Document:

EX-4.2

 Exhibit 4.2 

Grayscale Digital Large Cap Fund LLC 

PO Box 309, Ugland House 
 Grand
Cayman, KY1-1104 
 Cayman Islands 

Amendment No. 1 to the 

Second Amended and Restated Limited Liability Company Agreement of 

Grayscale Digital Large Cap Fund LLC 
 This
Amendment No. 1 (the “Amendment”) to the Second Amended and Restated Limited Liability Company Agreement dated March 7, 2018 (the “LLC Agreement”) of Grayscale Digital Large Cap Fund LLC (the
“Fund”) is made on January 1, 2021 by Grayscale Investments, LLC as the sole manager of the Fund (the “Manager”). All capitalized terms used but not defined in this Amendment shall have the meanings ascribed to
such terms in the LLC Agreement. 
 Recitals 
  

	A.	 The LLC Agreement, pursuant to Section 9.1(a), may be amended by the Manager in its sole discretion
without the consent of Shareholders in order to effect a change that does not materially adversely affect the interests of Shareholders; and 

  

	B.	 The Manager wishes to amend the LLC Agreement to effect the amendments set out in this Amendment, being a
reduction in the Manager’s Fee. 

 Operative Provisions 

 

	1.	 Amendment: The Manager hereby amends Section 5.8(a)(i) of the LLC Agreement as follows (with
strike through representing deletions and double underling representing additions): 

(i)    The Fund shall pay to the Manager, in the manner set forth in SECTION 5.8(a)(ii), a fee (the
“Manager’s Fee”), payable in Fund Components (except as provided in SECTION 5.8(a)(v)), which shall accrue daily in U.S. Dollars at an annual rate of
3.0%2.5% of the Digital Asset Holdings Fee Basis Amount of the Fund as of 4:00pm, New York time; provided that (x) for a day that is not a Business Day or
(y) during a Rebalancing Period, the calculation shall be based on the Digital Asset Holdings Fee Basis Amount from the most recent Business Day. The Manager’s Fee is payable to the Manager monthly in arrears. 

 

	2.	 Binding Effect: This Amendment, memoralizing an amendment duly adopted pursuant to the terms of the LLC
Agreement and executed by the Manager in accordance with the provisions of Section 9.1 shall be binding on the Company, the Manager and all members with immediate effect. 

 

	3.	 Confirmation of LLC Agreement: Except as otherwise expressly provided in this Amendment, all of the
terms of the LLC Agreement shall remain unchanged and continue in full force and effect. 

  

	4.	 Governing Law: This Amendment shall be governed by, and construed in accordance with, the laws of the
Cayman Islands. 

 IN WITNESS WHEREOF, the undersigned has executed this Amendment as a deed on the date first set forth above

 Grayscale Investments, LLC 
 as Manager 

By: 
  

	
	 /s/ Michael Sonnenshein

	Name: Michael Sonnenshein
	Title:   CEOEX-4.4

 Exhibit 4.4 

EXECUTION VERSION 

GRAYSCALE DIGITAL LARGE CAP FUND LLC PARTICIPANT AGREEMENT 

This Amended and Restated Participant Agreement (this “Agreement”), dated as of June 11, 2018, is entered into by and
among Genesis Global Trading, Inc. (the “Authorized Participant”), and Grayscale Investments, LLC, a Delaware limited liability company, as manager (the “Manager”) of Grayscale Digital Large Cap Fund LLC, a Cayman
Islands limited liability company (the “Fund”) and amends, restates and modifies in its entirety that certain Participant Agreement entered into by the parties on January 31, 2018. 

SUMMARY 
 As provided in
the Limited Liability Company Agreement dated as of January 31, 2018, as amended from time to time (the “LLC Agreement”), as currently in effect and described in the Confidential Private Placement Memorandum of the Fund (the
“Memorandum”), equal, fractional, undivided interests in the Fund (the “Shares”) may be created or, if authorized by the Manager, redeemed by the Fund, in aggregations of 100 Shares (each aggregation, a
“Basket”), and integral multiples thereof, and only in transactions with a party who, at the time of the transaction, shall have signed and entered into an effective Participant Agreement with the Fund. Baskets are offered only
pursuant to the Memorandum as the same may be amended from time to time thereafter or any successor Memorandum in respect of Shares of the Fund. Under the LLC Agreement, the Manager is authorized to issue Baskets, or delegate authority to issue
Baskets, to, and, if redemptions are authorized by the Manager, accept redemptions of Baskets from, Authorized Participants. The Authorized Participant may purchase Baskets for its own account or as agent for investors who have entered into a
subscription agreement (the “Subscription Agreement”) with the Authorized Participant (each such investor, an “Investor”), but it does not have any obligation or responsibility to the Manager or the Fund to affect
any sale or resale of Shares. This Agreement sets forth the specific procedures by which an Authorized Participant may create or redeem Baskets. 

Capitalized terms used but not defined in this Agreement shall have the meanings assigned to such terms in the LLC Agreement. To the extent
there is a conflict between any provision of this Agreement and the provisions of the LLC Agreement, the provisions of the LLC Agreement shall control, and to the extent there is a conflict between any provision of this Agreement and the provisions
of the Memorandum, the Memorandum shall control; provided, however, that if there is a conflict between the Procedures (defined below) and any provision of the LLC Agreement or the Memorandum, the Procedures shall control. For the avoidance
of doubt, any action which is referred to herein as an action being taken by the Manager may be taken by a party whom the Manager has duly authorized to take such action. Additionally, any amendments to the Procedures will not require any amendments
to the LLC Agreement. 
 To give effect to the foregoing premises and in consideration of the mutual covenants and agreements set forth
below, the parties hereto agree as follows: 
 Section 1.    Order Placement. To place orders to create or,
if authorized by the Manager, redeem, one or more Baskets, the Authorized Participant must follow the procedures for creation and redemption referred to in Section 3 of this Agreement and the procedures described in Annex A hereto (the
“Procedures”), as each may be amended, modified or supplemented from time to time. 

 Section 2.    Representations, Warranties and Covenants of
Authorized Participant. The Authorized Participant represents and warrants and covenants the following: 

(a)    The Authorized Participant is registered as a broker-dealer under the Securities Exchange Act of
1934, as amended (“1934 Act”), and is a member in good standing of the Financial Industry Regulatory Authority, Inc. (“FINRA”). The Authorized Participant will maintain any such registrations, qualifications and membership in
good standing, or, if applicable, exempt status, in full force and effect throughout the term of this Agreement. The Authorized Participant will comply with all applicable United States federal laws, the laws of the states or other jurisdictions
concerned, and the rules and regulations promulgated thereunder, and with the Constitution, By-Laws and Conduct Rules of FINRA and shall not offer or sell Shares in any state or jurisdiction where they may not
lawfully be offered and/or sold. 
 (b)    The Authorized Participant shall act in a manner consistent
with the instructions of the Fund and materially comply with all applicable laws, including, without limitation, securities laws of each jurisdiction in which the Authorized Participant proposes to carry on the business contemplated by this
Agreement. Without limitation on the foregoing, the Authorized Participant shall not knowingly take any action or omit to take any action that would cause the Authorized Participant, the Fund or the Manager to be in violation of, or to lose any
applicable exemption from registration under the Securities Act, the 1934 Act and the rules and regulations promulgated thereunder, the Investment Company Act or the Investment Advisers Act of 1940 (the “Advisers Act”), as amended,
and the rules and regulations promulgated thereunder. The Authorized Participant represents and warrants that it has sufficient familiarity with the Securities Act, the 1934 Act, the Investment Company Act, and the Advisers Act to carry out its
duties under this Agreement in compliance with the preceding sentence. The Authorized Participant’s responsibility to the Fund is solely contractual in nature, the Authorized Participant has been retained solely to act as a placement agent and
no fiduciary, advisory or agency relationship between the Fund and the Authorized Participant has been created. 

(c)    The Authorized Participant hereby represents, covenants and warrants that it maintains (i) a
wallet for each Fund Component held by the Fund from a reputable digital asset wallet software provider or with a third party provider of digital asset wallets for Fund Components held by the Fund and (ii) a bank account for U.S. Dollars. If
there is any change in the foregoing, the Authorized Participant shall give immediate notice to the Manager of such event. 

(d)    The Authorized Participant understands and acknowledges that some activities on its part, depending
on the circumstances and under certain possible interpretations of applicable law, could be interpreted as resulting in (i) its being deemed a “money services business” by the Financial Crimes Enforcement Network, a bureau of the
United States Department of Treasury and/or (ii) a money transmitter or entity 

  
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engaged in virtual currency business activity under state law. The Authorized Participant agrees to consult its own counsel in connection with entering into this Agreement and transacting in Fund
Components held by the Fund. 
 (e)    The Authorized Participant is subject to and is in
compliance with the money laundering and related provisions of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, and the regulations promulgated thereunder. The Fund is
relying on the foregoing representation to be compliant with its anti-money laundering obligations. The Fund and Authorized Participant understand and agree that, notwithstanding the ability of the Fund to delegate the maintenance of anti-money
laundering procedures to, or rely on, the Authorized Participant, the Fund shall be ultimately responsible for ensuring that the Fund is compliant with its own anti-money laundering obligations. 

(f)    The Authorized Participant shall act in a manner consistent with all applicable laws concerning
money laundering and similar activities. In furtherance of such efforts, the Authorized Participant shall not mention or send any materials related to the Fund to any prospective investor, unless, to the Authorized Participant’s knowledge, on
the basis of the Authorized Participant’s prior relationship with the prospective investor: (i) none of the cash or property that would be paid to the Authorized Participant in connection with an investment in the Fund, would be derived
from, or related to, any activity that is deemed criminal under the United States law or any other applicable law, including anti-corruption laws, anti-bribery laws, OFAC regulations or otherwise; and (ii) no contribution or payment to the
Authorized Participant in connection with an investment in the Fund by such prospective investor would cause the Fund or the Manager to be in violation of the United States Bank Secrecy Act, the United States Money Laundering Control Act of 1986 or
the United States International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001. 

(g)    The Authorized Participant hereby represents and warrants to the Fund that the Authorized
Participant: (i) has exercised reasonable care to identify each covered person of the Fund set forth in paragraph (d)(1) of Rule 506 of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), that is
an officer of the Authorized Participant participating in the offering of the securities that is the subject of this Agreement or a financial advisor or registered representative/agent soliciting investors in connection with such offering;
(ii) has exercised reasonable care to ascertain whether (A) a disqualification exists under clauses (i) through (viii) of paragraph (d)(1) of such Rule 506 with respect to each such covered person, as well as the Authorized
Participant’s general partners, managing members, or directors, and executive officers, as applicable, and (B) whether any disclosure is required to be made pursuant to paragraph (e) of such Rule 506 in respect of any matter
experienced by any such person; and (iii) does not know of (A) any disqualification that exists under paragraph (d)(1) of such Rule 506 in respect of any such person or (B) of any disclosure required to be made pursuant to paragraph
(e) of such Rule 506 in respect of any matter experienced by any such person. The Authorized Participant further represents and warrants to the Fund that the Authorized Participant shall, within a reasonable time, implement policies, procedures
and controls reasonably designed to detect the occurrence of any event that could 

  
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reasonably be expected to lead to any disqualification under paragraph (d)(1) of Rule 506 in respect of any such covered person. The Authorized Participant covenants to the Fund that the
Authorized Participant will inform the Fund as promptly as reasonably practical of the occurrence of any event in respect of any such covered person that could reasonably be expected to give rise to a disqualification under such paragraph, including
any pending or threatened litigation or regulatory actions, as well as the occurrence of any event that does, in fact, give rise to a disqualification under paragraph (d)(1) of Rule 506. 

(h)    The Authorized Participant hereby confirms to the Fund that the Authorized Participant, prior to
submission of any order to create one or more Baskets, will have taken reasonable steps to verify that any Investor for whom the Authorized Participant is acting as agent in connection with such creation order is an “accredited investor”
within the meaning of Rule 501(a) of Regulation D under the Securities Act, and will have determined that such Investor is an “accredited investor” within the meaning of such Rule 501(a). Each submission of a creation order by the
Authorized Participant shall be deemed to bring down this representation to such date and to make such representation on and as of such date with respect to each such Investor on behalf of which the Authorized Participant is placing such creation
order. The Authorized Participant understands that the Shares of the Fund are being offered by means of a general solicitation or general advertising, that the Fund relies upon Rule 506(c) of Regulation D under the Securities Act for exemption from
the registration requirements of the Securities Act for offerings not subject to limitation on the manner of offering, and that the Fund is relying on the foregoing representations from the Authorized Participant for exemption from the registration
requirements of the Securities Act in respect of the shares being created in any creation transaction by the Authorized Participant. 

(i)    The Authorized Participant hereby represents, covenants and warrants that it has all requisite
authority, whether arising under applicable U.S. federal or state law, the rules and regulations of any self-regulatory organization to which it is subject, or its certificate of incorporation, formation or limited liability company operating
agreement or other organizational document, as the case may be, to enter into this Agreement and to discharge the duties and obligations apportioned to it in accordance with the terms hereof. 

(j)    The Authorized Participant hereby represents, covenants and warrants that there are no actions,
grievances, proceedings (including, without limitation, arbitration proceedings), orders, inquiries or claims pending, or to the Authorized Participant’s knowledge, threatened against or affecting it or any broker or employee (in his or her
capacity as such) by the Securities and Exchange Commission, FINRA or any other self-regulatory organization that would affect the Authorized Participant’s ability to fulfill its obligations hereunder. 

  
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 (k)    The Authorized Participant hereby represents,
covenants and warrants that each Investor shall be required in its Subscription Agreement to make the usual and customary representations made in private placements undertaken pursuant to Rule 506 of Regulation D, including: 

 

	 	1.	 that they have had an opportunity at a reasonable time prior the date that a creation order is processed to ask
questions and receive answers concerning the terms and conditions of the offering of Shares and to obtain any additional information which the Authorized Participant possesses or can acquire without unreasonable effort or expense that is necessary
to verify the accuracy of the information in the Memorandum; and 

  

	 	2.	 that they understand that the Shares are “restricted securities” that cannot be resold without
registration under the Securities Act and state securities laws or exemption therefrom, and that they are purchasing the securities for investment purposes only and not with a view to resale. 

(l)    The Authorized Participant understands and agrees that the submission of a creation order also will
be deemed to bring down representations made by the Authorized Participant in the Participant Agreement between the Authorized Participant and the Fund that no general partner, managing member, director, executive officer or other officer of the
Authorized Participant participating in the offering of the Shares has experienced any disqualifying event set forth in clauses (d)(1)(i) through (d)(1)(viii) of Rule 506 of Regulation D. 

(m)    The Authorized Participant understands that the Manager intends to restrict the aggregate investment
by “benefit plan investors” (as defined in the Memorandum) in the Fund to under 25% of the total value of each class of equity interests of the Fund to ensure that the assets of the Fund will not be deemed to be “plan assets” for
purposes of the “Plan Asset Regulations” set forth at 29 C.F.R. 2510.3-101 and the Employee Retirement Income Security Act of 1974, as amended, or Section 4975 of the Internal Revenue Code of
1986, as amended. Accordingly, the Authorized Participant represents covenants and agrees that (1) the Authorized Participant is not a “benefit plan investor” (as that term is defined in the Plan Asset Regulations) and (2) that
it has ascertained, through the Subscription Agreement, and communicated to the Manager and Fund, whether any Investor in the Fund is a benefit plan investor. 

(n)    The Authorized Participant represents and warrants that it will not place a Redemption Order (as
defined in the Procedures) from the Manager or its delegate for the purpose of, if the redemption of Baskets is permitted, redeeming Baskets unless it first ascertains that (i) it or the relevant Investor, as the case may be, owns outright or
has full legal authority and legal and beneficial right to tender for redemption the Baskets to be redeemed and to receive the Total Basket Amount (as defined in the Procedures) associated with such redemption and (ii) such Baskets have not
been loaned or pledged to another party and are not the subject of any arrangement which would preclude the unfettered delivery of such Baskets to the Manager as required pursuant to the Procedures. 

(o)    The Authorized Participant represents and warrants that prior to submitting a Redemption Order to
the Manager or its delegate, the Authorized Participant will first ascertain (i) that the digital asset wallet or wallets to be used in connection with the Redemption Order are owned outright by the Authorized Participant or it has full

  
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legal authority and legal and beneficial right to any digital assets transferred to such digital wallet address or addresses and (ii) that each Authorized Participant Self-Administered
Account is appropriately designated for delivery of the Total Basket Amount by the Fund. 
 (p)    The
Authorized Participant acknowledges and agrees that: 
  

	 	1.	 the Fund intends to comply with (i) Sections 1471 to 1474 of the U.S. Internal Revenue Code of 1986 and
any associated legislation, regulations or guidance, and any other similar legislation, regulations or guidance enacted in any other jurisdiction that seeks to implement similar financial account information reporting and/or withholding tax regimes;
(ii) the OECD Standard for Automatic Exchange of Financial Account Information in Tax Matters – the Common Reporting Standard (the “CRS”) and any associated guidance; (iii) any intergovernmental agreement, treaty,
regulation, guidance, standard or other agreement between the Cayman Islands (or any Cayman Islands government body) and any other jurisdiction (including any government bodies in such jurisdiction), entered into in order to comply with, facilitate,
supplement or implement the legislation, regulations, guidance or standards described in sub-paragraphs (i) and (ii); and (iv) any legislation, regulations or guidance in the Cayman Islands that give
effect to the matters outlined in the preceding sub-paragraphs (collectively, “AEOI”); 

  

	 	2.	 the Authorized Participant will provide, in a timely manner, such information regarding the Authorized
Participant, each Investor and their respective beneficial owners and such forms or documentation as may be requested from time to time by the Fund (whether by its managers or other agents such as the Manager) to enable the Fund to comply with the
requirements and obligations imposed on it pursuant to AEOI, specifically, but not limited to, forms and documentation which the Fund may require to determine whether or not the relevant investment is a “Reportable Account” (under any AEOI
regime) and to comply with the relevant due diligence procedures in making such determination; 

  

	 	3.	 any such forms or documentation requested by the Fund or its agents pursuant to paragraph (b), or any financial
or account information with respect to the Authorized Participant’s and any Investor’s investment in the Fund, may be disclosed to the Cayman Islands Tax Information Authority (or any other Cayman Islands governmental body which collects
information in accordance with AEOI) and to any withholding agent where the provision of that information is required by such agent to avoid the application of any withholding tax on any payments to the Fund; 

  
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	 	4.	 it waives on its own behalf and on behalf of each Investor, and/or shall cooperate with the Fund to obtain a
waiver of, the provisions of any law that: 

  

	 	(A.)	 prohibit the disclosure by the Fund, or by any of its agents, of the information or documentation requested
from the Authorized Participant and any Investor pursuant to paragraph 2; or 

  

	 	(B.)	 prohibit the reporting of financial or account information by the Fund or its agents required pursuant to AEOI;
or 

  

	 	(C.)	 otherwise prevent compliance by the Fund with its obligations under AEOI; 

 

	 	5.	 if it provides information and documentation that is in anyway misleading, or it fails to provide the Fund or
its agents with the requested information and documentation necessary in either case to satisfy the Fund’s obligations under AEOI, the Fund reserves the right (whether or not such action or inaction leads to compliance failures by the Fund, or
a risk of the Fund or its investors being subject to withholding tax or other costs, debts, expenses, obligations or liabilities (whether external, or internal, to the Fund) (together, “costs”) under AEOI): 

 

	 	(A.)	 to take any action and/or pursue all remedies at its disposal including, without limitation, compulsory
redemption or withdrawal of the Investor; and 

  

	 	(B.)	 to hold back from any redemption or repurchase proceeds, or any other distributions, any costs caused (directly
or indirectly) by the Authorized Participant’s or any Investor’s action or inaction; and 

  

	 	(C.)	 it shall have no claim against the Fund, or its agents, for any form of damages or liability as a result of
actions taken or remedies pursued by or on behalf of the Fund in order to comply with AEOI. 

(q)    The Authorized Participant hereby indemnifies each AP Indemnified Party (as defined below) and holds
them harmless from and against any AEOI related liability, action, proceeding, claim, demand, costs, damages, expenses (including legal expenses) penalties or taxes whatsoever which such AP Indemnified Party may incur as a result of any action or
inaction (directly or indirectly) of the Authorized Participant or any Investor (or any related person) described in paragraphs (i) to (v) above. This indemnification shall survive the Investor’s death or disposition of its Shares in the
Fund. 

  
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 Section 3.    Orders. (a) All orders to create or
redeem Baskets shall be made in accordance with the terms of the LLC Agreement, this Agreement and the Procedures. Each party shall comply with such foregoing terms and procedures to the extent applicable to it. The Manager may issue procedures from
time to time relating to the manner of creating or redeeming Baskets which are not related to the Procedures, and the Authorized Participant shall comply with such procedures of which it has been notified in accordance with this Agreement. 

(b)    The Authorized Participant acknowledges and agrees on behalf of itself and any party for which it is
acting (whether such party is an Investor or otherwise) that each order to create one or more Baskets (a “Creation Order”) and each order to redeem one or more Baskets (a “Redemption Order”, and any Redemption Order
or Creation Order, an “Order”) may not be revoked by the Authorized Participant upon its delivery to the Manager or its delegate. A form of Creation Order Form is attached hereto as Exhibit B and a form of Redemption Order Form is
attached hereto as Exhibit C. 
 (c)    The Manager or its delegate shall have the absolute right, but
shall have no obligation, to reject any Creation Order or Total Basket Amount if (i) the Creation Order is not in proper form as described herein, (ii) the Creation Order would cause participation by benefit plan investors in the Fund to
be “significant” (as that term is defined in the Plan Asset Regulations), (iii) circumstances outside the control of the Manager or its delegates make it for all practical purposes not feasible for the Fund to issue Creation Baskets,
(iv) the fulfillment of the Creation Order, in the opinion of counsel, might be unlawful, (v) any such action is deemed necessary or advisable by the Manager or its delegate or (vi) for any reason at any time or from time to time. The
Manager or its delegates shall not be liable to any person by reason of the rejection of any Creation Order or Total Basket Amount. 

(d)    The Manager or its delegate shall have the absolute right, but shall have no obligation, to reject
any Redemption Order or Redemption Baskets if (i) the Redemption Order is not in proper form as described herein, (ii) the Redemption Order would cause participation by benefit plan investors in the Fund to be “significant” (as
that term is defined in the Plan Asset Regulations), (iii) circumstances outside the control of the Manager or its delegates make it for all practical purposes not feasible to redeem Redemption Baskets, (iv) the fulfillment of the Redemption
Order, in the opinion of counsel, might be unlawful, (v) any such action is deemed necessary or advisable by the Manager or its delegate or (vi) for any reason at any time or from time to time. The Manager or its delegates shall not be
liable to any person by reason of the rejection of any Redemption Order or Redemption Baskets. 

(e)    The creation and, if permitted, redemption of Shares may be suspended generally, or refused with
respect to a particular Creation Order or Redemption Order, during any period during which the transfer books of the Transfer Agent (as defined in the LLC Agreement) are closed or if circumstances outside the control of the Manager or its delegate
make it for all practicable purposes not feasible to process such Orders. None of the Manager or its delegates shall be liable for the suspension or rejection of any Order. 

  
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 Section 4.    Authorized Persons. Concurrently with the
execution of this Agreement and from time to time thereafter, the Authorized Participant shall deliver to the Manager or its delegate notarized and duly certified as appropriate by its secretary or other duly authorized official, a certificate in
the form of Exhibit A setting forth (i) the names and signatures of all persons authorized to give instructions relating to activity contemplated hereby or by any other notice, request or instruction given on behalf of the Authorized
Participant (each, an “Authorized Person”) and (ii) one or more email addresses from which notices regarding Creation Order or Redemption Order will be generated and to which notices regarding a Creation Order or Redemption
Order can be sent (a “Participant email”). The Manager or its delegate may accept and rely upon such certificate as conclusive evidence of the facts set forth therein and shall consider such certificate to be in full force and
effect until the Manager or its delegate receives a superseding certificate bearing a subsequent date. Upon the elimination of any of the Participant emails, the Authorized Participant shall give immediate written notice of such fact to the Manager
or its delegate and such notice shall be effective upon receipt by the Manager or its delegate. Upon the termination or revocation of authority of any Authorized Person by the Authorized Participant, the Authorized Participant shall give immediate
written notice of such fact to the Manager or its delegate and such notice shall be effective upon receipt by the Manager or its delegate. 

Section 5.    Role of Authorized Participant. (a) The Authorized Participant acknowledges that, for all
purposes of this Agreement and the LLC Agreement, the Authorized Participant is and shall be deemed to be an independent contractor and not an employee, director, officer, constituent partner, manager, member or affiliate of the Fund. The Authorized
Participant has no authority to represent that it or any person affiliated with it is anything other than an independent contractor of the Fund, and such representation, if made, shall not bind the Fund or any affiliate thereof, and must not be
relied upon by any person. The Authorized Participant, in its capacity as Authorized Participant, agrees that neither it nor any of its affiliates is authorized to make any representation concerning the Fund. 

(b)    The Authorized Participant shall make itself and its employees available, upon request, during
normal business hours to consult with the Manager or its designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement. 

(c)    The Authorized Participant acknowledges that each submission of a Creation Order by the Authorized
Participant shall be deemed to bring down the representations made in Section 2 above to such date. 

(d)    The Authorized Participant acknowledges that it has obtained a copy of the Fund’s Memorandum.

 Section 6.    Digital Asset Transactions. EACH OF THE PARTIES HERETO ACKNOWLEDGES AND AGREES THAT
TRANSFERS OF DIGITAL ASSETS MAY BE IRREVERSIBLE. 
 (a)    The digital asset wallet addresses and bank
accounts that (i) are known to the Manager or its delegates or to any security vendor or vendors (the “Security  

  
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Vendors”), as specified in the Procedures and (ii) are currently active at the time of a Creation or Redemption transaction with the Fund are each an Authorized Participant
self-administered account (each, a “Authorized Participant Self-Administered Account”). The Authorized Participant shall provide the Manager or its delegates with one or more Authorized Participant Self-Administered Accounts. If the
Authorized Participant becomes unable to continue to provide the Fund with at least one Authorized Participant Self-Administered Account for each Fund Component and/or one Authorized Participant Self-Administered amount for cash, the Authorized
Participant shall give immediate notice to the Manager of such event. 
 (b)    Any digital assets and
cash to be transferred in connection with any Creation Order or Redemption Order shall be transferred between Authorized Participant Self-Administered Accounts and the relevant Digital Asset Accounts and the Cash Account, respectively, (each of the
Digital Asset Accounts, the Cash Account and the Authorized Participant Self-Administered Accounts, an “Account”) in accordance with the Procedures. 

(c)    Each of the parties hereto acknowledges and agrees that (i) it has the computer hardware,
software and technological knowhow required to transact in digital assets; (ii) it is responsible for confirming the accuracy of any Account it is provided and that it provides in connection with any Creation Order or Redemption Order pursuant
to this Agreement; and (iii) it is responsible for and bears the risk of loss for all digital assets transferred from an Account it owns to an Account owned by another party hereto. 

(d)    Authorized Participants will receive no other fees, commissions or other form of compensation or
inducement of any kind from either the Manager or the Fund in connection with a Creation Orders and Redemption Orders, and Authorized Participants will receive no Fee in connection with any subscription amount paid to the relevant Authorized
Participant in digital assets. 
 Section 7.    Indemnification. 

(a)    The Authorized Participant hereby indemnifies and holds harmless the Fund and the Manager, their
respective direct or indirect affiliates and their respective directors, trustees, sponsors, partners, members, managers, officers, employees and agents (each, an “AP Indemnified Party”) from and against any losses, liabilities,
damages, costs and expenses (including reasonable attorneys’ fees and the reasonable cost of investigation, including reasonable costs involved in defending itself in connection with an investigation) incurred by such AP Indemnified Party as a
result of or in connection with: (i) any breach by the Authorized Participant of any provision of this Agreement; (ii) any failure on the part of the Authorized Participant to perform any of its obligations set forth in this Agreement;
(iii) any failure by the Authorized Participant to comply with any applicable laws or the applicable rules and regulations in connection with this Agreement; (iv) any actions of such AP Indemnified Party in reliance upon any instructions
issued in accordance with the Procedures believed by the AP Indemnified Party to be genuine and to have been given by the Authorized Participant; or (v) any representation by the Authorized Participant, its employees or its agents or other

  
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representatives about the Shares, any AP Indemnified Party or the Fund that is not consistent with the Fund’s then-current Memorandum made in connection with the offer or the solicitation of
an offer to buy or sell Shares. 
 (b)    The Manager hereby indemnifies and holds harmless the
Authorized Participant, its respective subsidiaries, affiliates, directors, officers, employees and agents (each, a “Manager Indemnified Party”) from and against any losses (other than de minimis losses), liabilities,
damages, costs and expenses (including reasonable attorneys’ fees and the reasonable cost of investigation, including reasonable costs involved in defending itself in connection with an investigation) incurred by such Manager Indemnified Party
as a result of or in connection with: (i) any breach by the Manager of any provision of this Agreement; (ii) any failure on the part of the Manager to perform any of its obligations set forth in this Agreement; (iii) any failure by
the Manager to comply with any applicable laws and any applicable rules and regulations in connection with this Agreement, except that the Manager shall not be required to indemnify a Manager Indemnified Party to the extent that such failure was
caused by the reasonable reliance on instructions given or representations made by one or more Manager Indemnified Parties or the negligence or willful malfeasance of any Manager Indemnified Party; or (iv) any untrue statement or alleged untrue
statement of a material fact contained in a Memorandum or arising out of or based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading, except those statements in the Memorandum based on information furnished in writing by or on behalf of the Authorized Participant expressly for use in such Memorandum. 

(c)    This Section 7 shall not apply to the extent any such losses, liabilities, damages, costs and
expenses are incurred as a result of or in connection with any fraud, gross negligence, bad faith or willful misconduct on the part of the AP Indemnified Party or the Manager Indemnified Party, as the case may be. 

(d)    The term “affiliate” in this Section 7 shall include, with respect to any person,
entity or organization, any other person, entity or organization which directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such person, entity or organization. 

(e)    If the indemnification provided for in this Section 7 is unavailable to an indemnified party
under Section 7(a) or Section 7(b) or is insufficient to hold an indemnified party harmless in respect of any losses, liabilities, damages, costs and expenses referred to therein, then each applicable indemnifying party shall contribute to
the amount paid or payable by such indemnified party as a result of such losses, liabilities, damages, costs and expenses (i) in such proportion as is appropriate to reflect the relative benefits received by the Manager and the Fund, on the one
hand, and by the Authorized Participant, on the other hand, from the services provided hereunder or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not
only the relative benefits referred to in clause (i) above but also the relative fault of the Manager and the Fund, on the one hand, and of the 

  
 11 

 
Authorized Participant, on the other hand, in connection with, to the extent applicable, the statements or omissions which resulted in such losses, liabilities, damages, costs and expenses, as
well as any other relevant equitable considerations. The relative benefits received by the Manager and the Fund, on the one hand, and the Authorized Participant, on the other hand, shall be deemed to be in the same respective proportions as the
amount of digital assets (expressed in U.S. Dollars) and cash transferred to the Fund under this Agreement on the one hand and the amount of economic benefit received by the Authorized Participant in connection with this Agreement on the other hand.
To the extent applicable, the relative fault of the Manager, on the one hand, and of the Authorized Participant, on the other, shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a
material fact or omission or alleged omission relates to information supplied by the Manager or by the Authorized Participant and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission. The amount paid or payable by a party as a result of the losses, liabilities, damages, costs and expenses referred to in this Section 7(d) shall be deemed to include any legal or other fees or expenses reasonably incurred
by such party in connection with investigating, preparing to defend or defending any action, suit or proceeding (each a “Proceeding”) related to such losses, liabilities, damages, costs and expenses. 

(f)    The Manager and the Authorized Participant agree that it would not be just and equitable if
contribution pursuant to this Section 7 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in Section 7(d) above. The Authorized Participant
shall not be required to contribute any amount in excess of the amount by which the total price (expressed in U.S. Dollars) at which the Shares were initially created by the Authorized Participant (for avoidance of doubt, in an amount equal to the
U.S. Dollar value of the Total Basket Amount deposited with the Fund at the time of creation) exceeds the amount of any damages which the Authorized Participant has otherwise been required to pay by reason of such untrue statement or alleged
untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. 
 (g)    The indemnity and contribution agreements contained in this
Section 7 shall remain in full force and effect regardless of any investigation made by or on behalf of the Authorized Participant, its partners, stockholders, members, directors, officers, employees and shall survive any termination of this
Agreement. The Manager and the Authorized Participant agree to promptly notify each other of the commencement of any Proceeding against it and, in the case of the Manager, against any of the Manager’s officers or directors, in connection with
the issuance and sale of the Shares or in connection with the Memorandum. 
 Section 8.    Liability. 

(a)    Limitation of Liability. In the absence of fraud, gross negligence, bad faith or willful
misconduct, neither the Manager nor the Authorized Participant shall be liable 

  
 12 

 
to each other or to any other person, including any party claiming by, through or on behalf of the Authorized Participant, for any losses, liabilities, damages, costs or expenses arising out of
any mistake or error in data or other information provided to any of them by each other or any other person or out of any interruption or delay in the electronic means of communications used by them. 

(b)    Tax Liability. The Authorized Participant shall be responsible for the payment of any
transfer tax, sales or use tax, stamp tax, recording tax, value added tax and any other similar tax or government charge applicable to the creation or redemption of any Basket made pursuant to this Agreement, regardless of whether or not such tax or
charge is imposed directly on the Authorized Participant. To the extent the Manager or the Fund is required by law to pay any such tax or charge, the Authorized Participant agrees to promptly indemnify such party for any such payment, together with
any applicable penalties, additions to tax or interest thereon. 
 Section 9.    Effectiveness and
Termination. Upon the execution of this Agreement by the parties hereto, this Agreement shall become effective in this form as of the date first set forth above, and may be terminated at any time by any party upon thirty (30) calendar days
prior written notice to the other parties unless earlier terminated: (i) upon notice to the Authorized Participant by the Manager in the event of a breach by the Authorized Participant of this Agreement or the procedures described or
incorporated herein; (ii) at such time as all of the Trusts have been terminated pursuant to their respective Trust Agreements or (iii) as mutually agreed upon in writing by the parties hereto. 

Section 10.    Certain Representations, Warranties and Covenants of the Manager. The Manager, on its own
behalf and as manager of the Fund: 
 (a)    agrees to notify the Authorized Participant promptly of the
happening of any event during the term of this Agreement which could require the making of any change in the Memorandum then being used so that the Memorandum would not include an untrue statement of material fact or omit to state a material fact
necessary to make the statements therein, in the light of the circumstances under which they are made, not misleading, and, during such time, to promptly prepare and furnish, at the expense of the Fund, to the Authorized Participant such amendments
or supplements to such Memorandum as may be necessary to reflect any such change; 
 (b)    represents
and warrants to the Authorized Participant that the Manager, on behalf of the Fund, (i) has exercised reasonable care to identify each covered person of the Fund set forth in paragraph (d)(1) of Rule 506 of Regulation D under the Securities Act
(other than the Authorized Participant and its directors, the executive officers and other employees or officers who participate in the offering); (ii) has exercised reasonable care to ascertain whether (A) a disqualification exists under
clauses (i) through (viii) of paragraph (d)(1) of Rule 506 with respect to each such covered person and (B) whether any disclosure is required to be made pursuant to paragraph (e) of such Rule 506 in respect of any matter experienced
by any such covered person; and (iii) does not know of (A) any disqualification that exists under paragraph (d)(1) of Rule 506 in respect of any such covered person or (B) of any disclosure required to be made pursuant to paragraph
(e) of such Rule 506 in respect of any matter experienced by any such covered person; 

  
 13 

 (c)    further represents and warrants to the Authorized
Participant that the Fund has in place policies, procedures and controls reasonably designed to detect the occurrence of any event that could reasonably be expected to lead to any disqualification under paragraph (d)(1) of Rule 506 in respect of
such covered person; and 
 (d)    covenants to the Authorized Participant that the Manager will inform
the Authorized Participant as promptly as reasonably practical of the occurrence of any event in respect of any such covered person that could reasonably be expected to give rise to a disqualification under such paragraph, including any pending or
threatened litigation or regulatory actions, as well as the occurrence of any event that does, in fact, give rise to a disqualification under paragraph (d)(1) of Rule 506. 

In addition, any certificate signed by any officer of the Manager and delivered to the Authorized Participant or counsel for the Authorized
Participant pursuant hereto shall be deemed to be a representation and warranty by the Manager as to matters covered thereby to the Authorized Participant. 

Section 11.    Third Party Beneficiaries. Each AP Indemnified Party and Manager Indemnified Party, to the
extent it is not a party to this Agreement, is a third-party beneficiary of this Agreement (each, a “Third Party Beneficiary”) and may proceed directly against any party hereto (including by bringing proceedings against the parties
hereto in its own name) to enforce any obligation of such party under this Agreement which directly or indirectly benefits such Third Party Beneficiary. 

Section 12.    Force Majeure. No party to this Agreement shall incur any liability for any delay in
performance, or for the non-performance, of any of its obligations under this Agreement by reason of any cause beyond its reasonable control. This includes any act of God or war or terrorism; any breakdown,
malfunction or failure of transmission in connection with or other unavailability of any wire, communication or computer facilities; any transport, port, or airport disruption; and acts and regulations and rules of any governmental or supra-national
bodies or authorities or regulatory or self-regulatory organization or failure of any such body, authority or organization for any reason, to perform its obligations. 

Section 13.    Miscellaneous. 

(a)    Amendment and Modification. This Agreement, the Procedures and the Exhibits hereto may be
amended, modified or supplemented by the Fund and the Manager, without consent of any beneficial owner or Authorized Participant from time to time by the following procedure: the Manager will send a copy of the proposed amendment, modification or
supplement to the Authorized Participant via email or regular mail. For the purposes of this Agreement, (i) an email will be deemed received by the recipient thereof on the day the notice is sent and (ii) mail will be deemed received by
the recipient thereof on the third (3rd) day following the deposit of such mail into the United States postal system. Within ten (10) calendar days after its deemed receipt, the 

  
 14 

 
amendment, modification or supplement will become part of this Agreement, the Attachments or the Exhibits, as the case may be, in accordance with its terms; provided, however, that any
amendments to the Procedures shall not apply retroactively to Orders submitted prior to the effectiveness of such amended Procedures as set forth herein. 

(b)    Waiver of Compliance. Any failure of any of the parties to comply with any obligation,
covenant, agreement or condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but any such written waiver, or the failure to insist upon strict compliance
with any obligation, covenant, agreement or condition herein, shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. 

(c)    Notices. Except as otherwise specifically provided in this Agreement, all notices required or
permitted to be given pursuant to this Agreement shall be in writing, given in person, by mail (postage prepaid) by overnight courier, or by confirmed email or confirmed facsimile, and any such notice shall be effective when received at the address
or email address specified for the intended recipient below (or at such other address as such recipient may designate from time to time by written notice to the other parties), and with it being agreed that electronic signature (e.g. PDF email)
shall have the same force and effect as an original signature for all notice purposes. Unless otherwise notified in writing, all notices to the Fund shall be given or sent to the Manager. All notices shall be directed to the address or facsimile
numbers indicated below the signature line of the parties on the signature page hereof or such other address as any of the parties hereto shall have communicated in writing to the remaining parties in compliance with the provisions hereof. 

(d)    Successors and Assigns. This Agreement and all of the provisions hereof shall be binding upon
and inure to the benefit of the parties and their respective successors and permitted assigns. 

(e)    Assignment. Neither this Agreement nor any of the rights, interests or obligations hereunder
shall be assigned by any party without the prior written consent of the other parties hereto, which shall not be unreasonably withheld, provided that any entity into which a party hereto may be merged or converted or with which it may be
consolidated or any entity resulting from any merger, conversion or consolidation to which such party hereunder shall be a party, or any entity succeeding to all or substantially all of the business of the party, shall be the successor of such party
without further action under this Agreement and except that the Manager may delegate its obligations hereunder to any such person as the Manager, in its sole discretion, deems fit by notice to the Authorized Participant. The party resulting from any
such merger, conversion, consolidation or succession shall promptly notify the other parties hereto of the change. Any purported assignment in violation of the provisions hereof shall be null and void. Notwithstanding the foregoing, this Agreement
shall be automatically assigned to any successor Manager at such time as such successor qualifies as a successor Manager under the terms of the LLC Agreement. 

  
 15 

 (f)    Governing Law; Consent to Jurisdiction.
This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware (regardless of the laws that might otherwise govern under applicable Delaware conflict of laws principles) as to all matters, including matters of
validity, construction, effect, performance and remedies. Each party hereto irrevocably consents to the jurisdiction of the courts of the State of New York located in the Borough of Manhattan, and of any federal court located in the Borough of
Manhattan in such State, in connection with any action, suit or other proceeding arising out of or relating to this Agreement or any action taken or omitted hereunder, and waives any claim of forum non conveniens and any objections as to laying of
venue. Each party further waives personal service of any summons, complaint or other process and agrees that service thereof may be made by certified or registered mail directed to such party at such party’s address for purposes of notices
hereunder. EACH PARTY HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

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

(h)    Interpretation. The article and section headings contained in this Agreement are solely for
the purpose of reference, are not part of the agreement of the parties and shall not in any way affect the meaning or interpretation of this Agreement. 

(i)    Entire Agreement. This Agreement and the LLC Agreement, along with any other agreement or
instrument delivered pursuant to this Agreement and the LLC Agreement, supersede all prior agreements and understandings between the parties with respect to the subject matter hereof, provided, however, that the Authorized Participant shall
not be deemed by this provision, or any other provision of this Agreement, to be a party to the LLC Agreement. 

(j)    Severance. If any provision of this Agreement is held by any court or any act, regulation,
rule or decision of any other governmental or supra national body or authority or regulatory or self-regulatory organization to be invalid, illegal or unenforceable for any reason, it shall be invalid, illegal or unenforceable only to the extent so
held and shall not affect the validity, legality or enforceability of the other provisions of this Agreement and this Agreement will be construed as if such invalid, illegal or unenforceable provision had never been contained herein, unless the
Manager determines in its discretion that the provision of this Agreement that was held invalid, illegal or unenforceable does affect the validity, legality or enforceability of one or more other provisions of this Agreement, and that this Agreement
should not be continued without the provision that was held invalid, illegal or unenforceable. In that case, this Agreement shall immediately terminate and the Manager will so notify the Authorized Participant immediately. 

  
 16 

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

(l)    Survival. Sections 7 (Indemnification) and 11 (Third Party Beneficiaries) hereof shall
survive the termination of this Agreement. 
 (m)    Other Usages. The following usages shall
apply in interpreting this Agreement: (i) references to a governmental or quasi-governmental agency, authority or instrumentality shall also refer to a regulatory body that succeeds to the functions of such agency, authority or instrumentality,
and (ii) “including” means “including, but not limited to.” 
 Section 14.    Survival of
Certain Representations and Obligations. The respective indemnities, agreements, representations, warranties and other statements of the Fund or the Manager and the Authorized Participant set forth in, or made pursuant, to this Agreement will
remain in full force and effect, regardless of any investigation, or statement as to the results thereof, made by or on behalf of the Authorized Participant, the Fund, the Manager or any of their respective representatives, officers or directors or
any controlling person, and will survive delivery of and payment for the Securities. If this Agreement is terminated pursuant to Section 9, the representations and warranties in Sections 2, 5, 6 and 10 hereof and shall also remain in effect.

 [Signature Page Follows] 

  
 17 

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

			
	 Grayscale Investments, LLC,

the Manager of the Fund

		
	By:	 	 /s/ Michael Sonnenshein

	Name:	 	Michael Sonnenshein
	Title:	 	Managing Director
		
	Address:	 	636 Avenue of the Americas, 3rd Floor
New York, New York 10011
		
	Telephone:	 	(212) 668-5921
		
	Facsimile:	 	(212) 937-3645
		
	Email:	 	info@grayscale.co
	
	 Genesis Global Trading, Inc.,

the Authorized Participant

		
	By:	 	 s/ Soichiro Moro

	Name:	 	Soichiro Moro
	Title:	 	CEO
		
	Address:	 	636 Avenue of the Americas, 3rd Floor
New York, New York 10011
		
	Telephone:	 	(212) 668-5921
		
	Facsimile:	 	(646) 619-4410
		
	Email:	 	trading@genesistrading.com

  
 18 

 EXHIBIT A 

GRAYSCALE DIGITAL LARGE CAP FUND LLC 

FORM OF CERTIFIED AUTHORIZED PERSONS OF AUTHORIZED PARTICIPANT 

The following are the names, titles and signatures of all persons (each an “Authorized Person”) authorized to give
instructions relating to any activity contemplated by the Participant Agreement or any other notice, request or instruction on behalf of the Authorized Participant pursuant to the Grayscale Digital Large Cap Fund LLC Participant Agreement. 

Authorized Participant: Genesis Global Trading, Inc. 
  

			
	Name: Soichiro Moro	  	Name: Michael Paleokrassas
		
	Title: CEO	  	Title: Managing Director
		
	Signature:                                    
                                    	  	Signature:                                    
                                    
		
	Name:                                     
                                        	  	Name: Carl Bergman
		
	Title:                                     
                                         
 	  	Title: Operations Associate
		
	Signature:                                    
                                    	  	Signature:                                    
                                    

 The following are email addresses (each a “Participant email”) where the Manager, or any
party delegated by the Manager, may send, and from which it may receive, emails relating to any activity contemplated by the Participant Agreement or any other notice, request or instruction on behalf of the Fund pursuant to the Participant
Agreement. 
  

			
	email 1: trusts@genesistrading.com	  	email 2: genesis@genesistrading.com
		
	Confirm email 1: trusts@genesistrading.com	  	Confirm email 2: genesis@genesistrading.com

 The undersigned, Soichiro Moro, CEO of Genesis Global Trading, Inc., hereby certifies that the persons listed
above have been duly elected to the offices set forth beneath their names, that they presently hold such offices, that they have been duly authorized to act as Authorized Persons pursuant to the Grayscale Digital Large Cap Fund LLC Participant
Agreement by and between Genesis Global Trading, Inc., Grayscale Digital Large Cap Fund LLC and Grayscale Investments, LLC, dated June 11, 2018, (the “Participant Agreement”) and that their signatures set forth above are their
own true and genuine signatures. The undersigned further certifies that the emails listed above are the correct email addresses where the Manager, or its delegate, may send emails relating to any activity contemplated by the Participant Agreement. A
receipt confirmation for correspondence sent to any of the emails listed above shall serve as conclusive evidence that the confirmation was provided pursuant to the Participant Agreement. 

  
 A-1 

 IN WITNESS WHEREOF, the undersigned has hereby set his/her hand and the seal of Genesis
Global Trading, Inc. on the date set forth below. 
  

			
	 Subscribed and sworn to before me

this          day of June, 2018
	  	By:                                     
                               
	  	Name: Soichiro Moro
		
		  	Title: CEO
		
	
                          
                                         
 
 Notary Public
	  	Date: June 11, 2018

  
 A-2 

 EXHIBIT B 

GRAYSCALE DIGITAL LARGE CAP FUND LLC 

FORM OF CREATION ORDER FORM 
 Fund:
                                         
                 
 Authorized Participant:
                                         
                
 Order Date:
                                         
                                         
               
 Number of Shares to be issued:
                                         
                
 Number of Creation Baskets to be issued:
                                         
                
 Total Basket Amount:
                                         
                                         
                                         
                                         
     
 Fund Component 1:
                                         
                                         
                                         
                                         

 Fund Component 2:
                                         
                                         
                                         
                                         

 Fund Component 3:
                                         
                                         
                                         
                                         

 Fund Component 4:
                                         
                                         
                                         
                                         

 Fund Component 5:
                                         
                                         
                                         
                                         

 Additional Fund Component(s):
                                         
                                         
                                         
                      
 Forked
Asset Portion:
                                         
                                         
                                         
                                      

Cash Portion:
                                         
                                         
                                         
                                         
         
 Authorized Participant Self-Administered Account(s) for Fund Components*:
                                         
                                      

Authorized Participant Self-Administered Account for cash:
                                         
                                         
       
  

	*	 “Authorized Participant Self-Administered Accounts” refer to the digital asset wallet
address or addresses and bank accounts provided and known to the Manager, its delegate and the Security Vendors as belonging to the Authorized Participant. 

All Creation Orders are subject to the terms and conditions of the Limited Liability Company Agreement, as amended from time to time (the “LLC
Agreement”), of Grayscale Digital Large Cap Fund LLC (the “Fund”) as currently in effect and the Grayscale Digital Large Cap Fund LLC Participant Agreement among the Authorized Participant and the Manager named therein (the
“Participant Agreement”). All representations and warranties of the Authorized Participant set forth in the Participant Agreement are incorporated herein by reference. Capitalized terms used but not defined herein shall have the
meaning given in the LLC Agreement. 
 Listed below are the names of the investors that will beneficially own Shares obtained pursuant to this Creation
Order (each, an “Investor”), the number of Shares that each such Investor will own and an indication of whether the Investor is a benefit plan investor (as defined in the Memorandum). 

 

					
	Name:                                     
               	  	Number of
Shares:                                  	  	☐ benefit plan investor
	Name:                                     
               	  	Number of
Shares:                                  	  	☐ benefit plan investor
	Name:                                     
               	  	Number of
Shares:                                  	  	☐ benefit plan investor
	Name:                                     
               	  	Number of
Shares:                                  	  	☐ benefit plan investor
	Name:                                     
               	  	Number of
Shares:                                  	  	☐ benefit plan investor

  
 B-1 

 The Authorized Participant confirms to the Fund that it has, within the past three months, taken reasonable
steps to verify that each such Investor is an “accredited investor” within the meaning of Rule 501(a) of Regulation D under the Securities Act and has determined that such person is an accredited investor. Additionally, such Investor(s)
represent(s) and warrant(s) in its (their) Subscription Agreement that, among other things, it has reviewed and understands the risks of an investment in the Fund, has the financial knowledge and experience to evaluate such investment, is able to
bear the substantial risks of an investment in the Fund and is able to afford to lose its entire investment. 
 In connection with the Authorized
Participant’s acceptance of an interest in the Fund, the Authorized Participant does hereby irrevocably constitute and appoint the Manager, and its successors and assigns, as its true and lawful Attorney-in-Fact, with full power of substitution, in its name, place and stead, in the execution, acknowledgment, filing and publishing of Fund documents, including, but not limited to, the following:
(i) any certificates and other instruments, including but not limited to, any applications for authority to do business and amendments thereto, which the Manager deems appropriate to qualify or continue the Fund as a business or statutory Fund
in the jurisdictions in which the Fund may conduct business, so long as such qualifications and continuations are in accordance with the terms of the LLC Agreement, or which may be required to be filed by the Fund or the Shareholders under the laws
of any jurisdiction; (ii) any instrument which may be required to be filed by the Fund under the laws of any state or by any governmental agency, or which the Manager deems advisable to file; and (iii) the LLC Agreement and any documents
which may be required to effect an amendment to the LLC Agreement approved under the terms of the LLC Agreement, and the continuation of the Fund, the admission of the signer of the Power of Attorney as a Shareholders or of others as additional or
substituted Shareholders, or the termination of the Fund, provided such continuation, admission or termination is in accordance with the terms of the LLC Agreement. The Power of Attorney granted hereby shall be deemed to be coupled with an interest
and shall be irrevocable and shall survive, and shall not be affected by, the Authorized Participant’s subsequent insolvency or dissolution or any delivery by the Authorized Participant of an assignment of the whole or any portion of the
Authorized Participant’s Shares. 
 The undersigned understands that by submitting this Creation Order, he/she is making the representations and
warranties set forth in the Participant Agreement and is also granting an irrevocable Power of Attorney. 

  
 B-2 

 The undersigned hereby certifies as of the date set forth below that he/she is an Authorized Person under
the Participant Agreement and that he/she is authorized to deliver this Creation Order to the Manager on behalf of the Authorized Participant. 
  

			
		  	
                          
                            

(Please Print Name of Authorized

Participant)

	Date:                                     
       	  	
		  	By:                                     
                             
	Accepted by:	  	       Name:

      Title:

	Grayscale Digital Large Cap Fund LLC	  	
		
	 By: Grayscale Investments, LLC,
 as
Manager
	  	
		
	By:                                     
                             	  	
	       Name:

      Title:
	  	
		
	By:                                     
                             	  	
	       Name:

      Title:
	  	

  
 B-3 

 EXHIBIT C 

GRAYSCALE DIGITAL LARGE CAP FUND LLC 

FORM OF REDEMPTION ORDER FORM 
 Fund:
                                         
                
 Authorized Participant:
                                         
                
 Date:
                                         
                                         
               
 Number of Shares to be redeemed:
                                         
                
 Number of Redemption Baskets to be issued:
                                         
                
 Total Basket Amount:
                                         
                                         
                                         
                                         
     
 Fund Component 1:
                                         
                                         
                                         
                                         

 Fund Component 2:
                                         
                                         
                                         
                                         

 Fund Component 3:
                                         
                                         
                                         
                                         

 Fund Component 4:
                                         
                                         
                                         
                                         

 Fund Component 5:
                                         
                                         
                                         
                                         

 Additional Fund Component(s):
                                         
                                         
                                         
                       

Forked Asset Portion:
                                         
                                         
                                         
                                       

Cash Portion:
                                         
                                         
                                         
                                         
           
 Authorized Participant Self-Administered Account(s) for Fund Components*:
                                         
                                       

Authorized Participant Self-Administered Account for cash:
                                         
                                         
       
  

	*	 “Authorized Participant Self-Administered Accounts” refer to the digital asset wallet
address or addresses and bank accounts provided and known to the Manager, its delegate and the Security Vendors as belonging to the Authorized Participant. 

All Redemption Orders are subject to the terms and conditions of the Limited Liability Company Agreement, as amended from time to time (the “LLC
Agreement”), of Grayscale Digital Large Cap Fund LLC (the “Fund”) as currently in effect and the Grayscale Digital Large Cap Fund LLC Participant Agreement among the Authorized Participant and the Manager named therein (the
“Participant Agreement”). All representations and warranties of the Authorized Participant set forth in the Participant Agreement are incorporated herein by reference. Capitalized terms used but not defined herein shall have the
meaning given in the LLC Agreement. 
 The undersigned represents and warrants that prior to submitting this Redemption Order, the Authorized Participant
has ascertained that (i) the digital asset wallet (or wallets) to be used in connection with the Redemption Order is owned outright by the Authorized Participant or it has full legal authority and legal and beneficial right to any digital
assets transferred to such digital asset wallet (or wallets) and (ii) the Authorized Participant Self-Administered Accounts are appropriately designated for receipt of the Total Basket Amount distributed by the Fund. 

THE UNDERSIGNED UNDERSTANDS THAT IT IS SOLELY RESPONSIBLE FOR THE ACCURACY OF THE AUTHORIZED PARTICIPANT SELF-ADMINISTERED ACCOUNTS PROVIDED FOR THE
TRANSFER OF THE TOTAL BASKET AMOUNT PURSUANT TO THIS REDEMPTION ORDER. 

  
 C-1 

 The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under
the Participant Agreement and that he/she is authorized to deliver this Redemption Order to the Manager on behalf of the Authorized Participant. The undersigned understands that by submitting this Redemption Order he/she is making the
representations and warranties set forth in the Participant Agreement. 
  

							
		 		 		 	[NAME OF AUTHORIZED PARTICIPANT]
				
	Date:                                     
                                   	 		 		 	By:                                     
                                         
  
		 		 		 	      Name:
		 		 		 	      Title:

  
 C-2 

 ANNEX A 

GRAYSCALE DIGITAL LARGE CAP FUND LLC PROCEDURES 

ARTICLE I 
 SCOPE OF
PROCEDURES 
 This Annex A to the Participant Agreement (the “Participant Agreement”) supplements the
Participant Agreement, the Memorandum and the LLC Agreement (as defined below) with respect to the procedures (the “Procedures”) to be used in processing (1) creation orders for the creation of one or more Baskets (as defined
below) (“Creation Order”) of Grayscale Digital Large Cap Fund LLC (the “Fund”) or (2) redemption orders for the redemption of one or more Baskets (“Redemption Order”) of the Fund. Shares may be
created or redeemed only in aggregations of 100 Shares (each such aggregation, a “Basket”) of the Fund. Because the creation and redemption of Baskets involve the transfer of digital assets between the Participant and the Fund,
certain processes relating to the underlying transfers of digital assets are described below. 
 THE FUND AND THE PARTICIPANT ACKNOWLEDGE
THAT DIGITAL ASSET TRANSFERS MAY BE IRREVERSIBLE. 
 Capitalized terms used but not defined in these Procedures shall have the meanings
assigned to them in the Limited Liability Company Agreement, dated as of January 31, 2018, as amended from time-to-time (the “LLC Agreement”), of
Grayscale Digital Large Cap Fund LLC, or the Participant Agreement, as applicable. 
 Each Participant is responsible for ensuring that
(i) digital assets and cash, if any, that equal the Total Basket Amount (as defined below) or (ii) Baskets it intends to transfer to the Fund in exchange for digital assets and cash, if any, respectively, are available to transfer to the
Fund in the manner and at the times described in these Procedures. 

 ARTICLE II 

CREATION PROCEDURES 
 In
order to create Baskets, the Authorized Participant must transfer an amount of digital assets and cash equal to the Total Basket Amount, as calculated in accordance with Section 2 of this Article II below. In order to facilitate the transfer of
the Total Basket Amount in connection with a creation, the Manager, on behalf of the Fund, will provide the addresses for the Digital Asset Accounts and the Cash Account (together, the “Fund Accounts”) belonging to the Fund to the
Authorized Participant, as the party initiating the transfer of the Total Basket Amount. With respect to digital assets transferred as part of the Total Basket Amount, in the data packets distributed from digital asset software programs to
confirm each transfer of digital assets, the Authorized Participant must “sign” transactions with a data code derived from entering the private key into a “hashing algorithm,” which signature serves as validation that the
transaction has been authorized by the Authorized Participant, as owner of the digital assets. The signing process is facilitated by either a software program or a third party provider used to generate digital asset wallets and the related addresses
for each of the Fund and the Authorized Participant. In order to facilitate the transfer of cash constituting part of the Total Basket Amount in connection with a creation, the Manager, on behalf of the Fund as the recipient of the cash, will
provide the wiring instructions to the Authorized Participant, as the party initiating the wire. An Authorized Participant who transfers digital assets and cash to the Fund in exchange for Creation Baskets will receive no fees, commissions or other
form of compensation or inducement of any kind from either the Manager or the Fund, except as otherwise set forth in the Participant Agreement. For the avoidance of doubt, it is understood that there may be transaction fees associated with the
validation of the transfer of digital assets by the relevant digital asset network. 
  

	1.	 Placing of Creation Order. 

 

	 	1.1.	 Authorized Participants may submit Creation Orders to the Manager or its delegate only on Business Days.
Creation Orders can only be placed for a number of Shares equal to one or more whole Baskets. A Creation Order to create one or more Creation Baskets must be placed by an Authorized Participant with the Manager or its delegate by 4:00 p.m., New York
time, (the “Order Cut-Off Time”) on a Business Day (the “Creation Order Date”). 

  

	 	1.2.	 To place a Creation Order, an Authorized Person of the Authorized Participant must email the Manager or its
delegate at creations@grayscale.co 

  

	 	1.3.	 ALL CREATION ORDERS REQUIRE WRITTEN CONFIRMATION FROM THE SPONSOR OR ITS DELEGATE VIA EMAIL (THE
“CREATION ORDER CONFIRMATION EMAIL”). 

	 	1.4.	 A CREATION ORDER FOR CREATION BASKETS CANNOT BE CANCELED BY THE AUTHORIZED PARTICIPANT AFTER THE CREATION ORDER
CONFIRMATION EMAIL HAS BEEN SENT. 

  

	 	1.5.	 After the Order Cut-Off Time, the Sponsor will calculate the number of
digital assets that the Authorized Participant must transfer to the relevant Trust to fulfill the Creation Order on the Creation Order Date (in accordance with Sections 2 and 3 below) and send such calculation to the Authorized Participant to
complete the Creation Order Form (the “Creation Order Calculation Email”). 

  

	 	1.6.	 After the Creation Order Calculation Email is sent by the Manager or its delegate to the Authorized
Participant, the Authorized Participant shall email a PDF copy of the completed Creation Order Form to the Manager or its delegate. Upon receipt, the Manager or its delegate shall immediately email or telephone the Authorized Participant if the
Manager or its delegate believes that the Creation Order Form has not been completed correctly by the Authorized Participant. 

  

	 	1.7.	 Subject to the conditions that a properly completed Creation Order Form has been placed by the Authorized
Participant not later than 6:00 p.m., New York time, Section 3(c) of the Participant Agreement and any other applicable provision contained in these Procedures, the Manager or its delegate will accept the Creation Order on behalf of the
Fund. 

  

	2.	 Determination of Total Basket Amount 

 

	 	2.1.	 After the Order Cut-Off Time, the Manager or its delegate will
calculate the number of tokens of each Fund Component held by the Fund and the amount of cash, if any that the Authorized Participant must transfer to the Fund to fulfill the Creation Order on the Creation Order Date. 

 

	 	2.2.	 The number of tokens of each Fund Component required for a Creation Basket or a Redemption Basket shall be
determined by the Manager or its delegate by dividing (x) the number of tokens of each Fund Component held by the Fund at 4:00 p.m., New York time, on the Creation Order Date, after deducting the applicable Fund Component Aggregate Liability
Amount, by (y) the number of Shares outstanding at such time (the quotient so obtained calculated to one one-hundred-millionth (i.e., carried to the eighth decimal place)) and multiplying the
quotient so obtained by 100 (for each Fund Component held by the Fund, the “Fund Component Basket Amount”). If the Fund holds any Forked Assets that can be reasonably valued in the sole discretion of the Manager, each Basket created
or, if permitted, redeemed will also require the delivery of an amount in cash equal to the aggregate U.S. Dollar value of all of such Forked Assets divided by the number of Shares outstanding at such time (with the quotient so obtained
calculated to one one-hundred-millionth (i.e., carried to the eighth decimal place)) and multiplied by 100 (the “Forked Asset Portion”). If the Fund holds any U.S. Dollars, each Basket
created or, if permitted, redeemed will also require the delivery of an amount U.S. Dollars determined by dividing the 

	 	
amount of U.S. Dollars held by the Fund by the number of Shares outstanding at such time (the quotient so obtained calculated to one one-hundred-millionth
(i.e., carried to the eighth decimal place)), and multiplying such quotient by 100 (the “Cash Portion”). The sum of the Fund Component Basket Amounts for each Fund Component, the Forked Asset Portion, if any, and the Cash
Portion, if any, is referred to herein as the “Basket Amount.” The Basket Amount multiplied by the number of Baskets being created in accordance with this Article II or redeemed in accordance with Article III is the “Total
Basket Amount.” The Manager’s determination of all questions as to the composition of the Total Basket Amount shall be final. 

  

	3.	 Settlement of Creation Order 

 

	 	3.1.	 Once the Total Basket Amount has been determined, the Manager or its delegate will send the Creation Order
Calculation Emailto the Authorized Participant providing the (i) Total Basket Amount, (ii) the addresses of the relevant Digital Asset Accounts belonging to the Fund and (iii) wiring instructions for the transfer of any U.S. Dollars
to the Cash Account belonging to the Fund. 

  

	 	3.2.	 Between the Authorized Participant’s receipt of such e-mail, as
provided in Section 3.1of this Article II, and 6:00 p.m., New York time, the Authorized Participant will initiate the transfer of the Total Basket Amount from the Authorized Participant Self-Administered Accounts to the Fund Accounts and will
immediately notify the Manager or its delegate via e-mail of such transfers. THE AUTHORIZED PARTICIPANT IS SOLELY RESPONSIBLE FOR THE ACCURACY OF THE AUTHORIZED PARTICIPANT SELF-ADMINISTERED ACCOUNT USED IN
CONNECTION WITH THE TRANSFER OF THE TOTAL BASKET AMOUNT PURSUANT TO A CREATION ORDER. TRANSFERS OF DIGITAL ASSETS OR CASH OTHER THAN THOSE RECEIVED FROM AUTHORIZED PARTICIPANT SELF-ADMINISTERED ACCOUNTS WILL NOT BE CREDITED TO ANY AUTHORIZED
PARTICIPANT. NONE OF THE MANAGER, ITS DELEGATES OR ANY SECURITY VENDOR SHALL BE RESPONSIBLE FOR ANY TRANSFERS OF DIGITAL ASSETS OR CASH MADE FROM AN ACCOUNT OTHER THAN AUTHORIZED PARTICIPANT SELF-ADMINISTERED ACCOUNTS. 

 

	 	3.3.	 The Manager or its delegate will confirm transfer of each Fund Component from the relevant Authorized
Participant Self-Administered Account to the relevant Digital Asset Account and, if applicable, the validation of such transfer by the relevant network for such Fund Component with the relevant Security Vendors. The Manager or its delegate will also
confirm the transfer of U.S. Dollars constituting the Forked Asset Portion and/or Cash Portion from the relevant Authorized Participant Self-Administered Account to the Cash Account. The Manager may determine another mechanism for the Fund to accept
delivery of any digital assets or cash included in the Total Basket Amount as the Manager may, from time to time, determine to be acceptable for the Fund. 

	 	3.4.	 The Manager or its delegate will send a confirmation email to the Authorized Participant to evidence such
transfer of the Total Basket Amount to the Fund. The Manager or its delegate will call or e-mail the Authorized Participant to confirm the Fund’s receipt of the Total Basket Amount. The expense and risk
of delivery, ownership and safekeeping of digital assets and cash constituting the Total Basket Amount, until such digital assets and cash have been transferred to the Fund shall be borne solely by the Authorized Participant. 

 

	 	3.5.	 Upon confirmation of receipt of the Total Basket Amount, the Manager or its delegate will direct the Transfer
Agent to credit to the account of the Investor on behalf of which the Authorized Participant submitted the Creation Order the number of Creation Baskets so ordered as soon as possible thereafter, provided that the Transfer Agent shall credit the
number of Creation Baskets to fill the Authorized Participant’s Creation Order by no later than 6:00 p.m., New York time, on the Creation Order Date, or as soon thereafter as practicable. 

 

	 	3.6.	 The Transfer Agent will issue a statement to the Manager and the Authorized Participant reflecting the number
of Creation Baskets that have been credited to the Authorized Participant. 

  

	4.	 DIGITAL ASSET DISCLAIMER. TRANSFERS OF DIGITAL ASSETS MAY BE IRREVERSIBLE AND THERE IS NO RECOURSE
AGAINST ANYONE FOR THE WRONGFUL DELIVERY OF DIGITAL ASSETS TO AN INADVERTENT RECIPIENT, AN INACTIVE (DEAD) WALLET ADDRESS OR AN INVALID WALLET ADDRESS AND THERE IS CURRENTLY NO METHOD TO RETRIEVE THE DIGITAL ASSETS FROM AN INADVERTENT RECIPIENT, AN
INACTIVE (DEAD) WALLET ADDRESS OR AN INVALID ADDRESS. THE EXPENSE AND RISK OF DELIVERY, OWNERSHIP AND SAFEKEEPING OF DIGITAL ASSETS, UNTIL SUCH DIGITAL ASSETS HAVE BEEN RECEIVED BY THE FUND, SHALL BE BORNE SOLELY BY THE AUTHORIZED PARTICIPANT. THE
FUND, THE MANAGER, ITS DELEGATES AND THE SECURITY VENDORS ARE NOT RESPONSIBLE FOR ERRANT TRANSFERS DUE TO TYPOGRAPHICAL, COMPUTER OR HUMAN ERROR ON THE PART OF THE AUTHORIZED PARTICIPANT. 

 ARTICLE III 

REDEMPTION PROCEDURES 
 In
order to redeem Baskets, the Authorized Participant must transfer Baskets to the Fund and the Fund must transfer an amount of digital assets and cash equal to the Total Basket Amount, as calculated in accordance with Section 2 of Article II, to
the Authorized Participant. In order to facilitate the transfer of the Total Basket Amount, the Authorized Participant will provide the address of its Authorized Participant Self-Administered Accounts to the Manager or its delegate, who will,
instructing the Security Vendors as necessary, initiate the transfer of digital assets and U.S. Dollars on behalf of the Fund. With respect to digital assets transferred as part of the Total Basket Amount, in the data packets distributed from
digital asset software programs to confirm each transfer of digital assets, the Manager and the Security Vendors must “sign” transactions with a data code derived from entering the private key into a “hashing algorithm,” which
signature serves as validation that the transaction has been authorized by the Fund, as owner of the digital assets. The signing process is facilitated by either a software program or a third party provider used to generate digital asset wallets and
the related addresses for each of the Fund and the Authorized Participant. In order to facilitate the transfer of cash constituting part of the Total Basket Amount in connection with a redemption, the Authorized Participant, as the recipient of the
cash, will provide the wiring instructions to the Manager, as the party initiating the wire on behalf of the Fund. An Authorized Participant will not incur any fees or other form of expenses in connection with a Redemption transaction, except as
otherwise set forth in the Participant Agreement. For the avoidance of doubt, it is understood that there may be transaction fees associated with the validation of the transfer of digital assets by the relevant digital asset network. 

THE FUND AND THE AUTHORIZED PARTICIPANT ACKNOWLEDGE THAT TRANSFERS OF DIGITAL ASSETS MAY BE IRREVERSIBLE. 

 

	1.	 Placing of Redemption Order. 

 

	 	1.1.	 Authorized Participants may submit Redemption Orders only on Business Days. Redemption Orders may only be
placed for a number of Shares equal to one or more whole Baskets. A Redemption Order to redeem one or more Redemption Baskets must be placed by an Authorized Participant with the Manager or its delegate by 4:00 p.m., New York time, (the
“Order Cut-Off Time”) on a Business Day (the “Redemption Order Date”). 

  

	 	1.2.	 To place a Redemption Order, an Authorized Person of the Authorized Participant must email the Manager or its
delegate at redemptions@grayscale.co. 

  

	 	1.3.	 ALL REDEMPTION ORDERS REQUIRE WRITTEN CONFIRMATION FROM THE MANAGER OR ITS DELEGATE VIA EMAIL (THE
“REDEMPTION ORDER CONFIRMATION EMAIL”). 

	 	1.4.	 A REDEMPTION ORDER FOR REDEMPTION BASKETS CANNOT BE CANCELED BY THE AUTHORIZED PARTICIPANT AFTER THE REDEMPTION
ORDER CONFIRMATION EMAIL HAS BEEN SENT. 

  

	 	1.5.	 After the Order Cut-Off Time, the Sponsor will calculate the Total
Basket Amount that the relevant Trust must transfer to the Authorized Participant to fulfill the Redemption Order on the Redemption Order Date (in accordance with Section 2 of Article II of these Procedures) and send such calculation to the
Authorized Participant to complete the Redemption Order Form (the “Redemption Order Calculation Email”). 

  

	 	1.6.	 After the Redemption Order Calculation Email is sent by the Manager or its delegate to the Authorized
Participant, the Authorized Participant shall email a PDF copy of the completed Redemption Order Form to the Manager or its delegate. Upon receipt, the Manager or its delegate shall immediately email or telephone the Authorized Participant if the
Manager or its delegate believes that the Redemption Order Form has not been completed correctly by the Authorized Participant. 

  

	 	1.7.	 Subject to the conditions that a properly completed Redemption Order Form has been placed by the Authorized
Participant not later than 6:00 p.m., New York time, Section 3(d) of the Participant Agreement and any other applicable provision contained in these Procedures, the Manager or its delegate will accept the Redemption Order on behalf of the Fund

  

	2.	 Determination of Total Basket Amount. 

 

	 	2.1.	 After the Order Cut-Off Time, the Manager or its delegate will
calculate the Total Basket Amount that the Fund must transfer to the Authorized Participant to fulfill the Redemption Order on the Redemption Order Date in accordance with Section 2 of Article II of the Procedures. 

 

	3.	 Settlement of Redemption Order. 

 

	 	3.1.	 Once the Total Basket Amount has been determined, the Manager or its delegate will send the Redemption Order
Calculation E-mail to the Authorized Participant providing the Total Basket Amount. 

  

	 	3.2.	 The Authorized Participant will then send an email to the Manager or its delegate (i) acknowledging the
receipt and the content of the Manager’s or its delegate’s email, as provided in Section 3.1 of this Article III (ii) providing the addresses of its Authorized Participant Self-Administered Accounts for digital assets and
(iii) wiring instructions for the transfer of any U.S. Dollars to its Authorized Participant Self-Administered Account for cash. 

  

	 	3.3.	 Upon receipt of the Authorized Participant’s email, the Manager or its delegate will email or telephone
the Authorized Participant within 30 minutes, or as soon thereafter as practicable to orally confirm receipt of the e-mail and the 

	 	
information included in such e-mail generally, and the Authorized Participant Self-Administered Accounts specifically. THE AUTHORIZED PARTICIPANT IS SOLELY
RESPONSIBLE FOR THE ACCURACY OF THE AUTHORIZED PARTICIPANT SELF-ADMINISTERED ACCOUNTS PROVIDED IN CONNECTION WITH THE TRANSFER OF THE TOTAL BASKET AMOUNT PURSUANT TO A REDEMPTION ORDER. TRANSFERS WILL ONLY BE MADE TO AUTHORIZED PARTICIPANT
SELF-ADMINISTERED ACCOUNTS AND ANY REQUEST FOR A TRANSFER TO AN ACCOUNT OTHER THAN AN AUTHORIZED PARTICIPANT SELF-ADMINISTERED ACCOUNT WILL BE REJECTED. 

  

	 	3.4.	 The Manager or its delegate will direct the Transfer Agent to debit the account of the Investor on behalf of
which the Authorized Participant placed the Redemption Order the number of Redemption Baskets ordered by the Authorized Participant as soon as possible, provided that the Transfer Agent shall so debit the number of Redemption Baskets to fill the
Authorized Participant’s Redemption Order by no later than 6:00 p.m., New York time, on the Redemption Order Date, or as soon thereafter as practicable. 

  

	 	3.5.	 The Transfer Agent will e-mail the Manager or its delegate to confirm
the debiting of the Redemption Baskets ordered by the Authorized Participant in the transfer register. 

  

	 	3.6.	 The Transfer Agent will issue a statement to the Manager and the Authorized Participant reflecting the number
of Redemption Baskets that have been debited from the Authorized Participant. 

  

	 	3.7.	 The Manager or its delegate will, instructing the Security Vendors as necessary, initiate the transfer of the
Total Basket Amount from the Fund Accounts to the Authorized Participant Self-Administered Accounts as soon as possible, provided that the transfer of the Total Basket Amount to the Authorized Participant Self-Administered Accounts shall occur by no
later than the 6:00 p.m., New York time, on the Redemption Order Date. The expense and risk of delivery, ownership and safekeeping of digital assets and cash constituting the Total Basket Amount, until such digital assets and cash have been
transferred to the Authorized Participant shall be borne solely by the Fund. 

  

	 	3.8.	 If applicable, one or more of the Security Vendors will provide confirmation to the Manager or its delegate
after it receives confirmation of the transfer of the Fund Component Basket Amount for each Fund Component and the validation of such transfer by the network for each Fund Component. 

 

	 	3.9.	 The Manager or its delegate will e-mail and call the Authorized
Participant to confirm the Authorized Participant’s receipt of the Total Basket Amount. 

  

	4.	 DIGITAL ASSET DISCLAIMER. TRANSFERS OF DIGITAL ASSETS MAY BE IRREVERSIBLE AND THERE IS NO RECOURSE
AGAINST ANYONE FOR THE WRONGFUL DELIVERY OF DIGITAL ASSETS TO AN INADVERTENT 

	 	
RECIPIENT, AN INACTIVE (DEAD) WALLET ADDRESS OR AN INVALID WALLET ADDRESS AND THERE IS CURRENTLY NO METHOD TO RETRIEVE THE DIGITAL ASSETS FROM AN INADVERTENT RECIPIENT, AN INACTIVE (DEAD) WALLET
ADDRESS OR AN INVALID WALLET ADDRESS. THE EXPENSE AND RISK OF DELIVERY, OWNERSHIP AND SAFEKEEPING OF DIGITAL ASSETS, UNTIL SUCH DIGITAL ASSETS HAVE BEEN RECEIVED BY THE AUTHORIZED PARTICIPANT, SHALL BE BORNE SOLELY BY THE FUND. THE FUND, THE
MANAGER, ITS DELEGATES AND ANY SECURITY VENDORS ARE NOT RESPONSIBLE FOR ERRANT TRANSFERS DUE TO TYPOGRAPHICAL, COMPUTER OR HUMAN ERROR ON THE PART OF THE AUTHORIZED PARTICIPANT.

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