’s Custody Account) and not
      to or from the Client and the counterparty that has provided the execution price of the related Trade Order. With respect to each executed Trade Order that was matched internally, the Custodian will settle the Trade Order through corresponding
      credits or debits to the Client’s Custody Account, as applicable, without a requirement for any Delivery to occur.

    Settlement

    Proceeds from all Trade Orders will be made available to the Client, as reflected in the “Available” balance, on the trade
      settlement date after the Custodian’s operational processes are complete (generally, T+1).

    When a buy order is executed on T, the notional U.S. dollar value of the transaction will be debited from the U.S. dollar
      balance in the Client’s Cash Custody Account, and the quantity of Digital Assets to be received by the Client will be reflected as “Pending” in the Custodian’s custody dashboard. When a sell order is executed on T, the amount of Digital Assets for
      the transaction will be debited from the Digital Assets balance in the Client’s Digital Asset Custody Account, and the U.S. dollars to be received by the Client will be reflected as “Pending” in the Custodian’s custody dashboard.

    Once the Custodian’s trade settlement processes are complete, generally on T + 1, the Digital Asset or U.S. dollar amount,
      as applicable, that is designated as “Pending” in respect of a Trade Order entered on T will be changed from “Pending” to “Available”.

    Trading Fees

    Upon trade execution, Trade Orders will be assessed a per transaction fixed fee in basis points (based on notional value)
      in the amount specified in the Custodial Services Agreement, which may be updated from time to time. For purchases of Digital Assets, the U.S. dollar value of the Client’s Cash Custody Account will be reduced at order entry by the amount of the
      transaction fee, and the full executed quantity of Digital Assets will be credited to the Client’s Digital Assets Account, subject to the settlement

    
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    procedures described above. For sales of Digital Assets, the U.S. dollar proceeds received by the Client will be reduced by the amount of the
      transaction fee.

    Market Data / Best Bid Offer

    The Custodian’s custody dashboard will display external market reference data solely for the purpose of providing
      information to Clients about broader market conditions. Such external market reference data may include prices and other information about purchases or sales of Digital Assets on certain trading platforms that are not available for Client Trade
      Orders. Market data may appear with a time delay, and the Custodian is not responsible for the accuracy or completeness of pricing or trade information from external trading venues. Prices of Digital Assets that are displayed in the Custodian’s
        trading interface are for reference only and should not be relied upon by the Client as the expected execution price of any Trade Order.

    The Custodian’s trading interface will display non-executable pricing that is derived from external reference data of the
      best bid and ask from select external marketplaces. Market data for Trade Orders facilitated by the Custodian is hidden from Client and public view.

    Limitations of Order Entry

    Trade Orders that include any of the following characteristics will not be accepted by the Custodian:

    	

          	1.	
            Trade Order for a Custody Account that is subject to a restriction imposed by the Custodian;

          

    	

          	2.	
            Notional value of Trade Order exceeds the maximum limit established by the Custodian;

          

    	

          	3.	
            Notional value of Trade Order is less than the minimum amount established by the Custodian;

          

    	

          	4.	
            Notional value of a “buy” order exceeds the “Available” U.S. dollar balance in Client’s Cash Custody Account;

          

    	

          	5.	
            Quantity of Digital Assets subject to a “sell” order exceeds the “Available” Digital Assets balance in Client’s Digital Asset Custody Account;

          

    	

          	6.	
            Limit Prices entered exceed a percentage (determined by the Custodian) above or below the prevailing market price; or

          

    	

          	7.	
            Any subsequent Trade Order deemed to be a duplicate of a previously accepted Trade.

          

    Limitations of Execution

    Trade Orders will not be executed under any of the following circumstances:

    	

          	1.	
            Trade Orders for a Client that are open when the Custodian imposes a restriction on the Client’s Custody Account;

          

    	

          	2.	
            The Client successfully cancels a Trade Order prior to execution;

          

    	

          	3.	
            A Trade Order cannot match on the internal order book and no price quotes are received from approved counterparties, either due to market conditions, restrictions applicable
              to approved counterparties or for other reasons;

          

    
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          	4.	
            A Trade Order cannot match on the internal order book and the Custodian has disabled access to one or more approved counterparties due to trading limits, credit risk or for
              other reasons;

          

    	

          	5.	
            A Trade Order that remains open at the end of time in force limits specified by the Custodian; or

          

    	

          	6.	
            Trade Orders that the Custodian determines (in its sole discretion) to be clearly erroneous.

          

    
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    Schedule 3

    Policy Statement on Forks

    (as of November 29, 2019)

    Introduction

    Disagreements among developers of digital assets can result in non-backwards compatible changes to the consensus rules of
      a blockchain, which can cause two (or more) digital assets to appear that are essentially copies of one another, with balances on both chains. “Hard” forks and airdrops result in the creation of new digital assets, but do not necessarily create
      value. Digital assets that result from hard forks or airdrops may not be available to customers of Fidelity Digital Asset Services, LLC (“FDAS”).

    Background

    Set forth below are certain terms that are sometimes used when discussing forks.

    A “hard fork” is a fork that changes the consensus rules of the network in a non-backwards
      compatible way. Hard forks, including those with widespread community support, require updates to software.

    A “soft fork” is a fork that changes the consensus rules of the network in a backwards
      compatible way. These forks are voluntary; using the fork’s new features is an option, but not a requirement, that can be taken into account by users of the network.

    A “51% attack” can occur when a fork does not change the “proof of work” function, and one of
      the resulting forks has a significantly higher hashrate than the other. In such circumstances, miners who switch their hashrate temporarily to the minority chain are able to reverse transactions, which can result in losses.

    A “replay attack” occurs when the fork does not change the transaction format so that a
      transaction is valid on both chains. Some forks have chosen not to implement replay protection, and others have chosen to implement new transaction signing mechanisms that avoid movement of funds on both chains when a user intended to move them on
      only one chain.

    An “airdrop” is a general term for a new coin or fork that imports addresses from another
      coin. It is a way to distribute assets to users of a network without conducting a sale.

    The “address” on a blockchain is a “payment instruction” and generally contains a unique
      identifier that identifies the coin (e.g., starts with 1 or 3 for bitcoin addresses). Confusion and additional risks arise when a fork does not change the address format.

    A “chain reorganization” can occur when a hard fork does not change its proof of work
      function, and one side has more hashrate than the other initially but that hashrate moves to another

    
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    fork after the fork activates. This can reorganize the minority chain deposits received even before the fork, and is the
      reason why exchanges may pause operations for a period of time before a fork is deployed.

    Policy

    In light of the foregoing, a hard fork can be considered an attack on the user’s key management policies and introduces
      additional risks. In connection with the occurrence or anticipated occurrence of a fork, FDAS may suspend operations (with or without advance notice) while it evaluates the consequences of a fork and determines which chain resulting from the fork it
      will support as an Eligible Asset under this Agreement.

    FDAS is not responsible for hard forks or soft forks, any of which may result in material changes to the value or
      functioning of a digital asset.

    FDAS may, but is not required to, implement the features of future soft forks of digital assets.

    In the event of a hard fork of a digital asset, FDAS will determine in its sole discretion which branch of the blockchain
      it will support, and FDAS is under no obligation to support any other forks or versions of digital assets. FDAS will use reasonable efforts to notify its clients of hard forks that, in its sole discretion, may result in a material change to a network
      for the related digital asset; however, it remains the responsibility of the Client to make itself aware of hard forks and their consequences. In determining whether or not to support a fork and provide services with respect to the related digital
      asset as an Eligible Asset under this Agreement, FDAS will evaluate various technical and market considerations that it determines to be relevant at that time. Those considerations could include, but are not limited to, the following:

    	

          	1.	
            technical attributes of the fork (e.g., changes in proof of work function and/or address format; replay protection);

          

    	

          	2.	
            timing of the announcement and implementation of the fork;

          

    	

          	3.	
            support of the new asset from development teams;

          

    	

          	4.	
            treatment of new asset by leading trading venues;

          

    	

          	5.	
            price and trading volumes; and

          

    	

          	6.	
            regulatory and tax considerations.

          

    However, a decision by FDAS is not required to be based on the factors set forth above and could include other considerations that FDAS
      determines to be relevant at the time. FDAS will use reasonable efforts to allow customers within a prescribed period of time to withdraw digital assets that are created as a result of a hard fork or airdrop and that FDAS determines not to support;
      however, it is not required to do so.

     

    

  

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