Document:

EX-4.1

 Exhibit 4.1 

FOURTH AMENDED AND RESTATED 

DECLARATION OF TRUST 
 AND

 TRUST AGREEMENT 

OF 
 BITCOIN INVESTMENT
TRUST 
 Dated as of [●], 2017 

By and Among 
 GRAYSCALE
INVESTMENTS, LLC 
 DELAWARE TRUST COMPANY 

(formerly known as CSC Trust Company of Delaware) 

and 
 THE SHAREHOLDERS

 FROM TIME TO TIME HEREUNDER 

 TABLE OF CONTENTS 
  

					
	 	 	 	 	Page
	
	ARTICLE I
	
	DEFINITIONS; THE TRUST
			
	SECTION 1.1	 	Definitions	 	1
	SECTION 1.2	 	Name	 	6
	SECTION 1.3	 	Delaware Trustee; Offices	 	6
	SECTION 1.4	 	Declaration of Trust	 	6
	SECTION 1.5	 	Purposes and Powers	 	6
	SECTION 1.6	 	Tax Treatment	 	7
	SECTION 1.7	 	Legal Title	 	7
	
	ARTICLE II
	
	THE TRUSTEE
			
	SECTION 2.1	 	Term; Resignation; Removal	 	7
	SECTION 2.2	 	Powers	 	8
	SECTION 2.3	 	Compensation and Expenses of the Trustee	 	9
	SECTION 2.4	 	Indemnification	 	9
	SECTION 2.5	 	Successor Trustee	 	9
	SECTION 2.6	 	Liability of Trustee	 	10
	SECTION 2.7	 	Reliance; Advice of Counsel	 	11
	SECTION 2.8	 	Payments to the Trustee	 	12
	
	ARTICLE III
	
	SHARES; CAPITAL CONTRIBUTIONS; CREATIONS AND ISSUANCE OF CREATION BASKETS
			
	SECTION 3.1	 	General	 	12
	SECTION 3.2	 	Offer of Shares; Procedures for Creation and Issuance of Creation Baskets	 	12
	SECTION 3.3	 	Book-Entry-Only System	 	14
	SECTION 3.4	 	Assets of the Trust	 	14
	SECTION 3.5	 	Liabilities of the Trust	 	14
	SECTION 3.6	 	Distributions	 	14
	SECTION 3.7	 	Voting Rights	 	14
	SECTION 3.8	 	Equality	 	14

  
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	ARTICLE IV
	
	TRANSFERS OF SHARES
	
	ARTICLE V
	
	REDEMPTIONS
			
	SECTION 5.1	 	Redemption of Redemption Baskets	 	15
	SECTION 5.2	 	Other Redemption Procedures	 	16
	
	ARTICLE VI
	
	THE SPONSOR
			
	SECTION 6.1	 	Management of the Trust	 	16
	SECTION 6.2	 	Authority of Sponsor	 	16
	SECTION 6.3	 	Obligations of the Sponsor	 	18
	SECTION 6.4	 	General Prohibitions	 	19
	SECTION 6.5	 	Liability of Covered Persons	 	20
	SECTION 6.6	 	Fiduciary Duty	 	20
	SECTION 6.7	 	Indemnification of the Sponsor	 	22
	SECTION 6.8	 	Expenses and Limitations Thereon	 	23
	SECTION 6.9	 	Business of Shareholders	 	24
	SECTION 6.10	 	Voluntary Withdrawal of the Sponsor	 	24
	SECTION 6.11	 	Authorization of Prospectus	 	24
	SECTION 6.12	 	Litigation	 	25
	SECTION 6.13	 	Transfer of Sponsor’s Shares	 	25
	
	ARTICLE VII
	
	THE LIMITED OWNERS
			
	SECTION 7.1	 	No Management or Control; Limited Liability; Exercise of Rights through a Participant	 	25
	SECTION 7.2	 	Rights and Duties	 	26
	SECTION 7.3	 	Limitation of Liability	 	26
	SECTION 7.4	 	Derivative Actions	 	27
	
	ARTICLE VIII
	
	BOOKS OF ACCOUNT AND REPORTS
			
	SECTION 8.1	 	Books of Account	 	27
	SECTION 8.2	 	Quarterly Updates, Annual Updates and Account Statements	 	27
	SECTION 8.3	 	Tax Information	 	28
	SECTION 8.4	 	Calculation of Bitcoin Holdings	 	28
	SECTION 8.5	 	Maintenance of Records	 	28

  
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	ARTICLE IX
	
	FISCAL YEAR
			
	SECTION 9.1	 	Fiscal Year	 	29
	
	ARTICLE X
	
	AMENDMENT OF TRUST AGREEMENT; MEETINGS
			
	SECTION 10.1	 	Amendments to the Trust Agreement	 	29
	SECTION 10.2	 	Meetings of the Trust	 	30
	SECTION 10.3	 	Action Without a Meeting	 	30
	
	ARTICLE XI
	
	TERM
			
	SECTION 11.1	 	Term	 	31
	
	ARTICLE XII
	
	TERMINATION
			
	SECTION 12.1	 	Events Requiring Dissolution of the Trust	 	31
	SECTION 12.2	 	Distributions on Dissolution	 	32
	SECTION 12.3	 	Termination; Certificate of Cancellation	 	33
	
	ARTICLE XIII
	
	MISCELLANEOUS
			
	SECTION 13.1	 	Governing Law	 	33
	SECTION 13.2	 	Provisions In Conflict With Law or Regulations	 	34
	SECTION 13.3	 	Merger and Consolidation	 	34
	SECTION 13.4	 	Construction	 	34
	SECTION 13.5	 	Notices	 	34
	SECTION 13.6	 	Counterparts	 	35
	SECTION 13.7	 	Binding Nature of Trust Agreement	 	35
	SECTION 13.8	 	No Legal Title to Trust Estate	 	35
	SECTION 13.9	 	Creditors	 	36
	SECTION 13.10	 	Integration	 	36
	SECTION 13.11	 	Goodwill; Use of Name	 	36

  
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	 EXHIBIT A

Form of Certificate of Trust of Bitcoin Investment Trust
	 	A-1
		
	 EXHIBIT B

Form of Participant Agreement
	 	B-1

  
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 BITCOIN INVESTMENT TRUST 

FOURTH AMENDED AND RESTATED 

DECLARATION OF TRUST 
 AND
TRUST AGREEMENT 
 This FOURTH AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT of BITCOIN INVESTMENT TRUST is made and
entered into as of the [    ] day of [    ], 2017, by and among GRAYSCALE INVESTMENTS, LLC, a Delaware limited liability company, DELAWARE TRUST COMPANY (formerly known as CSC Trust Company of
Delaware), a Delaware corporation, as trustee, and the SHAREHOLDERS from time to time hereunder. 
 RECITALS 

WHEREAS, the Sponsor and the Trustee entered into the Third Amended and Restated Declaration of Trust and Trust Agreement dated as of
January 1, 2016 (the “Existing Agreement”); 
 WHEREAS, the Sponsor and the Trustee wish to amend the Existing
Agreement pursuant to Section 10.1 thereof, with such amendment to be effective immediately upon the effectiveness of the Registration Statement (as defined herein). 

NOW, THEREFORE, pursuant to Section 10.1 of the Existing Agreement, the Trustee and the Sponsor hereby amend and restate
the Existing Agreement in its entirety as set forth below. 
 ARTICLE I 

DEFINITIONS; THE TRUST 

SECTION 1.1 Definitions. As used in this Trust Agreement, the following terms shall have the following meanings unless the context
otherwise requires: 
 “Additional Trust Expenses” has the meaning set forth in Section 6.8(b). 

“Administrator” means BNY Mellon or any other Person from time to time engaged by the Sponsor to assist in the administration
of the Shares. 
 “Administrator Fee” means the fee payable to the Administrator for services it provides to the
Trust, which the Sponsor shall pay the Administrator as a Sponsor-paid Expense. 
 “Affiliate” means (i) any Person
directly or indirectly owning, controlling or holding with power to vote 10% or more of the outstanding voting securities of such Person, (ii) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned,
controlled or held with power to vote by such Person, (iii) any Person, directly or indirectly, controlling, controlled by or under common control of such Person, (iv) any employee, officer, director, member, manager or partner of such
Person, or (v) if such Person is an employee, officer, director, member, manager or partner, any Person for which such Person acts in any such capacity. 

 “Annual Report” means the Trust’s annual report on Form 10-K prepared in accordance with the rules and regulations of the SEC. 
 “Basket” means
a block of 100 Shares. 
 “Basket Bitcoin Amount” means, on any Trade Date, the number of Bitcoins required
as of such Trade Date for a Creation Basket or Redemption Basket, as determined by dividing (x) the number of Bitcoins owned by the Trust at 4:00 p.m. (New York time) on such Trade Date, after deducting the number of Bitcoins representing the
U.S. Dollar value of accrued but unpaid fees and expenses of the Trust (in the case of any such fee and expense other than the Sponsor Fee, converted using the Bitcoin Index Price at such time, and carried to the eighth decimal place), by
(y) the number of Shares outstanding at such time, and multiplying the quotient so obtained by 100. 
 “Bitcoin” means
a type of digital commodity based on the cryptographic protocols used by the decentralized, peer-to-peer bitcoin computer network. 

“Bitcoin Account” means, collectively, the Wallet Account, the Vault Account and any subaccounts associated therewith.

 “Bitcoin Holdings” means, at any time, the aggregate U.S. Dollar value of the Trust’s Bitcoins less the
Trust’s liabilities (including estimated accrued but unpaid fees and expenses), as calculated according to Section 8.4. 

“Bitcoin Index Price” has the meaning assigned to such term as provided in the Prospectus. 

“Business Day” means each weekday on which banks are open in New York, New York. 

“Certificate of Trust” means the Certificate of Trust of the Trust, including all amendments thereto, in the
form attached hereto as Exhibit A, filed with the Secretary of State of the State of Delaware pursuant to Section 3810 of the Delaware Trust Statute. 

“CFTC” means the Commodity Futures Trading Commission. 

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

“Corporate Trust Office” means the principal office at which at any particular time the corporate trust
business of the Trustee is administered, which office at the date hereof is located at 2711 Centerville Road, Suite 400, Wilmington, DE 19808. 

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

  
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 “Creation Basket” means a Basket issued by the Trust in exchange for the
deposit of the Total Basket Bitcoin Amount. 
 “Creation Order” has the meaning assigned thereto in Section
3.2(a)(i). 
 “Creation Settlement Date” means, with respect to any Creation Order, the Business Day
following the Trade Date for such Creation Order. 
 “Custodian” means Xapo, Inc., or any other Person from time to time
engaged to provide custodian services or related services to the Trust pursuant to authority delegated by the Sponsor. 

“Custodian Fee” means the fee payable to the Custodian for the services it provides to the Trust, which the Sponsor
shall pay to the Custodian as a Sponsor-paid Expense. 
 “DCG” means Digital Currency Group, Inc., a Delaware corporation.

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

“Distributor” means ALPS Portfolio Solutions Distributor, Inc. or any other Person from time to time engaged to provide
distribution services or related services to the Trust pursuant to authority delegated by the Sponsor. 
 “ERISA” means the
Employee Retirement Income Security Act of 1974, as amended. 
 “Event of Withdrawal” has the meaning set
forth in Section 12.1(f) hereof. 
 “Expenses” has the meaning set forth in Section 2.4. 

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

“Fiscal Year” has the meaning set forth in Article IX hereof. 

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

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

“IRS” means the U.S. Internal Revenue Service or any successor thereto. 

“Limited Owner” means any Shareholder other than the Sponsor. 

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

“Liquidity Provider” means an entity eligible to facilitate creations or redemptions of Shares on behalf of a
Participant in exchange for cash that has entered into a Participant Agreement and has access to a Liquidity Provider Account. 

  
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 “Liquidity Provider Account” means, with respect to any Liquidity
Provider, a bitcoin wallet address known to the Custodian as belonging to such Liquidity Provider. 
 “Marketing
Agent” means ALPS Portfolio Solutions Distributor, Inc. or any other Person from time to time engaged by the Sponsor to assist in the marketing of the Shares. 

“Marketing Fee” means the fee payable to the Marketing Agent for services it provides to the Trust, which the Sponsor
shall pay the Marketing Agent as a Sponsor-paid Expense. 
 “NYSE Arca” means NYSE Arca, Inc. 

“PA Procedures” has the meaning assigned thereto in Section 3.2(a). 

“Participant” means a Person that (i) is a registered broker-dealer, (ii) has entered into a Participant Agreement
with the Sponsor and the Trust, and (iii) has access to a Participant Self-Administered Account. 
 “Participant
Agreement” means an agreement among the Trust, the Sponsor and a Participant, substantially in the form of Exhibit B hereto, as it may be amended or supplemented from time to time in accordance with its terms. 

“Participant Self-Administered Account” means, with respect to any Participant, a Bitcoin wallet address known
to the Custodian as belonging to such Participant. 
 “Percentage Interest” shall be a fraction, the numerator of
which is the number of any Shareholder’s Shares and the denominator of which is the total number of Shares of the Trust outstanding as of the date of determination. 

“Person” means any natural person and any partnership, limited liability company, statutory trust, corporation, association,
or other legal entity. 
 “Prospectus” means the Trust’s most recent prospectus that has been filed with the SEC as a
part of the Registration Statement. 
 “Quarterly Report” means the Trust’s quarterly report on Form 10-Q prepared pursuant to the rules and regulations of the SEC. 
 “Redemption
Basket” means a Basket redeemed by the Trust in exchange for Bitcoins in an amount equal to the Total Basket Bitcoin Amount. 

“Redemption Order” has the meaning assigned thereto in Section 5.1(a). 

“Redemption Settlement Date” means, with respect to any Redemption Order, the second Business Day following the
Trade Date for such Redemption Order. 
 “Registration Statement” means the current registration statement of the
Trust, as filed with the SEC, as the same may at any time and from time to time be amended or supplemented. 
 “SEC” means
the Securities and Exchange Commission. 

  
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 “Sponsor” means Grayscale Investments, LLC, or any substitute therefor as
provided herein, or any successor thereto by merger or operation of law. 
 “Sponsor-paid Expense” and
“Sponsor-paid Expenses” have the meaning set forth in Section 6.8(a)(iv). 
 “Sponsor’s
Fee” has the meaning set forth in Section 6.8(a)(i). 
 “Trade Date” means, for any Creation Order or
Redemption Order, the Business Day on which the Basket Bitcoin Amount with respect to such Creation Order or Redemption Order is determined in accordance with the PA Procedures. 

“Transfer Agent” means The Bank of New York Mellon, a New York corporation, or any other Person from time to time
engaged to provide such services or related services to the Trust pursuant to authority delegated by the Sponsor. 

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

“Total Basket Bitcoin Amount” means, with respect to any Creation Order or Redemption Order, the
applicable Basket Bitcoin Amount multiplied by the number of Creation Baskets or Redemption Baskets, as specified in the applicable Creation Order or Redemption Order. 

“Trust” means Bitcoin Investment Trust, a Delaware statutory trust formed pursuant to the Certificate of Trust, the business
and affairs of which are governed by this Trust Agreement. 
 “Trust Agreement” means this Fourth Amended and
Restated Declaration of Trust and Trust Agreement, as it may at any time or from time-to-time be amended. 

“Trustee” means Delaware Trust Company (formerly known as CSC Trust Company of Delaware), its successors and assigns, or any
substitute therefor as provided herein, acting not in its individual capacity but solely as trustee of the Trust. 
 “Trust
Estate” means the all the Bitcoins on deposit in the Bitcoin Account, and all proceeds from the sale of Bitcoins pending use of such cash for payment of Additional Trust Expenses or distribution to the Shareholders, as well as any rights
of the Trust pursuant to any agreements, other than this Trust Agreement, to which the Trust is a party. 
 “Shareholder”
means any Person that owns Shares. 
 “Shares” means the common units of fractional undivided beneficial interest in the
profits, losses, distributions, capital and assets of, and ownership of, the Trust. Shares may be owned by the Sponsor or a Limited Owner. 

“U.S. Dollar” means United States dollars. 

  
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 “Vault Account” means one or more cold storage accounts in the name of
the Sponsor and of the Trust held for the safekeeping of the Trust’s Bitcoins. 
 “Wallet Account” means one or
more wallets in the name of the Sponsor and of the Trust held for the deposit and withdrawal of Bitcoins. 
 SECTION 1.2 Name. 

(a) The name of the Trust is “Bitcoin Investment Trust” in which name the Trustee and the Sponsor cause the Trust to carry out its
purposes as set forth in Section 1.5, make and execute contracts and other instruments in the name and on behalf of the Trust and sue and be sued in the name and on behalf of the Trust. 

SECTION 1.3 Delaware Trustee; Offices. 

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

(b) The principal office of the Trust, and such additional offices as the Sponsor may establish, shall be located at such place or places
inside or outside the State of Delaware as the Sponsor may designate from time to time in writing to the Trustee and the Shareholders. Initially, the principal office of the Trust shall be at c/o Grayscale Investments, LLC, 636 Avenue of the
Americas, 3rd Floor, New York, New York 10011. 
 SECTION 1.4 Declaration
of Trust. 
 The Trust Estate shall be held in trust for the Shareholders. It is the intention of the parties hereto that the
Trust shall be a statutory trust, under the Delaware Trust Statute and that this Trust Agreement shall constitute the governing instrument of the Trust. It is not the intention of the parties hereto to create a general partnership, limited
partnership, limited liability company, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust that is treated as a grantor trust for U.S. federal income tax purposes and for purposes
of applicable state and local tax laws. Nothing in this Trust Agreement shall be construed to make the Shareholders partners or members of a joint stock association. Effective as of the date hereof, the Trustee and the Sponsor shall have all of the
rights, powers and duties set forth herein and in the Delaware Trust Statute with respect to accomplishing the purposes of the Trust. The Trustee has filed the certificate of trust required by Section 3810 of the Delaware Trust Statute in
connection with the formation of the Trust under the Delaware Trust Statute. 
 SECTION 1.5 Purposes and Powers. 

The purposes of the Trust shall be to accept subscriptions for Shares in Bitcoin in accordance with Article III hereof, to distribute Bitcoin
upon redemptions of Shares in accordance with Article VI hereof, and to enter into any lawful transaction and engage in any lawful activities in furtherance of or incidental to the foregoing. The Trust shall not engage in

  
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any business activity and shall not acquire or own any assets other than Bitcoin or cash from the sale of Bitcoin pending use of such cash for payment of Additional Trust Expenses or distribution
to the Shareholders, as provided in this Trust Agreement, or take any of the actions set forth in Section 6.4. The Trust shall have all of the powers specified in Section 3.1 hereof as powers which may be exercised by a Sponsor on behalf
of the Trust under this Trust Agreement. Nothing in this Trust Agreement shall be construed to give the Trustee or the Sponsor the power to vary the investment of the Shareholders within the meaning of Section
301.7701-4(c) or similar provisions of the Treasury Regulations, nor shall the Trustee or the Sponsor take any action that would vary the investment of the Shareholders. 

SECTION 1.6 Tax Treatment. 

Each of the parties hereto, by entering into this Trust Agreement, (i) expresses its intention that, unless the IRS determines otherwise
in a private letter ruling issued to the Trust or to the Sponsor on behalf of the Trust, this amendment of the Trust Agreement shall be treated for U.S. federal income tax purposes, and for all applicable state and local tax purposes, as the
creation of a new trust through a contribution by the prior trust of all of its assets to the new trust and the assumption by the new trust of all of the prior trust’s liabilities, followed by a distribution by the prior trust of interests in
the new trust in complete liquidation of the prior trust; (ii) the Shares will qualify under applicable tax law as interests in a grantor trust which holds the Trust Estate, (iii) agrees that it will file its own U.S. federal, state and
local income, franchise and other tax returns in a manner that is consistent with clause (i) of this Section 1.6 and with the classification of the Trust as a grantor trust, and (iv) agrees to use reasonable efforts to notify the
Sponsor promptly upon a receipt of any notice from any taxing authority having jurisdiction over such holders of Shares with respect to the treatment of the Shares as anything other than interests in a grantor trust. 

SECTION 1.7 Legal Title. 

Legal title to all of the Trust Estate shall be vested in the Trust as a separate legal entity; provided, however, that if
applicable law in any jurisdiction requires legal title to any portion of the Trust Estate to be vested otherwise, the Sponsor may cause legal title to such portion of the Trust Estate to be held by or in the name of the Sponsor or any other Person
(other than a Shareholder) as nominee. 
 ARTICLE II 

THE TRUSTEE 
 SECTION 2.1
Term; Resignation; Removal. 
 (a) Delaware Trust Company has been appointed and hereby agrees to serve as the Trustee
of the Trust. The Trust shall have only one Trustee unless otherwise determined by the Sponsor. The Trustee shall serve until such time as the Trust is terminated or if the Sponsor removes the Trustee or the Trustee resigns. The Trustee is appointed
to serve as the trustee of the Trust in the State of Delaware and shall at all times satisfy the requirements of Section 3807(a) of the Delaware Trust Statute and be authorized to exercise corporate trust

  
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powers under the laws of Delaware, having a combined capital, surplus and undivided profits of at least $50,000,000 and subject to supervision or examination by federal or state authorities. If
the Trustee publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Article II the combined capital, surplus and undivided profits of
the Trustee shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Trustee shall cease to be eligible to serve as trustee of the Trust in accordance with the
provisions of this Section 2.1, the Trustee shall resign promptly in the manner and with the effect specified in this Article II. The Trustee may have normal banking and trust relationships with the Sponsor and their respective affiliates;
provided that none of (i) the Sponsor, (ii) any Person involved in the organization or operation of the Sponsor or the Trust or (iii) any affiliate of any of them may be the Trustee hereunder. The Trust shall have at least one trustee
with a principal place of business in Delaware. It is understood and agreed by the parties hereto that the Trustee shall have none of the duties or liabilities of the Sponsor and shall have no obligation to supervise or monitor the Sponsor or
otherwise manage the Trust. 
 (b) The Trustee is permitted to resign upon at least one hundred eighty (180) days’ notice to the
Sponsor upon which date such resignation shall be effective. 
 (c) If at any time the Trustee shall cease to be eligible to serve as
trustee of the Trust in accordance with the provisions of this Trust Agreement, or if at any time the Trustee shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or of its property shall be
appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Sponsor may remove the Trustee and appoint a successor trustee by
written instrument, in duplicate, which instrument shall be delivered to the Trustee so removed and the successor trustee. The Sponsor may at any time, upon thirty (30) days’ prior notice to the Trustee, remove the Trustee and appoint a
successor trustee by written instrument or instruments, in triplicate, signed by the Sponsor or its attorney-in-fact duly authorized, one complete set of which
instruments shall be delivered to the Trustee so removed and one complete set to the successor so appointed. 
 SECTION 2.2 Powers.

 Except to the extent expressly set forth in Section 1.3 and this Article, the duty and authority to manage the affairs of the Trust
is vested in the Sponsor, which duty and authority the Sponsor may further delegate as provided herein, all pursuant to Section 3806(b)(7) of the Delaware Trust Statute. The duties of the Trustee shall be limited to (i) accepting legal
process served on the Trust in the State of Delaware, (ii) the execution of any certificates required to be filed with the Secretary of State of the State of Delaware which the Trustee is required to execute under Section 3811 of the
Delaware Trust Statute, and (iii) any other duties specifically allocated to the Trustee in this Trust Agreement. The Trustee shall provide prompt notice to the Sponsor of its performance of any of the foregoing. The Sponsor shall reasonably
keep the Trustee informed of any actions taken by the Sponsor with respect to the Trust that would reasonably be expected to affect the rights, obligations or liabilities of the Trustee hereunder or under the Delaware Trust Statute. 

  
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 SECTION 2.3 Compensation and Expenses of the Trustee.

 The Trustee shall be entitled to receive from the Sponsor, as a Sponsor-paid Expense, reasonable compensation for its services hereunder
as set forth in a separate fee agreement and shall be entitled to be reimbursed by the Sponsor for reasonable out-of-pocket expenses incurred by it in the performance of
its duties hereunder, including without limitation, the reasonable compensation, out-of-pocket expenses and disbursements of counsel, any experts and such other agents
as the Trustee may employ in connection with the exercise and performance of its rights and duties hereunder (together, the “Trust Expenses”). To the extent that the Sponsor fails to pay the Trust Expenses, the Trust will be
responsible for such Trust Expenses. 
 SECTION 2.4 Indemnification. 

(a) The Trust hereby agrees to be primary obligor and shall indemnify, defend and hold harmless the Trustee and any of the officers,
directors, employees and agents of the Trustee (the “Indemnified Persons”) from and against any and all losses, damages, liabilities, claims, actions, suits, costs, expenses, disbursements (including the reasonable fees and
expenses of counsel), taxes and penalties of any kind and nature whatsoever (collectively, “Expenses”), to the extent that such Expenses arise out of or are imposed upon or asserted at any time against such Indemnified Persons with
respect to the performance of this Trust Agreement, the creation, operation or termination of the Trust or the transactions contemplated hereby; provided, however, that the Trust shall not be required to indemnify any Indemnified
Person for any Expenses which are a result of the willful misconduct, bad faith or gross negligence of an Indemnified Person. If the Trust shall have insufficient assets or improperly refuses to pay an Indemnified Person within sixty (60) days
of a request for payment owed hereunder, DCG shall, as secondary obligor, compensate or reimburse the Trustee or indemnify, defend and hold harmless an Indemnified Person as if it were the primary obligor hereunder; provided, however,
that DCG shall not be required to indemnify any Indemnified Person for any Expenses which are a result of the willful misconduct, bad faith or gross negligence of an Indemnified Person. To the fullest extent permitted by law and by the requirement
for treatment of the Trust as a grantor trust for tax purposes, Expenses to be incurred by an Indemnified Person shall, from time to time, be advanced by, or on behalf of, DCG prior to the final disposition of any matter upon receipt by DCG of an
undertaking by, or on behalf of, such Indemnified Person to repay such amount if it shall be determined that the Indemnified Person is not entitled to be indemnified under this Trust Agreement. 

(b) As security for any amounts owing to the Trustee hereunder, the Trustee shall have a lien against the Trust property, which lien shall be
prior to the rights of the Sponsor, DCG or any other Shareholder. The obligations of DCG and the Trust to indemnify the Indemnified Persons under this Section 2 shall survive the termination of this Trust Agreement. 

  
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 SECTION 2.5 Successor Trustee. 

Upon the resignation or removal of the Trustee, the Sponsor shall appoint a successor Trustee by delivering a written instrument to the
outgoing Trustee. Any successor Trustee must satisfy the requirements of Section 3807 of the Delaware Trust Statute. The successor Trustee shall become fully vested with all of the rights, powers, duties and obligations of the outgoing Trustee
under this Trust Agreement, with like effect as if originally named as Trustee, and the outgoing Trustee shall be discharged of its duties and obligations under this Trust Agreement. Any business entity into which the Trustee may be merged or
converted or with which it may be consolidated, or any entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of the
Trustee, shall be the successor of the Trustee hereunder, to the fullest extent permitted by law without the execution or filing of any paper or any further act on the part of any of the parties hereto. 

SECTION 2.6 Liability of Trustee. Except as otherwise provided in this Article II, in accepting the trust created hereby,
Delaware Trust Company acts solely as Trustee hereunder and not in its individual capacity, and all Persons having any claim against Delaware Trust Company by reason of the transactions contemplated by this Trust Agreement and any other agreement to
which the Trust is a party shall look only to the Trust Estate for payment or satisfaction thereof. The Trustee shall not be liable or accountable hereunder to the Trust or to any other Person or under any other agreement to which the Trust is a
party, except for the Trustee’s own fraud, gross negligence, bad faith or willful misconduct. In particular, but not by way of limitation: 

(a) The Trustee shall have no liability or responsibility for the validity or sufficiency of this Trust Agreement or for the form, character,
genuineness, sufficiency, enforceability, collectability, location, existence, value or validity of the Trust Estate; 
 (b) The Trustee
has not prepared or verified, and shall not be responsible or liable for, any information, disclosure or other statement in the Prospectus or in any other document issued or delivered in connection with the sale or transfer of the Shares; 

(c) The Trustee shall not be liable for any actions taken or omitted to be taken by it in accordance with the instructions of the Sponsor or
the Liquidating Trustee; 
 (d) The Trustee shall not have any liability for the acts or omissions of the Sponsor, the Custodian or their
respective delegates; 
 (e) The Trustee shall have no duty or obligation to supervise the performance of any obligations of the Sponsor,
the Custodian or their respective delegates or any Participant; 
 (f) No provision of this Trust Agreement shall require the Trustee to
expend or risk its own funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder; 
 (g)
Under no circumstances shall the Trustee be liable for any obligations of the Trust arising under this Trust Agreement or any other agreements to which the Trust is a party; 

(h) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Trust Agreement, or to institute,
conduct or defend any litigation under this Trust Agreement or any other agreements to which the Trust is a party, at the request, 

  
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order or direction of the Sponsor unless the Sponsor has offered to Delaware Trust Company (in its capacity as Trustee and individually) security or indemnity satisfactory to it against the
costs, expenses and liabilities that may be incurred by Delaware Trust Company (including, without limitation, the reasonable fees and expenses of its counsel) therein or thereby; 

(i) Notwithstanding anything contained herein to the contrary, the Trustee shall not be required to take any action in any jurisdiction other
than in the State of Delaware if the taking of such action will (i) require the consent or approval or authorization or order of, or the giving of notice to, or the registration with or taking of any action in respect of, any state or other
governmental authority or agency of any jurisdiction other than the State of Delaware, (ii) result in any fee, tax or other governmental charge becoming payable by the Trustee under the laws of any jurisdiction or any political subdivision
thereof other than the State of Delaware or (iii) subject the Trustee to personal jurisdiction, other than in the State of Delaware, for causes of action arising from personal acts unrelated to the consummation of the actions of the Trustee
contemplated by this Trust Agreement; 
 (j) To the extent that, at law or in equity, the Trustee has duties (including fiduciary duties)
and liabilities relating thereto to the Trust, the Shareholders or any other Person, the Trustee, acting under this Trust Agreement, shall not be liable to the Trust, the Shareholders or any other Person for its good faith reliance on the provisions
of this Trust Agreement, and the provisions of this Trust Agreement, to the extent that they restrict or eliminate the duties and liabilities of the Trustee otherwise existing at law or in equity are agreed by the parties hereto to replace such
other duties and liabilities of the Trustee; and 
 (k) The Trustee shall not be liable for punitive, exemplary, consequential or similar
damages for a breach of the Trust Agreement under any circumstances. 
 SECTION 2.7 Reliance; Advice of Counsel.
(a) In the absence of bad faith, the Trustee may conclusively rely upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Trust Agreement in determining the truth of the statements and the correctness
of the opinions contained therein, and shall incur no liability to anyone in acting or not acting on any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it
to be genuine and believed by it to be signed by the proper party or parties and need not investigate any fact or matter pertaining to any such document; provided, however, that the Trustee shall have examined any certificates and
opinions so as to reasonably determine compliance of such certificates and opinions with the requirements of this Trust Agreement. The Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any
corporate party as conclusive evidence that such resolution has been duly adopted by such body and that such resolution is in full force and effect. As to any fact or matter the method of the determination of which is not specifically prescribed in
this Trust Agreement, the Trustee may for all purposes hereof rely on a certificate, signed by the president, any vice president, the treasurer or any other authorized officers of the relevant party, as to such fact or matter, and such certificate
shall constitute full protection to the Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 

  
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 (b) In the exercise or administration of the Trust hereunder and in the performance of its
duties and obligations under this Trust Agreement, the Trustee, at the expense of the Trust (i) may act directly or through its agents, attorneys, custodians or nominees pursuant to agreements entered into with any of them, and the Trustee
shall not be liable for the conduct or misconduct of such agents, attorneys, custodians or nominees if such agents, attorneys, custodians or nominees shall have been selected by the Trustee with reasonable care and (ii) may consult with
counsel, accountants and other skilled professionals to be selected with reasonable care by it. The Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the opinion or advice of any such counsel,
accountant or other such Persons. 
 SECTION 2.8 Payments to the Trustee. Any amounts paid to the Trustee
pursuant to this Article II shall be deemed not to be a part of the Trust Estate immediately after such payment. Any amounts owing to the Trustee under this Trust Agreement shall constitute a claim against the Trust Estate. 

ARTICLE III 
 SHARES;
CAPITAL CONTRIBUTIONS; CREATIONS AND ISSUANCE OF 
 CREATION BASKETS 

SECTION 3.1 General. The Sponsor shall have the power and authority, without action or approval by the Limited Owners, to cause the
Trust to issue Shares from time to time as it deems necessary or desirable. The number of Shares authorized shall be unlimited, and the Shares so authorized may be represented in part by fractional Shares, calculated to one one-hundred-millionth of one Bitcoin. From time to time, the Sponsor may cause the Trust to divide or combine the Shares into a greater or lesser number without thereby changing the proportionate beneficial
interests in the Trust Estate, or in any way affecting the rights, of the Shareholders, without action or approval by the Limited Owners. The Trust shall issue Shares solely in exchange for contributions of Bitcoin (or for no consideration if
pursuant to a Share distribution or split-up). All Shares when so issued shall be fully paid and non-assessable. Every Shareholder, by virtue of having purchased or
otherwise acquired a Share, shall be deemed to have expressly consented and agreed to be bound by the terms of this Trust Agreement. 

SECTION 3.2 Offer of Shares; Procedures for Creation and Issuance of
Creation Baskets. 
 (a) General. The following procedures, as supplemented by the more detailed procedures specified
in the Exhibits, annexes, attachments and procedures, as applicable, to each Participant Agreement (the “PA Procedures”), which may be amended from time to time in accordance with the provisions of the relevant Participant
Agreement (provided that any such amendment shall not constitute an amendment of this Trust Agreement), shall govern the Trust with respect to the creation and issuance of Creation Baskets. Subject to the limitations upon, and requirements
for, issuance of Creation Baskets stated herein and in the PA Procedures, the number of Creation Baskets that may be issued by the Trust is unlimited. 

(i) On any Business Day, a Participant may place an order for one or more Creation Baskets (each, a “Creation
Order”) in the manner provided in the PA Procedures. 

  
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 (ii) The Sponsor or its delegate shall process Creation Orders only from
Participants with respect to which a Participant Agreement is in full force and effect. The Sponsor or its delegate shall maintain and make available at the Trust’s principal offices during normal business hours a current list of the
Participants with respect to which a Participant Agreement is in full force and effect. 
 (iii) The Trust shall create and
issue Creation Baskets only in exchange for deposit with the Custodian on the applicable Creation Settlement Date of the applicable Total Basket Bitcoin Amount by the relevant Participant or Liquidity Provider, as applicable. 

(iv) The Sponsor or its delegate has final determination of all questions as to the calculation of the Total Basket Bitcoin
Amount at any time. 
 (v) Deposits other than those received from a Participant Self-Administered Account or a Liquidity
Provider Account shall be rejected. The expense and risk of delivery, ownership and safekeeping of Bitcoins, until such Bitcoins have been received and not rejected by the Trust, shall be borne solely by the Participant or Liquidity Provider, as
applicable. 
 (vi) Upon receipt of the Total Basket Bitcoin Amount, the Sponsor or its delegate shall (A) direct the
Custodian to transfer the Total Bitcoin Basket Amount to the Vault Account, (B) direct the Transfer Agent to credit to the Participant’s account the number of Creation Baskets ordered by the Participant and (C) compensate the
Liquidity Provider pursuant to the PA Procedures. 
 (vii) The Custodian may accept delivery of Bitcoins by such other means
as the Sponsor, from time to time, may determine to be acceptable for the Trust. 
 (viii) If a successor to the Custodian
shall be employed, the Trust and the Sponsor shall establish procedures acceptable to such successor with respect to the matters addressed in this Section 3.2. 

(b) Rejection. The Sponsor or its delegate shall reject a Creation Order if the Creation Order is not in proper form as described in
the relevant Participant Agreement or if the fulfillment of the Creation Order, in the opinion of its counsel, might be unlawful. The issuance of Creation Baskets may be suspended generally, or refused with respect to a particular Creation Order,
during any period when the transfer books of the Transfer Agent are closed or if circumstances outside the control of the Sponsor or its delegate make it for all practicable purposes not feasible to process Creation Orders. None of the Sponsor, its
delegates or the Custodian shall be liable for the suspension or rejection of any Creation Order. 
 (c) Conflict. In the event of
any conflict between the procedures described in this Section 3.2 and the PA Procedures, the PA Procedures shall control. 

  
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 SECTION 3.3 Book-Entry-Only System. 

Shares shall be held in book-entry form by the Transfer Agent. The Sponsor or its delegate shall direct the Transfer Agent to (i) credit
or debit the number of Creation Baskets or Redemption Baskets to the account of the applicable Participant and (ii) issue or cancel Creation or Redemption Baskets, as applicable, at the direction of the Sponsor or its delegate. 

SECTION 3.4 Assets of the Trust. 

The Trust Estate shall irrevocably belong to the Trust for all purposes, subject only to the rights of creditors of the Trust and shall be so
recorded upon the books of account of the Trust. 
 SECTION 3.5 Liabilities of the Trust. 

The Trust Estate shall be charged with the liabilities of the Trust and with all expenses, costs, charges and reserves attributable to the
Trust. The Sponsor shall have full discretion, to the extent not inconsistent with applicable law, to determine which items shall be treated as income and which items as capital, and each such determination and allocation shall be conclusive and
binding upon the Shareholders. 
 SECTION 3.6 Distributions. 

(a) The Sponsor may, in its absolute discretion, cause the Trust to make distributions to the Shareholders from the Trust Estate at any time.
If the Trust sells Bitcoins, any cash remaining after the payment of any Additional Trust Expenses shall promptly be distributed to the Shareholders. 

(b) All distributions on Shares shall be made pro rata to the Shareholders in proportion to their respective Percentage Interests at the
date and time of record established for such distribution. 
 SECTION 3.7 Voting Rights. 

Notwithstanding any other provision hereof, on each matter submitted to a vote of the Shareholders, each Shareholder shall be entitled to a
proportionate vote based upon its Percentage Interest at such time. 
 SECTION 3.8 Equality. 

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

  
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 ARTICLE IV 

TRANSFERS OF SHARES 

SECTION 4.1 Except as otherwise provided in the Trust’s Registration Statement, Shares shall be transferable on the books of the Trust
only by the record holder thereof or by his or her duly authorized agent upon delivery to the Sponsor or the Trust’s Transfer Agent or similar agent of a duly executed instrument of transfer, together with a Share certificate if one is
outstanding, and such evidence of the genuineness of each such execution and authorization and of such other matters as may be required by the Sponsor. Upon such delivery, and subject to any further requirements specified by the Sponsor, the
transfer shall be recorded on the books of the Trust. Until a transfer is so recorded, the Shareholder of record of Shares shall be deemed to be the Shareholder with respect to such Shares for all purposes hereunder and neither the Sponsor nor the
Trust, nor the Transfer Agent or any similar agent or registrar or any officer, employee or agent of the Trust, shall be affected by any notice of a proposed transfer. 

ARTICLE V 
 REDEMPTIONS

 SECTION 5.1 Redemption of Redemption Baskets. 

(a) General. The following procedures, as supplemented by the PA Procedures, which may be amended from time to time in accordance with
the provisions of the Participant Agreement (provided that any such amendment shall not constitute an amendment of this Trust Agreement), shall govern the Trust with respect to the redemption of Redemption Baskets. 

(i) On any Business Day, a Participant may place an order to redeem Redemption Baskets (each, a “Redemption
Order”) in the manner provided in the PA Procedures. 
 (ii) The Sponsor or its delegates shall process
Redemption Orders only from Participants with respect to which a Participant Agreement is in full force and effect. 
 (iii)
The Trust shall redeem Redemption Baskets only in exchange for deposit with the Transfer Agent on the Redemption Settlement Date of the total number of Baskets indicated in the Participant’s Redemption Order. 

(iv) Upon receipt of the total number of Baskets indicated in the Participant’s Redemption Order, the Sponsor or its
delegate shall instruct the Transfer Agent to cancel the Shares in the Baskets so redeemed. The Sponsor or its delegate shall also instruct the Custodian to deposit into the Participant’s Self-Administered Account or the Liquidity Provider
Account, as applicable, a number of Bitcoins equal to the Total Basket Bitcoin Amount. 

  
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 (v) The Sponsor or its delegate has final determination of all questions as to
the determination of the Total Basket Bitcoin Amount at any time. 
 (vi) The Total Basket Bitcoin Amount shall be delivered
only to a Participant Self-Administered Account or a Liquidity Provider Account. 
 (vii) The Total Basket Bitcoin Amount
shall be subject to the deduction of any applicable tax or other governmental charges that may be due. 
 (b) Rejection. The Sponsor
or its delegate shall reject a Redemption Order if the Redemption Order is not in proper form as described in the relevant Participant Agreement or if the fulfillment of the Redemption Order, in the opinion of its counsel, might be unlawful. The
redemption of Baskets may be suspended generally, or refused with respect to a particular Redemption Order, during any period when the transfer books of the Transfer Agent are closed or if circumstances outside the control of the Sponsor or its
delegate make it for all practicable purposes not feasible to process Redemption Orders. None of the Sponsor, its delegates or the Custodian shall be liable for the suspension or rejection of any Redemption Order. 

(c) Conflict. In the event of any conflict between the procedures described in this Section 5.1 and the PA Procedures, the PA
Procedures shall control. 
 SECTION 5.2 Other Redemption Procedures. 

The Sponsor or its delegates from time to time may, but shall have no obligation to, establish procedures with respect to redemption of Shares
in lot sizes smaller than the Redemption Basket and permitting the redemption distribution to be delivered in a manner other than that specified in Section 5.1. 

ARTICLE VI 
 THE SPONSOR

 SECTION 6.1 Management of the Trust. 

Pursuant to Section 3806(b)(7) of the Delaware Trust Statute, the Trust shall be managed by the Sponsor in accordance with this Trust
Agreement. The Sponsor may delegate, as provided herein, the duty and authority to manage the Trust. Any determination as to what is in the interests of the Trust made by the Sponsor in good faith shall be conclusive. In construing the provisions of
this Trust Agreement, the presumption shall be in favor of a grant of power to the Sponsor. The enumeration of any specific power in this Trust Agreement shall not be construed as limiting the aforesaid power. 

SECTION 6.2 Authority of Sponsor. 

In addition to, and not in limitation of, any rights and powers conferred by law or other provisions of this Trust Agreement, and except as
limited, restricted or prohibited by the express provisions of this Trust Agreement or the Delaware Trust Statute, the Sponsor shall have, and 

  
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may exercise on behalf of the Trust, all powers and rights necessary, proper, convenient or advisable to effectuate and carry out the purposes of the Trust, which powers and rights shall include,
without limitation, the following: 
 (a) To enter into, execute, accept, deliver and maintain, and to cause the Trust to perform its
obligations under, contracts, agreements and any or all other documents and instruments incidental to the Trust’s purposes, including, but not limited to, contracts with third parties to provide various services, it being understood that any
document or instrument so executed or accepted by the Sponsor in the Sponsor’s name shall be deemed executed and accepted on behalf of the Trust by the Sponsor; provided, however, that such services may be performed by an
Affiliate or Affiliates of the Sponsor so long as the Sponsor has made a good faith determination that: (A) the Affiliate that it proposes to engage to perform such services is qualified to do so (considering the prior experience of the
Affiliate or the individuals employed by the Affiliate); (B) the terms and conditions of the agreement pursuant to which such Affiliate is to perform services for the Trust are no less favorable to the Trust than could be obtained from
equally-qualified unaffiliated third parties; and (C) the maximum period covered by the agreement pursuant to which such Affiliate is to perform services for the Trust shall not exceed one year, and such agreement shall be terminable without
penalty upon one hundred twenty (120) days’ prior written notice by the Trust; 
 (b) To establish, maintain, deposit into, and
sign checks and/or otherwise draw upon, accounts on behalf of the Trust with appropriate banking and savings institutions; 
 (c) To
deposit, withdraw, pay, retain and distribute the Trust Estate or any portion thereof in any manner consistent with the provisions of this Trust Agreement; 

(d) To supervise the preparation of the Prospectus and supplements and amendments thereto; 

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

(f) To prepare, or cause to be prepared, and file, or cause to be filed, an application to enable the Shares to be traded on NYSE Arca and to
take any other action and execute and deliver any certificates or documents that may be necessary to effectuate such trading; 
 (g) In the
sole and absolute discretion of the Sponsor, to admit an Affiliate or Affiliates of the Sponsor as additional Sponsors; 
 (h) Delegate
those of its duties hereunder as it shall determine from time to time to one or more Distributors, and add any additional service providers, if needed and as applicable; 

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

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

  
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 SECTION 6.3 Obligations of the Sponsor. 

In addition to the obligations expressly provided by the Delaware Trust Statute or this Trust Agreement, the Sponsor shall: 

(a) Devote such of its time to the business and affairs of the Trust as it shall, in its discretion exercised in good faith, determine to be
necessary to carry out the purposes of the Trust, as set forth in Section 1.5, for the benefit of the Shareholders; 
 (b) Execute,
file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate
jurisdictions; 
 (c) Retain independent public accountants to audit the accounts of the Trust; 

(d) Employ attorneys to represent the Sponsor and, as necessary, the Trust; 

(e) Select and enter into agreements with the Trustee and any other service provider to the Trust; 

(f) Use its best efforts to maintain the status of the Trust as a grantor trust for U.S. federal income tax purposes under Subpart E, Part I
of Subchapter J of the Code; 
 (g) Monitor all fees charged to the Trust, and the services rendered by the service providers to the Trust,
to determine whether the fees paid by, and the services rendered to, the Trust are at competitive rates and are the best price and services available under the circumstances, and if necessary, renegotiate the fee structure to obtain such rates and
services for the Trust; 
 (h) Have fiduciary responsibility for the safekeeping and use of the Trust Estate, whether or not in the
Sponsor’s immediate possession or control; 
 (i) Not employ or permit others to employ the Trust Estate in any manner except for the
benefit of the Trust, including, among other things, the utilization of any portion of the Trust Estate as compensating balances for the exclusive benefit of the Sponsor; 

(j) At all times act with integrity and good faith and exercise due diligence in all activities relating to the Trust and in resolving
conflicts of interest; 
 (k) Enter into a Participant Agreement with each Participant and discharge the duties and responsibilities of the
Trust and the Sponsor thereunder; 

  
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 (l) Receive directly or through its delegates from Participants and process properly submitted
Creation Orders, as described in Section 3.2(a); 
 (m) Receive directly or through its delegates from Participants and process properly
submitted Redemption Orders, as described in Section 5.1(a), or as may from time to time be permitted by Section 5.2; 
 (n) Interact
with the Custodian and any other party as required; 
 (o) Cause the Trust to comply with all rules, orders and regulations of the SEC and
NYSE Arca to which the Trust is subject as a result of the effectiveness of the Registration Statement and the listing of the Shares on NYSE Arca, and take all such other actions as may reasonably be taken and are necessary for the Shares to remain
registered with the SEC and traded on NYSE Arca until the Trust is terminated or the Shares are no longer registered with the SEC or traded on NYSE Arca; and 

(p) Take all actions to prepare and, to the extent required by this Trust Agreement or by law, mail to Shareholders any reports, press
releases or statements, financial or otherwise, that the Sponsor determines are required to be provided to Shareholders by applicable law or governmental regulation or the requirements of the SEC or NYSE Arca, as applicable. 

The foregoing clauses of Section 6.2 and this Section 6.3 shall be construed both as objects and powers, and the foregoing
enumeration of specific powers shall not be held to limit or restrict in any manner the general powers of the Sponsor. Any action by the Sponsor hereunder shall be deemed an action on behalf of the Trust, and not an action in an individual capacity.

 SECTION 6.4 General Prohibitions. 

The Trust shall not: 
 (a)
Receive any property other than Bitcoin upon the issuance of Shares; 
 (b) Hold any property other than Bitcoins or cash from the sale of
Bitcoins; 
 (c) Hold any cash from the sale of Bitcoins for more than thirty (30) Business Days prior to using such cash to pay
Additional Trust Expenses and distributing any remaining cash to the Shareholders; 
 (d) Redeem the Shares other than (i) to satisfy
a Redemption Order from a Participant, (ii) as provided in Section 6.10 or (iii) upon the dissolution of the Trust; 
 (e)
Borrow money from or loan money to any Shareholder (including the Sponsor) or any other Person; 
 (f) Create, incur, assume or suffer to
exist any lien, mortgage, pledge conditional sales or other title retention agreement, charge, security interest or encumbrance on or with respect to the Trust Estate, except liens for taxes not delinquent or being contested in good faith and
by appropriate proceedings and for which appropriate reserves have been established; 

  
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 (g) Commingle the Trust Estate with the assets of any other Person; 

(h) Permit rebates to be received by the Sponsor or any Affiliate of the Sponsor, or permit the Sponsor or any Affiliate of the Sponsor to
engage in any reciprocal business arrangements which would circumvent the foregoing prohibition; 
 (i) Enter into any contract with the
Sponsor or an Affiliate of the Sponsor (A) that, except for selling agreements for the sale of Shares, has a term of more than one year and that does not provide that it may be canceled by the Trust without penalty on sixty (60) days prior
written notice or (B) for the provision of services, except at rates and terms at least as favorable as those that may be obtained from third parties in arm’s length negotiations; or 

(j) Cause the Trust to elect to be treated as an association taxable as a corporation for U.S. federal income tax purposes. 

SECTION 6.5 Liability of Covered Persons. 

A Covered Person shall have no liability to the Trust, any Shareholder or any other Covered Person for any loss suffered by the Trust which
arises out of any action or inaction of such Covered Person if such Covered Person, in good faith, determined that such course of conduct was in the best interest of the Trust and such course of conduct did not constitute fraud, gross negligence,
bad faith or willful misconduct of such Covered Person. Subject to the foregoing, neither the Sponsor nor any other Covered Person shall be personally liable for the return or repayment of all or any portion of the capital or profits of any Limited
Owner or assignee thereof, it being expressly agreed that any such return of capital or profits made pursuant to this Trust Agreement shall be made solely from the assets of the Trust without any rights of contribution from the Sponsor or any other
Covered Person. A Covered Person shall not be liable for the conduct or misconduct of any delegatee selected by the Sponsor with reasonable care. 

SECTION 6.6 Fiduciary Duty. 

(a) To the extent that, at law or in equity, the Sponsor has duties (including fiduciary duties) and liabilities relating thereto to the
Trust, the Shareholders or any other Person, the Sponsor acting under this Trust Agreement shall not be liable to the Trust, the Shareholders or to any other Person for its good faith reliance on the provisions of this Trust Agreement subject to the
standard of care described in Section 6.5 herein. The provisions of this Trust Agreement, to the extent that they restrict or eliminate the duties and liabilities of the Sponsor otherwise existing at law or in equity are agreed by the parties
hereto to replace such other duties and liabilities of the Sponsor. To the fullest extent permitted by law, no Person other than the Sponsor and the Trustee shall have any duties (including fiduciary duties) or liabilities at law or in equity to the
Trust, the Limited Owners or any other Person. 
 (b) Unless otherwise expressly provided herein: 

(i) whenever a conflict of interest exists or arises between the Sponsor or any of its Affiliates, on the one hand, and the
Trust, any Limited Owner or any other Person, on the other hand; or 
 (ii) whenever this Trust Agreement or any other
agreement contemplated herein provides that the Sponsor shall act in a manner that is, or provides terms that are, fair and reasonable to the Trust, any Limited Owner or any other Person, 

  
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 the Sponsor shall resolve such conflict of interest, take such action or provide such terms, considering in each
case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable
generally accepted accounting practices or principles. In the absence of bad faith by the Sponsor, the resolution, action or terms so made, taken or provided by the Sponsor shall not constitute a breach of this Trust Agreement or any other agreement
contemplated herein or of any duty or obligation of the Sponsor at law or in equity or otherwise. 
 (c) The Sponsor and any Affiliate of
the Sponsor may engage in or possess an interest in profit-seeking or business ventures of any nature or description, independently or with others, whether or not such ventures are competitive with the Trust and the doctrine of corporate
opportunity, or any analogous doctrine, shall not apply to the Sponsor. If the Sponsor acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Trust, it shall have no duty to
communicate or offer such opportunity to the Trust, and the Sponsor shall not be liable to the Trust or to the Limited Owners for breach of any fiduciary or other duty by reason of the fact that the Sponsor pursues or acquires for, or directs such
opportunity to, another Person or does not communicate such opportunity or information to the Trust. Neither the Trust nor any Shareholder shall have any rights or obligations by virtue of this Trust Agreement or the trust relationship created
hereby in or to such independent ventures or the income or profits or losses derived therefrom, and the pursuit of such ventures, even if competitive with the purposes of the Trust, shall not be deemed wrongful or improper. Except to the extent
expressly provided herein, the Sponsor may engage or be interested in any financial or other transaction with the Trust, the Limited Owners or any Affiliate of the Trust or the Limited Owners. 

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

  
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 SECTION 6.7 Indemnification of the Sponsor. 

(a) The Sponsor shall be indemnified by the Trust against any losses, judgments, liabilities, expenses and amounts paid in settlement of any
claims sustained by it in connection with its activities for the Trust, provided that (i) the Sponsor was acting on behalf of, or performing services for, the Trust and has determined, in good faith, that such course of conduct was in
the best interests of the Trust and such liability or loss was not the result of fraud, gross negligence, bad faith, willful misconduct, or a material breach of this Trust Agreement on the part of the Sponsor and (ii) any such indemnification
will be recoverable only from the Trust Estate. All rights to indemnification permitted herein and payment of associated expenses shall not be affected by the dissolution or other cessation of existence of the Sponsor, or the withdrawal,
adjudication of bankruptcy or insolvency of the Sponsor, or the filing of a voluntary or involuntary petition in bankruptcy under Title 11 of the Code by or against the Sponsor. 

(b) Notwithstanding the provisions of Section 6.7(a) above, the Sponsor, any Participant and any other Person acting as a broker-dealer for
the Trust shall not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of U.S. federal or state securities laws unless (i) there has been a successful adjudication on the merits of each count
involving alleged securities law violations as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation, litigation costs), (ii) such claims have been dismissed with prejudice on
the merits by a court of competent jurisdiction as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation, litigation costs) or (iii) a court of competent jurisdiction approves a
settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and related costs should be made. 

(c) The Trust shall not incur the cost of that portion of any insurance that insures any party against any liability, the indemnification of
which is herein prohibited. 
 (d) Expenses incurred in defending a threatened or pending civil, administrative or criminal action suit or
proceeding against the Sponsor shall be paid by the Trust in advance of the final disposition of such action, suit or proceeding if (i) the legal action relates to the performance of duties or services by the Sponsor on behalf of the Trust;
(ii) the legal action is initiated by a third party who is not a Limited Owner or the legal action is initiated by a Limited Owner and a court of competent jurisdiction specifically approves such advance; and (iii) the Sponsor undertakes
to repay the advanced funds with interest to the Trust in cases in which it is not entitled to indemnification under this Section 6.7. 

(e) The term “Sponsor” as used only in this Section 6.7 shall include, in addition to the Sponsor, any other Covered Person
performing services on behalf of the Trust and acting within the scope of the Sponsor’s authority as set forth in this Trust Agreement. 

(f) In the event the Trust is made a party to any claim, dispute, demand or litigation or otherwise incurs any loss, liability, damage, cost
or expense as a result of or in connection with any Limited Owner’s (or assignee’s) obligations or liabilities unrelated to Trust business, such Limited Owner (or assignees cumulatively) shall indemnify, defend, hold harmless, and
reimburse the Trust for all such loss, liability, damage, cost and expense incurred, including attorneys’ and accountants’ fees. 

  
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 SECTION 6.8 Expenses and Limitations Thereon. 

(a) Sponsor’s Fee. 

(i) The Trust shall pay to the Sponsor a fee (the “Sponsor’s Fee”), payable in Bitcoins, which
shall accrue daily in U.S. Dollars at an annual rate equal to a percentage, to be determined by the Sponsor, of the Bitcoin Holdings of the Trust as of 4:00 p.m. (New York time) on each day, provided that for a day that is not a Business Day, the
calculation shall be based on the Bitcoin Index Price from the most recent Business Day. The amount of Bitcoins payable in respect of each daily U.S. Dollar accrual shall be determined by reference to the same Bitcoin Index Price used to
determine such accrual. The Sponsor’s Fee is payable to the Sponsor monthly in arrears. 
 (ii) To cause the Trust to
pay the Sponsor’s Fee, the Sponsor shall instruct the Custodian to withdraw from the Bitcoin Account the number of Bitcoins equal to the accrued but unpaid Sponsor’s Fee and transfer such Bitcoins to an account maintained by the Custodian
for the Sponsor at such times as the Sponsor determines in its absolute discretion. 
 (iii) After the payment of the
Sponsor’s Fee to the Sponsor, the Sponsor may elect to convert the Sponsor’s Fee into U.S. Dollars. The Limited Owners acknowledge that the rate at which the Sponsor converts such Bitcoins to U.S. Dollars may differ from the rate at which
the Sponsor’s Fee was initially converted into Bitcoins. The Trust shall not be responsible for any fees and expenses incurred by the Sponsor to convert Bitcoins received in payment of the Sponsor’s Fee into U.S. Dollars. 

(iv) As consideration for receipt of the Sponsor’s Fee, the Sponsor shall assume and pay (i) the Marketing Fee,
(ii) the Administrator Fee, (iii) the Custodian Fee, (iv) the Transfer Agent fee, (v) the Trustee fee, (vi) the fees and expenses related to public trading on NYSE Arca (including legal, marketing and audit fees and
expenses), (vii) legal expenses, (viii) audit fees, (ix) regulatory fees, including any fees relating to the registration of the Shares with the SEC, (x) printing and mailing costs (including costs of maintaining the Trust’s
website) and (xi) applicable license fees (each, a “Sponsor-paid Expense” and together, the “Sponsor-paid Expenses”). In the Sponsor’s sole discretion, all or any portion of a Sponsor-paid
Expense may be redesignated as an Additional Trust Expense. 
 (b) Additional Trust Expenses. 

(i) At the direction of the Sponsor, the Trust shall pay any expenses incurred by the Trust in addition to the Sponsor’s
Fee that are not Sponsor-paid Expenses, including, but not limited to, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Trust to protect the
Trust or the interests of Shareholders, any indemnification of the Custodian, Administrator or other agents, service providers or counterparties of the Trust and extraordinary legal fees and expenses (collectively, “Additional
Trust Expenses”). 

  
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 (c) The Sponsor or its delegates shall direct the Custodian to withdraw Bitcoins as needed from
the Vault Account to pay the Sponsor’s Fees (as well as the Additional Trust Expenses, if any). 
 (d) The Sponsor or any Affiliate of
the Sponsor may be reimbursed only for the actual cost to the Sponsor or such Affiliate of any expenses that it advances on behalf of the Trust for payment of which the Trust is responsible. In addition, payment to the Sponsor or such Affiliate for
indirect expenses incurred in performing services for the Trust in its capacity as the Sponsor (or an Affiliate of the Sponsor) of the Trust, such as salaries and fringe benefits of officers and directors, rent or depreciation, utilities and other
administrative items generally falling within the category of the Sponsor’s “overhead,” is prohibited. 
 SECTION 6.9
Business of Shareholders. 
 Except as otherwise specifically provided herein, any of the Shareholders and any
shareholder, officer, director, employee or other Person holding a legal or beneficial interest in an entity that is a Shareholder, may engage in or possess an interest in business ventures of every nature and description, independently or with
others, and the pursuit of such ventures, even if adverse to the interests of the Trust, shall not be deemed wrongful or improper. 

SECTION 6.10 Voluntary Withdrawal of the Sponsor. 

The Sponsor may withdraw voluntarily as the Sponsor of the Trust only upon one hundred and twenty (120) days’ prior written notice
to all Limited Owners and the Trustee. Following receipt of such notice and if the withdrawing Sponsor is the last remaining Sponsor, Limited Owners holding Shares equal to at least a majority (over 50%) of the Shares (not including Shares held by
the Sponsor) may vote to elect and appoint, effective as of a date on or prior to the withdrawal, a successor Sponsor who shall carry on the business of the Trust. In the event of its withdrawal, the Sponsor shall be entitled to a redemption of its
Shares for a number of Bitcoins determined by dividing the number of Bitcoins owned by the Trust at such time (reduced by the number of whole and fractional Bitcoins constituting accrued but unpaid fees and expenses of the Trust at such time) by the
number of Shares outstanding at such time (calculated to one one-hundred-millionth of one Bitcoin) and multiplying the quotient obtained by the number of Shares to be redeemed. If the Sponsor withdraws and a
successor Sponsor is named, the withdrawing Sponsor shall pay all expenses as a result of its withdrawal. 
 SECTION 6.11
Authorization of Prospectus. 
 Each Limited Owner (or any permitted assignee thereof) hereby agrees that the Trust,
the Sponsor and the Trustee are authorized to execute, deliver and perform the agreements, acts, transactions and matters contemplated hereby or described in or contemplated by the Prospectus on behalf of the Trust without any further act, approval
or vote of the Limited Owners, notwithstanding any other provision of this Trust Agreement, the Delaware Trust Statute or any applicable law, rule or regulation. 

  
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 SECTION 6.12 Litigation. 

The Sponsor is hereby authorized to prosecute, defend, settle or compromise actions or claims at law or in equity as may be necessary or
proper to enforce or protect the Trust’s interests. The Sponsor shall satisfy any judgment, decree or decision of any court, board or authority having jurisdiction or any settlement of any suit or claim prior to judgment or final decision
thereon, first, out of any insurance proceeds available therefor, next, out of the Trust’s assets and, thereafter, out of the assets (to the extent that it is permitted to do so under the various other provisions of this Trust Agreement) of the
Sponsor. 
 SECTION 6.13 Transfer of Sponsor’s Shares. 

(a) The Sponsor shall not cease to be a Sponsor of the Trust merely upon the occurrence of its making an assignment for the benefit of
creditors, filing a voluntary petition in bankruptcy, filing a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, filing
an answer or other pleading admitting or failing to contest material allegations of a petition filed against it in any proceeding of this nature or seeking, consenting to or acquiescing in the appointment of a trustee, receiver or liquidator for
itself or of all or any substantial part of its properties. 
 (b) To the fullest extent permitted by law, and on sixty
(60) days’ prior written notice to the Limited Owners, of their right to vote thereon if any such transaction is other than with an Affiliated entity, nothing in this Trust Agreement shall be deemed to prevent the merger of the Sponsor
with another corporation or other entity, the reorganization of the Sponsor into or with any other corporation or other entity, the transfer of all the capital stock of the Sponsor, the assumption of the rights, duties and liabilities of the Sponsor
by, in the case of a merger, reorganization or consolidation, the surviving corporation or other entity by operation of law or the transfer of the Sponsor’s Shares to an Affiliate of the Sponsor. Without limiting the foregoing, none of the
transactions referenced in the preceding sentence shall be deemed to be a voluntary withdrawal for purposes of Section 6.10. 

ARTICLE VII 
 THE
LIMITED OWNERS 
 SECTION 7.1 No Management or Control; Limited Liability; Exercise
of Rights through a Participant. 
 The Limited Owners shall not participate in the management or control
of the Trust nor shall they enter into any transaction on behalf of the Trust or have the power to sign for or bind the Trust, said power being vested solely and exclusively in the Sponsor. Except as provided in Section 7.3, no Limited Owner
shall be bound by, or be personally liable for, the expenses, liabilities or obligations of the Trust in excess of his Percentage Interest of the Trust Estate. Except as provided in Section 7.3 hereof, each Share owned by a Limited Owner shall
be fully paid and no assessment shall be made against any Limited Owner. No salary shall be paid to any Limited Owner in his capacity as a Limited Owner, nor shall any Limited Owner have a drawing 

  
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account or earn interest on its Percentage Interest of the Trust Estate. By the purchase and acceptance or other lawful delivery and acceptance of Shares, each Limited Owner shall be a
beneficiary of the Trust and vested with beneficial undivided interest in the Trust to the extent of the Shares owned beneficially by such Limited Owner, subject to the terms and conditions of this Trust Agreement. 

SECTION 7.2 Rights and Duties. 

The Limited Owners shall have the following rights, powers, privileges, duties and liabilities: 

(a) The Limited Owners shall have the right to obtain from the Sponsor information on all things affecting the Trust, provided that
such information is for a purpose reasonably related to the Limited Owner’s interest as a beneficial owner of the Trust. 
 (b) The
Limited Owners shall receive the share of the distributions provided for in this Trust Agreement in the manner and at the times provided for in this Trust Agreement. 

(c) Except for the Limited Owners’ redemption rights set forth in Article VI hereof, Limited Owners shall have the right to demand
a redemption of their Shares only upon the dissolution and winding up of the Trust and only to the extent of funds available therefor as provided in Section 12.2. In no event shall a Limited Owner be entitled to demand or receive property other
than cash upon the dissolution and winding up of the Trust. No Limited Owner shall have priority over any other Limited Owner as to distributions. The Limited Owner shall not have any right to bring an action for partition against the Trust. 

(d) Limited Owners holding Shares representing (i) at least a majority (over 50%) of the Shares (not including Shares held by the
Sponsor and its Affiliates) may vote to appoint a successor Sponsor as provided in Section 6.10 or to continue the Trust as provided in Section 12.1(f). Except as set forth in this Section 7.2(d), the Limited Owners shall have no voting or
other rights with respect to the Trust. 
 SECTION 7.3 Limitation of Liability. 

(a) Except as provided in Section 6.7(f) and as otherwise provided under Delaware law, the Limited Owners shall be entitled to the same
limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of Delaware and no Limited Owner shall be liable for claims against or debts of the Trust in excess of his
Percentage Interest of the Trust Estate, except in the case of a Limited Owner that is a Participant, in the event that the liability is founded upon misstatements or omissions contained in such Limited Owner’s Participant Agreement. In
addition, and subject to the exceptions set forth in the immediately preceding sentence, the Trust shall not make a claim against a Limited Owner with respect to amounts distributed to such Limited Owner or amounts received by such Limited Owner
upon redemption of such Limited Owner’s Shares unless, under Delaware law, such Limited Owner is liable to repay such amount. 
 (b)
The Trust shall indemnify to the full extent permitted by law and the other provisions of this Trust Agreement, and to the extent of the Trust Estate, each Limited Owner against any claims of liability asserted against such Limited Owner solely
because he is a beneficial owner of one or more Shares as a Limited Owner. 

  
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 (c) Every written note, bond, contract, instrument, certificate or undertaking made or issued by
the Sponsor on behalf of the Trust shall give notice to the effect that the same was executed or made by or on behalf of the Trust and that the obligations of such instrument are not binding upon the Limited Owners individually but are binding only
upon the assets and property of the Trust, and no resort shall be had to the Limited Owners’ personal property for satisfaction of any obligation or claim thereunder, and appropriate references may be made to this Trust Agreement and may
contain any further recital that the Sponsor deems appropriate, but the omission thereof shall not operate to bind the Limited Owners individually or otherwise invalidate any such note, bond, contract, instrument, certificate or undertaking. Nothing
contained in this Section 7.3 shall diminish the limitation on the liability of the Trust to the extent set forth in Section 3.5 hereof. 

SECTION 7.4 Derivative Actions. 

In addition to any other requirements of applicable law including Section 3816 of the Delaware Trust Statute, no Shareholder shall have
the right, power or authority to bring or maintain a derivative action, suit or other proceeding on behalf of the Trust unless two or more Shareholders who (i) are not Affiliates of one another and (ii) collectively hold at least 10% of
the outstanding Shares join in the bringing or maintaining of such action, suit or other proceeding. 
 ARTICLE VIII 

BOOKS OF ACCOUNT AND REPORTS 

SECTION 8.1 Books of Account. 

Proper books of account for the Trust shall be kept and shall be audited annually by an independent certified public accounting firm selected
by the Sponsor in its sole discretion, and there shall be entered therein all transactions, matters and things relating to the Trust as are required by the applicable law and regulations and as are usually entered into books of account kept by
trusts. The books of account shall be kept at the principal office of the Trust and no Shareholder shall have any right to inspect any account, book or document of the Trust that is not publicly available, except as conferred by the Trustee. Such
books of account shall be kept, and the Trust shall report its profits and losses on, the accrual method of accounting for financial accounting purposes on a Fiscal Year basis as described in Article IX. 

SECTION 8.2 Quarterly Updates, Annual Updates and Account Statements. 

(a) The Sponsor shall prepare and publish the Trust’s Quarterly Reports and Annual Reports as required by the rules and regulations of
the SEC. 

  
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 SECTION 8.3 Tax Information. 

Appropriate tax information (adequate to enable each Limited Owner to complete and file its U.S. federal tax return) shall be delivered
to each Limited Owner as soon as practicable following the end of each Fiscal Year but, to the extent possible, no later than March 15. All such information shall be prepared, and all of the Trust’s tax returns shall be filed, in a manner
consistent with the treatment of the Trust as a grantor trust. The Trust’s taxable year shall be the calendar year. The Trustee shall comply with all U.S. federal withholding requirements respecting distributions to, or receipts of amounts on
behalf of, Shareholders that the Trustee reasonably believes are applicable under the Code. The consent of Shareholders shall not be required for such withholding. 

SECTION 8.4 Calculation of Bitcoin Holdings. 

The Sponsor or its delegate shall calculate and publish the Trust’s Bitcoin Holdings each Business Day as of 4:00 p.m., Eastern time, or
as soon thereafter as practicable. In order to calculate the Bitcoin Holdings, the Sponsor shall: 
  

	 	1.	Determine the Bitcoin Index Price. 

  

	 	2.	Multiply the Bitcoin Index Price by the aggregate number of Bitcoins owned by the Trust as of 4:00 p.m., Eastern time, on the immediately preceding day. 

 

	 	3.	Add the U.S. Dollar value of Bitcoins, as calculated using the Bitcoin Index Price, receivable under pending Creation Orders, if any, determined by multiplying the number of the Creation Baskets represented by such
Creation Orders by the Basket Bitcoin Amount and then multiplying such product by the Bitcoin Index Price. 

  

	 	4.	Subtract the U.S. Dollar value of the Bitcoins, as calculated using the Bitcoin Index Price, constituting the Sponsor’s Fee, determined by multiplying the number of such Bitcoins by the Bitcoin Index Price.

  

	 	5.	Subtract the Additional Trust Expenses, if any. 

  

	 	6.	Subtract the U.S. Dollar value of the Bitcoins to be distributed under pending Redemption Orders, determined by multiplying the number of Redemption Baskets represented by such Redemption Orders by the Basket
Bitcoin Amount and then multiplying such product by the Bitcoin Index Price. 

 In the event that the Sponsor determines that
the methodology used to determine the Bitcoin Index Price is not an appropriate basis for valuation of the Trust’s Bitcoins, the Sponsor shall use an alternative methodology as set forth in the Prospectus. 

SECTION 8.5 Maintenance of Records. 

The Sponsor shall maintain for a period of at least six Fiscal Years (a) all books of account required by Section 8.1 hereof;
(b) a copy of the Certificate of Trust and all certificates of amendment thereto; (c) copies of the Trust’s U.S. federal, state and local income tax returns 

  
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and reports, if any; (d) copies of any effective written Trust Agreements, Participant Agreements, including any amendments thereto; and (e) any financial statements of the Trust. The
Sponsor may keep and maintain the books and records of the Trust in paper, magnetic, electronic or other format as the Sponsor may determine in its sole discretion, provided that the Sponsor shall use reasonable care to prevent the loss or
destruction of such records. If there is a conflict between this Section 8.5 and the rules and regulations of the SEC or NYSE Arca with respect to the maintenance of records, the records shall be maintained pursuant to the rules and regulations
of the SEC or NYSE Arca. 
 ARTICLE IX 

FISCAL YEAR 
 SECTION 9.1
Fiscal Year. 
 The fiscal year of the Trust for financial accounting purposes (the “Fiscal Year”)
shall begin on the 1st day of January and end on the 31st day of December of each year. The Fiscal Year in which the Trust shall terminate
shall end on the date of such termination. 
 ARTICLE X 

AMENDMENT OF TRUST AGREEMENT; MEETINGS 

SECTION 10.1 Amendments to the Trust Agreement. 

(a) Except as specifically provided herein, the Sponsor, in its sole discretion and without Shareholder consent, may amend or otherwise
supplement this Trust Agreement by making an amendment, an Agreement supplemental hereto, or an amended and restated declaration of trust and trust agreement. Any such restatement, amendment and/or supplement hereto shall be effective on such date
as designated by Sponsor in its sole discretion; provided that the Sponsor shall not be permitted to make any such amendment, or otherwise supplement this Trust Agreement, if such amendment or supplement would permit the Sponsor, the Trustee
or any other Person to vary the investment of the Shareholders (within the meaning of Treasury Regulations Section 301.7701-4(c)) or would otherwise adversely affect the status of the Trust as a grantor trust
for U.S. federal income tax purposes. Any amendment to this Trust Agreement which materially adversely affects the interests of the Shareholders shall not be effective any earlier than twenty (20) days after receipt by the affected Shareholders
of a notice provided by the Sponsor with respect to any such amendment. 
 (b) Upon amendment of this Trust Agreement, the Certificate of
Trust shall also be amended, if required by the Delaware Trust Statute, to reflect such change. At the expense of the Sponsor, the Trustee shall execute and file any amendment to the Certificate of Trust if so directed by the Sponsor. 

(c) No amendment affecting the rights or duties of the Trustee shall be binding upon or effective against the Trustee unless consented to by
the Trustee in writing. No amendment shall be made to this Trust Agreement without the consent of the Trustee if the 

  
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Trustee reasonably believes that such amendment adversely affects any of its rights, duties or liabilities. The Trustee shall be under no obligation to execute any amendment to the Trust
Agreement or to any agreement to which the Trust is a party until it has received an instruction letter from the Sponsor, in form and substance reasonably satisfactory to the Trustee, (i) directing the Trustee to execute such amendment,
(ii) representing and warranting to the Trustee that such execution is authorized and permitted by the terms of the Trust Agreement and (if applicable) such other agreement to which the Trust is a party and does not conflict with or violate any
other agreement to which the Trust is a party and (iii) confirming that such execution and acts related thereto are covered by the indemnity provisions of the Trust Agreement in favor of the Trustee and do not adversely affect the Trustee. 

(d) To the fullest extent permitted by law, no provision of this Trust Agreement may be amended, waived or otherwise modified orally but only
by a written instrument adopted in accordance with this Section. 
 SECTION 10.2 Meetings of the Trust. 

Meetings of the Shareholders may be called by the Sponsor. The Sponsor shall provide written notice to all Shareholders thereof of the meeting
and the purpose of the meeting, which shall be held on a date not less than thirty (30) nor more than sixty (60) days after the date of mailing of said notice, at a reasonable time and place. Any notice of meeting shall be accompanied by a
description of the action to be taken at the meeting and an opinion of independent counsel as to the effect of such proposed action on the liability of Limited Owners for the debts of the Trust. Shareholders may vote in person or by proxy at any
such meeting. 
 SECTION 10.3 Action Without a Meeting. 

Any action required or permitted to be taken by Shareholders by vote may be taken without a meeting by written consent setting forth the
actions so taken. Such written consents shall be treated for all purposes as votes at a meeting. If the vote or consent of any Shareholder to any action of the Trust or any Shareholder, as contemplated by this Trust Agreement, is solicited by the
Sponsor, the solicitation shall be effected by notice to each Shareholder given in the manner provided in Section 13.5. The vote or consent of each Shareholder so solicited shall be deemed conclusively to have been cast or granted as requested
in the notice of solicitation, whether or not the notice of solicitation is actually received by that Shareholder, unless the Shareholder expresses written objection to the vote or consent by notice given in the manner provided in Section 13.5
and actually received by the Trust within twenty (20) days after the notice of solicitation is sent. The Covered Persons dealing with the Trust shall be entitled to act in reliance on any vote or consent that is deemed cast or granted pursuant
to this Section 10.3 and shall be fully indemnified by the Trust in so doing. Any action taken or omitted in reliance on any such deemed vote or consent of one or more Shareholders shall not be void or voidable by reason of any communication
made by or on behalf of all or any of such Shareholders in any manner other than as expressly provided in Section 13.5. 

  
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 ARTICLE XI 

TERM 
 SECTION 11.1
Term. 
 The term for which the Trust is to exist shall be perpetual, unless terminated pursuant to the provisions of
Article XII hereof or as otherwise provided by law. 
 ARTICLE XII 

TERMINATION 
 SECTION 12.1
Events Requiring Dissolution of the Trust. 
 (a) The Trust shall dissolve at any time upon the
happening of any of the following events: 
 (i) a U.S. federal or state regulator requires the Trust to shut down or forces
the Trust to liquidate its Bitcoins or seizes, impounds or otherwise restricts access to the Trust Estate; 
 (ii) the Trust
is determined to be a “money service business” under the regulations promulgated by FinCEN under the authority of the U.S. Bank Secrecy Act and is required to comply with certain FinCEN regulations thereunder, and the Sponsor has made the
determination that dissolution of the Trust is advisable; 
 (iii) the Trust is required to obtain a license or make a
registration under any state law regulating money transmitters, money services businesses, providers of prepaid or stored value or similar entities, or virtual currency businesses, and the Sponsor has made the determination that dissolution of the
Trust is advisable; 
 (iv) any ongoing event exists that either prevents the Trust from making or makes impractical the
Trust’s reasonable efforts to make a fair determination of the Bitcoin Index Price; 
 (v) any ongoing event exists
that either prevents the Trust from converting or makes impractical the Trust’s reasonable efforts to convert Bitcoins to U.S. Dollar; 

(vi) a certificate of dissolution or revocation of the Sponsor’s charter is filed (and ninety (90) days have passed
after the date of notice to the Sponsor of revocation without a reinstatement of the Sponsor’s charter) or the withdrawal, removal, adjudication or admission of bankruptcy or insolvency of the Sponsor (each of the foregoing events an
“Event of Withdrawal”) has occurred unless (i) at the time there is at least one remaining Sponsor or (ii) within ninety (90) days of such Event of Withdrawal Shareholders holding at least a majority of
the Shares (not including Shares held by the Sponsor and its Affiliates) agree in writing to continue the Trust and to select, effective as of the date of such event, one or more successor Sponsors; 

  
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 (vii) Shareholders holding at least 75% of the outstanding Shares notify the
Sponsor that they elect to dissolve the Trust and such notice is sent to the Sponsor not less than ninety (90) days prior to the effective date of dissolution; or 

(viii) the Custodian resigns or is removed without replacement. 

(b) The Sponsor may, in its sole discretion, dissolve the Trust if any of the following events occur: 

(i) the SEC determines that the Trust is an investment company required to be registered under the Investment Company Act of
1940; 
 (ii) the CFTC determines that the Trust is a commodity pool under the Commodity Exchange Act; 

(iii) the Trust becomes insolvent or bankrupt; 

(iv) all of the Trust’s Bitcoins are sold; 

(v) the Sponsor determines that the size of the Trust Estate in relation to the expenses of the Trust makes it unreasonable or
imprudent to continue the Trust; 
 (vi) the Sponsor receives notice from the IRS or from counsel for the Trust or the
Sponsor that the Trust fails to qualify for treatment, or will not be treated, as a grantor trust under the Code; or 

(vii) the Trustee notifies the Sponsor of the Trustee’s election to resign and the Sponsor does not appoint a successor
trustee within one hundred and eighty (180) days. 
 (c) The death, legal disability, bankruptcy, insolvency, dissolution, or
withdrawal of any Limited Owner shall not result in the termination of the Trust, and such Limited Owner, his estate, custodian or personal representative shall have no right to a redemption of such Limited Owner’s Shares. Each Limited Owner
(and any assignee thereof) expressly agrees that in the event of his death, he waives on behalf of himself and his estate, and he directs the legal representative of his estate and any person interested therein to waive, the furnishing of any
inventory, accounting or appraisal of the Trust Estate and any right to an audit or examination of the books of the Trust, except for such rights as are set forth in Article VIII hereof relating to the books of account and reports of the Trust.

 SECTION 12.2 Distributions on Dissolution. Upon the dissolution of the Trust, the Sponsor (or in the event there is
no Sponsor, such person (the “Liquidating Trustee”) as the majority in interest of the Limited Owners may propose and approve) shall take full charge of the Trust Estate. Any Liquidating Trustee so appointed shall have and
may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the 

  
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Sponsor under the terms of this Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and provided that the
Liquidating Trustee shall not have general liability for the acts, omissions, obligations and expenses of the Trust. Thereafter, in accordance with Section 3808(e) of the Delaware Trust Statute, the affairs of the Trust shall be wound up and
all assets owned by the Trust shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom shall be applied and distributed in the following order of priority: (a) to the expenses of
liquidation and termination and to creditors, including Shareholders who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Trust (whether by payment or the making of reasonable provision for payment
thereof) other than liabilities for distributions to Shareholders, and (b) to the Shareholders pro rata in accordance with their respective Percentage Interests. 

SECTION 12.3 Termination; Certificate of Cancellation. Following the dissolution and distribution of the assets of
the Trust, the Trust shall terminate and the Sponsor or the Liquidating Trustee, as the case may be, shall instruct the Trustee to execute and cause such certificate of cancellation of the Certificate of Trust to be filed in accordance with the
Delaware Trust Statute at the expense of the Sponsor or the Liquidating Trustee, as the case may be. Notwithstanding anything to the contrary contained in this Trust Agreement, the existence of the Trust as a separate legal entity shall continue
until the filing of such certificate of cancellation. 
 ARTICLE XIII 

MISCELLANEOUS 
 SECTION
13.1 Governing Law. The validity and construction of this Trust Agreement and all amendments hereto shall be governed by the laws of the State of Delaware, and the rights of all parties hereto and the effect of every provision hereof
shall be subject to and construed according to the laws of the State of Delaware without regard to the conflict of laws provisions thereof; provided, however, that causes of action for violations of U.S. federal or state
securities laws shall not be governed by this Section 13.1, and provided, further, that the parties hereto intend that the provisions hereof shall control over any contrary or limiting statutory or common law of the State of
Delaware (other than the Delaware Trust Statute) and that, to the maximum extent permitted by applicable law, there shall not be applicable to the Trust, the Trustee, the Sponsor, the Shareholders or this Trust Agreement any provision of the laws
(statutory or common) of the State of Delaware (other than the Delaware Trust Statute) pertaining to trusts that relate to or regulate in a manner inconsistent with the terms hereof: (a) the filing with any court or governmental body or agency
of trustee accounts or schedules of trustee fees and charges, (b) affirmative requirements to post bonds for trustees, officers, agents, or employees of a trust, (c) the necessity for obtaining court or other governmental approval
concerning the acquisition, holding or disposition of real or personal property, (d) fees or other sums payable to trustees, officers, agents or employees of a trust, (e) the allocation of receipts and expenditures to income or principal,
(f) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (g) the establishment of fiduciary or
other standards or responsibilities or limitations on the acts or powers of trustees or managers that are inconsistent with the limitations on liability or authorities and powers of the Trustee or the Sponsor set forth

  
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or referenced in this Trust Agreement. Section 3540 of Title 12 of the Delaware Code shall not apply to the Trust. The Trust shall be of the type commonly called a “statutory
trust,” and without limiting the provisions hereof, but subject to Sections 1.5 and 1.6, the Trust may exercise all powers that are ordinarily exercised by such a statutory trust under Delaware law. Subject to Sections 1.5 and 1.6, the Trust
specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power
or privilege or take such actions. 
 SECTION 13.2 Provisions In Conflict With Law or
Regulations. 
 (a) The provisions of this Trust Agreement are severable, and if the Sponsor shall determine, with the advice of
counsel, that any one or more of such provisions (the “Conflicting Provisions”) are in conflict with the Code, the Delaware Trust Statute, the Securities Act or other applicable U.S. federal or state laws or the rules
and regulations of the SEC or NYSE Arca, the Conflicting Provisions shall be deemed never to have constituted a part of this Trust Agreement, even without any amendment of this Trust Agreement pursuant to this Trust Agreement; provided,
however, that such determination by the Sponsor shall not affect or impair any of the remaining provisions of this Trust Agreement or render invalid or improper any action taken or omitted prior to such determination. No Sponsor or Trustee
shall be liable for making or failing to make such a determination. 
 (b) If any provision of this Trust Agreement shall be held invalid
or unenforceable in any jurisdiction, such holding shall not in any manner affect or render invalid or unenforceable such provision in any other jurisdiction or any other provision of this Trust Agreement in any jurisdiction. 

SECTION 13.3 Merger and Consolidation. Subject to the provisions of Section 1.5, the Sponsor may cause (i) the
Trust to be merged into or consolidated with, converted to or to sell all or substantially all of its assets to, another trust or entity; (ii) the Shares of the Trust to be converted into beneficial interests in another statutory trust (or
series thereof); or (iii) the Shares of the Trust to be exchanged for shares in another trust or company under or pursuant to any U.S. state or federal statute to the extent permitted by law. For the avoidance of doubt, subject to the
provisions of Section 1.5, the Sponsor, with written notice to the Shareholders, may approve and effect any of the transactions contemplated under (i), (ii) and (iii) above without any vote or other action of the Shareholders. 

SECTION 13.4 Construction. In this Trust Agreement, unless the context otherwise requires, words used in the singular or in the plural
include both the plural and singular and words denoting any gender include all genders. The title and headings of different parts are inserted for convenience and shall not affect the meaning, construction or effect of this Trust Agreement. 

SECTION 13.5 Notices. All notices or communications under this Trust Agreement (other than notices of pledge or encumbrance of Shares,
and reports and notices by the Sponsor to the Limited Owners) shall be in writing and shall be effective upon personal delivery, or if sent by mail, postage prepaid, or if sent electronically, by facsimile or by overnight courier, and

  
 34 

 
addressed, in each such case, to the address set forth in the books and records of the Trust or such other address as may be specified in writing, of the party to whom such notice is to be given,
upon the deposit of such notice in the United States mail, upon transmission and electronic confirmation thereof or upon deposit with a representative of an overnight courier, as the case may be. Notices of pledge or encumbrance of Shares shall be
effective upon timely receipt by the Sponsor in writing. 
 All notices that are required to be provided to the Trustee shall be sent to:

 Delaware Trust Company 

Attention: Corporate Trust Administration 

2711 Centerville Road, Suite 400 

Wilmington, DE 19808 
 All
notices that the Trustee is required to provide shall be sent to: 
 if to the Trust, at 

Bitcoin Investment Trust 
 636
Avenue of the Americas, 3rd Floor 
 New York, New York 10011 

Attention: Michael Sonnenshein 

if to the Sponsor, at 

Grayscale Investments, LLC 
 636
Avenue of the Americas, 3rd Floor 
 New York, New York 10011 

Attention: Michael Sonnenshein 

SECTION 13.6 Counterparts. This Trust Agreement may be executed in several counterparts, and all so executed shall constitute one
agreement, binding on all of the parties hereto, notwithstanding that all the parties are not signatory to the original or the same counterpart. 

SECTION 13.7 Binding Nature of Trust Agreement. 

The terms and provisions of this Trust Agreement shall be binding upon and inure to the benefit of the heirs, custodians, executors, estates,
administrators, personal representatives, successors and permitted assigns of the respective Shareholders. For purposes of determining the rights of any Shareholder or assignee hereunder, the Trust and the Sponsor may rely upon the Trust records as
to who are Shareholders and permitted assignees, and all Shareholders and assignees agree that the Trust and the Sponsor, in determining such rights, shall rely on such records and that Shareholders and their assignees shall be bound by such
determination. 
 SECTION 13.8 No Legal Title to Trust Estate. Subject to the provisions of
Section 1.7 in the case of the Sponsor, the Shareholders shall not have legal title to any part of the Trust Estate. 

  
 35 

 SECTION 13.9 Creditors. No creditors of any Shareholders shall have any right to obtain
possession of, or otherwise exercise legal or equitable remedies with respect to, the Trust Estate. 
 SECTION 13.10 Integration.
This Trust Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto. 

SECTION 13.11 Goodwill; Use of Name. No value shall be placed on the name or goodwill of the Trust, which shall
belong exclusively to Grayscale Investments, LLC. 

  
 36 

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

			
	 DELAWARE TRUST COMPANY,
 as
Trustee

		
	By:	 	  

		 	Name:
		 	Title:
	
	GRAYSCALE INVESTMENTS, LLC, as Sponsor
		
	By:	 	  

		 	Name:
		 	Title:
	
	DIGITAL CURRENCY GROUP, INC., solely with respect to Section 2.4
		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT A 

FORM OF CERTIFICATE OF TRUST 

  
 A-1 

 CERTIFICATE OF TRUST 

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

1. Name. The name of the statutory trust formed hereby is Bitcoin Investment Trust. 

2. Delaware Trustee. The name and business address of the trustee of the Trust in the State of Delaware are Delaware Trust Company,
2711 Centerville Road, Suite 210, Wilmington, DE 19808. 
 3. Effective Date. This Certificate of Trust shall be effective upon
filing. 
 IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act.

  

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

	Name:	 	
	Title:	 	

  
 A-1 

 EXHIBIT B 

FORM OF PARTICIPANT AGREEMENT 

  
 B-1EX-4.3

 Exhibit 4.3 

AUTHORIZED PARTICIPANT AGREEMENT 

AUTHORIZED PARTICIPANT AGREEMENT (this “Agreement”) dated as of [DATE] among (i) [AUTHORIZED PARTICIPANT], a [company] organized
under the laws of [JURISDICTION OF AUTHORIZED PARTICIPANT] (the “Authorized Participant”), (ii) Grayscale Investments LLC, in its capacity as sponsor of the Bitcoin Investment Trust (the “Trust”) (the “Sponsor”) and
(iii) [LIQUIDITY PROVIDER], a [company] organized under the laws of [JURISDICTION OF AUTHORIZED PARTICIPANT] (the “Liquidity Provider”), subject to acceptance by (iv) The Bank of New York Mellon, a New York Banking corporation acting
in its capacity as administrator (the “Administrator”) of the Trust, created under Delaware law pursuant to a Trust Agreement between the Delaware Trust Company acting in its capacity as Trustee (the “Trustee”) and the Sponsor,
as defined herein, dated September 13, 2013, as amended and as it may be further amended from time to time (the “Trust Agreement”). 

R E C I T A L S 
 A. Pursuant to
the provisions of the Trust Agreement, the Trust may from time to time issue or redeem equity securities representing units of fractional undivided beneficial interest in, and ownership of, the Trust (“Shares”), in each case only in
aggregate amounts of 100 Shares (such aggregate amount, 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 Authorized
Participant Agreement with the Trust. 
 B. [AUTHORIZED PARTICIPANT] has requested to become an “Authorized Participant” with
respect to the Trust (as such term is defined in the Trust Agreement), and the Sponsor and the Administrator have agreed to such request. Nothing in this Agreement shall obligate the Authorized Participant to create or redeem one or more Baskets of
Shares or to sell or offer to sell Shares. 
 NOW, THEREFORE, in consideration of the foregoing premises, and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties, hereto, intending to be legally bound, agree as follows: 
 Section
1. Procedures. The Authorized Participant will purchase or redeem Baskets of Shares of the Trust in compliance with procedures provided in the Creation and Redemption Procedures attached to this Agreement as Schedule I (such procedures, as
the same may be amended or modified from time to time with notice to the Authorized Participant and in compliance with the provisions hereof and thereof, the “Procedures”), using either (i) the form attached thereto as Annex I-A (in the case of an order to purchase one or more Baskets, a “Purchase Order”, in the case of an order to redeem one or more Baskets, a “Redemption Order” and, collectively,
“Orders”) or (ii) through the Administrator’s electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the terms and conditions attached thereto as Annex
I-B. All Orders shall be placed and executed in accordance with the Procedures. Capitalized terms used in this Agreement and not otherwise defined herein have the meaning ascribed to them in the Procedures or
the Standard Terms for this Agreement, which are attached hereto as Schedule II (the “Standard Terms”). 

  
 1 

 Section 2. Incorporation of Procedures and Standard Terms. The Procedures and the Standard
Terms are hereby incorporated by reference into, and made a part of, this Agreement. 
 Section 3. Conflicts Rules. In case of any
inconsistency between the provisions of this Agreement and the Trust Agreement, the provisions of this Agreement shall control. In case of inconsistency between the Standard Terms and any other provision of this Agreement, the latter will control.
To the extent there is a conflict between this Agreement, the Procedures or the Standard Terms and the Prospectus, the Prospectus shall control. 

Section 4. Authorized Representatives. Pursuant to Section 2.01 of the Standard Terms, attached hereto as Schedule III is a
certificate listing the Authorized Representatives of the Authorized Participant. 
 Section 5. Covenants of the Authorized
Participant. The Authorized Participant covenants and agrees: 
  

	 	(a)	The Authorized Participant is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and is a member in good standing of the Financial Industry Regulatory
Authority, Inc. (“FINRA”). The Authorized Participant will maintain such registration and membership in good standing and any other registration, qualification or membership in good standing applicable to it 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 to the extent such laws and regulations are applicable to the Authorized Participant’s transactions in Shares, and
with the Constitution, By-Laws and Conduct Rules of FINRA applicable to its activities as an Authorized Participant and shall not offer or sell Shares in any state or jurisdiction where they may not lawfully
be offered and/or sold. 

  

	 	(b)	Should the Authorized Participant be transacting in-kind, the Authorized Participant hereby represents, covenants and warrants that it maintains a bitcoin wallet address from a
bitcoin wallet software provider or with a third-party provider of bitcoin wallets that (i) is reasonably acceptable to the Custodian and (ii) is currently active at the time of a Creation or Redemption transaction with the Trust (an
“Authorized Participant Self-Administered Account”). If there is any change in the foregoing, the Authorized Participant shall give prompt notice to the Sponsor of such event. 

 

	 	(c)	The Marketing Agent, on behalf of the Trust, hereby cautions the Authorized Participant that some activities on its part, depending on the circumstances and under certain possible interpretations of applicable law,
could be interpreted as resulting in its being deemed a Money Services Business, as such term is defined under applicable law, by the Financial Crimes Enforcement Network, a bureau of the United States Department of the Treasury responsible for the
federal regulation of virtual currency market participants. The Authorized Participant agrees to consult its own counsel in connection with entering into this Agreement and transacting in bitcoins. 

  
 2 

	 	(d)	The Authorized Participant has policies and procedures reasonably designed to comply with the money laundering and related provisions of the Currency and Foreign Transactions Reporting Act of 1970 (also known as the
“Bank Secrecy Act”), the United States Money Laundering Control Act of 1986, and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “USA PATRIOT
Act”), and the regulations promulgated under each (all such laws and regulations collectively, “AML Laws”). 

  

	 	(e)	Neither the Authorized Participant nor any of its Subsidiaries nor any of their respective directors, officers, employees or, to the Authorized Participant’s knowledge, agents, is an individual or entity that is,
or is owned or controlled by one or more individuals or entities that are, (i) the subject of any sanctions administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control, the U.S. Department of State,
the United Nations Security Council, the European Union or Her Majesty’s Treasury (collectively, “Sanctions”), or (ii) located, organized or resident in a country or territory that is, or whose government is, the subject of
comprehensive Sanctions (currently the Crimea region of Ukraine, Cuba, Iran, North Korea, Sudan and Syria). 

 The Authorized
Participant shall act in a manner consistent with all applicable AML Laws, the United States Foreign Corrupt Practices Act of 1977 as amended and other applicable anti-corruption laws (the “Anti-Corruption Laws”) and Sanctions. 

 

	 	(f)	The Authorized Participant hereby represents, covenants and warrants that it has all requisite authority, whether arising under applicable 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. 

  

	 	(g)	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 of its employees (in his or her capacity as such) by the Securities and Exchange Commission (the “SEC”), FINRA or any other self-regulatory
organization that would affect the Authorized Participant’s ability to fulfill its obligations hereunder. 

  

	 	(h)	The Authorized Participant hereby covenants and agrees that it shall promptly notify the Sponsor in the event that it is not in compliance with any of the representations and warranties set forth in clauses
(c) through (g) above. 

  
 3 

 Section 6. Covenants of the Liquidity Provider. The Liquidity Provider covenants and
agrees: 
  

	 	(a)	The Liquidity Provider is registered as a broker-dealer under the Exchange Act and is a member in good standing of FINRA. The Liquidity Provider will maintain such registration and membership in good standing and any
other registration, qualification or membership in good standing applicable to it or, if applicable, exempt status, in full force and effect throughout the term of this Agreement. The Liquidity Provider 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 Liquidity Provider hereby represents, covenants and warrants that it maintains a bitcoin wallet address from a bitcoin wallet software provider or with a third-party provider of bitcoin wallets that (i) will be
dedicated exclusively for Creation and Redemption transactions with the Trust, (ii) is previously known to the Custodian (or the Sponsor or its delegates) and (iii) is currently active at the time of a Creation or Redemption transaction
with the Trust (a “Liquidity Provider Account”). If there is any change in the foregoing, the Liquidity Provider shall give immediate notice to the Sponsor of such event. 

 

	 	(c)	The Liquidity Provider 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 its
being deemed a Money Services Business, as such term is defined under applicable law, by the Financial Crimes Enforcement Network, a bureau of the United States Department of the Treasury responsible for the federal regulation of virtual currency
market participants. The Liquidity Provider agrees to consult its own counsel in connection with entering into this Agreement and transacting in bitcoins. 

  

	 	(d)	The Liquidity Provider has policies and procedures reasonably designed to comply with the AML Laws. 

  

	 	(e)	Neither the Liquidity Provider nor any of its Subsidiaries nor any of their respective directors, officers, employees or, to the Liquidity Provider’s knowledge, agents, is an individual or entity that is, or is
owned or controlled by one or more individuals or entities that are, (i) the subject of any Sanctions, or (ii) located, organized or resident in a country or territory that is, or whose government is, the subject of comprehensive Sanctions
(currently the Crimea region of Ukraine, Cuba, Iran, North Korea, Sudan and Syria). 

 The Liquidity Provider shall act in a
manner consistent with all applicable AML Laws, the Anti-Corruption Laws and Sanctions. In furtherance of such efforts, the Liquidity Provider shall not mention the Trust, or send any materials related to the

  
 4 

 
Trust, to any prospective investor, or accept any contribution or payment in connection with an investment in the Trust by any prospective investor, unless the Liquidity Provider has no knowledge
or reason to believe that: (i) any of the bitcoins, cash or property that would be paid to the Liquidity Provider in connection with an investment in the Trust, would be derived from, or related to, any activity that would violate, or cause the
Liquidity Provider, the Trust or the Sponsor to be in violation of, any United States law or any other applicable law, including AML Laws, Anti-Corruption Laws, Sanctions or otherwise; or (ii) any contribution or payment to the Liquidity
Provider in connection with an investment in the Trust by such prospective investor would cause the Liquidity Provider, the Trust or the Sponsor to be in violation of AML Laws, Anti-Corruption Laws or Sanctions. 

 

	 	(f)	The Liquidity Provider hereby represents, covenants and warrants that it has all requisite authority, whether arising under applicable 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. 

  

	 	(g)	The Liquidity Provider 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 Liquidity Provider’s knowledge, threatened against or affecting it or any of its employees (in his or her capacity as such) by the SEC, FINRA or any other self-regulatory organization that would affect the Liquidity Provider’s ability
to fulfill its obligations hereunder. 

  

	 	(h)	The Liquidity Provider hereby covenants and agrees that it shall promptly notify the Sponsor in the event that it is not in compliance with any of the representations and warranties set forth in clauses (d) through
(g) above. 

 Section 7. Notices. Except as otherwise specifically provided in this Agreement, all notices required or
permitted to be given pursuant to this Agreement shall be given in writing and delivered by (i) personal delivery, (ii) postage prepaid registered or certified United States first class mail, return receipt requested, (iii) overnight
traceable mail (e.g., Federal Express), (iv) facsimile, (v) electronic mail (e-mail) or (vi) similar means of same day delivery. Any notice or other communication required by this Agreement
shall be deemed to be duly received (i) if via personal delivery, at the time when it was delivered; (ii) if via postage prepaid registered or certified United States first class mail, return receipt requested or overnight traceable mail
(e.g., Federal Express), at the time when that mail is delivered; (iii) if via facsimile, at the time when the transmission is received by a responsible employee of the recipient in legible form (it being agreed that the burden of
proving receipt will be on the sender and will not be met by a transmission report generated by the sender’s facsimile machine); (iv) if via electronic mail (e-mail), at the time that electronic message
is received; except that any notice or communication which is received, or delivery of which is attempted, after close of business on the date of receipt or attempted delivery or on a day which is not a day on which commercial banks are open for

  
 5 

 
business in the place where that notice or other communication is to be given shall be treated as given at the opening of business on the next following day which is such a day or (v) via
similar means of same day delivery, on the date actually sent or on the first business day after such notice is sent via reputable overnight courier. Unless otherwise notified in writing, all notices to the Administrator, Sponsor, Liquidity
Providers and Authorized Participant shall be directed to the address, e-mail address or facsimile number indicated below: 

(i) If to the Administrator: 
 The
Bank of New York Mellon 
 Attn: ETF Services, Brooklyn 

2 Hanson Place – Floor 9th 

Brooklyn, NY 11217 
 Telephone:
(718) 315-5013 
 E-Mail: etf_api_group@bnymellon.com 

(ii) If to the Sponsor: 

Grayscale Investments LLC 
 Attn:
Michael Sonnenshein 
 636 Ave. of the Americas, 3rd Floor 

New York, NY 10011 
 Telephone:
(212) 668-3911 
 E-Mail: info@grayscale.co 

(iii) If to the Liquidity Provider: 

[LIQUIDITY PROVIDER] 
 Attn:
[    ] 
 [LIQUIDITY PROVIDER’S ADDRESS] 

Telephone: [    ] 

E-Mail: [    ] 

(iii) If to the Authorized Participant: 

[AUTHORIZED PARTICIPANT] 
 Attn:
[    ] 
 [AUTHORIZED PARTICIPANT’S ADDRESS] 

Telephone: [    ] 

E-Mail: [    ] 

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. 

  
 6 

 Section 8. In-Kind Orders. EACH OF THE
PARTIES HERETO ACKNOWLEDGES AND AGREES THAT BITCOIN TRANSFERS MAY BE IRREVERSIBLE. The following procedures apply to Authorized Participants transacting in-kind. 

(a) The Authorized Participant shall provide the Sponsor or its delegates with one or more Authorized Participant Self-Administered Accounts.
If the Authorized Participant becomes unable to continue to provide the Trust with at least one Authorized Participant Self-Administered Account, the Authorized Participant shall give immediate notice to the Sponsor of such event. 

(b) Any bitcoins to be transferred in connection with any Creation Order or Redemption Order shall be transferred between an Authorized
Participant Self-Administered Account and the Wallet Account (as defined in the Procedures; each of the Wallet Account and the Authorized Participant Self-Administered Account, an “Account”) in accordance with the Procedures for Authorized
Participants transacting in-kind. 
 (c) Each of the Authorized Participant and the Sponsor
acknowledges and agrees that (i) it has the computer hardware, software and technological knowhow required to transact in bitcoins; (ii) it is responsible for confirming the accuracy of any Account it is provided or that it provides in
connection with any Creation Order or Redemption Order pursuant to this Agreement. 
 (d) The Authorized Participants will receive no fees,
commissions or other form of compensation or inducement of any kind from either the Sponsor or the Trust in connection with any Order. 

(e) To the extent that the Authorized Participant, Administrator, Sponsor or Custodian provide information in connection with the transactions
contemplated hereby, such party is solely responsible for any loss that arises out of another party’s reliance upon such information. 

Section 9. In-Cash Orders. EACH OF THE PARTIES HERETO ACKNOWLEDGES AND AGREES THAT BITCOIN TRANSFERS MAY BE IRREVERSIBLE. The following
procedures apply to Authorized Participants transacting in-cash. 
 (a) The Authorized Participant
shall provide the Administrator or its delegates with one or more bank accounts from which or into which funds may be deposited in connection with Orders. 

(b) The Liquidity Provider shall provide the Sponsor or its delegates with one or more bitcoin wallet addresses from a bitcoin wallet software
provider or with a third-party provider of bitcoin wallets that (i) will be dedicated exclusively for Creation and Redemption transactions with the Trust, (ii) is previously known to the Custodian (or the Sponsor or its delegates) and
(iii) is currently active at the time of a Creation or Redemption transaction with the Trust (each, a “Liquidity Provider Account”). If such Liquidity Provider becomes unable to continue to provide the Trust with at least one
Liquidity Provider Account, the Liquidity Provider shall give immediate notice to the Sponsor of such event. 

  
 7 

 (c) Any bitcoins to be transferred in connection with any Creation Order or Redemption Order
shall be transferred between a Liquidity Provider Account and the Wallet Account in accordance with the Procedures for Authorized Participants transacting in-cash. 

(d) The Liquidity Provider acknowledges and agrees that (i) it has the computer hardware, software and technological knowhow required to
transact in bitcoins; and (ii) it is responsible for confirming the accuracy of all Accounts it is provided and that it provides in connection with any Creation Order or Redemption Order pursuant to this Agreement. 

(e) The Authorized Participants will receive no fees, commissions or other form of compensation or inducement of any kind from either the
Sponsor or the Trust in connection with a Creation Orders and Redemption Orders. 
 (f) To the extent that the Authorized Participant,
Liquidity Provider, Administrator, Sponsor or Custodian provide information in connection with the transactions contemplated hereby, such party is solely responsible for any loss that arises out of another party’s reliance upon such
information. 
 Section 10. Effectiveness and Amendment. This Agreement shall become effective upon execution and delivery by
each of the parties hereto. This Agreement, along with any other agreement or instrument delivered pursuant to this Agreement, supersedes any prior agreement between or among the parties concerning the matters governed hereby. This Agreement
(including the Standard Terms) may not be amended without the written consent of all parties. Notwithstanding the foregoing, however, the Procedures may be amended by the Administrator and the Sponsor from time to time without the consent of the
Authorized Participant or Liquidity Providers by the following procedure: the Administrator or the Sponsor will send a copy of the amendment to the Authorized Participant in compliance with the notice provisions of this Agreement; if the Authorized
Participant does not object in writing to the amendment within fifteen (15) Business Days after receipt of the proposed amendment, the amendment will become part of this Agreement 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. Titles and section headings in this Agreement (and in the Standard Terms and the Procedures)
are included solely for convenient reference and are not a part of this Agreement. 
 Section 11. Termination. This Agreement
may be terminated at any time by any party upon sixty (60) days prior written notice delivered in the manner prescribed in Section 6 hereof to the other parties and may be terminated earlier by any party hereto at any time on the event of
a breach by any other party hereto of any provision of this Agreement (including, without limitation, the Standard Terms). For the avoidance of doubt, if the Sponsor or the Administrator determines that the Authorized Participant or a Liquidity
Provider has breached the provisions of Section 5(d) through (g) or Section 6(c) through (g), as applicable, the Sponsor and the Administrator have the authority to terminate the Authorized Participant’s or the relevant Liquidity
Provider’s role in this Agreement. 
 Section 12. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York (regardless of the laws that might otherwise 

  
 8 

 
govern under applicable New York 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 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. 
 Section 13. Assignment. No party to this Agreement shall assign any rights, or delegate the
performance of any obligations, arising hereunder 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, consolidation or conversion to which a party hereunder shall be a party, shall be the successor of such party hereunder without further action. The party resulting from any such
merger, conversion, consolidation or succession shall promptly notify the other parties hereto of the change. Any purported assignment or delegation in violation of these provisions shall be null and void. Notwithstanding the foregoing, any
successor Administrator appointed in compliance with the Trust Agreement shall automatically become a party hereto and shall assume all the obligations of, and be entitled to all the rights and remedies of, the Administrator hereunder with respect
to the Trust. 
 Section 14. 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. 
 Section
15. Counterparts. This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. 

Section 16. Severability. Any term or provision of this Agreement that is held by a court of competent jurisdiction or any
governmental or regulatory (including stock exchange) body, agency, court, commission, instrumentality, authority or other legislative, executive or judicial entity (each, a “Governmental Entity”) to be invalid, void or unenforceable in
any situation in any jurisdiction will not affect the validity or enforceability of the remaining terms and provisions of this Agreement or the validity or enforceability of the offending term or provision in any other situation or in any other
jurisdiction. If the final judgment of a court of competent jurisdiction or other Governmental Entity declares that any term or provision of this Agreement is invalid, void or unenforceable, the parties hereto will negotiate in good faith to modify
this Agreement so as to effect the original intent of the parties as closely as possible. 
 Section 17. Waiver of Compliance.
Any failure of any of the parties hereto to comply with any obligation, covenant, agreement or condition herein may be waived by the party entitled to the benefits thereof by a written instrument signed by the party granting such waiver,
provided, however, that 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 give rise to any claim of estoppel with
respect to, any subsequent or other failure hereunder. 

  
 9 

 Section 18. Survival of Certain Representations and Obligations. The respective
indemnities, agreements, representations, warranties and other statements of the Trust or the Sponsor 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 Trust, the Sponsor 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 respective obligations of the Trust, the Sponsor, the Authorized Participant and the Liquidity Providers pursuant to Article 6 of the Standard Terms
shall remain in effect, and if any Shares have been purchased hereunder, the representations and warranties in Sections 5 and 6 hereof and Article 5 of the Standard Terms shall also remain in effect. 

[Signatures Follow on Next Page] 

  
 10 

 IN WITNESS WHEREOF, the parties hereto have executed this Authorized
Participant Agreement as of the date set forth above. 
  

			
	GRAYSCALE INVESTMENTS LLC, as Sponsor
		
	By:	 	  

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

	Name:	 	
	Title:	 	
	Date:	 	
	
	[LIQUIDITY PROVIDER], as Liquidity Provider
		
	By:	 	  

	Name:	 	
	Title:	 	
	Date:	 	
	
	Accepted by: THE BANK OF NEW YORK MELLON, as Administrator
		
	By:	 	  

	Name:	 	
	Title:	 	
	Date:	 	

 SCHEDULE I - CREATION AND REDEMPTION PROCEDURES 

 
  

TABLE OF CONTENTS - SCHEDULE I 
  

			
	 ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

	 Section 1.01
	  	Definitions
	 Section 1.02
	  	Interpretation
	
	 ARTICLE II CREATION PROCEDURES

	 Section 2.01
	  	Creation of Shares In-Kind
	 Section 2.02
	  	Creation of Shares In-Cash
	 Section 2.03
	  	Suspension or Rejection of Creation of Shares
	
	 ARTICLE III REDEMPTION PROCEDURES

	 Section 3.01
	  	Redemption of Shares In-Kind
	 Section 3.02
	  	Redemption of Shares In-Cash
	 Section 3.03
	  	Suspension or Rejection of Redemption of Shares
	 Section 3.04
	  	Additional Covenants
	
	 ANNEX I-A TO CREATION AND REDEMPTION
PROCEDURES

	 Purchase/Redemption Order Form

	
	 ANNEX I-B TO CREATION AND REDEMPTION
PROCEDURES

	 Order Entry System Terms and Conditions

  
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 CREATION AND REDEMPTION PROCEDURES 

CREATION AND REDEMPTION PROCEDURES FOR AUTHORIZED PARTICIPANT AGREEMENTS (the “Procedures”) adopted by the Sponsor,
Administrator, Authorized Participant, Liquidity Provider and Marketing Agent (each as defined below) as of [DATE]. 
 ARTICLE I 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 1.01 Definitions. For purposes of these Procedures, and the Standard Terms incorporated by reference into the Authorized Participant
Agreement to which these Procedures are attached, unless the context otherwise requires, the following terms will have the following meanings: 

“1% Fee” shall mean cash in an amount equal to 1% of the Cash Exchange Rate times the Total Basket Bitcoin Amount, where the Total
Basket Bitcoin Amount is calculated using the most recently published Bitcoin Index Price, which shall be paid by the Authorized Participant to the Liquidity Provider in connection with in-cash Creation and
Redemption Orders. 
 “Administrator” shall have the meaning set forth in the preamble to the Authorized Participant Agreement. 

“Affiliate” shall have the meaning given to it by Rule 501(b) under the Securities Act. 

“AP Indemnified Party” shall have the meaning ascribed to such term in Sections 6.01(a) of the Standard Terms. 

“Authorized Participant” shall have the meaning ascribed to the term in the introductory paragraph of the Authorized Participant
Agreement. 
 “Authorized Participant Agreement” shall mean each Authorized Participant Agreement (including the Schedules
thereto) among the Authorized Participant, the Administrator, the Sponsor and the Liquidity Provider, if applicable, authorizing the Authorized Participant to submit Purchase Orders and Redemption Orders. 

“Authorized Participant Client” shall mean any party on whose behalf the Authorized Participant acts in connection with an
Order (whether a customer or otherwise). 
 “Authorized Participant Self-Administered Account” shall have the meaning
set forth in Section 5(b) of the Authorized Participant Agreement. 
 “Authorized Representative” shall mean, with respect to an
Authorized Participant, each individual who, pursuant to the provisions of the Authorized Participant Agreement, has the 

  
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power and authority to act on behalf of the Authorized Participant in connection with the placement of Purchase Orders or Redemption Orders and is in possession of the personal identification
number (PIN) assigned by the Administrator for use in any communications regarding Purchase or Redemption Orders on behalf of such Authorized Participant. 

“Basket” shall have the meaning ascribed to the term in the recitals to the Authorized Participant Agreement. 

“Basket Bitcoin Amount” shall mean number of bitcoins that will be required to Create or Redeem a Basket, as determined from
time to time by dividing the number of bitcoins owned by the Trust on the Trade Date by the number of Shares outstanding at such time (calculated to one one-hundred-millionth of one bitcoin), as adjusted for
the number of whole and fractional bitcoins constituting accrued but unpaid fees and expenses of the Trust, and multiplying the quotient obtained by 100. 

“Bitcoin Index Price” shall mean the U.S. Dollar value of a bitcoin as represented by the TradeBlock XBX Index, calculated
at 4:00 p.m. (New York time) on each Business Day and published by the Index Provider. 
 “Bitcoin Account” shall mean collectively,
the Wallet Account and Vault Account and any subaccounts associated therewith. 
 “Business Day” shall mean each day the Shares
trade on NYSE Arca. 
 “Cash Account” shall mean the account maintained by the Administrator for purposes of receiving cash from,
and distributing cash to, Authorized Participants in connection with Creations and Redemptions. 
 “Cash Amount” shall have the
meaning set forth in Section 3.02(e). 
 “Cash Collateral Amount” shall mean, with respect to any Purchase Order, an amount
in U.S. Dollars equal to the product of (i) the number of Baskets to which such Purchase Order relates and (ii) 110% of the U.S. Dollar value of the most recently known Basket Bitcoin Amount, which is calculated using the Bitcoin Index
Price as of 4:00 p.m. (New York time) most recently published by the Index Provider. 
 “Cash Exchange Rate” shall mean, for
any Order, the spot price of bitcoin as reported on the TradeBlock XBX Index at (a) the time at which the Cash Collateral Amount is received by the Administrator, in the case of in-cash Creations or
(b) the time at which the Administrator notifies the Authorized Participant that the Order has been accepted, in the case of in-cash Redemptions. 

“Creation” shall mean the process that begins when an Authorized Participant first indicates to the Administrator its intention to purchase
one or more Baskets pursuant to these Procedures and concludes with the issuance by the Trust and Delivery to such Authorized Participant of the corresponding number of Shares. 

  
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 “Creation and Redemption Line” shall mean a telephone number designated as
such by the Administrator and specified in Annex I-A of the Procedures or otherwise communicated to each Authorized Participant in compliance with the notice provisions of the respective Authorized Participant
Agreement. 
 “Creation Settlement Date” shall mean the Business Day following the Trade Date. 

“Custodian” shall mean Xapo, Inc., or any other Person from time to time engaged to provide custodian services or related services to the
Trust pursuant to authority delegated by the Sponsor. 
 “Custody Agreement” or “Custody Agreements” shall
mean an agreement among the Trust, the Sponsor and any person engaged by the Trust to provide custodian and related services to the Trust. 

“Deliver” shall mean the act of delivering bitcoins or Shares, as applicable. 

“Delivery” shall mean a delivery of bitcoins or Shares, as applicable. 

“Depositor” shall mean any Authorized Participant or Liquidity Provider that deposits bitcoins with the Custodian, either for its own account
or on behalf of another Person that is the owner or beneficial owner of those bitcoins. 
 “Deposit Property” shall mean the
property that is, in compliance with the provisions of the Trust Agreement and these Procedures, transferred by the Depositor to the Custodian to effectuate Orders. 

“DTC” shall mean The Depository Trust Company, its nominees and their respective successors. 

“DTC Participant” shall mean a direct participant in DTC. 

“FINRA” shall mean the Financial Industry Regulatory Authority. 

“Index Provider” shall mean TradeBlock, Inc., a Delaware corporation. 

“Late Cash Collateral Amount” shall have the meaning set forth in Section 2.02(h). 

“Liquidity Provider” shall mean [LIQUIDITY PROVIDER]. 

“Marketing Agent” shall mean ALPS Portfolio Solutions Distributor, Inc. 

“NYSE Arca” shall mean NYSE Arca, Inc. 

“Order” shall have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement. 

  
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 “Order Cutoff Time” shall mean (i) 3:59:59 p.m. (New York time) on any Business
Day, in the case of Orders for Creation or Redemption in-kind, and (ii) 4:59:59 p.m. (New York time) on any Business Day, in the case of Orders for Creation or Redemption
in-cash. 
 “Order Date” shall mean the Business Day on which an Order is made whereby the
Authorized Participant offers to (i) deposit the Total Basket Bitcoin Amount or the Cash Collateral Amount, as applicable, in exchange for Baskets or (ii) to deposit Baskets in exchange for the Total Basket Bitcoin Amount or the Cash
Amount, as applicable, in the case of Redemptions. 
 “Person” shall mean any natural person, partnership, limited liability company,
statutory trust, corporation, association, or other legal entity. 
 “Procedures” shall have the meaning ascribed to the term in the
introductory paragraph of this Schedule I. 
 “Prospectus” or “Prospectuses” shall mean the current prospectus of the
Trust included in its Registration Statement, as supplemented or amended from time to time. 
 “Purchase Order” shall have the
meaning ascribed to it in Section 1 of the Authorized Participant Agreement. 
 “Redemption” shall mean the process that begins when
an Authorized Participant first indicates to the Administrator its intention to redeem one or more Baskets pursuant to these Procedures and concludes with the Delivery by such Authorized Participant of the Baskets to be redeemed in exchange for
Delivery to such Authorized Participant of the corresponding number of bitcoins or the Cash Amount, as applicable. 
 “Redemption
Order” shall have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement. 
 “Redemption
Settlement Date” shall mean the second Business Day after the Trade Date. 
 “Registration Statement” shall mean
the Trust’s effective registration statement (333-215627), as amended or restated from time to time. 

“Securities Act” shall mean the Securities Act of 1933, as amended. 

“Security Amount” shall mean 115% of the U.S. Dollar Value of (i) the Total Basket Completion Amount determined using the
Bitcoin Index Price as of 4:00 p.m. (New York time) on the Settlement Date, in the case of in-kind Creations, or (ii) the total number of Shares to be redeemed by the Authorized Participant determined
using the price published by NYSE Arca as of 4:00 p.m. (New York time) on the Settlement Date, in the case of in-kind or in-cash Redemptions. 

“Shares” shall have the meaning set forth in the preamble to the Authorized Participant Agreement. 

  
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 “Sponsor” shall mean Grayscale Investments, LLC, a Delaware limited liability company, in its
capacity as the sponsor of the Trust under the Trust Agreement, and any successor thereto in compliance with the provisions thereof. 
 “Sponsor
Indemnified Party” shall have the meaning ascribed to such term in Section 6.01(b) of the Standard Terms. 
 “Standard
Terms” shall have the meaning ascribed to such term in Section 2 of the Authorized Participant Agreement. 
 “Total
Basket Bitcoin Amount” shall mean the Basket Bitcoin Amount multiplied by the number of Baskets being created or redeemed. 

“Total Basket Completion Amount” shall mean the number of bitcoins required to complete the Total Basket Bitcoin Amount
in connection with any in-kind Creation Order. 
 “Trade Date” shall mean the Business Day
on which the Total Basket Bitcoin Amount is determined at 4:00 p.m., New York time. 
 “Transaction Fee” shall mean a fee of $500 to
be paid by the Authorized Participant to the Administrator for each Purchase Order or Redemption Order. The fee may be changed by the Administrator with the prior written consent of the Sponsor. 

“Trustee” shall mean Delaware Trust Company (formerly known as CSC Trust Company of Delaware), its successors and assigns, or any substitute
therefor, acting not in its individual capacity but solely as trustee of the Trust as provided for in the Trust Agreement. 
 “Trust” shall
have the meaning ascribed to it in the introductory paragraph of the Authorized Participant Agreement. 
 “Trust Agreement” shall
have the meanings ascribed to it in the introductory paragraph of the Authorized Participant Agreement. 
 “VAT” shall mean (a) any
tax imposed pursuant to or in compliance with the Sixth Directive of the Council of the European Economic Communities (77/388/EEC) including, without limitation, in relation to the United Kingdom, value added tax imposed by the Value Added Tax Act
1994 and legislation and regulations supplemental thereto; and (b) any other tax of a similar nature, whether imposed in a member state of the European Union or elsewhere, in substitution for, or levied in addition to, such tax referred to in
“(a)”. 
 “Vault Account” shall mean one or more cold-storage vault accounts in the name of the Sponsor and the Trust.

 “Wallet Account” shall mean one or more bitcoin wallet addresses established by the Custodian at the request of the Sponsor or
the Trust. 

  
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 Section 1.02 Interpretation. In these Procedures: 

Unless otherwise indicated, all references to Sections, clauses, paragraphs, schedules or exhibits, are to Sections, clauses, paragraphs,
schedules or exhibits in or to these Procedures. 
 The words “hereof”, “herein”, “hereunder” and words of
similar import shall refer to these Procedures as a whole, and not to any individual provision in which such words may appear. 
 A
reference to any statute, law, decree, rule, regulation or other applicable norm shall be construed as a reference to such statute, law, decree, rule, regulation or other applicable norm as re-enacted, re-designated or amended from time to time. 
 A reference to any agreement, instrument or document shall
be construed as a reference to such agreement, instrument or document as the same may have been amended from time to time in compliance with the provisions thereof. 

ARTICLE II 
 CREATION PROCEDURES

 Section 2.01. Creation of Shares In-Kind. The Creation of Shares in-kind shall take place only in integral numbers of Baskets in compliance with the rules of this Section 2.01: 

(a) Authorized Participants wishing to acquire from the Trust one or more Baskets shall place a Purchase Order with the Administrator no later
than the Order Cutoff Time on any Business Day. Purchase Orders received by the Administrator on or after the Order Cutoff Time on any Business Day shall be considered rejected. 

(b) The Trade Date for the Creation of Shares in-kind shall be the Order Date. 

(c) For purposes of Section 2.01(a) above, a Purchase Order shall be deemed received by the Administrator only when either of the following
has occurred no later than the Order Cutoff Time: 
 (i) Telephone Order – An Authorized Representative shall have
placed a telephone call to the Creation and Redemption Line informing the Administrator that the Authorized Participant wishes to place a Purchase Order for a specified number of Baskets, received an Order Number from the Administrator for insertion
in the Purchase Order and submitted a properly completed, irrevocable Purchase Order in the form set out in Annex I-A to these Procedures executed by an Authorized Representative of such Authorized Participant
via electronic mail message at the address specified in such Annex I-A, and such Purchase Order shall have been received by the Administrator within thirty (30) minutes following such phone call; or 

(ii) Web-based Order – An Authorized Representative shall have accessed the
Administrator’s online services (https://connect.bnymellon.com) and submitted a properly completed, irrevocable Purchase Order in the form set out in Annex I-A to these Procedures executed by an
Authorized Representative of such Authorized Participant, via electronic mail message at the address specified in such Annex I-A. 

  
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 (d) The Administrator shall provide a written summary to the Sponsor of all accepted Purchase
Orders for Creations in-kind for such Order Date no later than 5:00 p.m. (New York time). 
 (e)
Purchase Orders are accepted or rejected by the Marketing Agent. The Marketing Agent will accept or reject a Purchase Order as soon as reasonably practicable following receipt of a properly completed Purchase Order but no later than 4:30 p.m. (New
York time) on the Order Date. 
 (i) If a Purchase Order is accepted, the Administrator shall send to the Authorized
Participant, via electronic mail message, as soon as reasonably practicable but no later than 4:30 p.m. (New York time) on the Order Date, a copy of the corresponding Purchase Order endorsed “Accepted” by the Marketing Agent and indicating
the Basket Bitcoin Amount that the Authorized Participant shall Deliver to the Custodian in respect of each Basket being redeemed. Prior to the transmission of the acceptance as specified above, a Purchase Order for
in-kind Creation will only represent the Authorized Participant’s unilateral offer to deposit bitcoins in exchange for a Delivery of Baskets and will have no binding effect upon the Trust, the
Administrator or any other party. Following the transmission of the acceptance as specified above, a Purchase Order will be a binding agreement between the Trust and the Authorized Participant for the Creation of Baskets and the deposit of bitcoins
pursuant to the terms of the Purchase Order and these Procedures. The Authorized Participant may submit an amended Purchase Order changing the number of Baskets ordered no later than the Order Cutoff Time. 

(ii) If a Purchase Order is rejected, the Administrator shall send to the Authorized Participant, via electronic mail message,
as soon as reasonably practicable but no later than 4:30 p.m. (New York time) on the Order Date, a copy of the corresponding Purchase Order endorsed “Declined” by the Marketing Agent and indicating the reason. A Purchase Order which is not
properly completed will be deemed invalid and rejected by the Marketing Agent; the Authorized Participant may submit a corrected Purchase Order no later than the Order Cutoff Time. If the Marketing Agent rejects a Purchase Order pursuant to these
Procedures or the Standard Terms, the Administrator will promptly return to the Authorized Participant all consideration tendered by the Authorized Participant in respect of such rejected Purchase Order. 

(iii) Purchase Orders not accepted by 4:30 p.m. (New York time) on the Order Date shall be accepted or rejected on the
following Business Day. 
 (f) Each Purchase Order shall settle on the Creation Settlement Date. The Total Basket Bitcoin Amount must be
deposited in the Trust’s Bitcoin Account no later than 4:00 p.m. (New York time) on the Creation Settlement Date, or at such later date and time as the Administrator and the Trust in their absolute discretion may agree in writing with the
Authorized Participant. 

  
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 (g) On the Creation Settlement Date, or on such earlier date and time as the Administrator in its
absolute discretion may agree in writing with the Authorized Participant and the Sponsor, the Administrator shall cause the Trust to issue the aggregate number of Shares corresponding to the Baskets ordered by the Authorized Participant and shall
Deliver such Shares to the Authorized Participant, by credit to the account at DTC that the Authorized Participant shall have identified for such purpose in its Purchase Order, no later than 4:00 p.m. (New York time) on the Creation Settlement Date;
provided that, by 4:00 p.m. (New York time) on the Creation Settlement Date: 
 (i) the Custodian shall have reported
in writing to the Administrator that the Total Basket Bitcoin Amount has been deposited in the Trust’s Bitcoin Account in compliance with the provisions of Section 2.01(f) above; and 

(ii) the Authorized Participant shall have paid or agreed in writing to pay the Administrator the Transaction Fee, if
applicable, and all taxes, governmental charges and fees payable in connection with such deposit, the transfer of bitcoins and the issuance and Delivery of Shares. 

(h) In the event that, by 4:00 p.m. (New York time) on the Creation Settlement Date, the Trust’s Bitcoin Account shall not have been
credited with the Total Basket Bitcoin Amount in compliance with the provisions of Section 2.01(f) above, the Administrator shall send to the Authorized Participant and the Custodian via electronic mail message notice of such fact. The
Administrator, the Sponsor and the Trust each agree not to treat such Purchase Order as a failed trade or a failed settlement provided that as soon as practicable thereafter but no later than 6:00 p.m. (New York time) on the Creation Settlement
Date, the Authorized Participant shall wire the Security Amount to the Administrator’s Cash Account. Should the price of the Total Basket Completion Amount exceed the Security Amount, as determined using the Bitcoin Index Price as of 4:00 p.m.
(New York time) on any Business Day that the Total Basket Completion Amount has not been Delivered, the Authorized Participant shall deposit an amount in U.S. Dollars equal to 115% of such excess by no later than 6:00 p.m. (New York time) on the
Creation Settlement Date. If the Authorized Participant fails to deposit the Security Amount, or fails to deposit any applicable excess amount on any following Business Day, pursuant to this Section, the Authorized Participant will be solely
responsible for all damages, losses, costs and expenses incurred by the Trust, the Sponsor, the Administrator or the Custodian related to the pending Order. Once the Total Basket Completion Amount has been Delivered by the Authorized Participant,
the Administrator shall cause the Trust to issue the aggregate number of Shares corresponding to the Baskets ordered by the Authorized Participant and shall Deliver such Shares to the Authorized Participant, by credit to the account at DTC that the
Authorized Participant shall have identified for such purpose in its Purchase Order and return the Security Amount by wire to the Authorized Participant. The Administrator shall under no circumstances cause the Trust to issue the aggregate number of
Shares ordered until such time as the Authorized Participant Delivers the Total Basket Completion Amount. 

  
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 (i) The foregoing provisions notwithstanding, neither the Authorized Participant, the Trust, the
Administrator nor the Custodian shall be liable for any failure or delay in making Delivery of Shares, bitcoins or cash, as the case may be, in respect of a Purchase Order arising from nuclear fission or fusion, radioactivity, war, terrorist event,
invasion, insurrection, civil commotion, riot, strike, act of government, public authority, public service or utility problems, power outages resulting in telephone, telecopy and computer failures, act of God such as fires, floods or extreme weather
conditions, market conditions or activities causing trading halts, systems failures involving computer or other information systems affecting the Authorized Participant, the Trust, the Administrator, the Custodian and similar extraordinary events
beyond the Authorized Participant’s, the Trust’s, the Custodian’s or the Administrator’s reasonable control. In the event of any such delay, the time to complete Delivery in respect of a Purchase Order will be extended for a
period equal to that during which the inability to perform continues. 
 (j) Except as provided in Sections 2.01(e), 2.01(h) and the
Standard Terms, none of the Administrator, the Sponsor or the Custodian are under any duty to give notification of any defects or irregularities in any Purchase Order or the Delivery of the Total Basket Bitcoin Amount, and shall not incur any
liability for the failure to give any such notification. 
 Section 2.02. Creation of Shares
In-Cash. The Creation of Shares in-cash shall take place only in integral numbers of Baskets in compliance with the rules of this Section 2.02: 

(a) Authorized Participants wishing to acquire from the Trust one or more Baskets shall place a Purchase Order with the Administrator no later
than the Order Cutoff Time on any Business Day. Purchase Orders received by the Administrator on or after the Order Cutoff Time on any Business Day shall be considered rejected. 

(b) The Trade Date for the Creation of Shares in-cash shall be the Business Day following the Order
Date. 
 (c) Creations of Shares in-cash shall initially be limited to 100 Baskets per day (such
amount, the “Capped Amount”). The Sponsor in its absolute discretion may change the Capped Amount at any time without notice to the Authorized Participant. 

(d) For purposes of Section 2.02(a) above, a Purchase Order shall be deemed received by the Administrator only when either of the following
has occurred no later than the Order Cutoff Time: 
 (i) Telephone Order – An Authorized Representative shall have
placed a telephone call to the Creation and Redemption Line informing the Administrator that the Authorized Participant wishes to place a Purchase Order for a specified number of Baskets, received an Order Number from the Administrator for insertion
in the Purchase Order and submitted a properly completed, irrevocable Purchase Order in the form set out in Annex I-A to these Procedures executed by an Authorized Representative of such Authorized Participant
via electronic mail message at the address specified in such Annex I-A, and such Purchase Order shall have been received by the Administrator within thirty (30) minutes following such phone call; or 

(ii) Web-based Order – An Authorized Representative shall have accessed the
Administrator’s online services (https://connect.bnymellon.com) and submitted a properly completed, irrevocable Purchase Order in the form set out in Annex I-A to these Procedures executed by an
Authorized Representative of such Authorized Participant, via electronic mail message at the address specified in such Annex I-A. 

  
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 (e) The Administrator shall provide a written summary to the Sponsor of all accepted Purchase
Orders for Creation in-cash for such Order Date no later than 5:30 p.m. (New York time). 
 (f)
Purchase Orders are accepted or rejected by the Marketing Agent. The Marketing Agent will accept or reject a Purchase Order as soon as reasonably practicable following receipt of a properly completed Purchase Order but no later than 5:30 p.m. (New
York time) on the Order Date. 
 (i) If a Purchase Order is accepted, the Administrator shall send to the Authorized
Participant, via electronic mail message, as soon as reasonably practicable but no later than 5:30 p.m. (New York time) on the Order Date, a copy of the corresponding Purchase Order endorsed “Accepted” by the Marketing Agent. Prior to the
transmission of the acceptance as specified above, a Purchase Order for in-cash Creation will only represent the Authorized Participant’s unilateral offer to deposit the Cash Collateral Amount with the
Administrator for conversion into bitcoins and the subsequent deposit of such bitcoins by the Liquidity Provider with the Trust in exchange for a Delivery of Baskets and will have no binding effect upon the Trust, the Administrator, the Liquidity
Provider or any other party. Following the transmission of the acceptance as specified above and subject to the engagement of the Liquidity Provider pursuant to Section 2.02(h) below, a Purchase Order will be a binding agreement among the Trust and
the Authorized Participant for the Creation of Baskets pursuant to the terms of the Purchase Order and these Procedures. Subject to the Capped Amount, the Authorized Participant may submit an amended Purchase Order changing the number of Baskets
ordered up until such time as it deposits the Cash Collateral Amount with the Administrator pursuant to Section 2.02(g) below. 

(ii) If a Purchase Order is rejected, the Administrator shall send to the Authorized Participant, via electronic mail message,
as soon as reasonably practicable but no later than 5:30 p.m. (New York time) on the Order Date, a copy of the corresponding Purchase Order endorsed “Declined” by the Marketing Agent and indicating the reason. A Purchase Order which is not
properly completed will be deemed invalid and rejected by the Marketing Agent; the Authorized Participant may submit a corrected Purchase Order no later than the Order Cutoff Time. If the Marketing Agent rejects a Purchase Order pursuant to these
Procedures or the Standard Terms, the Administrator will promptly return to the Authorized Participant all consideration tendered by the Authorized Participant in respect of such rejected Purchase Order. 

(iii) Purchase Orders not accepted by 5:30 p.m. (New York time) on the Order Date shall be accepted or rejected on the
following Business Day. 

  
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 (g) Each Purchase Order shall require the Authorized Participant to (i) deposit the Cash
Collateral Amount for such Purchase Order by wire into the Administrator’s Cash Account or (ii) send the Administrator by electronic mail message proof of payment of the Cash Collateral Amount that includes the Federal Reference Number for
such payment, in each case no later than 6:00 p.m. (New York time) on the Order Date. The Administrator, the Sponsor and the Trust each agree not to treat such Purchase Order as a failed trade or a failed settlement provided that the Authorized
Participant shall deposit with the Administrator, as soon as practicable thereafter by wire to the Cash Account, an amount in cash equal to the number of Baskets ordered multiplied by 115% of the U.S. Dollar value of the Basket Bitcoin Amount,
determined using the most recently published Bitcoin Index Price (the “Late Cash Collateral Amount”). 

(h) Once it has received the Cash Collateral Amount or the Late Cash Collateral Amount, as the case may be, the Administrator shall notify the
Sponsor, which shall in turn notify the Liquidity Provider as soon as practicable thereafter. If at the time of such notice, the Liquidity Provider is unable to transact in bitcoin and purchase the Total Basket Bitcoin Amount and no other Liquidity
Provider is able to purchase the Total Basket Bitcoin Amount, the Sponsor shall notify the Administrator who shall promptly cancel the pending Purchase Order and return the Cash Collateral Amount or Late Cash Collateral Amount, as the case may be,
to the Authorized Participant. 
 (i) Once the Liquidity Provider has received notice pursuant to Section 2.02(h) above, the Liquidity
Provider shall thereafter make arrangements to purchase, and shall purchase, for U.S. Dollars at the Cash Exchange Rate the Total Basket Bitcoin Amount as determined on the Trade Date. The Liquidity Provider shall complete its purchase of the Total
Basket Bitcoin Amount no later than the Creation Settlement Date. Should the price required to purchase the Total Basket Bitcoin Amount exceed the Cash Collateral Amount or the Late Cash Collateral Amount, as the case may be, upon the written
request of the Administrator, the Authorized Participant shall promptly deposit an amount in U.S. Dollars equal to such excess. 
 (j) Each
Purchase Order shall settle on the Creation Settlement Date. The Total Basket Bitcoin Amount must be deposited in the Trust’s Bitcoin Account no later than 4:00 p.m. (New York time) on the Creation Settlement Date by the Liquidity Provider, or
at such later date and time as the Administrator and the Trust in their absolute discretion may agree in writing with the Authorized Participant and the Liquidity Provider. 

(k) On the Creation Settlement Date, or on such earlier date and time as the Administrator in its absolute discretion may agree in writing
with the Authorized Participant and Sponsor, the Administrator shall cause the Trust to issue the aggregate number of Shares corresponding to the Baskets ordered by the Authorized Participant and shall Deliver such Shares to the Authorized
Participant, by credit to the account at DTC that the Authorized Participant shall have identified for such purpose in its Purchase Order, no later than 4:00 p.m. (New York time) on the Creation Settlement Date; provided that, by 4:00 p.m.
(New York time) on the Creation Settlement Date: 
 (i) the Custodian shall have reported in writing to the Administrator
that the Total Basket Bitcoin Amount has been deposited in the Trust’s Bitcoin Account in compliance with the provisions of Section 2.02(h) above; and 

(ii) the Authorized Participant shall have paid or agreed in writing to pay the Administrator the Transaction Fee, if
applicable, and all taxes, governmental charges and fees payable in connection with such deposit, the transfer of bitcoins and the issuance and Delivery of Shares. 

  
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 (l) In the event that, by 4:00 p.m. (New York time) on the Creation Settlement Date, the
Trust’s Bitcoin Account shall not have been credited with the Total Basket Bitcoin Amount in compliance with the provisions of Section 2.02(h) above, the Administrator shall send to the Authorized Participant, the Liquidity Provider and the
Custodian via electronic mail message notice of such fact. The Liquidity Provider will be solely responsible for all damages, losses, costs and expenses incurred by the Trust, the Sponsor, the Administrator, the Authorized Participant or the
Custodian related to the pending Order for failure to Deliver the Total Basket Bitcoin Amount. The Administrator shall under no circumstances cause the Trust to issue the aggregate number of Shares ordered until such time as the Liquidity Provider
Delivers the Total Basket Bitcoin Amount. 
 (m) Once the Total Basket Bitcoin Amount has been deposited in the Trust’s Bitcoin
Account, the Administrator shall (i) promptly reimburse the Liquidity Provider for the documented payment of, or at the option of the Liquidity Provider, deliver to the seller(s) of such bitcoins, the purchase price for any bitcoins purchased
pursuant to Section 2.02(g) and (ii) promptly return any remaining amount of the Cash Collateral Amount by wire to the Authorized Participant. 

(n) The foregoing provisions notwithstanding, neither the Authorized Participant, the Trust, the Administrator, the Liquidity Provider nor the
Custodian shall be liable for any failure or delay in making Delivery of Shares, bitcoins or cash, as the case may be, in respect of a Purchase Order arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion,
insurrection, civil commotion, riot, strike, act of government, public authority, public service or utility problems, power outages resulting in telephone, telecopy and computer failures, act of God such as fires, floods or extreme weather
conditions, market conditions or activities causing trading halts, systems failures involving computer or other information systems affecting the Authorized Participant, the Trust, the Administrator, the Liquidity Provider and the Custodian and
similar extraordinary events beyond the Authorized Participant’s, the Trust’s, the Custodian’s, the Administrator’s or the Liquidity Provider’s reasonable control. In the event of any such delay, the time to complete
Delivery in respect of a Purchase Order will be extended for a period equal to that during which the inability to perform continues. 
 (o)
Except as provided in Sections 2.02(f), 2.02(k) and the Standard Terms, none of the Administrator, the Sponsor or the Custodian are under any duty to give notification of any defects or irregularities in any Purchase Order or the Delivery of the
Total Basket Bitcoin Amount, and shall not incur any liability for the failure to give any such notification. 

  
 I-13 

 Section 2.03. Suspension or Rejection of Creation of Shares. The Creation of Shares,
whether in-kind or in-cash, may be suspended or rejected under the circumstances specified in the Trust Agreement, these Procedures or the Standard Terms. If the
Marketing Agent rejects a Purchase Order pursuant to these Procedures or the Standard Terms, the Administrator or Sponsor will notify the Authorized Participant as soon as reasonably practicable and the Administrator will promptly return to the
Authorized Participant all consideration tendered by the Authorized Participant in respect of such rejected Purchase Order. If the Trust, Administrator or Sponsor suspends the right to submit Purchase Orders pursuant to these Procedures or the
Standard Terms, the Administrator or Sponsor will notify the Authorized Participant as soon as reasonably practicable. 
 ARTICLE III 

REDEMPTION PROCEDURES 

Section 3.01. Redemption of Shares In-Kind. The Redemption of Shares in-kind shall take place only in integral numbers of Baskets in compliance with the rules of this Section 3.01: 

(a) Authorized Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Administrator no later than the
Order Cutoff Time on any Business Day. Redemption Orders received by the Administrator on or after the Order Cutoff Time on any Business Day shall be considered rejected. 

(b) The Trade Date for the Redemption of Shares in-kind shall be the Order Date. 

(c) For purposes of Section 3.01(a) above, a Redemption Order shall be deemed received by the Administrator only when either of the following
has occurred no later than the Order Cutoff Time: 
 (i) Telephone Order – An Authorized Representative shall have
placed a telephone call to the Creation and Redemption Line informing the Administrator that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets, received an Order Number from the Administrator for
insertion in the Redemption Order and submitted a properly completed, irrevocable Redemption Order in the form set out in Annex I-A to these Procedures executed by an Authorized Representative of such
Authorized Participant via electronic mail message at the address specified in such Annex I-A, and such Redemption Order shall have been received by the Administrator within thirty (30) minutes following
such phone call; or 
 (ii) Web-based Order – An Authorized Representative shall
have accessed the Administrator’s online services (https://connect.bnymellon.com) and submitted a properly completed, irrevocable Redemption Order in the form set out in Annex I-A to these
Procedures executed by an Authorized Representative of such Authorized Participant, via electronic mail message at the address specified in such Annex I-A.

  
 I-14 

 (d) The Administrator shall provide a written summary to the Sponsor and the Custodian of all
accepted Redemption Orders for Redemption in-kind for such Order Date no later than 5:00 p.m. (New York time). 

(e) Redemption Orders are accepted or rejected by the Marketing Agent. The Marketing Agent will accept or reject a Redemption Order as soon as
reasonably practicable following receipt of a properly completed Redemption Order but no later than 4:30 p.m. (New York time) on the Order Date. 

(i) If a Redemption Order is accepted, the Administrator shall send to the Authorized Participant (with copy to the Custodian),
via electronic mail message, as soon as reasonably practicable but no later than 4:30 p.m. (New York time) on the Order Date, a copy of the corresponding Redemption Order endorsed “Accepted” by the Marketing Agent and indicating the Basket
Bitcoin Amount that the Custodian shall Deliver to the Authorized Participant in respect of each Basket being redeemed. Prior to the transmission of the acceptance as specified above, a Redemption Order for
in-kind Redemption will only represent the Authorized Participant’s unilateral offer to deposit Baskets in exchange for a Delivery of the Total Basket Bitcoin Amount by the Custodian and will have no
binding effect upon the Trust, the Administrator or any other party. Following the transmission of the acceptance as specified above, a Redemption Order will be a binding agreement between the Trust and the Authorized Participant for the Redemption
of Baskets and the Delivery of bitcoins pursuant to the terms of the Redemption Order and these Procedures. The Authorized Participant may submit an amended Redemption Order changing the number of Baskets to be redeemed no later than the Order
Cutoff Time. 
 (ii) If a Redemption Order is rejected, the Administrator shall send to the Authorized Participant (with copy
to the Custodian), via electronic mail message, as soon as reasonably practicable but no later than 4:30 p.m. (New York time) on the Order Date, a copy of the corresponding Redemption Order endorsed “Declined” by the Marketing Agent and
indicating the reason. A Redemption Order which is not properly completed will be deemed invalid and rejected by the Administrator; the Authorized Participant may submit a corrected Redemption Order no later than the Order Cutoff Time. If the
Marketing Agent rejects a Redemption Order pursuant to these Procedures or the Standard Terms, the Administrator will promptly return to the Authorized Participant all consideration tendered by the Authorized Participant in respect of such rejected
Redemption Order. 
 (iii) Redemption Orders not accepted by 4:30 p.m. (New York time) on the Order Date shall be accepted or
rejected on the following Business Day. 
 (f) Each Redemption Order shall settle on the Redemption Settlement Date. The Baskets to be
redeemed must be Delivered to the Transfer Agent no later than 4:00 p.m. (New York time) on the Redemption Settlement Date, or at such later date and time as the Administrator and the Trust in their absolute discretion may agree in writing with the
Authorized Participant. 

  
 I-15 

 (g) On the Redemption Settlement Date, or on such earlier date and time as the Administrator in
its absolute discretion may agree in writing with the Authorized Participant and the Sponsor, the Administrator shall instruct the Custodian to Deliver the Total Basket Bitcoin Amount to the Authorized Participant Self-Administered Account no later
than 4:00 p.m. (New York time) on the Redemption Settlement Date; provided that, by 4:00 p.m. (New York time) on the Redemption Settlement Date: 

(i) the Authorized Participant has Delivered to the Administrator’s account at DTC the total number of Shares to be
redeemed by such Authorized Participant pursuant to such Redemption Order; and 
 (ii) the Authorized Participant shall have
paid or agreed in writing to pay the Administrator the Transaction Fee, if applicable, and all taxes, governmental charges and fees payable in connection with such deposit, the transfer of bitcoins and the Delivery of Shares, and any expenses
incurred in connection with the Delivery of bitcoins. 
 (h) In the event that, by 4:00 p.m. (New York time) on the Redemption Settlement
Date, the Administrator’s account at DTC shall not have been credited with the total number of Shares corresponding to the total number of Baskets to be redeemed in compliance with the provisions of Section 3.01(g) above, the Administrator
shall send to the Authorized Participant and the Custodian via electronic mail message notice of such fact. The Administrator, the Sponsor and the Trust each agree not to treat such Redemption Order as a failed trade or a failed settlement provided
that as soon as practicable thereafter but no later than 6:00 p.m. on the Redemption Settlement Date, the Authorized Participant shall wire the Security Amount to the Administrator’s Cash Account. Should the price of the total number of Shares
to be redeemed exceed the Security Amount, as determined using the Share price reported by NYSE Arca as of 4:00 p.m. (New York time) on any Business Day that the Shares have not been Delivered, the Authorized Participant shall deposit an amount in
U.S. Dollars equal to 115% of such excess by no later than 6:00 p.m. (New York time) on the Redemption Settlement Date. If the Authorized Participant fails to deposit the Security Amount, or fails to deposit any applicable excess amount on any
following Business Day, pursuant to this Section, the Authorized Participant will be solely responsible for all damages, losses, costs and expenses incurred by the Trust, the Sponsor, the Administrator or the Custodian related to the pending Order.
Once the total number of Shares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order has been Delivered by the Authorized Participant, the Administrator shall instruct the Custodian to Deliver the Total
Basket Bitcoin Amount to the Authorized Participant Self-Administered Account and return the Security Amount by wire to the Authorized Participant as soon as practicable thereafter. The Administrator shall under no circumstances cause the Custodian
to Deliver to the Authorized Participant the Total Basket Bitcoin Amount until the Authorized Participant Delivers the corresponding number of Shares. 

(i) Once the Administrator has received the Shares pursuant to Section 3.01(g) or 3.01(h) above, the Administrator shall instruct the Transfer
Agent to cancel such Shares. 
 (j) The foregoing provisions notwithstanding, neither the Authorized Participant, the Trust, the
Administrator nor the Custodian shall be liable for any failure or delay in making Delivery of Shares, bitcoins or cash, as the case may be, in respect of a Redemption Order 

  
 I-16 

 
arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government, public authority, public service or utility
problems, power outages resulting in telephone, telecopy and computer failures, act of God such as fires, floods or extreme weather conditions, market conditions or activities causing trading halts, systems failures involving computer or other
information systems affecting the Authorized Participant, the Trust, the Administrator, the Custodian and similar extraordinary events beyond the Authorized Participant’s, the Trust’s, the Custodian’s or the Administrator’s
reasonable control. In the event of any such delay, the time to complete Delivery in respect of a Redemption Order will be extended for a period equal to that during which the inability to perform continues. 

(k) Except as provided in Sections 3.01(e), 3.01(h) and the Standard Terms, none of the Administrator, the Sponsor or the Custodian are under
any duty to give notification of any defects or irregularities in any Redemption Order or the Delivery of the Shares, and shall not incur any liability for the failure to give any such notification. 

Section 3.02. Redemption of Shares In-Cash. The Redemption of Shares in-cash shall take place only in integral numbers of Baskets in compliance with the rules of this Section 3.02: 

(a) Authorized Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Administrator no later than the
Order Cutoff Time on any Business Day. Redemption Orders received by the Administrator on or after the Order Cutoff Time on any Business Day shall be considered rejected. 

(b) The Trade Date for the Redemption of Shares in-cash shall be the Business Day following the Order
Date. 
 (c) For purposes of Section 3.02(a) above, a Redemption Order shall be deemed received by the Administrator only when either of the
following has occurred no later than the Order Cutoff Time: 
 (i) Telephone Order – An Authorized Representative shall
have placed a telephone call to the Creation and Redemption Line informing the Administrator that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets, received an Order Number from the Administrator for
insertion in the Redemption Order and submitted a properly completed, irrevocable Redemption Order in the form set out in Annex I-A to these Procedures executed by an Authorized Representative of such
Authorized Participant via electronic mail message at the address specified in such Annex I-A, and such Redemption Order shall have been received by the Administrator within thirty (30) minutes following
such phone call; or 
 (ii) Web-based Order – An Authorized Representative shall
have accessed the Administrator’s online services (https://connect.bnymellon.com) and submitted a properly completed, irrevocable Redemption Order in the form set out in Annex I-A to these
Procedures executed by an Authorized Representative of such Authorized Participant, via electronic mail message at the address specified in such Annex I-A.

  
 I-17 

 (d) The Administrator shall provide a written summary to the Sponsor and the Custodian of all
accepted Redemption Orders for Redemption in-cash for such Order Date no later than 5:30 p.m. (New York time). 

(e) Redemption Orders are accepted or rejected by the Marketing Agent. The Marketing Agent will accept or reject a Redemption Order as soon as
reasonably practicable following receipt of a properly completed Redemption Order but no later than 5:30 p.m. (New York time) on the Order Date. 

(i) If a Redemption Order is accepted, the Administrator shall send to the Authorized Participant (with copy to the Custodian),
via electronic mail message, as soon as reasonably practicable but no later than 5:30 p.m. (New York time) on the Order Date, a copy of the corresponding Redemption Order endorsed “Accepted” by the Marketing Agent. Prior to the
transmission of the acceptance as specified above, a Redemption Order for in-cash Redemption will only represent the Authorized Participant’s unilateral offer to deposit Baskets in exchange for a delivery
by the Administrator of U.S. Dollars derived from the sale of the Total Basket Bitcoin Amount pursuant to the provisions of Section 3.02(f) (the “Cash Amount”) and will have no binding effect upon the Trust, the
Administrator, the Liquidity Provider or any other party. Following the transmission of the acceptance as specified above and subject to engagement of the Liquidity Provider pursuant to Section 3.02(f) below, a Redemption Order will be a binding
agreement among the Trust and the Authorized Participant for the Redemption of Baskets pursuant to the terms of the Redemption Order and these Procedures. The Authorized Participant may submit an amended Redemption Order changing the number of
Baskets to be redeemed no later than the time at which the Administrator transmitted the Marketing Agent’s acceptance of the Redemption Order. 

(ii) If a Redemption Order is rejected, the Administrator shall send to the Authorized Participant (with copy to the
Custodian), via electronic mail message, as soon as reasonably practicable but no later than 5:30 p.m. (New York time) on the Order Date, a copy of the corresponding Redemption Order endorsed “Declined” by the Marketing Agent and
indicating the reason. A Redemption Order which is not properly completed will be deemed invalid and rejected by the Administrator; the Authorized Participant may submit a corrected Redemption Order no later than the Order Cutoff Time. If the
Marketing Agent rejects a Redemption Order pursuant to these Procedures or the Standard Terms, the Administrator will promptly return to the Authorized Participant all consideration tendered by the Authorized Participant in respect of such rejected
Redemption Order. 
 (iii) Redemption Orders not accepted by 5:30 p.m. (New York time) on the Order Date shall be accepted or
rejected on the following Business Day. 
 (f) Promptly upon the Marketing Agent’s acceptance of a Redemption Order, the Administrator
shall notify the Sponsor, which shall in turn notify the Liquidity Provider as soon as practicable thereafter. If at the time of such notice, the Liquidity Provider is unable to transact in bitcoin and sell the Total Basket Bitcoin Amount and no
other Liquidity Provider is able to sell the Total Basket Bitcoin Amount, the Sponsor shall notify the Administrator who shall promptly cancel the pending Redemption Order. 

  
 I-18 

 (g) Once the Liquidity Provider has received notice pursuant to Section 3.02(f) above, the
Liquidity Provider shall make arrangements to sell, and shall sell, for U.S. Dollars at the Cash Exchange Rate the Total Basket Bitcoin Amount as determined on the Trade Date. The Liquidity Provider shall complete its sale of the Total Basket
Bitcoin Amount no later than the Redemption Settlement Date. 
 (h) Each Redemption Order shall settle on the Redemption Settlement Date.
The Baskets to be redeemed must be Delivered to the Transfer Agent by the Authorized Participant and the Cash Amount must be deposited with the Administrator by the Liquidity Provider no later than 4:00 p.m. (New York time) on the Redemption
Settlement Date, or at such later date and time as the Administrator and the Trust in their absolute discretion may agree in writing with the Authorized Participant and the Liquidity Provider. 

(i) On the Redemption Settlement Date, or on such earlier date and time as the Administrator in its absolute discretion may agree in writing
with the Authorized Participant and the Sponsor, the Administrator shall send the Cash Amount to the Authorized Participant, by wire to the account that the Authorized Participant shall have identified for such purpose in its Redemption Order, no
later than 4:00 p.m. (New York time) on the Redemption Settlement Date; provided that, by 4:00 p.m. (New York time) on the Redemption Settlement Date: 

(i) the Authorized Participant has Delivered to the Administrator’s account at DTC the total number of Shares to be
redeemed by such Authorized Participant pursuant to such Redemption Order; and 
 (ii) the Authorized Participant shall have
paid or agreed in writing to pay the Administrator the Transaction Fee, if applicable, and all taxes, governmental charges and fees payable in connection with such deposit, the transfer of bitcoins and the Delivery of Shares, and any expenses
incurred in connection with the Delivery of bitcoins. 
 (j) In the event that, by 4:00 p.m. (New York time) on the Redemption Settlement
Date, the Administrator’s account at DTC shall not have been credited with the total number of Shares corresponding to the total number of Baskets to be redeemed in compliance with the provisions of Section 3.02(h) above, the Administrator
shall send to the Authorized Participant, the Liquidity Provider and the Custodian via electronic mail message notice of such fact. The Administrator, the Sponsor and the Trust each agree not to treat such Redemption Order as a failed trade or a
failed settlement provided that as soon as practicable thereafter but no later than 6:00 p.m. (New York time) on the Redemption Settlement Date, the Authorized Participant shall wire the Security Amount to the Administrator’s Cash Account.
Should the price of the total number of Shares to be redeemed exceed the Security Amount, as determined using the Share price reported by NYSE Arca as of 4:00 p.m. (New York time) on any Business Day that the Shares have not been Delivered, the
Authorized Participant shall deposit an amount in U.S. Dollars equal to 115% of such excess by 6:00 p.m. (New York time) on the Redemption Settlement Date. If the Authorized Participant fails to deposit the Security Amount, or fails to deposit any
applicable excess amount on any following Business Day, pursuant to this Section, 

  
 I-19 

 
the Authorized Participant will be solely responsible for all damages, losses, costs and expenses incurred by the Trust, the Sponsor, the Administrator or the Custodian related to the pending
Order. Once the total number of Shares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order has been Delivered by the Authorized Participant, the Administrator shall send the Cash Amount and return the
Security Amount by wire to the Authorized Participant as soon as practicable thereafter. The Administrator shall under no circumstances wire the Cash Amount to the Authorized Participant until the Authorized Participant Delivers the corresponding
number of Shares. 
 (k) In the event that, upon notification by the Administrator that the Shares have been Delivered, the
Administrator’s Cash Account shall not have been credited with the Cash Amount, the Administrator shall send to the Authorized Participant, the Liquidity Provider and the Custodian via electronic mail message notice of such fact. The Liquidity
Provider will be solely responsible for all damages, losses, costs and expenses incurred by the Trust, the Sponsor, the Administrator, the Authorized Participant or the Custodian related to the pending Order for failure to deliver the Cash Amount.

 (l) Once the Administrator has received the Shares pursuant to Section 3.02(h) or 3.02(i) above and the Cash Amount, the Administrator
shall instruct (i) the Transfer Agent to cancel such Shares and (ii) the Custodian to Deliver the Total Basket Bitcoin Amount to the Liquidity Provider Account. 

(m) The foregoing provisions notwithstanding, neither the Authorized Participant, the Trust, the Administrator, the Liquidity Provider nor the
Custodian shall be liable for any failure or delay in making Delivery of Shares, bitcoins or cash, as the case may be, in respect of a Redemption Order arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion,
insurrection, civil commotion, riot, strike, act of government, public authority, public service or utility problems, power outages resulting in telephone, telecopy and computer failures, act of God such as fires, floods or extreme weather
conditions, market conditions or activities causing trading halts, systems failures involving computer or other information systems affecting the Authorized Participant, the Trust, the Administrator, the Liquidity Provider and the Custodian and
similar extraordinary events beyond the Authorized Participant’s, the Trust’s, the Custodian’s, the Administrator’s or the Liquidity Provider’s reasonable control. In the event of any such delay, the time to complete
Delivery in respect of a Redemption Order will be extended for a period equal to that during which the inability to perform continues. 

(n) Except as provided in Sections 3.02(e), 3.02(j) and the Standard Terms, none of the Administrator, the Sponsor or the Custodian are under
any duty to give notification of any defects or irregularities in any Redemption Order or the Delivery of the Shares, and shall not incur any liability for the failure to give any such notification. 

Section 3.03 Suspension or Rejection of Redemption of Shares. The Redemption of Shares, whether
in-kind or in-cash, may be suspended or rejected under the circumstances specified in the Trust Agreement, these Procedures or the Standard Terms. If the Marketing Agent
rejects a Redemption Order pursuant to these Procedures or the Standard Terms, the Administrator or Sponsor will notify the Authorized Participant as soon as reasonably practicable and the Administrator will promptly return to the Authorized
Participant all consideration 

  
 I-20 

 
tendered by the Authorized Participant in respect of such rejected Redemption Order. If the Trust, Administrator or Sponsor suspends the right to submit Redemption Orders pursuant to these
Procedures or the Standard Terms, the Administrator or Sponsor will notify the Authorized Participant as soon as reasonably practicable. 

Section 3.04 Additional Covenants. In connection with a Redemption Order for Redemption of Shares, whether in-kind or in-cash, the Authorized Participant acknowledges and agrees that it owns outright the number of Shares to be redeemed in freely tradable, unrestricted form or has
full legal authority and legal beneficial right to tender for redemption the requisite number of Shares to be redeemed on the Redemption Settlement Date.

[Signatures Follow on Next Page] 

  
 I-21 

 IN WITNESS WHEREOF, [AUTHORIZED PARTICIPANT], the Sponsor, Administrator,
Marketing Agent and Liquidity Provider have executed these Creation and Redemption Procedures as of the date set forth above. 
  

			
	[AUTHORIZED PARTICIPANT]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	THE BANK OF NEW YORK MELLON, as Administrator
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	GRAYSCALE INVESTMENTS LLC, as Sponsor
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	ALPS PORTFOLIO SOLUTIONS DISTRIBUTOR, INC., as Marketing Agent
		
	By:	 	  

	
	[LIQUIDITY PROVIDER], as Liquidity Provider
		
	By:	 	  

	Name:	 	
	Title:	 	

 ANNEX I-A TO CREATION AND REDEMPTION PROCEDURES 

ALPS PORTFOLIO SOLUTIONS DISTRIBUTOR, INC., MARKETING AGENT 

DELAWARE TRUST COMPANY, TRUSTEE 

PURCHASE/REDEMPTION ORDER FORM 

BITCOIN INVESTMENT TRUST 
  

 
 CONTACT INFORMATION FOR ORDER
EXECUTION: 
 Creation and Redemption Line:
[    ]                 
  

 
 ALL ITEMS IN PART I MUST BE COMPLETED BY THE
AUTHORIZED PARTICIPANT. THE MARKETING AGENT, THE TRANSFER AGENT AND/OR THE ADMINISTRATOR, IN THEIR DISCRETION, MAY REJECT ANY ORDER NOT SUBMITTED IN COMPLETE FORM OR CONTAINING AMBIGUOUS INSTRUCTIONS. CAPITALIZED TERMS USED BUT NOT DEFINED BELOW
SHALL HAVE THE MEANING SET FORTH IN THE AUTHORIZED PARTICIPANT AGREEMENT. 
 I. TO BE COMPLETED BY THE AUTHORIZED PARTICIPANT 

 

			
	Date:	 	Time:                                (ET)
	Your Name:	 	Firm Name:
	NSCC/DTC Participant Number:                 /	 	Telephone Number:
	Email Address:	 	

 Type of order (Check
One):    ☐  Creation    ☐  Redemption

Settlement type (Check One):    
☐  Bitcoin    ☐  Cash

Select ETF for transaction (One Basket = 100 Shares) 
  

							
	 ETF NAME
	  	 TICKER
	  	 CUT-OFF
	  	 T-1 WINDOW

	☐ Bitcoin Investment Trust	  	[GBTC]	  	 ☐ 3:59:59 p.m. (ET) for settlement in bitcoin
  

☐ 4:59:59 p.m. (ET) for settlement in cash
	  	N/A

 Please provide wire information below. 

 

			
	Bank Account No.	  	
		
	Beneficiary Account Name	  	
		
	ABA Routing No.	  	
		
	Swift Code	  	

  
 I-A-1 

 Upon placement of a Redemption Order using this Redemption Order Form, whether
in-kind or in-cash, the Authorized Participant acknowledges and agrees that it holds in its possession the number of Shares to be redeemed in freely tradable,
unrestricted form. 
 With respect to each order for one or more Baskets of Shares of the Trust, the Authorized Participant represents and warrants to the
Marketing Agent, Transfer Agent and the Trust that (based upon the number of outstanding Shares of the Trust made publicly available by the Trust) (i) it does not hold, and will not as a result of the contemplated transaction hold, for the
account of any single Beneficial Owner of Shares of the Trust, eighty percent (80%) or more of the outstanding Shares of the Trust, or (ii) if it does hold for the account of any single Beneficial Owner of Shares of the Trust, eighty percent
(80%) or more of the outstanding Shares of the Trust, it is carrying some or all of the Shares in inventory in connection with its market making activities so as to not result in the Trust acquiring a basis in the portfolio securities deposited with
the Trust with respect to an order to create Shares in the Trust different from the market value of such portfolio securities on the date of such order, pursuant to Section 351 and 362 of the Internal Revenue Code of 1986, as amended. If more
than one Beneficial Owner is combined in an order to create Shares, this representation is made by taking into account all such Beneficial Owners’ ownership of Shares as a group. 

THIS TRANSACTION SHALL BE EFFECTED IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THE TRUST’S CURRENT PROSPECTUS AND THE AUTHORIZED PARTICIPANT AGREEMENT

 #of Baskets Transacted Number:
                                        
Number written out:
                                        

 Order #:
                                        
Authorized Person’s Signature
                                         
                                         
   
  
  

II. TO BE COMPLETED BY MARKETING AGENT 
 This certifies
that the above order has been: 
 ☐ Accepted by the Marketing Agent            ☐
Rejected-Reason:
                                         
        
 Date
                                 Time
                     Authorized Person’s Signature
                                         
                

  
 I-A-2 

 ANNEX I-B TO CREATION AND REDEMPTION PROCEDURES 

ORDER ENTRY SYSTEM TERMS AND CONDITIONS 

This Annex I-B shall govern use by Authorized Participant of the electronic order entry system for
placing Purchase Orders and Redemption Orders for Shares (the “System”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in Schedule I of the Authorized Participant Agreement.
In the event of any conflict between the terms of this Annex I-B and Section 2.01 and 2.02 of the Authorized Participant Agreement with respect to the placing of Purchase Orders and Redemption Orders, the
terms of this Annex I-B shall control. 
 1. (a) Authorized Participant shall provide to The Bank of New York Mellon
a duly executed authorization letter, in a form satisfactory to The Bank of New York Mellon, identifying those authorized persons who will access the System (the “Authorized Persons”). Authorized Participant shall notify The
Bank of New York Mellon in writing in the event that any person’s status as an Authorized Person is revoked or terminated as soon as possible, and The Bank of New York Mellon shall promptly to terminate such Authorized Person’s access to
the System. 
 (b) It is understood and agreed that each Authorized Person shall be designated as an authorized user of Authorized
Participant for the purpose of the Authorized Participant Agreement. Upon termination of the Authorized Participant Agreement, the Authorized Participant’s and each Authorized Person’s access rights with respect to System shall be
immediately revoked. 
 2. The Bank of New York Mellon grants to Authorized Participant a personal, nontransferable and nonexclusive license to use the
System solely for the purpose of transmitting Purchase Orders and Redemption Orders and otherwise communicating with The Bank of New York Mellon in connection with the same. Authorized Participant shall use the System solely for its own internal and
proper business purposes. Except as set forth herein, no license or right of any kind is granted to Authorized Participant with respect to the System. Authorized Participant acknowledges that The Bank of New York Mellon and its suppliers retain and
have title and exclusive proprietary rights to the System. Authorized Participant further acknowledges that all or a part of the System may be copyrighted or trademarked (or a registration or claim made therefor) by The Bank of New York Mellon or
its suppliers. Authorized Participant shall not take any action with respect to the System inconsistent with the foregoing acknowledgments. Authorized Participant may not copy, distribute, sell, lease or provide, directly or indirectly, the System
or any portion thereof to any other person or entity without The Bank of New York Mellon’s prior written consent. Authorized Participant may not remove any statutory copyright notice or other notice included in the System. Authorized
Participant shall reproduce any such notice on any reproduction of any portion of the System and shall add any statutory copyright notice or other notice upon The Bank of New York Mellon’s request. 

  
 I-B-1 

 3. (a) Authorized Participant acknowledges that any user manuals or other documentation (whether in hard copy or
electronic form) (collectively, the “Material”), which is delivered or made available to Authorized Participant regarding the System is the exclusive and confidential property of The Bank of New York Mellon. Authorized Participant
shall keep the Material confidential by using the same care and discretion that Authorized Participant uses with respect to its own confidential property and trade secrets, but in no event less than reasonable care. Authorized Participant may make
such copies of the Material as is reasonably necessary for Authorized Participant to use the System and shall reproduce The Bank of New York Mellon’s proprietary markings on any such copy. The foregoing shall not in any way be deemed to affect
the copyright status of any of the Material which may be copyrighted and shall apply to all Material whether or not copyrighted. THE BANK OF NEW YORK MELLON AND ITS SUPPLIERS MAKE NO WARRANTIES, EXPRESS OR IMPLIED, CONCERNING THE MATERIAL OR ANY
PRODUCT OR SERVICE, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. 
 (b) Upon termination of the
Authorized Participant Agreement for any reason, Authorized Participant shall return to The Bank of New York Mellon all copies of the Material which is in Authorized Participant’s possession or under its control. 

4. Authorized Participant agrees that it shall have sole responsibility for maintaining adequate security and control of the user IDs, passwords and codes for
access to the System, which shall not be disclosed to any third-party without the prior written consent of The Bank of New York Mellon. The Bank of New York Mellon shall be entitled to rely on the information received by it from the Authorized
Participant and The Bank of New York Mellon may assume that all such information was transmitted by or on behalf of an Authorized Person regardless of by whom it was actually transmitted, unless the Authorized Participant previously notified the
Bank of New York Mellon that the user IDs, passwords and codes for access to the System have been compromised. 
 5. The Bank of New York Mellon shall have
no liability in connection with the use of the System, the access granted to the Authorized Participant and its Authorized Persons hereunder, or any transaction effected or attempted to be effected by the Authorized Participant hereunder, except for
damages incurred by the Authorized Participant as a direct result of The Bank of New York Mellon’s gross negligence or willful misconduct. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, IT IS HEREBY AGREED THAT IN NO EVENT SHALL THE BANK OF
NEW YORK MELLON OR ANY MANUFACTURER OR SUPPLIER OF EQUIPMENT, SOFTWARE OR SERVICES BE RESPONSIBLE OR LIABLE FOR ANY SPECIAL, INDIRECT, OR CONSEQUENTIAL DAMAGES WHICH THE AUTHORIZED PARTICIPANT MAY INCUR OR EXPERIENCE BY REASON OF ITS HAVING ENTERED
INTO OR RELIED ON THIS AGREEMENT, OR IN CONNECTION WITH THE ACCESS GRANTED TO AUTHORIZED PARTICIPANT HEREUNDER, OR ANY TRANSACTION EFFECTED OR ATTEMPTED TO BE EFFECTED BY AUTHORIZED PARTICIPANT HEREUNDER, EVEN IF THE BANK OF NEW YORK MELLON OR SUCH
MANUFACTURER OR SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, NOR SHALL THE BANK OF NEW YORK MELLON OR ANY SUCH MANUFACTURER OR SUPPLIER BE LIABLE FOR ACTS OF GOD, 

  
 I-B-2 

 
MACHINE OR COMPUTER BREAKDOWN OR MALFUNCTION, INTERRUPTION OR MALFUNCTION OF COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR CAUSE BEYOND SUCH PERSON’S
REASONABLE CONTROL. 
 6. The Bank of New York Mellon reserves the right to revoke Authorized Participant’s access to the System immediately and
without notice upon any breach by the Authorized Participant of the terms and conditions of this Annex I-B. 
 7.
The Bank of New York Mellon shall acknowledge through the System its receipt of each Purchase Order or Redemption Order communicated through the System, and in the absence of such acknowledgment The Bank of New York Mellon shall not be liable for
any failure to act in accordance with such orders and Authorized Participant may not claim that such Purchase Order or Redemption Order was received by The Bank of New York Mellon. The Bank of New York Mellon may in its discretion and with notice to
the Authorized Participant decline to act upon any instructions or communications that are insufficient or incomplete or are not received by The Bank of New York Mellon in sufficient time for The Bank of New York Mellon to act upon, or in accordance
with, such instructions or communications. 
 8. Authorized Participant agrees to use reasonable efforts to prevent the transmission through the System of
any software or file which contains any viruses, worms, harmful component or corrupted data and agrees not to use any device, software, or routine to interfere or attempt to interfere with the proper working of the Systems. 

9. Authorized Participant acknowledges and agrees that encryption may not be available for every communication through the System, or for all data. Authorized
Participant agrees that The Bank of New York Mellon may deactivate any encryption features at any time, without notice or liability to Authorized Participant, for the purpose of maintaining, repairing or troubleshooting its systems. 

  
 I-B-3 

 SCHEDULE II 

STANDARD TERMS FOR AUTHORIZED PARTICIPANT AGREEMENTS 
  

			
	ARTICLE I ORDERS FOR PURCHASE AND REDEMPTION
	 Section 1.01.
	 	Authorization to Purchase and Redeem Baskets
	 Section 1.02.
	 	Procedures for Orders
	 Section 1.03.
	 	Consent to Recording
	 Section 1.04.
	 	Irrevocability
	 Section 1.05.
	 	Costs and Expenses
	 Section 1.06.
	 	Delivery of Property to the Trust and Shares Surrendered for Redemption
	 Section 1.07.
	 	Title to Deposit Property and Shares Surrendered for Redemption
	 Section 1.08.
	 	Certain Payments or Distributions
	 Section 1.09.
	 	Ambiguous Instructions
	
	ARTICLE II AUTHORIZED REPRESENTATIVES
	 Section 2.01.
	 	Certification
	 Section 2.02.
	 	PIN Numbers
	 Section 2.03.
	 	Termination of Authority
	 Section 2.04.
	 	Verification
	
	ARTICLE III STATUS OF THE AUTHORIZED PARTICIPANT
	 Section 3.01.
	 	Clearing Status
	 Section 3.02.
	 	Broker-Dealer Status
	 Section 3.03.
	 	Foreign Status
	 Section 3.04.
	 	Compliance with Certain Laws
	 Section 3.05.
	 	Authorized Participant Status
	
	ARTICLE IV ROLE OF AUTHORIZED PARTICIPANT
	 Section 4.01.
	 	No Agency
	 Section 4.02.
	 	Rights and Obligations of DTC Participant
	 Section 4.03.
	 	Beneficial Owner Communications
	 Section 4.04.
	 	Authorized Participant Customer Information
	
	ARTICLE V MARKETING MATERIALS AND REPRESENTATIONS AND WARRANTIES
	 Section 5.01.
	 	Representations of the Trust
	 Section 5.02.
	 	Representations of the Authorized Participant
	 Section 5.03.
	 	Prospectus
	 Section 5.04
	 	Use of Authorized Participant’s Name

  
 II-1 

			
	ARTICLE VI INDEMNIFICATION; LIMITATION OF LIABILITY
	 Section 6.01.
	 	Indemnification
	
	ARTICLE VII LIABILITY PROVISIONS
	 Section 7.01.
	 	No Special Damages
	 Section 7.02.
	 	Force Majeure
	 Section 7.03.
	 	Reliance on Instructions
	 Section 7.04.
	 	Limited Liability
	
	ARTICLE VIII MISCELLANEOUS
	 Section 8.01
	 	Commencement of Trading
	 Section 8.02
	 	Defined Terms
	 Section 8.03
	 	Third-party Beneficiaries

  
 II-2 

 STANDARD TERMS FOR AUTHORIZED PARTICIPANT AGREEMENTS 

STANDARD TERMS FOR AUTHORIZED PARTICIPANT AGREEMENTS (the “Standard Terms”) dated as of [DATE] among (i) [AUTHORIZED
PARTICIPANT], a [company] organized under the laws of [JURISDICTION OF AUTHORIZED PARTICIPANT] (the “Authorized Participant”), (ii) The Bank of New York Mellon, a New York banking corporation, as Administrator for the Bitcoin Investment
Trust (the “Administrator”), (iii) Grayscale Investments LLC, a Delaware limited liability company, as sponsor for the Bitcoin Investment Trust (the “Sponsor”) and (iv) [LIQUIDITY PROVIDER], a company organized under the laws of
[JURISDICTION OF LIQUIDITY PROVIDER] (the “Liquidity Provider”). Capitalized terms used in these Standard Terms and not otherwise defined herein have the meaning ascribed to them in the Creation and Redemption Procedures attached to the
Authorized Participant Agreement as Schedule I (the “Procedures”). 
 ARTICLE I 

ORDERS FOR PURCHASE AND REDEMPTION 

Section 1.01. Authorization to Purchase and Redeem Baskets. Subject to the provisions of the Authorized Participant Agreement,
during the term of the Authorized Participant Agreement the Authorized Participant will be authorized to purchase and tender for redemption Baskets in compliance with the provisions of the Trust Agreement, the Procedures and these Standard Terms.

 Section 1.02. Procedures for Orders. Each party hereto agrees to comply with the provisions of the Trust Agreement, the
Procedures and these Standard Terms to the extent applicable to it. 
 Section 1.03. Consent to Recording. The phone lines used
by the Administrator, the Custodian, the Sponsor and/or their affiliated persons may be recorded, and the Authorized Participant hereby consents to the recording of all calls with any of those parties; provided, that, the Administrator shall
use its reasonable efforts to provide the Authorized Participant with copies of such recordings upon the reasonable request of the Authorized Participant. The parties agree that either party may use such recordings in connection with any dispute or
proceeding related to this Agreement. In the event that the Administrator, the Custodian, the Sponsor or any of their affiliated persons becomes legally compelled to disclose to any third-party any recording involving communications with the
Authorized Participant, the Sponsor agrees to provide the Authorized Participant with reasonable advance written notice identifying the recordings to be so disclosed unless prohibited by applicable rule, law or order, together with copies of such
recordings, so that the Authorized Participant may seek a protective order or other appropriate remedy with respect to the recordings or waive its right to do so. In the event that such protective order or other remedy is not obtained or the
Authorized Participant waives its right to seek such protective order or remedy, the Sponsor will use commercially reasonable efforts to obtain reliable assurance that confidential treatment will be accorded the recorded conversation. The
Administrator, the Sponsor or any of their affiliated persons shall not otherwise disclose to any 

  
 II-3 

 
third-party any recording involving communications with the Authorized Participant without the Authorized Participant’s express written consent, except that the Administrator and the Sponsor
may disclose to any regulatory or self-regulatory organization, to the extent required by applicable rule or law, any recording involving communications with the Authorized Participant. 

Section 1.04. Irrevocability. The Authorized Participant agrees that delivery to the Administrator of an Order shall be
irrevocable, provided that the Administrator will reject any Order that is not completed in accordance with the Procedures. In the event that the Creation or Redemption of Baskets is suspended by the Administrator or the Sponsor and such
suspension affects any Order submitted by the Authorized Participant, the Administrator or Sponsor, as applicable, will notify the Authorized Participant as soon as reasonably practicable of such suspension. The Sponsor agrees to undertake
commercially reasonable efforts to accommodate any request by the Authorized Participant to cancel a previously placed Order if such Order has not yet been accepted, but the Sponsor shall have no liability for the Trust’s inability to
accommodate such a request. The Trust and the Administrator will promptly return to the Authorized Participant upon cancellation or rejection of an Order all consideration, including any Shares, bitcoin or other consideration tendered by the
Authorized Participant, in respect of such cancelled or rejected Order to the extent reasonably practicable. 
 Section 1.05. Costs
and Expenses. The Authorized Participant shall be responsible for the expenses and costs incurred by the Trust that can be directly attributable to Orders submitted by the Authorized Participant other than ordinary course expenses and costs
which are reimbursed through payment of the fee contemplated in Sections 2.01(h) and 2.02(h) of the Procedures. The Administrator or the Sponsor shall provide the Authorized Participant with reasonably detailed information relating to such expenses
and costs upon request by the Authorized Participant. 
 Section 1.06. Delivery of Property to the Trust and Shares Surrendered for
Redemption. The Authorized Participant understands and agrees that in the event Deposit Property is not transferred to the Trust, or Shares are not delivered to the Administrator by the applicable Settlement Date, in compliance with the
Procedures and these Standard Terms, and, in each case, the Authorized Participant does not deposit the Security Amount pursuant to the Procedures, the Authorized Participant will be solely responsible for all damages, losses, costs and expenses
incurred by the Trust, the Sponsor, the Administrator or the Custodian related to any such Order. The Authorized Participant will not, however, be responsible for damages, losses, costs and expenses incurred by the Trust, the Sponsor, the
Administrator or the Custodian related to such Orders to the extent the failure to transfer Deposit Property, in the case of a Creation Order, or Shares, in the case of a Redemption Order, to the Trust is due to the gross negligence, bad faith or
reckless or willful misconduct of the Administrator, the Sponsor, the Liquidity Provider or the Custodian or if such failure arises from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot,
strike, act of government, public authority, public service or utility problems, power outages resulting in telephone, telecopy and computer failures, acts of God, such as fires, floods or extreme weather conditions, market conditions or activities
causing trading halts, systems failures involving computer or other information systems affecting the Authorized Participant, or similar extraordinary events beyond the Authorized Participant’s control. In the event of any such delay, the time
to complete Delivery in respect of a 

  
 II-4 

 
Purchase Order or Redemption Order will be extended for a period equal to that during which the inability to perform continues. In the case of in-kind
Creations, upon the deposit of bitcoins, the Authorized Participant as Depositor represents and warrants that (i) the Authorized Participant is duly authorized to make such deposit of bitcoins and (ii) at the time of Delivery, and assuming
that the Trust has not pledged, mortgaged, encumbered or otherwise disposed of the bitcoins, the bitcoins are free and clear of any lien, pledge, encumbrance, right, charge or claim. In the case of in-cash
Creations, upon the deposit of bitcoins, the Liquidity Provider as Depositor represents and warrants that (i) the Liquidity Provider is duly authorized to make such deposit of bitcoins and (ii) at the time of Delivery, the bitcoins are
free and clear of any lien, pledge, encumbrance, right, charge or claim. 
 Section 1.07. Title to Deposit Property and Shares
Surrendered for Redemption. The Authorized Participant represents and warrants to the Administrator and the Sponsor that: 
 (a) in
connection with each Purchase Order, the Depositor will have the right and authority to transfer to the Trust the corresponding Deposit Property, and that upon delivery of such Deposit Property to the Custodian on the Creation Settlement Date, and
in the case of in-cash Purchase Orders, to the Administrator, and assuming that the Trust has not pledged, mortgaged, encumbered or otherwise disposed of the Deposit Property, the Trust will acquire good and
unencumbered title to such property, free and clear of all liens, charges, duties imposed on the transfer of assets and encumbrances and not subject to any adverse claims or transferability restrictions, whether arising by operation of law or
otherwise; and 
 (b) in connection with a Redemption Order, the Authorized Participant will have the right and authority to surrender to
the Administrator for redemption on the Redemption Settlement Date the corresponding Shares, and upon such surrender, assuming that the Trust has not pledged, mortgaged, encumbered or otherwise disposed of the Shares, the Trust will acquire good and
unencumbered title to such Shares, free and clear of all liens, charges, duties imposed on the transfer of assets and encumbrances and not subject to any adverse claims, transferability restrictions (whether arising by operation of law or
otherwise), loan, pledge, repurchase or securities lending agreements or other arrangements which, under such circumstances, would preclude the delivery of such Shares to the Administrator on the Redemption Settlement Date. 

Section 1.08. Ambiguous Instructions. In the event that a Purchase Order or Redemption Order contains terms that differ from the
information provided in the related telephone call or email transmission, the Administrator will use its commercially reasonable efforts to contact the Authorized Participant to request confirmation of the terms of the order at the telephone number
indicated in the Purchase Order or Redemption Order. If an Authorized Representative (as defined below) confirms the terms as they appear in the Purchase Order or Redemption Order, then the order will be accepted and processed. If an Authorized
Representative contradicts the terms of the Purchase Order or Redemption Order, the order will be deemed invalid, and a corrected Purchase Order or Redemption Order must be received by the Administrator no later than the Order Cutoff Time. For the
avoidance of doubt, notwithstanding the invalidation of the initial Purchase Order or Redemption Order pursuant to this paragraph, a Purchase Order or Redemption Order that is otherwise in proper form shall be deemed submitted at the time of its
initial submission for purposes of determining when orders are deemed received. If the Administrator makes a commercially reasonable effort to contact the Authorized Participant but 

  
 II-5 

 
is not able to contact an Authorized Representative by the Order Cutoff Time, then the Purchase Order or Redemption Order shall be accepted and processed in accordance with its terms
notwithstanding any inconsistency from the terms of the telephone information. In the event that a Purchase Order or Redemption Order contains terms that are illegible, the submission will be deemed invalid and the Administrator will attempt to
contact the Authorized Participant to request retransmission. A corrected Purchase Order or Redemption Order must be received by the Administrator, as applicable, no later than the Order Cutoff Time. 

Section 1.09. Notwithstanding anything herein to the contrary, in the event that the basket of Deposit Property to be delivered by the
Authorized Participant in connection with any Purchase Order or the basket of Shares to be delivered by the Authorized Participant in connection with any Redemption Order are missing some of the required securities on the applicable settlement date
for such Purchase Order or Redemption Order, the Sponsor, the Trust and the Transfer Agent agree not to treat such Purchase Order or Redemption Order as a failed trade or a failed settlement provided that the Authorized Participant adheres to the
remedial steps set forth in the Procedures. 
 ARTICLE II 

AUTHORIZED REPRESENTATIVES 

Section 2.01. Certification. Concurrently with the execution of the Authorized Participant Agreement, the Authorized Participant
shall deliver to the Administrator and the Marketing Agent a certificate in a form as attached at Schedule III to the Authorized Participant Agreement (an “Authorized Representative Certificate”) signed by the
Authorized Participant’s Secretary or other duly authorized person setting forth the names, signatures, e-mail addresses and telephone numbers of all persons authorized to give instructions relating to
any activity contemplated hereby or any other notice, request or instruction on behalf of the Authorized Participant (each an “Authorized Representative”). Such certificate may be accepted and relied upon by each of the
Administrator and the Marketing Agent as conclusive evidence of the facts set forth therein and shall be considered to be in full force and effect until (i) receipt by the Administrator and the Marketing Agent of a superseding Authorized
Representative Certificate, or (ii) termination of the Authorized Participant Agreement. After such Authorized Representative Certificate is accepted by the Administrator and the Marketing Agent, the Authorized Participant may authorize
additional Authorized Representatives to give instructions relating to any activity contemplated hereby or any other notice, request or instruction on behalf of the Authorized Participant by delivering to the Administrator and the Marketing Agent an
addendum to the certificate described above in a form as attached at Schedule IV to the Authorized Participant Agreement. 
 Section
2.02. PIN Numbers. The Administrator shall issue to each Authorized Participant a unique personal identification number (“PIN Number”) by which such Authorized Participant shall be identified and instructions
issued by the Authorized Participant shall be authenticated. The PIN Number shall be kept confidential and only provided to Authorized Representatives. The Authorized Participant may revoke the PIN Number at any time upon written notice to the
Administrator pursuant to Section 2.03 hereof, and the Authorized Participant shall be 

  
 II-6 

 
responsible for doing so in the event that it becomes aware that an unauthorized person has received access to its PIN Number or has or intends to use the PIN Number in an unauthorized manner.
Except as otherwise provided in these Standard Terms, the Authorized Participant agrees that neither the Trust or the Administrator shall be liable for losses incurred by the Authorized Participant as a result of unauthorized use of the Authorized
Participant’s PIN Number prior to the time when the Authorized Participant provides notice to the Administrator of the termination or revocation of authority pursuant to Section 2.03 and the Administrator has
de-activated the PIN Number as provided for in Section 2.03 hereof. 
 Section
2.03. Termination of Authority. Upon the termination or revocation of authority of an Authorized Representative by the Authorized Participant or the revocation of a PIN Number by the Authorized Participant, the Authorized Participant
shall (i) give, as promptly as practicable under the circumstances, written notice of such fact to the Administrator and such notice shall be effective upon receipt by the Administrator in accordance with the notice provisions herein; and
(ii) request a new PIN Number. The Administrator shall, as promptly as practicable, de-activate the PIN Number upon receipt of such written notice. If an Authorized Participant’s PIN Number is
changed, the new PIN Number will become effective on a date mutually agreed upon by the Authorized Participant and the Administrator. 

Section 2.04. Verification. The Administrator may assume that all instructions issued to it using the Authorized
Participant’s PIN Number have been properly placed by Authorized Representatives, unless the Administrator has actual knowledge to the contrary or the Authorized Participant has properly revoked such PIN Number prior to the placement of such
instructions. The Administrator shall have no duty to verify that an Order is being placed by an Authorized Representative that uses a valid PIN Number. The Authorized Participant agrees that the Administrator shall not be responsible for any losses
incurred by the Authorized Participant as a result of an Authorized Representative identifying himself or herself as a different Authorized Representative or an unauthorized person identifying himself or herself as an Authorized Representative,
unless such person uses a PIN Number which the Authorized Participant had previously revoked in accordance with Section 2.03 hereof or which was acquired through a breach of the Administrator’s security system. 

ARTICLE III 
 STATUS OF THE
AUTHORIZED PARTICIPANT 
 Section 3.01. Clearing Status. The Authorized Participant represents, covenants and warrants that, as
of the date of execution of the Authorized Participant Agreement, and at all times during the term of the Authorized Participant Agreement, the Authorized Participant is and will be entitled to use the clearing and settlement services of each of the
national or international clearing and settlement organizations through which, in compliance with the Procedures, the transactions contemplated hereby will clear and settle. Any change in the foregoing status of the Authorized Participant shall
terminate the Authorized Participant Agreement, unless otherwise agreed in writing by the parties, and the Authorized Participant shall give prompt written notice thereof to the Administrator. Such termination shall not affect any pending Order.

  
 II-7 

 Section 3.02. Broker-Dealer Status. The Authorized Participant represents and
warrants that it is (i) registered as a broker-dealer under the Exchange Act or other securities market participant, such as a bank or other financial institution, which, but for an exclusion from registration, would be required to register as
a broker-dealer to engage in securities transactions, (ii) qualified to act as a broker or dealer in the states or other jurisdictions where it transacts business to the extent so required by applicable law, and (iii) a member in good
standing with FINRA. The Authorized Participant agrees that it will maintain such registration and membership in good standing and any other registrations, qualifications and membership in good standing applicable to it in full force and effect
throughout the term of the Authorized Participant Agreement. The Authorized Participant further agrees to comply with all applicable U.S. federal laws, the laws of the states or other jurisdictions concerned, and the rules and regulations
promulgated thereunder, to the extent such laws and regulations are applicable to the Authorized Participant’s transactions in, and activities with respect to, Shares, and with the FINRA By-Laws and the
FINRA Conduct Rules to the extent the foregoing relates to the Authorized Participant’s transactions in, and activities with respect to, Shares, and that it will not offer or sell Shares in any state or jurisdiction where they may not lawfully
be offered and/or sold. The Authorized Participant shall be solely responsible for determining the application of any such laws or regulations in all cases at its own expense. 

Section 3.03. Foreign Status. If the Authorized Participant is offering and selling Shares in jurisdictions outside the several
states, territories and possessions of the United States and is not otherwise required to meet the requirements of clauses (i) through (iii) of Section 3.02 hereof, the Authorized Participant agrees to observe the applicable laws of the
jurisdiction in which such offer and/or sale is made and to conduct its business in accordance with the FINRA Conduct Rules, to the extent the foregoing relates to the Authorized Participant’s transactions in, and activities with respect to,
Shares. 
 Section 3.04. Compliance with Certain Laws. If the Authorized Participant is subject to the requirements of the
Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as amended (the “U.S.A. PATRIOT Act”), the Authorized Participant has policies and procedures
reasonably designed to comply with the anti-money laundering and related provisions of the U.S.A. PATRIOT Act, and the operations of the Authorized Participant are and have been conducted in compliance with the U.S.A. PATRIOT Act. 

Section 3.05. Authorized Participant Status. The Authorized Participant understands and acknowledges that the method by which
Baskets will be created and traded may raise certain issues under applicable securities laws. For example, because new Baskets of Shares may be issued and sold by the Trust on an ongoing basis, at any point a “distribution”, as such term
is used in the Securities Act, may occur. The Authorized Participant is cautioned that, depending on the facts, and based on certain possible interpretations of applicable law, may result in its being deemed a participant in a distribution in a
manner which could render it a statutory underwriter as such term is defined in Section 2(a)(11) of the 1933 Act and subject it to the prospectus delivery and liability provisions of the Securities Act. Notwithstanding the foregoing, the Trust and
Sponsor each agree and acknowledge that is not intended for Authorized 

  
 II-8 

 
Participant to serve as an underwriter to the Trust by entering into this Agreement or by its submitting an order for the creation of Basket(s), and neither the Trust nor Sponsor will assert such
in any legal or regulatory proceeding or action. 
 ARTICLE IV 

ROLE OF AUTHORIZED PARTICIPANT 

Section 4.01. No Agency. The Authorized Participant acknowledges and agrees that, for purposes of the Authorized Participant
Agreement, the Authorized Participant will have no authority to act as agent for the Trust or the Administrator in any matter or in any respect. The Authorized Participant agrees to make itself and its employees available, upon reasonable request,
during normal business hours to consult with the Administrator, the Sponsor or their designees concerning the performance of the Authorized Participant’s responsibilities under the Authorized Participant Agreement; provided,
however, that the Authorized Participant shall be under no obligation to divulge or otherwise disclose any information that the Authorized Participant reasonably believes (i) the disclosure of which to third parties is in violation of
any applicable law or regulation or is otherwise prohibited or (ii) is confidential or proprietary in nature. The Sponsor and Trust each agree, upon request by the Authorized Participant, to provide the Authorized Participant and its agents
reasonable access to the personnel of the Sponsor and the Trust sufficient, in the reasonable judgment of the Authorized Participant, for carrying out due diligence with respect to this Agreement. The Sponsor further agrees, upon request by the
Authorized Participant, to use reasonable efforts to provide the Authorized Participant and its agents reasonable access to the counsel and auditors of the Trust, sufficient, in the reasonable judgment of the Authorized Participant, for carrying out
due diligence with respect to the Registration Statement and Prospectus and any amendments thereto. 
 Section 4.02. Rights and
Obligations of DTC Participant. The Authorized Participant, as a DTC Participant, agrees that it shall be bound by all of the obligations of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the
Procedures. 
 Section 4.03. Beneficial Owner Communications. The Authorized Participant agrees (i) subject to any
limitations arising under federal or state securities laws relating to privacy, or other obligations it may have to its customers, to assist the Administrator or the Sponsor in determining certain information regarding sales of Shares made by or
through the Authorized Participant (including, without limitation, the ownership level of each beneficial owner relating to positions in Shares that the Authorized Participant may hold as record holder) upon the request of the Administrator or the
Sponsor that is necessary for the Administrator or Sponsor to comply with their obligations to distribute information to beneficial owners of Shares under applicable state or federal securities laws and (ii) to forward to such beneficial owners
written materials and communications received, directly or indirectly, from the Sponsor or the Administrator in sufficient quantities to allow mailing thereof to such beneficial owners, including, without limitation, notices, annual reports,
disclosure or other informational materials and any amendments or supplements thereto that may be required to be sent by the Sponsor or the Administrator to such beneficial owners pursuant to applicable law or regulation or otherwise, or that the
Sponsor or the Administrator reasonably wishes to distribute to such beneficial owners, in each case at the expense of the Sponsor and/or the Trust. 

  
 II-9 

 Section 4.04. Authorized Participant Customer Information. The Sponsor and the
Administrator agree that the names and addresses and other information concerning the Authorized Participant’s customers are and shall remain the sole property of the Authorized Participant, and none of the Sponsor, the Trust, or the
Administrator, or any of their respective affiliates, shall use such names, addresses or other information for any purpose except as required for performance of their duties and responsibilities under the Authorized Participant Agreement, the
Procedures, the Standard Terms, the Trust Agreement and the applicable Prospectus and except for servicing and informational mailings related to the Trust referred to in Section 4.03 above. 

ARTICLE V 
 MARKETING MATERIALS
AND REPRESENTATIONS AND WARRANTIES 
 Section 5.01. Representations of the Trust. The Sponsor hereby represents and warrants on
behalf of the Trust: 
 (a) The Registration Statement will have become effective, no stop order suspending the effectiveness of the
Registration Statement will be in effect and no proceedings for such purpose will be pending before or threatened by the SEC or any other federal, State or foreign regulatory or self-regulatory authority of competent jurisdiction as of the effective
date of the Trust’s Registration Statement on Form S-1 (the “Effective Date”). 
 (b)
The consummation by the Trust of the transactions contemplated hereby, without limitation, the issuance and sale of the Shares to the Authorized Participant, will not conflict with or constitute or result in a breach or violation of, assuming
compliance with all applicable state securities or “Blue Sky” laws, any statute, judgment, decree, order, rule or regulation applicable to the Sponsor or the Trust or any of its subsidiaries or any of their respective properties or assets.
Notwithstanding the above, any such breach or violation that would not, individually or in the aggregate have a material adverse effect on the condition (financial or other), business, properties, results of operations or prospects of the Trust and
its subsidiaries taken as a whole shall not be deemed a breach of this Agreement, provided, however, that the Authorized Participant shall still be entitled to the indemnity set forth in Section 6.01(b). 

(c) The Registration Statement and the Prospectus complied, or will comply when so filed, in all material respects with the Securities Act,
the Exchange Act and the applicable rules and regulations of the SEC thereunder, (i) the Registration Statement, as amended and supplemented, if applicable, did not contain and will not contain any untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) the Registration Statement as of the date hereof does not contain any untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein not misleading, (iii) the Registration Statement and the Prospectus comply, and as amended or supplemented, if applicable, will comply in all material
respects with the Securities Act and the applicable rules and regulations of 

  
 II-10 

 
the SEC thereunder and (iv) the Prospectus does not contain and, as amended or supplemented, if applicable, will not contain any untrue statement of a material fact or omit to state any
material fact necessary to make the statements therein, in the light of the circumstances under which they are made, not misleading. 
 (d)
No consent, approval, authorization, order, registration, qualification or other action of, or filing with, any federal, state, local or foreign governmental or regulatory authority, agency, body or court having jurisdiction over the Trust is
required in connection with the issuance and sale of the Shares, except (i) registration of the Shares under the Act, such as have been obtained and made or will have been obtained and made on or prior to the Creation of such Shares,
(ii) approval of listing on NYSE Arca, (iii) such as may be required by the securities or Blue Sky laws of the various states in connection with the offer and sale of the Shares and (iv) exemptive relief from the SEC pursuant to
Regulation M regarding the reinstatement of the Trust’s ability to redeem Shares. 
 (e) As of the Effective Date, the Trust will have
all requisite corporate power and authority to execute, deliver and perform each of its obligations under the Shares. The Shares, when issued, will be in the form contemplated by the Trust Agreement and when delivered against payment of
consideration thereof, as provided in this Agreement, will be duly and validly authorized, issued, fully paid and non-assessable and free of statutory and contractual preemptive rights, rights of first refusal
and similar rights. The Shares will be consistent with the descriptions thereof contained in the Prospectus. 
 (f) All marketing and
promotional materials, other than the Prospectus, provided to the Authorized Participant by the Sponsor comply in all material respects with applicable law, including without limitation, the provisions of the 1933 Act, FINRA’s marketing rules
and the rules and regulations of the SEC. 
 (g) As of the Effective Date, the Shares will have been approved for listing on NYSE Arca; the
Sponsor will comply, at all times during which this Agreement is in effect, with all applicable disclosure requirements in connection with its offering of the Shares, including, without limitation, those under the 1933 Act and the rules of the SEC
thereunder. 
 Section 5.02. Representations of the Authorized Participant. The Authorized Participant represents, warrants and
agrees that, except in respect to Excepted Materials (as defined below) in connection with any sale or solicitation of a sale of Shares, it will not make, or permit any of its representatives to make on its behalf, any representations concerning
Shares, the Trust or the Sponsor other than those not inconsistent with the Trust’s then current Prospectus or any promotional materials or sales literature furnished to the Authorized Participant by the Sponsor or other information and
materials filed by the Trust with the SEC or made available on any website controlled by the Sponsor or the Trust (“Marketing Materials”). The Authorized Participant agrees not to furnish or cause to be furnished to any person or display
or publish any Marketing Materials except such Marketing Materials as may be furnished to the Authorized Participant by the Sponsor and such other information and materials as may be approved in writing by the Sponsor. Marketing Materials shall
exclude, without limitation, research materials, market color commentaries, training and educational materials, promotional materials and sales literature, advertisements, press releases, announcements, statements, posters, signs or

  
 II-11 

 
other similar materials in accordance with applicable laws and regulations, and any materials prepared and used for the Authorized Participant’s internal use only or brokerage communications
prepared by the Authorized Participant in the normal course of its business (together, “Excluded Materials”). The Authorized Participant understands that the Trust will not be advertised as offering redeemable securities, and that any
advertising materials will prominently disclose that the Shares are not redeemable units of beneficial interest in the Trust. Notwithstanding the foregoing, the Authorized Participant and its Affiliates and representatives may, without the approval
of the Sponsor, prepare and circulate in the regular course of their respective businesses Excepted Materials, research, reports, marketing materials, sales literature or similar materials that include information, opinions or recommendations
relating to Shares (i) for public dissemination, provided that such reports, research, marketing materials, sales literature or other similar materials comply with applicable FINRA rules and (ii) for internal use by the Authorized
Participant and its Affiliates and representatives. 
 Section 5.03. Prospectus. The Sponsor will provide, or cause to be
provided, to the Authorized Participant copies of the then-current Prospectus and any printed supplemental information in reasonable quantities upon request. The Sponsor will, as promptly as practicable under the circumstances, notify the Authorized
Participant when a revised, supplemented or amended Prospectus for the Shares is available, and deliver or otherwise make available to the Authorized Participant copies of such revised, supplemented or amended Prospectus at such time and in such
quantities as may be reasonable to permit the Authorized Participant to comply with any obligation the Authorized Participant may have to deliver such Prospectus to its customers. The Sponsor will make such revised, supplemented or amended
Prospectus available to the Authorized Participant no later than its effective date. The Sponsor shall be deemed to have complied with this Section 5.02 when the Authorized Participant has received such revised, supplemented or amended
Prospectus by e-mail at [        ], in printable form, with such number of hard copies as may be agreed from time to time by the parties promptly thereafter. 

Section 5.04. Use of Authorized Participant’s Name. 

(a) The Sponsor agrees that it will not, without prior written consent of the Authorized Participant, use in advertising or publicity the name
of the Authorized Participant or any affiliate of the Authorized Participant, any trade name, trademark, trade device, service mark, symbol or any abbreviation, contraction or simulation thereof owned by the Authorized Participant or any of its
affiliates or represent, directly or indirectly, that any product or any service provided or distributed by the Trust or the Sponsor has been approved or endorsed by the Authorized Participant or any of its affiliates or that the Authorized
Participant acts as underwriter, distributor, marketing agent or selling group member with respect to the Shares. 
 (b) The Sponsor agrees
not to identify or name the Authorized Participant in the Registration Statement, the Prospectus, any free-writing prospectus or in any marketing materials of the Trust, and in no event shall identify the Authorized Participant as an underwriter in
any communications, documentation, materials, or filings of the Trust without the Authorized Participant’s prior written consent, and provided that in all cases, the Sponsor shall provide advance written notice of such disclosure to the
Authorized Participant and upon receipt of such notice, provided that the Authorized Participant has not previously consented in writing to such disclosure, the Authorized Participant may elect to terminate this Agreement in its sole

  
 II-12 

 
discretion. If the Authorized Participant agrees to be identified in any such documents, upon the notification of termination of the Authorized Participant Agreement, the Sponsor shall promptly
(i) file a current report on Form 8-K indicating the notification of withdrawal of the Authorized Participant as an authorized participant of the Trust and (ii) update the website of the Trust and
any investment adviser of the Trust to remove any identification of the Authorized Participant as an authorized participant of the Trust. Further and for the avoidance of doubt, if the Authorized Participant agrees to be identified in any of such
documents, the Trust and Sponsor each agree and acknowledge that the Authorized Participant is not intended to serve as an underwriter to the Trust by granting such consent. 

ARTICLE VI 
 INDEMNIFICATION;
LIMITATION OF LIABILITY 
 Section 6.01. Indemnification. The provisions of this Section 6.01 shall survive termination of
the Authorized Participant Agreement. 
 (a) The Authorized Participant shall indemnify and hold harmless the Sponsor, in its capacity as
sponsor of the Trust, the Administrator, the Liquidity Provider, the Trust and their respective Affiliates, subsidiaries, directors, officers, employees and agents, and each person, if any, who controls such persons within the meaning of
Section 15 of the Securities Act (each an “AP Indemnified Party”) from and against any loss, liability, cost and expense (including, without limitation, reasonable attorneys’ fees) incurred by such AP
Indemnified Party as a result of (i) any breach by the Authorized Participant of any representation, warrant or covenant of the Authorized Participant in the Authorized Participant Agreement, the Procedures, these Standard Terms and the
relevant Prospectus (together, the “Trust Documents”) that relates to the Authorized Participant; (ii) any failure on the part of the Authorized Participant to perform any of its obligations set forth in the Trust
Documents applicable to it; (iii) any failure by the Authorized Participant to comply in all material respects with applicable laws, including rules and regulations of self-regulatory organizations to the extent such laws, rules and regulations
are applicable to the transactions being undertaken by the Authorized Participant pursuant to the Trust Documents, except that the Authorized Participant shall not be required to indemnify an AP Indemnified Party to the extent that such failure was
caused by the Authorized Participant’s reasonable reliance on instructions given or representations made by one or more AP Indemnified Parties; or (iv) subject to Sections 2.02, 2.03 and 2.04 hereof, actions of such AP Indemnified Party in
reasonable reliance upon any instructions issued in accordance with the Trust Documents reasonably believed by the AP Indemnified Party to be genuine and to have been given by the Authorized Participant except to the extent that the Authorized
Participant had previously revoked a PIN Number used in giving such instructions or representations (where applicable) and such revocation was given by the Authorized Participant and received by the Administrator in accordance with the terms of
Section 2.03 hereto. In the case of clauses (i), (ii) and (iii) above, the Authorized Participant shall not be liable to the extent that any such breach or failure was due to the Authorized Participant’s reasonable adherence to
written instructions reasonably given or written representations made by an AP Indemnified Party. The Authorized Participant shall not be liable under its indemnity agreement contained in this paragraph with respect to any claim made against any AP
Indemnified Party unless the AP Indemnified Party 

  
 II-13 

 
shall have notified the Authorized Participant in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim
was served upon the AP Indemnified Party (or after the AP Indemnified Party shall have received notice of service on any designated agent). However, failure to notify the Authorized Participant of any claim shall not relieve the Authorized
Participant from any liability which it may have to any AP Indemnified Party against whom such action is brought otherwise than on account of its indemnity agreement contained in this paragraph and shall only release it from such liability under
this paragraph to the extent it has been materially prejudiced by such failure to give notice. The Authorized Participant shall be entitled to participate at its own expense in the defense, or, if it so elects, to assume the defense of any suit
brought to enforce any claims. If the Authorized Participant does not elect to assume the defense of any suit, it will reimburse the AP Indemnified Parties in the suit for the reasonable fees and expenses of any counsel retained by them. 

(b) The Sponsor hereby agrees to indemnify and hold harmless the Authorized Participant, its Affiliates, subsidiaries, directors, officers,
employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the Securities Act (each a “Sponsor Indemnified Party”) from and against any loss, liability, cost and
expense (including, without limitation, reasonable attorneys’ fees) incurred by such Sponsor Indemnified Party as a result of (i) any breach by the Sponsor of any provision in all material respects of the Authorized Participant Agreement
that relates to the Sponsor, including the representations and warranties contained in these Standard Terms, regardless of whether such breach, with respect to the representations and warranties contained in the Standard Terms, was the result of the
negligence of the Authorized Participant or its respective subsidiaries, affiliates, directors, officers, employees or agents; (ii) any failure on the part of the Sponsor to perform any of its obligations in all material respects set forth in
the Authorized Participant Agreement applicable to it; (iii) any failure on the part of the Sponsor to comply in all material respects with applicable laws, including, without limitation, rules and regulations of self-regulatory organizations
to the extent such laws, rules and regulations are applicable to the transactions being undertaken pursuant to the Authorized Participant Agreement; (iv) any untrue statements or omissions made in any Marketing Material furnished to the
Authorized Participant or otherwise approved in writing by the Sponsor, the Trust or any of their designees; (v) actions of such Sponsor Indemnified Party pursuant to any instructions issued or representations made in accordance with the
relevant Prospectus, Authorized Participant Agreement, the Procedures, the Trust Agreement or these Standard Terms reasonably believed by the Sponsor Indemnified Party to be genuine and to have been given by the Sponsor; (vi) any untrue
statement or alleged untrue statement of a material fact contained in the Registration Statement of the Trust as originally filed with the SEC or in any amendment thereof, or Prospectus or in any amendment thereof or supplement thereto, or arising
out of or based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; or (vii) (A) any material misrepresentation by the Sponsor or any
of their employees or agents or other representatives about the Shares, the Authorized Participant or the Trust that is not consistent with the Trust’s then-current Prospectus made in connection with the offer or the solicitation of an offer to
buy or sell Shares and (B) any untrue statement or alleged untrue statement of a material fact contained in any Marketing Material or any alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading to the extent that such statement or omission relates to the Shares or the Trust. The 

  
 II-14 

 
Sponsor shall not be liable under its indemnity agreement contained in this paragraph with respect to any claim made against any Sponsor Indemnified Party unless the Sponsor Indemnified Party
shall have notified the Sponsor in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the Sponsor Indemnified Party (or after
the Sponsor Indemnified Party shall have received notice of service on any designated agent). However, failure to notify the Sponsor of any claim shall not relieve the Sponsor from any liability which it may have to any Sponsor Indemnified Party
against whom such action is brought otherwise than on account of its indemnity agreement contained in this paragraph and shall only release it from such liability under this paragraph to the extent it has been materially prejudiced by such failure
to give notice. The Sponsor shall be entitled to participate at its own expense in the defense, or, if it so elects, to assume the defense of any suit brought to enforce any claims, but if the Sponsor elects to assume the defense, the defense shall
be conducted by counsel chosen by it and satisfactory to the Sponsor Indemnified Parties in the suit and who shall not, except with the consent of the Sponsor Indemnified Parties, be counsel to the Sponsor. If the Sponsor does not elect to assume
the defense of any suit, it will reimburse the Sponsor Indemnified Parties in the suit for the reasonable fees and expenses of any counsel retained by them. 

(c) No indemnifying party, as described in paragraphs (a) and (b) above, shall, without the written consent of the AP Indemnified Party
or the Sponsor Indemnified Party, as the case may be, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification may be sought
hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the AP Indemnified Party or Sponsor Indemnified
Party, as the case may be, from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any AP Indemnified Party or Sponsor
Indemnified Party, as the case may be. 
 (d) The Authorized Participant shall not be liable to any AP Indemnified Party for any damages
arising out of (i) mistakes or errors in data provided in connection with Creations or Redemptions except for data provided by the Authorized Participant, (ii) mistakes or errors by, or arising out of interruptions or delays of
communications with, the Administrator or any AP Indemnified Party or (iii) for any damages arising out of any action, representation or solicitation made by any service provider of the Trust. 

(e) The indemnification provided for in Section 6.01(a) shall not apply to the extent any such losses, liabilities, damages, costs and
expenses are incurred as a result of any fraud, gross negligence, bad faith or reckless or willful misconduct on the part of an AP Indemnified Party. The indemnification provided for in Section 6.01(b) (excluding Section 6.01(b)(i) shall not apply
to the extent any such losses, liabilities, damages, costs and expenses are incurred as a result of any fraud, gross negligence, bad faith or reckless or willful misconduct on the part of a Sponsor Indemnified Party. 

(f) The indemnity agreements contained in this Section 6.01 shall remain in full force and effect and shall survive any termination of
this Agreement. The Sponsor and the Authorized Participant agree promptly to notify each other of the commencement of any proceeding against it and against any of their officers or directors in connection with the issuance and sale of the Shares or
in connection with the registration statement or the relevant Prospectus. 

  
 II-15 

 ARTICLE VII 

LIABILITY PROVISIONS 

Section 7.01. No Special Damages. In the absence of gross negligence, bad faith or willful misconduct, in no event shall any party
to these Standard Terms be liable for any special, indirect, incidental, exemplary, punitive or consequential loss or damage of any kind whatsoever (including but not limited to loss of revenue, loss of actual or anticipated profit, loss of
contracts, loss of the use of money, loss of anticipated savings, loss of business, loss of opportunity, loss of market share, loss of goodwill or loss of reputation), even if such parties have been advised of the likelihood of such loss or damage
and regardless of the form of action. In no event shall any party be liable for the acts or omissions of DTC, NSCC or any other securities depository or clearing corporation. 

Section 7.02. Force Majeure. No party to these Standard Terms shall be responsible or liable for any failure or delay in the
performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation: acts of God; earthquakes; fires; floods; wars; civil or military
disturbances; terrorism; sabotage; epidemics; riots; interruptions; loss or malfunction of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military authority or governmental actions.

 Section 7.03. Reliance on Instructions. Subject to Sections 2.02, 2.03 and 2.04, the Administrator may conclusively rely
upon, and shall be fully protected in acting or refraining from acting upon, any communication authorized under these Standard Terms and upon any written or oral instruction, notice, request, direction or consent reasonably believed by it to be
genuine. 
 Section 7.04. Limited Liability. In the absence of bad faith, gross negligence or willful misconduct on its part,
the Administrator, whether acting directly or through agents, affiliates or attorneys, shall not be liable for any action taken, suffered or omitted or for any error of judgment made by it in the performance of its duties hereunder. The
Administrator shall not be liable for any error of judgment made in good faith unless in exercising such, it shall have been grossly negligent in ascertaining the pertinent facts necessary to make such judgment. The Administrator shall not be
required to advance, expend or risk its own funds or otherwise incur or become exposed to financial liability in the performance of its duties hereunder, except as may be required as a result of its own bad faith, gross negligence or willful
misconduct. 

  
 II-16 

 ARTICLE VIII 

MISCELLANEOUS 
 Section
8.01. Commencement of Trading. The Authorized Participant may not submit an Order prior to the effectiveness of the registration statement, or amendment to the registration statement, filed with the Securities and Exchange Commission.

 Section 8.02. Defined Terms. All capitalized terms used in these Standard Terms and not otherwise defined herein shall have
the meanings ascribed to such terms in the Authorized Participant Agreement and the Procedures. 
 Section 8.03. Third-party
Beneficiaries. The parties acknowledge and agree that the Trust shall be a third-party beneficiary of the Authorized Participant Agreement, including, without limitation, as to Section 6.01(c) of these Standard Terms. 

[Signatures Follow on Next Page] 

  
 II-17 

 IN WITNESS WHEREOF, the parties have executed these Standard Terms as of the
date set forth above. 
  

			
	[AUTHORIZED PARTICIPANT]
		
	By:	 	  

	Name:	 	
	Title:	 	
	Date:	 	
	
	THE BANK OF NEW YORK MELLON, as Administrator
		
	By:	 	  

	Name:	 	
	Title:	 	
	Date:	 	
	
	GRAYSCALE INVESTMENTS LLC, as Sponsor
		
	By:	 	  

	Name:	 	
	Title:	 	
	Date:	 	
	
	[LIQUIDITY PROVIDER], as Liquidity Provider
		
	By:	 	  

	Name:	 	
	Title:	 	
	Date:	 	

 SCHEDULE III 

FORM OF LIST OF CERTIFIED AUTHORIZED 

PERSONS OF THE AUTHORIZED PARTICIPANT 

The following are the names, titles, signatures , phone numbers, and email addresses of all persons (each an “Authorized Person”)
authorized to give instructions relating to any activity contemplated by this Authorized Participant Agreement for the Bitcoin Investment Trust (the “Agreement”) or any other notice, request or instruction on behalf of the Authorized
Participant pursuant to the Authorized Participant Agreement. 
 Authorized Participant: 

 

			
	 Name:
	  	 Name:

	 Title:
	  	 Title:

	 Signature:
	  	 Signature:

	 Phone:
	  	 Phone:

	Email:	  	Email:
		
	 Name:
	  	 Name:

	 Title:
	  	 Title:

	 Signature:
	  	 Signature:

	 Phone:
	  	 Phone:

	 Email:
	  	 Email:

		
	 Name:
	  	 Name:

	 Title:
	  	 Title:

	 Signature:
	  	 Signature:

	 Phone:
	  	 Phone:

	 Email:
	  	 Email:

  

			
	Date:	 	  

		
	Certified By:	 	  

		
	Name:	 	  

		
	Title:	 	  

			
		
	DTC Participant Number:	 	  

  
 III-1 

 SCHEDULE IV 

ADDENDUM TO THE CERTIFICATE OF AUTHORIZED REPRESENTATIVES 

[On Authorized Participant’s Firm Letterhead] 

[DATE] 
  

			
	Attn:
                                        

	The Bank of New York Mellon
	2 Hanson Place — Floor 9th
	Brooklyn, NY 11217

  

			
	Attn:
                                        

	ALPS Portfolio Solutions Distributor, Inc.
	1290 Broadway, Suite 1100
	Denver, CO 80203

  

	Re:	Addendum to the Certificate of Authorized Representatives for [AUTHORIZED PARTICIPANT] under the Authorized Participant Agreement for the Bitcoin Investment Trust, sponsored by Grayscale Investments LLC, dated [DATE]
(the “Agreement”) 

 Ladies and Gentlemen: 

Pursuant to the Agreement, the following are the names, titles, signatures, phone numbers, and email addresses of additional Authorized
Representatives of [AUTHORIZED PARTICIPANT] (the “Authorized Participant”) authorized to give instructions relating to any activity contemplated by the Agreement or any other notice, request or instruction on behalf of the
Authorized Participant pursuant to the Agreement. This list of Authorized Representatives is an addendum and adds further Authorized Representatives to the Authorized Participant’s most recently executed certificate (entitled “Certificate
of Authorized Representatives of the Authorized Participant”). 
  

									
	Name:	  	  
	 		  	Name:	  	  

	Title:	  	  
	 		  	Title:	  	  

	Signature:	  	  
	 		  	Signature:	  	  

	Phone:	  	  
	 		  	Phone:	  	  

	Email:	  	  
	 		  	Email:	  	  

					
	Name:	  	  
	 		  	Name:	  	  

	Title:	  	  
	 		  	Title:	  	  

	Signature:	  	  
	 		  	Signature:	  	  

	Phone:	  	  
	 		  	Phone:	  	  

	Email:	  	  
	 		  	Email:	  	  

  
 IV-1 

 Please provide PIN numbers for such Authorized Persons who are not already established in the ETF
Administrator’s system. 

  
 IV-2 

 The undersigned, [AUTHORIZED PARTICIPANT’S AUTHORIZED SIGNATORY], does hereby certify that
the persons listed above have been duly authorized to act as Authorized Representatives pursuant to the Authorized Participant Agreement. 
  

			
	By:	 	  

	Name:	 	
	Title:	 	
	Date:

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