Document:

EX-10.3

 Exhibit 10.3 
  

					
		 	CONFIDENTIAL TREATMENT REQUESTED UNDER RULE 406	 	
		 	UNDER THE SECURITIES ACT OF 1933, AS AMENDED.	 	
			
	

	 	 [**] INDICATES OMITTED MATERIAL THAT IS THE SUBJECT OF A CONFIDENTIAL

TREATMENT REQUEST FILED SEPARATELY WITH THE COMMISSION. THE

OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE COMMISSION.
	 	 TradeBlock

300 Park Ave, 12th Floor

New York, NY 10022

			
		 	TradeBlock XBX License Agreement	 	

 This XBX License Agreement (the “Agreement”) is made as of the February 1, 2017 (the “Effective
Date”) by and between TradeBlock, Inc., a Delaware corporation, having its principal place of business at 300 Park Ave, 12th Floor, New York, NY 10022 (“TradeBlock”) and Grayscale Investments, LLC, a Delaware limited liability company
(“Company”) having a place of business at 636 Ave. of the Americas, 3rd Floor, New York, NY 10011 acting as Sponsor (the “Sponsor”) of Bitcoin Investment Trust (the “Trust”), a Delaware statutory trust formed as of
September 25, 2013, and The Trust signed on its behalf by the trustee of the Trust, CSC Trust Company of Delaware (“CSC”). 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: (i) access
to TradeBlock’s XBX index (the “Index”) and related services as specified on the Order Form attached hereto as Exhibit A (the “Order Form”). Provision of the XBX index 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, subject to any termination rights set forth herein, and unless otherwise renewed for an agreed upon term
under a newly executed Order Form by both Parties hereto (each such renewal period if agreed upon in writing under a new Order Form, a “Renewal Term”). 

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 the Company of money transmission, taxation or trading regulations as
dictated by FinCEN, the SEC, CFTC, IRS or otherwise that materially adversely affects the Company’s ability to perform its obligations under this Agreement is grounds for TradeBlock’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.

 

  
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	  	 TradeBlock

300 Park Ave, 12th Floor

New York, NY 10022

  

 6. License Grant; Restrictions. 

6.1 Subject to Company’s payment and other obligations and restrictions herein, TradeBlock hereby grants (a) to Company
during the term of this Agreement a limited, revocable, non-exclusive, non-transferable, non-sub 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 Bitcoin Investment Trust (“BIT”) and (b) providing related information to clients, custodians, or administrators of the BIT. 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. 

6.2 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 Index is 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 (except for Company Trade Data), 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 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 

 

  
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	  	 TradeBlock

300 Park Ave, 12th Floor

New York, NY 10022

  

 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 (c) 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 TRADEBLOCK BE LIABLE FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES, OR FOR ANY DAMAGES FOR LOST PROFITS, LOSS OF USE, LOSS OF BUSINESS, LOSS OF REVENUE, OR LOSS OF DATA, 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.

 

  
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	  	 TradeBlock

300 Park Ave, 12th Floor

New York, NY 10022

  

 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. 

(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. 

13.2 Procedure. With respect to the indemnification obligations hereunder, Company 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, geographic locations and geographic locations of its customers and users, 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 

 

  
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	  	 TradeBlock

300 Park Ave, 12th Floor

New York, NY 10022

  

 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 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 
 636 Ave. of the Americas, 3rd Floor,
New York, NY 10011 
 Attention: General Counsel 
 Telephone: +1
(212) 668-3911 
 Email: info@grayscale.co 
 If to
TradeBlock, to: 
 300 Park Ave, 12th Floor, New York, NY 10022 

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. 

 

  
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	  	 TradeBlock

300 Park Ave, 12th Floor

New York, NY 10022

  

 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/ Simcha Wurtzel
	  		  	Signature:	  	 /s/ Nitai Bran

					
	Name:	 	 Simcha Wurtzel
	  		  	Name:	  	 Nitai Bran

					
	Title:	 	 VP, Finance
	  		  	Title:	  	 Director, Accounts & Operations

					
	Date:	 	 2/27/2017
	  		  	Date:	  	 2/27/2017

  

			
	

	  	 TradeBlock

300 Park Ave, 12th Floor

New York, NY 10022

  

 EXHIBIT A 

ORDER FORM 
 TRADEBLOCK XBX
LICENSE AGREEMENT – ORDER FORM 
 This order form (the “Order Form”) is entered into in connection with that certain TradeBlock XBX
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. 
 1. Term 

Effective Date: February 1, 2017 
 End Date:
January 31, 2018 
 2. Licensed Index 

TradeBlock’s XBX index, a US Dollar-denominated composite reference rate for the price of bitcoin, accessible via www.tradeblock.com and an application
programming interface (“API”). TradeBlock’s XBX Index is a US Dollar-denominated composite reference rate for the price of bitcoin. Data inputs for the Index 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: 
  

	 	•	 	Automated calculation of the Bitcoin reference price based on the XBX 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 XBX rate 

  

	 	•	 	Raw, historical XBX rate data upon request via API for all days which XBX is used as the reference rate for the BIT 

TradeBlock will make the following publicly available on tradeblock.com: 
  

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

  

	 	•	 	Conceptual information about the calculations underlying the XBX rate 

  

	 	•	 	The latest XBX rate, observable via web browser 

  

			
	

	  	 TradeBlock

300 Park Ave, 12th Floor

New York, NY 10022

  

 4. Fees 

Fee Calculation 
 Company shall pay TradeBlock:

  

	 	(i)	$[**] per month; plus 

  

	 	(ii)	Volume-based fee which accrues and is calculated daily at an annualized NAV Rate (i.e. [**]) of the Net Asset Value (NAV) of the Trust (see the below definition of NAV). This fee is payable net thirty (30) days
from the invoice date. 

 Net Asset Value = the aggregate value, expressed in US Dollars, of the Trust’s assets, less its
liabilities (which include estimated accrued but unpaid fees and expenses) calculated as follows: 
 1. Determine the Bitcoin Market Price. 

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

 3. Add the dollar value of the Bitcoins receivable under pending Creation Baskets. 

4. Add the accrued but unpaid interest, if any and the value of other Trust assets, if any. 

5. Subtract the accrued but unpaid Combined Fee (and Extraordinary Fee, if any) payable to the Trustee under the Amended and Restated Declaration of Trust of
Bitcoin Investment Trust. 
 6. Subtract the dollar value of the Bitcoins payable under pending Redemption Baskets. 

7. Subtract other Trust expenses and liabilities, if any. 

NAV-based Fee Chart 
 NAV-based fees are calculated
as follows: 
 NAV BASED FEE: 

[**] 
 All fees are invoiced
monthly and shall be due and paid net 30 days from the invoice date. 
 For illustrative purposes only to apply these Section 4 terms,
below are three hypothetical examples: 
 Annual 
  

			
	 	  	    [**]
	                Example 1a:	  	    [**]
	                Example 2a:	  	    [**]
	                Example 3a:	  	    [**]

 Daily (each value obtained through the corresponding annual calculation) 

 

			
	                Example 1b:	  	    [**]
	                Example 2b:	  	    [**]
	                Example 3b:	  	    [**]

  

			
	

	  	 TradeBlock

300 Park Ave, 12th Floor

New York, NY 10022

  

  

[ORDER FORM SIGNATURE FOLLOWS] 

  

			
	

	  	 TradeBlock

300 Park Ave, 12th Floor

New York, NY 10022

  

			
	Agreed and Acknowledged:
	
	Grayscale Investments, LLC
		
	Signature:	 	 /s/ Simcha Wurtzel

		
	Name:	 	 Simcha Wurtzel

		
	Title:	 	 VP, Finance

		
	Date:	 	 2/27/2017

	
	TradeBlock, Inc.
		
	Signature:	 	 /s/ Nitai Bran

		
	Name:	 	 Nitai Bran

		
	Title:	 	 Director, Accounts & Operations

		
	Date:	 	 2/27/2017EX-10.4

 Exhibit 10.4 

EXECUTION 
  
 

 
 TRUST ADMINISTRATION AND ACCOUNTING AGREEMENT 

THIS AGREEMENT is made as of December 7, 2016 by and between the Bitcoin Investment Trust, a Delaware statutory trust (the
“Trust”), Grayscale Investments LLC, a Delaware Limited Liability Company as sponsor to the Trust (the “Sponsor”) and The Bank of New York Mellon, a New York corporation authorized to do a banking business (“BNY
Mellon”). 
 W I T N E S S E T H : 

WHEREAS, the Trust desires to retain BNY Mellon to provide it with the services described herein, and BNY Mellon is willing to provide such
services, all as more fully set forth below; 
 NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein, the
parties hereby agree as follows: 
 1. Definitions. 

Whenever used in this Agreement, unless the context otherwise requires, the following words shall have the meanings set forth below: 

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

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

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

“Authorized Person” shall mean each person, whether or not an officer or an employee of the Sponsor, duly authorized by the
Board to execute this Agreement and to give Instructions on behalf of the Trust as set forth in Exhibit A hereto and each Authorized Person’s scope of authority may be limited by setting forth such limitation in a written document signed by
both parties hereto. From time to time the Trust may deliver a new Exhibit A to add or delete any person and BNY Mellon shall be entitled to rely on the last Exhibit A actually received by BNY Mellon. 

 “Bitcoin Holdings” shall mean the operational value of the Trust, calculated in
the manner described in the Trust’s Offering Materials. 
 “BNY Mellon Affiliate” shall mean any office, branch, or
subsidiary of The Bank of New York Mellon Corporation. 
 “Board” shall mean the Sponsor’s board of directors. 

“Confidential Information” shall have the meaning given in Section 21 of this Agreement. 

“Documents” shall mean such other documents, including but not limited to, Board resolutions, including resolutions of the
Trust’s Board authorizing the execution, delivery and performance of this Agreement by the Trust, and opinions of outside counsel, as BNY Mellon may reasonably request from time to time, in connection with its provision of services under this
Agreement. 
 “Instructions” shall mean Oral Instructions or written communications actually received by BNY Mellon by
S.W.I.F.T., tested telex, letter, facsimile transmission, or other method or system specified by BNY Mellon as available for use in connection with the services hereunder, from an Authorized Person or person believed in good faith to be an
Authorized Person. 
 “Net Asset Value” shall mean the value of the Trust, calculated in the manner described in the
Trust’s Offering Materials. 
 “Offering Materials” shall mean the Trust’s most recently filed registration
statement with the SEC relating to shares of the Trust and its most current effective prospectus, if available. 
 “Organizational
Documents” shall mean certified copies of a Trust’s articles of incorporation, certificate of incorporation, certificate of formation or organization, certificate of limited partnership, bylaws, limited partnership agreement,
memorandum of association, limited liability company agreement, operating agreement, confidential offering memorandum, material contracts, Offering Materials, all SEC exemptive orders issued to a Trust, required filings or similar documents of
formation or organization, as applicable, delivered to and received by BNY Mellon. 

  
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 “Oral Instructions” shall mean oral instructions received by BNY Mellon under
permissible circumstances specified by BNY Mellon, in its sole discretion, as being from an Authorized Person or person believed in good faith by BNY Mellon to be an Authorized Person. 

“SEC” means the United States Securities and Exchange Commission. 

“Securities Laws” means the 1933 Act, the 1934 Act and the 1940 Act. 

“Shares” means the shares of beneficial interest of any series or class of the Trust. 

2.    Appointment. 

Each Trust hereby appoints BNY Mellon as its agent for the term of this Agreement to perform the services described herein. BNY Mellon hereby
accepts such appointment and agrees to perform the duties hereinafter set forth. 
 3.    Representations and
Warranties. 
 The Sponsor hereby represents and warrants to BNY Mellon, which representations and warranties shall be deemed to be
continuing, that: 
 (a)    The Trust is duly organized and existing under the laws of the jurisdiction of its
organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder; 

(b)    This Agreement has been duly authorized, executed and delivered by such Trust in accordance with all requisite
action of the Board and constitutes a valid and legally binding obligation of such Trust, enforceable in accordance with its terms; 

(c)    The Trust’s Sponsor is in good standing and qualified to do business in each jurisdiction in which the nature
or conduct of its business requires such qualification. 
 (d)    It is conducting its business in compliance with all
applicable laws and regulations, both state and federal, has made and will continue to make all necessary filings including tax filings and has obtained all regulatory licenses, approvals and consents necessary to carry on its business as now
conducted; there is no statute, regulation, rule, order or judgment binding on it and no provision of its Organizational Documents, nor of any mortgage, indenture, credit agreement or other contract binding on it or affecting its property which
would prohibit its execution or performance of this Agreement; 

  
 - 3 - 

 (e)    The method of valuation of securities and the method of computing the
Net Asset Value shall be as set forth in the Offering Materials of the Trust. To the extent the performance of any services described in Schedule I attached hereto by BNY Mellon in accordance with the then effective Offering Materials for the Trust
would violate any applicable laws or regulations, the Trust’s Sponsor shall promptly notify BNY Mellon in writing and thereafter shall either furnish BNY Mellon with the appropriate values of securities, Net Asset Value or other computation, as
the case may be, or, instruct BNY Mellon in writing to value securities and/or compute Net Asset Value or other computations in a manner the Trust specifies in writing, and either the furnishing of such values or the giving of such instructions
shall constitute a representation by the Trust that the same is consistent with all applicable laws and regulations and with its Offering Materials, all subject to confirmation by BNY Mellon as to its capacity to act in accordance with the
foregoing; 
 (f)    The terms of this Agreement, the fees and expenses associated with this Agreement and any benefits
accruing to BNY Mellon or to the Investment Advisor to or sponsor of a Trust in connection with this Agreement, including but not limited to any fee waivers, conversion cost reimbursements, upfront payments, signing payments or periodic payments
made or to be made by BNY Mellon to such Sponsor relating to this Agreement have been fully disclosed to the Board of the Sponsor; 

(g)    Each person named on Exhibit A hereto is duly authorized by such Trust to be an Authorized Person hereunder; 

(h)    It has implemented, and is acting in accordance with, procedures reasonably designed to ensure that it will
disseminate to all market participants, other than Authorized Participants (as defined in its Registration Statement on Form S-1), each calculation of net asset value provided by BNY hereunder to Authorized
Participants at the time BNY Mellon provides such calculation to Authorized Participants. 
 (i)    Without limiting the
provisions of Section 21 herein, the Trust shall treat as confidential the terms and conditions of this Agreement and shall not disclose nor authorize 

  
 - 4 - 

 
disclosure thereof to any other person, except (i) to its employees, regulators, examiners, internal and external accountants, auditors, and counsel, (ii) for a summary description of
this Agreement in the Offering Materials with the prior written approval of BNY Mellon, (iii) to any other person when required by a court order or legal process, or (iv) whenever advised by its counsel that it would be liable for a
failure to make such disclosure. The Trust shall instruct its employees, regulators, examiners, internal and external accountants, auditors, and counsel who may be afforded access to such information of the Trust’s obligations of
confidentiality hereunder; and 
 (j)    The Trust shall promptly notify BNY Mellon in writing of any and all legal
proceedings or securities investigations filed or commenced against the Trust, the Sponsor or the Board. 

4.    Delivery of Documents. 

The Trust shall promptly provide, deliver, or cause to be delivered from time to time, to BNY Mellon the Trust’s Organizational
Documents, a copy of any and all SEC exemptive orders issued to the Trust and other materials used in the distribution of Shares and all amendments thereto as may be necessary for BNY Mellon to perform its duties hereunder. BNY Mellon shall not be
deemed to have notice of any information (other than information supplied by BNY Mellon) contained in such Organizational Documents or other materials until they are actually received by BNY Mellon. 

5.    Duties and Obligations of BNY Mellon. 

(a)    Subject to the direction and control of each Trust Sponsor’s Board and the provisions of this Agreement, BNY
Mellon shall provide to each Trust the administrative services and the valuation and computation services listed on Schedule I attached hereto. 

(b)    In performing hereunder, BNY Mellon shall provide, at its expense, office space, facilities, equipment and
personnel. 
 (c)    BNY Mellon shall not provide any services relating to the management, investment advisory or sub-advisory functions of any Trust, distribution of shares of any Trust, maintenance of any Trust’s financial records or other services normally performed by the Trusts’ respective counsel or independent
auditors and the services provided by BNY Mellon do not 

  
 - 5 - 

 
constitute, nor shall they be construed as constituting, legal advice or the provision of legal services for or on behalf of the Trust or any other person, and each Trust acknowledges that BNY
Mellon does not provide public accounting or auditing services or advice and will not be making any tax filings, or doing any tax reporting on its behalf, other than those specifically agreed to hereunder. The scope of services provided by BNY
Mellon under this Agreement shall not be increased as a result of new or revised regulatory or other requirements that may become applicable with respect to the Trust, unless the parties hereto expressly agree in writing to any such increase in the
scope of services. 
 (d)    Each Trust shall cause its officers, advisors, sponsor, distributor, legal counsel,
independent accountants, current administrator (if any), transfer agent, and any other service provider to cooperate with BNY Mellon and to provide BNY Mellon, upon request, with such information, documents and advice relating to such Trust as is
within the possession or knowledge of such persons, and which in the opinion of BNY Mellon, is necessary in order to enable BNY Mellon to perform its duties hereunder. In connection with its duties hereunder, BNY Mellon shall not be responsible for,
under any duty to inquire into, or be deemed to make any assurances with respect to the accuracy, validity or propriety of any information, documents or advice provided to BNY Mellon by any of the aforementioned persons. BNY Mellon shall not be
liable for any loss, damage or expense resulting from or arising out of the failure of the Trust to cause any information, documents or advice to be provided to BNY Mellon as provided herein and shall be held harmless by each Trust when acting in
reliance upon such information, documents or advice relating to such Trust. All fees or costs charged by such persons shall be borne by the appropriate Trust. In the event that any services performed by BNY Mellon hereunder rely, in whole or in
part, upon information obtained from a third party service utilized or subscribed to by BNY Mellon which BNY Mellon in its reasonable judgment deems reliable, BNY Mellon shall not have any responsibility or liability for, under any duty to inquire
into, or deemed to make any assurances with respect to, the accuracy or completeness of such information. 

(e)    Nothing in this Agreement shall limit or restrict BNY Mellon, any BNY Mellon Affiliate or any officer or employee
thereof from acting for or with any third parties, and providing services similar or identical to same or all of the services provided hereunder. 

  
 - 6 - 

 (f)    Each Trust shall furnish BNY Mellon with any and all instructions,
explanations, information, specifications and documentation deemed necessary by BNY Mellon in the performance of its duties hereunder, including, without limitation, the amounts or written formula for calculating the amounts and times of accrual of
Trust liabilities and expenses, and the value of any securities lending related collateral investment account(s). BNY Mellon shall not be required to include as Trust liabilities and expenses, nor as a reduction of net asset value, any accrual for
any federal, state, or foreign income taxes unless the Trust shall have specified to BNY Mellon in Instructions the precise amount of the same to be included in liabilities and expenses or used to reduce net asset value. Each Trust shall also
furnish BNY Mellon with bid, offer, or market values of securities if BNY Mellon notifies such Trust that same are not available to BNY Mellon from a security pricing or similar service utilized, or subscribed to, by BNY Mellon which the Trust
directs BNY Mellon to utilize, and which BNY Mellon in its judgment deems reliable at the time such information is required for calculations hereunder. At any time and from time to time, the Trust also may furnish BNY Mellon with bid, offer, or
market values of securities and instruct BNY Mellon in Instructions to use such information in its calculations hereunder. BNY Mellon shall at no time be required or obligated to commence or maintain any utilization of, or subscriptions to, any
securities pricing or similar service. In no event shall BNY Mellon be required to determine, or have any obligations with respect to, whether a market price represents any fair or true value, nor to adjust any price to reflect any events or
announcements, including, without limitation, those with respect to the issuer thereof, it being agreed that all such determinations and considerations shall be solely for the Trust. 

(g)    BNY Mellon may apply to an Authorized Person of any Trust for Instructions with respect to any matter arising in
connection with BNY Mellon’s performance hereunder for such Trust, and BNY Mellon shall not be liable for any action taken or omitted to be taken by it in good faith without gross negligence or willful misconduct in accordance with such
Instructions. Such application for Instructions may, at the option of BNY Mellon, set forth in writing any action proposed to be taken or omitted to be taken by BNY Mellon with respect to its duties or obligations under this Agreement and the date
on and/or after which such action shall be taken. BNY Mellon shall not be liable for any action taken or omitted to be taken in accordance with a proposal included in any such application on or after the date specified therein unless, prior to
taking or omitting to take any such action, BNY Mellon has received Instructions from an Authorized Person in response to such application specifying the action to be taken or omitted. 

  
 - 7 - 

 (h)    BNY Mellon may consult with counsel to the appropriate Trust or its
own counsel, and shall be fully protected with respect to anything done or omitted by it in good faith in accordance with the advice or opinion of such counsel. 

(i)    Notwithstanding any other provision contained in this Agreement or Schedule I attached hereto, BNY Mellon shall
have no duty or obligation with respect to, including, without limitation, any duty or obligation to determine, or advise or notify any Trust of: (i) the taxable nature of any distribution or amount received or deemed received by, or payable
to, a Trust, (ii) the taxable nature or effect on a Trust or its shareholders of any corporate actions, class actions, tax reclaims, tax refunds or similar events, (iii) the taxable nature or taxable amount of any distribution or dividend
paid, payable or deemed paid, by a Trust to its shareholders; or (iv) the effect under any federal, state, or foreign income tax laws of a Trust making or not making any distribution or dividend payment, or any election with respect thereto.
Further, BNY Mellon is not responsible for the identification of securities requiring U.S. tax treatment that differs from treatment under U.S. generally accepted accounting principles. BNY Mellon is solely responsible for processing such
securities, as identified by the Trust or its Authorized Persons, in accordance with U.S. tax laws and regulations. 

(j)    BNY Mellon shall have no duties or responsibilities whatsoever except such duties and responsibilities as are
specifically set forth in this Agreement and Schedule I attached hereto, and no covenant or obligation shall be implied against BNY Mellon in connection with this Agreement. 

(k)    BNY Mellon, in performing the services required of it under the terms of this Agreement, shall be entitled to rely
fully on the accuracy and validity of any and all Instructions, explanations, information, specifications, Documents and documentation furnished to it by a Trust and shall have no duty or obligation to review the accuracy, validity or propriety of
such Instructions, explanations, information, specifications, Documents or documentation, including, without limitation, evaluations of securities; the amounts or formula for calculating the amounts and times of accrual of Trusts’ or
Series’ liabilities and expenses; the amounts receivable and the amounts payable on the sale or purchase of securities; and amounts receivable 

  
 - 8 - 

 
or amounts payable for the sale or redemption of Trust Shares effected by or on behalf of a Trust. In the event BNY Mellon’s computations hereunder rely, in whole or in part, upon
information, including, without limitation, bid, offer or market values of securities or other assets, or accruals of interest or earnings thereon, from a pricing or similar service utilized, or subscribed to, by BNY Mellon which the Trust directs
BNY Mellon to utilize, and which BNY Mellon in its judgment deems reliable, BNY Mellon shall not be responsible for, under any duty to inquire into, or deemed to make any assurances with respect to, the accuracy or completeness of such information.
Without limiting the generality of the foregoing, BNY Mellon shall not be required to inquire into any valuation of securities or other assets by a Trust or any third party described in this sub-section
(k) even though BNY Mellon in performing services similar to the services provided pursuant to this Agreement for others may receive different valuations of the same or different securities of the same issuers. 

(l)    BNY Mellon, in performing the services required of it under the terms of this Agreement, shall not be responsible
for determining whether any interest accruable to a Trust is or will be actually paid, but will accrue such interest until otherwise instructed by such Trust. 

(m)    BNY Mellon shall not be responsible for damages (including without limitation damages caused by delays, failure,
errors, interruption or loss of data) which occurring directly or indirectly by reason of circumstances beyond its reasonable control in the performance of its duties under this Agreement, including, without limitation, labor difficulties without
BNY Mellon, mechanical breakdowns, flood or catastrophe, acts of God, failures of transportation, interruptions, loss, or malfunctions of utilities, action or inaction of civil or military authority, national emergencies, public enemy, war,
terrorism, riot, sabotage, non-performance by a third party, failure of the mails, communications, computer (hardware or software) services, or functions or malfunctions of the internet, firewalls, encryption
systems or security devices caused by any of the above. Nor shall BNY Mellon be responsible for delays or failures to supply the information or services specified in this Agreement where such delays or failures are caused by the failure of any
person(s) other than BNY Mellon to supply any instructions, explanations, information, specifications or documentation deemed necessary by BNY Mellon in the performance of its duties under this Agreement. 

  
 - 9 - 

 6.    Allocation of Expenses. 

Except as otherwise provided herein, all costs and expenses arising or incurred in connection with the performance of this Agreement shall be
paid by the appropriate Trust, including but not limited to, each with as respect to the Trust, the organizational costs and costs of maintaining corporate existence, taxes, interest, brokerage fees and commissions, insurance premiums, compensation
and expenses of such Trust’s trustees, directors, officers or employees, legal, accounting and audit expenses, management, advisory, sub-advisory, administration and shareholder servicing fees, charges of
custodians, transfer and dividend disbursing agents, expenses (including clerical expenses) incident to the issuance, redemption or repurchase of Trust shares or membership interests, as applicable, fees and expenses incident to the registration or
qualification under the Securities Laws, state or other applicable securities laws of the Trust or its shares or membership interests, as applicable, costs (including printing and mailing costs) of preparing and distributing Offering Materials,
reports, notices and proxy material to such Trust’s shareholders or members, as applicable, all expenses incidental to holding meetings of such Trust’s trustees, directors and shareholders, and extraordinary expenses as may arise,
including litigation affecting such Trust and legal obligations relating thereto for which the Trust may have to indemnify its trustees, directors, officers, managers, and/or members, as may be applicable. 

7.    Portfolio Compliance Services. 

(a)    If Schedule I contains a requirement for BNY Mellon to provide the Trust with portfolio compliance services, such
services shall be provided pursuant to the terms of this Section 7 (the “Portfolio Compliance Services”). The precise compliance review and testing services to be provided shall be as directed by each Trust and as mutually agreed
between BNY Mellon and such Trust, and the results of BNY Mellon’s Portfolio Compliance Services shall be detailed in a portfolio compliance summary report (the “Compliance Summary Report”) prepared on a periodic basis as mutually
agreed. Each Compliance Summary Report shall be subject to review and approval by the Trust. BNY Mellon shall have no responsibility or obligation to provide Portfolio Compliance Services other that those services specifically listed in Schedule I.

 (b)    The Trust will examine each Compliance Summary Report delivered to it by BNY Mellon and notify BNY Mellon of
any error, omission or discrepancy within ten (10) 

  
 - 10 - 

 
days of its receipt. The Trust agrees to notify BNY Mellon promptly in writing if it fails to receive any such Compliance Summary Report. The Trust further acknowledges that unless it notifies
BNY Mellon of any error, omission or discrepancy within 10 days, such Compliance Summary Report shall be deemed final and shall not be reissued. In addition, if the Trust learns of any
out-of-compliance condition before receiving a Compliance Summary Report reflecting such condition, the Trust will notify BNY Mellon of such condition within one
(1) business day after discovery thereof. 
 (c)    While BNY Mellon will endeavor to identify out-of-compliance conditions, BNY Mellon does not and could not for the fees charged, make any guarantees, representations or warranties with respect to its ability to
identify all such conditions. In the event of any errors or omissions in the performance of Portfolio Compliance Services, the Trust’s sole and exclusive remedy and BNY Mellon’s sole liability shall be limited to re-performance by BNY Mellon of the Portfolio Compliance Services affected and in connection therewith the correction of any error or omission, if practicable and the preparation of a corrected report, at no cost to
the Trust. 
 8.    Rule 38a-1 and Regulatory Administration Services.

 (a)    If Schedule I contains a requirement for BNY Mellon to provide the Trust with compliance support services
related to Rule 38a-1 promulgated under the 1940 Act and/or Regulatory Administration services, such services shall be provided pursuant to the terms of this Section 7 (such services, collectively
hereinafter referred to as the “Regulatory Support Services”). 
 (b)    Notwithstanding anything in this
Agreement to the contrary, the Regulatory Support Services provided by BNY Mellon under this Agreement are administrative in nature and do not constitute, nor shall they be construed as constituting, legal advice or the provision of legal services
for or on behalf of the Trust or any other person. 
 (c)    All work product produced by BNY Mellon in connection with
its provision of Regulatory Support Services under this Agreement is subject to review and approval by the Trust and by the Trust’s legal counsel. The Regulatory Support Services performed by BNY Mellon under this Agreement will be at the
request and direction of the Trust and/or its 

  
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chief compliance officer (the “Trust’s CCO”), as applicable. BNY Mellon disclaims liability to the Trust, and the Trust is solely responsible, for the selection, qualifications and
performance of the Trust’s CCO and the adequacy and effectiveness of the Trust’s compliance program. 

9.    Standard of Care; Indemnification. 

(a)    Except as otherwise provided herein, BNY Mellon and any BNY Mellon Affiliate shall not be liable for any costs,
expenses, damages, liabilities or claims (including attorneys’ and accountants’ fees) incurred by or asserted against a Trust, except those costs, expenses, damages, liabilities or claims arising out of BNY Mellon’s own bad faith,
gross negligence or willful misconduct. In no event shall the Trust, the Sponsor, BNY Mellon or any BNY Mellon Affiliate be liable to each other or any third party for any special, indirect or consequential damages, or lost profits or loss of
business, arising under or in connection with this Agreement, regardless of the form of action. BNY Mellon and any BNY Mellon Affiliate shall not be liable for any loss, damage or expense, including counsel fees and other costs and expenses of a
defense against any claim or liability, resulting from, arising out of, or in connection with its performance hereunder, including its actions or omissions, the incompleteness or inaccuracy of any specifications or other information furnished by the
Trust, or for delays caused by circumstances beyond BNY Mellon’s reasonable control, unless such loss, damage or expense arises out of the bad faith, negligence or willful misconduct of BNY Mellon. 

(b)    Each Trust shall indemnify and hold harmless BNY Mellon and any BNY Mellon Affiliate from and against any and all
direct costs, expenses, damages, liabilities and claims and attorneys’ and accountants’ fees relating thereto, in each of the foregoing cases as reasonably and properly incurred, which are sustained or incurred or which may be asserted
against BNY Mellon or any BNY Mellon Affiliate, by reason of or as a result of any action taken or omitted to be taken by BNY Mellon or any BNY Mellon Affiliate without bad faith, gross negligence, or willful misconduct, or in reliance upon
(i) any law, act, regulation or interpretation of the same even though the same may thereafter have been altered, changed, amended or repealed, (ii) such Trust’s Offering Materials or Documents (excluding information provided by BNY
Mellon), (iii) any Instructions, or (iv) any opinion of legal counsel for such Trust or arising out of transactions or other activities of such Trust which occurred prior to the commencement of 

  
 - 12 - 

 
this Agreement; provided, that no Trust shall indemnify BNY Mellon nor any BNY Mellon Affiliate for costs, expenses, damages, liabilities or claims for which BNY Mellon or any BNY Mellon
Affiliate is liable under the preceding sub-section 8(a). This indemnity shall be a continuing obligation of each Trust, its successors and assigns, notwithstanding the termination of this Agreement. Without
limiting the generality of the foregoing, each Trust shall indemnify BNY Mellon and any BNY Mellon Affiliate against and save BNY Mellon and any BNY Mellon Affiliate harmless from any loss, damage or expense, including reasonable counsel fees and
other reasonable costs and expenses of a defense against any claim or liability, arising from any one or more of the following: 

I.    Errors in records or instructions, explanations, information, specifications or documentation of any kind, as the
case may be, supplied to BNY Mellon by any third party described above or by or on behalf of a Trust; 
 II.    Action
or inaction taken or omitted to be taken by BNY Mellon or any BNY Mellon Affiliate pursuant to Instructions of the Trust or otherwise without gross negligence or willful misconduct; 

III.    Any action taken or omitted to be taken by BNY Mellon in good faith in accordance with the advice or opinion of
counsel for a Trust; 
 IV.    Any use by a Trust or its agents, distributor or investment advisor of any valuations or
computations supplied by BNY Mellon pursuant to this Agreement in violation of any applicable law, rule or regulation; 

V.    The method of valuation of the securities and the method of computing the Trust’s Net Asset Value; or 

VI.    Any valuations of securities, other assets, or the Net Asset Value provided by a Trust. 

VII.    Actions taken or omitted in reliance on Instructions or upon any information, order, indenture, stock
certificate, membership certificate, power of attorney, assignment, affidavit or other instrument believed by BNY Mellon in good faith to be from an Authorized Person, or upon the opinion of legal counsel for a Trust or its own counsel, shall be
conclusively presumed to have been taken or omitted in good faith. 

  
 - 13 - 

 10.    Compensation. 

For the services provided hereunder, each Trust agrees to pay BNY Mellon such compensation as is mutually agreed to in writing in advance by
each Trust and BNY Mellon from time to time and such reasonable and documented out-of-pocket expenses (e.g., telecommunication charges, postage and delivery
charges, costs of independent compliance reviews, record retention costs, reproduction charges and transportation and lodging costs) as are incurred by BNY Mellon in performing its duties hereunder. Except as hereinafter set forth, compensation
shall be calculated and accrued daily and paid monthly. Upon termination of this Agreement before the end of any month, the compensation for such part of a month shall be prorated according to the proportion which such period bears to the full
monthly period and shall be payable upon the effective date of termination of this Agreement. For the purpose of determining compensation payable to BNY Mellon, the Trust’s Net Asset Value shall be computed at the times and in the manner
specified in the Trust’s Offering Materials. 
 11.    Records; Visits. 

(a)    The books and records pertaining to each Trust and such Trust’s Series which are in the possession or under
the control of BNY Mellon shall be the property of the Trust. The Trust and Authorized Persons shall have access to such books and records at all times during BNY Mellon’s normal business hours. Upon the reasonable request of the Trust, copies
of any such books and records shall be provided by BNY Mellon to the Trust or to an Authorized Person, at the Trust’s expense. 

(b)    BNY Mellon shall keep all books and records with respect to each Series’ books of account, records of each
Series’ securities transactions and all other books and records as BNY Mellon is required to maintain pursuant to Rule 31a-1 of the 1940 Act in connection with the services provided hereunder. 

12.    Term of Agreement. 

(a)    This Agreement shall be effective on the date first written above with all services and associated fees
contemplated herein commencing upon the effectiveness of the Trust’s Registration Statement and, unless terminated pursuant to its terms, shall continue until 11:59 PM on the date which is the second anniversary of such date (the “Initial
Term”), at which time this Agreement shall terminate, unless renewed in accordance with the terms hereof. 

  
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 (b)    This Agreement shall automatically renew for successive terms of one
(1) year each (each, a “Renewal Term”), unless the Trust or BNY Mellon gives written notice to the other party of its intent not to renew and such notice is received by the other party not less than sixty (60) days prior to the
expiration of the Initial Term or the then-current Renewal Term (a “Non-Renewal Notice”). In the event a party provides a Non-Renewal Notice, this Agreement
shall terminate at 11:59 PM on the last day of the Initial Term or Renewal Term, as applicable. 
 (c)    If a party
materially breaches this Agreement (a “Defaulting Party”) the other party (the “Non-Defaulting Party”) may give written notice thereof to the Defaulting Party (“Breach Notice”),
and if such material breach shall not have been remedied within thirty (30) days after the Breach Notice is given, then the Non Defaulting Party may terminate this Agreement by giving written notice of termination to the Defaulting Party
(“Breach Termination Notice”), in which case this Agreement shall terminate as of 11:59 PM on the 90th day following the date the Breach Termination Notice is given, or such later date as may be specified in the Breach Termination Notice
(but not later than the last day of the Initial Term or then-current Renewal Term, as appropriate). In all cases, termination by the Non-Defaulting Party shall not constitute a waiver by the Non-Defaulting Party of any other rights it might have under this Agreement or otherwise against the Defaulting Party. 

(d)    Notwithstanding any other provision of this Agreement, either party hereto may terminate this Agreement immediately
by sending notice thereof to the other party upon the happening of any of the following: (i) a party commences as debtor any case or proceeding under any bankruptcy, insolvency or similar law, or there is commenced against the Trust any such
case or proceeding; (ii) a party commences as debtor any case or proceeding seeking the appointment of a receiver, conservator, trustee, custodian or similar official for the Trust or any substantial part of its property or there is commenced
against the Trust any such case or proceeding; (iii) a party makes a general assignment for the benefit of creditors; or (iv) a party admits in any recorded medium, written, electronic or otherwise, its inability to pay its debts as they
come due. BNY Mellon may exercise its termination right under this Section 11(d) at any time after the occurrence of any of the foregoing events notwithstanding that such event may cease to be continuing prior to such exercise, and any delay in
exercising this right shall not be construed as a waiver or other extinguishment of that right. Any exercise by either party of its termination right under this Section 11(d) shall be without any prejudice to any other remedies or

  
 - 15 - 

 
rights available to such party and shall not be subject to any fee or penalty, whether monetary or equitable. Notwithstanding the provisions of Section 18, notice of termination under this
Section 11(d) shall be considered given and effective when given, not when received. 
 13.    Amendment. 

This Agreement may not be amended, changed or modified in any manner except by a written agreement executed by BNY Mellon and the Trust. 

14.    Assignment; Subcontracting.  

(a)    This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and
assigns; provided, however, that this Agreement shall not be assignable or delegable by any Trust without the written consent of BNY Mellon, or by BNY Mellon without the written consent of the affected Trust. 

(b)    Notwithstanding the foregoing: (i) BNY Mellon may assign or transfer this Agreement to any BNY Mellon
Affiliate or transfer this Agreement in connection with a sale of a majority or more of its assets, equity interests or voting control, provided that BNY Mellon gives the Trusts thirty (30) days’ prior written notice of such assignment or
transfer and such assignment or transfer does not impair the provision of services under this Agreement in any material respect, and the assignee or transferee agrees to be bound by all terms of this Agreement in place of BNY Mellon; (ii) BNY
Mellon may subcontract with, hire, engage or otherwise outsource to any BNY Mellon Affiliate with respect to the performance of any one or more of the functions, services, duties or obligations of BNY Mellon under this Agreement but any such
subcontracting, hiring, engaging or outsourcing shall not relieve BNY Mellon of any of its liabilities hereunder; (iii) BNY Mellon may subcontract with, hire, engage or otherwise outsource to an unaffiliated third party with respect to the
performance of any one or more of the functions, services, duties or obligations of BNY Mellon under this Agreement but any such subcontracting, hiring, engaging or outsourcing shall (A) require the prior written consent of the Trust and
(B) limit BNY Mellon’s liability such that BNY Mellon shall only be liable for failure to reasonably select such unaffiliated third party, and BNY Mellon shall have no liability for any acts or omissions to act of such unaffiliated third
party; and (iv) BNY Mellon, in the course of providing certain additional services requested by a Trust, including but not limited 

  
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to, Typesetting, Money Market Trust, or eBoard Book services (“Vendor Eligible Services”) as further described in Schedule I, may in its sole discretion, enter into an agreement or
agreements with a financial printer, or electronic services provider (“Vendor”) to provide BNY Mellon with the ability to generate certain reports or provide certain functionality. BNY Mellon shall not be obligated to perform any of the
Vendor Eligible Services unless an agreement between BNY Mellon and the Vendor for the provision of such services is then-currently in effect, and shall only be liable for the failure to reasonably select the Vendor. Upon request, BNY Mellon will
disclose the identity of the Vendor and the status of the contractual relationship, and a Trust is free to attempt to contract directly with the Vendor for the provision of the Vendor Eligible Services. 

(c)    As compensation for the Vendor Eligible Services rendered by BNY Mellon pursuant to this Agreement, the Trust will
pay to BNY Mellon such fees as may be agreed to in writing by the Trust and BNY Mellon. In turn, BNY Mellon will be responsible for paying the Vendor’s fees. For the avoidance of doubt, BNY Mellon anticipates that the fees it charges hereunder
will be more than the fees charged to it by the Vendor, and BNY Mellon will retain the difference between the amount paid to BNY Mellon hereunder and the fees BNY Mellon pays to the Vendor as compensation for the additional services provided by BNY
Mellon in the course of making the Vendor Eligible Services available to the Trust. 
 15.    Governing Law; Consent
to Jurisdiction. 
 This Agreement shall be construed in accordance with the laws of the State of New York, without regard to conflict
of laws principles thereof. Each Trust hereby consents to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder, and waives to the fullest extent permitted by law its right
to a trial by jury. To the extent that in any jurisdiction any Trust may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution, attachment (before or after judgment) or other legal process, such Trust
irrevocably agrees not to claim, and it hereby waives, such immunity. 
 16.    Severability. 

In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity,
legality and enforceability of the remaining 

  
 - 17 - 

 
provisions or obligations shall not in any way be affected or impaired thereby, and if any provision is inapplicable to any person or circumstances, it shall nevertheless remain applicable to all
other persons and circumstances. 
 17.    No Waiver. 

Each and every right granted to BNY Mellon hereunder or under any other document delivered hereunder or in connection herewith, or allowed it
by law or equity, shall be cumulative and may be exercised from time to time. No failure on the part of BNY Mellon to exercise, and no delay in exercising, any right will operate as a waiver thereof, nor will any single or partial exercise by BNY
Mellon of any right preclude any other or future exercise thereof or the exercise of any other right. 

18.    Notices. 

All notices, requests, consents and other communications pursuant to this Agreement in writing shall be sent as follows: 

If to the Trust: 
 Grayscale
Investments, LLC 
 636 Avenue of the Americas, 3rd Floor 

New York, New York 10011 
 Attn:
Bitcoin Investment Trust 
 If to BNY Mellon: 

BNY Mellon 
 2 Hanson Place 

Brooklyn, NY 11217 
 Attention:
ETF Operations 
 with a copy to: 

The Bank of New York Mellon 
 One
Wall Street New York, 
 New York 10286 

Attention: Legal Dept. – Asset Servicing 

or at such other place as may from time to time be designated in writing. Notices hereunder shall be effective upon receipt. 

  
 - 18 - 

 19.    Counterparts. 

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original; but such counterparts together
shall constitute only one instrument. 
 20.    Several Obligations. 

The parties acknowledge that the obligations of the Trusts hereunder are several and not joint, that no Trust shall be liable for any amount
owing by another Trust and that the Trusts have executed one instrument for convenience only. 

21.    Confidentiality. 

Each party shall keep confidential any information relating to the other party’s business (“Confidential Information”).
Confidential Information shall include (a) any data or information that is competitively sensitive material, and not generally known to the public, including, but not limited to, information about product plans, marketing strategies, finances,
operations, customer relationships, customer profiles, customer lists, sales estimates, business plans, and internal performance results relating to the past, present or future business activities of a Trust or BNY Mellon and their respective
subsidiaries and affiliated companies; (b) any scientific or technical information, design, process, procedure, formula, or improvement that is commercially valuable and secret in the sense that its confidentiality affords a Trust or BNY Mellon
a competitive advantage over its competitors; (c) all confidential or proprietary concepts, documentation, reports, data, specifications, computer software, source code, object code, flow charts, databases, inventions, know-how, and trade secrets, whether or not patentable or copyrightable; and (d) anything designated as confidential. Notwithstanding the foregoing, information shall not be Confidential Information and shall
not be subject to such confidentiality obligations if it: (a) is already known to the receiving party at the time it is obtained; (b) is or becomes publicly known or available through no wrongful act of the receiving party; (c) is
rightfully received from a third party who, to the best of the receiving party’s knowledge, is not under a duty of confidentiality; (d) is released by the protected party to a third party without restriction; (e) is requested or
required to be disclosed by the receiving party pursuant to a court order, subpoena, governmental or regulatory agency request or law; (f) is relevant to the defense of any claim or cause of action asserted against the receiving party;
(g) is Trust information provided by BNY Mellon in 

  
 - 19 - 

 
connection with an independent third party compliance or other review so long as such independent third party is subject to the same or similar confidentiality obligations as contained herein;
(h) is released in connection with the provision of services under this Agreement; or (i) has been or is independently developed or obtained by the receiving party. The provisions of this Section 20 shall survive termination of this
Agreement for a period of three (3) years after such termination. 
 (b) The Bank of New York Mellon Corporation is a global financial
organization that provides services to clients through its affiliates and subsidiaries in multiple jurisdictions (the “BNY Mellon Group”). The BNY Mellon Group may centralize functions including audit, accounting, risk, legal, compliance,
sales, administration, product communication, relationship management, storage, compilation and analysis of customer-related data, and other functions (the “Centralized Functions”) in one or more affiliates, subsidiaries and third-party
service providers. Solely in connection with the Centralized Functions, (i) the Trust consents to the disclosure of and authorizes BNY Mellon to disclose information regarding the Trust (“Customer-Related Data”) to the BNY Mellon
Group and to its third-party service providers who are subject to confidentiality obligations with respect to such information and (ii) BNY Mellon may store the names and business contact information of the Trust’s employees and
representatives on the systems or in the records of the BNY Mellon Group or its service providers. The BNY Mellon Group may aggregate Customer-Related Data with other data collected and/or calculated by the BNY Mellon Group, and notwithstanding
anything in this Agreement to the contrary the BNY Mellon Group will own all such aggregated data, provided that the BNY Mellon Group shall not distribute the aggregated data in a format that identifies Customer-Related Data with a particular
customer. The Trust confirms that it is authorized to consent to the foregoing. 
 22.
Non-Solicitation. 
 During the term of this Agreement and for one (1) year thereafter,
the Trust shall not (with the exceptions noted in the immediately succeeding sentence) knowingly solicit or recruit for employment or hire any of BNY Mellon’s employees, and the Trust shall cause the Trust’s sponsor and any affiliates of
the Trust to not (with the exceptions noted in the immediately succeeding sentence) knowingly solicit or recruit for employment or hire any of BNY Mellon’s 

  
 - 20 - 

 
employees. To “knowingly” solicit, recruit or hire within the meaning of this provision does not include, and therefore does not prohibit, solicitation, recruitment or hiring of a BNY
Mellon employee by the Trust, the Trust’s sponsor or an affiliate of the Trust if the BNY Mellon employee was identified by such entity solely as a result of the BNY Mellon employee’s response to a general advertisement by such entity in a
publication of trade or industry interest or other similar general solicitation by such entity. 
 [Signature page follows.] 

  
 - 21 - 

 IN WITNESS WHEREOF, the parties hereto have caused the foregoing instrument to be executed by
their duly authorized officers and their seals to be hereunto affixed, all as of the latest date set forth below. 
  

			
	BITCOIN INVESTMENT TRUST
	
	By: Grayscale Investments, LLC
		
	By:	 	 /s/ Barry Silbert

	Name:	 	 Barry Silbert

	Title:	 	 Chief Executive Officer

		
	Date:	 	12/7/2016
	
	THE BANK OF NEW YORK MELLON
		
	By:	 	 /s/ Stephen Cook

	Name:	 	 Stephen Cook

	Title:	 	 Managing Director

		
	Date:	 	2/16/2017

  
 - 22 - 

 EXHIBIT A 

 EXHIBIT B 

I,                [Name]      
           , of Grayscale Investments, LLC, a Delaware corporation (the “Sponsor”), do hereby certify that: 

The following individuals serve in the following positions with the Sponsor of the Bitcoin Investment Trust, and each has been duly elected or
appointed by the Board of the Sponsor to each such position and qualified therefor in conformity with the Trust’s Organizational Documents, and the signatures set forth opposite their respective names are their true and correct signatures. Each
such person is designated as an Authorized Person under the Trust Administration and Accounting Agreement dated as of December 7, 2016, between the Trust and The Bank of New York Mellon. 

 

					
	 Name
	  	 Position
	  	 Signature

			
	  
	  	  
	  	  

 SCHEDULE I 

Schedule of Services 
 All
services provided in this Schedule of Services are subject to the review and approval of the appropriate Trust officers, Trust counsel and accountants of each Trust, as may be applicable. The services included on this Schedule of Services may be
provided by BNY Mellon or a BNY Mellon Affiliate, collectively referred to herein as “BNY Mellon”. 
 VALUATION AND COMPUTATION ACCOUNTING
SERVICES 
 BNY Mellon shall provide the following valuation and computation accounting services for each Trust: 

 

	 	•	 	Journalize investment, capital share and income and expense activities; 

  

	 	•	 	Maintain individual ledgers for investment securities; 

  

	 	•	 	Maintain historical tax lots for each security; 

  

	 	•	 	Reconcile cash and investment balances of each Trust with the Trust’s custodian and provide a Trust’s investment adviser, as applicable, with the beginning cash balance available for investment purposes upon
request; 

  

	 	•	 	Calculate various contractual expenses; 

  

	 	•	 	Calculate capital gains and losses; 

  

	 	•	 	Calculate daily distribution rate per share; 

  

	 	•	 	Determine net income; 

  

	 	•	 	Obtain security market quotes and currency exchange rates from pricing services approved by a Trust’s investment adviser, or if such quotes are unavailable, then obtain such prices from the Trust’s investment
adviser, and in either case, calculate the market value of each Trust’s investments in accordance with the Trust’s valuation policies or guidelines; provided, however, that BNY Mellon shall not under any circumstances be under a duty to
independently price or value any of the Trust’s investments itself or to confirm or validate any information or valuation provided by the investment adviser or any other pricing source, nor shall BNY Mellon have any liability relating to
inaccuracies or otherwise with respect to such information or valuations; 

  

	 	•	 	Compute GAAP net asset value; 

  

	 	•	 	Compute non-GAAP bitcoin holdings; 

  

	 	•	 	Transmit or make available a copy of the daily portfolio valuation to a Trust’s investment adviser; 

  

	 	•	 	Publish basket to NSCC on for each day on which trading occurs on the NYSE; 

  

	 	•	 	Compute yields and portfolio average dollar-weighted maturity as applicable; and 

  

	 	•	 	Compute portfolio turnover rate for inclusion in the annual and semi-annual shareholder reports. 

FINANCIAL REPORTING 
 BNY Mellon
shall provide the following financial reporting services for each Trust: 
  

	 	•	 	Financial Statement Preparation & Review 

	 	•	 	Prepare the Trust’s annual and semi-annual shareholder reports1 for shareholder delivery and for inclusion in Form N-CSR;

  

	 	•	 	Prepare the Trust’s quarterly schedule of portfolio holdings1 for inclusion in Form N-Q; 

 

	 	•	 	Prepare, circulate and maintain the Trust’s financial reporting production calendar; 

  

	 	•	 	Prepare and file (or coordinate the filing of) a Trust’s Form N-SAR; and 

  

	 	•	 	Prepare and file (or coordinate the filing of) a Trust’s Form 24f-2. 

  

	 	•	 	Typesetting Services2 

  

	 	•	 	Create financial compositions for the applicable financial report and related EDGAR files; 

  

	 	•	 	Maintain country codes, industry class codes, security class codes and state codes; 

  

	 	•	 	Map individual general ledger accounts into master accounts to be displayed in the applicable financial reports; 

  

	 	•	 	Create components that will specify the proper grouping and sorting for display of portfolio information; 

  

	 	•	 	Create components that will specify the proper calculation and display of financial data required for each applicable financial report (except for identified manual entries, which BNY Mellon will enter);

  

	 	•	 	Process, convert and load security and general ledger data; 

  

	 	•	 	Include data in financial reports provided from external parties to BNY Mellon which, includes, but is not limited to: shareholder letters, “Management Discussion and Analysis” commentary, notes on
performance, notes to financials, report of independent auditors, Trust management listing, service providers listing and Trust spectrums; 

  

	 	•	 	Document publishing, including the output of print-ready PDF files and EDGAR html files (such EDGAR html files will be limited to one per the applicable financial report and unless mutually agreed to in writing between
BNY Mellon and a Trust, BNY Mellon will use the same layout for production data for every successive reporting period); 

  

	 	•	 	Generate financial reports using the Vendor’s capabilities which include the following: 

  

	 	•	 	front/back cover; 

  

	 	•	 	table of contents; 

  

	 	•	 	shareholder letter; 

  

	 	•	 	Management Discussion and Analysis commentary; 

  

	 	•	 	sector weighting graphs/tables; 

  

	 	•	 	disclosure of Trust expenses; 

  

	 	•	 	schedules of investments; 

  

	 	•	 	statement of net assets; 

  

	 	•	 	statements of assets and liabilities; 

  

	 	•	 	statements of operation; 

  

	 	•	 	statements of changes; 

  

	 	•	 	statements of cash flows; 

  

	1 	Requires “Typesetting Services” as described herein. 

  
 - 3 - 

	 	•	 	financial highlights; 

  

	 	•	 	notes to financial statements; 

  

	 	•	 	report of independent registered public accounting firm; 

  

	 	•	 	tax information; and 

  

	 	•	 	additional Trust information as mutually agreed in writing between BNY Mellon and a Trust. 

  

	 	•	 	Unless mutually agreed in writing between BNY Mellon and a Trust, BNY Mellon will use the same layout and format for every successive reporting period for the typeset reports. At the request of a Trust and upon the
mutual written agreement of BNY Mellon and the Trust as to the scope of any changes and additional compensation of BNY Mellon, BNY Mellon will, or will cause the Vendor to change format or layout of reports from time to time. 

TAX SERVICES 
 BNY Mellon shall
provide the following tax services for each Trust: 
  

	 	•	 	Tax Provision Preparation 

  

	 	•	 	Prepare fiscal year-end tax provision analysis; 

  

	 	•	 	Process tax adjustments on securities identified by a Trust that require such treatment; 

  

	 	•	 	Prepare ROCSOP adjusting entries; and 

  

	 	•	 	Prepare financial statement footnote disclosures. 

  

	 	•	 	BNY Mellon is not responsible for the identification of securities requiring U.S. tax treatment that differs from treatment under U.S. generally accepted accounting principles; this responsibility resides with the
Trust or Trust’s management. BNY Mellon is responsible for processing such identified securities, in accordance with U.S. tax laws and regulations. 

  

	 	•	 	Excise Tax Distributions Calculations 

  

	 	•	 	Prepare calendar year tax distribution analysis; 

  

	 	•	 	Process tax adjustments on securities identified by a Trust that require such treatment; and 

  

	 	•	 	Prepare annual tax-based distribution estimate for each Trust. 

  

	 	•	 	BNY Mellon is not responsible for the identification of securities requiring U.S. tax treatment that differs from treatment under U.S. generally accepted accounting principles; this responsibility resides with the
Trust or Trust’s management. BNY Mellon is responsible for processing such identified securities, in accordance with U.S. tax laws and regulations. 

  

	 	•	 	Other Tax Services 

  

	 	•	 	Prepare for execution and filing, the federal and state income and excise tax returns; 

  

	 	•	 	Prepare year-end Investment Company Institute broker/dealer reporting and prepare Trust distribution calculations disseminated to broker/dealers; and 

 

	 	•	 	Coordinate U.S.C. Title 26 Internal Revenue Code (“IRC”) §855 and excise tax distribution requirements. 

  
 - 4 - 

	 	•	 	Uncertain Tax Provisions 

  

	 	•	 	Documentation of all material tax positions taken by a Trust with respect to specified fiscal years and identified to BNY Mellon (“Tax Positions”); 

 

	 	•	 	Review of a Trust’s: (i) tax provision work papers, (ii) excise tax distribution work papers, (iii) income and excise tax returns, (iv) tax policies and procedures, and (v) Subchapter M
compliance work papers; 

  

	 	•	 	Determine as to whether or not Tax Positions have been consistently applied, and documentation of any inconsistencies; 

  

	 	•	 	Review relevant statutory authorities; 

  

	 	•	 	Review tax opinions and legal memoranda prepared by tax counsel or tax auditors to a Trust; 

  

	 	•	 	Review standard mutual Trust industry practices, to the extent such practices are known to, or may reasonably be determined by, BNY Mellon; and 

 

	 	•	 	Delivery of a written report to the applicable Trust detailing such items. 

  

	 	•	 	The following are expressly excluded from the Uncertain Tax Provisions services: (i) assessment of risk of any challenge by the Internal Revenue Service or other taxing authority against any Tax Position
(including, without limitation, whether it is “more likely than not” such Tax Position would be sustained); (ii) calculation of any tax benefit measurement, in whole or in part, that may be required if any “more likely than not”
threshold has not been met; and (iii) any tax opinion or tax advice. Additionally, none of the Uncertain Tax Provisions services shall be deemed to be or constitute a tax opinion or tax advice. 

(a)    The Trust shall provide such information and documentation as BNY Mellon may reasonably request in connection
with the Uncertain Tax Provisions services. The Trust’s independent public accountants shall cooperate with BNY Mellon and make such information available to BNY Mellon as BNY Mellon may reasonably request. 

(b)    Notwithstanding anything to the contrary in this Agreement and without limiting any rights, protections or
limitations of liability otherwise provided to BNY Mellon pursuant to this Agreement, (i) BNY Mellon is authorized and permitted to release such information as is necessary or desirable to be released in connection with the provision of any of
the Uncertain Tax Provisions services, (ii) management of the Trust is responsible for complying with all uncertain tax positions reporting obligations relating to the Trust and BNY Mellon shall have no liability to the Trust or any other
entity or governmental authority with respect to any tax positions taken by the Trust, (iii) BNY Mellon shall have no liability either for any error or omission of any other service provider (including any accounting firm or tax adviser) to the
Trust or for any failure to discover any such error or omission, (iv) the Trust shall be responsible for all filings, tax returns and reports on all Tax Positions and for the payment of all taxes and similar items (including without limitation
penalties and interest related thereto) and (v) in the event of any error or omission in the performance of a Uncertain Tax Provisions service the Trust’s sole and exclusive remedy and BNY Mellon’s sole liability shall be limited to re-performance of the 

  
 - 5 - 

 
applicable Uncertain Tax Provisions service and the preparation and delivery to the Trust of a corrected report (if necessary), such re-performance,
preparation and delivery to be provided at no additional service charge to the Trust. 
  

	 	•	 	IRS CIRCULAR 230 DISCLOSURE: 

 To ensure compliance with requirements imposed by the Internal
Revenue Service, BNY Mellon informs a Trust that any U.S. tax advice contained in any communication from BNY Mellon to the Trust (including any future communications) is not intended or written to be used, and cannot be used, for the purpose of
(i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein or therein. 

TRUST ADMINISTRATION SERVICES 
 BNY Mellon shall
provide the following Trust administration services for each Trust: 
  

	 	•	 	In accordance with Instructions received from a Trust, and subject to portfolio limitations as provided by such Trust to BNY Mellon in writing from time to time, monitor such Trust’s compliance, on a post-trade
basis, with such portfolio limitations, provided that BNY Mellon maintains in the normal course of its business all data necessary to measure the Trust’s compliance; 

 

	 	•	 	Monitor the Trust’s status as a regulated investment company under Subchapter M of the IRC and Subchapter L of the IRC (if required). 

 

	 	•	 	Establish appropriate expense accruals and compute expense ratios, maintain expense files and coordinate the payment of Trust approved invoices; 

 

	 	•	 	Calculate Trust approved income and per share amounts required for periodic distributions to be made by the applicable Trust; 

  

	 	•	 	Calculate total return information; 

  

	 	•	 	Coordinate a Trust’s annual audit; 

  

	 	•	 	Supply various normal and customary portfolio and Trust statistical data as requested on an ongoing basis; and 

  

	 	•	 	If the chief executive officer or chief financial officer of a Trust is required to provide a certification as part of a Trust’s Form N-Q or Form N-CSR filing pursuant to regulations promulgated by the SEC under Section 302 of the Sarbanes-Oxley Act of 2002, provide a sub-certification in support of certain matters
set forth in the aforementioned certification. Such sub-certification is to be in such form and relating to such matters as agreed to by BNY Mellon in advance. BNY Mellon shall be required to provide the sub-certification only during the term of the Agreement and only if it receives such cooperation as it may request to perform its investigations with respect to the
sub-certification. For clarity, the sub-certification is not itself a certification under the Sarbanes-Oxley Act of 2002 or under any other law, rule or regulation.

  
 - 6 - 

 REGULATORY ADMINISTRATION SERVICES 

BNY Mellon shall provide the following regulatory administration services for each Trust: 

 

	 	•	 	Maintain a regulatory calendar for each Trust listing various SEC filing and Board approval deadlines; 

  

	 	•	 	Assemble and distribute board materials for quarterly meetings of the Board, including the drafting of agendas and resolutions for such quarterly meetings of the Board (with final selection of agenda items made by Trust
counsel); 

  

	 	•	 	Attend (in-person or telephonically) quarterly Board meetings and draft minutes thereof; 

  

	 	•	 	Prepare and coordinate the filing of annual post-effective amendments to a Trust’s registration statement (not including the initial registration statement or related to the addition of one or more classes of
shares or series); 

  

	 	•	 	Prepare and coordinate the filing of Forms N-CSR, N-Q, and N-PX, as applicable (with the Trust
supplying the voting records in the format required by BNY Mellon)2; 

  

	 	•	 	Assist the Trust in the handling of SEC examinations by providing requested documents in the possession of BNY Mellon that are on the SEC examination request list; and 

 

	 	•	 	Assist in the preparation of notices of annual or special meetings of shareholders and proxy materials relating to such meetings 2. 

 

	 	•	 	eBoard Book Services: 

  

	 	•	 	Permit persons or entities entering a valid password to have electronic access, via an Internet-based secure website, to current quarterly board meeting materials and such other board meeting materials as may be agreed
between BNY Mellon and a Trust 2. 

  

	 	•	 	38a-1 Compliance Support Services 

  

	 	•	 	Provide compliance policies and procedures related to services provided by BNY Mellon and, if mutually agreed, certain of the BNY Mellon Affiliates; summary procedures thereof; and periodic certification letters.

  

	2 	Separate fees will apply for the noted services. 

  
 - 7 -

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