Document:

EX-4.5

 Exhibit 4.5 

MASTER PARTICIPANT AGREEMENT 

This Master Participant Agreement (this “Agreement”), dated as of January 11, 2019, is entered into by and among Genesis
Global Trading, Inc. (the “Authorized Participant”), and Grayscale Investments, LLC, a Delaware limited liability company, as sponsor (the “Sponsor”) of each Trust listed on Schedule I to this Agreement (each, a
“Trust” and, collectively, the “Trusts”). 
 SUMMARY 

As provided in the trust agreement governing each Trust (each, a “Trust Agreement”), as currently in effect and described in
the Confidential Private Placement Memorandum of each Trust (each, a “Memorandum”), common units of fractional undivided beneficial interest in a Trust (“Shares”) may be created or, if authorized by the Sponsor,
redeemed by such Trust, in aggregations of 100 Shares (each aggregation, a “Basket”), and integral multiples thereof, and only in transactions with a party who, at the time of the transaction, shall have signed and entered into an
effective Participant Agreement with such Trust. Baskets of a Trust are offered only pursuant to the relevant Memorandum, as the same may be amended from time to time thereafter, or any successor Memorandum in respect of Shares of such Trust. Under
each Trust Agreement, the Sponsor is authorized to issue Baskets, or delegate authority to issue Baskets, to, and, if redemptions are authorized by the Sponsor, accept redemptions of Baskets from, Authorized Participants. The Authorized
Participant may purchase Baskets of a Trust for its own account or as agent for investors who have entered into a subscription agreement (the “Subscription Agreement”) relating to such Trust with the Authorized Participant (each
such investor, an “Investor”), but it does not have any obligation or responsibility to the Sponsor or any Trust to affect any sale or resale of Shares. This Agreement sets forth the specific procedures by which an Authorized
Participant may create or redeem Baskets of a Trust. 
 Capitalized terms used but not defined in this Agreement shall have the meanings
assigned to such terms in each Trust Agreement. To the extent there is a conflict between any provision of this Agreement and the provisions of a Trust Agreement, the provisions of such Trust Agreement shall control, and to the extent there is a
conflict between any provision of this Agreement and the provisions of a Memorandum, such Memorandum shall control; provided, however, that if there is a conflict between the Procedures (defined below) and any provision of a Trust Agreement
(other than Section 1.5 and Section 6.4(m) of such Trust Agreement) or a Memorandum, the Procedures shall control; and provided, further, that in the event of any conflict between Section 1.5 and Section 6.4(m) of such
Trust Agreement and any of the provisions of this Agreement, the corresponding Memorandum or the Procedures, Section 1.5 and Section 6.4(m) of such Trust Agreement shall control. For the avoidance of doubt, any action which is referred to
herein as an action being taken by the Sponsor may be taken by a party whom the Sponsor has duly authorized to take such action. Additionally, any amendments to the Procedures will not require any amendments to any Trust Agreement. 

 To give effect to the foregoing premises and in consideration of the mutual covenants and
agreements set forth below, the parties hereto agree as follows: 
 Section 1. Order Placement. To place orders to create or, if
authorized by the Sponsor, redeem, one or more Baskets of a Trust, the Authorized Participant must follow the procedures for creation and redemption referred to in Section 3 of this Agreement and the procedures described in Annex A hereto (the
“Procedures”), as each may be amended, modified or supplemented from time to time. 
 Section 2. Representations,
Warranties and Covenants of Authorized Participant. The Authorized Participant represents and warrants and covenants the following: 

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

  
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 (d) The Authorized Participant understands and acknowledges that some
activities on its part, depending on the circumstances and under certain possible interpretations of applicable law, could be interpreted as resulting in (i) its being deemed a “money services business” by the Financial Crimes
Enforcement Network, a bureau of the United States Department of Treasury and/or (ii) a money transmitter or entity engaged in virtual currency business activity under state law. The Authorized Participant agrees to consult its own counsel in
connection with entering into this Agreement and transacting in digital assets. 
 (e) The Authorized Participant is in
compliance with the money laundering and related provisions of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “USA PATRIOT Act”), and the
regulations promulgated thereunder, if the Authorized Participant is subject to the requirements of the USA PATRIOT Act. 

(f) The Authorized Participant shall act in a manner consistent with all applicable laws concerning money laundering and
similar activities. In furtherance of such efforts, the Authorized Participant shall not mention or send any materials related to a Trust to any prospective investor, unless, to the Authorized Participant’s knowledge, on the basis of the
Authorized Participant’s prior relationship with the prospective investor: (i) none of the digital assets, cash or property that would be paid to the Authorized Participant in connection with an investment in such Trust, would be derived
from, or related to, any activity that is deemed criminal under the United States law or any other applicable law, including anti-corruption laws, anti-bribery laws, OFAC regulations or otherwise; and (ii) no contribution or payment to the
Authorized Participant in connection with an investment in such Trust by such prospective investor would cause such Trust or the Sponsor to be in violation of the United States Bank Secrecy Act, the United States Money Laundering Control Act of 1986
or the United States International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001. 
 (g) The Authorized
Participant hereby represents and warrants to each Trust that the Authorized Participant: (i) has exercised reasonable care to identify each covered person of each Trust set forth in paragraph (d)(1) of Rule 506 of Regulation D under the
Securities Act of 1933, as amended (the “Securities Act”), that is an officer of the Authorized Participant participating in the offering of the securities that is the subject of this Agreement or a financial advisor or registered
representative/agent soliciting investors in connection with such offering; (ii) has exercised reasonable care to ascertain whether (A) a disqualification exists under clauses (i) through (viii) of paragraph (d)(1) of such Rule 506
with respect to each such covered person, as well as the Authorized Participant’s general partners, managing members, or directors, and executive officers, as applicable, and (B) whether any disclosure is required to be made pursuant to
paragraph (e) of such Rule 506 in respect of any matter experienced by any such person; and (iii) does not know of (A) any disqualification that exists under paragraph (d)(1) of such Rule 506 in respect of any such person or
(B) of any disclosure required to be made pursuant to paragraph (e) of such Rule 506 in respect of any matter experienced by any such person. The Authorized Participant further represents and warrants to each Trust that the Authorized
Participant shall, within a reasonable time, implement policies, procedures 

  
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and controls reasonably designed to detect the occurrence of any event that could reasonably be expected to lead to any disqualification under paragraph (d)(1) of Rule 506 in respect of any such
covered person. The Authorized Participant covenants to each Trust that the Authorized Participant will inform such Trust as promptly as reasonably practical of the occurrence of any event in respect of any covered person of such Trust that could
reasonably be expected to give rise to a disqualification under such paragraph, including any pending or threatened litigation or regulatory actions, as well as the occurrence of any event that does, in fact, give rise to a disqualification under
paragraph (d)(1) of Rule 506. 
 (h) The Authorized Participant hereby confirms to each Trust that the Authorized
Participant, prior to submission of any order to create one or more Baskets of such Trust, will have taken reasonable steps to verify that any Investor for whom the Authorized Participant is acting as agent in connection with such Creation Order is
an “accredited investor” within the meaning of Rule 501(a) of Regulation D under the Securities Act, and will have determined that such Investor is an “accredited investor” within the meaning of such Rule 501(a). Each submission
of a Creation Order by the Authorized Participant shall be deemed to bring down this representation to such date and to make such representation on and as of such date with respect to each such Investor on behalf of which the Authorized Participant
is placing such Creation Order. The Authorized Participant understands that the Shares of each Trust are being offered by means of a general solicitation or general advertising, that each Trust relies upon Rule 506(c) of Regulation D under the
Securities Act for exemption from the registration requirements of the Securities Act for offerings not subject to limitation on the manner of offering, and that each Trust is relying on the foregoing representations from the Authorized Participant
for exemption from the registration requirements of the Securities Act in respect of the Shares of such Trust being created in any creation transaction by the Authorized Participant. 

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

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

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

 

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

  

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

(l) The Authorized Participant understands and agrees that the submission of a Creation Order also will be deemed to bring down
representations made by the Authorized Participant in this Agreement that no general partner, managing member, director, executive officer or other officer of the Authorized Participant participating in the offering of the Shares of any Trust has
experienced any disqualifying event set forth in clauses (d)(1)(i) through (d)(1)(viii) of Rule 506 of Regulation D. 
 (m)
The Authorized Participant understands that the Sponsor intends to restrict the aggregate investment by “benefit plan investors” (as defined in the Memorandum) in each Trust to under 25% of the total value of each class of equity interests
of each Trust to ensure that the assets of each Trust will not be deemed to be “plan assets” for purposes of the “Plan Asset Regulations” set forth at 29 C.F.R. 2510.3-101 and the Employee
Retirement Income Security Act of 1974, as amended, or Section 4975 of the Internal Revenue Code of 1986, as amended. Accordingly, the Authorized Participant represents covenants and agrees that (1) the Authorized Participant is not a
“benefit plan investor” (as that term is defined in the Plan Asset Regulations) and (2) that it has ascertained, through the Subscription Agreement, and communicated to the Sponsor and the relevant Trust, whether any Investor in such
Trust is a benefit plan investor. 
 (n) The Authorized Participant represents and warrants that it will not place a
Redemption Order (as defined in the Procedures) for the purpose of, if redemption of Baskets of a Trust is permitted, redeeming Baskets of such Trust unless it first ascertains that (i) it or the relevant Investor, as the case may be, owns
outright or has full legal authority and legal and beneficial right to tender for redemption the Baskets to be redeemed and to receive the Total Basket Amount (as defined in the Procedures) associated with such redemption and (ii) such Baskets
have not been loaned or pledged to another party and are not the subject of any arrangement which would preclude the unfettered delivery of such Baskets to the Sponsor as required pursuant to the Procedures. 

  
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 (o) The Authorized Participant represents and warrants that prior to
submitting a Redemption Order to the Sponsor or its delegate, the Authorized Participant will first ascertain (i) that the digital asset wallet to be used in connection with the Redemption Order is owned outright by the Authorized Participant
or it has full legal authority and legal and beneficial right to any digital assets transferred to such digital asset wallet address and (ii) that the relevant Authorized Participant Self-Administered Account is appropriately designated for
delivery of digital assets in the Total Basket Amount by the relevant Trust. 
 Section 3. Orders. (a) All orders to create
or redeem Baskets of a Trust shall be made in accordance with the terms of the relevant Trust Agreement, this Agreement and the Procedures. Each party shall comply with such foregoing terms and procedures to the extent applicable to it. The Sponsor
may issue procedures from time to time relating to the manner of creating or redeeming Baskets of a Trust which are not related to the Procedures, and the Authorized Participant shall comply with such procedures of which it has been notified in
accordance with this Agreement. 
 (b) The Authorized Participant acknowledges and agrees on behalf of itself and any party
for which it is acting (whether such party is an Investor or otherwise) that each order to create one or more Baskets (a “Creation Order”) and each order to redeem one or more Baskets (a “Redemption Order”, and any
Redemption Order or Creation Order, an “Order”) of a Trust may not be revoked by the Authorized Participant upon its delivery to the Sponsor or its delegate. A form of Creation Order Form is attached hereto as Exhibit B and a form
of Redemption Order Form is attached hereto as Exhibit C. 
 (c) The Sponsor or its delegate shall have the absolute right,
but shall have no obligation, to reject any Creation Order or Total Basket Amount if (i) the Creation Order is not in proper form as described herein, (ii) the Creation Order would cause participation by benefit plan investors in the
relevant Trust to be “significant” (as that term is defined in the Plan Asset Regulations), (iii) circumstances outside the control of the Sponsor or its delegates make it for all practical purposes not feasible for the relevant Trust to
issue Creation Baskets, (iv) the fulfillment of the Creation Order, in the opinion of counsel, might be unlawful, (v) any such action is deemed necessary or advisable by the Sponsor or its delegate or (vi) for any reason at any time
or from time to time. The Sponsor or its delegates shall not be liable to any person by reason of the rejection of any Creation Order or Total Basket Amount. 

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

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

Section 4. Authorized Persons. Concurrently with the execution of this Agreement and from time to time thereafter, the Authorized
Participant shall deliver to the Sponsor or its delegate notarized and duly certified as appropriate by its secretary or other duly authorized official, a certificate in the form of Exhibit A setting forth (i) the names and signatures of all
persons authorized to give instructions relating to activity contemplated hereby or by any other notice, request or instruction given on behalf of the Authorized Participant (each, an “Authorized Person”) and (ii) one or more
email addresses from which notices regarding a Creation Order or Redemption Order will be generated and to which notices regarding a Creation Order or Redemption Order can be sent (a “Participant email”). The Sponsor or its delegate
may accept and rely upon such certificate as conclusive evidence of the facts set forth therein and shall consider such certificate to be in full force and effect until the Sponsor or its delegate receives a superseding certificate bearing a
subsequent date. Upon the elimination of any of the Participant emails, the Authorized Participant shall give immediate written notice of such fact to the Sponsor or its delegate and such notice shall be effective upon receipt by the Sponsor or its
delegate. Upon the termination or revocation of authority of any Authorized Person by the Authorized Participant, the Authorized Participant shall give immediate written notice of such fact to the Sponsor or its delegate and such notice shall be
effective upon receipt by the Sponsor or its delegate. 
 Section 5. Role of Authorized Participant. (a) The Authorized
Participant acknowledges that, for all purposes of this Agreement and each Trust Agreement, the Authorized Participant is and shall be deemed to be an independent contractor, and not an employee, director, officer, constituent partner, manager,
member or affiliate of any Trust. The Authorized Participant has no authority to represent that it or any person affiliated with it is anything other than an independent contractor of each Trust, and such representation, if made, shall not bind any
Trust or any affiliate thereof, and must not be relied upon by any person. The Authorized Participant, in its capacity as Authorized Participant, agrees that neither it nor any of its affiliates is authorized to make any representation concerning
any Trust. 
 (b) The Authorized Participant shall make itself and its employees available, upon request, during normal
business hours to consult with the Sponsor or its designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement. 

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

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

Section 6. Digital Asset Transactions. EACH OF THE PARTIES HERETO ACKNOWLEDGES AND AGREES THAT DIGITAL ASSET TRANSFERS MAY BE
IRREVERSIBLE. 
 (a) The digital asset wallet addresses that (i) are known to the Sponsor or its delegates or to any
security vendor or vendors of a Trust (the “Security Vendors”), as specified in the Procedures and (ii) are currently active at the time of a creation or redemption transaction with a Trust are each an Authorized Participant
self-administered account (each, an “Authorized Participant Self-Administered Account”). The Authorized Participant shall provide the Sponsor or its delegates with one or more Authorized Participant Self-Administered Accounts. If
the Authorized Participant becomes unable to continue to provide any Trust with at least one Authorized Participant Self-Administered Account, the Authorized Participant shall give immediate notice to the Sponsor of such event. 

(b) Any digital assets to be transferred in connection with any Creation Order or Redemption Order shall be transferred between
an Authorized Participant Self-Administered Account and the account or accounts holding the relevant Trust’s digital assets (each, a “Digital Asset Account”; each Digital Asset Account and Authorized Participant
Self-Administered Account, an “Account”) in accordance with the Procedures. 
 (c) Each of the parties
hereto acknowledges and agrees that (i) it has the computer hardware, software and technological knowhow required to transact in digital assets; (ii) it is responsible for confirming the accuracy of any Account it is provided and that it
provides in connection with any Creation Order or Redemption Order pursuant to this Agreement; and (iii) it is responsible for and bears the risk of loss for all digital assets transferred from an Account it owns to an Account owned by another
party hereto. 
 (d) Authorized Participants will receive no other fees, commissions or other form of compensation or
inducement of any kind from the Sponsor or any Trust in connection with a Creation Orders and Redemption Orders, and Authorized Participants will receive no Fee in connection with any subscription amount paid to the relevant Authorized Participant
in digital assets. 

  
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 Section 7. Indemnification. 

(a) The Authorized Participant hereby indemnifies and holds harmless each Trust and the Sponsor, their respective direct or
indirect affiliates and their respective directors, trustees, sponsors, partners, members, managers, officers, employees and agents (each, an “AP Indemnified Party”) from and against any losses, liabilities, damages, costs and
expenses (including reasonable attorneys’ fees and the reasonable cost of investigation, including reasonable costs involved in defending itself in connection with an investigation) incurred by such AP Indemnified Party as a result of or in
connection with: (i) any breach by the Authorized Participant of any provision of this Agreement; (ii) any failure on the part of the Authorized Participant to perform any of its obligations set forth in this Agreement; (iii) any
failure by the Authorized Participant to comply with any applicable laws or the applicable rules and regulations in connection with this Agreement; (iv) any actions of such AP Indemnified Party in reliance upon any instructions issued in
accordance with the Procedures believed by the AP Indemnified Party to be genuine and to have been given by the Authorized Participant; or (v) any representation by the Authorized Participant, its employees or its agents or other
representatives about the Shares of a Trust, any AP Indemnified Party or such Trust that is not consistent with such Trust’s then-current Memorandum made in connection with the offer or the solicitation of an offer to buy or sell such Shares.

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

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

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

  
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 (e) If the indemnification provided for in this Section 7 is
unavailable to an indemnified party under Section 7(a) or Section 7(b) or is insufficient to hold an indemnified party harmless in respect of any losses, liabilities, damages, costs and expenses referred to therein, then each applicable
indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, liabilities, damages, costs and expenses (i) in such proportion as is appropriate to reflect the relative benefits received
by the Sponsor and the relevant Trust, on the one hand, and by the Authorized Participant, on the other hand, from the services provided hereunder or (ii) if the allocation provided by clause (i) above is not permitted by applicable law,
in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Sponsor and the relevant Trust, on the one hand, and of the Authorized Participant, on the other
hand, in connection with, to the extent applicable, the statements or omissions which resulted in such losses, liabilities, damages, costs and expenses, as well as any other relevant equitable considerations. The relative benefits received by the
Sponsor and a Trust, on the one hand, and the Authorized Participant, on the other hand, shall be deemed to be in the same respective proportions as the amount of digital assets transferred to such Trust under this Agreement, on the one hand
(expressed in U.S. Dollars), and the amount of economic benefit received by the Authorized Participant in connection with this Agreement, on the other hand. To the extent applicable, the relative fault of the Sponsor, on the one hand, and of the
Authorized Participant, on the other, shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by the Sponsor
or by the Authorized Participant and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses, liabilities,
damages, costs and expenses referred to in this Section 7(d) shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with investigating, preparing to defend or defending any action, suit or
proceeding (each a “Proceeding”) related to such losses, liabilities, damages, costs and expenses. 
 (f)
The Sponsor and the Authorized Participant agree that it would not be just and equitable if contribution pursuant to this Section 7 were determined by pro rata allocation or by any other method of allocation that does not take account of the
equitable considerations referred to in Section 7(d) above. The Authorized Participant shall not be required to contribute any amount in excess of the amount by which the total price (expressed in U.S. Dollars) at which the Shares of a Trust
were initially created by the Authorized Participant (for avoidance of doubt, in an amount equal to the U.S. Dollar value of the Total Basket Amount deposited with such Trust at the time of creation) exceeds the amount of any damages which the
Authorized Participant has otherwise been required to pay by reason of such untrue statement or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 

  
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 (g) The indemnity and contribution agreements contained in this
Section 7 shall remain in full force and effect regardless of any investigation made by or on behalf of the Authorized Participant, its partners, stockholders, members, directors, officers, employees and shall survive any termination of this
Agreement. The Sponsor and the Authorized Participant agree to promptly notify each other of the commencement of any Proceeding against it and, in the case of the Sponsor, against any of the Sponsor’s officers or directors, in connection with
the issuance and sale of the Shares of any Trust or in connection with a Memorandum. 
 Section 8. Liability. 

(a) Limitation of Liability. In the absence of fraud, gross negligence, bad faith or willful misconduct, neither the
Sponsor nor the Authorized Participant shall be liable to each other or to any other person, including any party claiming by, through or on behalf of the Authorized Participant, for any losses, liabilities, damages, costs or expenses arising out of
any mistake or error in data or other information provided to any of them by each other or any other person or out of any interruption or delay in the electronic means of communications used by them. 

(b) Tax Liability. The Authorized Participant shall be responsible for the payment of any transfer tax, sales or use
tax, stamp tax, recording tax, value added tax and any other similar tax or government charge applicable to the creation or redemption of any Basket made pursuant to this Agreement, regardless of whether or not such tax or charge is imposed directly
on the Authorized Participant. To the extent the Sponsor or a Trust is required by law to pay any such tax or charge, the Authorized Participant agrees to promptly indemnify such party for any such payment, together with any applicable penalties,
additions to tax or interest thereon. 
 Section 9. Effectiveness and Termination. Upon the execution of this Agreement by the
parties hereto, this Agreement shall become effective in this form as of the date first set forth above, and may be terminated at any time by any party upon thirty (30) calendar days prior written notice to the other parties unless earlier
terminated: (i) upon notice to the Authorized Participant by the Sponsor in the event of a breach by the Authorized Participant of this Agreement or the procedures described or incorporated herein; or (ii) at such time as all of the Trusts
have been terminated pursuant to their respective Trust Agreements. 
 Section 10. Certain Representations, Warranties and Covenants
of the Sponsor. The Sponsor, on its own behalf and as sponsor of each Trust: 
 (a) agrees to notify the Authorized
Participant promptly of the happening of any event during the term of this Agreement which could require the making of any change in a Memorandum then being used so that such Memorandum would not include an untrue statement of material fact or omit
to state a material fact necessary to make the statements therein, in the light of the circumstances under which they are made, not misleading, and, during such time, to promptly prepare and furnish, at the expense of the relevant Trust, to the
Authorized Participant such amendments or supplements to such Memorandum as may be necessary to reflect any such change; 

  
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 (b) represents and warrants to the Authorized Participant that the Sponsor,
on behalf of each Trust, (i) has exercised reasonable care to identify each covered person of each Trust set forth in paragraph (d)(1) of Rule 506 of Regulation D under the Securities Act (other than the Authorized Participant and its
directors, the executive officers and other employees or officers who participate in the offering); (ii) has exercised reasonable care to ascertain whether (A) a disqualification exists under clauses (i) through (viii) of paragraph (d)(1)
of Rule 506 with respect to each such covered person and (B) whether any disclosure is required to be made pursuant to paragraph (e) of such Rule 506 in respect of any matter experienced by any such covered person; and (iii) does not
know of (A) any disqualification that exists under paragraph (d)(1) of Rule 506 in respect of any such covered person or (B) of any disclosure required to be made pursuant to paragraph (e) of such Rule 506 in respect of any matter
experienced by any such covered person; 
 (c) further represents and warrants to the Authorized Participant that each Trust
has in place policies, procedures and controls reasonably designed to detect the occurrence of any event that could reasonably be expected to lead to any disqualification under paragraph (d)(1) of Rule 506 in respect of such covered person; and 

(d) covenants to the Authorized Participant that the Sponsor will inform the Authorized Participant as promptly as reasonably
practical of the occurrence of any event in respect of any such covered person that could reasonably be expected to give rise to a disqualification under such paragraph, including any pending or threatened litigation or regulatory actions, as well
as the occurrence of any event that does, in fact, give rise to a disqualification under paragraph (d)(1) of Rule 506. 
 In addition, any
certificate signed by any officer of the Sponsor and delivered to the Authorized Participant or counsel for the Authorized Participant pursuant hereto shall be deemed to be a representation and warranty by the Sponsor as to matters covered thereby
to the Authorized Participant. 
 Section 11. Third Party Beneficiaries. Each AP Indemnified Party and Sponsor Indemnified
Party, to the extent it is not a party to this Agreement, is a third-party beneficiary of this Agreement (each, a “Third Party Beneficiary”) and may proceed directly against any party hereto (including by bringing proceedings
against the parties hereto in its own name) to enforce any obligation of such party under this Agreement which directly or indirectly benefits such Third Party Beneficiary. 

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

  
 12 

 Section 13. Miscellaneous. 

(a) Amendment and Modification. This Agreement, the Procedures and the Schedules and Exhibits hereto may be amended,
modified or supplemented by the Sponsor without consent of any beneficial owner or the Authorized Participant from time to time by the following procedure: the Sponsor will send a copy of the proposed amendment, modification or supplement to the
Authorized Participant via email or regular mail. For the purposes of this Agreement, (i) an email will be deemed received by the recipient thereof on the day the notice is sent and (ii) mail will be deemed received by the recipient
thereof on the third (3rd) day following the deposit of such mail into the United States postal system. Within ten (10) calendar days after its deemed receipt, the amendment, modification or supplement will become part of this Agreement, the
Procedures, the Schedules or the Exhibits, as the case may be, in accordance with its terms; provided, however, that any amendments to the Procedures shall not apply retroactively to Orders submitted prior to the effectiveness of such amended
Procedures as set forth herein. 
 (b) Waiver of Compliance. Any failure of any of the parties to comply with any
obligation, covenant, agreement or condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but any such written waiver, or the failure to insist upon strict
compliance with any obligation, covenant, agreement or condition herein, shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. 

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

(d) Successors and Assigns. This Agreement and all of the provisions hereof shall be binding upon and inure to the
benefit of the parties and their respective successors and permitted assigns. 
 (e) Assignment. Neither this
Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any party without the prior written consent of the other parties hereto, which shall not be unreasonably withheld, provided that any entity into which a party
hereto may be merged or converted or with which it may be consolidated or any entity resulting from any merger, conversion, or consolidation to which such party hereunder shall be a party, or any entity succeeding to all or substantially all of the
business of the party, shall be the successor of such party without 

  
 13 

 
further action under this Agreement and except that the Sponsor may delegate its obligations hereunder to any such person as the Sponsor, in its sole discretion, deems fit by notice to the
Authorized Participant. The party resulting from any such merger, conversion, consolidation or succession shall promptly notify the other parties hereto of the change. Any purported assignment in violation of the provisions hereof shall be null and
void. Notwithstanding the foregoing, this Agreement shall be automatically assigned to any successor Sponsor of a Trust at such time as such successor qualifies as a successor Sponsor of such Trust under the terms of the relevant Trust Agreement.

 (f) Governing Law; Consent to Jurisdiction. This Agreement shall be governed by and construed in accordance with
the laws of the State of Delaware (regardless of the laws that might otherwise govern under applicable Delaware conflict of laws principles) as to all matters, including matters of validity, construction, effect, performance and remedies. Each party
hereto irrevocably consents to the jurisdiction of the courts of the State of New York located in the Borough of Manhattan, and of any federal court located in the Borough of Manhattan in such State, in connection with any action, suit or other
proceeding arising out of or relating to this Agreement or any action taken or omitted hereunder, and waives any claim of forum non conveniens and any objections as to laying of venue. Each party further waives personal service of any summons,
complaint or other process and agrees that service thereof may be made by certified or registered mail directed to such party at such party’s address for purposes of notices hereunder. EACH PARTY HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 (g) Counterparts. This
Agreement may be executed in several counterparts (including by facsimile and other electronic means), each of which when executed and delivered shall be an original, but all of which together shall constitute one and the same instrument. This
Agreement, to the extent signed and delivered by means of a facsimile machine or other electronic transmission, shall be treated in all manner and respects as an original agreement and shall be considered to have the same binding legal effect as if
it were the original signed version thereof delivered in person. 
 (h) Interpretation. The article and section
headings contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the parties and shall not in any way affect the meaning or interpretation of this Agreement. 

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

  
 14 

 (j) Severance. If any provision of this Agreement is held by any
court or any act, regulation, rule or decision of any other governmental or supra-national body or authority or regulatory or self-regulatory organization to be invalid, illegal or unenforceable for any reason, it shall be invalid, illegal or
unenforceable only to the extent so held and shall not affect the validity, legality or enforceability of the other provisions of this Agreement and this Agreement will be construed as if such invalid, illegal, or unenforceable provision had never
been contained herein, unless the Sponsor determines in its discretion that the provision of this Agreement that was held invalid, illegal or unenforceable does affect the validity, legality or enforceability of one or more other provisions of this
Agreement, and that this Agreement should not be continued without the provision that was held invalid, illegal or unenforceable. In that case, upon the Sponsor’s notification to the Authorized Participant of such a determination, this
Agreement shall immediately terminate. 
 (k) No Strict Construction. The language used in this Agreement will be
deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party. 

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

  
 15 

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

			
	 Grayscale Investments, LLC, 

the Sponsor of each of Trust

		
	By:	 	 /s/ Michael Sonnenshein

		
	Name:	 	Michael Sonnenshein
		
	Title:	 	Managing Director
		
	Address:	 	250 Park Avenue South
		 	New York, New York 10003
		
	Telephone:	 	(212) 668-5921
		
	Facsimile:	 	(212) 937-3645
		
	Email:	 	info@grayscale.co
	
	 Genesis Global Trading, Inc.,

the Authorized Participant

		
	By:	 	 /s/ Soichiro Moro

		
	Name:	 	Soichiro Moro
		
	Title:	 	CEO
		
	Address:	 	250 Park Avenue South
		 	New York, New York 10003
		
	Telephone:	 	(212) 668-5921
		
	Facsimile:	 	(646) 619-4410
		
	Email:	 	trading@genesistrading.com

  
 16 

 SCHEDULE I 
  

	1.	 Grayscale Bitcoin Trust (BTC), a Delaware statutory trust formed on September 13, 2013.

  

	2.	 Grayscale Bitcoin Cash Trust (BCH), a Delaware statutory trust formed on January 26, 2018.

  

	3.	 Grayscale Ethereum Trust (ETH), a Delaware statutory trust formed on December 13, 2017.

  

	4.	 Grayscale Ethereum Classic Trust (ETC), a Delaware statutory trust formed on April 18, 2017.

  

	5.	 Grayscale Horizen Trust (ZEN), a Delaware statutory trust formed on July 3, 2018. 

 

	6.	 Grayscale Litecoin Trust (LTC), a Delaware statutory trust formed on January 26, 2018.

  

	7.	 Grayscale Stellar Lumens Trust (XLM), a Delaware statutory trust formed on October 26, 2018.

  

	8.	 Grayscale XRP Trust (XRP), a Delaware statutory trust formed on February 26, 2018.

  

	9.	 Grayscale Zcash Trust (ZEC), a Delaware statutory trust formed on February 26, 2018.

  
 A-1 

 EXHIBIT A 

FORM OF CERTIFIED AUTHORIZED PERSONS OF AUTHORIZED PARTICIPANT 

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

Authorized Participant: Genesis Global Trading, Inc.  
  

									
		
	Name: Soichiro Moro	  	Name: Michael Paleokrassas
		
	Title: CEO	  	Title: Managing Director
					
	Signature:	 	  
	 		  	Signature:	  	  

				
	Name:	 	  
	 		  	Name: Carl Bergman
				
	Title:	 	  
	 		  	Title: Operations Associate
					
	Signature:	 	  
	 	        	  	Signature:	  	  

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

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

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

  
 A-1 

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

					
	Subscribed and sworn to before me	  	By:	  	 
	this [    ] day of June, 2018	  		  	
		  	Name:	  	Soichiro Moro
			
		  	Title:	  	CEO
			
	  
	  	Date:	  	June [     ], 2018
	Notary Public	  		  	

  
 A-2 

 EXHIBIT B 

FORM OF CREATION ORDER FORM 
 Trust:
                                         
                                        

Authorized Participant:
                                         
               
 Order Date:
                                         
                                

Number of Shares to be issued:
                                        

 Number of Creation Baskets to be issued:
                         

Total Basket Amount:
                                         
                
 Authorized Participant Self-Administered Account*:
                                         
    
  

	*	 “Authorized Participant Self-Administered Account” means a digital asset wallet address
provided and known to the Sponsor, its delegate and the Trust’s Security Vendors as belonging to the Authorized Participant. 

All Creation Orders are subject to the terms and conditions of the Amended and Restated Declaration of Trust and Trust Agreement, as amended
from time to time (the “Trust Agreement”) of [                     ] Trust (the “Trust”), as currently in effect
and the Master Participant Agreement among the Authorized Participant and the Sponsor named therein (the “Master Participant Agreement”). All representations and warranties of the Authorized Participant set forth in the Master
Participant Agreement are incorporated herein by reference. Capitalized terms used but not defined herein shall have the meaning given in the Procedures. 

Listed below are the names of the investors that will beneficially own Shares obtained pursuant to this Creation Order (each, an
“Investor”), the number of Shares that each such Investor will own and an indication of whether the Investor is a benefit plan investor (as defined in the Trust’s Memorandum). 

 

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

 The Authorized Participant confirms to the Trust that it has, within the past three months, taken reasonable
steps to verify that each such Investor is an “accredited investor” within the meaning of Rule 501(a) of Regulation D under the Securities Act, and has determined that such person is an accredited investor. Additionally, such Investor(s)
represent(s) and warrant(s) in its (their) Subscription Agreement that, among other things, it has reviewed and understands the risks of an investment in the Trust, has the financial knowledge and experience to evaluate such investment, is able to
bear the substantial risks of an investment in the Trust and is able to afford to lose its entire investment. 
 In connection with the
Authorized Participant’s acceptance of an interest in the Trust, the Authorized Participant does hereby irrevocably constitute and appoint the Sponsor, and its successors and assigns, as its true and lawful Attorney-in-Fact, with full power of substitution, in its name, place and stead, in the execution, acknowledgment, filing and publishing of Trust documents, including, but not limited to, the following:
(i) any certificates and other instruments, including but not limited to, any applications for authority to do business and amendments thereto, which the Sponsor deems appropriate to qualify or continue the Trust as a business or statutory
trust in the jurisdictions in which the Trust may conduct business, so long as such qualifications and continuations are in accordance with the terms of the 

  
 B-1 

 
Trust Agreement, or which may be required to be filed by the Trust or the Trust’s Shareholders under the laws of any jurisdiction; (ii) any instrument which may be required to be filed
by the Trust under the laws of any state or by any governmental agency, or which the Sponsor deems advisable to file; and (iii) the Trust Agreement and any documents which may be required to effect an amendment to the Trust Agreement approved
under the terms of the Trust Agreement, and the continuation of the Trust, the admission of the signer of the Power of Attorney as a Shareholder, or of others as additional or substituted Shareholders, or the termination of the Trust, provided such
continuation, admission or termination is in accordance with the terms of the Trust Agreement. The Power of Attorney granted hereby shall be deemed to be coupled with an interest and shall be irrevocable and shall survive, and shall not be affected
by, the Authorized Participant’s subsequent insolvency or dissolution or any delivery by the Authorized Participant of an assignment of the whole or any portion of the Authorized Participant’s Shares. 

The undersigned understands that by submitting this Creation Order, he/she is making the representations and warranties set forth in the
Master Participant Agreement and is also granting an irrevocable Power of Attorney. 

  
 B-2 

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

 

			
	  

Date:                  
                      

	
	 Accepted by:

	
	[                    ] Trust
	
	 By: Grayscale Investments, LLC,

as Sponsor

			
		
	By:	 	  

		 	 Name:

Title:

			
		
	By:	 	  

		 	 Name:
 Title:

 

			
	  
 (Please Print Name of
Authorized Participant)

		
	By:	 	  

		 	Name:
		 	Title:

 
 

  
 B-3 

 EXHIBIT C 

FORM OF REDEMPTION ORDER FORM 

Trust:
                                        
                 
 Authorized Participant:
                                         
                                        

Date:
                                         
                                         
                               

Number of Shares to be redeemed:
                                         
                        

Number of Redemption Baskets to be issued:
                                         
        
 Authorized Participant Self-Administered Account*:
                                     

 
  

	*	 “Authorized Participant Self-Administered Account” means a digital asset wallet address
provided and known to the Sponsor, its delegates and the Trust’s Security Vendors as belonging to the Authorized Participant. 

All Redemption Orders are subject to the terms and conditions of the Amended and Restated Declaration of Trust and Trust Agreement, as amended
from time to time (the “Trust Agreement”), of [                    ] Trust (the “Trust”) as currently in effect and
the Master Participant Agreement among the Authorized Participant and the Sponsor named therein (the “Master Participant Agreement”). All representations and warranties of the Authorized Participant set forth in the Master
Participant Agreement are incorporated herein by reference. Capitalized terms used but not defined herein shall have the meaning given in the Procedures. 

The undersigned represents and warrants that prior to submitting this Redemption Order, the Authorized Participant has ascertained that
(i) the digital asset wallet to be used in connection with the Redemption Order is owned outright by the Authorized Participant or it has full legal authority and legal and beneficial right to any digital assets transferred to such digital
asset wallet and (ii) the Authorized Participant Self-Administered Account is appropriately designated for receipt of the number of digital assets equal to the Total Basket Amount distributed by the Trust. 

THE UNDERSIGNED UNDERSTANDS THAT IT IS SOLELY RESPONSIBLE FOR THE ACCURACY OF THE AUTHORIZED PARTICIPANT SELF-ADMINISTERED ACCOUNT PROVIDED
FOR THE TRANSFER OF THE TOTAL BASKET AMOUNT PURSUANT TO THIS REDEMPTION ORDER. 
 The undersigned does hereby certify as of the date set
forth below that he/she is an Authorized Person under the Master Participant Agreement and that he/she is authorized to deliver this Redemption Order to the Sponsor on behalf of the Authorized Participant. The undersigned understands that by
submitting this Redemption Order he/she is making the representations and warranties set forth in the Master Participant Agreement. 
  

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

  
 C-1 

 ANNEX A 

ARTICLE I 
 SCOPE OF
PROCEDURES 
 This Annex A to the Master Participant Agreement (the “Master Participant Agreement”) supplements
the Master Participant Agreement, the Memorandum and each Trust Agreement (as defined below) with respect to the procedures (the “Procedures”) to be used in processing (1) creation orders for the creation of one or more Baskets
(as defined below) (“Creation Order”) of any Trust listed on Schedule I to the Master Participant Agreement (each, a “Trust”) or (2) redemption orders for the redemption of one or more Baskets
(“Redemption Order”) of any Trust. Shares of a Trust may be created or redeemed only in aggregations of 100 Shares (each such aggregation, a “Basket”) of such Trust. Because the creation and redemption of Baskets
involve the transfer of digital assets between the Authorized Participant and a Trust, certain processes relating to the underlying digital asset transfers are described below. 

EACH TRUST AND THE AUTHORIZED PARTICIPANT ACKNOWLEDGE THAT DIGITAL ASSET TRANSFERS MAY BE IRREVERSIBLE. 

Capitalized terms used but not defined in these Procedures shall have the meanings assigned to them in the Master Participant Agreement. 

Each Participant is responsible for ensuring that the number of (i) digital assets that equal the Total Basket Amount (as defined below)
or (ii) Baskets it intends to transfer to a Trust in exchange for digital assets, respectively, are available to transfer to such Trust in the manner and at the times described in these Procedures. 

 ARTICLE II 

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

1. Placing of Creation Order. 
  

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

 

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

  

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

  

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

  
 3 

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

  

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

  

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

 2. Determination of Total Basket Amount 
  

	 	2.1.	 After the Order Cut-Off Time, the Sponsor or its delegate will
calculate the number of digital assets that the Authorized Participant must transfer to the relevant Trust to fulfill the Creation Order on the Creation Order Date. 

 

	 	2.2.	 The number of digital assets required for a Creation Basket or a Redemption Basket of a Trust shall be
determined by the Sponsor or its delegate by dividing (x) the number of digital assets owned by such Trust at 4:00 p.m., New York time, on the Creation Order Date, after deducting the number digital assets representing the U.S. Dollar
value of accrued but unpaid fees and expenses of such Trust (in the case of any such fee and expense other than the Sponsor’s Fee, converted using the relevant Index Price (as defined in such Trust’s Memorandum) at such time (carried to
the eighth decimal place)), by (y) the number of Shares of such Trust outstanding at such time (the quotient so obtained calculated to one one-hundred-millionth of one digital asset (i.e., carried to the
eighth decimal place)) and multiplying such quotient by 100 (the “Basket Amount”). The Basket Amount multiplied by the number of Baskets being created in accordance with this Article II or redeemed in accordance with Article III is
the “Total Basket Amount.” The Sponsor’s determination of all questions as to the composition of the Total Basket Amount shall be final. 

3. Settlement of Creation Order 
  

	 	3.1.	 Once the Total Basket Amount has been determined, the Sponsor or its delegate will send the Creation Order
Calculation Email to the Authorized Participant providing the (i) Total Basket Amount and (ii) the address of a Digital Asset Account belonging to the relevant Trust. 

  
 4 

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

 

	 	3.3.	 The Sponsor or its delegate will confirm transfer of the Total Basket Amount from such Authorized Participant
Self-Administered Account to the relevant Digital Asset Account and, if applicable, the validation of such transfer by the relevant digital asset network with the relevant Security Vendors. The Sponsor may determine another mechanism for a Trust to
accept delivery of digital assets as the Sponsor may, from time to time, determine to be acceptable for such Trust. 

  

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

  

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

  

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

  
 5 

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

  
 6 

 ARTICLE III 

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

EACH TRUST AND THE AUTHORIZED PARTICIPANT ACKNOWLEDGE THAT DIGITAL ASSET TRANSFERS MAY BE IRREVERSIBLE. 

1. Placing of Redemption Order. 
  

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

  

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

  

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

  

	 	1.4.	 A REDEMPTION ORDER FOR REDEMPTION BASKETS OF A TRUST CANNOT BE CANCELED BY THE AUTHORIZED PARTICIPANT AFTER THE
SPONSOR’S OR ITS DELEGATE’S REDEMPTION ORDER CONFIRMATION EMAIL HAS BEEN SENT 

  
 7 

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

  

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

  

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

 2. Determination of Total Basket Amount. 

 

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

 3. Settlement of Redemption Order. 
  

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

  

	 	3.2.	 The Authorized Participant will then send an email to the Sponsor or its delegate (i) acknowledging the
receipt and the content of the Sponsor’s or its delegate’s email, as provided in Section 3.1 of this Article III, and (ii) providing the address of its Authorized Participant Self-Administered Account. 

 

	 	3.3.	 Upon receipt of the Authorized Participant’s email, the Sponsor or its delegate will email or telephone
the Authorized Participant within 30 minutes, or as soon thereafter as practicable to orally confirm receipt of the e-mail and the information included in such e-mail
generally, and such Authorized Participant Self-Administered Account specifically. THE AUTHORIZED PARTICIPANT IS SOLELY RESPONSIBLE FOR THE ACCURACY OF SUCH 

  
 8 

	 	
AUTHORIZED PARTICIPANT SELF-ADMINISTERED ACCOUNT PROVIDED IN CONNECTION WITH THE TRANSFER OF THE TOTAL BASKET AMOUNT PURSUANT TO A REDEMPTION ORDER. TRANSFERS WILL ONLY BE MADE TO AN AUTHORIZED
PARTICIPANT SELF-ADMINISTERED ACCOUNT AND ANY REQUEST FOR A TRANSFER TO AN ACCOUNT OTHER THAN AN AUTHORIZED PARTICIPANT SELF-ADMINISTERED ACCOUNT WILL BE REJECTED. 

 

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

 

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

  

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

  

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

  

	 	3.8.	 If applicable, one or more of the Security Vendors will provide confirmation to the Sponsor or its delegate
after it receives confirmation of the transfer of the Total Basket Amount and the validation of such transfer by the relevant digital asset network. 

  

	 	3.9.	 The Sponsor or its delegate will e-mail and call the Authorized
Participant to confirm receipt of the Total Basket Amount in such Authorized Participant Self-Administered Account. 

 4.
DISCLAIMER. DIGITAL ASSET TRANSFERS MAY BE IRREVERSIBLE AND THERE IS NO RECOURSE AGAINST ANYONE FOR THE WRONGFUL DELIVERY OF DIGITAL ASSETS TO AN INADVERTENT RECIPIENT, AN INACTIVE (DEAD) WALLET ADDRESS OR AN INVALID WALLET ADDRESS

  
 9 

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

  
 10EX-10.1

 Exhibit 10.1 

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

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

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

Execution Version 
  

TRUST COMPANY CUSTODIAL SERVICES AGREEMENT 

This Custodial Services Agreement (the “Agreement”) is made by and between Grayscale Zcash Trust (ZEC) (the
“Grayscale Investment Product”), Grayscale Investments, LLC, sponsor of the Grayscale Investment Product (the “Sponsor” and together with the Grayscale Investment Product, the “Client”) and Coinbase
Custody Trust Company, LLC, with an address at 200 Park Avenue South, Suite 1208, New York, NY 10003 (“Trust Company”). This Agreement governs Client’s use of the Custodial Services (as defined herein) provided by Trust Company
as a fiduciary to its clients’ assets. 
 1. CUSTODIAL SERVICES. 

1.1. Custodial Services. Client hereby appoints Trust Company as its exclusive provider of Custodial Services for a term of three
(3) years from the date of Client’s signature to this Agreement (the “Initial Term”), subject to earlier termination in accordance with Section 4.5. Trust Company shall establish Client’s “Custodial
Account” as a segregated custody account controlled and secured by Trust Company to store certain supported digital currencies and utility tokens (“Digital Assets”), on Client’s behalf (the “Custodial
Services”). Trust Company is a fiduciary under § 100 of the New York Banking Law and a qualified custodian for purposes of Rule 206(4)-2(d)(6) under the Investment Advisers Act of 1940, as
amended, and is licensed to custody Client’s Digital Assets in trust on Client’s behalf. Digital Assets in Client’s Custodial Account are not treated as general assets of Trust Company. Rather, Trust Company serves as a fiduciary and
custodian on Client’s behalf, and the Digital Assets in Client’s Custodial Account are considered fiduciary assets that remain Client’s property at all times. 

1.2. Opt-in to Article 8 of the Uniform Commercial Code of the State of New York. Trust Company
is a “securities intermediary” as that term is defined in Article 8 of the Uniform Commercial Code of the State of New York (“Article 8”). Although it holds only Digital Assets, solely for purposes of this Agreement,
Client’s Custodial Account is considered a “securities account” under Article 8, and Client is the “entitlement holder” of the securities account under Article 8. Solely for purposes of this Agreement, Digital Assets in
Client’s Custodial Account are treated as “financial assets” under Article 8. Trust Company is obligated by Article 8 to maintain sufficient Digital Assets to satisfy all entitlements of customers of Trust Company to the same Digital
Assets. Trust Company may not grant a security interest in the Digital Assets in Client’s Custodial Account. Digital Assets in Client’s Custodial Account are custodial assets. Under Article 8, the Digital Assets in Client’s Custodial
Account are not general assets of Trust Company and are not available to satisfy claims of creditors of Trust Company. The treatment of Digital Assets in Client’s Custodial Account as financial assets under Article 8 does not determine the
characterization or treatment of the Digital Assets under any other law or rule. 
 1.3. Custodial Services Fees. The fees associated
with the Custodial Services set forth herein shall be calculated in accordance with Schedule A (“Fee Schedule”). 

1.4. No Investment Advice or Brokerage. Trust Company does not provide investment, tax, or legal advice, nor does Trust Company broker
transactions on Client’s behalf. Client acknowledges that Trust Company has not provided any advice or guidance or made any recommendations to Client with regard to the suitability or value of any Digital Assets, and that Trust Company has no
liability regarding any selection of a Digital Asset that is held by Client through Client’s Custodial Account and the Custodial Services. All deposit and withdrawal transactions are executed based on Client’s instructions and in
accordance with posted deposit and withdrawal execution procedures, and Client is solely responsible for determining whether any investment, investment strategy, or related transaction involving Digital Assets is appropriate for Client based on
Client’s personal investment objectives, financial circumstances, and risk tolerance. Client should consult its legal or tax professional regarding Client’s specific situation. 

 1.5. Acknowledgement of Risks. Client acknowledges that the Custodial Accounts not
covered by the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation. 
 2. CREATING A CUSTODIAL ACCOUNT. 

2.1. Registration of Custodial Account. The Custodial Services are provided through https://custody.coinbase.com/ or any
associated websites or application programming interfaces (“APIs”) (collectively, the “Trust Company Site”). To use the Custodial Services, Client must create a Custodial Account by providing Trust Company with all
information requested. 
 2.2. Authorized Representatives. Client shall provide the names of “Authorized Representatives” of
Client on Schedule B hereto, each of whom shall be an employee or officer of Client. Each Authorized Representative shall be authorized to access the Trust Company Site and issue instructions to the Trust Company on behalf of Client. Each
Authorized Person will continue to be an Authorized Representative of Client until such time as Trust Company receives instructions from Client that its Authorized Representatives have changed. Client shall promptly notify the Trust Company in the
event that the Authorized Representatives have changed. 
 3. CUSTODIAL ACCOUNT. 

3.1. In General. The Custodial Services (i) allow supported Digital Assets to be deposited from a public blockchain address to
Client’s Custodial Account and (ii) allow Client to withdraw supported Digital Assets from Client’s Custodial Account to a public blockchain address Client controls pursuant to instructions Client provides through the Trust Company
Site (each such transaction is a “Custody Transaction”). The Digital Assets stored in Client’s Custodial Account are not commingled with Digital Assets that Trust Company custodies for its other clients or Digital Assets of
Trust Company and are custodied pursuant to the terms of this Agreement and any addenda thereto. Trust Company reserves the right to refuse to process or to cancel any pending Custody Transaction as required by law or in response to a subpoena,
court order, or other binding government order or to enforce transaction, threshold, and condition limits, in each case as communicated to Client as soon as reasonably practicable where Trust Company is permitted to do so, or if Trust Company
reasonably believes that the Custody Transaction may violate or facilitate the violation of an applicable law, regulation or applicable rule of a governmental authority or self-regulatory organization. Trust Company cannot reverse a Custody
Transaction which has been broadcast to a Digital Asset network. 
 3.2. Instructions. Trust Company may act upon instructions
(“Instructions”) from Client’s Authorized Representatives (or otherwise given on Client’s behalf) in such manner as is currently utilized by Trust Company, or otherwise as notified to Client by Trust Company, provided that
(i) Instructions shall continue in full force and effect until cancelled or superseded (except in respect of Instructions executed by Trust Company, which can no longer be cancelled), (ii) if Trust Company becomes aware of any Instructions that
are illegible, unclear or ambiguous, Trust Company shall promptly notify Client and may refuse to execute such Instructions until any ambiguity or conflict has been resolved to its satisfaction, (iii) Trust Company may further refuse to execute
Instructions if in Trust Company’s reasonable opinion such Instructions are outside the scope of Trust Company’s duties under this Agreement or are contrary to any applicable law, rule or other regulatory requirement (whether arising

  
 2 

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

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

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

 
from any governmental authority or self-regulatory organization), and Trust Company will promptly notify Client of such refusal, and (iv) Trust Company may rely in the performance of its
duties under this Agreement and without liability on its part, upon any Instructions given by Client’s Authorized Representatives and upon any notice, request, consent, certificate or other instrument believed by it in good faith and in a
commercially reasonable manner to be genuine and to be signed or furnished by the proper party or parties thereto, including (without limitation) Client or any of Client’s Authorized Representatives. Client is responsible for losses resulting
from inaccurate Instructions provided by Client (e.g., if Client provides the wrong destination address to Trust Company for executing a withdrawal transaction). Trust Company is responsible for losses resulting from its errors in executing a
transaction (e.g., if Client provides the correct destination address for executing a withdrawal transaction, but Trust Company erroneously sends Client’s Digital Assets to another destination address). 

3.3. Digital Asset Deposits and Withdrawals. Trust Company processes supported Digital Asset deposits and withdrawals according to
the Instructions received from Authorized Representatives, and Trust Company does not guarantee the identity of any Authorized Representative. Client should verify all transaction information prior to submitting Instructions to Trust Company. Client
should manage and keep secure any and all information or devices associated with deposit and withdrawal verification procedures, including YubiKeys and passphrases or other security or confirmation information. Trust Company reserves the right to
charge network fees (miner fees) to process a Digital Asset transaction on Client’s behalf. Trust Company will calculate the network fee, if any, in its discretion, although Trust Company will always notify Client of the network fee at or
before the time Client authorizes the transaction. Trust Company reserves the right to delay any Custody Transaction if it perceives a risk of fraud or illegal activity. 

3.4. Processing of Custody Transactions; Availability of Custodial Account and Custodial Services. From the time Trust Company has
verified the authorization of a complete set of Instructions to withdraw Digital Assets from Client’s Custodial Account, Trust Company will have up to forty-eight (48) hours to process and complete such Instruction to withdraw
Digital Assets from Client’s Custodial Account and send those Digital Assets to the applicable Digital Asset network. An Instruction to withdraw Digital Assets will be considered to be received by Trust Company at the time of transmission of
the Instruction from Client’s Custodial Account.  
 Trust Company will ensure that Client initiated Instructions to deposit are
processed in a timely manner but Trust Company makes no representations or warranties regarding the amount of time needed to complete processing which is dependent upon many factors outside of Trust Company’s control. 

Except as otherwise provided under this Agreement and subject to Section 4.6, Client and Client’s Authorized Representatives shall
be able to access the Custodial Account via the Trust Company Site 99.9% of the time (excluding scheduled maintenance) in order to check information about the Custodial Account or initiate a Custody Transaction (subject to the timing described
above). 
 Trust Company makes no other representations or warranties with respect to the availability and/or accessibility of the Digital
Assets or the availability and/or accessibility of the Custodial Account or Custodial Services. 

  
 3 

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

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

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

 3.5. Safekeeping of Digital Assets. Trust Company shall use best efforts to keep in
safe custody on behalf of Client all Digital Assets received by Trust Company. All Digital Assets credited to the Custodial Account shall: 
  

	 	(i)	 be held in the Custodial Account at all times, and the Custodial Account shall be controlled by Trust Company;

  

	 	(ii)	 be labeled or otherwise appropriately identified as being held for Client; 

 

	 	(iii)	 be held in the Custodial Account on a non-fungible basis;

  

	 	(iv)	 not be commingled with other Digital Assets held by Trust Company, whether held for Trust Company’s own
account or the account of other clients other than Client; 

  

	 	(v)	 not without the prior written consent of Client be deposited or held with any third-party depositary,
custodian, clearance system or wallet; 

  

	 	(vi)	 for any Custodial Accounts maintained by Trust Company on behalf of Client, Trust Company will use best efforts
to keep the private key or keys secure, and will not disclose such keys to Client or to any other individual or entity except to the extent that any keys are disclosed consistent with a standard of best efforts and as part of a multiple signature
solution that would not result in the Grayscale Investment Product or Sponsor “storing, holding, or maintaining custody or control of” the Digital Assets “on behalf of others” within the meaning of the New York BitLicense Rule
(23 NYCRR Part 200) as in effect as of June 24, 2015 such that it would require the Grayscale Investment Product or Sponsor to become licensed under such law. 

3.6. Supported Digital Asset. The Custodial Services are available only in connection with those Digital Assets that Trust Company, in its
sole discretion, decides to support. The Digital Assets that Trust Company supports may change from time to time. Prior to initiating a deposit of Digital Asset to Trust Company, Client must confirm that Trust Company offers Custodial Services for
that specific Digital Asset. By initiating a deposit of Digital Asset to a Custodial Account, Client attests that Client has confirmed that the Digital Asset being transferred is a supported Digital Asset offered by Trust Company. Under no
circumstances should Client attempt to use the Custodial Services to deposit or store Digital Assets in any forms that are not supported by Trust Company. Depositing or attempting to deposit Digital Assets that are not supported by Trust Company
will result in such Digital Asset being unretrievable by Client and Trust Company. Trust Company assumes no obligation or liability whatsoever regarding any unsupported Digital Asset sent or attempted to be sent to it, or regarding any attempt to
use the Custodial Services for Digital Assets that Trust Company does not support. To confirm which Digital Assets are supported by Trust Company, Client should login at https://custody.coinbase.com and carefully review the list
of supported Digital Assets. Trust Company recommends that Client deposit a small amount of supported Digital Asset as a test prior to initiating a deposit of a significant amount of supported Digital Asset. Trust Company may from time to time
determine types of Digital Asset that will be supported or cease to be supported by the Custodial Services. Trust Company shall provide Client with thirty (30) days’ written notice before ceasing to support a Digital Asset, unless Trust
Company is required to cease such support by court order, statute, law, rule (including a self-regulatory organization rule), regulation, code, or other similar requirement, in which case written notice shall be provided as soon as reasonably
practicable. 
 3.7. Advanced Protocols. Unless specifically announced on the Trust Company website or through some other
official public statement of Trust Company, Trust Company does not support airdrops, metacoins, colored coins, side chains, or other derivative, enhanced, or forked protocols, tokens, or coins which supplement or interact with a Digital Asset
supported by Trust Company (collectively, “Advanced Protocols”). Client shall not use its Custodial Account to attempt to receive, request, send, store, or engage in any other type of transaction involving an Advanced Protocol. The
Trust Company platform is not configured to detect and/or secure Advanced Protocol transactions, and Trust Company assumes absolutely no responsibility whatsoever in respect to Advanced Protocols. 

  
 4 

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

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

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

 3.8. Operation of Digital Asset Protocols. Trust Company does not own or control
the underlying software protocols which govern the operation of Digital Assets supported on the Trust Company platform. In general, the underlying protocols are open source and anyone can use, copy, modify, and distribute them. By using the
Custodial Services, Client acknowledges and agrees (i) that Trust Company is not responsible for operation of the underlying protocols and that Trust Company makes no guarantee of their functionality, security, or availability; and
(ii) that the underlying protocols are subject to sudden changes in operating rules (a/k/a “forks”), and that such forks may materially affect the value, function, and/or even the name of the Digital Asset Client stores in
Client’s Custodial Account. In the event of a fork, Client agrees that Trust Company may temporarily suspend Trust Company operations; provided that Trust Company shall (where practical) provide advance written notice to Client promptly upon
becoming aware of such a potential suspension, and that Trust Company may, in its sole discretion, decide whether or not to support (or cease supporting) either branch of the forked protocol entirely; provided that Trust Company will never cease
supporting both branches of such forked protocol, unless there is a potential security risk or regulatory or legal risk. Client acknowledges and agrees that Trust Company assumes absolutely no responsibility whatsoever in respect of an unsupported
branch of a forked protocol. 
 3.9. Use of the Custodial Services. Client acknowledges and agrees that Trust Company may monitor use
of the Custodial Account and the Custodial Services and the resulting information may only be utilized, reviewed, retained and or disclosed by Trust Company as is necessary for its internal purposes or in accordance with the rules of any applicable
legal, regulatory or self-regulatory organization or as otherwise may be required to comply with relevant law, sanctions programs, legal process or government request. 

3.10. Security. Trust Company has implemented and will maintain a reasonable information security program that includes policies and
procedures that are reasonably designed to safeguard Trust Company’s electronic systems and Client’s Confidential Information from, among other things, unauthorized access or misuse. In the event of a Data Security Event (defined below),
Trust Company shall promptly (subject to any legal or regulatory requirements) notify Client in writing at the email addresses listed opposite each Authorized Representative’s name on Schedule B and such notice shall include the
following information: (i) the timing and nature of the Data Security Event, (ii) the information related to Client that was compromised, including the names of any individuals’ acting on Client’s behalf in his or her corporate
capacity whose personal information was compromised, (iii) when the Data Security Event was discovered, and (iv) remedial actions that have been taken and that Trust Company plans to take. “Data Security Event” is defined
as any event whereby (a) an unauthorized person (whether within Trust Company or a third party) acquired or accessed Client’s information, (b) Client’s information is otherwise lost, stolen or compromised or (c) Trust
Company’s Chief Information Security Officer, or other senior security officer of a similar title, is no longer employed by Trust Company. 

3.11. Confidentiality. The parties agree that the recipient of any non-public, confidential or
proprietary information of the other party (including without limitation, information concerning any purchaser of any securities issued by the Grayscale Investment Product (each a “Beneficiary”) (including, without limitation, the
identity of such Beneficiary, the fact that such Beneficiary is the beneficial owner of any Digital Assets, any information concerning its securities or cash positions, any banking or other 

  
 5 

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

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

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

 
relationships between Trust Company and such Beneficiary or any information from which any such information could be derived by a third party), the contents of any document or other information
(including, without limitation, any information relating to, or transactions involving, Digital Assets, trade secrets or other confidential commercial information), and information with respect to profit margins, and profit and loss information) and
information relating to the other party’s business operations or business relationships or pursuant to this Agreement, including without limitation the pricing schedule (“Confidential Information”) will not disclose such
Confidential Information to any third party except to such party’s officers, directors, agents, employees, consultants, contractors and professional advisors who needs to know the Confidential Information for the purpose of assisting in the
performance of the Agreement and who are informed of, and agree to be bound by obligations of confidentiality no less restrictive than those set forth herein, and will protect such Confidential Information from unauthorized use and disclosure. Each
party shall use any Confidential Information that it receives pursuant to or in connection with this Agreement solely for performance of this Agreement, and no other purpose. Confidential Information shall not include any (i) information that
is or becomes generally publicly available through no fault of the recipient, (ii) information that the recipient obtains from a third party (other than in connection with this Agreement) that, to recipient’s best knowledge, is not bound
by a confidentiality agreement prohibiting such disclosure; (iii) information that is independently developed or acquired by the recipient without the use of Confidential Information provided by the disclosing party; (iv) disclosure with
the prior written consent of the disclosing party; or (v) disclosures which are required by applicable law, rule or regulation. 
 Notwithstanding the
foregoing, each party may disclose Confidential Information of the other party to the extent required by a court of competent jurisdiction or governmental authority or otherwise required by law; provided, however, the party making such required
disclosure shall first notify the other party (to the extent legally permissible) and shall afford the other party a reasonable opportunity to seek confidential treatment if it wishes to do so, except that no such notification shall be required for
disclosure pursuant to request or regular or routine inspection by a governmental or regulatory agency. For the purposes of this Agreement, no affiliate of either party shall be considered a third party; provided that such party causes such
affiliate to undertake the obligations in this section. All documents and other tangible objects containing or representing Confidential Information and all copies or extracts thereof or notes derived therefrom that are in the possession or control
of recipient shall be and remain the property of the disclosing party and shall be promptly returned to the disclosing party or destroyed, each upon the disclosing party’s request; provided, however, notwithstanding the foregoing, the recipient
may retain one (1) copy of Confidential Information if (a) required by law or regulation, or (b) retained pursuant to a bona fide and consistently applied document retention policy or regular backup of data storage systems; provided,
further, that in either case, any Confidential Information so retained shall remain subject to the confidentiality obligations of this Agreement. For the avoidance of doubt, the parties acknowledge that the existence and terms of this Agreement are
Confidential Information, but subject to Section 4.1.2, this Agreement may be disclosed by the Client to investors or the public as required by its investment activities. 

Trust Company shall not contact or communicate with any Beneficiary concerning the services provided under this Agreement without the prior
written consent of Client, except as required by law, legal process or regulation. 
 3.12. Account Statements. Trust Company will
provide Client with an electronic account statement: (1) every calendar quarter, at a minimum; or (2) for any month in which Client deposited or withdrew Digital Assets. Each account statement will identify the amount of each Digital Asset
in Client’s Custodial Account at the end of the period and set forth all transactions in Client’s account during that period. Trust Company will send a notice to the email of record given to Trust Company when a new account statement is
made available. 

  
 6 

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

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

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

 3.13. Independent Verification. If Client is subject to Rule 206(4)-2 under the Investment Advisers Act of 1940, Trust Company shall, upon written request, provide Client authorized independent public accountant confirmation of or access to information sufficient to confirm
(i) Client’s Digital Assets as of the date of an examination conducted pursuant to Rule 206(4)-2(a)(4), and (ii) Client’s Digital Assets are held either in a separate account under
Client’s name or in accounts under Client’s name as agent or trustee for Client’s clients. 
 3.14. Third-Party
Payments. The Custodial Services are not intended to facilitate third-party payments of any kind. As such, Trust Company has no control over, or liability for, the delivery, quality, safety, legality or any other aspect of any goods or
services that Client may purchase or sell to or from a third party (including other users of Custodial Services) involving Digital Assets that Client intends to store, or have stored, in Client’s Custodial Account. 

3.15. Authorized Participants. Subject to any legal and regulatory requirements, in order to support Client’s ordinary course
of deposits and withdrawals, which involves, or will in the future involve, deposits from and withdrawals to Digital Asset accounts owned by a person that is an “Authorized Participant” of the Grayscale Investment Product within the
meaning of an authorized participant agreement between such person and the Grayscale Investment Product (each a “Client Authorized Participant”), Trust Company will use commercially reasonable efforts to cooperate with Client to
design and put in place via the Custodial Services a secure procedure to allow Client Authorized Participants to receive a Digital Asset address for deposits by such Client Authorized Participants, and to initiate withdrawals to Digital Asset
addresses controlled by such Client Authorized Participants. 
 3.16. Location of Digital Assets. The Location of the Digital Assets
shall be the United States. Trust Company shall acquire written approval of Client prior to changing the Location of the Digital Assets, including to a different state. “Location” means, with respect to any Digital Assets,
the jurisdiction of the State in which Client and Trust Company deem such Digital Assets to be present. 
 4. GENERAL USE, PROHIBITED USE, AND
TERMINATION. 
 4.1.1 Trust Company Site and Content. Trust Company hereby grants Client a limited, nonexclusive, nontransferable,
revocable, royalty-free license, subject to the terms of this Agreement, to access and use the Trust Company Site and related content, materials, information (collectively, the “Content”) solely for approved purposes as permitted by Trust
Company from time to time. Any other use of the Trust Company Site or Content is expressly prohibited and all other right, title, and interest in the Trust Company Site or Content is exclusively the property of Trust Company and its licensors.
Client shall not copy, transmit, distribute, sell, license, reverse engineer, modify, publish, or participate in the transfer or sale of, create derivative works from, or in any other way exploit any of the Content, in whole or in part.
“custody.coinbase.com,” “Coinbase,” “Coinbase Custody,” “Trust Company” and all logos related to the Custodial Services or displayed on the Trust Company Site are either trademarks or registered marks of Trust
Company or its licensors. Client may not copy, imitate or use them without Trust Company’s prior written consent. 

  
 7 

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

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

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

 4.1.2 Limited License of Trust Company Brand. Notwithstanding Section 6.1
of this Agreement, during the term of this Agreement Trust Company hereby grants to Client a nonexclusive, non-transferable, non-sublicensable, revocable, and
royalty-free right, subject to the terms of this Agreement, to display, in accordance with Trust Company’s brand guidelines, Trust Company’s trademark and logo as set forth on Exhibit A hereto, or otherwise refer to its name (the
“Trust Company Brand”), for the sole and limited purpose of identifying Trust Company as a provider of Custodial Services to Client on Client’s website or to investors or the public, as required by its investment activities. Client
may also use the Trust Company Brand in published form, including but not limited to investor or related marketing materials using only the content pre-approved by Trust Company
(“Pre-Approved Marketing Content”) as set forth in Exhibit A hereto. Client (1) shall not deviate from nor modify the Pre-Approved Marketing Content,
except as provided in Exhibit A, and (2) shall not make any representations or warranties regarding the Custodial Services provided by Trust Company (other than factually accurate statements that Trust Company is a provider of Custodial
Services). Client acknowledges that it shall not acquire any right of ownership to any Trust Company copyrights, patents, trade secrets, trademarks, trade dresses, service marks, or other intellectual property rights, and further agrees that it will
cease using any materials that bear the Trust Company Brand upon termination of this Agreement. All uses of the Trust Company Brand hereunder shall inure to the benefit of Trust Company and Client shall not do or cause to be done any act or thing
that may in any way adversely affect any rights of Trust Company in and to the Trust Company Brand or otherwise challenge the validity of the Trust Company Brand or any application for registration thereof, or any trademark registration thereof, or
any rights therein. Notwithstanding the foregoing, Trust Company shall retain the right to request that Client modify or terminate its use of the Trust Company Brand if Trust Company, in its sole and absolute discretion, disapproves of Client’s
use of the Trust Company Brand. 
 4.2. [Reserved.] 

4.3. Third-Party or Non-Permissioned Use. Except for fund administrators, Client shall not
grant permission to a third party or non-permissioned user to access or connect to Client’s Custodial Account, either through the third party’s product or service or through the Trust Company Site.
Client acknowledges that granting permission to a third party or non-permissioned user to take specific actions on Client’s behalf does not relieve Client of any of Client’s responsibilities under
this Agreement and may violate the terms of this Agreement. Client is fully responsible for all acts or omissions of any third party or non-permissioned user with access to Client’s Custodial Account,
other than Trust Company. Further, Client acknowledges and agrees that Client will not hold Trust Company responsible for, and will indemnify Trust Company from, any liability arising out of or related to any act or omission of any third party or non-permissioned user with access to Client’s Custodial Account, except to the extent of Trust Company’s fraud, gross negligence or willful misconduct. Client must notify Trust Company immediately after
becoming aware of a third party or non-permissioned user accessing or connecting to Client’s Custodial Account by contacting Client’s Custodial Account representative or by emailing
custody@coinbase.com from the email address associated with Client’s Custodial Account, unless Client reasonably believes such notification to be an additional security risk, in which case Client shall notify Trust Company promptly as
soon as such notification would no longer be a security risk. 
 4.4. Prohibited Use. Client represents and warrants that Client will
not use the Custodial Services or Custodial Account for any Prohibited Use as set forth on Appendix 1 hereto. 

  
 8 

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

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

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

 4.5.1 Termination During the Initial Term. During the Initial Term, either party may
terminate this Agreement for Cause (as defined below) at any time by written notice to the other party, effective immediately, or on such later date as may be specified in the notice. 

“Cause” is defined as if: 
  

	 	(i)	 such other party commits any material breach of any of its obligations under this Agreement;

  

	 	(ii)	 such other party is adjudged bankrupt or insolvent, or there is commenced against such party a case under any
applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or such party files an application for an arrangement with its creditors, seeks or consents to the appointment of a receiver, administrator or other similar official
for all or any substantial part of its property, admits in writing its inability to pay its debts as they mature, or takes any corporate action in furtherance of any of the foregoing, or fails to meet applicable legal minimum capital requirements;
or 

  

	 	(iii)	 with respect to Client’s right to terminate, any applicable law, rule or regulation or any change therein
or in the interpretation or administration thereof has or may have a material adverse effect on Client or the rights of Client or any Beneficiary with respect to any services covered by this Agreement. 

4.5.2 Termination After the Initial Term. After the Initial Term, either party may terminate this Agreement (i) upon ninety
(90) days’ prior written notice to the other party and (ii) for Cause at any time by written notice to the other party, effective immediately, or on such later date as may be specified in the notice. 

4.5.3 Renewal. Upon the expiry of the Initial Term, this Agreement shall automatically renew for successive terms of one (1) year
(each a “Renewal Term”), unless either party elects not to renew, by providing no less than thirty (30) days’ written notice to the other party prior to the expiration of the Initial Term or the then-current Renewal Term, or
unless terminated earlier as provided herein. 
 Notwithstanding the foregoing, Client may cancel Client’s Custodial Account at any time by withdrawing
all balances and contacting Trust Company at custody@coinbase.com. Client will not be charged for canceling Client’s Custodial Account, although Client will be required to pay any outstanding amounts owed to Trust Company for the
remaining months of the Initial Term at a rate equivalent to the average Fee paid for the months prior to Client’s cancellation. Client authorizes Trust Company to cancel or suspend any pending deposits or withdrawals at the time of
cancellation. Upon termination of this Agreement, Trust Company shall promptly upon Client’s order deliver or cause to be delivered to Client all Digital Assets held or controlled by Trust Company as of the effective date of termination,
together with such copies of the records maintained pursuant to Section 9.1 and as Client requests in writing. 
 4.6. Suspension,
Termination, and Cancellation. Trust Company may: (a) suspend or restrict Client’s access to the Custodial Services, and/or (b) deactivate, terminate or cancel Client’s Custodial Account if: 

 

	 	•	 	 Trust Company is so required by a facially valid subpoena, court order, or binding order of a government
authority; 

  

	 	•	 	 Client uses Client’s Custodial Account in connection with a Prohibited Use or Prohibited Business, as set
forth in Appendix 1 hereto; 

  
 9 

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

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

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

	 	•	 	 Client’s Custodial Account activity results in a heightened risk of legal or regulatory non-compliance associated with Client’s Custodial Account; 

  

	 	•	 	 Client circumvents Trust Company’s controls, including, but not limited to, opening multiple Custodial
Accounts, abusing promotions which Trust Company may offer from time to time, or otherwise making a material misrepresentation of Client’s Custodial Account; or 

 

	 	•	 	 Client materially breaches the terms of this Agreement. 

Except as set forth above, Trust Company shall not suspend Client’s access to the Custodial Account, and any suspension of Client’s
access to the Custodial Account shall constitute a breach of this Agreement. 
 If Trust Company suspends or closes Client’s Custodial
Account, or terminates Client’s use of the Custodial Services for the reasons listed above, Trust Company will provide Client with notice of Trust Company’s actions unless a court order or other legal or regulatory process prohibits Trust
Company from providing Client with such notice. Client acknowledges that Trust Company’s decision to take certain actions described in this Section 4.6 may be based on confidential criteria that are essential to Trust Company’s risk
management and security protocols. Client agrees that Trust Company is under no obligation to disclose the details of its risk management and security procedures to Client. 

Client will be permitted to withdraw Digital Assets associated with Client’s Custodial Account for ninety (90) days after Custodial
Account deactivation or cancellation unless such withdrawal is otherwise prohibited (i) under the law, including but not limited to applicable sanctions programs, or (ii) by a facially valid subpoena, court order, or binding order of a
government authority. 
 4.7. Relationship of the Parties. Nothing in this Agreement shall be deemed or is intended to be deemed, nor
shall it cause, Client and Trust Company to be treated as partners, joint ventures, or otherwise as joint associates for profit, or either Client or Trust Company to be treated as the agent of the other. 

4.8. Password Security; Contact Information. Client is responsible for maintaining adequate security and control of
any and all IDs, passwords, hints, personal identification numbers (PINs), API keys or any other codes that Client uses to access the Custodial Services. Any loss or compromise of the foregoing information and/or Client’s personal information
may result in unauthorized access to Client’s Custodial Account by third-parties and the loss or theft of any Digital Assets held in Client’s Custodial Account. Client is responsible for keeping Client’s email address and telephone
number up to date in Client’s Custodial Account profile in order to receive any notices or alerts that Trust Company may send Client. Trust Company assumes no responsibility for any loss that Client may sustain due to compromise of Custodial
Account login credentials due to no fault of Trust Company and/or failure to reasonably follow or act on any notices or alerts that Trust Company may send to Client in accordance with this Agreement. In the event
Client believes Client’s Custodial Account information has been compromised, Client must contact Trust Company Support immediately at custody@coinbase.com. 

4.9. Taxes. It is Client’s sole responsibility to determine whether, and to what extent, any taxes apply to any deposits or
withdrawals Client conducts through the Custodial Services, and to withhold, collect, report and remit the correct amounts of taxes to the appropriate tax authorities. Client’s deposit and withdrawal history is available by accessing
Client’s Custodial Account through the Trust Company Site or by contacting Client’s account representative. 

  
 10 

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

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

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

 4.10. Additional Matters. Client acknowledges and agrees that the Custodial Services
may be provided from time to time by, through or with the assistance of affiliates of or vendors to Trust Company. Client shall receive notice of any material change in the entities that provide the Custodial Services. Unless Client terminates this
Agreement as permitted herein, any new agreements or amended terms and conditions, associated with such change shall be governed by Sections 8.2 and 8.3 herein. 

5. TRUST COMPANY CONTACT INFORMATION AND DISPUTE RESOLUTION. 

5.1. Contact Trust Company; Complaints. If Client has any feedback, questions, or complaints, Client may contact Trust Company
Customer Support, located at 200 Park Avenue South, Suite 1208, New York, NY 10003, via email at custody@coinbase.com or by telephone to Trust Company at +1 (646) 760-6195. 

If Client is a customer of Trust Company in the United States, Client may also direct a complaint to the attention of: New York State
Department of Financial Services, One State Street, New York, NY 10004-1511; +1 (212) 480-6400. Please visit www.dfs.ny.gov for additional information. 

5.2. Arbitration. THE PARTIES AGREE AS FOLLOWS: 
  

	 	•	 ALL PARTIES TO THIS AGREEMENT ARE GIVING UP THE RIGHT TO SUE EACH OTHER IN COURT, INCLUDING THE RIGHT TO A
TRIAL BY JURY, EXCEPT AS PROVIDED BY THE RULES OF THE ARBITRATION FORUM IN WHICH A CLAIM IS FILED. 

  

	 	•	 ARBITRATION AWARDS ARE GENERALLY FINAL AND BINDING; A PARTY’S ABILITY TO HAVE A COURT REVERSE OR MODIFY AN
ARBITRATION AWARD IS VERY LIMITED. 

  

	 	•	 THE ABILITY OF THE PARTIES TO OBTAIN DOCUMENTS, WITNESS STATEMENTS AND OTHER DISCOVERY IS GENERALLY MORE
LIMITED IN ARBITRATION THAN IN COURT PROCEEDINGS. 

  

	 	•	 THE ARBITRATORS DO NOT HAVE TO EXPLAIN THE REASON(S) FOR THEIR AWARD UNLESS, IN AN ELIGIBLE CASE, A JOINT
REQUEST FOR AN EXPLAINED DECISION HAS BEEN SUBMITTED BY ALL PARTIES TO THE PANEL AT LEAST TWENTY (20) DAYS PRIOR TO THE FIRST SCHEDULED HEARING DATE. 

  

	 	•	 THE PANEL OF ARBITRATORS MAY INCLUDE A MINORITY OF ARBITRATORS WHO WERE OR ARE AFFILIATED WITH THE SECURITIES
INDUSTRY. 

  

	 	•	 THE RULES OF SOME ARBITRATION FORUMS MAY IMPOSE TIME LIMITS FOR BRINGING A CLAIM IN ARBITRATION. IN SOME CASES,
A CLAIM THAT IS INELIGIBLE FOR ARBITRATION MAY BE BROUGHT IN COURT. 

  

	 	•	 THE RULES OF THE ARBITRATION FORUM IN WHICH THE CLAIM IS FILED, AND ANY AMENDMENTS THERETO, SHALL BE
INCORPORATED INTO THIS AGREEMENT. 

  
 11 

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

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

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

 THE PARTIES AGREE THAT ALL CONTROVERSIES ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
USE OF THE CUSTODIAL SERVICES, WHETHER ARISING PRIOR, ON, OR SUBSEQUENT TO THE DATE HEREOF, SHALL BE ARBITRATED. ANY ARBITRATION UNDER THIS AGREEMENT SHALL BE IN ACCORDANCE WITH THE AMERICAN ARBITRATION ASSOCIATION’S RULES FOR ARBITRATION OF
COMMERCIAL RELATED DISPUTES (ACCESSIBLE AT HTTPS://WWW.ADR.ORG/SITES/DEFAULT/FILES/COMMERCIAL%20RULES.PDF), AND THAT SUCH CONTROVERSIES ARE OTHERWISE SUBJECT TO SECTION 5.2 OF THIS AGREEMENT. 

6. REPRESENTATIONS AND WARRANTIES. 

6.1. Client’s Representations and Warranties. In addition to the obligations arising under this Agreement and as a condition of and
in consideration of Client accessing the Custodial Services, Client represents and warrants the following: 
  

	 	(i)	 Client operates, to Client’s best knowledge, in material compliance with all applicable laws, rules, and
regulations in each jurisdiction in which Client operates, including U.S. securities laws and regulations, as well as any applicable state and federal laws, including, but not limited to, U.S. efforts to fight the funding of terrorism and money
laundering, and USA PATRIOT Act and Bank Secrecy Act requirements. Client further understands that any fines or penalties imposed on Trust Company as a result of a violation by Client of any applicable securities regulation or law may, at Trust
Company’s discretion, be passed on to Client and Client acknowledges and represents that Client will be responsible for payment to Trust Company of such fines; 

 

	 	(ii)	 To its best knowledge, Client is currently in good standing with all relevant government agencies, departments,
regulatory or supervisory bodies in all relevant jurisdictions in which Client does business and Client will immediately notify Trust Company if Client ceases to be in good standing with any regulatory authority; 

 

	 	(iii)	 Client will reasonably cooperate with Trust Company to provide information as Trust Company may reasonably
request from time to time regarding (a) Client’s policies, procedures, and activities which relate to the Custodial Services in any manner, as determined by Trust Company in its reasonable discretion, and (b) any transaction which
involves the use of the Custodial Services, to the extent reasonably necessary to comply with applicable law, or the guidance or direction of, or request from, any regulatory authority or financial institution, provided that such information may be
redacted to remove confidential commercial information not relevant to the requirements of this Agreement; 

  

	 	(iv)	 Client will not deposit to a Custodial Account any Digital Asset that is not supported by the Custodial
Services; 

  

	 	(v)	 Client either owns or possesses lawful authorization to transact with all Digital Assets involved in the
Custody Transactions; 

  

	 	(vi)	 Subject to Section 4.1.2, Client will not make any public statement, including any press release, media
release, or blog post which mentions or refers to Trust Company or a partnership between Client and Trust Company, without the prior written consent of Trust Company; 

 

	 	(vii)	 Client will not create or use more than one Custodial Account; 

 

	 	(viii)	 Client has the full capacity and authority to enter into and be bound by this Agreement and the person
executing or otherwise accepting this Agreement for Client has full legal capacity and authorization to do so; and 

  

	 	(ix)	 All information provided by Client to Trust Company in the course of negotiating this Agreement and the
onboarding of Client as Trust Company’s customer and user of the Custodial Services is complete, true, and accurate in all material respects, and no material information has been excluded. 

  
 12 

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

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

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

 6.2. Trust Company Representations and Warranties. In addition to the obligations
arising under this Agreement and as a condition of and in consideration of Client’s obligations under this Agreement, Trust Company represents and warrants the following: 
  

	 	(i)	 Trust Company operates, to Trust Company’s best knowledge, in material compliance with all applicable
laws, rules, and regulations in each jurisdiction in which Trust Company operates, including U.S. securities laws and regulations, as well as any applicable state and federal laws, including, but not limited to, U.S. efforts to fight the funding of
terrorism and money laundering, and USA PATRIOT Act and Bank Secrecy Act requirements. Trust Company further understands that any fines or penalties imposed on Client directly as a result of Trust Company’s breach of the representations and
warranties in this Agreement may, at Client’s discretion, be passed on to Trust Company and Trust Company acknowledges and represents that Trust Company will be responsible for payment to Client of such fines; 

 

	 	(ii)	 To its best knowledge, Trust Company is currently in good standing with all relevant government agencies,
departments, regulatory or supervisory bodies in all relevant jurisdictions in which Trust Company does business, and Trust Company will immediately notify Client if Trust Company ceases to be in good standing with any regulatory authority;

  

	 	(iii)	 Trust Company will safekeep the Digital Assets and segregate all Digital Assets from both the (a) property
of Trust Company, and (b) assets of other customers of Trust Company; 

  

	 	(iv)	 Trust Company is a custodian of the Digital Assets stored by Client in the Custodial Account, has no right,
interest, or title in such Digital Assets, and will not reflect such Digital Assets as an asset on the balance sheet of the Trust Company; 

  

	 	(v)	 Trust Company will not, directly or indirectly, lend, pledge, hypothecate or
re-hypothecate any Digital Assets; 

  

	 	(vi)	 Except as directed by Client, Trust Company does not engage in any fractional reserve banking in connection
with Client’s Custodial Account, and, as such, none of the Digital Assets in Client’s Custodial Account will be used by Trust Company in connection with any loan, hypothecation, lien (including, but not limited to, any mortgage, deed of
trust, pledge, charge, security interest, attachment, encumbrance or other adverse claim of any kind in respect of such Digital Assets) or claim of (or by) Trust Company or otherwise transferred or pledged to any third party, without the written
agreement of Client; 

  

	 	(vii)	 Trust Company will maintain adequate capital and reserves to the extent required by applicable law;

  

	 	(viii)	 Trust Company possess, and will maintain, all consents, permits, licenses, registrations, authorizations,
approvals and exemptions required by any governmental agency, regulatory authority or other party necessary for it to operate its business and engage in the business relating to its provision of the Custodial Services; 

 

	 	(ix)	 Trust Company has the full capacity and authority to enter into and be bound by this Agreement and the person
executing or otherwise accepting this Agreement for Trust Company has full legal capacity and authorization to do so; and 

  

	 	(x)	 All written information provided by Trust Company to Client in the course of negotiating this Agreement and the
onboarding of Client as Trust Company’s customer and user of the Custodial Services is complete, true, and accurate in all material respects, and no material information has been excluded. 

  
 13 

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

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

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

 6.3. Notification of Adverse Change. Trust Company shall immediately notify Client
if, at any time after the date of this Agreement, any of the representations, warranties under Section 6.2 and covenants made by Trust Company under this Agreement materially fail to be true and correct as if made at and as of such time. Trust
Company shall describe in reasonable detail such representation, warranty or covenant affected, the circumstances giving rise to such failure and the steps Trust Company has taken or proposes to take to rectify such failure. 

7. DISCLAIMERS; INDEMNIFICATION; LIMITATION OF LIABILITY. 

7.1. Computer Viruses. Trust Company shall not bear any liability, whatsoever, for any damage or interruptions caused by any computer
viruses, spyware, scareware, Trojan horses, worms or other malware that may affect Client’s computer or other equipment, or any phishing, spoofing or other attack, unless such damage or interruption originated from Trust Company due to its
gross negligence, fraud, willful misconduct or breach of this Agreement. Client should always log into Client’s Custodial Account through the Trust Company Site to review any deposits or withdrawals or required actions if Client has any
uncertainty regarding the authenticity of any communication or notice. 
 7.2. [Reserved.] 

7.3. Indemnification. 

Client agrees to indemnify and hold Trust Company, its affiliates and service providers, and each of its or their respective officers,
directors, agents, joint venturers, employees and representatives, harmless from any third-party claim or third-party demand (including reasonable and documented attorneys’ fees and any fines, fees or penalties imposed by any regulatory
authority) arising out of or related to Client’s breach of this Agreement, inaccuracy in any of Client’s representations or warranties in this Agreement, or Client’s violation of any law, rule or regulation, or the rights of any third
party, except where such claim directly results from the gross negligence, fraud or willful misconduct of Trust Company. 
 Trust Company
agrees to indemnify and hold Client, its affiliates and service providers, and each of its or their respective officers, directors, agents, joint venturers, employees and representatives, harmless from any third-party claim or third-party demand
(including reasonable and documented attorneys’ fees and any fines, fees or penalties imposed by any regulatory authority) arising out of or related to Trust Company’s breach of this Agreement, inaccuracy in any of Trust Company’s
representations or warranties in this Agreement, or Trust Company’s knowing violation of any law, rule or regulation, or the rights of any third party, except where such claim directly results from the gross negligence, fraud or willful
misconduct of Client; 
 7.4. Limitation of Liability; No Warranty. IN NO EVENT SHALL EITHER PARTY, ITS AFFILIATES AND SERVICE
PROVIDERS, OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES OR REPRESENTATIVES, BE LIABLE (A) FOR ANY AMOUNT GREATER THAN THE VALUE OF THE SUPPORTED DIGITAL ASSETS ON DEPOSIT IN CLIENT’S TRUST COMPANY
CUSTODIAL ACCOUNT AT THE TIME OF, AND DIRECTLY RELATING TO, THE EVENTS GIVING RISE TO THE LIABILITY OCCURRED, THE VALUE OF WHICH SHALL BE DETERMINED IN ACCORDANCE WITH THE TERMS SET FORTH IN THE FEE SCHEDULE GOVERNING VALUATION OF THE SUPPORTED
DIGITAL ASSET(S), (B) FOR ANY LOST PROFITS OR ANY SPECIAL, INCIDENTAL, INDIRECT, INTANGIBLE, OR CONSEQUENTIAL DAMAGES, WHETHER BASED IN CONTRACT, TORT, 

  
 14 

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

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

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

 
NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE, ARISING OUT OF OR IN CONNECTION WITH AUTHORIZED OR UNAUTHORIZED USE OF THE TRUST COMPANY SITE OR THE TRUST COMPANY CUSTODIAL SERVICES, OR THIS
AGREEMENT, EVEN IF AN AUTHORIZED REPRESENTATIVE OF TRUST COMPANY HAS BEEN ADVISED OF OR KNEW OR SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES. THIS MEANS, BY WAY OF EXAMPLE ONLY (AND WITHOUT LIMITING THE SCOPE OF THE PRECEDING SENTENCE), THAT
IF CLIENT CLAIMS THAT TRUST COMPANY FAILED TO PROCESS A DEPOSIT OR WITHDRAWAL PROPERLY, CLIENT’S DAMAGES ARE LIMITED TO NO MORE THAN THE VALUE OF THE SUPPORTED DIGITAL ASSETS AT ISSUE IN THE DEPOSIT OR WITHDRAWAL, AND THAT CLIENT MAY NOT
RECOVER FOR LOST PROFITS, LOST BUSINESS OPPORTUNITIES, OR OTHER TYPES OF SPECIAL, INCIDENTAL, INDIRECT, INTANGIBLE, OR CONSEQUENTIAL DAMAGES IN EXCESS OF THE VALUE OF THE SUPPORTED DIGITAL ASSETS AT ISSUE IN THE DEPOSIT OR WITHDRAWAL. SOME
JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL DAMAGES SO THE ABOVE LIMITATION MAY NOT APPLY TO CLIENT. 

NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THE FOREGOING PARAGRAPH, TRUST COMPANY SHALL BE LIABLE TO CLIENT FOR THE LOSS OF ANY DIGITAL
ASSETS ON DEPOSIT IN CLIENT’S TRUST COMPANY CUSTODIAL ACCOUNT TO THE EXTENT THAT TRUST COMPANY CAUSED SUCH LOSS (INCLUDING IF CLIENT IS NOT ABLE TO TIMELY WITHDRAW DIGITAL ASSETS FROM THE ACCOUNT, ACCORDING TO SECTION 3), EVEN IF TRUST
COMPANY MEETS ITS DUTY OF EXERCISING BEST EFFORTS AS SET FORTH IN THIS AGREEMENT, AND TRUST COMPANY SHALL BE REQUIRED TO RETURN TO CLIENT A QUANTITY EQUAL TO THE QUANTITY OF ANY SUCH LOST DIGITAL ASSETS. 

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE TRUST COMPANY CUSTODIAL SERVICES ARE PROVIDED ON AN “AS IS” AND “AS
AVAILABLE” BASIS WITHOUT ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESS, IMPLIED OR STATUTORY. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, TRUST COMPANY SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS
FOR A PARTICULAR PURPOSE AND/OR NON-INFRINGEMENT. EXCEPT AS PROVIDED HEREIN, TRUST COMPANY DOES NOT MAKE ANY REPRESENTATIONS OR WARRANTIES THAT ACCESS TO THE SITE, ANY PART OF THE TRUST COMPANY CUSTODIAL
SERVICES, OR ANY OF THE MATERIALS CONTAINED THEREIN, WILL BE CONTINUOUS, UNINTERRUPTED, OR TIMELY; OR BE COMPATIBLE OR WORK WITH ANY SOFTWARE, SYSTEM OR OTHER SERVICES; OR BE SECURE, COMPLETE, FREE OF HARMFUL CODE, OR ERROR-FREE. 

IN ADDITION TO THE LIMITATIONS SPECIFIED ABOVE, FOR SO LONG THAT A COLD STORAGE ADDRESS HOLDS AN EXCESS OF ONE HUNDRED MILLION US DOLLARS
(US$100,000,000) (THE “COLD STORAGE THRESHOLD”) FOR A PERIOD OF FIVE (5) CONSECUTIVE BUSINESS DAYS OR MORE WITHOUT BEING REDUCED TO THE COLD STORAGE THRESHOLD OR LOWER, TRUST COMPANY’S MAXIMUM LIABILITY FOR SUCH COLD STORAGE
ADDRESS SHALL BE LIMITED TO THE COLD STORAGE THRESHOLD. AS A BEST PRACTICE, TRUST COMPANY RECOMMENDS LIMITING THE VALUE OF DIGITAL ASSETS DEPOSITED IN EACH COLD STORAGE ADDRESS TO LESS THAN EIGHTY MILLION US DOLLARS (US$80,000,000). IF ELECTED BY
CLIENT, AT NO ADDITIONAL COST TO CLIENT, TRUST COMPANY WILL PROVIDE CLIENT WITH ALL NECESSARY ASSISTANCE TO IMPLEMENT SUCH LIMITATIONS, INCLUDING NOTIFYING CLIENT IN WRITING IF THE VALUE OF DIGITAL ASSETS DEPOSITED IN A COLD STORAGE ADDRESS EXCEEDS
THE COLD STORAGE THRESHOLD. 

  
 15 

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

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

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

 7.5 Liability of the Sponsor. It is expressly understood and agreed by the parties
hereto that: 
  

	 	(i)	 this Agreement is executed and delivered on behalf of the Grayscale Investment Product by the Sponsor, not
individually or personally, but solely as Sponsor of the Grayscale Investment Product in the exercise of the powers and authority conferred and vested in it; 

  

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

 

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

  

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

 8. MISCELLANEOUS. 

8.1. Entire Agreement. This Agreement and any addendum or attachments thereto comprise the entire understanding and agreement
between Client and Trust Company as to the Custodial Services, and supersedes any and all prior discussions, agreements and understandings of any kind (including without limitation any prior versions of this Agreement), and every nature between and
among Client and Trust Company. Section headings in this Agreement are for convenience only and shall not govern the meaning or interpretation of any provision of this Agreement. 

8.2. Amendments. Any modification or addition to this Agreement must be in a writing signed by a duly authorized representative of each
of party. Client agrees that Trust Company shall not be liable to Client or any third party for any modification or termination of the Custodial Services, or suspension or termination of Client’s access to the Custodial Services, except to the
extent otherwise expressly set forth herein. 
 8.3. Assignment. Client may not assign any rights and/or licenses granted under this
Agreement without the prior written consent of Trust Company. Trust Company reserves the right to assign its rights without restriction except notice to Client, including without limitation to any Trust Company affiliates or subsidiaries, or to any
successor in interest of any business associated with the Custodial Services. Any attempted transfer or assignment in violation hereof shall be null and void. Subject to the foregoing, this Agreement will bind and inure to the benefit of the
parties, their successors and permitted assigns. 

  
 16 

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

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

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

 8.4. Severability. If any provision of this Agreement shall be determined to be
invalid or unenforceable under any rule, law, or regulation or any governmental agency (local, state, or federal), such provision will be changed and interpreted to accomplish the objectives of the provision to the greatest extent possible under any
applicable law and the validity or enforceability of any other provision of this Agreement shall not be affected. 
 8.5.
Survival. All provisions of this Agreement which by their nature extend beyond the expiration or termination of this Agreement, including, without limitation, sections pertaining to suspension or termination, Custodial Account cancellation,
debts owed to Trust Company, general use of the Trust Company Site, disputes with Trust Company, and general provisions, shall survive the termination or expiration of this Agreement. 

8.6. Governing Law. Client agrees that the laws of the State of New York, without regard to principles of conflict of laws, will govern
this Agreement and any claim or dispute that has arisen or may arise between Client and Trust Company, except to the extent governed by federal law. 

8.7. Force Majeure. Trust Company shall not be liable for delays, suspension of operations, whether temporary or
permanent, failure in performance, or interruption of service which result directly or indirectly from any cause or condition beyond the reasonable control of Trust Company, including but not limited to, any delay or failure due to any act of God,
natural disasters, act of civil or military authorities, act of terrorists, including but not limited to cyber-related terrorist acts, hacking, government restrictions, exchange or market rulings, civil disturbance, war, strike or other labor
dispute, fire, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, other catastrophe or any other occurrence which is beyond the reasonable control of Trust Company and shall
not affect the validity and enforceability of any remaining provisions. For the avoidance of doubt, a cybersecurity attack, hack or other intrusion by a third party or by someone associated with Trust Company is not a circumstance that is beyond
Trust Company’s reasonable control, to the extent due to Trust Company’s failure to comply with its obligations under this Agreement. 

8.8. Non-Waiver of Rights. This agreement shall not be construed to waive rights that
cannot be waived under applicable laws in the jurisdiction where Client is located. 
 8.9. Notices. All notices, requests and
other communications to any party hereunder not covered by the Communications described in Appendix 2 hereto shall be in writing (including facsimile transmission and electronic mail (“email”) transmission, so long as a receipt of
such e-mail is requested and received) and shall be given, 
 if to Client, to: 

Grayscale Investments, LLC 
 250
Park Avenue South, 5th Floor 
 New York, NY 10003 

Attention: Michael Sonnenshein 

E-mail: michael@grayscale.co 

  
 17 

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

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

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

 to the extent notice must be given to Grayscale Investment Product and Sponsor separately,

 if to the Grayscale Investment Product, to: 

Grayscale Zcash Trust (ZEC) 

250 Park Avenue South, 5th Floor 

New York, NY 10003 
 Attention:
Managing Director of Grayscale Investments, LLC 
 E-mail: michael@grayscale.co 

if to Sponsor, to: 
 Grayscale
Investments, LLC 
 250 Park Avenue South, 5th Floor 

New York, NY 10003 
 Attention:
Managing Director of Grayscale Investments, LLC 
 E-mail: michael@grayscale.co 

if to Trust Company, to: 

Coinbase Custody Trust Company, LLC 

200 Park Avenue South, Suite 1208 

New York, NY 10003 
 E-mail: legal@coinbase.com 
 With a copy to 

Coinbase Custody Trust Company, LLC 

c/o Coinbase, Inc. 
 548 Market
Street, #23008, 
 San Francisco, CA 94104 
 or
such other address as such party may hereafter specify for the purpose by notice to the other parties hereto. Each of the foregoing addresses shall be effective unless and until notice of a new address is given by the applicable party to the other
parties in writing. Notice will not be deemed to be given unless it has been received. 
 9. TRUST COMPANY OBLIGATIONS. 

9.1. Bookkeeping. Trust Company will keep timely and accurate records as to the deposit, disbursement, investment, and reinvestment of
the Digital Assets. Trust Company will maintain accurate records and bookkeeping of the Custodial Services as required by applicable law and in accordance with Trust Company’s internal document retention policies, but in no event for less than
seven years. 
 9.2. Annual Certificate and Report 
  

	 	(i)	 Upon request of Client, which request shall occur no more than once per calendar year, Trust Company shall
deliver to Client a certificate signed by a duly authorized officer, which certificate shall: 

  

	 	A.	 certify that Trust Company has complied, and is in compliance currently, with the provisions of this Agreement
during the preceding calendar year; and 

  
 18 

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

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

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

	 	B.	 certify that the representations and warranties of Trust Company contained in Section 6.2 of this
Agreement are true and correct on and as of the date of such certificate, and have been true and correct throughout the preceding year. 

  

	 	(ii)	 For year 2020, and thereafter, no more than once per calendar year, Client shall be entitled to request that
Trust Company produce or commission a new Services Organization Controls (“SOC”) 1 report and SOC 2 report, and promptly deliver to Client a copy thereof by December 31 of each year. Trust Company reserves the right to combine
the SOC 1 and SOC 2 reports into a comprehensive report. In the event that Trust Company does not deliver a SOC 1 Report or SOC 2 Report, as applicable, Client shall be entitled to terminate this Agreement. 

 

	 	(iii)	 [********] 

9.3. Inspection and Auditing. 
  

	 	(i)	 Inspection and Auditing of Trust Company. To the extent Trust Company may legally do so, it shall permit
Client’s auditors or third-party accountants, upon reasonable notice, to inspect, take extracts from and audit the records maintained pursuant to Section 9.1, take such steps as necessary to verify that satisfactory internal control system
and procedures are in place, and visit and inspect the systems on which the Digital Assets are held, all at such times as Client may reasonably request. Client shall reimburse Trust Company (A) for all reasonable expenses incurred in connection
with this Section 9.3, and (B) for reasonable time spent by Trust Company’s employees or consultant in connection with this Section 9.3 at reasonable hourly rates to be agreed upon by Client and Trust Company.

  

	 	(ii)	 Trust Company Audit Reports. Trust Company shall, as soon as reasonably practicable after receipt of any
audit report prepared by its internal or independent auditors pursuant to Trust Company’s annual audit or otherwise, provide Client a copy of such report, and if such audit report reveals any material deficiencies or makes any material
objections, furnish to Client a report stating the nature of such deficiencies or such objections, and describing the steps taken or to be taken to remedy the same. Such audit report will be deemed Confidential Information of Trust Company.

 9.4 Change of Control. Trust Company agrees not to consummate a transaction that would constitute a Change of
Control resulting in a change of Trust Company’s name without providing at least 30 days written notice to Client. 
 “Change
of Control” means: 
  

	 	(i)	 the merger or consolidation of Trust Company with or into another person or the merger of another person with
or into Trust Company, or the sale of all or substantially all the assets of Trust Company to another person, unless holders of a majority of the aggregate voting power of the outstanding equity securities of Trust Company, immediately prior to such
transaction, hold securities of the surviving or transferee person that represent, immediately after such transaction, at least a majority of the aggregate voting power of the outstanding equity securities of the surviving or transferee person; or

  
 19 

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

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

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

	 	(ii)	 any “person” or “group” (as such terms are used for purposes of Sections 13(d) and 14(d) of
the Securities Exchange Act of 1934, as amended) is or becomes the “beneficial owner” (as such term is used in Rule 13d-3 under the Securities Exchange Act of 1934, as amended), directly or
indirectly, of more than 50% of the total voting power of the outstanding equity securities of Trust Company. 

 9.5.
Material Adverse Effect. Trust Company shall give Client prompt notice of any event, occurrence, development or state of circumstances or facts that has a Material Adverse Effect. Such notice shall reasonably describe such change in business
conduct, event, occurrence, development, or state of circumstances or facts. 
 “Material Adverse Effect” means a material
adverse effect on: 
  

	 	(i)	 the financial condition, business, or results of operations of Trust Company; 

 

	 	(ii)	 Trust Company’s safekeeping of the Digital Assets; or 

 

	 	(iii)	 Trust Company’s ability to provide the services contemplated by this Agreement. 

provided, however, that none of the following, either alone or in combination, will constitute, or be considered in determining whether there has been, a
Material Adverse Effect: any event, change, circumstance, effect or other matter resulting from or related to (i) any outbreak or escalation of war or major hostilities or any act of terrorism, (ii) changes in any laws, GAAP or enforcement
or interpretation thereof, (iii) changes that generally affect the industries and markets in which Trust Company operates, (iv) changes in financial markets, general economic conditions (including prevailing interest rates, exchange rates,
commodity prices and fuel costs) or political conditions, (v) any failure, in and of itself, of Trust Company to meet any published or internally prepared projections, budgets, plans or forecasts of revenues, earnings or other financial
performance measures or operating statistics (it being understood that the facts and circumstances underlying any such failure that are not otherwise excluded from the definition of a “Material Adverse Effect” may be considered in
determining whether there has been a Material Adverse Effect), or (vi) any action taken in accordance with this Agreement or at the written request of, or consented in writing to by, Client. 

Any such notice of notice of a Material Adverse Effect (including the existence thereof) shall constitute the Confidential Information of Trust Company and
shall be subject to the Confidentiality provisions of this Agreement. 
 9.6. Insurance. Trust Company has insurance coverage as a
subsidiary under its parent company, Coinbase Global, Inc., which procures fidelity (aka crime) insurance to protect the organization from risks such as theft of funds. 

9.7. Business Continuity Plan. Trust Company has established a business continuity plan that will support its ability to conduct
business in the event of a significant business disruption (“SBD”). This plan is reviewed and updated annually, and can be updated more frequently, if deemed necessary by Trust Company in its sole discretion. Should Trust Company be
impacted by an SBD, Trust Company aims to minimize business interruption as quickly and efficiently as possible. To receive more information about Trust Company’s business continuity plan, please send a written request to
security@coinbase.com. 

  
 20 

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

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

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

 IN WITNESS WHEREOF, this Agreement is executed as of July 29, 2019. 

 

									
	COINBASE CUSTODY TRUST COMPANY, LLC	 		 	GRAYSCALE INVESTMENTS, LLC
					
	BY: 	 	 /s/ SAM MCINGVALE 
	 		 	BY: 	 	 /s/ MICHAEL SONNENSHEIN 

	NAME:	 	SAM MCINGVALE	 		 	NAME:	 	MICHAEL SONNENSHEIN
	TITLE:	 	CHIEF EXECUTIVE OFFICER	 		 	TITLE:	 	MANAGING DIRECTOR

  

					
	GRAYSCALE ZCASH TRUST (ZEC)
		
		 	 BY: GRAYSCALE INVESTMENTS, LLC, 

THE SPONSOR

		
	BY: 	 	 /s/ MICHAEL SONNENSHEIN 

	NAME:	 	MICHAEL SONNENSHEIN
	TITLE:	 	MANAGING DIRECTOR

 [Signature Page to Custodial Services Agreement] 

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

 APPENDIX 1: PROHIBITED USE, PROHIBITED BUSINESSES AND CONDITIONAL USE 

Prohibited Use 
 Client may not use Client’s Custodial
Account to engage in the following categories of activity (“Prohibited Uses”). The Prohibited Uses extend to any third party that gains access to the Custodial Services through Client’s account or otherwise, regardless of
whether such third party was authorized or unauthorized by Client to use the Custodial Services associated with the Custodial Account. The specific types of use listed below are representative, but not exhaustive. If Client is uncertain as to
whether or not Client’s use of Custodial Services involves a Prohibited Use, or have questions about how these requirements applies to Client, please contact Trust Company at custody@coinbase.com. By opening a Custodial Account, Client
confirms that Client will not use Client’s Custodial Account to do any of the following: 
  

	 	•	 	 Unlawful Activity: Activity which would violate, or assist in violation of, any law, statute, ordinance,
or regulation, sanctions programs administered in the countries where Trust Company conducts business, including, but not limited to, the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”), or which would
involve proceeds of any unlawful activity; publish, distribute or disseminate any unlawful material or information or money laundering, fraud, blackmail, extortion, ransoming data, the financing of terrorism, other violent activities or any
prohibited market practices. 

  

	 	•	 	 Abusive Activity: Actions which impose an unreasonable or disproportionately large load on Trust
Company’s infrastructure, or detrimentally interfere with, intercept, or expropriate any system, data, or information; transmit or upload any material to the Site that contains viruses, Trojan horses, worms, or any other harmful or deleterious
programs; attempt to gain unauthorized access to the Site, other Custodial Accounts, computer systems or networks connected to the Site, through password mining or any other means; use Custodial Account information of another party to access or use
the Site; or transfer Client’s Custodial Account access or rights to Client’s Custodial Account to a third party, unless by operation of law or with the express permission of Trust Company. 

 

	 	•	 	 Abuse Other Users: Interfere with another Trust Company user’s access to or use of any Custodial
Services; defame, abuse, extort, harass, stalk, threaten or otherwise violate or infringe the legal rights (such as, but not limited to, rights of privacy, publicity and intellectual property) of others; incite, threaten, facilitate, promote, or
encourage hate, racial intolerance, or violent acts against others; harvest or otherwise collect information from the Site about others, including, without limitation, email addresses, without proper consent. 

 

	 	•	 	 Fraud: Activity which operates to defraud Trust Company, Trust Company users, or any other person; provide
any false, inaccurate, or misleading information to Trust Company. 

  

	 	•	 	 Gambling: Lotteries; bidding fee auctions; sports forecasting or odds making; fantasy sports leagues with
cash prizes; Internet gaming; contests; sweepstakes; games of chance. 

  

	 	•	 	 Intellectual Property Infringement: Engage in transactions involving items that infringe or violate any
copyright, trademark, right of publicity or privacy or any other proprietary right under the law, including but not limited to sales, distribution, or access to counterfeit music, movies, software, or other licensed materials without the appropriate
authorization from the rights holder; use of Trust Company intellectual property, name, or logo, including use of Trust Company trade or service marks, without express consent from Trust Company or in a manner that otherwise harms Trust Company, or
Trust Company’s brand; any action that implies an untrue endorsement by or affiliation with Trust Company. 

  
 Appendix 1-1 

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

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

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

	 	•	 	 Written Policies: Client may not use the Custodial Account or the Custodial Services in a manner that
violates, or is otherwise inconsistent with, any operating instructions promulgated by Trust Company. 

 Prohibited Businesses 

Although Trust Company may offer a Custodial Account to any entity that can successfully create an account in accordance with the terms of the Agreement, the
following categories of businesses, business practices, and sale items are barred from the Custodial Services (“Prohibited Businesses”). The specific types of use listed below are representative, but not exhaustive. If Client is
uncertain as to whether or not Client’s use of the Custodial Services involves a Prohibited Business, or have questions about how these requirements apply to Client, please contact us at custody@coinbase.com. 

By opening a Custodial Account, Client confirm that Client will not use the Custodial Services in connection with any of following businesses, activities,
practices, or items: 
  

	 	•	 	 Restricted Financial Services: Check cashing, bail bonds, collections agencies. 

 

	 	•	 	 Intellectual Property or Proprietary Rights Infringement: Sales, distribution, or access to counterfeit
music, movies, software, or other licensed materials without the appropriate authorization from the rights holder. 

  

	 	•	 	 Counterfeit or Unauthorized Goods: Unauthorized sale or resale of brand name or designer products or
services; sale of goods or services that are illegally imported or exported or which are stolen. 

  

	 	•	 	 Regulated Products and Services: Marijuana dispensaries and related businesses; sale of tobacco, e-cigarettes, and e-liquid; online prescription or pharmaceutical services; age-restricted goods or services; weapons and munitions;
gunpowder and other explosives; fireworks and related goods; toxic, flammable, and radioactive materials; products and services with varying legal status on a
state-by-state basis. 

  

	 	•	 	 Drugs and Drug Paraphernalia: Sale of narcotics, controlled substances, and any equipment designed for
making or using drugs, such as bongs, vaporizers, and hookahs. 

  

	 	•	 	 Pseudo-Pharmaceuticals: Pharmaceuticals and other products that make health claims that have not been
approved or verified by the applicable local and/or national regulatory body. 

  

	 	•	 	 Substances designed to mimic illegal drugs: Sale of a legal substance that provides the same effect as an
illegal drug (e.g., salvia, kratom). 

  

	 	•	 	 Adult Content and Services: Pornography and other obscene materials (including literature, imagery and
other media); sites offering any sexually-related services such as prostitution, escorts, pay-per view, adult live chat features. 

  
 Appendix 1-2 

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

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

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

	 	•	 	 Multi-level Marketing: Pyramid schemes, network marketing, and referral marketing programs.

  

	 	•	 	 Unfair, Predatory or Deceptive Practices: Investment opportunities or other services that promise high
rewards; sale or resale of a service without added benefit to the buyer; resale of government offerings without authorization or added value; sites that we determine in our sole discretion to be unfair, deceptive, or predatory towards consumers.

  

	 	•	 	 Gambling Services. 

 

	 	•	 	 Weapons Manufacturers/Vendors. 

 

	 	•	 	 Hate Groups. 

  

	 	•	 	 Money Services: Gift cards; prepaid cards; sale of in-game
currency unless the merchant is the operator of the virtual world; act as a payment intermediary or aggregator or otherwise resell any of the Custodial Services. 

 

	 	•	 	 Crowdfunding. 

  

	 	•	 	 High-risk Businesses: any businesses that we believe pose elevated financial risk or legal liability.

 Conditional Use 
 Express written
consent and approval from Trust Company must be obtained prior to using Custodial Services for the following categories of business and/or use (“Conditional Uses”). Consent may be requested by contacting us at
custody@coinbase.com. Trust Company may also require Client to agree to additional conditions, make supplemental representations and warranties, complete enhanced on-boarding procedures, and operate
subject to restrictions if Client uses the Custodial Services in connection with any of following businesses, activities, or practices: 
  

	 	•	 	 Charities: Acceptance of donations for nonprofit enterprise. 

 

	 	•	 	 Games of Skill: Games which are not defined as gambling under this Agreement or by law, but which require
an entry fee and award a prize. 

  

	 	•	 	 Religious/Spiritual Organizations: Operation of a for-profit
religious or spiritual organization. 

  

	 	•	 	 Digital Currency Services: Operation of a Bitcoin (“BTC”) ATM, BTC mining, BTC exchange,
or other high-risk Digital Currency service. 

  
 Appendix 1-3 

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

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

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

 APPENDIX 2: E-SIGN DISCLOSURE AND CONSENT 

This policy describes how Trust Company delivers communications to Client electronically. Trust Company may amend this policy at any time by providing a
notice. 
 Electronic Delivery of Communications 

Client agrees and consents to receive electronically all communications, agreements, documents, notices and disclosures (collectively,
“Communications”) that Trust Company provides in connection with Client’s Custodial Account and Client’s use of Custodial Services. Communications include: 

 

	 	•	 	 Terms of use and policies Client agrees to (e.g., the Agreement and any addendum thereto), including
updates to these agreements or policies; 

  

	 	•	 	 Custodial Account details, history, transaction receipts, confirmations, and any other Custodial Account,
deposit, withdrawal or transfer information; 

  

	 	•	 	 Legal, regulatory, and tax disclosures or statements we may be required to make available to Client; and

  

	 	•	 	 Responses to claims or customer support inquiries filed in connection with Client’s Custodial Account.

 We will provide these Communications to Client by posting them on the Site, emailing them to Client at the primary email address on
file with Trust Company, communicating to Client via instant chat, and/or through other electronic communication. 
 Hardware and Software Requirements

 In order to access and retain electronic Communications, Client will need the following computer hardware and software: 

 

	 	•	 	 A device with an Internet connection; 

 

	 	•	 	 A current web browser that includes 128-bit encryption (e.g.,
Internet Explorer version 9.0 and above, Firefox version 3.6 and above, Chrome version 31.0 and above, or Safari 7.0 and above) with cookies enabled; 

  

	 	•	 	 A valid email address (Client’s primary email address on file with Trust Company); and

  

	 	•	 	 Sufficient storage space to save past Communications or an installed printer to print them.

 How to Withdraw Client’s Consent 

Client may withdraw Client’s consent to receive Communications electronically by contacting Trust Company at custody@coinbase.com. If Client fails
to provide or if Client withdraws Client’s consent to receive Communications electronically, Trust Company reserves the right to immediately close Client’s Custodial Account or charge Client additional fees for paper copies. 

  
 Appendix 2-1 

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

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

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

 Updating Client’s Information 

It is Client’s responsibility to provide Trust Company with a true, accurate, and complete e-mail address and
Client’s contact information, and to keep such information up to date. Client understands and agrees that if Trust Company sends Client an electronic Communication but Client does not receive it because Client’s primary email address on
file is incorrect, out of date, blocked by Client’s service provider, or Client is otherwise unable to receive electronic Communications, Trust Company will be deemed to have provided the Communication to Client. 

Client may update Client’s information by logging into Client’s Custodial Account and visiting settings or by contacting the Custody support team at
custody@coinbase.com. 

  
 Appendix 2-2 

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

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

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

 Schedule A 

[********] 

  
 Schedule A-1 

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

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

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

 Schedule B 

[********] 

  
 Schedule B-1 

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

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

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

 Schedule C 

[********] 

  
 Schedule C-1 

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

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

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

 Exhibit A 

Trust Company Trademark and Logo 

Trademark: Coinbase Custody 

Logo: [To be provided] 
 Pre-Approved Marketing Content 
 “Coinbase Custody Trust Company, LLC is a fiduciary under § 100 of the New
York Banking Law and a qualified custodian for purposes of Rule 206(4)-2(d)(6) under the Investment Advisers Act of 1940, as amended.” 

Client may make factually accurate statements (in accordance with Section 4.1.2 of the Agreement) limited to describing the Custodial Services provided
by Trust Company to Client, which contain the information in the statement above; provided, however, that Client may not make any statements (A) implying that Trust Company is listing, buying, trading, issuing, selling, offering for sale,
distributing or promoting any investment products (including without limitation, Digital Assets, fiat currency, securities, commodities, trading products, derivatives, structured products, investment funds, investment portfolios, commodity pools,
swaps, securitizations or synthetic products), including where the price, return, outcome, and/or performance of the investment product is based on, derived from, or related to Trust Company, or (B) implying any indorsement or assessment by
Trust Company of the quality of Client’s Digital Assets or Client’s business, without Trust Company’s written agreement. 
 [********] 

  
 Exhibit A-1 

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

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

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed.

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