Document:

EX-10.2

 Exhibit 10.2 

Execution Version 

MASTER DISTRIBUTION AND MARKETING AGREEMENT 

MASTER DISTRIBUTION AND MARKETING AGREEMENT dated as of November 15, 2019 (this “Agreement”) among Grayscale
Investments, LLC, a Delaware limited liability company (the “Sponsor”) the investment products sponsored or managed by the Sponsor listed on Schedule A hereto, as amended from time to time (each a “Product”
and together the “Products”), and Genesis Global Trading, Inc., a Delaware corporation (the “Distributor and Marketer”) (each, a “Party” and together, the “Parties”).

 WHEREAS, the Sponsor serves as the sponsor or manager of the Products; and 

WHEREAS, the Sponsor, on behalf of each Product, wishes to engage the Distributor and Marketer in connection with the performance of
the services listed in Schedule B and additional services as may be agreed for each Product. 
 NOW, THEREFORE, in
consideration of the mutual promises and undertakings herein contained, the Parties agree as follows: 

1.    Documents – Each Product has furnished or will furnish, upon request, to the Distributor and Marketer
copies of such Product’s constituent documents, agreements with its service providers and Confidential Private Placement Memorandum, as amended (its “Memorandum”). Each Product shall furnish, within a reasonable time
period, to the Distributor and Marketer a copy of any amendment or supplement to any of the above-mentioned documents. Upon request, each entity shall furnish promptly to the Distributor and Marketer any additional documents necessary or advisable
to perform its functions hereunder. 
 2.    Compliance with Rules and Regulations—In carrying out its
responsibilities under this Agreement, the Distributor and Marketer, including its employees and delegates, shall act in a manner consistent with the reasonable instructions of the Sponsor and comply with all applicable laws in all material
respects, including, without limitation, securities laws, of each jurisdiction in which the Distributor and Marketer proposes to carry on the business contemplated by this Agreement. Without limiting the foregoing, each of the Distributor and
Marketer, each Product, and the Sponsor have not taken and shall not take any action or omit to take any action that would cause the Distributor and Marketer, each Product, or the Sponsor to be in violation of, or to lose any applicable exemption
from registration under, the Securities Act of 1933, as amended (the “1933 Act”), the Securities Exchange Act of 1934, as amended (the “1934 Act”), and the rules and regulations promulgated thereunder,
the Investment Company Act of 1940, as amended (the “Investment Company Act”), or the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and the rules and regulations promulgated
thereunder. The Distributor and Marketer represents and warrants that is has sufficient familiarity with the 1933 Act, the 1934 Act, the Investment Company Act, and the Advisers Act to carry out its duties under this Agreement in compliance with the
preceding sentence. 
 3.    Authorized Representations—The Distributor and Marketer is not authorized by any
of the Products to give any information or to make any representations other than those contained in such Product’s Memorandum, or contained in other material that may be prepared by or on behalf of such Product for the Distributor and
Marketer’s use. Consistent with the foregoing, and subject to paragraph 9 below, the Distributor and Marketer may prepare and distribute marketing literature or other material as it may deem appropriate in consultation with the Sponsor,
provided such marketing literature and its distribution complies with applicable law and regulations. 
 4.    Fees and
Product Expenses—(a) In consideration of the services to be performed by the Distributor and Marketer hereunder as set forth on Schedule B attached hereto and as it may be amended from time-
to-time, the Sponsor will pay the Distributor and Marketer a fee in an amount to be agreed upon in writing by the Parties hereto from
time-to-time, subject to any limitation imposed by any law, rule or regulation applicable to any of the Parties hereto. 

 (b) The Sponsor shall reimburse the Distributor and Marketer for any reasonable fees or
disbursements incurred by the Distributor and Marketer in connection with the performance by the Distributor and Marketer of its duties under and pursuant to this Agreement with the prior written consent of the Sponsor. Further, unless otherwise
agreed to by the Parties hereto in writing, the Distributor and Marketer shall not be responsible for fees and expenses in connection with (i) preparing, printing and mailing each Product’s Memorandum, and any supplements thereto, to
existing shareholders (ii) preparing, setting in type, printing and mailing any report or other communication to shareholders of such Product, and (iii) the Blue Sky registration and qualification of shares for sale in the various states
in which the officers of the Sponsor shall determine it advisable to qualify such shares for sale (including registering such Product as a broker or dealer or any officer of such Product as agent or salesman in any state). 

5.    Use of the Distributor and Marketer’s Name—No Product shall not use the name of the Distributor and
Marketer, or any of its affiliates, in its Memorandum, marketing literature, and other material relating to such Product in any manner without the prior consent of the Distributor and Marketer (which shall not be unreasonably withheld); provided,
however, that the Distributor and Marketer hereby approves all lawful uses of the names of the Distributor and Marketer, including its affiliates, in such Product’s Memorandum and in all other materials which merely refer in accurate
terms to their appointment hereunder, or which are required under any applicable law, rule or regulation. 
 6.    Use of
the Product’s Name—Neither the Distributor and Marketer nor any of its affiliates shall use the name of any Product in any publicly disseminated materials, including marketing literature in any manner without the prior consent of
such Product (which shall not be unreasonably withheld); provided, however, that such Product hereby approves all lawful uses of its name in any required regulatory filings of the Distributor and Marketer which merely refer in accurate
terms to the appointment of the Distributor and Marketer hereunder, or which are required under any applicable law, rule or regulation. 

7.    Authorization—Each Party represents and warrants, severally and not jointly, that this Agreement has been
duly authorized, executed, and delivered by each Party, is a valid and binding agreement, and is enforceable in accordance with its terms. The provision of the services contemplated herein will not result in any breach of any of the terms or
conditions of or constitute a default under any agreement or instrument to which any Party is a party, or by which any Party is bound or, to the best of its knowledge, any law, in each case the violation or breach of which would cause material harm
to the Parties. 
 8.    Indemnification—Each Product, as the primary obligor (and the Sponsor, as secondary
obligor), agrees to indemnify and hold harmless the Distributor and Marketer and each of its directors and officers and each person, if any, who controls the Distributor and Marketer within the meaning of the 1933 Act, against any loss, liability,
claim, damages or expenses (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages or expense and reasonable counsel fees incurred in connection therewith) arising by reason of any person acquiring
any shares, based upon the ground that the its Memorandum or other information included an untrue statement of a material fact or omitted to state a material fact required to be stated or necessary in order to make the statements not misleading.
However, each Product, as the primary obligor (and the Sponsor, as secondary obligor), does not agree to indemnify the Distributor and Marketer or hold it harmless to the extent that the statement or omission was made in reliance upon, and in
conformity with, information furnished to such Product by or on behalf of the Distributor and Marketer. In no case (i) is the indemnity of such Product, as the primary obligor (and the Sponsor, as secondary obligor), in favor of the Distributor
and Marketer or any person indemnified to be deemed to protect the Distributor 

  
 2 

 
and Marketer or any person against any liability to such Product or its security holders to which the Distributor and Marketer or such person would otherwise be subject by reason of fraud, gross
negligence, bad faith, or willful misfeasance in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement, or (ii) is such Product, as the primary obligor (and Sponsor, as secondary
obligor) to be liable under its indemnity agreement contained in this paragraph with respect to any claim made against the Distributor and Marketer or any person indemnified unless the Distributor and Marketer or person, as the case may be, shall
have notified such Product in writing of the claim promptly after the summons or other first written notification giving information of the nature of the claims shall have been served upon the Distributor and Marketer or any such person (or after
the Distributor and Marketer or such person shall have received notice of service on any designated agent). However, failure to notify such Product of any claim shall not relieve such Product (and the Sponsor) from any liability which it may have to
any person against whom such action is brought otherwise than on account of its indemnity agreement contained in this paragraph. Each Product, as applicable, shall be entitled to participate at its own expense in the defense, or, if it so elects, to
assume the defense of any suit brought to enforce any claims, and if such Product elects to assume the defense, the defense shall be conducted by counsel chosen by such Product. In the event such Product elects to assume the defense of any suit and
retain counsel, the Distributor and Marketer, officers or directors or controlling person(s), defendant(s) in the suit, shall bear the fees and expenses of any additional counsel retained by them. If such Product does not elect to assume the defense
of any suit, it will reimburse the Distributor and Marketer, officers or directors or controlling person(s) or defendant(s) in the suit for the reasonable fees and expenses of any counsel retained by them. Each Product agrees to notify the
Distributor and Marketer promptly of the commencement of any litigation or proceeding against it or any of its officers in connection with the issuance or sale of any of the shares. 

The Distributor and Marketer also covenants and agrees that it will indemnify and hold harmless each Product, the Sponsor, and each of their respective
officers, representatives or agents and person, if any, who controls such Product or the Sponsor within the meaning of the 1933 Act (each, an “Indemnified Party”), against any loss, liability, damages, claims or expense
(including the reasonable cost of investigating or defending any alleged loss, liability, damages, claim or expense and reasonable counsel fees incurred in connection therewith) arising by reason of any person acquiring any shares of such Product,
alleging (a) any violation of any applicable law by the Distributor and Marketer or any of its employees or (b) that any marketing literature, advertisements, information, statements or representations used or made by the Distributor and
Marketer or any of its affiliates or employees or that such Product’s Memorandum included an untrue statement of a material fact or omitted to state a material fact required to be stated or necessary in order to make the statements not
misleading, insofar as the statement or omission was made in reliance upon, and in conformity with, information furnished to such Product or Sponsor by or on behalf of the Distributor and Marketer. In no case (i) is the indemnity of the
Distributor and Marketer in favor of and Indemnified Party to be deemed to protect any such party against any liability to which the Indemnified Party would otherwise be subject by reason of fraud, gross negligence, bad faith, or willful misfeasance
in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement, or (ii) is the Distributor and Marketer to be liable under its indemnity agreement contained in this paragraph with
respect to any claim made against any Indemnified Party unless such Indemnified Party shall have notified the Distributor and Marketer in writing of the claim promptly after the summons or other first written notification giving information of the
nature of the claim shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of service on any designated agent). However, failure to notify the Distributor and Marketer of any claim shall not
relieve the Distributor and Marketer from any liability which it may have to the Indemnified Party against whom the action is brought otherwise than on account of its indemnity agreement contained in this paragraph. In the case of any notice to the
Distributor and Marketer it shall be entitled to participate, at its own expense, in the defense or, if it so elects, to assume the defense of any suit brought to enforce the claim, and if the Distributor and Marketer elects to assume the defense,
the defense shall be conducted by counsel chosen by it and satisfactory to the Indemnified Party, to its officers and to any controlling person(s) or defendant(s) in the suit. In the event that the Distributor and Marketer elects to assume the
defense of any suit and retain counsel, the Indemnified Party or controlling person(s), defendant(s) in the suit, shall bear the fees and 

  
 3 

 
expense of any additional counsel retained by them. If the Distributor and Marketer does not elect to assume the defense of any suit, it will reimburse the Indemnified Party, officers or
controlling person(s), defendant(s) in the suit, for the reasonable fees and expenses of any counsel retained by them. The Distributor and Marketer agrees to notify the Indemnified Party promptly of the commencement of any litigation or proceedings
against it in connection with the Indemnified Party and sale of any of the shares. 
 9.    Supplemental
Information—The Distributor and Marketer and the Sponsor shall regularly consult with each other regarding the Distributor and Marketer’s performance of its obligations under this Agreement. 

The Distributor and Marketer acknowledges that the only information provided to it by each Product is that contained in such Product’s Memorandum.
Neither the Distributor and Marketer nor any other person is authorized by each Product to give any information or to make any representations, other than those contained in such Product’s Memorandum and any marketing literature or
advertisements specifically approved by appropriate representatives of such Product. 
 10.    Distributor and
Marketer’s Registration—The Distributor and Marketer is and shall remain registered as a broker-dealer under the 1934 Act, and a member in good standing of the Financial Industry Regulatory Authority, Inc. throughout the duration
of this Agreement. It is understood that the Distributor and Marketer will not open or maintain customer accounts or handle orders for any Product. The Distributor and Marketer further represents and covenants that its employees will comply with all
applicable laws, rules and regulations in connection with the marketing of each Product as contemplated under Schedule B hereto, and its employees’ oral and written disclosure concerning each Product will be substantially in accord with the
form and content of such Product’s Memorandum. 
 11.    Term—This Agreement shall become effective as of
the date hereof and shall continue until one year from such date and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by the Sponsor. This Agreement is
terminable without penalty on sixty (60) days’ written notice by the Sponsor or by the Distributor and Marketer. 
 Upon the termination of this
Agreement, the Distributor and Marketer, at each Product’s expense and direction, shall transfer to such successor as such Product shall specify all relevant books, records and other data established or maintained by the Distributor and
Marketer under this Agreement. 
 12.    Notice—Any notice required or permitted to be given by either Party
to the other shall be deemed sufficient if sent by (i) email to an email address previously confirmed by the other Party to be an email address appropriately designated for receipt of notices pursuant to this agreement (ii) telecopier
(fax) or (iii) registered or certified mail, postage prepaid, addressed by the Party giving notice to the other Party at the last address furnished by the other Party to the Party giving notice: 

if to any Product at: 
 c/o
Grayscale Investments, LLC 
 250 Park Avenue South 

New York, New York, 10003 Attn: Michael Sonnenshein 

  
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 if to the Sponsor at: 

250 Park Avenue South 
 New York,
New York, 10003 Attn: Michael Sonnenshein 
 if to the Distributor and Marketer at: 250 Park Avenue South 

New York, New York, 10003 
 Attn:
Arianna Pretto-Sakmann 
 or such other telecopier (fax) number or address as may be furnished by one Party to the other. 

13.    Confidential Information—The Distributor and Marketer, its officers, directors, employees and agents will
treat confidentially and as proprietary information of each Product and the Sponsor all records and other information relative to such Product and the Sponsor and to prior or present shareholders or to those persons or entities who respond to the
Distributor and Marketer’s inquiries concerning investment in such Product (together, the “Confidential Information”), and will not use the Confidential Information for any purposes other than performance of its
responsibilities and duties hereunder. If the Distributor and Marketer is requested or required by, but not limited to, depositions, interrogatories, requests for information or documents, subpoena, civil investigation, demand or other action,
proceeding or process or as otherwise required by law, statute, regulation, writ, decree or the like to disclose Confidential Information, the Distributor and Marketer will provide each Product and the Sponsor, as applicable, with prompt written
notice of any such request or requirement so that such Product or the Sponsor may seek an appropriate protective order or other appropriate remedy and/or waive compliance with this provision. If such order or other remedy is not sought, or obtained,
or waiver not received within a reasonable period following such notice, then the Distributor and Marketer may without liability hereunder, disclose to the person, entity or agency requesting or requiring the information, that portion of the
Confidential Information that is legally required in the reasonable opinion of the Distributor and Marketer’s counsel. Notwithstanding any provision to the contrary contained herein, Distributor and Marketer may disclose, without notice to
Sponsor, such information pursuant to a request or regular or routine inspection by a governmental or regulatory agency. 

14.    Limitation of Liability—The Distributor and Marketer agrees that the obligations assumed by each Product
under this contract shall be limited in all cases to such Product and its assets except as expressly set forth herein. The Distributor and Marketer agrees that it shall not seek satisfaction of any such obligation from the shareholders, any
individual shareholder, officer, representative or agent of such Product. 
 15.    Miscellaneous—Each Party
agrees to perform such further acts and execute such further documents as are necessary to effectuate the purposes hereof. This Agreement shall be construed, interpreted, and enforced in accordance with and governed by the laws of the State of New
York. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. This Agreement may not be changed, waived, discharged
or amended except by written instrument that shall make specific reference to this Agreement and which shall be signed by the Party against which enforcement of such change, waiver, discharge or amendment is sought. This Agreement may be executed
simultaneously in two or more counterparts, each of which taken together shall constitute one and the same instrument. 

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

			
	 GRAYSCALE INVESTMENTS, LLC,

as Sponsor

		
	By:	 	/s/ Michael Sonnenshein
		 	Name: Michael Sonnenshein
		 	Title:   Managing Director
	
	 THE ENTITIES LISTED ON

SCHEDULE A HERETO

		
		 	     By: GRAYSCALE INVESTMENTS, LLC,

           as sponsor or manager of each of the entities
listed on Schedule A hereto

		
	By:	 	/s/ Michael Sonnenshein
		 	Name: Michael Sonnenshein
		 	Title:   Managing Director
	
	 GENESIS GLOBAL TRADING, INC., 

as Distributing and Marketing Agent

		
	By:	 	/s/ Arianna Pretto-Sakmann
		 	Name: Arianna Pretto-Sakmann
		 	Title:   General Counsel

 [Signature page to Distribution and Marketing Agreement] 

 Schedule A 

 

					
	 Product
	  	 Governing Document

	1.	  	 Grayscale Bitcoin Trust (BTC),
 a Delaware
statutory trust formed as of September 25, 2013
	  	Fifth Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Bitcoin Trust (BTC), dated September 12, 2018, by and among Grayscale Investments, LLC, Delaware Trust Company and the Shareholders from time
to time thereunder, as amended by Amendment No. 1 thereto and as the same may be further amended from time to time.
			
	2.	  	 Grayscale Bitcoin Cash Trust (BCH),
 a Delaware
statutory trust formed as of January 26, 2018
	  	Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Bitcoin Cash Trust (BCH), dated March 1, 2018, by and among Grayscale Investments, LLC, Delaware Trust Company and the Shareholders from time to time
thereunder, as amended by Amendment No. 1 thereto and as the same may be further amended from time to time.
			
	3.	  	 Grayscale Ethereum Trust (ETH),
 a Delaware
statutory trust formed as of December 13, 2017
	  	Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Ethereum Trust (ETH), dated July 3, 2018, by and among Grayscale Investments, LLC, Delaware Trust Company and the Shareholders from time to time
thereunder, as amended by Amendment No. 1 thereto and as the same may be further amended from time to time.
			
	4.	  	 Grayscale Ethereum Classic Trust (ETC),
 a
Delaware statutory trust formed as of April 18, 2017
	  	Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Ethereum Classic Trust (ETC), dated February 28, 2018, by and among Grayscale Investments, LLC, Delaware Trust Company and the Shareholders from time
to time thereunder, as amended by Amendment No. 1 thereto and as the same may be further amended from time to time.
			
	5.	  	 Grayscale Horizen Trust (ZEN),
 a Delaware
statutory trust formed as July 3, 2018
	  	Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Ethereum Trust (ETH), dated August 6, 2018, by and among Grayscale Investments, LLC, Delaware Trust Company and the Shareholders from time to time
thereunder, as amended by Amendment No. 1 thereto and as the same may be further amended from time to time.
			
	6.	  	 Grayscale Litecoin Trust (LTC),
 a Delaware
statutory trust formed as of January 26, 2018
	  	Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Litecoin Trust (LTC), dated March 1, 2018, by and among Grayscale Investments, LLC, Delaware Trust Company and the Shareholders from time to time
thereunder, as amended by Amendment No. 1 thereto and as the same may be further amended from time to time.
			
	7.	  	 Grayscale Stellar Lumens Trust (XLM),
 a
Delaware statutory trust formed as of October 26, 2018
	  	Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Stellar Lumens Trust (XLM), dated December 4, 2018, by and among Grayscale Investments, LLC, Delaware Trust Company and the Shareholders from time to
time thereunder, as amended by Amendment No. 1 thereto and as the same may be further amended from time to time.
			
	8.	  	 Grayscale XRP Trust (XRP),
 a Delaware statutory
trust formed as of February 26, 2018
	  	Amended and Restated Declaration of Trust and Trust Agreement of Grayscale XRP Trust (XRP), dated March 1, 2018, by and among Grayscale Investments, LLC, Delaware Trust Company and the Shareholders from time to time
thereunder, as amended by Amendment No. 1 thereto and as the same may be further amended from time to time.
			
	9.	  	 Grayscale Zcash Trust (ZEC),
 a Delaware
statutory trust formed as of October 3, 2017
	  	Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Zcash Trust (ZEC), dated July 3, 2018, by and among Grayscale Investments, LLC, Delaware Trust Company and the Shareholders from time to time
thereunder, as amended by Amendment No. 1 thereto and as the same may be further amended from time to time.
			
	10.	  	 Grayscale Digital Large Cap Fund LLC,
 a Cayman
Islands limited liability company formed as of January 25, 2018
	  	Amended and Restated Limited Liability Company Agreement of Grayscale Digital Large Cap Fund LLC, dated February 1, 2018, by and among Grayscale Investments, LLC, as the same may be amended from time to time.

 Schedule B 

List of Services 
 The Distributor and Marketer
shall perform the following services for each Product: 
  

	 	•	 	 Create an online website, to be hosted on Distributor and Marketer’s platform, through which marketing
materials of each Product may be distributed and accessed. 

  

	 	•	 	 Facilitate sales calls by Distributor and Marketer’s registered representatives to the person(s) and
entity(s) targeted by the ongoing marketing/sales campaign for each Product (“Target Audience”). 

  

	 	•	 	 Conduct Outreach to the Target Audience through email and other electronic communications. 

 

	 	•	 	 Promote each Product to suitable users of the Distributor and Marketer’s platform. 

 

	 	•	 	 Promote each Product using social and digital media. 

 

	 	•	 	 Respond to questions about the Sponsor’s marketing materials as soon as reasonably practicable and direct
all other questions to the Sponsor. 

  

	 	•	 	 Perform such additional distribution and marketing related services as may be agreed among the parties from time
to time.EX-10.3

 Exhibit 10.3 

Certain confidential information contained in this document, marked by [**], has been omitted because 

Grayscale Ethereum Trust (ETH) has determined that the information (i) is not material and (ii) would likely 

cause competitive harm to Grayscale Ethereum Trust (ETH) if publicly disclosed. 

 

			
	

	  	 TradeBlock, Inc.

156 5th Ave, 7th Floor

New York, NY 10010

 TradeBlock Master Index License Agreement 

This Master Index License Agreement (the “Agreement”) is made as of the February 28, 2019 (the “Effective Date”) by and between
TradeBlock, Inc., a Delaware corporation, having its principal place of business at 156 5th Ave, 7th Floor, New York, NY 10010
(“TradeBlock”) and Grayscale Investments, LLC, a Delaware limited liability company (“Company”) having a place of business at 250 Park Avenue South, New York, NY 10003 acting as sponsor or manager of the entities listed on
Exhibit A hereto (each a “Entity” and collectively the “Entities”) and supersedes any prior License Agreement between TradeBlock and the Company. Each of the parties hereto may be referred to herein collectively as the
“Parties” or each, a “Party.” 

 

 1. Services. Subject to the terms hereunder, TradeBlock will provide to Company:
access to TradeBlock’s indexes (each a “Licensed Index” and collectively the “Licensed Indexes”) and related services as specified on the Order Form attached hereto as Exhibit B (the “Order Form”).
Provision of the Licensed Indexes or other directly related services provided hereunder will be collectively referred to as the “Services.” 

2. Fees and Payments. Company agrees to pay the fees as set forth on the Order Form attached hereto and as otherwise set forth herein
(and/or in any Order Form) in accordance with the payment terms in this Agreement. Unless otherwise set forth in the Order Form, invoices for any Services shall be payable net thirty (30) days from the invoice date. A [**] percent ([**]%)
monthly service charge or the highest amount permissible by law, if less, is payable on all overdue balances that are outstanding more than thirty (30) days after the date of the invoice. The service charge is in addition to the overdue
balance. All fees are exclusive of, and Company is responsible for paying, reimbursable expenses, and applicable federal, state and local sales, use, excise or other applicable taxes other than taxes on the net income of TradeBlock. TradeBlock may
add any such taxes to invoices submitted to Company by TradeBlock. 
 3. Term. This Agreement shall be effective from the Effective
Date above and continue through the end date set forth in the Order Form and automatically renew on a yearly basis thereafter, subject to any termination rights set forth herein. 

4. Termination. Either party may terminate this Agreement immediately upon written notice to the other party in the event such other
party has committed a material breach of this Agreement that remains uncured thirty (30) days after initial written notice of such breach. Upon termination, Company shall remove any materials, tags and code placed on Company’s website as
part of the Services. Notwithstanding the foregoing or anything else to the contrary herein or otherwise, if either Party (A) holds any meeting with or proposes to enter into or has proposed to it

 
any arrangement or composition with its creditors; (B) has a receiver, administrator, or other encumbrancer take possession of, or appointed over or has any distress, execution or other
process levied or enforced (and not discharged within 60 days) upon the whole or substantially all of, its assets; (C) ceases or threatens to cease to carry on business or becomes unable to pay its debts; or (D) suffers any analogous
event, the other Party shall have the right to terminate this Agreement immediately upon notice. In addition to the foregoing, any violation by either Company of money transmission, taxation or trading regulations as dictated by FinCEN, the SEC,
CFTC, IRS or otherwise that materially adversely affects either party’s ability to perform its obligations under this Agreement is grounds for such party’s immediate termination of this Agreement. 

5. Use of Brands; Marketing. Each party may use the other party’s name, trade name, trademarks and icons (collectively, the
“Brands”) solely (a) in connection with the Services provided hereunder and only for so long as this Agreement remains in effect and (b) for certain marketing and promotional purposes as mutually agreed upon in advance in writing
by both parties. In addition, TradeBlock may identify Company as a customer of TradeBlock and describe the Services used by Company and Company’s experience with such Services, and TradeBlock may develop and make available a case study,
magazine article, video, press release (including a win release announcement) and/or podcast related to Company’s use of the Services (the “Content”); provided, however, that such Content may not be publicly used or distributed
without prior written consent of the Company. In the event that a Party notifies the other Party of any incorrect usage of its Brands, the notified Party shall promptly correct such usage. All use of a Party’s Brands by the other Party shall
inure to the benefit of the party owning the Brands and such owning party shall be the sole party entitled to register its Brands. 
 6.
License Grant; Restrictions. 
 6.1 Subject to Company’s payment and other obligations and restrictions herein,
TradeBlock hereby grants to Company during the term of this Agreement (i) a limited, revocable, non-exclusive, non-transferable,
non-sub 

 

  
 Page 1 

			
	

	  	 TradeBlock, Inc.

156 5th Ave, 7th Floor

New York, NY 10010

  

 
licensable license [**] to access and use the Services and any software provided by TradeBlock to access those Services, solely for commercial purposes of (as applicable) (a) calculating the
share price of the Entities and (b) providing related information to clients, custodians, or administrators of the Entities. [**] 

6.2 All rights not expressly licensed to Company hereunder are reserved to TradeBlock, including without limitation all ownership and
proprietary rights in TradeBlock’s technology and Services. Company agrees that its rights in and to TradeBlock’s technology and Services are limited to the license rights set forth in this Section 6.1 above and in any Order Form.
Company will not claim ownership or proprietary rights in TradeBlock’s technology or Services. 
 6.3 Company acknowledges and
agrees that Company’s rights in and to TradeBlock’s Intellectual Property (as defined in Section 9) are solely as described in Sections 5 and 6.1 above and do not include any rights of ownership in any of TradeBlock’s
Intellectual Property. Company shall not misappropriate any of TradeBlock’s software, technology or other services or use the Services, or, permit enable or assist any third party to create competing products or services, or, change or modify
TradeBlock’s Intellectual Property unless otherwise agreed to by TradeBlock in a signed writing. 
 7. Acceptable Use of the Services;
Company’s Responsibility of its Employees’ use of the Services; Regulatory Issues. 
 7.1 Company agrees that it
will not (a) modify, copy, decompile, disassemble or reverse engineer, or cause any other party to modify, copy, decompile, disassemble or reverse engineer, TradeBlock’s software, technology and/or other services; (b) except as
otherwise permitted hereby, including in an Order Form, sublicense any of TradeBlock’s Intellectual Property to third parties or sell, resell, rent, sublicense or lease the Services to third parties; (c) otherwise violate the license grant
or restrictions set forth in Section 6 above; (d) knowingly use the Services to store or transmit malicious code; (e) interfere with or disrupt the

 
integrity or performance of the Services or third-party data contained therein, (f) attempt to gain unauthorized access to the Services or their related systems or networks; (g) alter,
copy, move or delete any tags or code placed as part of the Services; (h) place tags containing TradeBlock’s Intellectual Property on website pages unless such placement is pre-approved by TradeBlock
in writing. 
 7.2 Company shall take full responsibility of, and shall be liable for, any misuse or misappropriation of the
Services by its employees in connection with their employment by the Company. 
 7.3 The Licensed Indexes are based on various
inputs which may include spot currency exchange rates, over-the-counter trade data, derivative instrument pricing, or data from other related financial products.
TradeBlock does not guarantee the validity of any of these inputs, which may be subject to technological error, manipulative activity, or fraudulent reporting from their initial source. 

8. Company’s Compliance with Laws and Terms. Company shall (a) be responsible for its employees and agents that use the
Services provided hereunder; (b) comply with any provisions, limitations or restrictions set forth in an Order Form; and (c) use the Services in compliance with Applicable Law. For purposes of this Agreement, “Applicable Law”
shall mean all laws, rules, regulations, treaties (and similar governmental obligations), including local, national and multinational, that are applicable to the party as the context requires. 

9. Intellectual Property Rights & Data. 

9.1 TradeBlock shall retain all rights to its Services and software (including without limitation any materials or code provided as
part of the Services), Brands, technologies, information, trade secrets, know how, intellectual property, indices, information and data generated by TradeBlock or TradeBlock’s systems hereunder, including any modifications, enhancements and
derivatives thereof (collectively, “TradeBlock’s Intellectual Property”). No implied licenses are granted herein. 
 10.
Confidential Information. 
 10.1 TradeBlock and Company understand and agree that in connection with the negotiation
and performance of this Agreement, each party may have had or have access to or may have been or be exposed to, directly or indirectly, private or confidential information of the other party, including, but not limited to, trade secrets, computer
programs and code, scripts, algorithms, features and modes of operation, inventions (whether or not patentable), techniques, processes, methodologies, schematics, testing procedures, software design and architecture, design and function
specifications, analysis and performance information, documentation, details of its products and

 

  
 Page 2 

Certain confidential information contained in this document, marked by [**], has been omitted because 

Grayscale Ethereum Trust (ETH) has determined that the information (i) is not material and (ii) would likely 

cause competitive harm to Grayscale Ethereum Trust (ETH) if publicly disclosed. 

			
	

	  	 TradeBlock, Inc.

156 5th Ave, 7th Floor

New York, NY 10010

  

 
services, as well as names and expertise of, and information relating to, vendors, employees, consultants, customers and prospects, know-how, ideas, and
technical, business, pricing information, financial and marketing information and strategies and any other information that the receiving party reasonably should know is confidential (“Confidential Information”). Each party (on its behalf
and on behalf of its subcontractors, employees or representatives, or agents of any kind) agrees to hold and treat all Confidential Information of the other party in confidence and will protect such Confidential Information with the same degree of
care as such party uses to protect its own Confidential Information of like nature. 
 10.2 A party (“receiving party”)
receiving Confidential Information of the other party (“disclosing party”) will not, without the prior written consent of the disclosing party, disclose any Confidential Information of the disclosing party to third party except that the
receiving party may disclose such Confidential Information or portions thereof (a) to its directors, officers, employees, agents and representatives on a
need-to-know basis or (b) as may be required by law, applicable regulation or judicial process, provided, however, that if the receiving party is required to
disclose such Confidential Information under this clause 10.2 (b), the receiving party shall promptly notify the disclosing party of such pending disclosure and if permitted by law, consult with the disclosing party prior to such disclosure as to
the availability and advisability of seeking a protective order or other means of preserving the confidentiality of the Confidential Information. Notwithstanding the foregoing or anything to the contrary contained herein, a Party may disclose,
without notice to the other Party, Confidential Information pursuant to a request or regular or routine inspection by a governmental or regulatory agency. 

10.3 Notwithstanding anything contained herein to the contrary, Confidential Information does not include any information that
(i) at the time of the disclosure or thereafter is lawfully obtained from publically available sources generally known by the public (other than as a result of a disclosure in violation of this Agreement by the receiving party or its
representative); (ii) is available to the receiving party on a non-confidential basis from a source that is not and was not bound by any confidentiality obligation with respect to the Confidential Information;
(iii) has been independently acquired or developed by the receiving party without violating its obligations under this Agreement or under any Applicable Law or (iv) was lawfully in the Party’s possession on a non-confidential basis prior to disclosure by the disclosing party. This Section 10 shall supersede any previous agreement relating to confidential treatment and/or
non-disclosure of Confidential Information; provided, however, that any information disclosed pursuant to any earlier agreement shall be deemed

 
to be Confidential Information and protected under the terms of this Agreement as if this Agreement had been in place at the time of such disclosure. 

11. Warranties. Each party represents and warrants to the other party that, (a) the signatory signing this Agreement on its behalf
has the right and authority to sign this Agreement (b) to the best of its knowledge this Agreement does not and shall not conflict with any other agreement entered into by it, (c) it has all requisite corporate power and authority
to execute, deliver and perform its obligations under this Agreement and (d) it owns (or has been duly licensed to use) all rights in its intellectual property required in order to grant the licenses granted herein. TradeBlock represents and
warrants that it has all necessary rights to publish and disseminate the TradeBlock indices. EXCEPT FOR THE FOREGOING WARRANTIES, AND TO THE FULLEST EXTENT PERMISSIBLE UNDER APPLICABLE LAW, BOTH PARTIES DISCLAIM ALL REPRESENTATIONS AND WARRANTIES,
EXPRESS OR IMPLIED, CONCERNING OR RELATED TO THIS AGREEMENT, INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. TRADEBLOCK DOES NOT WARRANT, GUARANTEE OR MAKE ANY REPRESENTATIONS REGARDING
THE USE, THE RESULTS OF THE USE OR THE BENEFITS, OF THE SERVICES, OR ANY INFORMATION CONTAINED THEREIN OR OTHERWISE PROVIDED PURSUANT TO THIS AGREEMENT. 

12. Limitation of Liability.  

12.1 IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES ARISING OUT OF OR IN
RELATION TO THIS AGREEMENT OR THE SERVICES. NEITHER PARTY SHALL BE LIABLE FOR ANY ACTS OR OMISSIONS OF THIRD PARTIES EXCEPT TO THE EXTENT SUCH THIRD PARTIES WERE ACTING AS AGENTS OR CONTRACTORS OF TRADEBLOCK. IN THE EVENT THAT APPLICABLE LAW DOES
NOT ALLOW THE LIMITATION OF LIABILITY AS SET FORTH ABOVE, THIS LIMITATION WILL BE DEEMED MODIFIED SOLELY TO THE EXTENT NECESSARY TO COMPLY WITH APPLICABLE LAW. 

12.2    THE FOREGOING LIMITATIONS AND EXCLUSIONS WILL APPLY REGARDLESS OF WHETHER THE CAUSE OF ACTION ARISES IN
CONTRACT, IN TORT OR OTHERWISE, UNLESS SUCH ACTION IS WITH RESPECT TO THE LICENSE GRANT OR RESTRICTIONS SET FORTH IN SECTION 6 ABOVE.

 

  
 Page 3 

Certain confidential information contained in this document, marked by [**], has been omitted because 

Grayscale Ethereum Trust (ETH) has determined that the information (i) is not material and (ii) would likely 

cause competitive harm to Grayscale Ethereum Trust (ETH) if publicly disclosed. 

			
	

	  	 TradeBlock, Inc.

156 5th Ave, 7th Floor

New York, NY 10010

  

 13. Indemnity. 

13.1 (a) Subject to the provisions of Section 13.2 below, if a third party asserts one or more claims against TradeBlock
that (i) Company’s intellectual property (including, without limitation, Applications and data) or content provided to TradeBlock infringes such third party’s US patent issued as of the Effective Date, US copyright or trademark or
other third party intellectual property right, or (ii) arise out of or result from Company’s breach of its obligations set forth hereunder, then in each case Company will defend and pay all costs of defense of such claim (including
reasonable attorneys’ fees), and will indemnify and hold TradeBlock harmless from and against any settlement amounts agreed to by Company or damages finally awarded by a court of competent jurisdiction to such third party (except to the extent
of Tradeblock’s fraud, gross negligence or willful misconduct). (b) Subject to the provisions of Section 13.2 below, if a third party asserts one or more claims against Company that (i) TradeBlock’s Intellectual Property
(including, without limitation, Applications and data) or content provided to Company infringes such third party’s US patent issued as of the Effective Date, US copyright or trademark or other third party intellectual property right, or
(ii) arise out of or result from TradeBlock’s breach of its obligations set forth hereunder, then in each case TradeBlock will defend and pay all costs of defense of such claim (including reasonable attorneys’ fees), and will
indemnify and hold Company harmless from and against any settlement amounts agreed to by TradeBlock or damages finally awarded by a court of competent jurisdiction to such third party (except to the extent of Company’s fraud, gross negligence
or willful misconduct). 
 13.2 Procedure. With respect to the indemnification obligations hereunder, the indemnified party
should (a) give the indemnifying party prompt written notice of any claim, action, suit or proceeding; (b) granting sole control of the defense and settlement to the indemnifying party; and (c) reasonably cooperate with indemnifying
party at the indemnifying party’s expense. The indemnified party may participate in the defense of the claim at its own expense and in a manner not disruptive to indemnifying party’s conduct of the defense.
Non-compliance with this procedure does not constitute a waiver of the indemnification obligations set forth hereunder. 

14. Force Majeure. The parties shall not be liable to each other or any other person for any delay or failure in the performance of this
Agreement or for loss or damage of any nature whatsoever suffered by such party due to acts of war, acts of terrorism, acts of vandalism, lightning, fire, strike, unavailability of energy sources or any other causes beyond the party’s
reasonable control. 

 15. Product Upgrades. During the Term of this Agreement, all patches, fixes, standard new
releases and new versions of the Services made available by TradeBlock to its customers generally during the Term (collectively, “Standard Upgrades”) will be provided to Company at no additional charge.
Non-standard upgrades and optional product enhancements specific to the Company (collectively, “Enhancements”), such as separate TradeBlock products, integration work, customization and non-standard features, may be made available for an additional fee as set forth on the applicable Order Form. 

16. Compliance with Laws. Company shall ensure that its implementation and use of the Services complies with all laws and
regulations applicable to Company’s business and geographic locations, and shall inform TradeBlock if such compliance requires any modification to TradeBlock’s standard Services offerings. Upon Company’s request, TradeBlock cannot
guarantee but will endeavor to support Company’s specific requirements for compliance with Applicable Laws and regulations, and any modification to TradeBlock’s standard Services offerings requested or required by Company may require
professional services work by TradeBlock and/or additional fees. 
 17. Third Party Applications. From time to
time, third parties may make available plug in or add-on online applications that integrate or interoperate with TradeBlock’s Services (“Applications”). If Company, in its sole discretion,
chooses to install, access or enable an Application, Company agrees that the third party Application provider may acquire access to Company’s account data and information as required for the interoperation or integration of such Application.
Accordingly, such Applications are governed by their own terms and conditions and are not considered Services under this Agreement. Company assumes full responsibility for any damages, losses, costs, or harms arising from the use of or inability to
use such Applications. To the extent permitted by law, TradeBlock disclaims all liabilities with respect to Company’s use of or inability to use such Applications and the performance or non-performance of
such Applications (including direct, indirect, incidental, punitive or consequential damages). TradeBlock has no obligation to monitor such Applications and does not control or endorse the content, messages or information found in such Applications
and specifically disclaims any liability with regard to such content, messages or information. TradeBlock does not monitor or control such Applications limitation, suspension or termination of their services and specifically disclaims any liability
with regard to such Applications service limitation, suspension or 

 

  
 Page 4 

Certain confidential information contained in this document, marked by [**], has been omitted because 

Grayscale Ethereum Trust (ETH) has determined that the information (i) is not material and (ii) would likely 

cause competitive harm to Grayscale Ethereum Trust (ETH) if publicly disclosed. 

			
	

	  	 TradeBlock, Inc.

156 5th Ave, 7th Floor

New York, NY 10010

  

 
termination. EXCEPT AS EXPRESSLY WARRANTED IN THIS AGREEMENT, ALL SUCH APPLICATIONS SERVICES ARE PROVIDED “AS IS” AND TRADEBLOCK HEREBY DISCLAIMS ALL REPRESENTATIONS, WARRANTIES AND
OTHER TERMS AND CONDITIONS WITH REGARD TO SUCH APPLICATIONS SERVICES, WHETHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING ALL WARRANTIES AND CONDITIONS OF SATISFACTORY QUALITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT. 
 18. Notices. All notices shall be in writing and shall be sent by certified or
Express mail, return receipt requested, by recognized expedited courier, or by wire/electronic communications (e.g., facsimile or email if receipt is confirmed) to the respective contact at the address set forth below or to such other address as a
party may, by notice, provide to the other: 
 If to Company, to: 

Grayscale Investments, LLC 
 250 Park Avenue South, New York, NY
10003 
 Attention: Michael Sonnenshein, Managing Director 

Telephone: +1 (212) 668-3911 

Email: info@grayscale.co 
 If to TradeBlock, to: 

TradeBlock, Inc. 
 156 5th Ave, 7th floor, New York, NY 10010 
 Attention:
Nitai Bran, Operations 
 Telephone: +1 (646) 666-7304 

E-mail: contact@tradeblock.com 

19. Independent Contractors. The parties are independent contractors and neither this Agreement nor the performance of Services
shall create an association, partnership, joint venture, or relationship of principal and agent, master and servant, or employer and employee, between the parties; and neither party will have the right, power or authority (whether expressed or
implied) to enter into or assume any duty or obligation on behalf of the other party. 
 20. Miscellaneous. 

20.1 This Agreement, together with all exhibits attached hereto that reference this Agreement (including but not limited to the Order
Form related hereto), contains the entire agreement of the parties, and supersedes any and all previous agreements addressed herein or with respect to the

 
subject matter hereof, whether oral or written. Each Party hereby rejects any terms or conditions (“Form Terms”) appearing on any purchase order or other supplements that are in
addition to, or different from, the terms and conditions of this Agreement, and the parties agree that all such Form Terms shall be void and of no force or effect. 

20.2 No amendment to the terms set forth in this Agreement will be effective unless signed by the parties hereto, except that
TradeBlock may make Standard Upgrades to its product offering. 
 20.3 No failure of either party to exercise or enforce any rights
under this Agreement shall act as a waiver of such rights. This Agreement shall be binding and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. Either party hereto may assign this Agreement to
any successor to its business. If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions of this Agreement will remain in full force and the unenforceable provision shall be interpreted so as to render it
enforceable while approximating the parties’ intent as closely as possible. This Agreement shall be governed in all respects, including validity, interpretation, enforcement and effect, by the laws of the State of New York. If a dispute arises
out of or relates to this Agreement, or the breach thereof, and if said dispute cannot be settled through negotiation it shall be finally resolved by arbitration administered in the County of New York, State of New York by the American Arbitration
Association under its Commercial Arbitration Rules, or such other applicable arbitration body as required by law or regulation, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction. Each party
expressly waives its right to a trial by jury. The application of the UN Convention on Contracts for International Sale of Goods is expressly excluded. This Agreement should not be construed in favor of or against any party by reason of the extent
to which any party or its professional advisors participated in the preparation or drafting of this Agreement. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same Agreement. The counterparts of this Agreement and all ancillary documents may be executed and delivered by facsimile or other emailed electronic signature and the receiving party may rely on the receipt of such document
by such means as if the original had been received. The headings in this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning hereof. Sections 2 (to the extent of any fees due and owing at the time of
termination), 6 through 13, 18 & 20 shall survive the termination of this Agreement. 

 

  
 Page 5 

Certain confidential information contained in this document, marked by [**], has been omitted because 

Grayscale Ethereum Trust (ETH) has determined that the information (i) is not material and (ii) would likely 

cause competitive harm to Grayscale Ethereum Trust (ETH) if publicly disclosed. 

			
	

	  	 TradeBlock, Inc.

156 5th Ave, 7th Floor

New York, NY 10010

  

 IN WITNESS WHEREOF, the parties hereto by their duly authorized representatives have executed this Agreement
as of the Effective Date set forth above. 
  

					
	Grayscale Investments, LLC	 		 	TradeBlock, Inc.
			
	Signature: /s/ Michael
Sonnenshein                                    	 		 	Signature: /s/ Nitai
Bran                                        

			
	Name: Michael Sonnenshein	 		 	Name: Nitai Bran
			
	Title: Managing Director	 		 	Title: Chief Executive Officer
			
	Date: February 28, 2019	 		 	Date: February 28, 2019

  
 Certain confidential
information contained in this document, marked by [**], has been omitted because 
 Grayscale Ethereum Trust (ETH) has determined that
the information (i) is not material and (ii) would likely 
 cause competitive harm to Grayscale Ethereum Trust (ETH) if publicly
disclosed. 

			
	

	  	 TradeBlock, Inc.

156 5th Ave, 7th Floor

New York, NY 10010

  

 EXHIBIT A 

 

			
	 Entity
	  	 Governing Document

	Grayscale Bitcoin Cash Trust (BCH), a Delaware statutory trust formed as of January 26, 2018	  	Amendment No. 1 to the Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Bitcoin Cash Trust (BCH), dated January 11, 2019, by and among Grayscale Investments, LLC, Delaware Trust Company and the
Shareholders from time to time thereunder, as the same may be amended from time to time.
		
	Grayscale Bitcoin Trust (BTC), a Delaware statutory trust formed as of September 25, 2013	  	Amendment No. 1 to the Fifth Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Bitcoin Trust (BTC), dated January 11, 2019, by and among Grayscale Investments, LLC, Delaware Trust Company and the
Shareholders from time to time thereunder, as the same may be amended from time to time.
		
	Grayscale Digital Large Cap Fund LLC, a Cayman Islands limited liability company formed as of January 25, 2018	  	Amended and Restated Limited Liability Company Agreement of Grayscale Digital Large Cap Fund LLC, dated February 1, 2018, by and among Grayscale Investments, LLC, as the same may be amended from time to time.
		
	Grayscale Ethereum Classic Trust (ETC), a Delaware statutory trust formed as of April 18, 2017	  	Amendment No. 1 to the Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Ethereum Classic Trust (ETC), dated January 11, 2019, by and among Grayscale Investments, LLC, Delaware Trust Company and
the Shareholders from time to time thereunder, as the same may be amended from time to time.
		
	Grayscale Ethereum Trust (ETH), a Delaware statutory trust formed as of December 13, 2017	  	Amendment No. 1 to the Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Ethereum Trust (ETH), dated January 11, 2019, by and among Grayscale Investments, LLC, Delaware Trust Company and the
Shareholders from time to time thereunder, as the same may be amended from time to time.
		
	Grayscale Litecoin Trust (LTC), a Delaware statutory trust formed as of January 26, 2018	  	Amendment No. 1 to the Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Litecoin Trust (LTC), dated January 11, 2019, by and among Grayscale Investments, LLC, Delaware Trust Company and the
Shareholders from time to time thereunder, as the same may be amended from time to time.
		
	Grayscale Stellar Lumens Trust (XLM), a Delaware statutory trust formed as of October 26, 2018	  	Amendment No. 1 to the Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Stellar Lumens Trust (XLM), dated January 11, 2019, by and among Grayscale Investments, LLC, Delaware Trust Company and the
Shareholders from time to time thereunder, as the same may be amended from time to time.
		
	Grayscale XRP Trust (XRP), a Delaware statutory trust formed as of February 26, 2018	  	Amendment No. 1 to the Amended and Restated Declaration of Trust and Trust Agreement of Grayscale XRP Trust (XRP), dated January 11, 2019, by and among Grayscale Investments, LLC, Delaware Trust Company and the
Shareholders from time to time thereunder, as the same may be amended from time to time.
		
	Grayscale Zcash Trust (ZEC), a Delaware statutory trust formed as of October 3, 2017	  	Amendment No. 1 to the Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Zcash Trust (ZEC), dated January 11, 2019, by and among Grayscale Investments, LLC, Delaware Trust Company and the
Shareholders from time to time thereunder, as the same may be amended from time to time.
	
	Any other entity that the Company may sponsor or manage from time to time that holds a digital asset for which TradeBlock provides a reference rate or index.

  
 Certain confidential
information contained in this document, marked by [**], has been omitted because 
 Grayscale Ethereum Trust (ETH) has determined that
the information (i) is not material and (ii) would likely 
 cause competitive harm to Grayscale Ethereum Trust (ETH) if publicly
disclosed. 

			
	

	  	 TradeBlock, Inc.

156 5th Ave, 7th Floor

New York, NY 10010

  

 EXHIBIT B 

ORDER FORM 
 TRADEBLOCK MASTER
INDEX LICENSE AGREEMENT – ORDER FORM 
 This order form (the “Order Form”) is entered into in connection with that certain TradeBlock
Master Index License Agreement (the “Agreement”) by and between the Parties thereto (as defined in the Agreement). This Order Form incorporates by reference and is governed by the terms set forth under the Agreement. To the extent of any
conflict between this Order Form and the Agreement, such term in the Agreement shall prevail. Terms used but not defined herein have the meanings given to them in the Agreement. 

1. Term 
 Effective Date: February 28, 2019

 End Date: February 28, 2020 
 [**] 

2. Licensed Indexes 
  

			
	Licensed Index	  	Digital Asset
		
	BCX	  	Bitcoin Cash (BCH)
		
	ECX	  	Ethereum Classic (ETC)
		
	ETX	  	Ethereum (ETH)
		
	LTX	  	Litecoin (LTC)
		
	XBX	  	Bitcoin (BTC)
		
	XRX	  	XRP (XRP)
		
	XLMX	  	Stellar Lumens (XLM)
		
	ZCX	  	Zcash (ZEC)
	
	Any other index or reference rate that TradeBlock may provide from time to time for a digital asset that is held by an entity that the Company manages or sponsors.

  
 Certain confidential
information contained in this document, marked by [**], has been omitted because 
 Grayscale Ethereum Trust (ETH) has determined that
the information (i) is not material and (ii) would likely 
 cause competitive harm to Grayscale Ethereum Trust (ETH) if publicly
disclosed. 

			
	

	  	 TradeBlock, Inc.

156 5th Ave, 7th Floor

New York, NY 10010

  

 TradeBlock’s Licensed Indexes are each a US Dollar-denominated composite reference rate for the price of
the Digital Asset listed opposite such Licensed Index’s name in the table above, accessible via https://tradeblock.com and an application programming interface (“API”). Data inputs for the Licensed Indexes may include trades from
exchanges, over-the-counter markets, or derivative platforms. Inclusion of data from each trading venue is guided by criteria such as depth of liquidity, regulatory
compliance, data availability, acceptance of US Dollar deposits, and the discretion of TradeBlock analysts. To calculate the reference rate, trade data is cleansed and compiled in such a manner as to algorithmically reduce the impact of
anomalistic or manipulative trading. This is accomplished by adjusting the weight of each data input based on price deviation relative to the observable set, as well as recent and long-term trading volume at each venue relative to the observable
set. To calculate volume weighted price, the weighting algorithm is applied to the price and volume of all inputs for the immediately preceding 24-hour period at 4:00:00 PM on the trade date. 

3. Services to be Provided by TradeBlock 
 TradeBlock will
make the following available to the Company for each Licensed Index: 
  

	 	•	 	 Automated calculation of the Digital Asset reference price based on the applicable Licensed Index at 4:00 PM EST
each weekday on which banks are open in New York, provided via email, API, or both 

  

	 	•	 	 An API with the latest Licensed Index rate 

 

	 	•	 	 Raw, historical Licensed Index rate data upon request via API for all days which the Licensed Index is used as
the reference rate for the applicable Digital Asset 

 TradeBlock will make the following publicly available on tradeblock.com for each
Licensed Index: 
  

	 	•	 	 Interactive charting to view the Licensed Index rate over time relative to its constituent inputs (for all
publicly-available inputs) 

  

	 	•	 	 Conceptual information about the calculations underlying the Licensed Index rate 

 

	 	•	 	 The latest Licensed Index rate, observable via web browser 

  
 Certain confidential
information contained in this document, marked by [**], has been omitted because 
 Grayscale Ethereum Trust (ETH) has determined that
the information (i) is not material and (ii) would likely 
 cause competitive harm to Grayscale Ethereum Trust (ETH) if publicly
disclosed. 

			
	

	  	 TradeBlock, Inc.

156 5th Ave, 7th Floor

New York, NY 10010

  

 4. Fees 

Fee Calculation 
 Company shall pay TradeBlock:

  

	 	(i)	 $[**] per Licensed Index per month;1 plus

  

	 	(ii)	 Volume-based fee which accrues and is calculated daily at an annualized rate (i.e. calculated based on the
applicable bp rate per the below Volume-based Fee Schedule, then divided by 365) of the aggregated Holdings of all Entities in Exhibit A. Holdings will be calculated based on the definition in the applicable Entity’s Governing Document listed
opposite such Entity’s name in Exhibit A to the Agreement. 

 Volume-based Fee Schedule (with respect to any license for a
Licensed Index granted pursuant to Section 6.1(i) of the License Agreement) 
 [**] 

Annual volume-based fee calculation: 
 [**] 

Daily volume-based fee calculation (each example continued):  

[**] 
  

	1 	 For the avoidance of doubt, any Licensed Index added to Licensed Indexes on Table 2 hereto on a date other than
the first day of a month shall be charged on a pro-rated basis. 

  
 Certain confidential
information contained in this document, marked by [**], has been omitted because 
 Grayscale Ethereum Trust (ETH) has determined that
the information (i) is not material and (ii) would likely 
 cause competitive harm to Grayscale Ethereum Trust (ETH) if publicly
disclosed. 

			
	

	  	 TradeBlock, Inc.

156 5th Ave, 7th Floor

New York, NY 10010

  

  
 [**] 

 
  

[ORDER FORM SIGNATURE FOLLOWS] 

  
 Certain confidential
information contained in this document, marked by [**], has been omitted because 
 Grayscale Ethereum Trust (ETH) has determined that
the information (i) is not material and (ii) would likely 
 cause competitive harm to Grayscale Ethereum Trust (ETH) if publicly
disclosed. 

			
	

	  	 TradeBlock, Inc.

156 5th Ave, 7th Floor

New York, NY 10010

  

 Agreed and Acknowledged: 
  

	
	Grayscale Investments, LLC
	
	Signature: /s/ Michael Sonnenshein                      
	
	Name: Michael Sonnenshein
	
	Title: Managing Director
	
	Date: February 28, 2019

  

	
	TradeBlock, Inc.
	
	Signature: /s/ Nitai
Bran                                        

	
	Name: Nitai Bran
	
	Title: Chief Executive Officer
	
	Date: February 28, 2019

  
 Certain confidential
information contained in this document, marked by [**], has been omitted because 
 Grayscale Ethereum Trust (ETH) has determined that
the information (i) is not material and (ii) would likely 
 cause competitive harm to Grayscale Ethereum Trust (ETH) if publicly
disclosed.

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