Document:

Exhibit 10.2

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

    ADMINISTRATION AND TRUST ACCOUNTING AGREEMENT

    

    

    THIS ADMINISTRATION AND TRUST ACCOUNTING AGREEMENT (this “Agreement”) is made as of this 11th day of February, 2022, by and between wShares Bitcoin Fund, a Delaware statutory trust (the “Trust”), and UMB Fund Services,
      Inc., a Wisconsin corporation (the “Administrator”).

    WHEREAS, the Trust is excluded from the definition of an investment company under
      the 1940 Act (as defined below) and is authorized to offer and sell Shares (as defined below) in the Trust pursuant to registration under the 1933 Act (as defined below); and

    WHEREAS, the Trust and Administrator desire to enter into an agreement pursuant to
      which Administrator shall provide Services to the Trust.

    NOW, THEREFORE, in consideration of the mutual promises and agreements herein
      contained and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

    1.  Definitions.  In addition to any terms defined in the body of this Agreement, the
      following capitalized terms shall have the meanings set forth hereinafter whenever they appear in this Agreement:

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

    “1934 Act” shall mean the Securities Exchange Act of 1934, as amended.

    “1940 Act” shall mean the
      Investment Company Act of 1940, as amended.

    “Authorized Person” shall mean any individual who is authorized to provide
      Administrator with Instructions and requests on behalf of the Trust, whose name shall be certified to Administrator from time to time pursuant to Section 3(a) of this Agreement.  Any officer of the Trust shall be considered an Authorized
      Person (unless such authority is limited in a writing from the Trust and received by Administrator) and has the authority to appoint additional Authorized Persons, to limit or revoke the authority of any previously designated Authorized Person, and
      to certify to Administrator the names of the Authorized Persons from time to time.

    “Bitcoin Holdings” shall mean the value of bitcoin, as determined by reference to
      the Bitcoin Reference Rate, and cash held by the Trust less the Trust’s expenses and other liabilities.

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

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

    “Bitcoin Reference Rate” means the CME CF BRR.

    “Business Day” shall mean any day, other than a Saturday or a Sunday, on which the
      New York Stock Exchange is scheduled to be open for business.

    “Claim” shall mean any and all claims, demands, actions and suits, and any and all
      judgments, liabilities, losses, damages, costs, charges, reasonable counsel fees and other expenses of every nature and character which may be asserted against or incurred by any Indemnified Party or for which any Indemnified Party may be held
      liable.

    “Commission” shall mean the U.S. Securities and Exchange Commission.

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

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

    “Instructions” shall mean an oral communication from an Authorized Person or a
      written communication signed by an Authorized Person and actually received by Administrator.  Instructions shall include manually executed originals, telefacsimile transmissions of manually
      executed originals or any other means of electronic communications that the Trust and Administrator may mutually agree to from time to time.

    “Investor” shall mean the individual or entity in whose name a Share is registered in the books
      and records of the Trust by the Transfer Agent.

    “Offering Documents” shall mean
      the Trust’s Registration Statement, and any successor thereto, and any other documents required to be provided to Investors or potential Investors, including any related prospectus.

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

    “Services” shall mean the Trust administration, accounting and
      recordkeeping services described in Section 2 hereof and on Schedule A hereto and any additional services as may be agreed to by the parties from time to time and set forth in an amendment to Schedule A.

    “Shares” shall mean the common units of fractional undivided beneficial interests in the Trust.

    
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    “Sponsor” shall mean Wilshire
      Phoenix Funds LLC, or any substitute therefor, or any successor thereto by merger, consolidation or operation of law.

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

    “Trust Agreement” shall mean the Trust’s Amended and Restated Declaration of Trust and Trust
      Agreement between the Sponsor and Delaware Trust Company, as trustee, as the same may be amended, modified or supplemented from time to time.

    2.  Appointment and Services

    (a)  The Trust hereby appoints the Administrator as administrator and trust accountant of the Trust and hereby authorizes
      the Administrator, and the Administrator hereby agrees, to provide Services during the term of this Agreement. Administrator will provide the Services in accordance with the terms of this Agreement.  Notwithstanding anything herein to the contrary,
      Administrator shall not be required to provide any Services or information that it believes, in its sole discretion, to represent dishonest, unethical or illegal activity.  In no event shall Administrator provide any investment advice or
      recommendations to any party in connection with its Services hereunder.

    (b)  The Administrator may from time to time, in its discretion, appoint one or more other agents to carry out some or all
      of its duties under this Agreement, provided that (i) Administrator shall remain responsible to the Trust for all such delegated responsibilities in accordance with the terms and conditions of this Agreement, (ii) the Administrator shall be liable
      for the acts or omissions of any such agent to the same extent as if such actions or omissions were performed by the Administrator itself, (iii) Administrator shall ensure, prior to and during any such appointment, that such other party is in
      compliance with all provisions of this Agreement to which Administrator is subject, in the same manner and to the same extent as if Administrator were providing such Services itself, and (iv) the fees and expenses of any such agent shall be borne by
      the Administrator.

    (c)  The Administrator’s duties shall be confined to those expressly set forth herein, and no implied duties are assumed
      by or may be asserted against Administrator hereunder.  The Services do not include correcting or verifying any prior actions or inactions of the Trust, the Sponsor, or by any other current or prior service provider.  Notwithstanding the foregoing,
      to the extent that Administrator agrees to take such actions, those actions shall be deemed part of the Services.

    (d)  The Administrator, in its individual capacity, shall not be responsible for the payment of any fees or taxes required
      to be paid by the Trust in connection with the issuance of any Shares in accordance with this Agreement.

    (e)  Any Instruction that affects accounting practices and procedures under this Agreement shall be effective upon written
      receipt of notice and acceptance by the Administrator.

    
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      (f)  Nothing in this Agreement shall be deemed to appoint the Administrator and its officers, directors and employees as
        the Trust’s attorney, form an attorney-client relationship or require the provision of legal advice.  The Trust acknowledges that Administrator’s in-house attorneys exclusively represent Administrator and do not provide independent judgment on the
        Trust’s behalf.  Because no attorney-client relationship exists between Administrator’s in-house attorneys and the Trust, any information provided to the Administrator’s in-house attorneys may not be privileged and may be subject to compulsory
        disclosure under certain circumstances, notwithstanding the provisions of Section 5. 

    

    (g)  The Administrator shall keep proper books of account for the Trust, to the extent required by applicable law and
      regulations, and those records specified in Schedule C hereto in the form and manner, and for a period of at least seven (7) years or such longer period as required by applicable law and the rules and regulations of appropriate government
      authorities, in particular Rules 31a-2 and 31a-3 under the 1940 Act or section 275.204-2 of the Investment Advisers Act of 1940, as applicable.  The Administrator shall use reasonable care to prevent the loss or destruction of such records.  The
      Administrator shall only destroy records at the direction of the Trust, and any such destruction shall comply with the provisions of Section 248.30(b) of Regulation S-P (17 CFR 248.1-248.30) and applicable law.  Administrator hereby agrees that all
      records which it maintains for the Trust pursuant to its duties hereunder are the property of the Trust and further agrees to surrender promptly to the Trust any of such records upon the Sponsor’s request.  The Administrator shall not permit any
      Investor to inspect any account, book or document of the Trust that is not publicly available, except as consented to by the Sponsor.  All books of account kept pursuant to this Section 2(g) shall be kept, and the Trust’s profits and losses shall be
      reported on, the accrual method of accounting for financial accounting purposes on a fiscal year basis as described in the Trust Agreement.  If there is a conflict between this Section 2(g) and the rules and regulations of the Securities and Exchange
      Commission (the “SEC”) or any applicable exchange or quotation system with respect to the maintenance of records, the records shall be maintained pursuant to the rules and regulations of the SEC or any
      applicable exchange or quotation system.

    3.  Representations and Deliveries

    (a)  The Trust shall deliver or cause the following documents to be delivered to the Administrator:

    (1)  A true and complete copy of the Trust Agreement and all amendments thereto;

    (2)  Copies of the Trust’s Offering Documents, as of the date of this Agreement, together with any
      subscription documents;

    (3)  A certificate containing the names of the initial Authorized Persons in a form acceptable to
      Administrator.  Any officer of the Trust shall be considered an Authorized Person (unless such authority is limited in a writing from the Trust and received by Administrator) and has the authority to appoint additional Authorized Persons, to limit or
      revoke the authority of any previously designated Authorized Person, and to certify to Administrator the names of the Authorized Persons from time to time; and

    (4)  All other documents, records and information that the Administrator may reasonably request from
      time to time in order for Administrator to perform the Services hereunder.

    

    

    
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      (b)  The Trust represents and warrants to Administrator that:

    

    (1)  It is a statutory trust duly organized and existing under the laws of the State of Delaware; it is
      empowered under applicable laws and by its Trust Agreement to enter into and perform this Agreement; this Agreement has been duly executed by an authorized representative of the Trust; and all requisite legal proceedings have been taken to authorize
      it to enter into and perform this Agreement, including any resolutions that may be necessary to appoint Administrator and authorize the execution of this Agreement on behalf of the Trust.

    (2)  Any officer of the Trust has the authority to appoint additional Authorized Persons, to limit or
      revoke the authority of any previously designated Authorized Person, and to certify to Administrator the names of such Authorized Persons.

    (3)  The Trust is authorized to offer and sell Shares in the Trust pursuant to registration of the
      Shares under the 1933 Act and applicable state securities laws.

    (4)  It is conducting its business in compliance in all material respects with any applicable laws and
      regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule regulation, order or judgment binding on it and no provision of its Trust Agreement or any
      contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.

    (c)  During the term of this Agreement the Trust shall have the ongoing obligation to provide Administrator with the
      following documents within a reasonable amount of time after they become effective: (i) copies of all amendments to its Trust Agreement made after the date of this Agreement; and, (ii) a copy of the Trust’s currently effective Offering Documents. 
      For purposes of this Agreement, Administrator shall not be deemed to have notice of any information contained in any such Offering Document until a reasonable time after it is received by Administrator, which in any event shall be no longer than two
      (2) Business Days from the date of receipt.

    (d)  The Sponsor has and retains primary responsibility for all compliance matters relating to the Trust, including but
      not limited to compliance with all applicable provisions of the 1934 Act, the 1940 Act, state securities laws, the Internal Revenue Code of 1986, as amended (the “Code”), the USA PATRIOT Act of 2001, the Sarbanes-Oxley Act of 2002 and the policies
      and limitations of the Trust relating to the portfolio investments as set forth in the Trust Agreement.  Administrator’s Services hereunder shall not relieve the Sponsor of its primary day-to-day responsibility for assuring such compliance. 
      Notwithstanding the foregoing, insofar as such statutes are applicable to the Services Administrator has agreed to provide for the Trust hereunder (such as checking persons submitting Subscription Agreements against the OFAC list as is required under
      the USA PATRIOT Act of 2001), Administrator will be responsible for complying with such statutes and will promptly notify the Trust if it becomes aware of any material non-compliance which relates to the Trust.  Further, the Sponsor may delegate any
      responsibilities for compliance matters to other parties as it may deem fit.

    

    

    
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      (e)  The Trust agrees to take or cause to be taken all requisite steps to comply with any applicable Blue Sky laws in
        all states in which the Shares shall at the time be offered for sale.  If the Trust receives notice of any stop order or other proceeding in any such state affecting the sale of Shares, or of any stop order or other proceeding under the federal
        securities laws affecting the sale of Shares, the Trust will give prompt notice thereof to Administrator.

    

    (f)  The Trust agrees that it shall advise Administrator in writing at least ten (10) Business Days prior to effecting any
      material change, which shall be determined by the Sponsor in its sole discretion, to its Offering Documents or Trust Agreement or adopting any policies that, in each case, would materially increase or alter the duties and obligations of Administrator
      hereunder, and shall proceed with such change only if it shall have received the written consent of Administrator thereto, which consent shall not be unreasonably withheld.

    (g)  Trust Instructions

    (1)  The Sponsor of the Trust shall cause the prime broker and/or custodian, legal counsel, independent
      accountants and other service providers and agents, past or present, for the Trust to cooperate with Administrator and to provide Administrator with such information, documents and communications as necessary and/or appropriate or as requested by
      Administrator, to enable Administrator to perform the Services. In connection with the performance of the Services, Administrator shall (without investigation or verification) be entitled, and is hereby instructed to, rely upon any and all
      Instructions, communications, information or documents provided to Administrator by an officer or representative of the Sponsor or the Trust or by any of the aforementioned persons.  Administrator shall be entitled to rely on any document that it
      reasonably believes to be genuine on its face and to have been signed or presented by the proper party.  Fees charged by such persons shall be an expense of the Trust. Administrator shall not be held to have notice of any change of authority of any
      Authorized Person, agent, representative or employee of the Sponsor, the Trust or service provider until receipt of written notice thereof from the Trust.

    (2)  The Trust shall provide Administrator with an updated
      certificate evidencing the appointment, removal or change of authority of any Authorized Person, it being understood Administrator shall not be held to have notice of any change in the authority of any Authorized Person until receipt of written
      notice thereof from the Trust.  Promptly upon receipt of such certificate, Administrator will be deemed to have notice of such change in authority.

    (3)  Administrator, its officers, agents or employees shall accept Instructions given to them by any
      person representing or acting on behalf of the Trust only if such representative is an Authorized Person.  The Trust agrees that when oral Instructions are given, it shall, upon the request of Administrator, confirm such Instructions in writing.

    (4)  At any time, the Administrator may request Instructions from the Trust with respect to any matter
      arising in connection with this Agreement.  If such Instructions are not received within a reasonable time, the Administrator may seek advice from legal counsel for the Trust at the expense of the Trust, or its own legal counsel at the reasonable
      expense of the Trust, and it shall not be liable for any action taken or not taken by it in good faith in accordance with such Instructions or in accordance with advice of counsel.

    (h)  The Administrator represents and warrants to the Trust that:

    
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    (1)  It is a corporation duly organized and existing under the laws of the State of Wisconsin; it is
      empowered under applicable law and by its Articles of Incorporation and By-laws to enter into and perform this Agreement; and all requisite proceedings have been taken to authorize it to enter into and perform this Agreement.

    (2)  It is conducting its business in compliance in all material respects with all applicable laws and
      regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule regulation, order or judgment binding on it, no current or pending legal proceedings, and no
      provision of its operating documents or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.

    (3)  Administrator will provide office space, facilities, equipment and personnel sufficient to carry
      out its services hereunder and Administrator shall maintain a disaster recovery and business continuity plan and adequate and reliable computer and other equipment necessary and appropriate to carry out its obligations under this Agreement.  Upon the
      Trust’s reasonable request, Administrator shall provide supplemental information concerning the aspects of its disaster recovery and business continuity plan that are relevant to the Services.

    (4)  Administrator shall exercise reasonable care in the performance of the Services.

    (i)  The Administrator shall permit the Trust’s auditors or third-party accountants, upon reasonable notice, to inspect,
      take extracts from and audit the records maintained pursuant to this Agreement, take such steps as necessary to verify that satisfactory internal control system and procedures are in place, and visit and inspect the systems relating to the Services,
      all at such times as the Trust may reasonably request. The Trust shall reimburse Administrator for all reasonable expenses incurred in connection with any such inspection.  Administrator shall, as soon as reasonably practicable after receipt of any
      audit report prepared by its internal or independent auditors pursuant to Administrator’s annual audit or otherwise, provide Trust with a copy of such report.  Such audit report will be deemed Confidential Information of Administrator.

    4.  Fees and Expenses

    (a)  As compensation for the performance of the Services, the Trust agrees to pay Administrator the fees set forth on
      Schedule B hereto. Fees shall be adjusted in accordance with Schedule B or as otherwise agreed to by the parties from time to time. Fees shall be earned and paid quarterly based on the Bitcoin Holdings at the beginning of the quarter in an amount
      equal to at least 1/4th of the applicable annual fee.  The parties may amend this Agreement to include fees for any additional services, or enhancements to current Services, as mutually agreed upon in writing.  The Trust agrees to pay
      Administrator’s then current rate for Services added to, or for any enhancements to existing Services set forth on, Schedule A after the execution of this Agreement.  In the event of any disagreement between this Agreement and Schedule B, the terms
      of Schedule B shall control.

    
      
        (b)  For the purpose of determining fees payable to Administrator, Bitcoin Holdings shall be computed in accordance
          with the Trust’s Trust Agreement.  Upon any termination of this Agreement before the end of any quarter, the fee for such part of a quarter shall be pro-rated according to the proportion which such period bears to the full quarterly period and
          shall be paid no later than thirty (30) days after the date of termination of this Agreement.  Should this Agreement be terminated or the Trust be liquidated, merged with or acquired by another trust, any accrued fees shall be immediately
          payable. 

      

    

    
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    (c)  Administrator will bear all expenses incurred by it in connection with its performance of Services, except as
      otherwise provided herein. Administrator shall not, in its individual capacity, be required to pay or finance any costs and expenses incurred in the operation of the Trust, including, but not limited to: taxes; interest; brokerage fees and
      commissions; salaries, fees and expenses of Authorized Persons; Commission fees and state Blue Sky fees; advisory fees; charges of custodians, and other service providers; security pricing services; insurance premiums; outside auditing and legal
      expenses; costs of organization and maintenance of trust existence; taxes and fees payable to federal, state and other governmental agencies; preparation, typesetting, printing, proofing and mailing of Offering Documents, notices, forms and
      applications and proxy materials for regulatory purposes and for distribution to current Investors; preparation, typesetting, printing, proofing and mailing and other costs of Investor reports; expenses in connection with the electronic transmission
      of documents and information including electronic filings with the Commission and the states; research and statistical data services; expenses incidental to holding meetings of the Trust’s Investors and other Trust personnel; fees and expenses
      associated with internet, e-mail and other related activities; and extraordinary expenses.

    (d)  The Trust agrees to promptly reimburse Administrator for all out-of-pocket expenses or disbursements incurred by
      Administrator in connection with the performance of Services under this Agreement, other than such expenses that are incurred as a result of the Administrator’s negligence, willful misconduct or fraud; provided however that the prior written consent
      of the Sponsor shall be required prior to the incurrence of any individual expenses greater than $500.  Out-of-pocket expenses shall include, but not be limited to, those items specified on Schedule B hereto.  The Administrator agrees to maintain
      reasonable backup documentation of such out-of-pocket expenses and shall make such documentation available to the Trust upon reasonable request.

    (e)  The Trust agrees to pay all amounts due hereunder within thirty (30) days of receipt of each invoice (the “Due Date”).  Except as provided in Schedule B, Administrator shall bill Service fees quarterly and out-of-pocket expenses as incurred.  Administrator may, at its option, arrange to have various service
      providers submit invoices directly to the Trust for payment of reimbursable out-of-pocket expenses.

    (f)  The Trust is aware that its failure to remit to Administrator all amounts due on or before the Due Date will cause
      Administrator to incur costs not contemplated by this Agreement, including, but not limited to carrying, processing and accounting charges.  Accordingly, in the event that Administrator does not receive any amounts that are not the subject of a good
      faith dispute by the Trust due hereunder within fifteen (15) days after the Due Date, the Trust agrees to pay a late charge on the overdue amount equal to one and one-half percent (1.5%) per month or the maximum amount permitted by law, whichever is
      less.  In addition, the Trust shall pay Administrator’s reasonable and documented attorney’s fees and court costs if any amounts due Administrator are collected by or through an attorney.  The parties hereby agree that such late charge represents a
      fair and reasonable computation of the costs incurred by reason of the Trust’s late payment.  Acceptance of such late charge shall in no event constitute a waiver by Administrator of the Trust’s default or prevent Administrator from exercising any
      other rights and remedies available to it.

    
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    (g)  In the event that any charges are disputed, the Trust shall, on or before the Due Date, pay all undisputed amounts
      due hereunder and notify the Administrator in writing of any disputed charges for fees or out-of-pocket expenses which it is disputing in good faith.  The parties shall confer with each other in good faith to try to find a consensual resolution to
      any disputed charges.  In the event that the parties are unable to resolve any such disputed charges after a reasonable period of time, then either party may seek an order of a court of competent jurisdiction to resolve such dispute.  Payment for
      such disputed charges shall be due on or before the close of the fifth business day after (i) the day on which the Administrator and the Trust reach a consensual resolution, or (ii) the entry of an order of a court of competent jurisdiction resolving
      the dispute (the “Revised Due Date”).

    (h)  The Trust acknowledges that the fees charged by Administrator under this Agreement reflect the allocation of risk
      between the parties, including the exclusion of remedies and limitations of liability in Section 6.  Modifying the allocation of risk from what is stated herein would affect the fees that Administrator charges.  Accordingly, in consideration of those
      fees, the Trust agrees to the stated allocation of risk.

    5.  Confidential Information

    (a)  The Administrator agrees on behalf of itself and its employees and affiliates to treat confidentially and as
      proprietary information of the Trust and the Sponsor, as applicable, all information obtained by it relating to the Sponsor or the Trust in connection with this Agreement or the performance of the Services, including without limitation, records
      relative to the Trust’s Investors, not to use such records and information for any purpose other than performance of the Services, and not to disclose such information except where the Administrator may be exposed to civil or criminal proceedings for
      failure to comply, when requested to divulge such information by duly constituted authorities or court process, when subject to governmental or regulatory audit or investigation, or when so requested by the Trust. In case of any requests or demands
      for inspection of the records of the Trust, the Administrator will notify the Sponsor promptly and to secure instructions from a representative of the Sponsor as to such inspection, unless prohibited by law from making such notification. Records and
      information which have become known to the public through no wrongful act of the Administrator or any of its employees, agents or representatives, and information which was already in the possession of the Administrator prior to the date hereof,
      shall not be subject to this Section.

    (b)  In connection with Administrator’s provision of the Services, the Trust may have access to and become acquainted with
      confidential proprietary information of Administrator, including, but not limited to (i) client identities and relationships, compilations of information, records and specifications; (ii) data or information that is competitively sensitive material,
      and not generally by the public; (iii) confidential or proprietary concepts, documentation, reports, or data; (iv) information regarding Administrator’s information security program; and (v) anything designated as confidential (collectively, “Administrator Confidential Information”).  Neither the Trust, the Sponsor, nor any of their officers, employees or agents shall disclose any of the Administrator Confidential Information, directly or
      indirectly, or use the Administrator Confidential Information in any way, for its own benefit or for the benefit of others, either during the term of this Agreement or at any time thereafter, except as required in the course of performing the duties
      of each party under this Agreement.  

    
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    The term “Administrator Confidential Information” does not include information that (I) becomes or has been generally available to the public
      other than as a result of disclosure by the Trust or the Sponsor; (II) was available to the Trust or the Sponsor on a non-confidential basis prior to its disclosure by the Administrator or any of its affiliates; or (III) independently developed or
      becomes available to the Trust or the Sponsor on a non-confidential basis from a source other than the Administrator or its affiliates.  The Trust represents and warrants that it shall take and maintain adequate physical, electronic and procedural
      safeguards in connection with any use, storage, transmission, duplication or other process involving or derived from the Administrator Confidential Information whether such storage, transmission, duplication or other process is by physical or
      electronic medium (including use of the Internet).  Notwithstanding the foregoing, (x) the Trust may reference the Administrator and summarize the material terms of this Agreement in any offering memorandum, prospectus or marketing documents related
      to an offering of the Shares by the Trust to potential investors, and may include the form of this Agreement as an exhibit to any registration statement filed by the Trust in relation to an offering of Shares by the Trust, and (y) the Trust may
      disseminate information to Investors that is required to be provided to Investors pursuant to the terms of the Trust Agreement.

    (c)  The provisions of this Section 5 will survive termination of this Agreement and will inure to the benefit of the
      parties and their successors and assigns.

    6.  Limitation of Liability

    (a)  Administrator shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust
      in connection with the matters to which this Agreement relates, except for a loss resulting from the Administrator’s fraud, willful misconduct, bad faith, violation of applicable laws or gross negligence in the performance of its duties or from
      reckless disregard by it of its obligations and duties under this Agreement.  Furthermore, Administrator shall not be liable for: (i) any action taken or omitted to be taken in accordance with or in reliance upon written or oral instructions, advice,
      data, documents or information (without investigation or verification) received by Administrator from or on behalf of the Sponsor or an officer or representative of the Trust, or from a representative of any of the parties referenced in Section 3;
      (ii) its reliance on the security valuations without investigation or verification provided by pricing services(s), the Trust or the Sponsor; (iii) any liability arising from the offer or sale of any Share by the Trust in reliance on the applicable
      securities laws of each state and territory in which the Trust intends to offer and sell Shares to the extent not caused by the Administrator breaching its duties and obligations under this Agreement; or (iv) any action taken or omission by the Trust
      (without the involvement of the Administrator), the Sponsor or any past or current service provider (not including Administrator).

    (b)  Notwithstanding anything herein to the contrary, Administrator will be excused from its obligation to perform any
      Service or obligation required of it hereunder for the duration that such performance is prevented by events beyond its reasonable control and shall not be liable for any default, damage, loss of data or documents, errors, delay or any other loss
      whatsoever caused thereby.  Administrator will, however, take all commercially reasonable steps to (i) minimize service interruptions for any period that such interruption continues beyond its reasonable control and (ii) remedy such event and resume
      operations and performance of its obligations under this Agreement as promptly as practicable under the circumstances.

    
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    (c)  In no event and under no circumstances shall the Indemnified Parties (as defined below) be liable to anyone,
      including, without limitation, the other party, under any theory of tort, contract, strict liability or other legal or equitable theory for lost profits, exemplary, punitive, special, indirect or consequential damages for any act or failure to act
      under any provision of this Agreement regardless of whether such damages were foreseeable and even if advised of the possibility thereof.

    (d)  Except as otherwise set forth in this Agreement or the Trust Agreement,
      Administrator shall have no duty or obligation under this Agreement to inquire into, and shall not be liable for:

    (1)  the legality of the issue or sale of any Shares, the sufficiency of the amount to be received
      therefor, or the authority of the Trust, as the case may be, to request such sale or issuance;

    (2)  the legality of a subscription or tender of any Shares, the propriety of the amount to be paid
      therefor, or the authority of the Trust, as the case may be, to request such subscription or tender;

    (3)  Administrator’s acting upon telephone or electronic instructions relating to the subscription or
      tender of Shares received by Administrator in accordance with procedures established by Administrator and the Trust; or

    (4)  the offer or sale of Shares in violation of any requirement under the securities laws or
      regulations of any state that such Shares be qualified for sale in such state or in violation of any stop order or determination or ruling by any state with respect to the offer or sale of such Shares in such state; provided however in the case of
      liability in respect of the foregoing, solely to the extent not caused by the Administrator breaching its duties and obligations under this Agreement.

    (e)  The rights of the Administrator under this Section 6 shall indefinitely survive the termination of this Agreement.

    7.  Indemnification

    (a)  The Trust agrees to indemnify and hold harmless Administrator, its employees, agents, officers, directors,
      shareholders, affiliates and nominees (collectively, “Indemnified Parties”) from and against any Claim arising out of or in any way relating to this Agreement, the Trust Agreement and the Services except
      to the extent a Claim directly or indirectly results from Administrator’s fraud, willful misconduct, bad faith, violation of applicable laws or gross negligence in the performance of, or from reckless disregard by it of, its obligations and duties
      under this Agreement or the Trust Agreement.

    (b)  Administrator will notify the Trust promptly after identifying any situation which it believes presents or appears
      likely to present a Claim for which the Trust may be required to indemnify or hold the Indemnified Parties harmless hereunder.  In such event, the Trust shall have the option to defend the Indemnified Parties against any Claim, and, in the event that
      the Trust so elects, such defense shall be conducted by counsel chosen by the Trust and approved by Administrator in its reasonable discretion.  The Indemnified Parties shall not admit culpability or settle any Claim in any case in which the Trust
      will be asked to provide indemnification, except with the Trust’s prior written consent.

    
      11

      
        

    

    

    

    (c)  The Administrator agrees to indemnify and hold harmless the Trust and the Sponsor, along with their employees,
      agents, officers, directors, shareholders, affiliates and nominees (the “Trust Indemnified Parties”) from and against any Claim arising out
      of or in any way relating to the Administrator’s fraud, willful misconduct, bad faith, violation of applicable laws, gross negligence in the performance of, or from reckless disregard by it of, its obligations and duties under this Agreement or
      material breach of any of its representations and warranties under this Agreement.

    (d)  The indemnity rights under this Section 7 shall indefinitely survive the termination of this Agreement.

    8.  Term

    (a)  This Agreement shall become effective as of the date this Agreement is executed and shall continue in effect until terminated as provided herein.  This Agreement shall continue in effect for a two (2) year period beginning on the date of this Agreement unless terminated pursuant to Section 8(b)(ii)(I) below.  Thereafter, if
      not terminated as provided herein, the Agreement shall continue automatically in effect for successive renewal periods of one (1) year each.

    (b)  This Agreement may be terminated without penalty (i) by the Administrator upon not less than ninety (90) days’
      written notice to the Trust prior to the end of any term (which notice may be waived by the Trust), or (ii) by the Trust (I) after discovery of a material breach of this Agreement and the Administrator’s failure to cure such material breach within
      thirty (30) days after receipt of written notice of such material breach or in the event that the Trust incurs a material loss resulting from the Administrator’s breach of its standard of care set forth in Section 6(a), or (II) upon not less than
      sixty (60) days’ written notice to the Administrator prior to the end of any term (which notice may be waived by the Administrator).  Notwithstanding anything herein to the contrary, upon the termination of this Agreement or the liquidation of the
      Trust, the Administrator shall deliver the records of the Trust in the form maintained by the Administrator (to the extent permitted by applicable license agreements) to the Sponsor or person(s) designated by the Sponsor at the Trust’s cost and
      expense, and thereafter the Sponsor or its designee shall be solely responsible for preserving the records for the periods required by all applicable laws, rules and regulations. The Administrator shall be entitled to maintain a copy of such records
      for the sole purpose of defending itself against any action arising under or as a result of this Agreement or as otherwise required or permitted by law.  The Trust shall be responsible for all expenses associated with the movement (or duplication) of
      records and materials and conversion thereof to a successor trust accounting and administrative services agent, including all reasonable trailing expenses incurred by the Administrator.  In addition, in the event of termination of this Agreement, or
      the proposed liquidation or merger of the Trust and the Administrator’s agreement to provide additional services in connection therewith, the Administrator shall provide such services and be entitled to such compensation as the parties may mutually
      agree in writing. Administrator shall not reduce the level of service provided to the Trust prior to termination following notice of termination by the Trust.

    
      12

      
        

    

    9.  Miscellaneous

    (a)  Any notice required or permitted to be given by either party to the other
      under this Agreement shall be in writing and shall be deemed to have been given when sent by either an overnight delivery service or by registered or certified mail, postage prepaid, return receipt requested, to the addresses listed below, or to such
      other location as either party may from time to time designate in writing:

    	 	
            If to Administrator:

          	
            UMB Fund Services, Inc.

          
	 	 	
            235 West Galena Street

          
	 	 	
            Milwaukee, WI 53212

          
	 	 	
            Attention:  Legal Department

          
	 	 	 
	 	
            If to the Trust:

          	
            wShares Bitcoin Fund

          
	 	 	
            c/o Wilshire Phoenix Funds LLC

          
	 	 	
            2 Park Avenue, Floor 20

          
	 	 	
            New York, New York 10016

          
	 	 	
            Attention:  Trust Administration

          

    

    

    (b)  Except as provided to the contrary herein, this Agreement may not be amended or modified in any manner except by a
      written agreement executed by the Administrator and the Trust.

    (c)  This Agreement shall be governed by the laws of the State of Delaware, excluding the laws on conflicts of laws. 
      Nothing herein shall be construed in a manner inconsistent with any rule or order of the Commission under the 1933 Act.  The parties hereby irrevocably submit to the non-exclusive jurisdiction of the courts of the State of Delaware for the purpose of
      hearing and determining any dispute arising out of or in connection with this Agreement or its formation or validity and for the purpose of enforcement of any judgment against their respective assets.  Any right by either party to trial by jury with
      respect to any lawsuit, claim or other proceeding arising out of or relating to this Agreement is expressly and irrevocably waived. Any provision of this Agreement which is determined by competent authority to be prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
      invalidate or render unenforceable such provision in any other jurisdiction.  In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

    (d)  This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original
      agreement but such counterparts shall together constitute but one and the same instrument.  The facsimile signature of any party to this Agreement shall constitute the valid and binding execution hereof by such party.

    (e)  The services of Administrator hereunder are not deemed exclusive.  Administrator may render administration,
      accounting and recordkeeping services and any other services to others, including hedge funds.

    (f)  The captions in the Agreement are included for convenience of reference only, and in no way define or limit any of
      the provisions hereof or otherwise affect their construction or effect.

    
      13

      
        

    

    

    

    (g)  This Agreement is executed by the Trust and the obligations hereunder are not binding upon officers or Investors,
      individually.

    (h)  This Agreement and the Schedules incorporated herein constitute the full and complete understanding and agreement of
      Administrator and the Trust and supersedes all prior negotiations, understandings and agreements with respect to trust accounting, administration and recordkeeping functions.

    (i)  Except as specifically provided herein, this Agreement does not in any way affect any other agreements entered into
      among the parties hereto and any actions taken or omitted by any party hereunder shall not affect any rights or obligations of any other party hereunder.

    (j)  Administrator shall retain all right, title and interest in any and all computer programs, screen formats, report
      formats, procedures, data bases, interactive design techniques, derivative works, inventions, discoveries, patentable or copyrightable matters, concepts, expertise, trade secrets, trademarks and other related legal rights provided or developed by
      Administrator in connection with the Services provided by Administrator to the Trust hereunder; provided however that none of the foregoing may include or be based upon confidential information of the Trust or the Sponsor obtained pursuant to this
      Agreement; provided further that the Administrator acknowledges and agrees that data related to the CME CF Bitcoin Reference Rate is received by the Trust pursuant to a limited license and that such data may not be utilized by the Administrator other
      than in connection with its performance of the Services.  The Trust shall retain all right, title and interest in any and all computer programs, screen formats, report formats, procedures, data bases, interactive design techniques, derivative works,
      inventions, discoveries, patentable or copyrightable matters, concepts, expertise, trade secrets, trademarks and other related legal rights provided or developed by the Trust.  The Administrator acknowledges and understands that Wilshire Phoenix, LLC
      has filed a patent application in the United States Patent and Trademark Office directed to a method for productization of alternative assets, including but not limited to those that are arbitrary-valued, non-liquid, irregularly traded and may have
      volatile pricing.  This US pending patent application broadly covers a method and system for creating a market in which such assets can be traded alongside more traditionally traded and liquid assets, for example securities.  All rights related to
      the foregoing pending patent shall remain those of Wilshire Phoenix, LLC and its assigns.

    (k)  This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and
      assigns.  This Agreement shall not be assignable by either party without the written consent of the other party, provided, however, that Administrator may, in its sole discretion and upon advance written notice to the Trust, assign all its right,
      title and interest in this Agreement to an affiliate, parent or subsidiary, or to the purchaser of substantially all of its business.

    (l)  It is expressly understood and agreed by Administrator that:

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

    
      14

      
        

    

    

    

    (ii)  the representations, covenants, undertakings and agreements herein made on the part of the Trust
      are made and intended not as personal representations, undertakings and agreements by the Sponsor but are made and intended for the purpose of binding only the Trust;

    (iii)  nothing herein contained shall be construed as creating any liability on the Sponsor,
      individually or personally, to perform any covenant of the Trust either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties
      hereto; and

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

    

    

    [ signature page follows ]

    
      15

      
        

    

    

    

    IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized
      officer as of the day, month and year first above written.

    

    

    

    

    

    

    	 	
            WSHARES BITCOIN FUND (“Trust”)

          	 
	 	 	 
	 	
            By:

          	
            Wilshire Phoenix Funds LLC, not in its individual capacity but solely as Sponsor of the Trust

          	 
	 	 	 	 
	 	
            By:

          	 	 
	 	 	 	 
	 	
            Title:

          	 	 

    

    

    

    

    

    

    	 	
            UMB FUND SERVICES, INC.

          	 
	 	
            (“Administrator”)

          	 
	 	 	 
	 	
            By:

          	 	 
	 	 	 	 
	 	
            Title:

          	 	 

    

    

    

    

    

    

    

    

    
      16

      
        

    

    Schedule A

    to the

    Administration and Trust Accounting Agreement

    by and between

    wShares Bitcoin Fund

    and

    UMB Fund Services, Inc.

    

    

    Services

    

    

    Trust Accounting and Administration

    	1.	
            Establish, maintain and review the administrative and procedural processes.

          

    	2.	
            Establish, maintain and review the general ledgers.

          

    	3.	
            Establish, maintain and review the investors’ capital accounts and record all transactions, including capital commitments, capital calls, draw downs and
              distributions.

          

    	4.	
            Assess and, if applicable, determine, fees and expenses, calculate and publish the Trust’s Bitcoin Holdings, Bitcoin Holdings per Share, GAAP NAV and GAAP NAV
              per Share and effect all appropriate allocations, in accordance with the Trust’s Trust Agreement.

          

    	5.	
            Coordinate with Sponsor, and, at Sponsor’s Instruction, execute and give third-party approval for all cash movements in accordance with the Trust Agreement.

          

    	6.	
            Determine, calculate and/or provide, as applicable, the Trust’s holdings, fees, expenses and other information, in each case as set forth in the applicable
              sections of the Trust Agreement.

          

    	7.	
            Provide cash reconciliations monthly or upon request and prepare standard monthly Trust reports that include the Bitcoin Price, the Bitcoin Holdings, the GAAP
              NAV, the GAAP NAV per Share, the number of additional Shares issued during such month, the amount of Subscriptions processed during such month, the number of Shares redeemed during such month, the amount of the Shares redeemed during such
              month, the amount of the fees and expenses of the Trust for such month and such other information as shall be agreed between the Administrator and the Trust.

          

    	8.	
            Assist with the liquidation and distribution of the Trust’s assets in accordance with the applicable sections of the Trust Agreement in the event of
              liquidation of the Trust.

          

    	9.	
            Performed daily: Load transactions in the portfolio accounting system. Maintain the security master files including monitoring and processing of corporate
              actions. Obtain market valuations from the appropriate pricing sources and value the investments in accordance with the Trust’s Trust Agreement. Reconcile positions and cash per the portfolio accounting system to the broker(s)/custodian(s)
              records. Provide reporting including daily trial balance and portfolio that includes the Bitcoin Price, the Bitcoin Holdings, the GAAP NAV, the GAAP NAV per Share and such other information as shall be agreed between the Administrator and the
              Trust.

          

    	10.	
            Determine and periodically monitor the Trust’s income and expense accruals in accordance with the Trust Agreement.

          

    
      17

      
        

    

    

    

    	11.	
            Generate the financial reporting package as of each period-end including the Statements of Financial Position, Profit and Loss, Changes in Capital and Changes
              in Investor’s Capital.

          

    	12.	
            Coordinate and oversee the annual audit of the Trust’s financial statements.

          

    	13.	
            Conduct stages of audit planning and coordination.

          

    	14.	
            Provide updates for new accounting and reporting requirements and their applicability to the Trust’s financial statements.

          

    	15.	
            Prepare work papers and schedules for auditors.

          

    	16.	
            Prepare annual financial statements, footnotes, and report drafts.

          

    	17.	
            Act as liaison between auditors and the Trust on audit issues.

          

    	18.	
            Cooperate with the Trust’s auditors in connection with the auditors’ preparation of the Trust’s taxes, including without limitation, providing any information
              reasonably requested by the Trust’s auditors that may be required in order for the Trust’s auditors to complete the Trust’s tax reporting.

          

    Administration

    	1)	
            General Trust Management:

          

    	

          	a)	
            Provide appropriate personnel, office facilities, information technology, record keeping and other resources as necessary for the Administrator to perform its duties and
              responsibilities under this agreement;

          

    	

          	b)	
            Act as liaison among all Trust service providers.

          

    	2)	
            Coordinate Board activities (if applicable):

          

    	

          	a)	
            Develop with legal counsel and the designated officer of the Trust an agenda and draft resolutions for each quarterly Board meeting;

          

    	

          	b)	
            Prepare Board reports based on financial and administrative data as requested by the Board.  Coordinate the preparation of electronic board books for quarterly Board meetings;

          

    	

          	c)	
            Attend quarterly Board meetings, either in person or telephonically, and prepare a first draft of the quarterly meeting minutes, as requested by the Board.

          

    	3)	
            Financial Reporting and Audits:

          

    	

          	a)	
            Prepare quarterly and annual schedules and financial statements including schedule of investments and the related statements of operations, assets and liabilities, changes in
              net assets and cash flow (if required), and financial highlights to be included in 10-Q and 10-K filings;

          

    	

          	b)	
            Draft footnotes to financial statements for approval by the Trust’s officers and independent accountants;

          

    	

          	c)	
            Provide facilities, information and personnel as necessary to accommodate annual audits with the Trust’s independent accountants or examinations by the SEC, FINRA or other
              regulatory authorities.

          

    	4)	
            Compliance:

          

    	

          	a)	
            From time to time as the Administrator deems appropriate (but no less frequently than quarterly), check the Trust’s compliance with the policies and limitations of the Trust
              relating to the portfolio investments as set forth in the Trust’s Offering Documents (but these functions shall not relieve the Trust’s day-to-day responsibility for assuring such compliance);

          

    
      18

      
        

    

    	

          	b)	
            Monitor the Trust’s activity for compliance with subchapter M under the Internal Revenue Code (but these functions shall not relieve the Trust of its responsibility for
              assuring such compliance). Compliance testing is dependent on receiving necessary information from any underlying investment.

          

    	5)	
            Expenses:

          

    	

          	a)	
            Prepare annual Trust-level and class-level budgets and update on a periodic basis;

          

    	

          	b)	
            Coordinate the payment of expenses;

          

    	

          	c)	
            Establish accruals and provide to the Trust’s accountant;

          

    	

          	d)	
            Provide expense summary reporting as reasonably requested by the Trust.

          

    	6)	
            Filings:

          

    	

          	a)	
            Provide financial information for any required regulatory filing.

          

    	

          	b)	
            Subject to having received all relevant information from the Trust and upon the advice and direction of Trust’s counsel, assist in the compilation of Form 10-K, 10-Q and 8-K
              filings and Section 16 filings.  Will provide to Trust’s counsel and the Trust for review and sign-off. Facilitate the necessary filing as required

          

    	7)	
            Other:

          

    	

          	a.	
            Calculate dividend and capital gain distributions, subject to review and approval by the Trust’s officers and independent accountants;

          

    	

          	b.	
            Calculate standard performance, as defined by Rule 482 of the Investment Company Act of 1940, as requested by the Trust;

          

    	

          	c.	
            Report performance and other portfolio information to outside reporting agencies as directed by the Trust;

          

    	

          	d.	
            Provide periodic updates on recent accounting, tax and regulatory events affecting the Trust and/or the Sponsor;

          

    	

          	e.	
            Assist the Trust during SEC or FINRA audits, including providing applicable information and documents from the document request list;

          

    	

          	f.	
            Maintain a regulatory compliance calendar (initially provided by the Trust) listing various Board approval, if applicable, and regulatory filing dates.

          

    

    

    Fund Redemption Reporting

    	1.	
            In connection with any redemption of Shares: (i) receive Redemption Orders (as defined in the Trust Agreement) from DTC participants, (ii)
                deliver copies of the Redemption Orders to the Sponsor and the Transfer Agent, (iii) within one (1) Business Day of receipt, generate and transmit confirmation of receipt of completed Redemption Orders, or any deficiencies related to
                incomplete Redemption Orders, to the DTC participant, (iv) generate and deliver to the Sponsor and the Transfer Agent in a timely manner and in accordance with the applicable sections of the Trust Agreement (it being understood and agreed
                that in no way will Administrator be responsible for the accuracy of such data as provided by DTC participants or for
                researching the status of Redemption Orders not transmitted to Administrator by DTC participants) a report detailing on a DTC participant basis (a) the name and DTC participant number for such DTC participant redeeming Shares, and (b) the
                amount of Shares to be redeemed by such DTC participant, (v) determine the number of bitcoin to withdraw for sale and notify the Sponsor, and (vi) instruct bitcoin custodian to transfer applicable amount of bitcoin to be sold to
              third party broker or dealer.
               

            

          

    
      19

      
        

    

     

    

    

    

    

    Schedule B

    to the

    Administration and Trust Accounting Agreement

    by and between

    wShares Bitcoin Fund

    and

    UMB Fund Services, Inc.

    

    

    [REDACTED]

    
      20

      
        

    

    Schedule C

    to the

    Administration and Trust Accounting Agreement

    by and between

    wShares Bitcoin Fund

    and

    UMB Fund Services, Inc.

    

    

    	

          	◾	
            Accounting records, including Investor Account Ledgers, Portfolio Transactions Journals, Cash Receipts and Disbursements Journal, General Ledger, Subsidiary Ledgers, Portfolio
              Securities Ledger, Commissions Ledger, Capital Account Ledger and Trial Balances.

          

    

    

    	

          	◾	
            Copies of the Trust’s Trust Agreement and any amendments or waivers thereto, Certificate of Trust and all certificates of amendment thereto, each effective Subscription
              Agreement delivered to it, minute books and financial statements.

          

    

    

    	

          	◾	
            Copies of the Trust’s U.S. federal, state and local income tax returns and reports, if any, received from the Sponsor or the Trust’s auditor.

          

    

    

    	

          	◾	
            Correspondence to and from holders of Shares (including e-mail communications) relating to redemption of Shares.

          

    

    

    

    

    

    

    

    

  

  21Broadridge Corporate Issuer Solutions, Inc.

            51 Mercedes Way

            Edgewood, NY  11717

          

    

    

    

    

    Exhibit 10.3

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

    TRANSFER AGENT SERVICES AGREEMENT

    This Services Agreement, dated as of February 11, 2022 (this “Agreement”) is
      between BROADRIDGE CORPORATE ISSUER SOLUTIONS, INC. (“Broadridge”), with offices at 51 Mercedes Way, Edgewood, NY 11717, and WSHARES BITCOIN FUND (“Client”), having its principal office at 2 Park
      Ave, 20th Floor, New York, NY 10016.

    WHEREAS, pursuant to a trust agreement (the “Trust
        Agreement”) between the Client and Delaware Trust Company, as trustee, the Client will, from time to time, issue for purchase and redeem shares of the Client (the “Shares”); and

    WHEREAS, Broadridge desires to perform the Transfer Agent Services (as defined in Paragraph 1 below)
      on behalf of Client, and Client wishes Broadridge to perform such Transfer Agent Services, upon the terms and conditions set forth herein.

    NOW THEREFORE, in consideration of the mutual promises and agreements herein contained and other good
      and valuable consideration, the receipt of which is hereby acknowledged, Broadridge and Client, intending to be legally bound, do hereby agree as follows:

    1)          DEFINITIONS.
        As used in this Agreement, the following terms shall have the following meanings:

    “Administrator” means the entity appointed by the Trust to act
      as administrator of the Trust, together with its permitted successors and assigns. Initially, the Administrator shall be UMB Fund Services, Inc.

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

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

    “Bitcoin Reference Rate” means the CME CF BRR or, if the CME
      CF BRR ceases to be published, the rate determined in accordance with the cascading rules set forth in the Trust Agreement.

    “Business Day” means any day other than a Saturday or a Sunday
      on which the New York Stock Exchange is scheduled to be open for business.

    “Cash Custodian” means the entity appointed by the Trust to
      act as cash custodian of the Trust, together with its permitted successors and assigns. Initially, the Cash Custodian shall be UMB Bank, N.A.

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

    

    

    	 	1	 
	
            Document Number: 65602

            Broadridge Confidential

          	 	 

    
      
        

    

    	
            

          	
            Broadridge Corporate Issuer Solutions, Inc.

            51 Mercedes Way

            Edgewood, NY  11717

          

    

    

    

    

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

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

    “Redemption Order” means a written notice delivered by a
      holder of Shares to the Administrator and the Transfer Agent, in accordance with the Trust Agreement, in connection with a redemption of its Shares, the form of which is attached to the Registration Statement.

    “Registration Statement” means a registration statement of the
      Trust under the Securities Act of 1933, as amended, to register the Trust’s Shares as filed with the Securities and Exchange Commission from time to time, as the same may at any time and from time to time be amended or supplemented.

    2)          SERVICES. 
        Broadridge will perform the transfer agent and registrar services described below and in Exhibit A (collectively, the “Transfer Agent Services”) for, at the direction of, and on behalf of Client, for the fees set forth in Exhibit A.

    	

          	a)	
            Effective on the date Transfer Agent Services hereunder commence (the “Effective Date”), Broadridge is hereby
              appointed sole transfer agent and registrar of the Shares now or hereafter issued by the Client, and is hereby authorized to provide, and agrees to provide, those Transfer Agent Services described herein and in the Trust Agreement, including
              without limitation:

          

    	

          	i.	
            in connection with the issuance of the Shares, upon being furnished with a sufficient sum to pay any original issue taxes, to record and register “book entry” Shares bearing
              the manual or facsimile signatures of the said officers of Client authorized by Client (in the Trust Agreement  or otherwise) to sign Share certificates and to state that the issuance of such Shares have been duly authorized by the Client, in
              such names and in such amounts as Client may direct in writing signed by an authorized officer of Client and such Shares shall be considered validly issued, fully paid, and non-assessable, and in the case of book-entry Shares to be registered
              in the name of The Depository Trust Company (“DTC”) or Cede & Co. (“Cede”), as nominee of DTC, to hold such Shares as
              custodian for DTC;

          

    	

          	ii.	
            to make and register transfers, from time to time, of any issued and/or outstanding Shares of Client which may hereafter be issued, and of any “book entry” Shares issued in
              exchange therefore, upon surrender thereof for transfer properly endorsed or accompanied by a separate instrument of  assignment, accompanied by evidence satisfactory to Broadridge of the payment of any applicable transfer tax, and
              accompanied by such documents and fees as Broadridge may deem necessary, and upon cancellation of such Shares to record and register the issuance of new Shares for an equivalent number of units of such Shares and to deliver said Shares to or
              upon order of the person entitled thereto; for the avoidance of doubt, so long as the Shares are held through DTC, Broadridge shall not be required to register any transfers of the Shares as the Shares shall be held solely in the name of Cede
              as nominee of DTC;

          

    

    

    	 	2	 
	
            Document Number: 65602

            Broadridge Confidential

          	 	 

    
      
        

    

    	
            

          	
            Broadridge Corporate Issuer Solutions, Inc.

            51 Mercedes Way

            Edgewood, NY  11717

          

    

    

    

    

    	

          	iii.	
            to issue and register a new certificate or certificates of the Shares in lieu of lost, destroyed, stolen certificate or certificates of the Shares upon the written order of an
              authorized officer of the Client, and upon the giving of a bond or indemnity satisfactory to the Client, protecting the Client from any loss; and

          

    	

          	iv.	
            in connection with the redemption of the Shares by any Holder, Broadridge shall process properly completed Redemption Orders that have been physically delivered to Broadridge
              (and which have been electronically copied to the Administrator; provided, however, that Broadridge shall not be responsible for confirming whether such copies have been forwarded electronically to the Administrator).  Broadridge shall review
              complete Redemption Orders, which shall include the following information (with it being understood that Broadridge may reject any Redemption Order submitted that does not contain complete information with respect to the following):

          

    
      	

            	•	
              Name of Investor

            

      	

            	•	
              Name of DTC Participant

            

      	

            	•	
              DTC Participant #

            

      	

            	•	
              DTC Participant Contact details (address, email, phone number, point of contact, etc.)

            

      	

            	•	
              Number of Shares being redeemed

            

      	

            	•	
              CUSIP #

            

      	

            	•	
              Wire instructions for payment of cash consideration

            

    

    
      	

            	•	
              Medallion Signature Guarantee

            

      

      

    

    
      On the Business Day prior to the Redemption Date, Broadridge will (i) approve a DWAC instruction received with respect to
        any Shares for which a properly completed Redemption Order has been submitted and for which the number of Shares submitted via DWAC matches the number of Shares stated in the applicable Redemption Order, (ii) process a transfer of the applicable
        Shares into an account on Broadridge’s books and records registered in the name of the redeeming DTC Participant, and (iii) provide a report to the Administrator and the Sponsor detailing the Shares that were withdrawn from DTC broken down by DTC
        Participant. On the Redemption Date, (i) Broadridge shall cancel and retire the Shares registered in the applicable DTC Participant’s name and provide a report to the Sponsor and the Administrator detailing the cancelled Shares broken down by DTC
        Participant, and (ii) the Administrator will provide the Bitcoin Holdings per Share to Broadridge.  On the Business Day following the Redemption Date, Broadridge will (ii) use the Bitcoin Holdings per Share as of the Redemption Date to calculate
        payment (Shares redeemed by DTC Participant x Bitcoin Holdings per Share) to each redeeming DTC Participant, and (ii) provide a report to the Sponsor and the Administrator detailing the cash value of the redeemed Shares for each DTC Participant. 
        Two Business Days following the Redemption Date, Broadridge will send a letter of instruction to the Cash Custodian indicating how much to pay and which DTC Participant to pay in respect of its redeemed Shares.

    

    

    

    

    

    	 	3	 
	
            Document Number: 65602

            Broadridge Confidential

          	 	 

    

    

    
      
        

    

    

    

    	
            

          	
            Broadridge Corporate Issuer Solutions, Inc.

            51 Mercedes Way

            Edgewood, NY  11717

          

    

    

    

    

    
      Client acknowledges and agrees that the Transfer Agent Services provided by Broadridge in connection
        with redemptions are dependent on timely receipt by Broadridge of accurate and complete (i) Redemption Orders from the applicable DTC Participants and (ii) the Bitcoin Holdings per Share confirmation from the Administrator, and Broadridge shall be
        excused from any failure to meet its obligations to provide or cause to be provided timely Transfer Agent Services with respect to redemptions to the extent a DTC Participant and/or the Administrator fails to provide timely, accurate and complete
        documentation referenced in (i) or (ii) above to Broadridge as reasonably necessary for the provision of such Transfer Agent Services.

    

    	

          	b)	
            Broadridge shall create, update and maintain the original Shares books, transfer books, and the Register (as defined in the Trust Agreement) for all Shares of Client. The
              Shares books, transfer books, the Register and any records related to the Transfer Agent Services shall be kept and maintained by Broadridge for a period of at least six (6) years or such longer period as required by applicable law, and
              Broadridge shall use reasonable care to prevent the loss or destruction of such records.  Broadridge shall only destroy records at the direction of the Client. Broadridge shall permit Client’s auditors or third-party accountants, upon
              reasonable notice, to inspect, take extracts from and audit the records maintained pursuant to this Agreement, take such steps as necessary to verify that satisfactory internal control system and procedures are in place, and visit and inspect
              the systems relating to the Transfer Agent Services, all at such times as Client may reasonably request. Client shall reimburse Broadridge for all reasonable expenses incurred in connection with any such inspection.

          

    	

          	c)	
            [Reserved]

          

    	

          	d)	
            [Reserved]

          

    	

          	e)	
            Broadridge shall maintain and manage, as agent for the Client, such accounts as Broadridge shall deem necessary for the performance of its duties under this Agreement. 
              Notwithstanding anything contained herein to the contrary, with respect to cash deposited with Broadridge by or on behalf of Client, in no event shall Broadridge invest any such cash, including without limitation, in any money market mutual
              fund, cash deposit product, or other cash investment vehicle (each, a “Sweep Vehicle”).

          

    	

          	f)	
            Broadridge shall provide Client and DTC with such information in its possession relating to the Transfer Agent Services that the Client or DTC may reasonably request from time
              to time in the format reasonably requested by Client or DTC, as applicable.

          

    	

          	g)	
            From time to time at the request of the Client, delivering notices or other information or documentation (in each case, prepared by the Client) to the Shareholders through DTC
              for distribution by DTC to the DTC participants in accordance with policies and procedures of DTC for book entry only Shares.

          

    

    

    	 	4	 
	
            Document Number: 65602

            Broadridge Confidential

          	 	 

    

    

    
      
        

    

    

    

    	
            

          	
            Broadridge Corporate Issuer Solutions, Inc.

            51 Mercedes Way

            Edgewood, NY  11717

          

    

    

    

    

    	

          	h)	
            Broadridge shall provide reporting to the Client, the Administrator and, if so requested by an authorized officer of the Client from time to time, the SEC or any applicable
              listing exchange or quoting market, confirming the debits processed, credits processed, the cede posting, and the outstanding balance of Shares on a daily and monthly basis or such other frequency to be mutually agreed upon by the Broadridge
              and the Client in writing.

          

    	

          	i)	
            In connection with such appointment, after the date hereof but prior to the Effective Date, Client shall have provided to Broadridge, which shall be a condition to Broadridge
              commencing transfer agent services:

          

    	

          	i.	
            A certificate of the Client certifying the capital structure of Client, including the authorized, outstanding and treasury Shares of Client;

          

    	

          	ii.	
            Specimens of the signatures of the officers of Client authorized to sign written instructions and requests; and

          

    	

          	iii.	
            A copy of the Certificate of Formation and Trust Agreement of Client and, on a continuing basis, copies of all material amendments to the Certificate of Formation and Trust
              Agreement made after the date of this Agreement (such amendments to be provided promptly after such amendments are made).

          

    	

          	j)	
            Transfer Agent Services relating to corporate actions such as stock splits, stock dividends, secondary offerings, private placements, tender offers, mergers, acquisitions,
              rights offerings, and any other corporate actions, whether ongoing at the Effective Date, or initiated after such date, and any functions related to fund activities such as fund accounting, Net Asset Valuation calculations (NAV) and
              beneficial custody of cash or shares (other than as custodian for Cede & Co.) are not included under this Agreement.  Services required by legislation or regulatory mandates which become effective after Broadridge’s appointment as
              transfer agent shall not be part of this Agreement.  Such services and the fees related thereto will be set forth in a mutually agreeable addendum hereto.

          

    	

          	k)	
            Cooperate with, and provide any information in its possession that is reasonably requested by, the Client’s auditor and/or Administrator in connection with the Client’s
              preparation of tax statements for the Client and the holders of Shares.

          

    	

          	l)	
            Deliver to DTC participants, as identified by DTC as the Shareholder for the book-entry only Shares, such communications as Client may from time to time identify as required
              by law or as Client may reasonably request, as further described pursuant to the Streetlink Services Schedule included in Exhibit B hereto for the fees set forth in Exhibit B hereto.

          

    3)          TERM
          AND TERMINATION.  The initial term of this Agreement shall be for the period commencing on the execution date of this Agreement and ending twenty-four (24) months after the Effective Date (the “Initial Term”).  At the end of the Initial Term, and at the end of each Renewal Term (as defined below), if applicable, this Agreement will automatically be renewed for successive one-year periods (each, a “Renewal Term”) unless otherwise terminated in accordance with this Agreement.  

    

    

    	 	5	 
	
            Document Number: 65602

            Broadridge Confidential

          	 	 

    

    

    
      
        

    

    

    

    	
            

          	
            Broadridge Corporate Issuer Solutions, Inc.

            51 Mercedes Way

            Edgewood, NY  11717

          

    

    

    

    

    This Agreement may be terminated without penalty (i) by Broadridge upon not less than ninety (90) days' written notice to Client (which
      notice may be waived by Client), or (ii) by Client (a) after discovery of a material breach of this Agreement and Broadridge’s failure to cure such material breach within thirty (30) days after receipt of written notice of such material breach, or
      (b) upon not less than sixty (60) days' written notice to Broadridge (which notice may be waived by Broadridge).  Broadridge’s and Client’s continuing obligations under this Agreement, including under Section 6 (Limitation of Liability, Indemnity and
      Reliance) and Section 9 (Confidentiality and Data Security), shall survive the termination or expiration of this Agreement.   Upon the termination of this Agreement or the liquidation of Client, Broadridge shall deliver any records of Client in the
      form maintained by Broadridge (to the extent permitted by applicable license agreements) to Client or person(s) designated by Client, at Client's cost and expense.

    4)          FEES
          AND INVOICING.  The fees applicable to the Transfer Agent Services, are set forth in Exhibit A (the “Fees”).  Client agrees to pay the Fees within thirty (30) days after
        its receipt of an invoice from Broadridge.  If Client fails to pay any amounts due under this Agreement that are not subject to a good faith dispute within thirty (30) days after the due date therefor, Client shall, upon demand, pay interest at the
        rate of 1-1/2% per month (but in no event more than the highest interest rate allowable by law) on such delinquent amounts from the due date until the date of payment.  Client shall be responsible for, and shall pay to Broadridge all reasonable,
        documented out of pocket expenses incurred by Broadridge in connection with performing the Transfer Agent Services as set forth in Exhibit A, including certain out of pocket expenses to be paid in advance, such as postage and transportation
        costs; provided however that (i) Client shall not be responsible for any expenses incurred by Broadridge as a result of Broadridge’s fraud, willful misconduct, bad faith, violation of applicable laws or gross negligence in the performance, or from
        the reckless disregard by it, of its obligations and duties under this Agreement, and (ii) the prior written consent of Client shall be required prior to the incurrence of any individual expenses that are (x) not specifically itemized in Exhibit
          A and (y) are greater than $2,500.  If Client fails to pay undisputed Fees for a period of one hundred and twenty (120) days or more, Broadridge retains the right to delay any Transfer Agent Services requested by Client until the outstanding
        balance has been paid in full; provided however that in the event that Client has not paid such undisputed Fees for a period of ninety (90) days, Broadridge will provide written notice of such non-payment to Client.  In the event that any Fees are
        disputed, Client shall, on or before the due date, pay all undisputed amounts due hereunder and notify Broadridge in writing of any disputed charges for Fees which it is disputing in good faith.  In the event that any out of pocket expenses are
        disputed, Client shall, on or before the due date, pay all undisputed out of pocket expenses due hereunder and notify Broadridge in writing of any disputed charges for out of pocket expenses which it is disputing in good faith.  The parties shall
        confer with each other in good faith to try to find a consensual resolution to any disputed charges.  In the event that such parties are unable to resolve any such disputed charges after a reasonable period of time, then either party may seek an
        order of a court of competent jurisdiction to resolve such dispute.

    5)          TAXES. 
        Client shall pay any and all taxes applicable to the provision of Transfer Agent Services in connection with this Agreement, excluding taxes based on Broadridge’s net income.

    

    

    

    

    	 	6	 
	
            Document Number: 65602

            Broadridge Confidential

          	 	 

    

    

    
      
        

    

    

    

    	
            

          	
            Broadridge Corporate Issuer Solutions, Inc.

            51 Mercedes Way

            Edgewood, NY  11717

          

    

    

    

    

    	6)	
            LIMITATION OF LIABILITY, INDEMNITY AND RELIANCE.

          

    	

          	a)	
            Broadridge may rely upon and shall be fully protected and held harmless in acting or refraining from acting in good faith reliance upon: (i) any written or oral instructions,
              representations or certifications received from any person it believes in good faith to be an officer, authorized agent, employee or shareholder of Client; (ii) written advice, opinions, or instructions received from Client’s or Broadridge’s
              legal counsel; (iii) any information, records and documents provided to Broadridge by a former transfer agent or registrar of Client; (iv) the authenticity of any signature (manual, facsimile or electronic transmission) appearing on any
              writing or communication; and (v) on the conformity to original of any copy.

          

    	

          	b)	
            Client shall protect, indemnify and hold harmless Broadridge, its current and former directors, officers, employees and affiliates (each an “Indemnified Person”) from and against any and all claims, liability, costs, loss, damages, charges and judgments, including reasonable counsel fees and expenses (collectively, “Losses”) arising in connection with Broadridge’s good faith performance of its duties under this Agreement except to the extent that any such Losses arose out of, or were imposed upon such Indemnified Person as a
              result of its fraud, willful misconduct, bad faith, violation of applicable laws or gross negligence in the performance, or from the reckless disregard by it, of its obligations and duties under this Agreement.  Broadridge will provide to
              Client written notice of any such claim promptly upon Broadridge becoming aware of such claim (it being understood that any failure to timely provide such notice shall not relieve Client of its indemnification obligations except to the extent
              defense of any such claim is actually prejudiced as a result of such delay).  Broadridge agrees to reasonably cooperate with Client, at Client’s expense, in the investigation and defense of each such claim.

          

    	

          	c)	
            Client shall have the authority to defend and/or settle any such claim; provided, however, that Client will not consent to the
                entry of any judgment or enter into any compromise or settlement with respect to any indemnified claim without the prior written consent of Broadridge unless such judgment, compromise or settlement: (a) provides for the payment by Client of
                money as sole relief for the claimant; (b) results in the full and general release of Broadridge from all liabilities arising or relating to, or in connection with, the indemnified claim; and (c) involves no finding or admission of any
                violation of applicable law or the rights of any person or entity by Broadridge.  Broadridge may participate in the defense and settlement of any indemnified claim, at Broadridge’s own expense, with counsel of Broadridge’s own choosing.

          

    	

          	d)	
            Broadridge’s aggregate liability for any and all damages arising from or relating to any and all
                claims and causes of action in connection with the Transfer Agent Services provided under this Agreement, shall not exceed (i) in the case of gross negligence or fraud, the lesser of (1) $500,000, or
                (2) the amount of actual damages incurred by Client, and (ii) in all other cases, the lesser of: (1) the amount of actual damages incurred by Client; and (2) an amount equal to the Fees (excluding pass-through charges) paid by Client to Broadridge (x) during the Initial Term, from the date of this Agreement to the date of such loss and (y) during any Renewal
                Term, during the twenty-four (24) month period prior to such loss, and shall constitute Client’s sole monetary remedy.

          

    

    

    	 	7	 
	
            Document Number: 65602

            Broadridge Confidential

          	 	 

    

    

    
      
        

    

    

    

    	
            

          	
            Broadridge Corporate Issuer Solutions, Inc.

            51 Mercedes Way

            Edgewood, NY  11717

          

    

    

    

    

    	

          	e)	
            IN NO EVENT WILL BROADRIDGE OR CLIENT BE LIABLE FOR ANY SPECIAL, INDIRECT, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR RELATED TO THIS AGREEMENT (INCLUDING LOST PROFITS, DAMAGE TO REPUTATION OR LOST SAVINGS), EVEN IF FORESEEABLE OR EVEN IF BROADRIDGE OR CLIENT, AS APPLICABLE, HAS BEEN ADVISED OF THE POSSIBILITY OF
              SUCH DAMAGES.

          

    	

          	f)	
            This Section allocates the risks under this Agreement between Broadridge and Client and is viewed by the parties as an integral part of the business arrangement between them. 
              The pricing and other terms and conditions of this Agreement and any Schedule hereto reflect this allocation of risk and the limitations specified herein.

          

    	7)	
            REPRESENTATIONS AND WARRANTIES.

          

    	

          	a)	
            Each of Broadridge and Client represent and warrant to each other, on behalf of itself, that:

          

    	

          	i)	
            it is a duly organized and validly existing corporation or other entity in good standing (as applicable) under the laws of the jurisdiction of its organization and has the
              corporate or other organizational power and authority to own its property and assets and to transact the business in which it is engaged;

          

    	

          	ii)	
            it has the corporate or other organizational power and authority to execute, deliver and carry out the terms and provisions of this Agreement and has taken all necessary
              corporate or other organizational action to authorize the execution, delivery and performance of this Agreement; and

          

    	

          	iii)	
            it has duly executed and delivered this Agreement and this Agreement constitutes the legal, valid and binding obligation enforceable in accordance with its terms, subject to
              the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law).

          

    	

          	b)	
            Broadridge hereby represents and warrants to Client that it possesses, and will maintain, all licenses, registrations, authorizations and approvals required by any
              governmental agency, regulatory authority or other party necessary for it to perform the Transfer Agent Services.

          

    	8)	
            BROADRIDGE WEBSITES.

          

    	

          	a)	
            In connection with receiving the Transfer Agent Services, Client and its authorized users may be granted access to a website owned by or under Broadridge’s control (a “Broadridge Website”).  Client shall use, and shall cause its authorized users to use, any Broadridge Website solely to receive the Transfer Agent Services and for no other purpose. 
              Client shall not disclose any website passwords to any person other than its authorized employees and agents.

          

    	

          	b)	
            Client acknowledges that any Broadridge Website, including, without limitation, the information available on or through such website, is the property of Broadridge, or its
              licensors, and is protected by copyrights, trademarks, service marks, international treaties and/or other proprietary or intellectual property rights and laws of the United States and other countries.

          

    

    

    	 	8	 
	
            Document Number: 65602

            Broadridge Confidential

          	 	 

    

    

    
      
        

    

    

    

    	
            

          	
            Broadridge Corporate Issuer Solutions, Inc.

            51 Mercedes Way

            Edgewood, NY  11717

          

    

    

    

    

    Client agrees to abide by all applicable copyright and other laws, and shall not modify, copy, distribute, transmit,
      display, publish, sell, license, create derivative works or otherwise use any information available on or through such website for commercial or public purposes.  All future rights in and to patents, copyrights, trademarks, service marks, trade
      secrets, know-how and other proprietary rights of any type under the laws of any governmental authority, domestic or foreign, including rights in and to all applications and registrations relating to any Broadridge Website shall, as between Client
      and Broadridge, at all times be and remain the sole and exclusive property of Broadridge.

    	

          	c)	
            EXCEPT AS OTHERWISE SPECIFICALLY SET FORTH HEREIN, BROADRIDGE MAKES NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, CONCERNING THE TRANSFER AGENT
              SERVICES, INCLUDING ALL IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE.  ALL OTHER WARRANTIES ARE EXPRESSLY DISCLAIMED BY BROADRIDGE AND WAIVED BY CLIENT.  BROADRIDGE DOES NOT WARRANT THAT THE OPERATION OF ANY
              BROADRIDGE WEBSITE WILL BE UNINTERRUPTED OR ERROR FREE.

          

    	9)	
            CONFIDENTIALITY AND DATA SECURITY.

          

    	

          	a)	
            In connection with the Transfer Agent Services and any contemplated Transfer Agent Services, each party is expected to exchange certain information with the other (the
              providing party, the “Provider” and the receiving party, the “Receiver”), which may include information relating to trade
              secrets, systems, procedures, confidential reports, customer lists, cost information, pricing information, security procedures, shareholder lists, commission schedules, sales and/or trading strategies, computer software and tapes, programs,
              source codes and financial information (“Confidential Information”).  The Receiver agrees that it shall use the same degree of care as the Receiver uses with respect to its own
              Confidential Information of like importance, but no less than reasonable care, to avoid unauthorized disclosure or use of any of the Provider’s Confidential Information.  The Receiver may disclose the Confidential Information to its
              employees, agents and affiliates who in the Receiver’s commercially reasonable judgment have a specific and demonstrable need to know such Confidential Information solely in connection with performing the Transfer Agent Services and who are
              subject to confidentiality obligations materially consistent with this Agreement.  The Receiver shall have the right to disclose Confidential Information as necessary for compliance with any legal or regulatory requirement, including court
              order, statute, law, rule, regulation, subpoena or other similar requirement of a competent governmental body, exchange organization or other regulatory authority; provided, however, the Receiver making such required disclosure shall first
              notify the Provider (to the extent legally permissible) and shall afford the Provider a reasonable opportunity to seek confidential treatment if it wishes to do so.

          

    	

          	b)	
            Nothing contained herein shall in any way restrict or impair the Receiver’s right to use, disclose or otherwise deal with: (i) Confidential Information, other than Personal
              Information, which at the time of its disclosure is part of the public domain by publication or otherwise; (ii) Confidential Information which the Receiver can show was in its possession, or the possession of any parent, subsidiary or
              affiliate, at the time of disclosure and which was not acquired, directly or indirectly, under any obligation of confidentiality to the Provider; (iii) Confidential

          

    

    

    	 	9	 
	
            Document Number: 65602

            Broadridge Confidential

          	 	 

    

    

    
      
        

    

    

    

    	
            

          	
            Broadridge Corporate Issuer Solutions, Inc.

            51 Mercedes Way

            Edgewood, NY  11717

          

    

    

    

    

    Information which is independently acquired or developed by the Receiver or any parent, subsidiary or affiliate without
      violation of the Receiver’s obligations hereunder; or (iv) aggregated and/or statistical data (excluding third party licensed data) created or received in the course of providing Transfer Agent Services, provided that any such use does not disclose
      the Provider’s identity or any Personal Information.  Notwithstanding anything to the contrary in this Agreement, and for the avoidance of doubt, Client may (i) reference Broadridge and summarize the material terms of this Agreement in any offering
      or marketing documents (including, without limitation, any registration statement) related to an offering of the Shares by the Client to potential investors, and (ii) file the form of this Agreement as an exhibit to any registration statement related
      to an offering of the Shares by the Client to potential investors.

    	

          	c)	
            Personal Information provided by or on behalf of Client to Broadridge shall also be deemed Confidential Information hereunder.  “Personal Information” means information that can be used to identify or is related to an identified person, including without limitation, name, address, contact information, age, gender, income, marital status, finances,
              health, employment, social security number and trading or voting activity or history, but shall not include publicly available information.

          

    	

          	d)	
            With respect to any Personal Information provided by Client to Broadridge, and for so long as such Personal Information is in the possession of or under the control of
              Broadridge, Broadridge agrees to undertake and maintain security procedures, including administrative, technical and physical safeguards, which are reasonably designed to: (i) ensure the security and confidentiality of Personal Information;
              (ii) protect against any anticipated threats or hazards to the security or integrity of Personal Information;  (iii) protect against unauthorized access to or use of Personal Information; and (iv) protect against unauthorized access to or use
              of such Personal Information in connection with its disposal.  Broadridge shall not use Personal Information, except in connection with providing the Transfer Agent Services under this Agreement.  Broadridge represents and warrants that it
              has a written comprehensive information security program that complies with laws and regulations applicable to Broadridge.

          

    	

          	e)	
            Broadridge acknowledges that it shall have no right of ownership, title or ownership interest in or to any of Client’s Confidential Information.  Client acknowledges that
              Broadridge will not be restricted in its use of ideas, concepts, know-how, methodologies, techniques, suggestions, ideas, enhancement requests, feedback, recommendations or other information provided by Client or any third party relating to
              the Transfer Agent Services acquired or learned in the course of activities hereunder.

          

    	

          	f)	
            To the extent Broadridge processes Personal Information that would constitute EU Personal Data as defined under Regulation (EU) 2016/679 (General Data Protection Regulation),
              Broadridge will comply with the provisions of the Broadridge GDPR Annex, found at https://www.broadridge.com/GDPR-Annex by using password ICS54903.

          

    	10)	
            Anti-Money Laundering.

          

    	

          	a)	
            Broadridge hereby certifies that it has in place an Anti-Money Laundering (“AML”) program designed to deter, detect, and intercept financial crime (including, but not limited
              to, money laundering and terrorist financing).  

          

    

    

    	 	10	 
	
            Document Number: 65602

            Broadridge Confidential

          	 	 

    

    

    
      
        

    

    

    

    	
            

          	
            Broadridge Corporate Issuer Solutions, Inc.

            51 Mercedes Way

            Edgewood, NY  11717

          

    

    

    

    

    Broadridge represents and warrants that (i) it has not, nor has any person or entity controlling, controlled by, or under
      common control with it, been accused, charged (either administratively or criminally), convicted, or fined for any violation related to U.S. AML laws or sanctions programs administered by the U.S. Treasury Department's Office of Foreign Assets
      Control (“OFAC”), and (ii) it is not, nor is any person or entity controlling, controlled by, or under common control with it: (I) on the list of Specially Designated Nationals and Blocked Persons maintained by OFAC, as such list may be amended from
      time to time, or (II) a senior foreign political figure or a member of a senior foreign political figure’s immediate family or any close associate of a senior foreign political figure.  Broadridge agrees that it has received and reviewed a copy of
      Client’s AML program and that it will at all times comply with the requirements thereof.  Broadridge hereby agrees to provide any AML policies or procedures to Client for review upon request.

    	11)	
            MISCELLANEOUS.

          

    	

          	a)	
            Each party shall be responsible for complying with all laws, rules and governmental regulations applicable to it, including without
              limitation, the rules and regulations of the SEC and any applicable exchange organization, quoting market or regulatory authority.  Client shall be responsible for any use it
                may make of the Transfer Agent Services to assist it in complying with such laws, rules and governmental regulations, and Broadridge shall not have any responsibility relating thereto (including,
                without limitation, advising Client of Client’s responsibilities in complying with any laws, rules or governmental regulations affecting Client’s business).  Client hereby acknowledges that Broadridge will be unable to perform the
              Transfer Agent Services unless Client performs in a timely manner its obligations hereunder and pursuant to the rules and regulations of the SEC and any other applicable exchange organization, quoting market or regulatory authority.

          

    	

          	b)	
            Client acknowledges that it has not been induced to enter into this Agreement by any representation or warranty not set forth in this Agreement.  This Agreement contains the
              entire agreement and understanding of the parties with respect to its subject matter and supersedes all existing agreements and all other oral, written or other communications between them concerning its subject matter, including without
              limitation, any non-disclosure agreements between the parties.  This Agreement shall not be modified in any way except by a writing signed by both parties.

          

    	

          	c)	
            In the event either party is unable to perform its obligations under the terms of this Agreement because of acts of God, strikes, failure of
                carrier or utilities, equipment or transmission failure or damage that is reasonably beyond its control, or other cause that is reasonably beyond its control, such party shall not be liable for damages
                to the other for any damages resulting from such failure to perform or otherwise from such causes; provided however that such party shall, to the extent possible, take commercially reasonable actions to remedy such event and resume
                operations and performance of its obligations under this Agreement as promptly as practicable under the circumstances.  Performance under this Agreement shall resume when the affected party or parties are able to perform substantially that
                party’s duties.

          

    	

          	d)	
            This Agreement may not be assigned by Client without the prior written consent of Broadridge, which consent shall not be unreasonably withheld.  

          

    

    

    	 	11	 
	
            Document Number: 65602

            Broadridge Confidential

          	 	 

    

    

    
      
        

    

    

    

    	
            

          	
            Broadridge Corporate Issuer Solutions, Inc.

            51 Mercedes Way

            Edgewood, NY  11717

          

    

    

    

    

    The terms and provisions of this Agreement shall be binding upon and inure to the benefit of the parties, and their
      respective successors and assigns, and is made solely and specifically for their benefit.  No other person shall have any rights, interest or claims hereunder or be entitled to any benefits under or on account of this Agreement as a third-party
      beneficiary or otherwise.

    	

          	e)	
            If any provision of this Agreement (or any portion hereof) shall be held to be invalid, illegal or unenforceable, the validity, legality or enforceability of the remainder of
              this Agreement shall not in any way be affected or impaired thereby.  The headings in this Agreement are intended for convenience of reference and shall not affect their interpretation.

          

    	

          	f)	
            All notices shall be in writing and shall be forwarded by registered or certified mail and sent to Broadridge and Client at the addresses set forth on the first page of this
              Agreement or to any other address designated in writing hereafter.  Any notice to (i) Broadridge shall be sent to 51 Mercedes Way, Edgewood, NY 11717, Attention: President and shall include a copy to Broadridge Financial Solutions, Inc., 5
              Dakota Drive, Suite 300, Lake Success, New York, 11042, Attention: General Counsel, and (ii) Client shall be sent to c/o Wilshire Phoenix Funds LLC, 2 Park Ave 20th Floor, New York, NY 10016, Attention: Head of Wilshire Phoenix
              Funds.

          

    	

          	g)	
            Each of Broadridge and Client represents that the individual executing this Agreement on its behalf are duly authorized by all necessary action to execute this Agreement on
              its behalf.  This Agreement may be executed in one or more counterparts, each of which shall be original, but all of which taken together shall constitute a single agreement.  This Agreement shall be governed in all respects by the laws of
              the State of New York applicable to agreements wholly to be executed and to be performed therein.

          

    	

          	h)	
            The Transfer Agent Services are intended for use in the United States.  Broadridge makes no representation that the Transfer Agent Services are appropriate or available for
              use outside the United States, and access to the Transfer Agent Services from territories where the Transfer Agent Services are illegal is prohibited.  Client is responsible for compliance with all local laws in connection with its use of the
              Transfer Agent Services.

          

    	

          	i)	
            Neither party shall have the right to use the other party’s name or marks in any public statement or writing which is intended, or would reasonably be expected, to harm the
              other party or its reputation or which would reasonably be expected to lead to unwanted or unfavorable publicity to the other party.

          

    	

          	j)	
            It is expressly understood and agreed by Broadridge that:

          

    	

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

          

    	

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

          

    

    

    	 	12	 
	
            Document Number: 65602

            Broadridge Confidential

          	 	 

    

    

    
      
        

    

    

    

    	
            

          	
            Broadridge Corporate Issuer Solutions, Inc.

            51 Mercedes Way

            Edgewood, NY  11717

          

    

    

    

    

    	

          	iii)	
            nothing herein contained shall be construed as creating any liability on the Sponsor, individually or personally, to perform any covenant of the Client either expressed or
              implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto; and

          

    	

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

          

     

    

    [ signature page follows ]

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    	 	13	 
	
            Document Number: 65602

            Broadridge Confidential

          	 	 

    

    

    
      
        

    

    

    

    	
            

          	
            Broadridge Corporate Issuer Solutions, Inc.

            51 Mercedes Way

            Edgewood, NY  11717

          

    

    

    

    

    IN WITNESS WHEREOF, this Agreement has been executed as of the date set forth below by the duly
      authorized representatives of the parties hereto.

    

    

    	
            BROADRIDGE CORPORATE ISSUER SOLUTIONS, INC.

          	 	
            WSHARES BITCOIN FUND

          	 
	 	 	 	 
	 	 	 	
            By:

          	
            Wilshire Phoenix Funds LLC, not in its individual capacity but solely as Sponsor

          	 
	 	 	 	 	 	 
	
            By:

          	 	 	
            By:

          	 	 
	
            Name and Title:

          	 	 	
            Name and Title:

          	 	 
	
            Date:

          	 	 	
            Date:

          	 	 
	 	 	 	 	 	 

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    	 	14	 
	
            Document Number: 65602

            Broadridge Confidential

          	 	 

    

    

    

    

    
      
        

    

    
    	
            

          	
            Broadridge Corporate Issuer Solutions, Inc.

            51 Mercedes Way

            Edgewood, NY  11717

          

    

    

    

    

    Exhibit A

    [REDACTED]

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    	 	A-1	 
	
            Document Number: 65602

            Broadridge Confidential

          	 	 

    

    

    
      
        

    

    
    

    

    	
            

          	
            Broadridge Corporate Issuer Solutions, Inc.

            51 Mercedes Way

            Edgewood, NY  11717

          

    

    

    

    

    Exhibit B

    Streetlink Services

    	1)	
            Services.  Broadridge has the ability to print and mail documents with additional inserts (if
                necessary).  Database of names and addresses of employees and analysts will be delivered to Broadridge by client or its designated agent.

          

    	

          	a)	
            Included Features:

          

    	

          	i.	
            Duplicate elimination of shareholder names & addresses

          

    	

          	ii.	
            Two-week lead time is required for production of first Streetlink report

          

    	

          	iii.	
            Clients will deliver text of document in agreed upon format to Broadridge Production – Broadridge will sort, fold and apply postage to each document

          

    	

          	iv.	
            Mailing:  Broadridge will convert 5-digit zip codes to 9-digit zip codes and data will be sorted in zip code order and mailed according to client’s instructions

          

    	

          	v.	
            NOBO is available only upon completion of mailing, upon request.

          

    	

          	b)	
            Streetlink Self Mailer

          

    	

          	i.	
            Broadridge will create, print and address a two page (Duplex) or four page (Quad) Document.

          

    	

          	ii.	
            Jobs under 50,000 mail within four (4) business days of client approval providing files have been loaded.

          

    	

          	a.	
            Registered files load two (2) business days after record date.

          

    	

          	b.	
            Beneficial records load three (3) business days after record date.

          

    	

          	iii.	
            Jobs over 50,000 require four (4) days to mail.

          

    	

          	iv.	
            Broadridge will provide document template.   Provide document in MS Word for best results.  Formatting the document prior to sending to Broadridge eliminates the
              [REDACTED] formatting fee.

          

    	

          	v.	
            Within 48 hours after receiving template from client, Broadridge will provide a proof to the client for review via a PDF file or fax.

          

    	

          	vi.	
            Client PDF or faxes any necessary edits back to Broadridge.

          

    	

          	vii.	
            Final PDF file and/or hard copy sent to client.

          

    	

          	viii.	
            Approval to print must be given to Broadridge by client to initiate mailing.

          

    	

          	ix.	
            Four days after client’s approval, the mailing process will begin.

          

    	

          	c)	
            Streetlink Process for Documents Provided by Client

          

    	

          	i.	
            Broadridge will spray (“inkjet”) shareowner names and addresses on envelopes or self-mailers supplied by an external printer.

          

    	

          	ii.	
            Before final printing is completed, samples of material must be forwarded to Broadridge for testing on production equipment.

          

    

    

    

    

    	 	B-1	 
	
            Document Number: 65602

            Broadridge Confidential

          	 	 

    

    

    
      
        

    

    

    

    	
            

          	
            Broadridge Corporate Issuer Solutions, Inc.

            51 Mercedes Way

            Edgewood, NY  11717

          

    

    

    

    

    	

          	iii.	
            All material should have a logo/company name only.  No return addresses.  Broadridge will inkjet appropriate return address.

          

    	

          	iv.	
            Broadridge will inkjet and mail self-mailer jobs under 50,000 within four (4) business days of receipt of material.  Jobs that exceed 50,000 require four (4) business days to
              mail.

          

    	

          	v.	
            Envelope jobs and tabs require a second step process and will require four (4) days to mail.  Broadridge may use buc slips with a window envelope or inkjet a plain
              envelope at our discretion.

          

    	2)	
            Fees.

          

    [REDACTED]

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    	 	B-2	 
	
            Document Number: 65602

            Broadridge Confidential

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