Document:

Exhibit 4.4

  

   

  

   

  

  
    

    

    

    

    
      

      

      

      

      

      

      SECOND AMENDED AND RESTATED

        DECLARATION OF TRUST

        AND

        TRUST AGREEMENT

        OF

        WSHARES BITCOIN FUND

      Dated as of July 15, 2022

      By and Among

      WILSHIRE PHOENIX FUNDS LLC

      and

      DELAWARE TRUST COMPANY

      

      

      
        
          

      

      
      TABLE OF CONTENTS

      	 	 	
              Page

            
	 	 	 
	
              RECITALS

            	 	
              1

            
	 	 	 
	
              ARTICLE I

            	
              DEFINITIONS; THE TRUST

            	
              1

            
	 	 	 
	
              Section 1.1 Definitions

            	
              1

            
	
              Section 1.2 Name

            	
              7

            
	
              Section 1.3 Delaware Trustee; Offices

            	
              7

            
	
              Section 1.4 Declaration of Trust

            	
              7

            
	
              Section 1.5 Purposes and Powers

            	
              7

            
	
              Section 1.6 Tax Treatment

            	
              8

            
	
              Section 1.7 Legal Title

            	
              9

            
	 	 	 
	
              ARTICLE II

            	
              THE TRUSTEE

            	
              9

            
	 	 	 
	
              Section 2.1 Term; Resignation; Removal

            	
              9

            
	
              Section 2.2 Powers

            	
              10

            
	
              Section 2.3 Compensation of the Trustee

            	
              10

            
	
              Section 2.4 Indemnification

            	
              10

            
	
              Section 2.5 Successor Trustee

            	
              11

            
	
              Section 2.6 Liability of Trustee

            	
              11

            
	
              Section 2.7 Reliance; Advice of Counsel

            	
              12

            
	
              Section 2.8 Payments to the Trustee

            	
              13

            
	 	 	 
	
              ARTICLE III

            	
              SHARES;  ASSETS AND LIABILITIES OF TRUST; DISTRIBUTIONS

            	
              13

            
	 	 	 
	
              Section 3.1 General

            	
              13

            
	
              Section 3.2 Offer of Shares

            	
              13

            
	
              Section 3.3 Book-Entry-Only System

            	
              14

            
	
              Section 3.4 Assets of the Trust

            	
              15

            
	
              Section 3.5 Liabilities of the Trust

            	
              15

            
	
              Section 3.6 Distributions

            	
              15

            
	
              Section 3.7 Voting Rights

            	
              15

            
	
              Section 3.8 Equality

            	
              16

            
	 	 	 
	
              ARTICLE IV

            	
              TRANSFERS OF SHARES

            	
              16

            
	 	 	 
	
              Section 4.1 General

            	
              16

            
	 	 	 
	
              ARTICLE V

            	
              REDEMPTION OF SHARES

            	
              16

            
	 	 	 
	
              Section 5.1 Redemption of Shares

            	
              16

            
	
              Section 5.2 Right to Reject Redemption

            	
              18

            
	
              Section 5.3 Other Redemption Procedures

            	
              18

            
	
              Section 5.4 Redemption Orders Irrevocable

            	
              18

            
	
              Section 5.5 Redemptions Paid in Cash

            	
              18

            

      

      

      
        i

        
          

      

      

      

      

      

      

      

      	 	 	 
	
              ARTICLE VI

            	
              SUSPENSION EVENTS

            	
              19

            
	 	 	 
	
              Section 6.1 Suspension Events

            	
              19

            
	 	 	 
	
              ARTICLE VII

            	
              THE TRUST

            	
              20

            
	 	 	 
	
              Section 7.1 Management of the Trust

            	
              20

            
	
              Section 7.2 Authority of Sponsor

            	
              20

            
	
              Section 7.3 General Prohibitions

            	
              22

            
	
              Section 7.4 Liability of Covered Persons

            	
              22

            
	
              Section 7.5 Certain Duties

            	
              22

            
	
              Section 7.6 Indemnification of the Sponsor

            	
              24

            
	
              Section 7.7 Business of Shareholders

            	
              25

            
	
              Section 7.8 Voluntary Withdrawal of the Sponsor

            	
              25

            
	
              Section 7.9 Officer’s Certificate of Sponsor

            	
              25

            
	
              Section 7.10 Authorization of Prospectus

            	
              25

            
	
              Section 7.11 Litigation

            	
              25

            
	
              Section 7.12 Merger or Corporate Reorganization of Sponsor

            	
              25

            
	 	 	 
	
              ARTICLE VIII

            	
              THE SHAREHOLDERS

            	
              26

            
	 	 	 
	
              Section 8.1 No Management or Control; Limited Liability

            	
              26

            
	
              Section 8.2 Rights and Duties

            	
              26

            
	
              Section 8.3 Limitation of Liability

            	
              26

            
	
              Section 8.4 Derivative Actions

            	
              27

            
	 	 	 
	
              ARTICLE IX

            	
              BOOKS OF ACCOUNT AND REPORTS

            	
              27

            
	 	 	 
	
              Section 9.1 Books of Account

            	
              27

            
	
              Section 9.2 Reports

            	
              27

            
	
              Section 9.3 Tax Matters

            	
              28

            
	
              Section 9.4 Tax Information

            	
              29

            
	
              Section 9.5 Calculation of Bitcoin Holdings

            	
              29

            
	
              Section 9.6 Calculation of GAAP NAV

            	
              31

            
	
              Section 9.7 Fiscal Year

            	
              31

            
	
              Section 9.8 Maintenance of Records

            	
              32

            
	 	 	 
	
              ARTICLE X

            	
              FEES AND Expenses

            	
              32

            
	 	 	 
	
              Section 10.1 Sponsor’s Fee

            	
              32

            
	
              Section 10.2 Sponsor-paid Expenses

            	
              32

            
	
              Section 10.3 Additional Trust Expenses

            	
              32

            
	
              Section 10.4 Payment of Fees and Expenses

            	
              33

            
	 	 	 
	
              ARTICLE XI

            	
              AMENDMENT OF TRUST AGREEMENT; MEETINGS

            	
              33

            
	 	 	 
	
              Section 11.1 Amendments to the Trust Agreement

            	
              33

            
	
              Section 11.2 Meetings of the Trust

            	
              34

            
	
              Section 11.3 Action Without a Meeting

            	
              34

            
	 	 	 
	
              ARTICLE XII

            	TERM 

            	
              

              

            
	 	 	 
	

            	

            
	

            	

            	

            
	

            	

            	

            

      

      

      
        ii

        
          

      

      

      

      
        	
                Section 12.1 Term

              	
                34

              
	 	 	 
	
                ARTICLE XIII

              	
                TERMINATION

              	
                34

              

      

      	
              Section 13.1 Events Requiring Dissolution of the Trust

            	
              34

            
	
              Section 13.2 Distributions on Dissolution

            	
              36

            
	
              Section 13.3 Termination; Certificate of Cancellation

            	
              36

            
	 	 	 
	
              ARTICLE XIV

            	
              MISCELLANEOUS

            	
              37

            
	 	 	 
	
              Section 14.1 Governing Law

            	
              37

            
	
              Section 14.2 Provisions In Conflict With Law or Regulations

            	
              37

            
	
              Section 14.3 Merger and Consolidation

            	
              38

            
	
              Section 14.4 Construction

            	
              38

            
	
              Section 14.5 Notices

            	
              38

            
	
              Section 14.6 Counterparts; Electronic Transmission

            	
              39

            
	
              Section 14.7 Binding Nature of Trust Agreement

            	
              39

            
	
              Section 14.8 No Legal Title to Trust Estate

            	
              39

            
	
              Section 14.9 Creditors

            	
              39

            
	
              Section 14.10 Integration

            	
              39

            
	
              Section 14.11 Goodwill; Use of Name

            	
              39

            
	 	 	 
	
              EXHIBIT A  CERTIFICATE OF TRUST

            	
              A-1

            

      

      

      
        iii

        
          

      

      
      SECOND AMENDED AND RESTATED DECLARATION OF TRUST

        AND TRUST AGREEMENT

      This SECOND AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT of WSHARES BITCOIN FUND is made and entered into as of the 15th day of July, 2022, between WILSHIRE PHOENIX FUNDS LLC, a Delaware
        limited liability company, and DELAWARE TRUST COMPANY, a Delaware corporation, as trustee.

      RECITALS

      WHEREAS, Wilshire Phoenix Funds LLC and the Trustee have heretofore created
        a Delaware statutory trust pursuant to the Delaware Trust Statute (as hereinafter defined) by entering into a Trust Agreement dated as of April 29, 2020, and by executing and filing with the Secretary of State of the State of Delaware the
        Certificate of Trust;

      WHEREAS, on April 14, 2021, the Trustee, at the instruction of the Sponsor,
        filed a Certificate of Amendment to the Certificate of Trust amending the Trust’s name from “Bitcoin Commodity Trust” to “wShares Bitcoin Commodity Trust”;

      WHEREAS, on February 4, 2022, the Trustee, at the instruction of the
        Sponsor, filed a Certificate of Amendment to the Certificate of Trust amending the Trust’s name from “wShares Bitcoin Commodity Trust” to “wShares Bitcoin Fund”;

      WHEREAS, on February 11, 2022, the Trustee and the Sponsor entered into an
        Amended and Restated Declaration of Trust and Trust Agreement (the “Existing Agreement”);

      WHEREAS, the parties hereto desire to amend and restate the Existing
        Agreement in its entirety and to provide for the matters set forth herein;

      NOW, THEREFORE, in consideration of the agreements and obligations set forth
        herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby amend and restate the Existing Agreement in its entirety and agree as follows:

      ARTICLE I

        

        DEFINITIONS; THE TRUST

      SECTION 1.1  Definitions. As used in this Agreement, the following
        terms shall have the following meanings unless the context otherwise requires:

      “Additional Trust Expenses” has the meaning set forth in Section 10.3.

      “Administration Agreement” means the agreement between the Trust and the
        Administrator which sets forth the obligations and responsibilities of the Administrator in respect of the administration, accounting and recordkeeping of the Trust.

      
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      “Administrator” means UMB Fund Services, Inc., together with its permitted
        successors and assigns, or any other Person from time to time engaged by the Trust to assist in the administration of the Trust.

      “Administrator Fee” means the fee payable to the Administrator for services
        it provides to the Trust, which shall be paid to the Administrator as a Sponsor-paid Expense.

      “Affiliate” means, with respect to any Person, any other Person, directly or
        indirectly, controlling, controlled by or under common control with such Person. For the purposes of this definition, “control” when used with respect to any Person, means the power to direct the management and policies of such Person, directly or
        indirectly, whether through the ownership of voting securities, by contract or otherwise and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

      “Agreement” means this Second Amended and Restated Declaration of Trust and
        Trust Agreement, as the same may be amended, restated, amended and restated or otherwise modified from time to time.

      “Auditor” means Citrin Cooperman & Company, LLP, together with its
        permitted successors and assigns, or any other Person from time to time engaged by the Trust to assist with auditing the Trust.

      “Bankruptcy Code” means Title 11 of the United States Code (11 U.S.C.
        Section 101 et seq.), as amended.

      “Beneficial Owner” means any Person owning a beneficial interest in any
        Shares, including a person who holds Shares through or on behalf of any Shareholder.

      “bitcoin” means a digital asset based on the cryptographic protocols used by
        the decentralized, peer-to-peer bitcoin computer network.

      “Bitcoin Custodian” means Fidelity Digital Asset Services, LLC, together
        with its permitted successors and assigns, or any other Person from time to time engaged by the Trust to assist with custody of the Trust’s bitcoin.

       “Bitcoin Custodian Fee” means the fees payable to the Bitcoin Custodian
        pursuant to the Bitcoin Custody Agreement for the services it provides to the Trust.

      “Bitcoin Custody Agreement” means the agreement between the Trust and the
        Bitcoin Custodian which sets forth the obligations and responsibilities of the Bitcoin Custodian in respect of the safekeeping of the Trust’s bitcoin, as the same may be amended from time to time.

      “Bitcoin Holdings” means the value of bitcoin, as determined by reference to
        the Bitcoin Reference Rate, and cash held by the Trust less the Trust’s expenses and other liabilities determined in accordance with Section 9.5.

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

      
        2

        
          

      

      

      

      “Bitcoin Network” means the online, end-user-to-end-user network hosting the
        public transaction ledger, known as the Blockchain, and the source code comprising the basis for the cryptographic and algorithmic protocols governing the Bitcoin Network.

      “Bitcoin Price” means (i) with respect to the determination of Bitcoin
        Holdings in accordance with Section 9.5, the price of bitcoin that is based on the Bitcoin Reference Rate, and (ii) with respect to the determination of GAAP NAV, the price of bitcoin that is based on the Trust’s principal market.

      “Bitcoin Reference Rate” means the CME CF BRR or, if the CME CF BRR ceases
        to be published, the rate determined in accordance with the cascading rules set forth in Section 9.5(c).

      “Blockchain” means the public transaction ledger of the Bitcoin Network on
        which miners or mining pools solve algorithmic equations allowing them to add records of recent transactions (called “blocks”) to the chain of transactions in exchange for an award of bitcoin from the Bitcoin Network and the payment of transaction
        fees, if any, from users whose transactions are recorded in the block being added.

      “Business Day” means any day other than a Saturday or a Sunday on which the
        New York Stock Exchange is scheduled to be open for business and, in respect of any action to be taken by the Trustee, on which the Trustee is scheduled to be open for business.

      “Cash Custody Agreement” means the agreement between the Trust and the Cash
        Custodian which sets forth the obligations and responsibilities of the Cash Custodian in respect of the safekeeping of the Trust’s cash, as the same may be amended from time to time.

      “Cash Account” means an account maintained by the Cash Custodian in the name
        of the Trust pursuant to the Cash Custody Agreement, in which U.S. dollars will be held.

      “Cash Custodian” means UMB Bank, N.A., together with its permitted
        successors and assigns, or any other Person from time to time engaged by the Trust to assist with custody of the Trust’s U.S. dollars.

      “Cash Custodian Fee” means the fee payable to the Cash Custodian for the
        services it provides to the Trust.

      “Certificate of Trust” means the Certificate of Trust of the Trust in the
        form filed with the Secretary of State of the State of Delaware pursuant to Section 3810 of the Delaware Trust Statute, as amended or restated from time to time, attached hereto as Exhibit A.

      “CFTC” means the Commodity Futures Trading Commission.

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

      “Code” means the United States Internal Revenue Code of 1986, as amended.

      “Constituent Platforms” means the trading venues approved by the CME CF
        Cryptocurrency Pricing Products Oversight Committee to serve as a pricing source for the calculation of the CME CF BRR. As of the date of this Agreement, the following trading venues are Constituent Platforms: Bitstamp, Coinbase Pro, itBit, Kraken,
        Gemini and LMAX Digital.

      
        3

        
          

      

      

      

      

      

      “Corporate Trust Office” means the principal office at which at any
        particular time the corporate trust business of the Trustee is administered, which office at the date hereof is located at 251 Little Falls Drive, Wilmington, DE 19808, Attention:  Corporate Trust Administration.

      “Covered Person” means the Sponsor and its Affiliates and their respective
        members, managers, directors, officers, employees, agents and controlling persons.

      “Delaware Trust Statute” means the Delaware Statutory Trust Act, Chapter 38
        of Title 12 of the Delaware Code, 12 Del. C. § 3801 et seq., as the same may be amended from time to time.

      “DTC” means The Depository Trust Company.

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

      “ERISA” means the Employee Retirement Income Security Act of 1974, as
        amended.

      “Escrow Agent” means the entity appointed by the Trust to act as escrow
        agent in connection with a Share Placement.

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

      “Expenses” has the meaning set forth in Section 2.4(a).

      “FinCEN” means the Financial Crimes Enforcement Network of the U.S.
        Department of the Treasury.

      “Fiscal Year” has the meaning set forth in Section 9.7.

      “GAAP” means U.S. generally accepted accounting principles.

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

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

      “Indemnified Persons” has the meaning assigned to such term in Section
          2.4(a).

      “Indirect Participants” means those banks, brokers, dealers, trust companies
        and others who maintain, either directly or indirectly, a custodial relationship with a DTC Participant.

      “Initial Issuance Date” means the date on which the initial issuance of
        Shares occurs.

      
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      “IRS” means the U.S. Internal Revenue Service.

      “Liquidating Trustee” has the meaning assigned thereto in Section 13.2.

      “Minimum Redemption Size” means 1,000 Shares.

      “OTCQX” shall mean OTC Markets Group, Inc.’s OTCQX Best Marketplace.

      “Partnership Representative” has the meaning assigned thereto in Section
          1.6(b).

      “Partnership Representative Agreement” means the agreement entered into
        between the Partnership Representative and the Trust which sets forth the obligations and responsibilities of the Partnership Representative in respect of the Trust’s tax audits, as the same may be amended from time to time.

      “Partnership Representative Fee” means the fee payable to the Partnership
        Representative for services it provides to the Trust.

      “Percentage Interest” means a fraction, the numerator of which is the number
        of any Shareholder’s Shares and the denominator of which is the total number of Shares of the Trust outstanding as of the date of determination.

      “Person” means an individual, corporation, partnership, joint venture,
        association, limited liability company, joint stock company, trust, unincorporated organization or other entity, including any government agency, commission, board, department, bureau or instrumentality.

      “Record Date” means, with respect to (i) any distribution to Shareholders to
        be made pursuant to this Agreement upon a redemption of Shares, the applicable Redemption Date, (ii) any distribution to Shareholders to be made pursuant to this Agreement upon termination of the Trust, the date that is two (2) Business Days prior
        to the date of such termination, or (iii) any vote of Shareholders pursuant to this Agreement, the date established by the Sponsor or the Administrator, as applicable, for determining who is a Shareholder entitled to such voting right.

      “Redemption Cut-off Date” means the fifth (5th) Business Day
        prior to a Redemption Date.

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

      “Redemption Order” means a written notice delivered by a Shareholder to the
        Administrator and the Transfer Agent pursuant to Section 5.1(a) in connection with a redemption of its Shares, the form of which is attached to the Registration Statement.

      “Register” means the books and records of the Transfer Agent in which the
        ownership of Shares by each Shareholder will be registered.

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

      
        5

        
          

      

      

      

      “SEC” means the Securities and Exchange Commission.

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

      “Service Providers” means the Trustee, the Administrator, the Cash
        Custodian, the Bitcoin Custodian, the Transfer Agent, the Partnership Representative and any other service provider appointed by the Trust to provide delegated services on behalf of the Trust.

      “Service Provider Agreements” means this Agreement, the Administration
        Agreement, the Cash Custody Agreement, the Bitcoin Custody Agreement, the Transfer Agent Services Agreement, the Partnership Representative Agreement and any other agreement entered into with a Service Provider from time to time.

      “Shareholder” means the Person in whose name a Share is registered in the
        books and records of the Trust by the Transfer Agent, which, in the case of any Share registered in DTC, shall be DTC or its nominee, as applicable.

      “Shares” means the common units of fractional undivided beneficial interest
        in, and ownership of, the Trust.

      “Share Placement” has the meaning set forth in Section 3.2(a).

      “Sponsor” means Wilshire Phoenix Funds LLC or any substitute therefor as
        provided herein, or any successor thereto by merger, consolidation or operation of law.

      “Sponsor Fee Basis Amount” has the meaning set forth in Section
          9.5(b)(v).

      “Sponsor-paid Expense” and “Sponsor-paid
          Expenses” have the meanings set forth in Section 11.2.

      “Sponsor’s Fee” has the meaning set forth in Section 10.1.

      “Subscription Agreement” means a subscription agreement of the Trust
        executed by a Shareholder, as it may be amended or supplemented from time to time in accordance with its terms.

      “Suspension Event” has the meaning set forth in Section 6.1.

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

      “Transfer Agent Fee” means the fee (if any) payable to the Transfer Agent
        for services it provides to the Trust.

      “Transfer Agent Services Agreement” means the Agreement between the Transfer
        Agent and the Trust governing the Transfer Agent's duties and obligations, as the same may be amended from time to time.

      
        6

        
          

      

      

      

      “Treasury Regulations” means regulations, including proposed or temporary
        regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations.

      “Trust” means the wShares Bitcoin Fund, a Delaware statutory trust formed
        pursuant to the Certificate of Trust, the business and affairs of which are governed by this Agreement.

      “Trustee” means Delaware Trust Company, its successors and assigns, or any
        substitute therefor as provided herein, acting not in its individual capacity but solely as trustee of the Trust.

      “Trustee Fee” has the meaning set forth in Section 2.3.

      “Trust Estate” means the assets of the Trust, which are comprised solely of
        bitcoin and U.S. Dollars held by or on behalf of the Trust.

      “Website” means www.wshares.com or such other website as may be designated
        by the Sponsor from time to time.

      SECTION 1.2  Name.  The name of the Trust is the “wShares Bitcoin Fund” in which name the Trustee and the
        Sponsor cause the Trust to carry out its purposes as set forth in Section 1.5, make and execute contracts and other instruments in the name and on behalf of the Trust and sue and be sued in the name and on behalf of the Trust.

      SECTION 1.3  Delaware Trustee; Offices.

      (a)  The sole Trustee of the Trust is Delaware Trust Company, which is located at the Corporate Trust Office or at
        such other address in the State of Delaware as the Trustee may designate in writing to the Shareholders. The Trustee shall receive service of process on the Trust in the State of Delaware at the foregoing address.

      (b)  The principal office of the Trust, and such additional offices as the Sponsor may establish, shall be located
        at such place or places inside or outside the State of Delaware as the Sponsor may designate from time to time in writing to the Trustee and the Shareholders. Initially, the principal office of the Trust shall be at 2 Park Avenue, 20th
        Floor, New York, New York 10016.

      SECTION 1.4  Declaration of Trust. The Trust Estate shall be held in trust for the Shareholders. It is the
        intention of the parties hereto that the Trust constitute a statutory trust under the Delaware Trust Statute and that this Agreement constitute the governing instrument of the Trust. It is not the intention of the parties hereto to create a general
        partnership, limited partnership, limited liability company, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust that is treated as a partnership for U.S. federal income tax
        purposes and for purposes of applicable state and local tax laws. Nothing in this Agreement shall be construed to make the Shareholders partners or members of a joint stock association. Effective as of the date hereof, the Trustee and the Sponsor
        shall have all of the rights, powers and duties set forth herein and in the Delaware Trust Statute with respect to accomplishing the purposes of the Trust. 

      
        7

        
          

      

      

      

      The Trustee has filed the certificate of trust required by the Delaware Trust Statute in connection with the formation of the Trust
        under the Delaware Trust Statute.

      SECTION 1.5  Purposes and Powers. The purpose of the Trust is for the Shares to closely reflect the value of
        bitcoin, as determined by reference to the Bitcoin Price, and cash held by the Trust less the Trust’s expenses and other liabilities. The Trust shall be authorized to (i) issue Shares for U.S. dollars through Share Placements, (ii) purchase bitcoin
        from net proceeds received in connection with the issuance of Shares, (iii) pay the Sponsor’s Fee and any Additional Trust Expenses in U.S. dollars and sell bitcoin as necessary to pay the Sponsor’s Fee and any Additional Trust Expenses,
        (iv) redeem Shares for U.S. Dollars (and therefore sell bitcoin as necessary) pursuant to Article V, (v) sell bitcoin upon the termination of the Trust and to distribute the proceeds of such sales in accordance with Section 13.2,
        and (vi) engage in activities that are necessary to accomplish the foregoing activities or are incidental thereto or connected therewith. The Sponsor, on behalf of the Trust, shall also be authorized to cause the sale of the Trust’s assets if the
        Sponsor determines that such sale is required by applicable law or regulation or in connection with the termination and liquidation of the Trust.  The Trust shall not engage in any other business activity and shall
          not acquire or own any assets other than bitcoin and/or U.S. dollars as provided in this Agreement or take any of the actions set forth in Section 7.3.

      SECTION 1.6  Tax Treatment.

      (a)  The Trust shall be treated as a partnership for U.S. federal, state and local tax purposes, and the Auditor
        shall timely file any and all forms required to give effect to such treatment. Each Shareholder shall be treated as a partner of the Trust for all U.S. federal, state and local tax purposes and shall not take a position on his or her U.S. federal,
        state or local tax or information returns that is inconsistent with such treatment. Each Shareholder shall provide the Sponsor and the Auditor with the information required by Section 6031(c) of the Code and the information required by Treasury
        Regulation Section 1.743-1(k) timely and shall provide such other information or certifications as the Sponsor or the Auditor reasonably requires for tax purposes and reasonably requests. The Auditor will timely prepare and file a partnership
        information return (IRS Form 1065) with the IRS for each taxable year of the Trust and will report to each Shareholder his or her allocable share of items of income, gain, loss, deduction, expense and credit of the Trust on Schedule K-1 to IRS Form
        1065.

      (b)  Corporation Service Company shall be designated, in the manner prescribed by applicable law, as the partnership
        representative, within the meaning of Section 6223(a) of the Code, and is authorized to act on behalf of the Trust in respect of Trust audits relating to tax returns filed for taxable years beginning after December 31, 2021 (the “Partnership Representative”).  In the event the Trust shall be the subject of an income tax audit by any federal, state or local authority, including administrative settlement and judicial review, the Partnership
        Representative shall be authorized to act for, and its decision shall be final and binding upon, the Trust and each Shareholder.  The Partnership Representative shall have the authority to make, or cause to be made, all relevant decisions and
        elections, including, with respect to audits relating to tax returns filed for taxable years beginning after December 31, 2021, an election under Section 6226 of the Code, as then in effect, and any similar elections under state or local law.  All
        expenses incurred in connection with any such audit, investigation, settlement or review shall be borne by the Trust.

      
        8

        
          

      

      

      

      (c)  Each Shareholder agrees that it shall not, except as required by applicable law, (i) treat, on its own income
        or information tax returns or any information returns that it provides to any broker, nominee or beneficial owner in respect of its Shares, any item of income, gain, loss, deduction, credit, basis or any other tax item relating to its Shares in a
        manner inconsistent with the treatment of such items by the Trust as reflected on the Schedule K-1 to IRS Form 1065 or other information statement furnished to such Shareholder pursuant to this Section 1.6 or (ii) file any claim for a
        refund relating to any such item based on, or which would result in, such inconsistent treatment.

      SECTION 1.7  Legal Title.  Legal title to all of the Trust Estate shall be vested in the Trust as a separate
        legal entity.

      ARTICLE II

        

        THE TRUSTEE

      SECTION 2.1  Term; Resignation; Removal.

      (a)  Delaware Trust Company has been appointed and hereby agrees to serve as
        the Trustee of the Trust. The Trustee is appointed to serve as the trustee of the Trust in the State of Delaware for the purpose of satisfying the requirement of Section 3807(a) of the Delaware Trust Statute that the Trust have at least one trustee
        with a principal place of business in Delaware. The Trust shall have only one Trustee unless otherwise determined by the Sponsor. The Trustee shall serve for the duration of the Trust until the earlier of (i) the effective date of the Trustee’s
        resignation or (ii) the effective date of the removal of the Trustee. The Trustee shall at all times satisfy the requirements of Section 3807(a) of the Delaware Trust Statute, be authorized to exercise corporate trust powers

          under the laws of Delaware and be subject to supervision or examination by federal or state authorities. In case at any time the Trustee shall cease to be eligible to serve as trustee of the Trust in accordance with the provisions of this Section

            2.1, the Trustee shall resign promptly in the manner and with the effect specified in this Article II. Any resignation or removal of the Trustee and appointment of a successor Trustee shall not become effective until a written acceptance of
          appointment is delivered by the successor Trustee to the outgoing Trustee and the Sponsor and any fees and expenses due to the outgoing Trustee are paid. The Trustee may have normal banking and trust relationships with the Sponsor and their
          respective affiliates; provided that none of (i) the Sponsor, (ii) any Person involved in the organization or operation of the Sponsor or the Trust or (iii) any affiliate of any of them may be the Trustee hereunder. The Trust shall have at least
          one trustee with a principal place of business in Delaware. It is understood and agreed by the parties hereto that the Trustee shall have none of the duties or liabilities of the Sponsor and no such duties shall be implied. The Trustee shall have
          no obligation to supervise or monitor the Sponsor or otherwise manage the Trust.

      (b)  The Trustee is permitted to resign upon at least thirty (30) days’ written notice to the Trust and the Sponsor;
        provided, however, such resignation shall not be effective until such time as a successor Trustee has been appointed by the Sponsor and has accepted such appointment in writing.

      
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      (c)  If at any time the Trustee shall cease to be eligible to serve as trustee of the Trust in accordance with the
        provisions of this Agreement, or if at any time the Trustee shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or
        control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Sponsor may, immediately upon notice to the Trustee, remove the Trustee and appoint a successor Trustee. Without limiting
        the foregoing, the Sponsor may at any time, upon at least ten (10) days’ prior notice to the Trustee, remove the Trustee and appoint a successor Trustee.

      SECTION 2.2  Powers. Except to the extent expressly set forth in Section 1.3 and this Article, the
        duty and authority to manage the affairs of the Trust is vested in the Sponsor, which duty and authority the Sponsor may further delegate as provided herein, all pursuant to Section 3806(b)(7) of the Delaware Trust Statute. The duties of the
        Trustee shall be limited to (i) accepting legal process served on the Trust in the State of Delaware and (ii) the execution of any certificates required to be filed with the Secretary of State of the State of Delaware which the Trustee is required
        to execute under Section 3811 of the Delaware Trust Statute. The Trustee shall provide prompt notice to the Sponsor of its performance of any of the foregoing. Other than the foregoing, the Trustee shall have no other duties (including fiduciary
        duties) or obligations, express or implied, at law or in equity.

      SECTION 2.3  Compensation of the Trustee.  The Trustee shall be entitled to receive, as a Sponsor-paid
        Expense, fees for its services hereunder as set forth in such schedules as shall have been separately agreed to from time to time by the Trustee and the Trust (the “Trustee Fee”), which shall be payable in
        U.S. dollars.  To the extent that any funds are received by the Trustee, the Trustee may earn compensation in the form of short-term interest (“float”) on items like uncashed distribution checks (from the
        date issued until the date cashed), funds that the Trustee is directed not to invest, deposits awaiting investment direction or received too late to be invested overnight in previously directed investments; provided, however that, notwithstanding
        anything contained herein to the contrary, in no event shall the Trustee be entitled to invest any cash held by it in any investments, money market accounts or other sweep vehicles, and instead shall only be entitled to hold such cash in a demand
        deposit account or trust account that does or does not bear interest.

      SECTION 2.4  Indemnification.

      (a)  The Trust shall indemnify and hold harmless the Trustee and any of the officers, affiliates, directors,
        employees and agents of the Trustee (the “Indemnified Persons”) from and against any and all losses, damages, liabilities (including liabilities under state or federal securities laws), claims, actions,
        suits, costs, reasonable expenses, disbursements (including the reasonable fees and expenses of counsel generally and in connection with its enforcement of its indemnification rights), taxes and penalties of any kind and nature whatsoever
        (collectively, “Expenses”), to the extent that such Expenses arise out of or are imposed upon or asserted at any time against such Indemnified Persons in connection with the execution or delivery of this
        Agreement, the performance of its obligations under this Agreement, the creation, operation or termination of the Trust or the transactions contemplated hereby; provided, however, that (i) the Trust shall not be required to
        indemnify any Indemnified Person for any Expenses which are a result of the willful misconduct, bad faith or gross negligence of an Indemnified Person in

      
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      connection with its express duties or obligations hereunder and (ii) any such indemnification will be recoverable only from the Trust
        Estate; provided however that, to the extent that the Trust has not satisfied any indemnification obligation set forth in the foregoing sentence with respect to Expenses of any Indemnified Persons, by the thirtieth (30th) day following
        written demand therefor, the Sponsor shall indemnify and hold harmless such Indemnified Persons from and against any and all Expenses and shall pay on demand any such Expenses which remain unpaid.  For the avoidance of doubt, the Trustee may
        consult with counsel (who may be counsel for the Trust or the Sponsor).  The reasonable legal fees incurred in connection with such consultation shall be reimbursed to the Trustee pursuant to this Section 2.4; provided that no such fees
        shall be payable to the extent that they are incurred as a result of an Indemnified Person’s gross negligence, bad faith or willful misconduct.  As security for any amounts owing to the Trustee under this Section 2.4, the Trustee shall have
        a lien against the Trust property, which lien shall be senior to the lien of the Sponsor under Section 7.7.  For the avoidance of doubt, all Expenses to any Indemnified Persons shall be payable in U.S. dollars.

      (b)  The obligations of the Trust and the Sponsor to indemnify the Indemnified Persons under this Section 2.4
        shall survive the resignation or removal of the Trustee and the termination of this Agreement.

      SECTION 2.5  Successor Trustee.  Upon the resignation or removal of the Trustee, the Sponsor shall appoint a
        successor Trustee. Any successor Trustee shall be eligible to act in such capacity in accordance with this Agreement, including satisfaction of the requirements of Section 3807 of the Delaware Trust Statute. Following compliance with this Section

          2.5, the successor Trustee shall become fully vested with all of the rights, powers, duties and obligations of the outgoing Trustee under this Agreement, with like effect as if originally named as Trustee, and shall notify the outgoing
        Trustee of its acceptance of such appointment by providing a written instrument to the outgoing Trustee. At such time, the outgoing Trustee shall be discharged of its duties and obligations under this Agreement. Any business entity into which the
        Trustee may be merged or converted or with which it may be consolidated, or any entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any entity succeeding to all or substantially all of the
        corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, to the fullest extent permitted by law without the execution or filing of any paper or any further act on the part of any of the parties hereto. If the
        Trustee resigns and no successor Trustee is appointed within forty-five (45) days after the Trustee notifies the Sponsor of its resignation, the Trustee may petition a court of competent jurisdiction to appoint a successor Trustee.

      SECTION 2.6  Liability of Trustee. Except as otherwise provided in
        this Article II, in accepting the trust created hereby, Delaware Trust Company acts solely as Trustee hereunder and not in its individual capacity, and all Persons having any claim against the Trustee by reason of the transactions contemplated by
        this Agreement and any other agreement to which the Trust is a party shall look only to the Trust Estate for payment or satisfaction thereof. The Trustee shall not be personally liable or accountable hereunder to the Trust or to any other Person or
        under any other agreement to which the Trust is a party, except for the Trustee’s own gross negligence, bad faith or willful misconduct in connection with its express duties or obligations hereunder. In particular, but not by way of limitation:

      
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      (a)  The Trustee shall not be personally liable for any error of judgment made in good faith,
        except to the extent such error of judgment constitutes gross negligence on its part;

      (b)  The Trustee shall have no personal liability or responsibility for the validity or
        sufficiency of this Agreement or for the due execution hereof by the Sponsor;

      (c)  The Trustee shall not have any liability for the acts or omissions of the Sponsor, the
        Transfer Agent, the Administrator, the Bitcoin Custodian, the Cash and Treasury Custodian or any other Person;

      (d)  The Trustee shall have no duty or obligation to supervise the performance of any obligations
        of the Sponsor, the Transfer Agent, the Administrator, the Bitcoin Custodian, the Cash and Treasury Custodian or any other Person;

      (e)  No provision of this Agreement shall require the Trustee to expend or risk its personal
        funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder, if the Trustee shall have reasonable grounds for believing that the payment of such funds or adequate indemnity against such risk or
        liability is not reasonably assured or provided to it;

      (f)  Under no circumstances shall the Trustee be personally
        liable for any representation, warranty, covenant, agreement or indebtedness of the Trust arising under this Agreement or any other agreements to which the Trust is a party;

      (g)  The Trustee shall not be liable for punitive, exemplary, consequential, special or other
        similar damages for a breach of this Agreement under any circumstances; and

      (h)  The Trustee shall not be obligated to give any bond or other security for the performance of
        any of its duties under this Agreement.

      SECTION 2.7  Reliance; Advice of Counsel.

      (a)  In the absence of bad faith, the Trustee shall incur no liability to anyone in acting on any signature,
        instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper reasonably believed by it to be genuine and reasonably believed by it to be signed by the proper party or parties. The Trustee
        may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that such resolution is in full force and
        effect. As to any fact or matter the manner of ascertainment of which is not specifically prescribed in this Agreement, the Trustee may for all purposes hereof rely on a certificate, signed by the Sponsor or the Administrator, as to such fact or
        matter, and such certificate shall constitute full protection to the Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon.

      (b)  In the exercise or administration of the Trust hereunder and in the performance of its duties and obligations
        under this Agreement, the Trustee (i) may act directly or through agents or attorneys pursuant to agreements entered into with any of them, and the Trustee shall not be liable for the default or misconduct of such agents or attorneys if such agents
        or attorneys shall have been selected by the Trustee in good faith and with due care and 

      
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      (ii) may consult with counsel, accountants and other skilled professionals to be selected by it in good faith  and with due care and
        employed by it. The Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any such counsel, accountant or other such skilled professionals.

      SECTION 2.8  Payments to the Trustee. Any amounts paid to the
        Trustee pursuant to this Article II shall be deemed not to be a part of the Trust Estate immediately after such payment. Any amounts owing to the Trustee under this Agreement shall constitute a claim against the Trust Estate.

      ARTICLE III

        

        SHARES;

        ASSETS AND LIABILITIES OF TRUST; DISTRIBUTIONS

      

      

      SECTION 3.1  General. The Shares shall represent fractional
        undivided beneficial interests in, and ownership of, the Trust.  The Sponsor shall have the power and authority, in its sole discretion, without action or approval by the Shareholders, to cause the Trust to issue Shares from time to time. The
        number of Shares authorized shall be unlimited, and the Shares so authorized may be represented in part by fractional Shares. The Trust shall issue Shares solely in exchange for cash in U.S. dollars. The minimum initial investment for Shares shall
        be $25,000 and investments in excess thereof shall be in integral multiples of $1,000.  All Shares when so issued shall be fully paid and non-assessable. The Shares shall be unrestricted, registered Shares and, subject to Section 3.3, DTC
        shall act as securities depository for such Shares.  Every Shareholder, by virtue of having purchased or acquired a Share, shall be deemed to have expressly consented and agreed to be bound by the terms of this Agreement.

      SECTION 3.2  Offer of Shares.

      (a)  The initial Shares sold by the Trust will be sold through underwriters, placement agents or distributors (a “Share Placement”).

      (b)  From time to time, at the sole discretion of the Sponsor, the Trust may issue additional Shares after the
        Initial Issuance Date. Additional Shares issued after the Initial Issuance Date will be sold through Share Placements.  Notwithstanding anything contained in this Agreement to the contrary, in no event shall the Trust offer any additional Shares in
        violation of applicable law, including but not limited to Regulation M promulgated under the Exchange Act.  The Sponsor shall from time to time and in consultation with counsel determine whether the period during which the Trust may not offer
        additional Shares to comply with Regulation M should be adjusted, and may make any adjustments necessary under or permitted by Regulation M.

      (c)  In connection with the issuance of Shares by the Trust pursuant to Share Placements hereunder, the Sponsor
        shall coordinate with the Transfer Agent to effect the issuance of Shares in accordance with the terms of such Share Placements. 

      

      
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      Shares sold in a Share Placement after the Initial Issuance Date will be issued at a price determined so that the net proceeds received
        by the Trust are at least equal to the most recently calculated Bitcoin Holdings per Share immediately prior to, or upon, the determination of the pricing of such issuance pursuant to the applicable agreement between the Trust and the underwriter,
        placement agent or distributor, as applicable.

      (d)  The Escrow Agent shall establish and maintain an account into which the applicable underwriter, placement agent
        or distributor shall deposit, in U.S. dollars, the amounts sold or placed by the applicable underwriter, placement agent of distributor in accordance with the terms and provisions of the agreements governing the Share Placement. Any net proceeds
        with respect to the issuance of Shares shall be used to purchase bitcoin on the date such Shares are issued.  The Sponsor and the applicable Service Providers shall use commercially reasonable efforts to complete the purchase of bitcoin
        contemplated on the date such Shares are issued, provided that if any such purchases are unable to be made on the date such Shares are issued then such purchases shall be made as soon as practicable thereafter.

      SECTION 3.3  Book-Entry-Only System.

      (a)  Shares issued shall be held in electronic format through a book entry system. Individual certificates shall not
        be issued for the Shares. The Register of Shareholders shall be maintained by the Transfer Agent. Subject to the applicable terms and provisions of this Agreement and compliance by the applicable Shareholders, DTC Participants, Indirect
        Participants and Persons holding interests through DTC Participants or Indirect Participants, as the case may be, with all applicable procedures of the Transfer Agent and DTC, DTC shall act as depository for the Shares.  In the case of issuance of
        Shares, the Transfer Agent shall, at the direction of the Sponsor, designate to DTC the applicable accounts to be credited.

      (b)  With respect to the Shares, the provisions of this Section 3.3(b) and, to the extent applicable, Section

          3.3(c), shall govern such Shares.  Beneficial ownership of Shares shall be limited to DTC Participants, Indirect Participants and Persons holding interests in Shares through DTC Participants and Indirect Participants. Upon the issuance,
        transfer or redemption of Shares, the Transfer Agent shall credit or debit, on DTC’s book-entry registration and transfer system, the amount of such Shares to the accounts of the appropriate DTC Participants. Owners of beneficial interests in
        Shares shall be shown on, and the transfer of that ownership shall be effected only through, records maintained by DTC (with respect to DTC Participants), the records of the applicable DTC Participants (with respect to Indirect Participants) and
        the records of Indirect Participants (with respect to interests of Persons that are not DTC Participants or Indirect Participants).

      (c)  Owners of beneficial interests in Shares not reflected in the Register shall not have any rights either under
        this Agreement or under any Share held on their behalf by DTC or the applicable registered Shareholder, as the case may be. The Shareholder of any Share as reflected in the Register may be treated by the Trust, the Sponsor, the Transfer Agent, the
        Administrator and any agent of the foregoing as the absolute owner of such Share for all purposes whatsoever. 

      

      
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      The rights of the owners of beneficial interests in the Shares, if not the registered Shareholder in the Register, shall be exercised
        only through DTC or such registered Shareholder, as applicable, and shall be limited to those established by law and agreements between such owners of beneficial interests in such Shares and DTC or the applicable registered Shareholder, as the case
        may be.  Notwithstanding the foregoing, nothing shall prevent the Trust, the Sponsor, the Transfer Agent, the Administrator or any agent of the foregoing from giving effect to any written certification, proxy or other authorization furnished by DTC
        or such other registered Shareholder, or impair, as between DTC or such other registered Shareholder, and owners of beneficial interests in the subject Shares, the operation of customary practices of DTC or such other registered Shareholder
        governing the exercise of the rights of an owner of a beneficial interest in a Share. DTC or such other registered Shareholder may grant proxies and otherwise authorize any Person, including the owners of beneficial interests in the Shares and
        Persons that may hold interests through such owners, to take any action which a Shareholder is entitled to take under this Agreement or the Shares. None of the Trust, the Sponsor, the Transfer Agent or the Administrator shall have any
        responsibility or liability for any actions taken or not taken by DTC or any other Shareholder. The Trust, the Sponsor, the Transfer Agent and the Administrator shall each be fully protected in relying upon information furnished by DTC or a
        registered Shareholder with respect to its agent members and other members, participants and any beneficial owners, as applicable.

      (d)  If DTC has notified the Trust, the Sponsor or the Transfer Agent that it (i) is unwilling or unable to continue
        as the depositary for the Shares, or (ii) has ceased to be a clearing agency registered under the Exchange Act, as amended, at a time when DTC is required to be registered to act as depositary, the Sponsor shall seek a replacement for DTC to
        perform comparable functions at a comparable cost (which, for the avoidance of doubt, may include the Register maintained by the Transfer Agent), or if a replacement is not engaged, the Sponsor may act to terminate the Trust.

      (e)  The Transfer Agent shall coordinate and cooperate with DTC in respect of any matters involving the Shares.

      SECTION 3.4  Assets of the Trust.  The Trust Estate shall irrevocably belong to the Trust for all purposes,
        subject only to the rights of creditors of the Trust and shall be so recorded upon the books of account of the Trust.

      SECTION 3.5  Liabilities of the Trust.  The Trust Estate shall be charged with the liabilities of the Trust
        and with all expenses, costs and charges attributable to the Trust.  The Administrator, to the extent not inconsistent with applicable law, shall determine which items shall be treated as income and which items as capital, and each such
        determination and allocation shall be conclusive and binding upon the Shareholders.

      SECTION 3.6  Distributions.  Shareholders shall only be entitled to distributions in respect of their Shares
        upon either a redemption by such Shareholder or upon termination of the Trust.  All such distributions shall be made to the applicable Shareholder(s) as of the applicable Record Date and shall be made in cash.

      SECTION 3.7  Voting Rights.  Notwithstanding any other provision hereof, on each matter for which
        Shareholders are entitled to vote pursuant to the express provisions of this Agreement, each Shareholder as of the applicable Record Date shall be entitled to a proportionate vote based upon its Percentage Interest as of the applicable Record Date.

      
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      SECTION 3.8  Equality.  All Shares shall represent an equal proportionate beneficial interest in the Trust
        Estate subject to the liabilities of the Trust, and each Share’s interest in the Trust Estate shall be equal to each other Share.

      ARTICLE IV

        

        TRANSFERS OF SHARES

      SECTION 4.1  General.

      (a)  Beneficial owners of interests in Shares that are not DTC Participants may transfer Shares through DTC by
        instructing the DTC Participant or Indirect Participant through which such Beneficial Owners hold their interests to transfer such Shares.

      (b)  Beneficial Owners of interests in Shares that are DTC Participants may transfer such Shares by instructing DTC
        in accordance with the rules of DTC.

      (c)  Transfers of Shares will be made in accordance with standard securities industry practice, subject to the
        applicable Shareholder complying with any applicable procedures of DTC and providing any documentation that DTC, or any applicable Service Provider of the Trust, in its sole discretion deems necessary.

      ARTICLE V

        

        REDEMPTION OF SHARES

      SECTION 5.1  Redemption of Shares.  Subject to (i) the right of the Sponsor, on behalf of the Trust, to
        suspend redemptions upon the occurrence or during the continuation of a Suspension Event in accordance with Section 6.1, and (ii) Sections 5.2 and 5.3 below, a Shareholder may redeem all or a portion (subject to the Minimum
        Redemption Size) of its Shares on the last Business Day of each month for cash as follows:

      (a)  A Shareholder’s DTC Participant must complete a Redemption Order, which must include a valid
        signature guarantee, and deliver the Redemption Order to the Administrator and the Transfer Agent in accordance with the delivery instructions set forth in the Redemption Order form by no later than 4:00 p.m., New York time, on the Redemption
        Cut-Off Date;

      (b)  Upon receipt of a Redemption Order from a Shareholder’s DTC Participant, the Administrator
        shall review the Redemption Order and determine within one (1) Business Day of its receipt whether:

      (i)  such Redemption Order has been properly and fully completed by the Shareholder’s DTC
        Participant and contains a valid signature guarantee, in which case it shall forward such Redemption Order to the Sponsor and send a confirmation of receipt to the Shareholder’s DTC Participant; or

      
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      (ii)  such Redemption Order is incomplete, improperly completed, for less than the Minimum
        Redemption Size, does not contain a valid signature guarantee, not delivered in accordance with the instructions set forth in the Redemption Order form or received after 4:00 p.m., New York time, on the Redemption Cut-Off Date, in which case such
        Redemption Order shall be rejected by the Administrator and returned to the Shareholder’s DTC Participant.

      (c)  Two (2) Business Days prior to the Redemption Date, the Administrator shall provide to each
        of the Sponsor and the Transfer Agent a report of the Shares being redeemed on such Redemption Date broken down by DTC Participant.  Such report shall include the following information, together with any additional information reasonably requested
        to be provided by the Sponsor or the Transfer Agent and agreed to be provided by the Administrator (i) the name and DTC Participant number for such DTC Participant redeeming Shares, and (ii) the number of Shares to be redeemed by such DTC
        Participant;

      (d)  One (1) Business Day prior to the Redemption Date:

      (i)  by no later than 4:00 p.m., New York time, the Shareholder’s DTC Participant shall deliver
        the Shares to be redeemed by submitting a Deposit/Withdrawal At Custodian instruction (a “DWAC”) through the facilities of DTC;

      (ii)  the Transfer Agent shall (1) based on instruction from the Sponsor, withdraw the Shares
        received via DWAC instruction from the applicable DTC Participants redeeming Shares, and (2) provide a report to the Administrator and the Sponsor detailing the Shares that were withdrawn from DTC (the “Withdrawn
          Shares”) broken down by DTC Participant; and

      (iii)  the Administrator shall determine the number of bitcoin to be sold in order to have
        sufficient cash to pay each DTC Participant for its redeemed Shares and notify the Sponsor who shall confirm such determination.

      In the event that either: (i) the total Shares delivered by a DTC Participant via DWAC instruction by 4:00 p.m., New
        York time, on the Business Day prior to the Redemption Date does not match the total Shares listed on such DTC Participant’s Redemption Order, or (ii) a DTC Participant delivers Shares for cancellation via DWAC instruction but did not complete and
        timely submit a Redemption Order that was confirmed by the Administrator, then, in each case, such Shares shall not be cancelled or redeemed and shall instead remain outstanding;

      (e)  On the Redemption Date:

      (i)  the Transfer Agent shall (1) cancel the Withdrawn Shares at the instruction of the Sponsor,
        and (2) provide a report to the Sponsor and the Administrator detailing the cancelled Shares broken down by DTC Participant; and

      (ii)  the Administrator shall (1) provide the Bitcoin Holdings per Share to the Transfer Agent so
        that the Transfer Agent can perform the calculations stated in Section 5.1(e)(i) above, and (2) instruct the Bitcoin Custodian to transfer to a

      
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      third party broker or dealer an amount of bitcoin necessary to receive sufficient cash to pay the redemption amount
        due to each redeeming DTC Participant.

      (f)  On the Business Day following the Redemption Date, the Transfer Agent shall (i) calculate the cash value of the
        Withdrawn Shares for each DTC Participant, which shall be based on the Bitcoin Holdings per Share on the Redemption Date and the number of Shares to be redeemed by such DTC Participant, and (ii) provide a report to the Sponsor and the Administrator
        detailing the cash value of the Withdrawn Shares for each DTC Participant.

      (g)  Subject to Section 5.5(b), within five (5) Business Days after the Redemption Date, the Transfer Agent
        shall instruct the Cash Custodian to, and the Cash Custodian based upon such instruction shall, distribute cash to each DTC Participant in respect of their redeemed Shares.

      SECTION 5.2  Right to Reject Redemption.  The Administrator shall
        reject a Redemption Order if it is not completed or in proper form or if the Sponsor determines that fulfillment of the order might be unlawful. The Administrator shall notify the Sponsor prior to any rejection of a Redemption Order.

      SECTION 5.3  Other Redemption Procedures.

      (a)  Redemptions shall be deemed to occur on a “first-in first-out” basis (FIFO) among Shares held by a particular
        Shareholder.

      (b)  The redemption of Shares shall also be subject to compliance with all applicable requirements and procedures of
        the Transfer Agent and DTC.

      SECTION 5.4  Redemption Orders Irrevocable.  A Redemption Order
        delivered by a Shareholder shall be irrevocable unless otherwise agreed by the Sponsor.

      SECTION 5.5  Redemptions Paid in Cash.

      (a)  All redemptions shall be paid in cash to the redeeming Shareholder based on the Bitcoin Holdings of the Shares
        submitted for redemption, determined as of the Redemption Date, less a $250 redemption fee charged by the Administrator.

      (b)  Subject to the occurrence or continuation of a Suspension Event, the Trust shall use commercially reasonable
        efforts to pay amounts relating to the final redemption of Shares within five (5) Business Days after the applicable Redemption Date; provided that if a Suspension Event occurs, the Trust shall make such payment as soon as practicable thereafter.
        The applicable redemption amount to which a redeeming Shareholder will be entitled shall be the Bitcoin Holdings of the Shares submitted for redemption, determined as of the Redemption Date, less a $250 redemption fee charged by the Administrator.

      
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      ARTICLE VI

        

        SUSPENSION EVENTS

      SECTION 6.1  Suspension Events.  The Trust may temporarily suspend the Shareholders right to redeem Shares,
        the payment of redemption proceeds or the determination of Bitcoin Holdings in the case of the occurrence of any of the following events until such time as the event has passed (each, a “Suspension Event”):

      (a)  when a redemption would result in a violation by the Trust or the Sponsor or any of its
        other respective affiliates of the securities laws of the United States (including but not limited to Regulation M) or any other applicable jurisdiction or the rules of any national securities exchange, self-regulatory organization or regulatory
        agency applicable to the Trust, the Sponsor or its respective affiliates as evidenced by an opinion of counsel;

      (b)  any exchange, dealer market, quotation system or other market on which a significant portion
        of the Trust's assets are regularly traded or quoted is closed (otherwise than for weekends or holidays) or trading thereon is generally suspended or limited;

      (c)  the Bitcoin Network experiences delays or is suspended in a manner that affects the ability
        of the Trust to buy, sell or deliver bitcoin to a third party;

      (d)  the Sponsor has determined in good faith that the disposition of any asset of the Trust, or
        other transaction involving the sale, transfer or delivery of the Trust's assets is not reasonably practicable without being detrimental to the Trust or the interest of the remaining Shareholders;

      (e)  any breakdown in the means of communication or publication normally employed in determining
        the Trust's Bitcoin Holdings or the Bitcoin Holdings per Share has occurred and is continuing, or the prices or values of the Trust's assets cannot reasonably be promptly and accurately ascertained for any reason;

      (f)  any event has occurred and is continuing which may cause the dissolution of the Trust;

      (g)  the Sponsor has otherwise determined, in good faith, with respect to the Trust or the Shares
        of the redeeming or remaining Shareholders, respectively, that the redemption by any Shareholder of its Shares (whether in whole or in part) would have a material adverse effect on the Trust or the Shares of the redeeming or remaining Shareholders,
        respectively, including, without limitation, the risk of potential re-classification of the Trust for U.S. federal income tax purposes; or

      (h)  any event constituting force majeure (including without limitation pandemic or riot) which,
        in the good faith determination of the Sponsor, makes determination of the Bitcoin Holdings or redemption impossible or impracticable; provided that any determination of the Bitcoin Holdings or redemption so suspended shall be reinstated or
        processed as soon the force majeure event has resolved.

      
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      ARTICLE VII

        

        THE TRUST

      SECTION 7.1  Management of the Trust.  Pursuant to Section 3806(b)(7) of the Delaware Trust Statute, the
        Sponsor is hereby granted the exclusive authority, and shall initially appoint the Administrator, the Transfer Agent, the Bitcoin Custodian, the Cash Custodian and the other Service Providers, to manage the Trust in accordance with their respective
        governing agreements. The Sponsor shall have the exclusive authority to direct the Service Providers in the performance of their respective obligations under this Agreement and their respective governing agreements. Without limiting the foregoing,
        the Sponsor shall have the authority to execute and deliver this Agreement and to enter into and perform such contracts and other undertakings on behalf of the Trust and any amendment thereto, as the Sponsor may deem necessary or advisable, and the
        Trust is hereby authorized and shall have the power and authority to enter into such agreements and perform its obligations thereunder.

      SECTION 7.2  Authority of Sponsor.  In addition to, and not in limitation of, any rights and powers
        conferred by law or other provisions of this Agreement, and except as limited, restricted or prohibited by the express provisions of this Agreement or the Delaware Trust Statute, the Sponsor shall have, and may
          exercise on behalf of the Trust (including, without limitation, delegating any such powers and rights to the Service Providers in accordance with their respective governing agreements), all powers and rights
          necessary, proper, convenient or advisable to effectuate and carry out the purposes of the Trust, which powers and rights shall include, without limitation, the following:

      (a)  to enter into, execute, accept, and deliver, on behalf of the Trust, contracts, agreements
        and any or all other documents and instruments incidental to the Trust’s purposes, including, but not limited to, the Service Provider Agreements and other contracts with service providers to provide various services;

      (b)  to establish, maintain, deposit into and/or otherwise draw upon, accounts on behalf of the
        Trust with appropriate custodial, banking, savings or other institutions;

      (c)  to deposit, withdraw, pay, retain and distribute the Trust Estate or any portion thereof in
        any manner consistent with the provisions of this Agreement;

      (d)  to supervise the preparation and filing of Registration Statements and any prospectus
        contained therein and any supplements and amendments thereto and to execute such Registration Statements on behalf of the Trust;

      (e)  to pay or authorize the payment of distributions to the Shareholders and pay or authorize
        the payment of the expenses of the Trust;

      (f)  to prepare, or cause to be prepared, and file, or cause to be filed, an application to
        enable the Shares to be traded on a national exchange or traded over-the-counter and reported on a quotation system and to take any other action and execute and deliver any certificates or documents that may be necessary to effectuate such trading;

      
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      (g)  to delegate those of its duties hereunder as it shall determine from time to time to one or
        more service providers, and add any additional service providers, if needed and as applicable;

      (h)  to determine to use a reference rate other than the CME CF BRR if the CME CF BRR is no
        longer calculated or available;

      (i)  to develop a distribution plan on behalf of the Trust on an initial and ongoing basis;

      (j)  to facilitate registration of the Shares in book-entry form to be held in the name of Cede
        & Co. at the facilities of DTC;

      (k)  to instruct the Transfer Agent in connection with the issuance and cancellation of Shares;

      (l)  to instruct the Bitcoin Custodian and/or third party broker or dealer in connection with the
        purchase and sale of bitcoin on behalf of the Trust;

      (m)  to perform such other services as the Sponsor believes that the Trust may from time to time
        require; and

      (n)  in general, to do everything necessary, suitable or proper for the accomplishment of any
        purpose or the attainment of any objective or the furtherance of any power herein set forth, either alone or in association with others, and to do every other act or thing incidental or appurtenant to, or growing out of or connected with, the
        aforesaid purposes, objects or powers.

      In the event that on or prior to the date of this Agreement, any actions have been taken or documents executed by
        the Sponsor pursuant to the aforementioned powers and rights (including on behalf of the Trust), such actions or documents are hereby ratified.  For the avoidance of doubt, in respect of any such action or document, all rights, protections,
        immunities and indemnities granted to the Sponsor pursuant to this Agreement shall be applicable to the Sponsor as of the date of any such action or document.

      The foregoing clauses of Section 7.2 shall be construed both as objects and powers, and the foregoing
        enumeration of specific powers shall not be held to limit or restrict in any manner the general powers of the Sponsor. Any action by the Sponsor hereunder shall be deemed an action on behalf of the Trust, and not an action in an individual
        capacity.

      Notwithstanding anything contained in this Agreement to the contrary, the Sponsor shall be entitled to delegate its
        obligations under this Agreement and applicable law to the Service Providers and shall not be liable for the actions of any such Service Providers.

      SECTION 7.3  General Prohibitions. The Trust shall not:

      (a)  receive any property other than cash in U.S. dollars upon the issuance of Shares;

      
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      (b)  hold any property other than bitcoin and U.S. dollars;

      (c)  redeem Shares other than (i) as provided in Article V or (ii) upon the dissolution
        of the Trust;

      (d)  create, incur, assume or suffer to exist any lien, mortgage, pledge conditional sales or
        other title retention agreement, charge, security interest or encumbrance on or with respect to the Trust Estate, except liens expressly contemplated by this Agreement or the Service Provider Agreements, and liens for taxes not delinquent or being
        contested in good faith and by appropriate proceedings;

      (e)  commingle the Trust Estate with the assets of any other Person other than as expressly
        contemplated by the agreements governing the duties and obligations of the Service Providers; or

      (f)  cause the Trust to take any action that would result in the Trust being treated as an
        association taxable as a corporation for U.S. federal income tax purposes.

      SECTION 7.4  Liability of Covered Persons.  A Covered Person shall have no liability to the Trust or any
        Shareholder or other Person for any action or omission taken or omitted to be taken by such Covered Person in good faith or for errors in judgment by such Covered Person, except to the extent such action or omission taken or omitted to be taken or
        such error in judgment constitutes willful misconduct, bad faith or gross negligence in the performance of such Covered Person’s duties. Subject to the foregoing, neither the Sponsor nor any other Covered Person shall be personally liable for the
        return or repayment of all or any portion of the investment, capital or profits of any Shareholder or assignee thereof, it being expressly agreed that any such return of investment, capital or profits made pursuant to this Agreement shall be made
        solely from the assets of the Trust without any rights of contribution from the Sponsor or any other Covered Person. A Covered Person shall not be liable for the conduct or misconduct of any service provider or delegate.

      SECTION 7.5  Certain Duties.

      (a)  To the extent that, at law or in equity, the Sponsor has duties (including fiduciary duties) and liabilities
        relating to the Trust, the Shareholders or any other Person, the Sponsor acting under this Agreement shall not be liable to the Trust, the Shareholders or to any other Person for its good faith reliance on the provisions of this Agreement subject
        to the standard of care described in Section 7.4 herein. The provisions of this Agreement, to the extent that they restrict or eliminate the duties and liabilities of the Sponsor otherwise existing at law or in equity are agreed by the
        parties hereto and the Shareholders to replace such other duties and liabilities of the Sponsor.

      (b)  The Sponsor allocates its resources among different clients and potential future business ventures to which the
        Sponsor may owe fiduciary duties. Additionally, the professional staff of the Sponsor also services other Affiliates of the Sponsor and its respective clients. It is agreed and understood that (i) the Sponsor and its professional staff shall not be
        required to devote its or their respective time or resources exclusively to the management of the business and affairs of the Trust and may engage in other business interests and activities similar

      
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      to or in addition to those relating to the activities to be performed for the Trust and (ii) the officers of the Sponsor may buy or
        sell bitcoin for their own personal trading accounts (subject to certain internal trading policies and procedures) at the same time that they are managing the account of the Trust. In the event that the Sponsor, its partners, employees, associates
        and Affiliates or any of them now or hereafter carry on activities competitive with those of the Trust or buy, sell or trade in assets and portfolio securities of the Trust or of other investment funds, none of them shall be under any liability to
        the Trust or to the Shareholders for so acting. Every Shareholder, by virtue of having purchased or acquired a Share, shall be deemed to have consented to such conflicts of interest.

      (c)  Unless otherwise expressly provided herein:

      (i)  whenever a conflict of interest exists or arises between the Sponsor or any of its
        Affiliates, on the one hand, and the Trust, any Shareholder or any other Person, on the other hand; or

      (ii)  whenever this Agreement or any other agreement contemplated herein provides that the
        Sponsor shall act in a manner that is, or provides terms that are, fair and reasonable to the Trust, any Shareholder or any other Person,

      the Sponsor shall resolve such conflict of interest, take such action or provide such terms, considering in each case the relative
        interest of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable generally accepted
        accounting practices or principles. In the absence of bad faith by the Sponsor, the resolution, action or terms so made, taken or provided by the Sponsor shall not constitute a breach of this Agreement or any other agreement contemplated herein or
        of any duty or obligation of the Sponsor at law or in equity or otherwise.

      (d)  The Sponsor and any Affiliate of the Sponsor may engage in or possess an interest in profit-seeking or business
        ventures of any nature or description, independently or with others, whether or not such ventures are competitive with the Trust and the doctrine of corporate opportunity, or any analogous doctrine, shall not apply to the Sponsor. If the Sponsor
        acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Trust, it shall have no duty to communicate or offer such opportunity to the Trust, and the Sponsor shall not be liable to the
        Trust or to the Shareholders for breach of any fiduciary or other duty by reason of the fact that the Sponsor pursues or acquires for, or directs such opportunity to, another Person or does not communicate such opportunity or information to the
        Trust. Neither the Trust nor any Shareholder shall have any rights or obligations by virtue of this Agreement or the trust relationship created hereby in or to such independent ventures or the income or profits or losses derived therefrom, and the
        pursuit of such ventures, even if competitive with the purposes of the Trust, shall not be deemed wrongful or improper. Except to the extent expressly provided herein, the Sponsor may engage or be interested in any financial or other transaction
        with the Trust, the Shareholders or any Affiliate of the Trust or the Shareholders.

      (e)  To the fullest extent permitted by law and notwithstanding any other provision of this Agreement or in any
        agreement contemplated herein or applicable provisions of

      
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      law or equity or otherwise, whenever in this Agreement a Person is permitted or required to make a decision (a) in its “sole
        discretion” or “discretion” or under a grant of similar authority or latitude, the Person shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall have no duty or obligation to give any
        consideration to any interest of or factors affecting the Trust, the Shareholders or any other Person, or (b) in its “good faith” or under another express standard, the Person shall act under such express standard and shall not be subject to any
        other or different standard. The term “good faith” as used in this Agreement shall mean subjective good faith as such term is understood and interpreted under Delaware law.

      SECTION 7.6  Indemnification of the Sponsor.

      (a)  The Sponsor shall be indemnified by the Trust and held harmless against any losses, judgments, liabilities,
        claims, suits, penalties, taxes, costs, amounts paid in settlement of any claims sustained by it and expenses incurred by it arising out of or in connection with the performance of its obligations under this Agreement and under each other agreement
        entered into by the Sponsor in furtherance of the administration of the Trust, including, without, limitation, any costs and expenses incurred by the Sponsor in defending itself against any claim or liability in its capacity as Sponsor (each, a “Loss”); provided that (i) such Loss was not the direct result of gross negligence, bad faith or willful misconduct on the part of the Sponsor, as determined by a final judgment of a court of competent
        jurisdiction, and (ii) any such indemnification will be recoverable only from the Trust Estate. All rights to indemnification permitted herein and payment of associated expenses shall not be affected by the dissolution or other cessation of
        existence of the Sponsor, or the withdrawal, adjudication of bankruptcy or insolvency of the Sponsor, or the filing of a voluntary or involuntary petition in bankruptcy under the Bankruptcy Code by or against the Sponsor. Any amounts payable to the
        Sponsor under this Section 7.6 may be payable in advance. As security for any amounts owing to the Sponsor under this Section 7.6, the Sponsor shall have a lien against the Trust property. The obligations of the Trust to indemnify
        the Sponsor under this Section 7.6 shall survive the termination of this Agreement.

      (b)  Expenses incurred in defending a threatened or pending civil, administrative or criminal action suit or
        proceeding against the Sponsor shall be paid by the Trust in advance of the final disposition of such action, suit or proceeding if (i) the legal action relates to the performance of duties or services by the Sponsor on behalf of the Trust; (ii)
        the legal action is initiated by a third party who is not a Shareholder or the legal action is initiated by a Shareholder and a court of competent jurisdiction specifically approves such advance; and (iii) the Sponsor undertakes to repay the
        advanced funds with interest to the Trust in cases in which it is not entitled to indemnification under this Section 7.6.

      (c)  The term “Sponsor” as used only in this Section 7.6 shall include, in addition to the Sponsor, any
        other Covered Person performing services on behalf of the Trust and acting within the scope of the Sponsor’s authority as set forth in this Agreement.

      (d)  In the event the Trust is made a party to any claim, dispute, demand or litigation or otherwise incurs any Loss
        as a result of or in connection with any Shareholder’s (or assignee’s) obligations or liabilities unrelated to the activities of the Trust, such Shareholder (or assignees cumulatively) shall indemnify, defend, hold harmless and reimburse the Trust
        for all such Losses incurred, including attorneys’ and accountants’ fees.

      
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      SECTION 7.7  Business of Shareholders.  Except as otherwise specifically provided herein, any of the
        Shareholders and any shareholder, officer, director, employee or other Person holding a legal or beneficial interest in an entity that is a Shareholder, may engage in or possess an interest in business ventures of every nature and description,
        independently or with others, and the pursuit of such ventures, even if adverse to the interests of the Trust, shall not be deemed wrongful or improper.

      SECTION 7.8  Voluntary Withdrawal of the Sponsor.  The Sponsor may withdraw voluntarily as the Sponsor of
        the Trust only upon ninety (90) days’ prior written notice to all Shareholders and the Trustee. Following receipt of such notice, Shareholders holding Shares equal to at least fifty-one percent (51%) of the outstanding Shares of the Trust as of the
        Record Date (not including Shares held by the Sponsor or its Affiliates) may vote to elect and appoint, effective as of a date on or prior to the withdrawal, a successor Sponsor who shall carry on the business of the Trust.

      SECTION 7.9  Officer’s Certificate of Sponsor.  In the event that an opinion of counsel is to be delivered
        in respect of any matter contemplated by this Agreement, the Sponsor shall be required to deliver an officer’s certificate as to any matters relevant thereto, upon which such counsel shall be entitled to conclusively rely.

      SECTION 7.10  Authorization of Prospectus.  Each Shareholder (or any permitted assignee thereof) hereby
        agrees that the Trust, the Sponsor, the Trustee and each Service Provider are authorized to execute, deliver and perform the agreements, acts, transactions and matters contemplated hereby or described in or contemplated by a Registration Statement
        and any prospectus contained therein and any supplements and amendments thereto on behalf of the Trust (and any such execution, delivery or performance that has already been undertaken is hereby ratified) without any further act, approval or vote
        of the Shareholders, notwithstanding any other provision of this Agreement, the Delaware Trust Statute or any applicable law, rule or regulation.

      SECTION 7.11  Litigation.  The Sponsor is hereby authorized to prosecute, defend, settle or compromise
        actions or claims at law or in equity that it considers necessary or proper to protect the Trust or the interests of the Shareholders. The Sponsor is hereby authorized to satisfy any judgment, decree or decision of any court, board or authority
        having jurisdiction or any settlement of any suit or claim prior to judgment or final decision thereon out of the Trust’s assets. The legal expenses and costs of any such actions shall be deemed Additional Trust Expenses for which the Sponsor shall
        be entitled to be reimbursed by the Trust.

      SECTION 7.12  Merger or Corporate Reorganization of Sponsor.  To the fullest extent permitted by law,
        nothing in this Agreement shall be deemed to prevent the merger of the Sponsor with another corporation or other entity, the reorganization of the Sponsor into or with any other corporation or other entity, the transfer of all the capital stock of
        the Sponsor, the assumption of the rights, duties and liabilities of the Sponsor by, in the case of a merger, reorganization or consolidation, the surviving corporation or other entity by operation of law. The resulting, surviving or transferee
        entity shall, without any further act, be the successor Sponsor under this Agreement and each of the related documents.  Without limiting the foregoing, none of the transactions referenced in the preceding sentence shall be deemed to be a voluntary
        withdrawal for purposes of Section 7.8.

      
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      ARTICLE VIII

        

        THE SHAREHOLDERS

      

      

      SECTION 8.1  No Management or Control; Limited Liability.  The Shareholders shall not participate in the
        management or control of the Trust nor shall they enter into any transaction on behalf of the Trust or have the power to sign for or bind the Trust, said power being vested solely and exclusively in the Sponsor and the Service Providers subject to,
        and to the extent expressly set forth in, this Agreement and the other Service Provider Agreements. Except as provided in Section 8.3, no Shareholder shall be personally liable for the expenses, liabilities or obligations of the Trust in
        excess of his Percentage Interest of the Trust Estate. Except as provided in Section 8.3, each Share owned by a Shareholder shall be fully paid and no assessment shall be made against any Shareholder. No salary shall be paid to any
        Shareholder in his capacity as a Shareholder, nor shall any Shareholder have a drawing account or earn interest on its Percentage Interest of the Trust Estate. By the purchase and acceptance or other lawful delivery
          and acceptance of Shares, each Shareholder shall be a beneficiary of the Trust vested with a fractional undivided beneficial interest in the Trust to the extent of the Shares owned beneficially by such Shareholder, subject to the terms and
          conditions of this Agreement.

      SECTION 8.2  Rights and Duties.  The Shareholders shall have the following rights, powers, privileges,
        duties and liabilities:

      (a)  the Shareholders shall receive the share of the distributions provided for in this Agreement
        in the manner and at the times provided for in this Agreement;

      (b)  Shareholders shall have the right, subject to the occurrence or continuation of a Suspension
        Event, to demand a redemption of their Shares in accordance with Article V or upon the dissolution and winding up of the Trust and only to the extent of funds available therefor as provided in Section 13.2. In no event shall a
        Shareholder be entitled to demand or receive property other than cash upon the dissolution and winding up of the Trust. No Shareholder shall have priority over any other Shareholder as to distributions. No Shareholder shall have any right to bring
        an action for partition against the Trust; and

      (c)  the Shareholders holding Shares representing at least fifty-one percent (51%) of the
        outstanding Shares of the Trust as of the Record Date (not including Shares held by the Sponsor or its Affiliates) may vote to appoint a successor Sponsor as provided in Section 7.8 or Section 13.1(a)(vi). Except as set forth in
        this Section 8.2(c), Section 11.1 and Section 13.2, the Shareholders shall have no voting rights with respect to the Trust.

      SECTION 8.3  Limitation of Liability.  Except as provided in Section 7.6(d) and as otherwise
        provided under Delaware law, the Shareholders shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of Delaware and no Shareholder
        shall be liable for claims against or debts of the Trust in excess of his Percentage Interest of the Trust Estate, except in the event that the liability is founded upon misstatements or omissions contained in such Shareholder’s Subscription
        Agreement. In addition, and subject to the exceptions set forth in the immediately preceding sentence, the Trust shall not make a claim against a Shareholder with respect to amounts

      
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      distributed to such Shareholder or amounts received by such Shareholder upon redemption of such Shareholder’s Shares unless, under
        Delaware law, such Shareholder is liable to repay such amount.

      SECTION 8.4  Derivative Actions.  In addition to any other requirements of applicable law, no Shareholder
        shall have the right, power or authority to bring or maintain a derivative action, suit or other proceeding on behalf of the Trust unless two or more Shareholders who (i) are not Affiliates of one another and (ii) collectively hold at least ten
        percent (10%) of the outstanding Shares join in the bringing or maintaining of such action, suit or other proceeding.

      ARTICLE IX

        

        BOOKS OF ACCOUNT AND REPORTS

      

      

      SECTION 9.1  Books of Account.  Proper books of account for the Trust shall be kept by the Administrator and
        shall be audited, as required by law, by independent registered public accountants designated by the Trust, and there shall be entered therein all transactions, matters and things relating to the Trust as are required by the applicable law and
        regulations. The books of account shall be kept at the principal office of the Administrator and no Shareholder shall have any right to inspect any account, book or document of the Trust that is not publicly available, except as consented to by the
        Sponsor. Such books of account shall be kept, and the Trust shall report its profits and losses on, the accrual method of accounting for financial accounting purposes on a Fiscal Year basis as described in Section 9.7.

      SECTION 9.2  Reports.

      (a)  At the end of each Business Day, the Sponsor, based on information received from the Administrator, shall post
        to the Website a report detailing, among other things, the following items: the Bitcoin Price, the Bitcoin Holdings, the Bitcoin Holdings per Share, the GAAP NAV, the GAAP NAV per Share and such other information required to be posted by any
        appropriate regulatory authority or, if applicable, OTCQX.

      (b)  The Trust is subject to the informational requirements of the Exchange Act and will file quarterly and annual
        reports and other information with the SEC. The reports and other information will be made available online at www.sec.gov. The Trust’s reports will also be made available, free of charge, on its website at www.wshares.com.

      SECTION 9.3  Tax Matters.

      (a)  Although formed under the laws of Delaware, the Trust has elected, pursuant to Section 301.7701-3 of the
        Treasury Regulations, to be classified as a partnership for U.S. federal income tax purposes and not as an association taxable as a corporation.  As a consequence of such election:

      (i)  this Agreement contains certain provisions appropriate to such classification, including,
        but not limited to, provisions concerning the allocation of income, gain and loss and the establishment and maintenance of capital accounts; and

      
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      (ii)  the Shareholders will be treated as partners for U.S. federal income tax purposes.

      (b)  Notwithstanding anything to the contrary in this Agreement, with respect to each Fiscal Year (or portion
        thereof) in which the Trust is classified and treated as a partnership for U.S. federal income tax purposes, a capital account will be maintained for each Shareholder (representing an amount equal to the aggregate Bitcoin Holdings per Share of such
        Shareholder's Shares, as adjusted on the last day of each Fiscal Year and as adjusted to take account of issues and redemptions of Shares) and all items of income, deduction, gain, loss or credit of the Trust will be allocated to such capital
        accounts pursuant to the terms of this Agreement, all in accordance with Section 704 of the Code and the Treasury Regulations promulgated thereunder.

      (c)  For each Fiscal Year, items of income or credit of the Trust shall be allocated to the Shareholders for U.S.
        federal income tax purposes in accordance with the allocations of the corresponding items for capital account purposes, except that items with respect to which there is a difference between tax and book bases will be allocated in accordance with
        Section 704(c) of the Code and the Treasury Regulations promulgated thereunder.

      (d)  Notwithstanding anything in Section 9.3(c) to the contrary, in the event that a Shareholder redeems
        all its shares in the Trust or otherwise ceases to hold shares, dies, dissolves or becomes bankrupt or insane, the Administrator or Sponsor may, in their sole discretion, specially allocate items of income, gain or loss of the Trust to that
        Shareholder for tax purposes to reduce the amount, if any, by which the amount distributable to that Shareholder upon such Shareholder ceasing to hold Shares exceeds, or is less than, that Shareholder’s tax basis for its Shares.

      (e)  Notwithstanding anything in this Agreement to the contrary, in the event that any Shareholder unexpectedly
        receives any adjustments, allocations or distributions described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), Section 1.704-1(b)(2)(ii)(d)(5), or Section 1.704-1(b)(2)(ii)(d)(6), items of income (including gross income) and gain of the
        Trust shall be specially allocated to such Shareholder in an amount and manner sufficient to eliminate the deficit balance in such Shareholder’s capital account (in excess of (i) the amount such Shareholder is obligated to restore upon liquidation
        of the Trust or on such Shareholder ceasing to hold Shares and (ii) such Shareholder’s share of the “minimum gain” (as defined in Treasury Regulations Section 1.704-2)) created by such adjustments, allocations or distributions as quickly as
        possible.  Any special allocations of income and gain pursuant to this Section 9.3(e) shall be taken into account in computing subsequent allocations of income and gain pursuant to this Agreement, so that the net amount of any items so
        allocated and the income, gain, loss, deduction and all other items allocated to each Shareholder pursuant to this Agreement shall, to the extent possible, equal the net amount that would have been allocated to each such Shareholder pursuant to
        this Agreement if such special allocations had not been made.  This Section 9.3(e) is intended to comply with the qualified income offset requirement in the Treasury Regulations sections described in this Section 9.3(e) and shall be
        interpreted consistently therewith.

      (f)  For purposes of determining the net investment income or losses and net realized securities gains or losses, or
        any other such items allocable to any period, net investment income or losses and net realized securities gains or losses, and any such other items shall be

      
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      determined on a daily, monthly, or other basis, as determined by the Shareholders using any permissible method under Section 706 of the
        Code and the Treasury Regulations promulgated thereunder.

      (g)  The Shareholders are aware of the income tax consequences of the allocations made by this Section 9.3
        and by their acceptance of Shares agree to be bound by the provisions hereof in reporting their allocable distributable shares of income and loss of the Trust for U.S. federal income tax purposes.

      SECTION 9.4  Tax Information. The Trust shall use commercially reasonable efforts to deliver appropriate tax
        information (adequate to enable each Shareholder to complete and file its U.S. federal tax return) to each Shareholder as soon as practicable following the end of each Fiscal Year. If final tax information cannot be distributed by March 15
        following the end of the immediately preceding Fiscal Year, estimated tax information shall be distributed no later than March 15. All such information shall be prepared, and all of the Trust’s tax returns shall be filed, in a manner consistent
        with the treatment of the Trust as a partnership. The Trust’s taxable year shall be the calendar year. The Trust shall comply with all U.S. federal withholding requirements applicable to distributions to, or receipts of amounts on behalf of,
        Shareholders that the Administrator reasonably believes are applicable under the Code. The consent of Shareholders shall not be required for such withholding.

      SECTION 9.5  Calculation of Bitcoin Holdings.

      (a)  The Trust’s Bitcoin Holdings shall be calculated by the Administrator on each Business Day and shall be equal
        to the value of the bitcoin and U.S. dollars held by the Trust, less the expenses and liabilities of the Trust, in each case determined in accordance with Section 9.5(b) below. The Bitcoin Holdings per Share, which shall be calculated by
        the Administrator on each Business Day, shall be equal to the Trust’s Bitcoin Holdings divided by the number of outstanding Shares.

      (b)  On each Business Day at 4:00 p.m., New York time, or as soon thereafter as practicable, the Administrator will
        calculate and publish the Trust’s Bitcoin Holdings and Bitcoin Holdings per share. To calculate the Trust’s Bitcoin Holdings, the Administrator will:

      (i)  determine the Bitcoin Price as of such Business Day;

      (ii)  multiply the Bitcoin Price by the aggregate number of bitcoin owned by the Trust as of 4:00
        p.m., New York time, on such day;

      (iii)  add the amount of U.S. dollars held by the Trust;

      (iv)  subtract the U.S. dollar amount of accrued and unpaid Additional Trust Expenses, if any;

      (v)  on a Redemption Date, subtract the U.S. dollar value of the Shares redeemed, if any,
        determined by multiplying the number of Shares redeemed by the Bitcoin Holdings per Share on such Redemption Date (the amount derived from steps (i) through (v) above, the “Sponsor Fee Basis Amount”); and

      
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      (vi)  subtract the U.S. dollar amount of the Sponsor’s Fee that accrues for such Business Day,
        calculated based on the Sponsor Fee Basis Amount for such Business Day.

      (c)  In the event that CF Benchmarks Ltd. ceases to publish the CME CF BRR, the Trust will undertake the following
        steps to calculate the Bitcoin Price:

      (i)  First, in the immediate interim period prior to
        establishing the permanent replacement benchmark, to the extent necessary, the Trust will source bitcoin prices directly from the CME CF BRR Constituent Platforms and closely replicate the daily calculation of the CME CF BRR; and

      (ii)  Second, for the permanent replacement benchmark,
        the Trust will look to determine a successor benchmark that satisfies the properties of high integrity, resilient methodology, and reliable availability. Possible options that the Trust may elect for a permanent replacement benchmark include:

      (1)  If the CME bitcoin futures are trading, the successor index or benchmark that the CME
        futures are cash settling on;

      (2)  An industrywide accepted index or benchmark that satisfies the aforementioned properties;

      (3)  An index or benchmark offered by the Bitcoin Custodian to price bitcoin; or

      (4)  Replicate the CME CF BRR process and calculation through an independent third party
        calculation agent.

      In the event that the CME CF BRR ceases to be published, the Trust shall provide notice of such cessation to all Shareholders (which may
        be delivered through the facilities of DTC) and shall also provide details of how the Trust will determine the Bitcoin Price thereafter.

      (d)  The determinations that the Administrator makes as contemplated by Sections 9.5(a) and (b)
        above shall be made in good faith upon the basis of, and neither the Sponsor nor the Administrator will be liable for any errors contained in, information reasonably available to it; provided however that the preceding liability exclusion will not
        protect the Sponsor or the Administrator against any liability resulting from gross negligence, willful misconduct or bad faith in the performance of their respective duties as determined by a final judgment issued by a court of competent
        jurisdiction.

      SECTION 9.6 Calculation of GAAP NAV.

      (a)    The Trust's bitcoin is carried, for financial statement purposes, at fair value, as required by GAAP.  The
        Trust determines the fair value of bitcoin based on the price provided by the Trust’s principal market for bitcoin. The net asset value of the Trust determined on a GAAP basis is referred to as the Trust’s “GAAP NAV.”

      
        30

        
          

      

      

      

      (b)  The Trust’s bitcoin trading within the Constituent Platforms forms the basis for determining the Trust’s
        principal market for valuing bitcoin, following the below steps:

      (i)  First, the Trust reviews the current list of the
        Constituent Platforms comprising the CME CF BRR;

      (ii)  Second, the Trust sorts the current Constituent
        Platforms from high to low by trading volume of bitcoin (USD-BTC) within each of the platforms for the trailing twelve (12) month period; and

      (iii)  Third, the Trust selects the Constituent
        Platform with the highest trading volume as its principal market.

      (c)  The Trust shall conduct the determination of the principal market on an annual basis. As of the date of this
        Agreement, the Trust has currently determined Coinbase to be the initial principal market on which the Trust will base its GAAP NAV determinations.

      (d)  The Trust’s GAAP NAV and GAAP NAV per Share shall be calculated daily by the Administrator and shall be used
        solely for GAAP accounting purposes for the Trust. The daily calculation of the Trust’s GAAP NAV and GAAP NAV per Share shall follow the same methodology as the calculation of the Trust’s Bitcoin Holdings and Bitcoin Holdings per Share pursuant to
        Section 9.5(b), except that the Bitcoin Price is sourced from the Trust’s principal market for valuing bitcoin instead of the CME CF BRR.

      SECTION 9.7  Fiscal Year. The fiscal year of the Trust for financial accounting purposes (the “Fiscal

          Year”) shall begin on the 1st day of January and end on the 31st day of December of each year. The Fiscal Year in which the Trust shall terminate shall end on the date of such termination. The Sponsor may select an alternate
        Fiscal Year.

      SECTION 9.8  Maintenance of Records.  The Administrator shall maintain for a period of
        at least seven (7) years, or such longer period as required by applicable law, (a) all books of account required by Section 9.1; (b) a copy of the Certificate of Trust and all certificates of amendment thereto; (c) copies of the Trust’s
        U.S. federal, state and local income tax returns and reports, if any; (d) a copy of this Agreement, each effective Subscription Agreement, and in each case, any amendments or waivers thereto; and (e) any financial
          statements of the Trust. The Administrator may keep and maintain the books and records of the Trust in paper, magnetic, electronic or other format as the Administrator may determine in its sole discretion, provided that the Administrator
          shall use reasonable care to prevent the loss or destruction of such records. If there is a conflict between this Section 9.8 and the rules and regulations of the SEC or any applicable exchange or quotation system with respect to the
          maintenance of records, the records shall be maintained pursuant to the rules and regulations of the SEC or any applicable exchange or quotation system.

      ARTICLE X

        

        FEES AND EXPENSES

      SECTION 10.1  Sponsor’s Fee.  The Trust shall pay to the Sponsor a fee (the “Sponsor’s Fee”), payable in U.S. dollars, which shall accrue daily at an annual rate of 90 basis points (0.90%)

      
        31

        
          

      

      

      

      of the Sponsor Fee Basis Amount as of 4:00 p.m., New York time, on each day; provided that
        for a day that is not a Business Day, the calculation shall be based on the Sponsor Fee Basis Amount from the most recent Business Day, reduced by the accrued and unpaid Sponsor’s Fee for such most recent Business Day and for each day after such
        most recent Business Day and prior to the relevant calculation date. The Sponsor’s Fee shall be payable to the Sponsor monthly in arrears from amounts on deposit in the Cash Account maintained by the Cash Custodian. The Sponsor, from time to time,
        may waive all or a portion of the Sponsor’s Fee in its sole discretion.

      SECTION 10.2  Sponsor-paid Expenses.  The following ordinary and
        recurring fees of the Trust will be paid by the Administrator out of the Sponsor’s Fee: (i) the Administrator Fee, (ii) the Bitcoin Custodian Fee, (iii) the Cash Custodian Fee, (iv) the Transfer Agent Fee, (v) the Trustee Fee, (vi) the Partnership
        Representative Fee, and (vii) the Trust’s audit fees (including any fees and expenses associated with tax preparation) (each, a “Sponsor-paid Expense” and together, the “Sponsor-paid

          Expenses”).

      SECTION 10.3 Additional Trust Expenses. The Trust may incur certain extraordinary, non-recurring fees and
        expenses that are not Sponsor-paid Expenses, including, but not limited to: (i) fees in connection with the purchase and sale of the Trust’s bitcoin (including any commission and exchange fees), (ii) expenses incurred in connection with an offering
        of Shares of the Trust, including but not limited to fees to the underwriters, placement agents or distributors and fees of the Escrow Agent, (iii) license fees, taxes and governmental charges, (iv) the Trust's regulatory fees and expenses
        (including any filings, applications or licenses and any registration fees or FINRA filing fees), (v) printing and mailing costs, (vi) costs of maintaining the Trust's website, (vii) fees and expenses related to the listing, quotation or trading of
        the Shares on any Secondary Market (including legal, marketing and audit fees and expenses) to the extent exceeding $100,000 in any given fiscal year, (viii) expenses and costs of any extraordinary services performed by the Sponsor (or any other
        Service Provider) on behalf of the Trust, (ix) indemnification obligations of the Trust to the Sponsor, any Service Provider or any counterparties of the Trust, (x) the Sponsor’s legal fees in connection with the establishment of the Trust and the
        offering of the Shares and (xi) the Trust’s legal fees to the extent they exceed $100,000 in any given fiscal year (collectively, “Additional Trust Expenses”). The Sponsor may, in its sole discretion and
        without obligation, pay certain Additional Trust Expenses on behalf of the Trust.

      SECTION 10.4  Payment of Fees and Expenses.  If at any time there is an insufficient amount of cash in the
        Cash Account, the Sponsor will instruct the sale of an appropriate amount of the Trust's bitcoin and deposit, or cause to be deposited, the net sales proceeds into the Cash Account.

      ARTICLE XI

        

        AMENDMENT OF TRUST AGREEMENT; MEETINGS

      

      

      SECTION 11.1  Amendments to the Trust Agreement.

      (a)  Except as specifically provided herein, the Sponsor, without the Trustee or Shareholder consent, may amend or
        otherwise supplement this Agreement by making an amendment, an agreement supplemental hereto, or an amended and restated declaration of trust and trust agreement. 

      
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      Any such restatement, amendment and/or supplement hereto shall be effective on such date as designated by the Sponsor; provided
        that (i) no such amendment may be made if it would adversely affect the status of the Trust as a partnership for U.S. federal income tax purposes, (ii) any amendment that affects the duties, liabilities, rights or protections of the Trustee shall
        also require the Trustee’s prior written consent, which it may grant or withhold in its sole discretion, (iii) any amendment that affects the duties, liabilities, rights or protections of the Administrator shall also require the Administrator’s
        prior written consent, which it may grant or withhold in its sole discretion, and (iv) any amendment that appoints a new sponsor (upon the withdrawal or the adjudication or admission of bankruptcy or insolvency of the Sponsor) or makes any material
        change to the Trust’s basic investment policies shall also require the consent of Shareholders owning at least fifty-one percent (51%) of the outstanding Shares of the Trust as of the Record Date (not including Shares held by the Sponsor or its
        Affiliates).

      (b)  Without limitation of the foregoing, the Sponsor may, without the approval of the Shareholders, amend the
        provisions of this Agreement if the Trust is advised at any time by the Trust’s accountants or legal counsel that the amendments made are necessary to ensure that the Trust’s status as a partnership will be respected for U.S. federal income tax
        purposes.

      (c)  For all purposes of this Section 11.1, a Shareholder shall be deemed to consent to a modification or
        amendment of this Agreement if the Sponsor has notified such Shareholder in writing of the proposed modification or amendment and the Shareholder has not, within twenty (20) calendar days of such notice, notified the Sponsor in writing that the
        Shareholder objects to such modification or amendment. Notwithstanding anything to the contrary herein, notice pursuant to this Section 11.1 may be given by the Sponsor to the Shareholder by email, through DTC’s electronic notification
        system or via other electronic transmission and shall be deemed given upon delivery without requirement of confirmation.

      (d)  Upon amendment of this Agreement, the Certificate of Trust shall also be amended, if required by the Delaware
        Trust Statute, to reflect such change. At the expense of the Trust, the Trustee shall execute and file any amendment to the Certificate of Trust if so directed in writing by the Sponsor.

      (e)  To the fullest extent permitted by law, no provision of this Agreement may be amended, waived or otherwise
        modified orally but only by a written instrument adopted in accordance with this Section 11.1.

      SECTION 11.2  Meetings of the Trust.  The Trust will not have regular Shareholder meetings. Meetings of the
        Shareholders may be called by the Sponsor. If a meeting is so called, the Sponsor shall provide written notice to all Shareholders thereof which shall provide basic details about the meeting such as the time, venue and purpose of the meeting.

      SECTION 11.3  Action Without a Meeting.  Any action required or permitted to be taken by Shareholders by
        vote may be taken without a meeting by written consent setting forth the actions so taken. Such written consents shall be treated for all purposes as votes at a meeting. If the vote or consent of any Shareholder to any action of the Trust or any
        Shareholder, as contemplated by this Agreement, is solicited by the Sponsor, the solicitation shall be effected by notice to each Shareholder given in the manner provided in Section 14.5. 

      

      
        33

        
          

      

      

      

      The vote or consent of each Shareholder so solicited shall not be deemed to have been cast or granted as requested in the notice of
        solicitation, unless the Shareholder expresses objection or consent by written notice delivered in the manner provided in Section 14.5 or as otherwise set forth in such solicitation and which is actually received by the Trust. The Covered
        Persons dealing with the Trust shall be entitled to act in reliance on any vote or consent that is deemed cast or granted pursuant to this Section 11.3 and shall be fully indemnified by the Trust in so doing.

      ARTICLE XII

        

        TERM

      SECTION 12.1  Term.  The term for which the Trust is to exist shall be perpetual, unless terminated pursuant
        to the provisions of Article XIII or as otherwise provided by law.

      ARTICLE XIII

        

        TERMINATION

      

      

      SECTION 13.1  Events Requiring Dissolution of the Trust.

      (a)  The Trust shall dissolve if any of the following events occur:

      (i)  a U.S. federal or state regulator requires the Trust to shut down or forces the Trust to
        liquidate its bitcoin or seizes, impounds or otherwise restricts access to Trust assets;

      (ii)  the Trust is determined to be a “money service business” under the regulations promulgated
        by FinCEN under the authority of the U.S. Bank Secrecy Act and is required to comply with certain FinCEN regulations thereunder, and the Sponsor has made the determination that dissolution of the Trust is advisable;

      (iii)  the Trust is required to obtain a license or make a registration under any state law
        regulating money transmitters, money services business, providers of prepaid or stored value or similar entities, or virtual currency businesses, and the Sponsor has made the determination that dissolution of the Trust is advisable;

      (iv)  any ongoing event exists that either prevents the Trust from making or makes impractical
        the Trust's reasonable efforts to make a fair determination of the Bitcoin Price;

      (v)  any ongoing event exists that either prevents the Trust from converting, or makes
        impractical the Trust's reasonable efforts to convert bitcoin to U.S. dollars;

      (vi)  upon the withdrawal or the adjudication or admission of bankruptcy or insolvency of the
        Sponsor unless within ninety (90) days of such event, Shareholders holding at least fifty-one percent (51%) of the outstanding Shares of the Trust as of the Record Date (not including Shares held by the 

      

      
        34

        
          

      

      

      

      Sponsor or its affiliates) agree in writing to continue the Trust and to select, effective as of the date of such
        event, one or more successor sponsors;

      (vii)  the Trust becomes insolvent or bankrupt;

      (viii)  all of the Trust’s assets are sold; 

      

      (ix)  the Sponsor determines that the size of the assets of the Trust in relation to the expenses
        of the Trust make it unreasonable or imprudent to continue the Trust;

      (x)  the SEC determines that the Trust is an investment company required to be registered under
        the Investment Company Act, and the Sponsor has made the determination that dissolution of the Trust is advisable;

      (xi)  the CFTC determines that the Trust is a commodity pool under the CEA, and the Sponsor has
        made the determination that dissolution of the Trust is advisable;

      (xii)  sixty (60) days have elapsed since DTC or another depository has ceased to act as
        depository with respect to the Shares, and the Sponsor has not identified another depository that is willing to act in such capacity;

      (xiii)  the Sponsor elects to terminate the Trust after the Trustee, the Administrator, the
        Bitcoin Custodian or the Cash Custodian (or any successor trustee, administrator or custodian) resigns or otherwise ceases to be the trustee, administrator or custodian of the Trust, as applicable, and no replacement trustee, administrator and/or
        custodian acceptable to the Sponsor is engaged, and accordingly the Sponsor has made the determination that dissolution of the Trust is advisable; or

      (xiv)  the Sponsor, in its sole discretion, determines for any other reason to dissolve the
        Trust.

      (b)  The death, legal disability, bankruptcy, insolvency, dissolution, or withdrawal of any Shareholder (as long as
        such Shareholder is not the sole Shareholder of the Trust) shall not result in the termination of the Trust, and such Shareholder, his estate, custodian or personal representative shall have no right to withdraw or value such Shareholder’s Shares.
        Each Shareholder (and any assignee thereof) expressly agrees that in the event of his death, he waives on behalf of himself and his estate, and he directs the legal representative of his estate and any person interested therein to waive, the
        furnishing of any inventory, accounting or appraisal of the Trust Estate and any right to an audit or examination of the books of the Trust.

      SECTION 13.2  Distributions on Dissolution. If
        the Trust is to be liquidated, the Trust will be liquidated under the Sponsor’s direction (or in the event there is no Sponsor or the Sponsor is adjudicated bankrupt or insolvent, such person as the Shareholders holding at least fifty-one percent
        (51%) of the outstanding Shares of the Trust as of the Record Date (not including Shares held by the Sponsor or its Affiliates) may propose and approve (the “Liquidating Trustee”)). 

      

      
        35

        
          

      

      

      

      Any Liquidating Trustee so appointed shall have and may exercise, without further authorization or approval of any of the parties
        hereto, all of the powers conferred upon the Sponsor under the terms of this Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and provided that the
          Liquidating Trustee shall not have general liability for the acts, omissions, obligations and expenses of the Trust.  In accordance with Section 3808(e) of the Delaware Trust Statute, the affairs of the Trust shall be wound up and the
        Sponsor or the Liquidating Trustee, as applicable, on behalf of the Trust, will cause any bitcoin then held by the Trust to be liquidated in an orderly fashion. The proceeds therefrom, together with any other amounts held by or on behalf of the
        Trust, will be applied and distributed in the following order of priority: (a) first, to the expenses of liquidation and termination, to amounts due to creditors, including without limitation the Sponsor and
        the Service Providers, to the extent otherwise permitted by law, and to any applicable taxes, other governmental charges and contingent or future liabilities of the Trust as the Sponsor or Liquidating Trustee shall determine, in each case, in
        satisfaction of liabilities of the Trust other than liabilities for distributions to Shareholders in respect of the Shares and (b) second, to the Shareholders pro rata in accordance with their respective
        Percentage Interests. Upon the dissolution of the Trust, the Sponsor or the Liquidating Trustee, as applicable, shall take full charge of the Trust Estate.

      SECTION 13.3  Termination; Certificate of Cancellation. Following
        the dissolution and distribution of the assets of the Trust, the Trust shall terminate, and the Trustee shall, at the written direction of the Sponsor or the Liquidating Trustee, as applicable, and at the expense of the Trust, execute and cause to
        be filed a certificate of cancellation of the Certificate of Trust in accordance with the Delaware Trust Statute. Notwithstanding anything to the contrary contained in this Agreement, the existence of the Trust as a separate legal entity shall
        continue until the filing of such certificate of cancellation.

      ARTICLE XIV

        

        MISCELLANEOUS

      SECTION 14.1  Governing Law.
        The validity and construction of this Agreement and all amendments hereto shall be governed by the laws of the State of Delaware, and the rights of all parties hereto and the effect of every provision hereof shall be subject to and construed
        according to the laws of the State of Delaware without regard to the conflict of laws provisions thereof; provided, however, that causes of action for violations of
        U.S. federal or state securities laws shall be governed by applicable federal and state securities laws; provided, further, that the parties hereto intend that the
        provisions hereof shall control over any contrary or limiting statutory or common law of the State of Delaware (other than the Delaware Trust Statute) and that, to the maximum extent permitted by applicable law, there shall not be applicable to the
        Trust, the Trustee, the Sponsor, the Administrator, any other Service Provider, the Shareholders or this Agreement any provision of the laws (statutory or common) of the State of Delaware (other than the Delaware Trust Statute) pertaining to trusts
        that relate to or regulate in a manner inconsistent with the terms hereof: (a) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (b) affirmative requirements to post bonds for
        trustees, officers, agents or employees of a trust, (c) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (d) fees or other sums payable to trustees,
        officers, agents or employees of a trust, (e) the allocation of receipts

      
        36

        
          

      

      

      

      and expenditures to income or principal, (f) restrictions or limitations on the permissible nature, amount or concentration of trust
        investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (g) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees or managers that
        are inconsistent with the limitations on liability or authorities and powers of the Trustee or the Sponsor set forth or referenced in this Agreement. Sections 3540 and 3561 of Title 12 of the Delaware Trust Statute
          shall not apply to the Trust. The Trust shall be of the type commonly called a “statutory trust,” and without limiting the provisions hereof, but subject to Sections 1.5 and 1.6, the Trust may exercise all powers that are
          ordinarily exercised by such a statutory trust under Delaware law. Subject to Sections 1.5 and 1.6, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts and the absence
          of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

      SECTION 14.2  Provisions In Conflict With Law or Regulations.

      (a)  The provisions of this Agreement are severable, and if any one or more of such provisions (the “Conflicting Provisions”) are in conflict with the Code, the Delaware Trust Statute, the Securities Act or other applicable U.S. federal or state laws or the rules and regulations of the SEC or any applicable exchange or quotation system, the Conflicting Provisions shall be deemed never to have constituted a part of this Agreement, even without any amendment of this Agreement pursuant to this Agreement; provided,
        however, that such conflict shall not affect or impair any of the remaining provisions of this Agreement or render invalid or improper any action taken or omitted prior to a determination that any such conflict exists. Neither the Sponsor
        nor the Trustee shall be liable for making or failing to make such a determination.

      (b)  If any provision of this Agreement shall be held invalid or unenforceable in any jurisdiction, such holding
        shall not in any manner affect or render invalid or unenforceable such provision in any other jurisdiction or any other provision of this Agreement in any jurisdiction.

      SECTION 14.3  Merger and Consolidation. Subject to the provisions
        of Section 1.5, the Sponsor may cause (i) the Trust to be merged into or consolidated with, converted to or to sell all or substantially all of its assets to, another trust or entity; (ii) the Shares of the Trust to be converted into
        beneficial interests in another statutory trust (or series thereof); or (iii) the Shares of the Trust to be exchanged for shares in another trust or company under or pursuant to any U.S. state or federal statute to the extent permitted by law. For
        the avoidance of doubt, subject to the provisions of Section 1.5, the Sponsor, with written notice to the Shareholders, may approve and effect any of the transactions contemplated under (i), (ii) and (iii) above without any vote or other
        action of the Shareholders.

      SECTION 14.4  Construction. In this Agreement, unless the context
        otherwise requires, words used in the singular or in the plural include both the plural and singular and words denoting any gender include all genders. In this Agreement, unless otherwise indicated in context, all references to Articles or Sections
        refer to an Article or Section of this Agreement. The titles and headings of various Articles and Sections herein are inserted for convenience of reference only and shall not affect the meaning, construction or
        effect of this Agreement.

      
        37

        
          

      

      

      

      SECTION 14.5  Notices. All
        notices or communications under this Agreement shall be in writing and shall be effective upon personal delivery, or if sent by mail, postage prepaid, or if sent electronically, by facsimile or by overnight courier, and addressed, in each such case, to the address set forth in the books and records of the Trust or such other address as may be specified in writing or specified below, of the party to whom such notice is to be given, upon the deposit of
          such notice in the United States mail, upon transmission and electronic confirmation thereof or upon deposit with a representative of an overnight courier, as the case may be.

      All notices or other communications under this Agreement that are required to be provided to the following parties
        shall be sent to:

      (i)  if to the Trustee:

      Delaware Trust Company

      Attention: Corporate Trust Administration

      251 Little Falls Drive

      Wilmington, DE 19808

      (ii)  if to the Trust:

      wShares Bitcoin Fund

      c/o Wilshire Phoenix Funds LLC

      2 Park Avenue, 20th Floor

      New York, New York 10016

      

      

      

      

      (iii) if to the Sponsor:

      Wilshire Phoenix Funds LLC

      2 Park Avenue, 20th Floor

      New York, New York 10016

      SECTION 14.6  Counterparts; Electronic Transmission. This Agreement
        may be executed in several counterparts, and all so executed shall constitute one agreement, binding on all of the parties hereto, notwithstanding that all the parties are not signatory to the original or the same counterpart. This Agreement, any
        documents to be delivered pursuant to this Agreement, and any notices hereunder may be transmitted between the parties by email and/or facsimile to an email address or facsimile number at which the recipient has consented to receive the same. The
        parties intend that faxed signatures and electronically imaged signatures such as .pdf files shall constitute original signatures and are binding on all parties.

      SECTION 14.7  Binding Nature of Trust Agreement.  The terms and provisions of this Agreement shall be
        binding upon and inure to the benefit of the heirs, custodians, executors, estates, administrators, personal representatives, successors and permitted assigns of the respective Shareholders. For purposes of determining the rights of any Shareholder
        or assignee hereunder, the Trust and the Sponsor may rely upon the Trust records as to who are Shareholders and permitted assignees, and all Shareholders and assignees agree that the Trust and the Sponsor, in determining such rights, shall rely on
        such records and that Shareholders and their assignees shall be bound by such determination.

      
        38

        
          

      

      

      

      SECTION 14.8  No Legal Title to Trust Estate. The Shareholders
        shall not have legal title to any part of the Trust Estate.

      SECTION 14.9  Creditors. No creditors of any Shareholders shall
        have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the Trust Estate.

      SECTION 14.10  Integration. This Agreement constitutes the entire
        agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto, whether written or oral.

      SECTION 14.11  Goodwill; Use of Name. No value shall be placed on the name or goodwill of the Trust, which
        shall belong exclusively to the Sponsor.

      

      

      

      

      [ signature page follows ]

      
        39

        
          

      

      IN WITNESS WHEREOF, the undersigned have duly executed this Second Amended
        and Restated Declaration of Trust and Trust Agreement as of the day and year first above written.

      	 	 	
              DELAWARE TRUST COMPANY,

                as Trustee

               

            
	 	 	 
	 	 	
              By:

            	 
	 	 	 	
              Name:

            
	 	 	 	
              Title:

            
	 	 	 
	 	 	 
	 	 	
              WILSHIRE PHOENIX FUNDS LLC,

                not in its individual capacity but solely as Sponsor of the Trust

               

            
	 	 	 
	 	 	
              By:

            	 
	 	 	 	
              Name:

            
	 	 	 	
              Title:

            
	 	 	 
	 	 	 

      

      

      

      

      
        
          

      

      
      EXHIBIT A

        

        

        CERTIFICATE OF TRUST

        OF

        BITCOIN COMMODITY TRUST

      THIS Certificate of Trust of Bitcoin Commodity Trust (the “Trust”) is being duly executed and filed on behalf of the Trust by the
        undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) (the “Act”).

      

      

      1.  Name.  The name of the statutory trust formed by this Certificate of Trust is Bitcoin Commodity Trust.

      

      

      2.  Delaware Trustee.  The name and address of the trustee of the Trust with a principal place of business
        in the State of Delaware are Delaware Trust Company, 251 Little Falls Drive, Wilmington DE 19808, Attention: Corporate Trust Administration.

      

      

      3.  Effective Date.  This Certificate of Trust shall be effective upon filing.

      

      

      IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act.

      

      

      	 	 	
              DELAWARE TRUST COMPANY, not in its individual capacity but solely as Delaware Trustee of the Trust

            
	 	 	 
	 	 	 
	 	 	
              By  /s/ Alan R. Halpern

              Name: Alan R. Halpern

                Title: Vice Present

            

      

      

      
        A-1

        
          

      

      

      

      STATE OF DELAWARE

      CERTIFICATE OF AMENDMENT TO

      CERTIFICATE OF TRUST

      

      

      Pursuant to Title 12, Section 3810(b) of the Delaware Statutory Trust Act, the undersigned Trust executed the following Certificate of
        Amendment:

      

      

      1.  Name of Statutory Trust: Bitcoin Commodity Trust.

      

      

      2.  The Certificate of Amendment to the Certificate of Trust is hereby amended as follows: The name of the Trust
        is hereby changed to “wShares Bitcoin Commodity Trust”.

      

      

      3.  This Certificate of Amendments shall be effective April 14, 2021.

      

      

      IN WITNESS WHEREOF, the undersigned have executed this Certificate on the 14th day of April, 2021 A.D.

       

      

      

      	 	 	
              By: Alan R. Halpern, Vice President

            
	 	 	
                                      Trustee

            
	 	 	 
	 	 	
              Name: Delaware Trust Company

            
	 	 	
                                     Type or Print

            
	 	 	 

      

      

      
        A-2

        
          

      

      

      

      

      

      

      

      

      

      STATE OF DELAWARE

      CERTIFICATE OF AMENDMENT TO

      CERTIFICATE OF TRUST

      

      

      Pursuant to Title 12, Section 3810(b) of the Delaware Statutory Trust Act, the undersigned Trust executed the following Certificate of
        Amendment:

      

      

      1.  Name of Statutory Trust: wShares Bitcoin Commodity Trust.

      

      

      2.  The Certificate of Amendment to the Certificate of Trust is hereby amended as follows: The name of the Trust
        is hereby changed to “wShares Bitcoin Fund”.

      

      

      3.  This Certificate of Amendments shall be effective February 4, 2022.

      

      

      IN WITNESS WHEREOF, the undersigned have executed this Certificate on the 4th day of February, 2022 A.D.

       

      	 	 	
              By: Alan R. Halpern, Vice President

            
	 	 	
              Trustee

            
	 	 	 
	 	 	
              Name: Delaware Trust Company, not in its individual capacity but solely as Trustee

            
	 	 	
              Type or PrintExhibit 10.7

  

  

  

  
    ESCROW DEPOSIT AGREEMENT

    

    

    This ESCROW DEPOSIT AGREEMENT (this “Agreement”) dated as of this [__] day of July 2022, by and among WSHARES BITCOIN FUND, a Delaware statutory trust (the “Trust”), having an address at 2 Park Avenue, 20th Floor, New York, New
      York 10016, OASIS PRO MARKETS LLC (the “Placement Agent”),
      a Delaware limited liability company, having an address at 1 Thorndal Circle, Darien, CT, 06820 and SIGNATURE BANK (the “Escrow Agent”), a New York State chartered bank, having an office at 1400 Broadway, 26th Floor, New York, NY 10018.  All capitalized terms not herein defined shall have the
      meaning ascribed to them in that certain Preliminary Prospectus, dated [    ], 2022, of the Trust, including all attachments, schedules and exhibits thereto (the “Prospectus”) included in Registration Statement on Form S-1 (File No. 333-239150) (the “Registration Statement”).

    

    

    W I T N E S S E T H:

    

    

    WHEREAS, pursuant to the terms of the
      Prospectus, the Trust desires to sell (the “Offering”) a minimum of $10,000,000 (the “Minimum Amount”) of its common shares (the “Shares”). There is no maximum amount of the Offering. Each Share is being sold at
      a price of $25.00 per Share, with a minimum investment of $25,000.00;

    

    

    WHEREAS, the Offering shall terminate on
      _________ (the “Termination Date”). Unless the Minimum Amount has been raised by the Termination Date, all funds shall be returned to subscribers in the
      Offering;

    

    

    WHEREAS, the Trust and the Placement Agent
      desire to establish an escrow account with the Escrow Agent into which the Trust and the Placement Agent shall instruct subscribers introduced to the Trust by the Placement Agent (the “Subscribers”) to deposit checks and other instruments for the payment of money made payable to the order of “Signature Bank as Escrow Agent for wShares Bitcoin Fund,” and Escrow Agent is willing to accept said
      checks and other instruments for the payment of money in accordance with the terms hereinafter set forth;

    

    

    WHEREAS, the Trust, as issuer, and the
      Placement Agent, as an introducing broker-dealer, represent and warrant to the Escrow Agent that they will comply with all of their respective obligations under applicable state and federal securities laws and regulations with respect to the sale of
      Shares pursuant to the Offering;

    

    

    WHEREAS, the Trust and the Placement Agent
      represent and warrant to the Escrow Agent that they have not stated to any individual or entity that the Escrow Agent’s duties will include anything other than those duties stated in this Agreement; and

    

    

    WHEREAS, the Trust and the Placement Agent represent and warrant to the Escrow Agent that a copy of each document that has been delivered to Subscribers and third parties that include Escrow
      Agent’s name and duties is attached hereto as Schedule I.

    
      
        
          - SIGNATURE CONFIDENTIAL -

            Content is not to be distributed or shared outside of participating parties.

           

            

           

            

        

      

      1

      
        

      

    

    

    

    

    

    NOW, THEREFORE, IT IS AGREED as follows:

    

    

    1.  Delivery of Escrow Funds.

    

    

    (a)   The Placement Agent and the Trust shall instruct Subscribers to deliver to Escrow Agent checks made payable to the order of “Signature
      Bank, as Escrow Agent for wShares Bitcoin Fund,” or wire transfer to Signature Bank, 1400 Broadway, 26th Floor, New York, NY 10018, ABA No. 026013576 for credit to Signature Bank, as Escrow Agent for wShares Bitcoin Fund, Account No. _____________, in each case, with the name and address of the individual or entity making payment.  In the event any Subscriber’s address is not provided to
      Escrow Agent by the Subscriber, then the Trust agrees to promptly provide Escrow Agent with such information in writing. The checks or wire transfers shall be deposited into a non-interest-bearing account at Signature Bank entitled “wShares Bitcoin
      Fund, Signature Bank, as Escrow Agent” (the “Escrow Account”).

    

    

    (b)  The collected funds deposited into the Escrow Account are referred to as the “Escrow Funds.”

    

    

    (c)  The Escrow Agent shall have no duty or responsibility to enforce the collection or demand payment of any funds deposited into the Escrow
      Account.  If, for any reason, any check deposited into the Escrow Account shall be returned unpaid to the Escrow Agent, the sole duty of the Escrow Agent shall be to return the check to the Subscriber and advise the Trust and the Placement Agent
      promptly thereof.

    

    

    2.  Release of Escrow Funds.  The Escrow Funds shall be paid by the Escrow
      Agent in accordance with the following:

    

    

    (a)  In the event that the Trust advises the Escrow Agent in writing that the Offering has been terminated (the “Termination Notice”), then the Escrow Agent shall promptly return the funds paid by each Subscriber to said Subscriber without interest or offset.  The Escrow Funds returned to
      each Subscriber shall be free and clear of any and all claims of the Escrow Agent.

    

    

    (b)   Intentionally Omitted.

    

    

    (c)   Provided that the Escrow Agent does not receive the Termination Notice in accordance with Section 2(a) and the Minimum Amount has been
      deposited into the Escrow Account on or prior to the Termination Date, the Escrow Agent shall, upon receipt of written instructions, in the form of Exhibit A, attached hereto and made a part hereof, or in a form and substance satisfactory to the
      Escrow Agent, received from the Trust and the Placement Agent, pay the Escrow Funds in accordance with such written instructions, which instructions shall be
        limited to the payment of the Placement Agent’s fee and other offering expenses and the payment of the balance to the Trust (each, a “Closing”). Such payment or payments shall be made
      by wire transfer within one (1) Business Day of receipt of such written instructions, which must be received by the Escrow Agent no later than 3:00 p.m., New York time, on a Business Day for the Escrow Agent to process such instructions that Business
      Day.  The Trust and the Placement Agent further agree that there shall be a single Closing under this Agreement limited to four (4) wires.  Any additional wires may be subject to additional fees.

    
      
        
          - SIGNATURE CONFIDENTIAL -

            Content is not to be distributed or shared outside of participating parties.

           

            

           

            

        

      

      2

      
        

      

    

    

    

    

    

    

    

    (d)  If by 10:00 a.m., New York time, on the Termination Date, the Escrow Agent has not received written instructions from the Trust and the
      Placement Agent regarding the disbursement of the Escrow Funds or the total amount of the Escrow Funds is less than the Minimum Amount, then the Escrow Agent shall promptly return the Escrow Funds to the Subscribers without interest or offset and
      close the Escrow Account immediately thereafter.  The Escrow Funds returned to each Subscriber shall be free and clear of any and all claims of the Escrow Agent.

    

    

    (e)  The Escrow Agent shall not be required to pay any uncollected funds or any funds that are not available for withdrawal.

    

    

    (f)  If the Termination Date or any date that is a
        deadline under this Agreement for giving the Escrow Agent notice or instructions or for the Escrow Agent to take action is not a Business Day, then such date shall be the Business Day that immediately precedes that date. A “Business Day” is any day other than a Saturday,
      Sunday or a Bank holiday on which the New York Stock Exchange is scheduled to be open for business.

    

    

    3.  Acceptance by Escrow Agent.  The Escrow Agent hereby accepts and agrees
      to perform its obligations hereunder, provided that:

    

    

    (a)  Upon execution of this Agreement, the Trust shall
        execute and deliver to Escrow Agent Exhibit B hereto and the Placement Agent shall execute and deliver to Escrow Agent Exhibit B-1 hereto (together with
        Exhibit B, each a “Certificate”), for the
        purpose of (i) establishing the identity of each respective authorized representative(s) of the Trust and the Placement Agent entitled to singly initiate
        and/or confirm disbursement instructions to Escrow Agent on behalf of each such party and (ii) providing standing wire instructions for each of the Trust and the Placement Agent to be used for disbursements to said party.  The Escrow Agent may act in reliance upon any signature on each Certificate believed by it to be genuine, and may assume that any person who has been designated
      by the Placement Agent or the Trust to give any written instructions, notice or receipt, or make any statements in connection with the provisions hereof has been duly authorized to do so.  The Escrow Agent shall have no duty to make inquiry as to the
      genuineness, accuracy or validity of any statements or instructions or any signatures on statements or instructions, including but not limited to, those contained on each Certificate. The Trust and the Placement Agent may update their respective Certificate by executing and delivering to the Escrow Agent an
        updated Certificate substantially in the form attached hereto as Exhibit B and/or Exhibit B-1.  Until such time as Escrow Agent shall receive an updated Certificate, Escrow Agent shall be fully protected in relying without inquiry on the current
        Certificate on file with Escrow Agent.

    

    

    (b)  The Escrow Agent may seek confirmation of disbursement instructions by telephone call back to one of the authorized representatives set
      forth on each Certificate, and the Escrow Agent may rely upon the confirmations of anyone purporting to be the person(s) so designated.   To ensure the accuracy of the instruction it receives, the Escrow Agent may record such call back. If the Escrow
      Agent is unable to verify the instruction, or is not satisfied in its sole discretion with the verification it receives, it will not execute the instruction until all issues have been resolved to its satisfaction. The Trust and the Placement Agent
      agree that the foregoing procedures constitute commercially reasonable security procedures.

    
      
        
          - SIGNATURE CONFIDENTIAL -

            Content is not to be distributed or shared outside of participating parties.

           

            

           

            

        

      

      3

      
        

      

    

    

    

    Escrow Agent further agrees not to comply with any direction or instruction (other than those contained herein or delivered in accordance with this Agreement)
      from any party inconsistent with the foregoing.

    

    

    (c)  The Escrow Agent may act relative hereto in reliance upon advice of counsel in reference to any matter connected herewith.  The Escrow
      Agent shall not be liable for any mistake of fact or error of judgment or law, or for any acts or omissions of any kind, unless caused by its willful misconduct or gross negligence.

    

    

    (d)  The Placement Agent and the Trust agree to indemnify and hold the Escrow Agent harmless from and against any and all claims, losses,
      costs, liabilities, damages, suits, demands, judgments or expenses (including but not limited to reasonable attorney’s fees) claimed against or incurred by Escrow Agent arising out of or related, directly or indirectly, to this Escrow Agreement
      unless caused by the Escrow Agent’s gross negligence or willful misconduct.

    

    

    (e)   In the event that the Escrow Agent shall be uncertain as to its duties or rights hereunder, the Escrow Agent shall be entitled to (i)
      refrain from taking any action other than to keep safely the Escrow Funds until it shall be directed otherwise by a court of competent jurisdiction or by a joint instruction from the Trust and the Placement Agent, or (ii) deliver the Escrow Funds to
      a court of competent jurisdiction.

    

    

    (f)  The Escrow Agent shall have no duty, responsibility or obligation to interpret or enforce the terms of any agreement other than Escrow
      Agent’s obligations hereunder, and the Escrow Agent shall not be required to make a request that any monies be delivered to the Escrow Account, it being agreed that the sole duties and responsibilities of the Escrow Agent shall be to the extent not
      prohibited by applicable law (i) to accept checks or other instruments for the payment of money and wire transfers delivered to the Escrow Agent for the Escrow Account and deposit said checks and wire transfers into the non-interest bearing Escrow
      Account, and (ii) to disburse or refrain from disbursing the Escrow Funds as stated above, provided that the checks received by the Escrow Agent have been collected and are available for withdrawal.

    

    

    4.  Escrow Account Statements and Information. The Escrow Agent agrees to send to the Trust and/or the Placement Agent a copy of the Escrow Account periodic statement, upon request in accordance with the Escrow Agent’s regular practices for providing account statements to its
      non-escrow clients, and to also provide the Trust and/or the Placement Agent, or their designee, upon request other deposit account information, including Escrow Account balances, by telephone or by computer communication, to the extent practicable. The Trust and the Placement Agent agree to complete and sign all forms or agreements reasonably required by the Escrow Agent for that purpose.  The Trust and the Placement Agent each consents to the Escrow Agent’s release of such Escrow Account information to any of the individuals designated by the Trust or the Placement Agent, which designation has been signed in accordance with Section 3(a) by any of the persons on the Trust and the Placement Agent’s respective Certificate.  Further, the Trust and the Placement Agent have an option to receive
        e-mail notification of incoming and outgoing wire transfers.  If this e-mail notification service is requested and subsequently approved by the Escrow Agent, the Trust and/or the Placement Agent agrees to provide a valid e-mail address and other information necessary to set-up this service and sign all forms and agreements reasonably required for such service.

    
      
        
          - SIGNATURE CONFIDENTIAL -

            Content is not to be distributed or shared outside of participating parties.

           

            

           

            

        

      

      4

      
        

      

    

    

    

    The Trust and the Placement Agent each consents to the Escrow Agent’s release of wire transfer information to the designated e-mail address(es).  The Escrow Agent’s liability for failure to comply with this section shall
      not exceed the cost of providing such information.

    

    

    5.  Resignation of the Escrow Agent.  The Escrow Agent may resign at any time
      by giving thirty (30) days’ prior written notice of such resignation to the Placement Agent and the Trust.  Upon providing such notice, the Escrow Agent shall have no further obligation hereunder except to hold as depository the Escrow Funds that it
      receives until the end of such thirty (30)-day period.  In such event, the Escrow Agent shall not take any action, other than receiving and depositing Subscribers checks and wire transfers in accordance with this Agreement, until the Trust has
      designated a banking corporation, trust company, attorney or other person as successor.  Upon receipt of such written designation signed by the Placement Agent and the Trust, the Escrow Agent shall promptly deliver the Escrow Funds to such successor
      and shall thereafter have no further obligations hereunder.  If such instructions are not received within thirty (30) days following the effective date of such resignation, then the Escrow Agent may (i) deposit the Escrow Funds held by it pursuant to
      this Agreement with a clerk of a court of competent jurisdiction pending the appointment of a successor; or (ii) return all funds remaining in the Escrow Account to the Subscribers in the Offering, in the same manner as such funds were received (and
      the Trust and the Placement Agent agree to cooperate with Escrow Agent in providing any information required to facilitate such a return of funds to the Subscribers).  In either case provided for in this section, the Escrow Agent shall be relieved of
      all further obligations and released from all liability thereafter arising with respect to the Escrow Funds.

    

    

    6.  Termination.  The Trust and the Placement Agent may terminate the
      appointment of the Escrow Agent hereunder upon written notice specifying the date upon which such termination shall take effect, which date shall be at least thirty (30) days from the date of such notice.  In the event of such termination, the Trust
      and the Placement Agent shall, within thirty (30) days of such notice, appoint a successor escrow agent and the Escrow Agent shall, upon receipt of written instructions signed by the Trust and the Placement Agent, turn over to such successor escrow
      agent all of the Escrow Funds; provided, however, that
      if the Trust and the Placement Agent fail to appoint a successor escrow agent within such thirty (30) day period, such termination notice shall be null and void and the Escrow Agent shall continue to be bound by all of the provisions hereof.  Upon
      receipt of the Escrow Funds, the successor escrow agent shall become the escrow agent hereunder and shall be bound by all of the provisions hereof and Escrow Agent shall be relieved of all further obligations and released from all liability
      thereafter arising with respect to the Escrow Funds and under this Agreement.

    

    

    7.  Investment.  All funds received by the Escrow Agent shall be held only in
      non-interest bearing bank accounts at Escrow Agent.

    

    

    8.  Compensation.  The Escrow Agent shall be entitled, for the duties to be performed by it hereunder, to a fee of $6,000.00, which fee shall be paid by the Trust upon the signing of this Agreement. Further, if the
      term of this Agreement exceeds one (1) year from the execution date hereof, a fee of $1,500.00 will be paid by the Trust on each such anniversary of the execution of this Agreement. In addition, the Trust shall be obligated to reimburse Escrow Agent for all fees, costs and expenses incurred or that become due in connection with this Agreement or the Escrow Account, including reasonable attorneys’ fees.

    
      
        
          - SIGNATURE CONFIDENTIAL -

            Content is not to be distributed or shared outside of participating parties.

           

            

           

            

        

      

      5

      
        

      

    

    

    

    Neither the modification, cancellation, termination or rescission of this Agreement nor the resignation or termination of the Escrow Agent shall
      affect the right of the Escrow Agent to retain the amount of any fee which has been paid, or to be reimbursed or paid any amount which has been incurred or becomes due, prior to the effective date of any such modification, cancellation, termination,
      resignation or rescission.  To the extent the Escrow Agent has incurred any such expenses, or any such fee becomes due, prior to any closing, the Escrow Agent shall advise the Trust and the Trust shall direct all such amounts to be paid directly at
      any such closing.  The Escrow Agent shall be entitled to a fee of $1,000 in the event the Agreement is amended for any reason in accordance with Section 10(d).

    

    

    9.  Notices.  All notices, requests, demands and other communications
      required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given if sent by hand-delivery, by electronic mail (followed by first-class mail), by nationally recognized overnight courier service or by prepaid
      registered or certified mail, return receipt requested, to the addresses set forth below:

    

    

    	 	
            If to the Placement Agent:

          
	 	 
	 	 	
            Oasis Pro Markets LLC

              1 Thorndal Circle

              Darien, CT, 06820

              Attention: Pat LaVecchia

              Email: pat@oasispromarkets.com

          
	 	 	 
	 	
            If to the Trust:

          
	 	 	 
	 	 	
            wShares Bitcoin Fund

              2 Park Avenue, 20th Floor

              New York, New York 10016

              Attention: William Cai

              Email: will@wilshirephoenix.com

          
	 	 	 
	 	
            If to Escrow Agent:

          
	 	 	 
	 	 	
            Signature Bank

              1400 Broadway, 26th Floor

              New York, New York 10018

              Attention: Joseph Seibert, Managing Group Director – SVP

              Email: PrivateClientGroup-Seibert159@signatureNY.com

          

    

    

    10.  General.

    

    

    (a)  This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to agreements made and
      to be entirely performed within such State, without regard to choice of law principles, and any action brought hereunder shall be brought in the courts of the State of New York, located in the County of New York.  

    
      
        
          - SIGNATURE CONFIDENTIAL -

            Content is not to be distributed or shared outside of participating parties.

           

            

           

            

        

      

      6

      
        

      

    

    

    

    Each party hereto irrevocably waives any objection on the grounds of venue, forum non--conveniens or any similar grounds and irrevocably consents to service of process by
      mail or in any manner permitted by applicable law and consents to the jurisdiction of said courts.  EACH OF THE PARTIES HERETO HEREBY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF THE TRANSACTIONS
      CONTEMPLATED BY THIS AGREEMENT.

    

    

    (b)  This Agreement sets forth the entire agreement and understanding of the parties with respect to the matters contained herein and supersedes all prior agreements, arrangements and understandings relating thereto.

    

    

    (c)  All of the terms and conditions of this Agreement shall be binding upon, and inure to the benefit of and be enforceable by, the parties
      hereto, as well as their respective successors and assigns.

    

    

    (d)  This Agreement may be amended, modified, superseded or canceled, and any of the terms or conditions hereof may be waived, only by a
      written instrument executed by each party hereto or, in the case of a waiver, by the party waiving compliance.  The failure of any party at any time or times to require performance of any provision hereof shall in no manner affect its right at a
      later time to enforce the same.  No waiver of any party of any condition, or of the breach of any term contained in this Agreement, whether by conduct or otherwise, in any one or more instances shall be deemed to be or construed as a further or
      continuing waiver of any such condition or breach or a waiver of any other condition or of the breach of any other term of this Agreement.  No party may assign any rights, duties or obligations hereunder unless all other parties have given their
      prior written consent.

    

    

    (e)  If any provision included in this Agreement proves to be invalid or unenforceable, it shall not affect the validity of the remaining
      provisions.

    

    

    (f)  This Agreement and any modification or amendment of this Agreement may be executed in several counterparts or by separate instruments and
      all of such counterparts and instruments shall constitute one agreement, binding on all of the parties hereto.

    

    

    11.  Form of Signature. The parties hereto agree to accept a facsimile
      transmission copy of their respective actual signatures as evidence of their actual signatures to this Agreement and any modification or amendment of this Agreement; provided, however, that each party who produces a facsimile signature agrees, by the express terms hereof, to place, promptly after
      transmission of his or her signature by fax, a true and correct original copy of his or her signature in overnight mail to the address of the other party.

    

    

    12.  No Third-Party Beneficiaries.  This Agreement is solely for the benefit
      of the parties and their respective successors and permitted assigns, and no other person has any right, benefit, priority, or interest under or because of the existence of this Agreement.

    
      
        
          - SIGNATURE CONFIDENTIAL -

            Content is not to be distributed or shared outside of participating parties.

           

            

           

            

        

      

      7

      
        

      

    

    

    

    

    

    13.  Sponsor. It is expressly understood and agreed by the parties hereto
      that:

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    

    

    

    

    

    

    [ signature page follows ]

    

    

    

    

    

    

    
      
        
          - SIGNATURE CONFIDENTIAL -

            Content is not to be distributed or shared outside of participating parties.

           

            

           

            

        

      

      8

      
        

      

    

    

    

    

    

    

    

    IN WITNESS WHEREOF, the parties have duly
      executed this Agreement as of the date first set forth above.

    

    

    

    

    	
            WSHARES BITCOIN FUND

          	 
	 	 
	 	 
	
            By:

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

          	 
	 	 	 
	 	 	 
	
            By:

          	 	 	 	 
	 	
            Name:

          	 
	 	
            Title:

          	 
	 	 	 
	 	 	 
	
            OASIS PRO MARKETS LLC

          	 
	 	 	 
	 	 	 
	
            By:

          	 	 	 	 
	 	
            Name:

          	 
	 	
            Title:

          	 
	 	 	 
	 	 	 
	
            SIGNATURE BANK

          	 
	 	 
	 	 	 
	
            By:

          	 	 	 	 
	 	
            Name:

          	 
	 	
            Title:

          	 
	 	 	 
	 	 	 
	
            By:

          	 	 	 	 
	 	
            Name:

          	 
	 	
            Title:

          	 
	 	 	 

    

    

    

    

    

    

    

    

    

    

    

    

    
      
        
          - SIGNATURE CONFIDENTIAL -

            Content is not to be distributed or shared outside of participating parties.

           

            

           

            

        

      

      9

      
        

      

    

    

    

    

    

    

    

    Schedule I

    

    

    OFFERING DOCUMENTS

    

    

    
      
        
          - SIGNATURE CONFIDENTIAL -

            Content is not to be distributed or shared outside of participating parties.

           

            

           

            

        

      

      
        

      

    

    Exhibit A

    

    

    FORM OF ESCROW RELEASE NOTICE

    

    

    Date:

    

    

    Signature Bank

    [address of financial center]

    ______________

    Attention: [name & title of Group Director]

    

    

    

    

    Dear _________:

    

    

    In accordance with the terms of Section 2(c) of the Escrow Deposit Agreement dated as of ________ __, 2022 (the "Escrow Agreement"), by and between wShares Bitcoin Fund (the "Trust"), Oasis Pro
      Markets LLC (the "Placement Agent") and Signature Bank (the "Escrow
        Agent"), the Trust and Placement Agent hereby notify the Escrow Agent that the ________ closing will be held on ___________ for gross proceeds of $_________.

    

    

    PLEASE DISTRIBUTE FUNDS BY WIRE TRANSFER AS FOLLOWS (wire instructions attached):

    

    

    	
            wShares Bitcoin Fund:

          	
            $

          
	 	 
	
            Oasis Pro Markets LLC:

          	
            $

          

    

    

    

    

    

    

    Very truly yours,

    

    

    	
            wShares Bitcoin Fund

          	 
	 	 
	 	 
	
            By:

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

          	 
	 	 	 
	 	 	 
	
            By:

          	 	 	 	 
	
            Name:

          	 	 	 	 
	
            Title:

          	 	 	 	 

    

    

    

    

    	
            Oasis Pro Markets LLC

          	 
	 	 	 
	 	 	 
	
            By:

          	 	 	 	 
	
            Name:

          	 	 	 	 
	
            Title:

          	 	 	 	 
	 	 	 
	 	 	 

    

    

    

    

    

    

    
      
        
          - SIGNATURE CONFIDENTIAL -

            Content is not to be distributed or shared outside of participating parties.

           

            

           

            

        

      

      
        

      

    

    EXHIBIT B

    

    

    CERTIFICATE OF AUTHORIZED REPRESENTATIVES – TRUST

    

    

     

    

    

    

    	
            Name

          	
            Signature

          	
            Initiate  (Y/N)

          	
            Callback

            (Y/N)

          	
            Phone No.

          	
            Alt. Phone No.

          
	
             

            ______________

          	
             

            ______________

          	
             

            ______

          	
             

            _______

          	
             

            ________________

          	
             

            ________________

          
	
             

            ______________

          	
             

            ______________

          	
             

            ______

          	
             

            _______

          	
             

            ________________

          	
             

            ________________

          
	
             

            ______________

          	
             

            ______________

          	
             

            ______

          	
             

            _______

          	
             

            ________________

          	
             

            ________________

          
	
             

            ______________

          	
             

            ______________

          	
             

            ______

          	
             

            _______

          	
             

            ________________

          	
             

            ________________

          
	
             

            ______________

          	
             

            ______________

          	
             

            ______

          	
             

            _______

          	
             

            ________________

          	
             

            ________________

          

    

    

    

    

    

    

    
      

      

    

    

    

    
      

    

    

    

    

    STANDING WIRE INSTRUCTIONS FOR TRUST

    

    

    In accordance with Section 3(a) of the Agreement disbursements to Trust by wire transfer must be sent in accordance with the following wire instructions:

     

    

     

    

    	 	
            Bank Name:

          	
            [_________]

          
	 	
            Bank Address:

          	
            [_________]

          
	 	
            ABA Number:

          	
            [_________]

          
	 	
            Account Number:

          	
            [_________]

          
	 	
            Account Name:

          	
            [_________]

          

    

    

    

    

    

    

    

    

    
      
        
          - SIGNATURE CONFIDENTIAL -

            Content is not to be distributed or shared outside of participating parties.

           

            

           

            

        

      

      
        

      

    

    EXHIBIT B-1

    

    

    CERTIFICATE OF AUTHORIZED REPRESENTATIVES – PLACEMENT AGENT

    

    

     

    

    

    

    	
            Name

          	
            Signature

          	
            Initiate  (Y/N)

          	
            Callback

            (Y/N)

          	
            Phone No.

          	
            Alt. Phone No.

          
	
             

            ______________

          	
             

            ______________

          	
             

            ______

          	
             

            _______

          	
             

            ________________

          	
             

            ________________

          
	
             

            ______________

          	
             

            ______________

          	
             

            ______

          	
             

            _______

          	
             

            ________________

          	
             

            ________________

          
	
             

            ______________

          	
             

            ______________

          	
             

            ______

          	
             

            _______

          	
             

            ________________

          	
             

            ________________

          
	
             

            ______________

          	
             

            ______________

          	
             

            ______

          	
             

            _______

          	
             

            ________________

          	
             

            ________________

          
	
             

            ______________

          	
             

            ______________

          	
             

            ______

          	
             

            _______

          	
             

            ________________

          	
             

            ________________

          

    

    

    

    

    

    

    
      

      

    

    
      

    

    

    

    

    

    

    STANDING WIRE INSTRUCTIONS FOR PLACEMENT AGENT

    

    

    In accordance with Section 3(a) of the Agreement disbursements to the Placement Agent by wire transfer must be sent in accordance with the following wire
      instructions:

     

    

    	 	
            Bank Name:

          	
            [_________]

          
	 	
            Bank Address:

          	
            [_________]

          
	 	
            ABA Number:

          	
            [_________]

          
	 	
            Account Number:

          	
            [_________]

          
	 	
            Account Name:

          	
            [_________]

          

    

    

    

    

    

    

    

    

    

    

  

  
    
      - SIGNATURE CONFIDENTIAL -

        Content is not to be distributed or shared outside of participating parties.

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