Document:

EX-10.1

 Exhibit 10.1 

Certain confidential information contained in this document, marked by [**], has been omitted because Graycsale Digital Large Cap Fund LLC
has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC if publicly disclosed. 

Execution Version 
 TRUST
COMPANY CUSTODIAL SERVICES AGREEMENT 
 This Custodial Services Agreement (the “Agreement”) is made by and between
Grayscale Digital Large Cap Fund LLC (the “Grayscale Investment Product”), Grayscale Investments, LLC, manager of the Grayscale Investment Product (the “Manager” 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

  
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 Certain confidential information contained in this document, marked by [**], has been
omitted because Graycsale Digital Large Cap Fund LLC has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC 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. 

  
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 Certain confidential information contained in this document, marked by [**], has been
omitted because Graycsale Digital Large Cap Fund LLC has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC 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 Manager “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 Manager 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. 

  
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 Certain confidential information contained in this document, marked by [**], has been
omitted because Graycsale Digital Large Cap Fund LLC has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC 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 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

  
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 Certain confidential information contained in this document, marked by [**], has been
omitted because Graycsale Digital Large Cap Fund LLC has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC if publicly disclosed. 

 
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. 

  
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 Certain confidential information contained in this document, marked by [**], has been
omitted because Graycsale Digital Large Cap Fund LLC has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC 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. 

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

  
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 Certain confidential information contained in this document, marked by [**], has been
omitted because Graycsale Digital Large Cap Fund LLC has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC if publicly disclosed. 

 
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. 
 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;

  
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 Certain confidential information contained in this document, marked by [**], has been
omitted because Graycsale Digital Large Cap Fund LLC has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC if publicly disclosed. 

	 	(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; 

  

	 	•	 	 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. 

  
 9 

 

 Certain confidential information contained in this document, marked by [**], has been
omitted because Graycsale Digital Large Cap Fund LLC has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC if publicly disclosed. 

 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. 
 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. 

  
 10 

 

 Certain confidential information contained in this document, marked by [**], has been
omitted because Graycsale Digital Large Cap Fund LLC has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC if publicly disclosed. 

 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. 

 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. 

  
 11 

 

 Certain confidential information contained in this document, marked by [**], has been
omitted because Graycsale Digital Large Cap Fund LLC has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC if publicly disclosed. 

 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 Graycsale Digital Large Cap Fund LLC has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC 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. 

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. 

  
 13 

 

 Certain confidential information contained in this document, marked by [**], has been
omitted because Graycsale Digital Large Cap Fund LLC has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC if publicly disclosed. 

 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, 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 

  
 14 

 

 Certain confidential information contained in this document, marked by [**], has been
omitted because Graycsale Digital Large Cap Fund LLC has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC if publicly disclosed. 

 
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 Graycsale Digital Large Cap Fund LLC has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC if publicly disclosed. 

 7.5 Liability of the Manager. 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 Manager, not
individually or personally, but solely as Manager 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 Manager 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 Manager, 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 Manager 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. 
 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 

  
 16 

 

 Certain confidential information contained in this document, marked by [**], has been
omitted because Graycsale Digital Large Cap Fund LLC has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC if publicly disclosed. 

 
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 

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

if to the Grayscale Investment Product, to: 

Grayscale Digital Large Cap Fund LLC 

250 Park Avenue South, 5th Floor 

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

  
 17 

 

 Certain confidential information contained in this document, marked by [**], has been
omitted because Graycsale Digital Large Cap Fund LLC has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC if publicly disclosed. 

 if to Manager, 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 

  

	 	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. 

  
 18 

 

 Certain confidential information contained in this document, marked by [**], has been
omitted because Graycsale Digital Large Cap Fund LLC has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC if publicly disclosed. 

	 	  	 [*******] 

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

  

	 	(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. 

  
 19 

 

 Certain confidential information contained in this document, marked by [**], has been
omitted because Graycsale Digital Large Cap Fund LLC has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC if publicly disclosed. 

 “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 Graycsale Digital Large Cap Fund LLC has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC if publicly disclosed. 

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

 

					
	COINBASE CUSTODY TRUST	 		  	GRAYSCALE INVESTMENTS, LLC
	COMPANY, LLC	 		  	
			
	BY: /S/ SAM MCINGVALE                    	 		  	BY: /S/ MICHAEL SONNENSHEIN            
	NAME: SAM MCINGVALE	 		  	NAME: MICHAEL SONNENSHEIN
	TITLE: CHIEF EXECUTIVE OFFICER	 		  	TITLE: MANAGING DIRECTOR

  

	
	GRAYSCALE DIGITAL LARGE CAP FUND LLC
	
	         BY: GRAYSCALE
INVESTMENTS, LLC,

	
               THE
MANAGER

	
	 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 Graycsale Digital Large Cap Fund LLC has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC 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 

  
 Appendix 1-1 

 

 Certain confidential information contained in this document, marked by [**], has been
omitted because Graycsale Digital Large Cap Fund LLC has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC if publicly disclosed. 

	 	
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. 

  

	 	•	 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. 

 

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

  
 Appendix 1-2 

 

 Certain confidential information contained in this document, marked by [**], has been
omitted because Graycsale Digital Large Cap Fund LLC has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC if publicly disclosed. 

	 	•	 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 Graycsale Digital Large Cap Fund LLC has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC 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 Graycsale Digital Large Cap Fund LLC has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC 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 Graycsale Digital Large Cap Fund LLC has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC if publicly disclosed. 

 Schedule A 

[*******] 

  
 Schedule A-1 

 

 Certain confidential information contained in this document, marked by [**], has been
omitted because Graycsale Digital Large Cap Fund LLC has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC if publicly disclosed. 

 Schedule B 

[*******] 

  
 Schedule B-1 

 

 Certain confidential information contained in this document, marked by [**], has been
omitted because Graycsale Digital Large Cap Fund LLC has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC if publicly disclosed. 

 Schedule C 

[*******] 

  
 Schedule C-1 

 

 Certain confidential information contained in this document, marked by [**], has been
omitted because Graycsale Digital Large Cap Fund LLC has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC 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 Graycsale Digital Large Cap Fund LLC has determined that the information (i) is not material and (ii) would likely cause competitive harm to Graycsale Digital Large Cap Fund LLC if publicly disclosed.EX-10.2

 Exhibit 10.2 

Execution Version 

MASTER DISTRIBUTION AND MARKETING AGREEMENT 

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

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

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

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

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

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

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

  
 2 

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

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

  
 3 

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

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

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

New York, New York, 10003 Attn: Michael Sonnenshein 

  
 4 

 if to the Sponsor at: 

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

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

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

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

  
 5 

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

			
	 GRAYSCALE INVESTMENTS, LLC,

as Sponsor

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

SCHEDULE A HERETO

		
		 	     By: GRAYSCALE INVESTMENTS, LLC,

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

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

as Distributing and Marketing Agent

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

 [Signature page to Distribution and Marketing Agreement] 

 Schedule A 

 

					
	 Product
	  	 Governing Document

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

 Schedule B 

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

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

  

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

  

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

 

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

 

	 	•	 	 Promote each Product using social and digital media. 

 

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

  

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

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