Document:

EX-10.1

 February 1, 2017 
  

 Exhibit 10.1 
  

 
 GEMINI TRUST COMPANY, LLC 

TRUST CUSTODY AGREEMENT 
  

			
		
		  	
		
		  	
		
		  	
		
		  	
		
		  	
		
		  	
		
		  	
		
		  	
		
		  	
		
		  	
		
		  	

  

			
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 THIS TRUST CUSTODY AGREEMENT (this “Agreement”) is made as of February 1,
2017. 
 BETWEEN AND AMONG: 
  

	 	1.	WINKLEVOSS BITCOIN TRUST, a Delaware statutory trust whose registered office is 301 N. Market Street, Farmers Bank Building, Suite 1463, Wilmington, DE 19801 (the “Trust”); 

 

	 	2.	DIGITAL ASSET SERVICES, LLC, a Delaware limited liability company whose registered office is at 301 N. Market Street, Farmers Bank Building, Suite 1463, Wilmington, DE 19801 (the “Sponsor”); and

  

	 	3.	GEMINI TRUST COMPANY, LLC, a New York State-chartered limited liability trust company whose registered office is at 600 Third Avenue, 2nd Floor, New York, NY 10016 (the “Custodian”).

 RECITALS: 
  

	 	A.	The Sponsor arranged for the creation of the Trust. 

  

	 	B.	The Sponsor selected the Custodian to serve as a custodian to the Trust with respect to the Assets and the Custodian is ready and willing to do so, subject to and in accordance with the provisions of this Agreement. The
parties agreed that the Custodian’s appointment will be effective on and from the date of this Agreement (the “Effective Date”). 

  

	 	C.	The Sponsor will not exercise day-to-day oversight of the Custodian. 

 

	 	D.	The Sponsor may remove the Custodian and appoint a successor custodian in accordance with this Agreement. 

OPERATIVE PROVISIONS: 
  

	 	1.	INTERPRETATION 

  

	 	1.1.	In this Agreement the following capitalized words and expressions shall, where not inconsistent with the context, have the following meanings respectively: 

 

			
	Administrator	  	means an entity appointed by the Sponsor to serve as administrator of the Trust, the first such entity being State Street Bank and Trust Company. The Administrator’s
principal

  

			
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		  	 responsibilities include (i) instructing the Custodian to deposit bitcoin into, or transfer bitcoin out of, the Authorized
Participant Custody Accounts and the Trust Custody Account to facilitate the creation or redemption of Baskets and, (ii) instructing the Custodian to transfer to the Sponsor Custody Account the Trust’s bitcoin as needed to pay the
Sponsor’s Fee; and (iii) calculating the Trust’s net asset value per Share each Business Day;
  

	 Applicable Law
	  	 means (regardless of jurisdiction) any applicable (i) federal, national, state and local laws, ordinances, regulations (including,
where appropriate, NYSDFS regulations), orders, statutory instrument, rules, treaties, codes of practice, guidance notes, policy statements, customary laws, decrees, injunctions, or judgments and any (ii) ruling, declaration, regulation,
requirement, request or interpretation issued by any (or any quasi-) regulatory, judicial, administrative or governmental body or person (including, where appropriate, the NYSDFS);

 

	 Assets
	  	 means bitcoin delivered to the Custodian by or on behalf of the Trust from time to time, and such other assets as the Custodian may agree
to hold for and on behalf of the Trust from time to time, pursuant to this Agreement and in accordance with the Constitutional Documents;
  

	 Associate
	  	in relation to a person means another person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such first person; and “control” (including the
terms “controlled by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a person, whether through the ownership of stock
or other securities, as trustee or executor, by contract or otherwise;

  

			
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	 Authorized Participant
	  	 means a market participant who (i) is a registered broker-dealer or other securities market participant such as a bank or other
financial institution which is not required to register as a broker-dealer to engage in securities transactions, (ii) is a direct participant in the Depository Trust & Clearing Corporation (“DTCC”), and
(iii) has entered into an authorized participant agreement with the Trust and the Sponsor (and subject to acceptance by the Transfer Agent);
  

	 Basket
	  	 means a specified number of Shares of the Trust set forth in the Trust’s Registration Statement (currently 100,000) issued and
redeemed from time to time only to Authorized Participants solely in exchange for the requisite amount of bitcoin;
  

	 Bitcoin
	  	 means a digital commodity (or “digital asset”) based on the decentralized, open source protocol of the peer-to-peer Bitcoin computer network. By common convention, Bitcoin with a capital “B” typically refers to the Bitcoin Network as a whole, whereas bitcoin with a
lowercase “b” refers to the digital asset of the Bitcoin Network, including the Trust’s bitcoin;
  

	 Bitcoin Market
	  	 means any market for the purchase and sale of bitcoin;

 

	 Bitcoin Network
	  	 means the peer-to-peer Bitcoin computer network;

 

	 Blockchain
	  	 means the public transaction ledger of the Bitcoin Network;

 

	 Breach of Duty
	  	 means the fraud, willful misconduct, bad faith or gross negligence of the relevant person;

 

	 Business Day
	  	means each day the Trust’s Shares are available for trading on the Bats BZX Exchange;

  

			
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	Cold Storage System	  	 means the Custodian’s storage and security system, described in Schedule 1, the Service Level Documentation;

 

	Confirmation Protocol	  	 means the requirement that a transfer of bitcoin, including delivery into the Trust Custody Account, may not be deemed settled and
completed until the transaction has been recorded in a block and five (5) consecutive subsequent blocks referring back to such block (meaning six (6) blocks in total) have been added to the Blockchain;

 

	Constitutional Documents	  	 means the following: (i) the registration statement of the Trust (the “Registration Statement”); (ii) the
certificate of trust on the date of the execution of this Agreement and any changes thereafter; and (ii) the Trust Agreement between the Sponsor and the Trust on the date of the execution of this Agreement and any changes thereafter;

 

	Digital Asset Network Fork	  	means a substantial software modification to the Blockchain where the Trust’s Assets are reflected which results in two or more competing and incompatible Blockchain implementations; also called a “hard fork.”
Bitcoin is an open source project and, although there is an influential group of contributors in the Bitcoin community, there is no designated developer or group of developers who formally control the Bitcoin Network. Any individual can download the
Bitcoin Network software and make any desired modifications, which are proposed to users and miners on the Bitcoin Network through modifications typically posted to the Bitcoin development forum on GitHub. A substantial majority of miners and
Bitcoin

  

			
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		  	 users must affect those software modifications; otherwise, such miners and Bitcoin users would become substantially less relevant to the
overall Bitcoin Network. Since the Bitcoin Network’s inception, modifications to the Bitcoin Network have been accepted by the vast majority of users and miners, ensuring that the Bitcoin Network remains a coherent economic system; however, a
developer or group of developers could potentially propose a modification to the Bitcoin Network that is not accepted by a vast majority of miners and users, but that is nonetheless accepted by a substantial plurality of miners and users. In such a
case, and if the modification is not compatible with the dominant implementation of Bitcoin Network software, a deviation or “hard fork” in the Blockchain could develop, and two separate Bitcoin Networks could result, one running the pre-modification software program and the other running the modified version (i.e., a second “Bitcoin network”). Such a hard fork in the Blockchain typically would be addressed by community-led efforts to reunite the forked Blockchains, and several prior forks have been resolved successfully. However, a Digital Asset Network Fork of this kind could materially and adversely affect the
perceived value of bitcoin as reflected on one or both incompatible Blockchains.
  

	 Electronic Message
	  	 means any communication made (i) by telephone, e-mail or other computer or electronic
initiated transmission or (ii) by any other telegraphically transmitted means or (iii) otherwise over any distance other than by physical delivery;
  

	 Fund Documents
	  	 means any agreement entered into by the Trust time to time which has been provided to and acknowledged by the Custodian;

 

	 Gemini Exchange
	  	means the website and online digital asset exchange operated by the Custodian;

  

			
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	 NYSDFS
	  	 means the New York State Department of Financial Services;

 

	 Proof of Control Examinations
	  	 means examinations and attestations by an independent auditor of the Custodian’s ability to demonstrate “proof of control”
of the private keys associated with all of the public Bitcoin addresses that hold the Trust’s bitcoin;
  

	 Proper Instructions
	  	 means any instruction or communication given as provided in clause 6 and in accordance with any security procedures set out in that
clause;
  

	 Service Level Documentation
	  	 means the description of the Cold Storage System set out in Schedule 1, attached, and to be used in connection with the storage,
protection and transfer of the Assets in accordance with this Agreement;
  

	 Shares
	  	 means units of fractional undivided beneficial interest in and ownership of the Trust;

 

	 Sponsor Custody Account
	  	 means the segregated account of the Sponsor to which the Custodian will transfer Assets from the Trust Custody Account in order to pay the
Sponsor’s fee;
  

	 Transfer Agent
	  	 means an entity appointed by the Sponsor to serve as transfer agent of the Trust, the first such entity being State Street Bank &
Trust Company. The Transfer Agent’s principal responsibilities include providing transfer agent services with respect to the creation and redemption of Baskets by Authorized Participants, the issuance and redemption of Shares, the payment, if
any, of distributions with respect to the Shares, recording the issuance of Shares and maintaining certain associated records on behalf of the Trust.
  

	 Trust Agreement
	  	means the Amended and Restated Declaration of Trust dated as of February 1, 2017 between the Sponsor and Delaware Trust Company as Trustee;

  

			
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	 Trust Custody Account
	  	 means the segregated account of the Trust which will hold the Assets of the Trust;

 

	 Trust Expense Account
	  	means the segregated account of the Administrator to which the Custodian will transfer Assets from the Trust Custody Account in order to permit the Administrator to pay expenses of the Trust not assumed by the Sponsor.

  

	 	1.2.	Any reference to the Trust includes a reference to its duly authorized agents or delegates. 

  

	 	1.3.	In this Agreement, unless the context otherwise requires: 

  

	 	1.3.1.	words importing the singular shall include the plural and vice versa and words importing the masculine gender shall include the feminine and the neuter and vice versa; 

 

	 	1.3.2.	references to persons shall include companies or associations or bodies of persons whether incorporated or unincorporated; 

  

	 	1.3.3.	references to clauses, schedules and appendices are to clauses, schedules and appendices of this Agreement; 

  

	 	1.3.4.	a reference to “including” means including without limiting the generality of any description preceding such term and any general statement followed by or referable to an enumeration of specific matters shall
not be limited to matters similar to those specifically mentioned; 

  

	 	1.3.5.	references to any enactment shall be deemed to include references to such enactment as re-enacted, amended, supplemented, restated or extended from time to time; and

  

	 	1.3.6.	where any expression is defined or the interpretation of it is set out herein, other parts of speech of such expression shall have a corresponding meaning. 

 

	 	1.4.	 Clause headings are used for convenience only and shall not affect the construction or interpretation of this
Agreement. The schedules form part of this 

  

			
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Agreement and shall have the same force and effect as if they were expressly set out in the body of this Agreement and any reference to this Agreement shall include the schedules.

  

	 	2.	APPOINTMENT OF CUSTODIAN 

  

	 	2.1.	The Sponsor hereby appoints the Custodian to act as custodian of the Assets received from or on account of the Trust with effect from the Effective Date according to the provisions of this Agreement and the Custodian
accepts its appointment and the obligations, duties and responsibilities set out in this Agreement. 

  

	 	2.2.	The Custodian shall exercise reasonable care in carrying out its duties under this Agreement. In this Agreement, reasonable care shall mean the degree of care and diligence that could reasonably be expected of a
professional custodian of assets operating in the United States. 

  

	 	2.3.	In performing its obligations under this Agreement, the Custodian shall observe and comply, in all material respects, with (i) Applicable Law, (ii) market practice, (iii) Proper Instructions, and
(iv) the terms of this Agreement. The Custodian may disregard any provisions of the foregoing items (ii) and (iii) (in which case it shall promptly notify the Sponsor) which it considers in good faith to be contrary to Applicable Law or
the terms of this Agreement. 

  

	 	2.4.	The duty of the Custodian to hold the Assets of the Trust shall extend only to Assets or documents or evidences of title actually received by it or placed under its control. 

 

	 	2.5.	The parties acknowledge and agree that the Custodian does not give legal, accounting, investment or cash management advice and accordingly any advice or recommendation given by or on behalf of the Custodian in
connection with the Trust or the Assets will not be relied upon by the Trust or the Sponsor and the Trust and the Sponsor will seek independent advice, as appropriate. 

 

	 	3.	DUTIES OF CUSTODIAN 

  

	 	3.1.	During the continuance of its appointment the Custodian shall on behalf of the Trust: 

  

	 	3.1.1.	establish and maintain the Trust Custody Account, Sponsor Custody Account and Trust Expense Account; 

  

	 	3.1.2.	 hold in safe custody, the Assets of the Trust in the Trust Custody Account, in accordance with the provisions of
the Trust Agreement, this 

  

			
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Agreement, the standards and procedures set out in Schedule 1, the Service Level Documentation, the Confirmation Protocol and any Proper Instructions; 

 

	 	3.1.3.	transfer Assets from the Trust Custody Account in accordance with the provisions of the Trust Agreement, this Agreement, the procedures set out in Schedule 1, the Service Level Documentation, the Confirmation Protocol
and any Proper Instructions; 

  

	 	3.1.4.	establish, maintain and periodically update the Cold Storage System, as described in Schedule 1, the Service Level Documentation, to ensure the security of the Assets of the Trust at all times; 

 

	 	3.1.5.	maintain capital adequacy requirements to the extent required by the Custodian’s New York State-chartered limited liability trust company charter and applicable New York and/or United States law and promptly notify
the Sponsor of any failure to maintain such capital adequacy requirement; 

  

	 	3.1.6.	engage an independent auditor to audit all data, materials and information, including records, books, accounts, memoranda, files and any other documents, reasonably related to the Custodian’s Cold Storage System
protocols and internal controls (“Internal Controls Audit”) and share any reports related to an Internal Controls Audit with the Sponsor; and 

 

	 	3.1.7.	engage, together with the Sponsor, an independent auditor to perform Proof of Control Examinations on a monthly basis. 

  

	 	3.2.	The Custodian shall adhere, at minimum, to the standards and protocols described in Schedule 1, the Service Level Documentation, while accepting, holding or transferring Assets. The Custodian shall promptly
notify the Sponsor of any material changes to the Cold Storage System. 

  

	 	3.3.	Unless otherwise agreed by the parties herein in writing, the only Assets the Custodian will accept for delivery into the Trust Custody Account are Assets that the Custodian has received from an Authorized Participant
or from another third party authorized by the Sponsor for delivery to the Trust Custody Account pursuant to the Administrator’s instructions. 

  

	 	3.4.	 The Custodian shall only transfer Assets held on behalf of the Trust in the following circumstances: (i) if
the Assets are to be distributed to an Authorized Participant in connection with a redemption of Shares; (ii) if 

  

			
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the Assets are to be transferred to the Sponsor Custody Account to pay the Sponsor’s fee; or (iii) if the Assets are to be transferred to the Trust Expense Account in connection with
the payment of expenses not assumed by the Sponsor, or other transfers permitted under the Trust Agreement. Transfers made pursuant to clause (iii) may include transfers made in connection with a sale of Assets to pay expenses of the Trust not
assumed by the Sponsor or with the liquidation of the Trust. On days in which there are both deposits into and withdrawals from the Trust Custody Account, the Custodian may make distributions with deposited Assets, without first transferring such
Assets into the Trust Custody Account or the Cold Storage System. 

  

	 	3.5.	The Custodian shall refuse to accept instructions to transfer Assets into and out of the Trust Custody Account if, in the written opinion of the Custodian, such instructions are not Proper Instructions, or such transfer
would be contrary to Applicable Law, or a threat to the security of the Assets or the Cold Storage System. The Custodian may amend the procedures for transferring Assets into or out of the Trust Custody Account or impose such additional procedures
in relation to the transfer of Assets into or out of the Trust Custody Account as the Custodian may from time to time consider necessary due to a (i) change in rules of a banking or regulatory association governing the Custodian’s
operations or governing the storage of digital assets such as bitcoin or (ii) any improvement in security, storage or transfer protocols or systems relating to bitcoin that the Custodian, the Administrator or the Sponsor believes would enhance
the Custodian’s ability to secure the Trust’s bitcoin. The Custodian will notify the Sponsor within a commercially reasonable time before the Custodian amends these procedures or imposes additional ones. 

 

	 	3.6.	The Custodian shall keep and store the Trust’s Assets in the Trust Custody Account, segregated from any other assets, including bitcoin, which it owns or holds for others. The Custodian shall maintain adequate
records identifying the Assets as belonging to the Trust. The Custodian shall not pool the Assets with its own property. However, while the Assets are being deposited into or withdrawn from the Trust Custody Account, they may be temporarily pooled
with the assets of other customer of the Custodian. Nothing herein shall prevent the Custodian from hosting bitcoin or other assets on the same storage systems as the Custodian’s own property and/or the property of third parties, including the
Sponsor and its affiliates, provided that separate bitcoin addresses, or other reasonably appropriate methods, are utilized to segregate the Assets from such other property. 

 

	 	3.7.	The Custodian shall provide the Sponsor and the Administrator the ability to monitor the amount and value of Assets held in custody via the Trust’s account on the Gemini Exchange. 

  

			
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	 	3.8.	For each Business Day, the Custodian shall produce and transmit to the Administrator by Electronic Message sufficient information to account for the Assets held in the Trust Custody Account and calculate the
Trust’s net asset value per Share, including the end of Business Day balance of the Trust Custody Account and the movement of bitcoin into and out of the Trust Custody Account, identifying separately each transaction. 

 

	 	3.9.	For each month, not later than five (5) calendar days following the end of each calendar month, the Custodian shall produce and transmit to the Administrator by Electronic Message monthly statements for the Trust
Custody Account, as of the last Business Day of each month, which list all property held in the Trust Custody Account and details all transactions involving the Trust Custody Account, including daily balances and all transfers to or from the Trust
Custody Account. Such reports shall also include any other information that the Administrator may reasonably request. 

  

	 	3.10.	The Custodian’s records of all transfers of Assets into and out of the Trust Custody Account, or Trust Expense Account which are to occur on a Business Day, and all end of Business Day account balances in the Trust
Custody Account or Trust Expense Account, are stated as of the completion of all Creation and Redemption transactions for that day. 

  

	 	3.11.	Upon written request of the Sponsor, the Custodian shall share reports related to any Internal Controls Audit. 

  

	 	3.12.	The Custodian shall demonstrate “proof of control” of the private keys of the Trust’s bitcoin via Proof of Control Examinations conducted by an independent auditor on a monthly basis. 

 

	 	3.13.	The Custodian shall deliver annually to the Sponsor, and more frequently if requested, a certificate dated the date of delivery, certifying that the Custodian has, since the date of this Agreement or the date of the
preceding such certificate, complied with the terms and conditions of this Agreement and that the Custodian’s representations and warranties in clause 9 of this Agreement continue to be true and correct. 

 

	 	3.14.	The Custodian shall notify the Sponsor immediately in writing if (i) the Custodian receives notice of any claim against the Assets other than a claim for payment of safe custody or administration permitted by this
Agreement; (ii) the Custodian shall otherwise fail to comply with any of the provisions of this Agreement; or (iii) any of the representations and warranties in clause 9 shall cease to be true and correct. 

  

			
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	 	3.15.	The Assets shall not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Custodian or any creditor of any of them, except a claim of payment for the safe custody and
administration of the Assets. The Custodian shall not loan, hypothecate, pledge or otherwise encumber any Assets in the Trust Custody Account absent the Sponsor’s written instructions. 

 

	 	4.	OTHER SERVICES 

 Trust information and the exercise of rights

  

	 	4.1.	To the extent permitted by Applicable Law, if the Custodian receives any material third party communication relating to the Assets, including notice of any rights exercisable in relation to the Assets and the
communication requires action from the Trust, the Custodian will use reasonable efforts to inform the Sponsor as soon as reasonably practicable thereafter but will take no other action in connection with such rights in the absence of Proper
Instructions, unless such action is required by Applicable Law. 

  

	 	4.2.	Except as required by clauses 3.13 and 4.1, the Custodian shall not be obliged to send to the Sponsor any information or documentation it receives in relation to the Assets. 

Other services 
  

	 	4.3.	Upon request by the Sponsor and to the extent consistent with the Trust Agreement, the Custodian may, but shall not be obligated to, provide services in addition to those set out in this Agreement, in which case the
parties shall enter into a separate agreement in relation to those services (and none of the provisions of this Agreement shall apply to the provision of those services unless expressly agreed otherwise in writing). 

 

	 	4.4.	In the event of the termination and dissolution of the Trust, whether by the Sponsor in accordance with the Registration Statement and the Trust Agreement or otherwise, the Custodian may be requested or directed by the
Sponsor, the Trustee or an authorized third party to liquidate the Assets of the Trust. The Custodian’s services in connection with such liquidation request shall be on the same terms as the Custodian’s other services. The Sponsor shall be
responsible for compensating the Custodian in connection with these liquidation services. 

  

	 	5.	LIMITATIONS AS TO TRANSFER OF ASSETS 

  

	 	5.1.	Any delivery or payment failure by a counterparty to a transfer of Assets will be at the Trust’s risk and the Custodian will not have any obligation to account to the Trust for Assets which it has not received.

  

			
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	 	5.2.	If the Custodian has title to any Assets under the terms of this Agreement and must, as part of the settlement of the transaction, dispose of the title, the Custodian may alter its records relating to the Trust to show
that the Trust no longer owns the Assets. 

  

	 	5.3.	The Custodian shall not be required to accept any Assets to which any liability or obligation may attach or any obligation which in the reasonable opinion of the Custodian is likely to involve it in any liability
(contingent or otherwise) unless secured to its reasonable satisfaction against such liability. 

  

	 	5.4.	The Trust and the Sponsor acknowledge that the Bitcoin Market may be subject to a number of risks and other factors (for example, manipulation of the market, volatility of trade activity, ineffective or conflicting
regulatory controls) which may affect the reliability of settlement procedures and/or put pressure on the market infrastructure so as to lead to settlement delays and failures. 

 

	 	5.5.	Nothing in this Agreement shall oblige the Custodian to extend credit, grant financial accommodation or otherwise advance monies to the Trust for the purpose of meeting any payment or settlement obligations of the Trust
or otherwise, unless such matters have been separately agreed between the Custodian and the Sponsor. 

  

	 	6.	PROPER INSTRUCTIONS 

  

	 	6.1.	Subject to this clause 6 and clause 3, the Trust authorizes the Custodian, without making further inquiries, to accept and to rely and act on any Proper Instructions received by it which the Custodian believes in good
faith are given by an authorized person. 

  

	 	6.2.	An authorized person for the purposes of clause 6.1 is any individual who has been designated by written notice from the Sponsor or Administrator in the form specified by Schedule 2, attached, to act on behalf of
the Trust. The authority of each such person shall continue in force until the Custodian receives and has had reasonable time to act upon Proper Instructions of the cancellation of or a change to such authority. 

 

	 	6.3.	Proper Instructions may be given as standing instructions (which shall continue in force until canceled by their terms or by further Proper Instructions) or individually. 

 

	 	6.4.	 Proper Instructions must be in writing and may be received by recognized commercial courier (e.g., DHL), United
States mail or Electronic Message and must be in accordance with the applicable requirements set forth in Schedule 2 

  

			
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(or a replacement or supplement thereof received by Proper Instructions from the Sponsor or Administrator). The Sponsor, Administrator and the Custodian may from time to time agree upon security
procedures to be followed on the giving and/or receipt of Proper Instructions (which may include the use of encryption or call backs, passwords, security codes or algorithms or other verification methods) and the Custodian is not otherwise required
to acknowledge receipt of Proper Instructions. The Custodian, the Sponsor and the Administrator shall use reasonable safeguards to protect any such passwords and codes. Each party may record any of their telephone conversations. 

 

	 	6.5.	The Custodian is not obliged to act on Proper Instructions in the following circumstances (but may act on them without making inquiry as to whether any such circumstances exist): 

 

	 	6.5.1.	the Custodian reasonably considers that complying with the instructions might involve breaching any Applicable Law or be contrary to the Constitutional Documents, the Fund Documents, the Agreement or market practice or
cause it to suffer sanction from or loss of standing with any regulator; 

  

	 	6.5.2.	there is a conflict between Proper Instructions received or the Custodian otherwise considers that clarification or confirmation of a Proper Instruction is required; or 

 

	 	6.5.3.	the Custodian considers or suspects that any dispute between or conflicting claims by any persons with respect to any Assets exists, unless the Custodian receives confirmation of the final resolution of such dispute or
is indemnified to its satisfaction. 

  

	 	6.6.	The Custodian shall not be obliged to (a) institute legal proceedings, (b) file a claim or proof of claim in any insolvency proceedings, or (c) do or refrain from doing any action which in its opinion
might make it liable for the payment of money or liable in any other way. If the Trust requires the Custodian in any capacity to take or refrain from taking any such action, the Custodian shall be kept indemnified and held harmless by the Trust and
may require that it is indemnified in a reasonable amount and form satisfactory to it as a prerequisite to taking such action. 

  

	 	6.7.	The Custodian shall notify the Sponsor, the Administrator and the person giving the Proper Instruction as soon as reasonably practicable of any decision not to act on Proper Instructions and shall provide reasons for
its decision. 

  

	 	7.	OTHER PROTECTIONS 

  

			
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	 	7.1.	The Custodian may take such measures as it deems appropriate, or as may be required by any Applicable Law, in the name of or for the benefit of the Trust including in order to fully segregate the Assets of the Trust
from all other assets held for the account of the Custodian and/or third parties. The Trust will use reasonable efforts to ensure information that has been or is provided to the Custodian by or on behalf of the Trust is accurate and shall advise the
Custodian of material changes to or matters impacting upon such information. The Custodian may rely on such information in providing any information to any person if required by Applicable Law. 

 

	 	7.2.	Nothing in this Agreement shall prevent the Custodian or its affiliates from contracting or entering into any financial, banking or other transaction with any trust or body, which holds, is interested in or any of whose
securities form part of the Assets or from being interested in any such contract or transaction (without being liable to account for any resulting profit), so long as such contract or transaction is consistent with Applicable Law. 

 

	 	7.3.	The Trust acknowledges and agrees that, so long as done consistent with Applicable Law, the Custodian and any principal, owner, member, manager, officer, employee, agent or Affiliate thereof, may buy, sell, deal and/or
operate an exchange that transacts in any of the types of property at any time comprising the Assets and become economically interested in any transaction in which the Trust may be interested, and may contract and lend money to the Trust and
otherwise act as fully and freely as if it were not the Custodian under this Agreement. Nothing herein shall preclude the Custodian from acting in any other capacity for the Trust or for any other entity. 

 

	 	8.	DUTIES OF THE TRUST 

  

	 	8.1.	The Trust will promptly provide the Custodian with copies of the following documents (including any amendments made thereto): 

  

	 	8.1.1.	the Constitutional Documents; 

  

	 	8.1.2.	ownership confirmation regarding the Trust’s Assets (whether held directly or indirectly); 

  

	 	8.1.3.	upon request from the Custodian: (a) a structure chart detailing the manner in which the Assets of the Trust are held; (b) executed documents, certificates, agreements and other papers (or copies thereof as
the case may be, certified by the Trust evidencing such Assets; (c) a memorandum from the Trust describing the nature of any Assets; (d) any opinion of counsel to the Trust; or (e) such other documentation as may be appropriate and
customary in the relevant jurisdiction; and 

  

			
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	 	8.1.4.	any additional documentation reasonably necessary for the Custodian to perform its obligations and duties under this Agreement, or as may be reasonably required by the Service Level Documentation agreed from time to
time between the parties. 

  

	 	8.2.	Additionally, upon reasonable request by the Custodian, the Trust will permit the Custodian or its auditors to examine the books and records of the Trust and any investments thereof upon reasonable notice and during
normal business hours. 

  

	 	8.3.	The Trust shall inform the Custodian as soon as practicable in advance of (a) any change (including delegation and substitution of duties) of any of the service providers to the Trust or any directors or senior
managers of the Trust, any subsidiary of the Trust or any Sponsor, and (b) any printed matter being issued to shareholders and/or any announcements to the shareholders or to the public or press. 

 

	 	8.4.	The Trust authorizes the Custodian to contact from time to time the Sponsor or any other service provider to the Trust to obtain information which is reasonably necessary for the accomplishment of the Custodian’s
obligations. 

  

	 	8.5.	The Trust shall use commercially reasonable efforts to confirm that any person or entity controlled by the Trust (including any subsidiary investment vehicle) provides the information reasonably required from it from
time to time by the Custodian in the performance of its obligations under this Agreement. 

  

	 	8.6.	In the event that the Trust fails to comply with its obligations as set out in this Agreement, including but not limited to providing the required information and documents to the Custodian in a timely manner, the
Custodian may notify the Sponsor. If the Custodian does not receive information which resolves its concern to its satisfaction within ten (10) business days, the Custodian may refer the issue to the auditor of the Trust and/or the NYSFDS.

  

	 	9.	REPRESENTATIONS, WARRANTIES AND COVENANTS 

  

	 	9.1.	The Custodian represents and warrants and covenants that: 

  

	 	9.1.1.	it is duly formed, existing and in good standing under the banking laws of the State of New York, with full power and authority for it to own its assets, carry on its business as it is now being conducted, and execute,
sign, deliver and perform its obligations under this Agreement and this Agreement constitutes the legal, valid and binding obligations of the Custodian (except as such enforcement may be limited by any relevant bankruptcy, insolvency, administration
or similar laws affecting creditors’ rights generally, limitation periods and/or principles of equity or customary law); 

  

			
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	 	9.1.2.	the signing and delivery of this Agreement does not contravene or constitute a default under, or cause to be exceeded any limitation on it or the powers of its board of managers imposed by or contained in (i) any
law by which it or any of its assets is bound or affected, (ii) its constitutive documents or (iii) any agreement to which it is a party or by which it or any of its assets is bound; 

 

	 	9.1.3.	it has a business continuity plan (including alternative premises and back-up systems) in place, and maintains a fidelity bond in an amount sufficient to meet its obligations
under NYSDFS regulations; 

  

	 	9.1.4.	it has met and shall maintain any share capital requirements which are set out in the supervisory agreement it has entered into with the NYSDFS or any replacement thereof; and 

 

	 	9.1.5.	it is regulated by the NYSDFS and has met the capitalization, compliance, anti-money laundering, consumer protection, cyber security and any other requirements set forth by the NYSDFS. 

 

	 	9.2.	The Custodian shall notify the Sponsor in the event that any of the statements set out in in clauses 9.1.1 through 9.1.5 ceases to be true. 

 

	 	9.3.	The Trust represents and warrants and covenants, without prejudice to any of its specific obligations under Applicable Law, this Agreement and the Constitutional Documents, that: 

 

	 	9.3.1.	it is duly incorporated or established, existing and in good standing in its place of establishment, and it has full power and authority to carry on its activities as they are now being conducted, and to execute, sign,
deliver and perform its obligations under this Agreement and Applicable Law and this Agreement constitutes the legal, valid and binding obligations of it (except as such enforcement may be limited by any relevant bankruptcy, insolvency,
administration or similar laws affecting creditors’ rights generally, limitation periods and/or principles of equity or customary law); 

  

	 	9.3.2.	the signing and delivery of this Agreement does not contravene or constitute a default under, or cause to be exceeded any limitation on it or the powers of its board of directors imposed by or contained in (i) any
law by which it or any of its assets is bound or affected, (ii) its constitutive documents or (iii) any agreement to which it is a party or by which it or any of its Assets is bound; 

  

			
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	 	9.3.3.	it has duly obtained or made each authorization, approval, consent, license, exemption or registration required on its part for or in connection with the execution and performance of this Agreement and any matters
contemplated thereby have been unconditionally obtained and are in full force and effect; and 

  

	 	9.3.4.	it shall maintain in force all licenses, approvals, authorizations and consents which may be necessary in connection with the performance of its obligations and duties hereunder. 

 

	 	10.	LIABILITIES & INDEMNITIES 

  

	 	10.1.	The Custodian is a fiduciary with respect to the Assets of the Trust and shall use reasonable care in the performance of its duties under this Agreement and will only be responsible for any loss or damage suffered by
the Trust as a direct result of any Breach of Duty in the performance of its duties, and in which case the Custodian’s liability will not exceed the market value of the Assets lost or damaged at the time such Breach of Duty is discovered by the
Custodian, the Sponsor or the Administrator, provided that the Custodian notifies, as soon as reasonably practicable after obtaining knowledge of such matter, the Sponsor of any actual or potential Breach of Duty on its part related to this
Agreement or any issue which may reasonably be anticipated to give rise to a Breach of Duty. 

  

	 	10.2.	The Trust shall indemnify and keep the Custodian indemnified (on an after tax basis, solely out of the Trust’s Assets) on demand against all costs and expenses, damages, liabilities and losses
(“Losses”) which the Custodian may suffer or incur directly in connection with this Agreement, except to the extent that such Losses are due directly to the Custodian’s Breach of Duty. 

Digital Asset Network Fork 
  

	 	10.3.	 In the event of an upcoming modifications to the Bitcoin Network that could potentially result in a Digital Asset
Network Fork, the Custodian, in consultation with the Sponsor, will elect to support the Bitcoin Network that has the greatest cumulative computational difficulty for the forty-eight (48) hour period following a given hard fork, in order to
engage in bitcoin transactions and the valuation of bitcoin. During this forty-eight (48) hour period and for the twenty-four (24) hour period prior to the anticipated fork, the Custodian expects that the Trust will halt creation and
redemption of Baskets. The greatest cumulative computational difficulty is defined as the total threshold number of hash attempts required to mine all existing blocks in the respective Blockchain, accounting for potential differences in relative
hash difficulty. If the Custodian, in consultation with the Sponsor, is unable to make a conclusive determination about which Bitcoin 

  

			
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Network has the greatest cumulative computational difficulty after forty-eight hours, or determines in good faith that this is not a reasonable criterion upon which to make a determination, the
Custodian will support the Bitcoin Network which it deems in good faith is most likely to be supported by a greater number of users and miners. In the absence of a Breach of Duty by the Custodian in connection with a Digital Asset Network Fork, the
Trust shall indemnify and keep the Custodian indemnified (on an after tax basis, solely out of the Trust’s Assets) on demand against Losses which the Custodian may suffer or incur. 

 

	 	11.	FORCE MAJEURE 

  

	 	11.1.	The Custodian will not be responsible and will not incur any liability in respect of any loss, damage, cost or expense incurred or suffered by the Trust in connection with the failure by the Custodian to perform, or
delay in performing, its obligations under or in connection with this Agreement as a result of any cause, event, or circumstance beyond the reasonable control of the Custodian, including a failure, termination or suspension of any internet system,
Electronic Message or other electronic system, transport or postal or delivery system, clearing house, securities depository or settlement system or central payment system in any part of the world or act of God, war, civil hostilities, act or threat
of terrorism, political unrest, governmental action, strike, boycott, embargo, industrial dispute or disturbance, suspension of payments by or insolvency, receivership, administration, bankruptcy or liquidation of any person (including, without
limitation, the Trust), fire, flood, explosion, adverse weather or atmospheric conditions, abnormal operating conditions or accident. 

  

	 	12.	CONFIDENTIALITY, AUDITORS AND DISASTER RECOVERY 

  

	 	12.1.	Other than in accordance with this Agreement, the Custodian may not disclose any information of any kind relating to the Trust unless (i) the Sponsor on behalf of the Trust has given its prior written consent;
(ii) the Custodian is required to do so by Applicable Law; or (iii) where such information is already in the public domain. The Custodian will not incur any liability for making a disclosure allowed by this clause 12.1. 

 

	 	12.2.	The Custodian shall use reasonable efforts to keep all data relating to the Trust which it holds on its premises or which is under its control, safe and secure at all times and prevent unauthorized access to such data.
The Custodian shall ensure that it creates and maintains an electronic copy of all such data. 

  

	 	12.3.	The Custodian shall at all times throughout the life of this Agreement maintain a commercially reasonable system for (i) recovery, in case of disaster, of such of the Trust’s records as the Custodian (or any
person on whom it relies for storing them), keeps in computerized or other electronic form, and (ii) the continued provision of the Custodian’s services under this Agreement in the event of any business disruption. 

  

			
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	 	13.	USE OF THE CUSTODIAN’S NAME 

  

	 	13.1.	The Trust agrees that save for the Registration Statement, no promotional literature or document or any advertisement or any other document whatsoever relating to the Trust which contains the Custodian’s name
within it shall be issued by or on behalf of the Trust without the Custodian’s prior approval. 

  

	 	14.	DATA PROTECTION 

  

	 	14.1.	The Custodian shall: 

  

	 	14.1.1.	process personal data, if any, in a manner which is reasonably required in connection with the performance of this Agreement, and 

  

	 	14.1.2.	not disclose any personal data to any third parties other than: (a) to managers, officers and employees of the Custodian, (b) their legal and professional advisors and auditors; (c) to the extent required
or permitted by or reasonably necessary to comply with Applicable Law; (d) to anyone who provides a service to the Custodian who agrees to keep it confidential in accordance with this Agreement; or (e) to credit reference agencies.

  

	 	14.1.3.	The Custodian will provide individuals in respect of whom personal data is held with access to any relevant personal data, upon a written request and payment of a fee within forty (40) days of receipt of such a
request. 

  

	 	14.1.4.	The Custodian may transfer personal data to persons in other countries and if it does so, the Custodian will to the extent required by Applicable Law procure that any such person agrees to treat such personal data with
the same level of protection and of confidentiality as the Custodian has agreed under this clause 14. 

  

	 	15.	FEES AND EXPENSES 

  

	 	15.1.	The Custodian shall be entitled to receive a custody fee from the Sponsor at the rate and on the terms set forth in a separate fee letter between the Custodian and the Sponsor. As set forth in the Registration
Statement, the Administrator is responsible for calculating the Sponsor’s fee from which the custody fee will be deducted. 

  

			
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	 	15.2.	The Sponsor shall pay for the costs relating to the engagement of an independent auditor to perform monthly Proof of Control Examinations. 

 

	 	16.	TERMINATION OF APPOINTMENT 

  

	 	16.1.	Either the Custodian or the Sponsor may terminate this Agreement: 

  

	 	16.1.1.	by giving not less than ninety (90) business days’ prior notice; 

  

	 	16.1.2.	by immediate notice if required to do so by Applicable Law; 

  

	 	16.1.3.	by immediate notice if this Agreement ceases to be in full force and effect; or 

  

	 	16.1.4.	by immediate notice at any time if the other party shall commit any Breach of Duty and (if such breach shall be capable of remedy) shall fail to remedy the breach within sixty (60) days of receipt of a notice from
the other party requiring it to do so. 

  

	 	16.2.	The Sponsor may terminate this Agreement: 

  

	 	16.2.1.	by immediate notice if the Custodian ceases to offer the services contemplated by this Agreement; 

  

	 	16.2.2.	by immediate notice if the Custodian fails to maintain adequate capital requirements in accordance with clause 3.1.5 of this Agreement; 

 

	 	16.2.3.	by immediate notice if the Sponsor determines in its in its reasonable view that the Trust is insolvent or faces impending insolvency; 

 

	 	16.2.4.	by immediate notice if the Sponsor determines in its sole view that the Custodian is insolvent or faces impending insolvency; 

  

	 	16.2.5.	by immediate notice if the Sponsor, in its sole discretion, determines to terminate the Trust; or 

  

	 	16.2.6.	if the Custodian is not the surviving entity following any merger, consolidation or conversion of the Custodian. The Sponsor may only elect to terminate this Agreement within the ninety (90) days following such
merger, consolidation or conversion. 

  

	 	16.3.	The Custodian may terminate this Agreement by immediate notice: 

  

			
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	 	16.3.1.	if the Sponsor is more than ninety (90) days delinquent in payments of monthly billings in connection with this Agreement. 

  

	 	16.4.	The initial term of this Agreement shall be an initial period of two (2) years. The term shall automatically renew for successive periods of one (1) year each unless the Sponsor or the Custodian shall notify
the other in writing of nonrenewal at least ninety (90) days prior to the otherwise applicable last day of the term. 

  

	 	16.5.	In addition, the Custodian shall be entitled to notify the Sponsor of an increase in the fees payable hereunder for the next one (1) year period of the term at any time prior to the sixtieth (60th) day prior to the
end of the then current period of the term. If the Sponsor does not agree to such increase, the Sponsor shall be entitled to notify the Custodian in writing that it elects not to renew the term at the increased rate within thirty (30) days of
the Custodian’s notice of increase and, in such case, the term shall end on the otherwise applicable last day of the term. Failure of the Sponsor to notify the Custodian of such termination shall constitute an acceptance of the increased rate
specified by the Custodian commencing upon the first day of the subsequent one (1) year period of the term. 

  

	 	16.6.	Notwithstanding clauses 16.1, 16.2, 16.3 and 16.4, to the extent same shall not be a violation of Applicable Law, the Custodian shall not retire or be removed unless and until the Sponsor has made redelivery
arrangements or appointed a replacement custodian. The Sponsor shall make all payments required hereunder for the period of time prior to such redelivery, appointment, retirement or removal as if the term of this Agreement shall include such period.
The Sponsor shall use reasonable efforts to make redelivery arrangements or find a suitable replacement custodian as soon as practicable. If after six (6) months from the termination date no new custodian has been appointed or no redelivery
arrangements for the transfer of the Assets have been made, the Custodian may sell the Assets and account to the Trust for the proceeds. 

  

	 	16.7.	Not less than sixty (60) days before the date of termination of this Agreement, if possible, the Sponsor will give the Custodian the details of the successor custodian or other person to whom the Assets are to be
transferred. Subject thereto and to the terms of this Agreement (including clause 16.9), the Custodian will transfer any Assets held by it (and any original documents relating to the Trust in its possession which are valid and in force at the date
of termination) in accordance with Proper Instructions. 

  

	 	16.8.	Termination of this Agreement will not affect accrued rights or existing commitments under this Agreement and will be without prejudice to the completion of transactions already initiated. Upon termination of this
Agreement the Sponsor shall pay such fees and reimburse such expenses to the Custodian as may be due or reimbursable in respect of the period up to the date of termination. 

  

			
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	 	16.9.	If the Custodian holds any Assets after the termination date, the terms of this Agreement including payment obligations will continue from day to day until the Assets are transferred in accordance with clause 16.6, save
that no additional property may be deposited with the Custodian after the termination date. 

  

	 	16.10.	The Custodian shall be entitled to receive all fees, expenses and other monies owed to the Custodian in accordance with this Agreement that have accrued up to the termination date and all reasonable out of pocket
expenses and time charges at standard rates incurred by the Custodian in connection with the delivery or transfer of the Assets to the Trust or any succeeding custodian or trustee, unless the termination was the result of the Custodian’s Breach
of Duty. 

  

	 	17.	NOTICES 

  

	 	17.1.	All notices given hereunder (other than Proper Instructions) shall be signed by or on behalf of the party giving them and given by sending the same by (i) prepaid recognized commercial courier (e.g., DHL), or
(ii) an Electronic Message confirmed by a signed copy sent that same business day by prepaid first class post (e.g.,, United States mail) or by prepaid commercial courier. Any notice sent by post or by prepaid commercial courier as provided in
this clause 17.1 shall be deemed to have been given five (5) business days after being sent and any notice sent by email shall be deemed to have been given upon dispatching if confirmation of transmission is received. Evidence that the notice
was properly addressed, stamped and posted shall be presumptive evidence of posting. 

  

	 	17.2.	A notice received outside business hours (9:30 a.m. to 4:00 p.m. Eastern time on a Business Day) shall be considered received when business hours resume. 

 

	 	17.3.	All notices to the parties hereto shall be validly sent to the relevant address set out above. 

  

	 	17.4.	Notices given hereunder (including Proper Instructions) may be given in such manner as the sender and the recipient may agree in writing from time to time. 

 

	 	18.	MISCELLANEOUS 

  

	 	18.1.	To the extent that the Custodian holds or has vested in it any Assets pursuant to the terms of this Agreement, its duties as trustee shall be as bare trustee only with no duty to preserve or enhance the value of the
Assets, all other terms and conditions take effect not as trustee duties but as duties imposed by contract alone. In respect of all services it provides to the Trust under this Agreement, the Custodian shall be subject solely to the duties set out
in this Agreement or any separate agreement relating to such services. 

  

			
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	 	18.2.	This Agreement may be executed in multiple counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 

 

	 	18.3.	Any amendment to this Agreement must be agreed in writing and be signed by all the parties. Unless otherwise agreed, an amendment will not affect any legal rights or obligations which may already have arisen.

  

	 	18.4.	This Agreement shall be binding upon and shall inure to the benefit of the Custodian, the Trust and the Sponsor and each of their successors and assigns. No party may assign this Agreement or any of its rights or
obligations hereunder without the prior written consent of the other parties. 

  

	 	18.5.	This Agreement, including all schedules attached hereto, constitutes the entire understanding and agreement of the parties hereto. If any provision herein shall be determined to be void or unenforceable in whole or in
part for any reason whatsoever, such unenforceability or invalidity shall not affect the enforceability or validity of the remaining provisions or parts contained in this Agreement and such void or enforceable provisions shall be deemed to be
severable from any other provisions or parts herein contained. 

  

	 	18.6.	The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of New York without regard to the choice of law principles thereof. Each party consents to the non-exclusive jurisdiction of the courts of the State of New York and the federal courts located in the borough of Manhattan in New York City. Service of process, summons, notice or other document by mail in
accordance with clause 17.1 shall be effective service of process for any suit, action, or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or
proceeding in such courts and irrevocably waive and agree not to plead or claim in any such court that any such suit, action, or proceeding brought in any such court has been brought in an inconvenient forum. 

 

	 	18.7.	No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in
respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right,
remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or
the exercise of any other right, remedy, power or privilege. 

  

			
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 Schedule 1: Service Level Documentation 

The Custodian’s proprietary and patent-pending Cold Storage System uses offline (i.e., air-gapped) hardware and
software security technology and protocols to (i) defend against external threats; (ii) protect against human error; and (iii) guard against misuse of insider access. 

The Cold Storage System generates, stores, and manages the private keys that control the Assets’ onboard hardware security modules (each, an
“HSM”) for the lifetime of each private key. The Cold Storage System only uses HSMs that have achieved a rating of FIPS PUB 140-2 Level 3 (or higher). HSMs (each, a
“Signer”) are tamper-resistant computers used by the Custodian to digitally sign (i.e., authenticate) any transfer. As of the Effective Date, all Signers are stored, as well as backed up, in various geographically
distributed, access-controlled facilities throughout the United States. The Custodian may also use access-controlled facilities outside the United States in the future. In addition, the Cold Storage System utilizes multiple-signature
(“Multisig”) technology with an “M-of-N” signing design that requires a signature from more than one Signer (but fewer than the full
complement of potential Signers) in order to transfer Assets. In addition, the operation of a Signer requires the coordinated actions of multiple employees (each, a “Signatory”) to protect against inside malfeasance. Lastly,
the Cold Storage System is comprised of hardware that is sourced from multiple, diverse manufacturers to guard against supply-chain risks. 
 The Cold
Storage System is purpose-built to demonstrate “proof of control” of the private keys associated with its public bitcoin addresses. More specifically, the Custodian can use Signers to sign a specific message chosen by the Custodian that
references a current event (i.e., to prove recency), thereby proving control of the private keys associated with the public addresses in which the Assets are held. 

The Custodian will engage an independent auditor to periodically audit the Custodian’s Cold Storage System protocols and internal controls
(“Internal Controls Audit”). Additionally, the Sponsor and the Custodian will engage an independent auditor to examine and attest that the Custodian can demonstrate “proof of control” of the private keys that
control the Trust’s bitcoin (each, a “Proof of Control Examination”) on a monthly basis. 

  

			
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 Schedule 2: Persons Authorized to Give Proper Instructions 

 

							
	 Name & Title
	  	 Telephone
	  	 Email
	  	 Specimen Signature

		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	

  

			
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 IN WITNESS WHEREOF, the parties have duly executed this Agreement on the date first above
written. 
  

			
	 SIGNED for and on behalf of WINKLEVOSS BITCOIN TRUST
by

			
	
	 DIGITAL ASSET SERVICES, LLC:

		
	By:	 	 /s/ Cameron Winklevoss

	Name:	 	Cameron Winklevoss
	Title:	 	Manager
	
	 SIGNED for and on behalf of:

	
	DIGITAL ASSET SERVICES, LLC
		
	By:	 	 /s/ Cameron Winklevoss

	Name:	 	Cameron Winklevoss
	Title:	 	Manager
	
	 SIGNED for and on behalf of:

	
	GEMINI TRUST COMPANY, LLC
		
	By:	 	 /s/ Tyler Winklevoss

	Name:	 	Tyler Winklevoss
	Title:	 	CEO

  

			
	Gemini Trust Company, LLC - Trust Custody Agreement	 	28EX-10.2

 Exhibit 10.2 

ADMINISTRATION AGREEMENT 

This Administration Agreement (the “Agreement”) dated and effective as of September 28, 2016, is by and among
State Street Bank and Trust Company, a trust company organized under the laws of the Commonwealth of Massachusetts (the “Administrator”), Winklevoss Bitcoin Trust, a Delaware statutory trust (the
“Trust”), and, solely with respect to Section 6 hereof, Digital Asset Services, LLC, a Delaware limited liability company (the “Sponsor”). 

WHEREAS, the Trust is organized pursuant to its Amended and Restated Declaration of Trust (the “Trust Agreement”)
between the Sponsor and Delaware Trust Company as Trustee; 
 WHEREAS, the offer and sale of the shares of beneficial interest
(“Shares”) of the Trust will be registered with the U.S. Securities and Exchange Commission (the “SEC”) by means of the Trust’s registration statement on Form
S-1, which will be filed and effective as of the date of such offer and sale (on such present form, any subsequent amendment thereto or any later effective registration statement, the “Registration
Statement”) under the Securities Act of 1933, as amended (“1933 Act”); 
 WHEREAS, the Trust is an
exchange-traded product and will issue and redeem Shares only in aggregations of Shares known as “Baskets,” generally in exchange for bitcoin, as more fully described in the Registration Statement; and 

WHEREAS, the Trust desires to retain the Administrator to furnish certain administrative services to the Trust, and the Administrator is
willing to furnish such services, on the terms and conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the
premises and mutual covenants contained herein and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

 

	1.	APPOINTMENT OF ADMINISTRATOR 

 The Trust
hereby appoints the Administrator to act as administrator with respect to the Trust for purposes of providing certain administrative and accounting services for the period and on the terms set forth in this Agreement. The Administrator accepts such
appointment and agrees to render the services stated herein. 
  

	2.	DELIVERY OF DOCUMENTS 

 The Trust will
promptly deliver to the Administrator copies of each of the following documents and all future amendments and supplements, if any: 
  

	 	a.	The Trust’s organizational documents, including the Trust Agreement (the “organizational documents”); 

  

	 	b.	The Trust’s currently effective Registration Statement and all amendments and supplements thereto as in effect from time to time; 

 

	 	c.	A certificate of the Sponsor authorizing certain individuals to (a) give instructions to the Administrator pursuant to this Agreement and (b) sign checks and pay expenses; 

	 	d.	Such other certificates, documents or opinions which the Administrator may, in its reasonable discretion, deem necessary or appropriate in the proper performance of its duties. 

 

	3.	REPRESENTATIONS AND WARRANTIES OF THE ADMINISTRATOR 

The Administrator represents and warrants to the Trust that: 
  

	 	a.	It is a trust company, duly organized and validly existing under the laws of The Commonwealth of Massachusetts; 

  

	 	b.	It has the requisite power and authority and is permitted by applicable law to enter into and perform this Agreement; 

  

	 	c.	No legal or administrative proceedings have been instituted or threatened which would materially impair the Administrator’s ability to perform its duties and obligations under this Agreement; and 

 

	 	d.	Its entrance into this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation of the Administrator or any law or regulation applicable to it. 

 

	4.	REPRESENTATIONS AND WARRANTIES OF THE TRUST 

The Trust represents and warrants to the Administrator that: 
  

	 	a.	It is a statutory trust, duly organized, existing and in good standing under the laws of its state of formation; 

  

	 	b.	It has the requisite power and authority under applicable laws and its organizational documents to enter into and perform this Agreement; 

 

	 	c.	No legal or administrative proceedings have been instituted or threatened which would impair its ability to perform its duties and obligations under this Agreement; 

 

	 	d.	Its entrance into this Agreement will not cause a material breach or be in material conflict with any other agreement or obligation of the Trust or any law or regulation applicable to it; 

 

	 	e.	As of the close of business on the date of this Agreement, the Trust is authorized to issue unlimited number of Shares, subject to registration requirements; 

 

	 	f.	The Registration Statement is currently effective (or will become effective prior to the commencement of services) and will remain effective, and all appropriate state securities law filings have been made and will
continue to be made, with respect to all Shares of the Trust being offered for sale; 

  
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	 	g.	It (i) is not required to be registered as an “investment company” under the Investment Company Act of 1940, as amended (the “1940 Act”), and (ii) will notify the
Administrator if it intends to register as an “investment company” under the 1940 Act; and 

  

	 	h.	Where information provided by the Trust or the Trust’s investors includes information about an identifiable individual (“Personal Information”), the Trust represents and warrants that it has
obtained all consents and approvals, as required by all applicable laws, regulations, by-laws and ordinances that regulate the collection, processing, use or disclosure of Personal Information, necessary to
disclose such Personal Information to the Administrator, and as required for the Administrator to use and disclose such Personal Information in connection with the performance of the services hereunder. The Trust acknowledges that the Administrator
may perform any of the services, and may use and disclose Personal Information outside of the jurisdiction in which it was initially collected by the Trust, including the United States and that information relating to the Trust, including Personal
Information may be accessed by national security authorities, law enforcement and courts. The Administrator shall be kept indemnified by and be without liability to the Trust for any action taken or omitted by it in reliance upon this representation
and warranty. 

  

	5.	ADMINISTRATION SERVICES 

 The Administrator shall provide
the services as listed on Schedule B, subject to the authorization and direction of the Trust and, in each case where appropriate, the review and comment by the Trust’s independent accountants and legal counsel and in accordance with procedures
which may be established from time to time between the Trust and the Administrator. 
 The Administrator shall perform such other services
for the Trust that are mutually agreed to by the Administrator and the Trust from time to time, for which the Trust will pay (or cause the Sponsor to pay) such fees as may be mutually agreed upon, including the Administrator’s reasonable
expenses. The provision of such services shall be subject to the terms and conditions of this Agreement. Notwithstanding any item discussed herein, the Administrator has no discretion over the Trust assets or choice of investments and cannot be held
liable for any matter relating to such assets or investments. 
 The Administrator shall provide at its expense the office facilities and
the personnel determined by it to perform the services contemplated herein. 
  

	5A.	BANKING ACCOUNTS 

 The Administrator shall open and maintain a separate
deposit account or accounts in the United States in the name of the Trust, subject only to draft or order by the Administrator acting pursuant to the terms of this Agreement. The Administrator shall credit to the deposit account or accounts, subject
to the provisions hereof, all cash received by the Administrator from or for the account of the Trust. Funds held by the Administrator for the Trust may be deposited by the Administrator to its credit as Administrator in the banking department of
the Administrator or in such other banks or trust companies as it may in its discretion deem necessary or desirable. The funds shall be deposited by the Administrator in its capacity as Administrator and shall be withdrawable by the Administrator
only in that capacity. 

  
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	6.	COMPENSATION 

 For the performance by the Administrator of services
provided pursuant to this Agreement, the Administrator shall be entitled to receive the fees and expenses set forth in a written fee schedule. 
  

	7.	INSTRUCTIONS AND ADVICE 

 At any time with
respect to any matter arising in connection with the services to be performed under the Agreement, the Administrator may (i) apply to the Trust or the Sponsor for instructions, (ii) consult with the independent accountants for the Trust,
or (iii) consult with legal counsel (who may be counsel for the Trust or the Sponsor). Nothing in this paragraph shall be construed as imposing upon the Administrator any obligation to seek such instructions or advice, or to act in accordance
with such advice when received. 
 The Administrator shall not be liable, and shall be indemnified by the Trust, for any action taken or
omitted by it in good faith in reliance upon any such instructions or advice or upon any paper or document reasonably believed by it to be genuine and to have been signed by the proper person or persons. The Administrator shall not be held to have
notice of any change of authority of any person until receipt of written notice thereof from the Trust or the Sponsor. 
  

	8.	STANDARD OF CARE; LIMITATION OF LIABILITY AND INDEMNIFICATION 

 

	 	a.	In carrying out the provisions of this Agreement, the Administrator shall at all times act in good faith and without negligence and agrees to exercise the reasonable level of skill, care and diligence expected of a
professional provider of administrative services in carrying out all of its duties and obligations under this Agreement, but assumes no responsibility and shall not be liable for any loss, liability, claim or expense suffered or incurred by the
Trust except to the extent caused solely by the Administrator’s fraud, negligence or willful misconduct or that of its agents or employees in fulfillment of the Administrator’s duties hereunder. The Administrator shall be responsible for
the performance only of such duties as are set forth in this Agreement and, except as otherwise provided under Section 12.6, shall have no responsibility for the actions or activities of any other party, including other service providers.

  

	 	b.	The Administrator shall have no liability in respect of any loss, damage or expense suffered by the Trust insofar as such loss, damage or expense arises from the performance of the Administrator’s duties hereunder
in reliance upon records that were maintained for such Trust by entities other than the Administrator prior to the Administrator’s appointment as administrator for the Trust. The Administrator shall have no liability for any error of judgment
or mistake of law or for any loss or damage resulting from the performance or nonperformance of its duties hereunder unless solely caused by or resulting from the negligence or willful misconduct of the Administrator, its officers or employees.

  

	 	c.	No party shall be liable for any special, indirect, incidental, punitive or consequential damages, including lost profits, of any kind whatsoever (including, without limitation, reasonable attorneys’ fees) under
any provision of this Agreement or for any such damages arising out of any act or failure to act hereunder, each of which is hereby excluded by agreement of the parties regardless of whether such damages were foreseeable or whether the relevant
party or any entity had been advised of the possibility of such damages. 

  
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	 	d.	In any event, the Administrator’s cumulative liability for each calendar year (a “Liability Period”) with respect to the Trust under this Agreement regardless of the form of action or legal
theory shall be limited to its total annual compensation earned and fees payable hereunder during the preceding Compensation Period, as defined herein, for any liability or loss suffered by the Trust including, but not limited to, any liability
relating to the Trust’s compliance with any federal or state tax or securities statute, regulation or ruling during such Liability Period. “Compensation Period” shall mean the calendar year ending immediately prior to
each Liability Period in which the event(s) giving rise to the Administrator’s liability for that period have occurred. Notwithstanding the foregoing, the Compensation Period for purposes of calculating the annual cumulative liability of the
Administrator for the Liability Period commencing on the date of this Agreement and terminating on December 31, 2016 shall be the date of this Agreement through December 31, 2016, calculated on an annualized basis, and the Compensation
Period for the Liability Period commencing January 1, 2017 and terminating on December 31, 2017 shall be the date of this Agreement through December 31, 2016, calculated on an annualized basis. 

 

	 	e.	The Administrator shall not be responsible or liable for: (i) any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by events or circumstances
beyond its control, including without limitation, work stoppages, power or other mechanical or technological failures or interruptions, communications disruptions, computer virus, natural disasters, governmental actions, acts of war, revolution,
riots or terrorism or other similar force majeure events or acts; (ii) errors by the Trust or any other duly authorized person in their instructions to the Administrator; (iii) the failure of the Trust or any duly authorized individual or
organization to adhere to the Administrator’s operational policies and procedures, to the extent such operational policies and procedures have been disclosed in advance to the Trust and the Sponsor; and (iv) the effect of any provision of
any law or regulation or order of the United States of America, or any state thereof, or any other country, or political subdivision thereof or of any court of competent jurisdiction. The Administrator shall have no obligation to supervise or
monitor the Trust, the Sponsor, the Custodian, any Authorized Participant, or any other third party. Furthermore, the Administrator shall have no responsibility to evaluate or validate any information provided to it by the Trust, the Sponsor, the
Custodian, any Authorized Participant, or any other third party, and shall be without liability for any loss or damage suffered as a result of the Administrator’s reasonable reliance on and utilization of such information. 

 

	 	f.	The Trust shall indemnify and hold the Administrator and its directors, officers, employees and agents harmless from all loss, cost, damage and expense, including reasonable fees and expenses for counsel, incurred by
the Administrator resulting from any claim, demand, action or suit in connection with the Administrator’s acceptance of this Agreement, any action or omission by it in the performance of its duties hereunder, or as a result of acting upon any
instructions reasonably believed by it to have been duly authorized by the Trust or upon reasonable reliance on information or records given or made by or on behalf of the Trust or its sponsor, provided that this indemnification shall not apply to
actions or omissions of the Administrator, its officers or employees in cases of its or their own negligence or willful misconduct. 

  

	 	g.	The limitation of liability and indemnification contained herein shall survive the termination of this Agreement. 

  
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	9.	COMPLIANCE WITH GOVERNMENTAL RULES AND REGULATIONS 

The Trust acknowledges that: (a) it is fully responsible for complying with all securities, tax, commodities and other laws, rules and
regulations applicable to it; (b) the Administrator does not provide legal advice or guidance and the services do not constitute such advice; (c) it is solely responsible for obtaining legal advice, if needed, in order to ensure its
compliance with the requirements of applicable law; and (d) it is solely responsible for resolving any disputes with any regulatory authority or self-regulatory organization. 

 

	10.	RECORDS 

 The Administrator agrees that all records which it maintains for
the Trust shall at all times remain the property of the Trust, shall be readily accessible during normal business hours by duly authorized officers, employees or agents of the Trust, and shall be promptly surrendered upon the termination of the
Agreement or otherwise on reasonable written request. The Administrator further agrees that all records that it maintains for the Trust pursuant to this section will be preserved in compliance with the Administrator’s policies unless any such
records are earlier surrendered as provided above. Records will be surrendered in the form in which they are maintained. Any records maintained by the Administrator may be destroyed at the conclusion of the applicable retention period.
Notwithstanding the foregoing or the Trust’s instruction to surrender any records, the Administrator will retain any records for the applicable periods required to fulfill the Administrator’s own regulatory obligations. 

In the event that the Administrator is requested or authorized by the Trust, or required by subpoena, administrative order, court order or
other legal process, applicable law or regulation, or required in connection with any investigation, examination or inspection of the Trust by applicable regulatory agencies, to produce the records of the Trust or the Administrator’s personnel
as witnesses, the Trust agrees to pay (or cause the Sponsor to pay) the Administrator for the Administrator’s reasonable time and expenses, as well as the reasonable fees and reasonable expenses of the Administrator’s counsel, incurred in
responding to such request, order or requirement. 
  

	11.	TERM AND TERMINATION 

 This Agreement shall
remain in full force and effect for an initial term ending December 31, 2018 (the “Initial Term”). After the expiration of the Initial Term, this Agreement shall automatically renew for successive one-year terms (each, a “Renewal Term”) unless a written notice of non-renewal is delivered by the non-renewing
party no later than ninety (90) days prior to the expiration of the Initial Term or any Renewal Term, as the case may be. During the Initial Term and thereafter, the Trust or the Administrator may terminate this Agreement: (i) in the event
of the other party’s material breach of a material provision of this Agreement that the other party has either (a) failed to cure or (b) failed to establish a remedial plan to cure that is reasonably acceptable, within 60 days’
written notice of such breach, or (ii) in the event of the appointment of a conservator or receiver for the other party or upon the happening of a like event to the other party at the direction of an appropriate agency or court of competent
jurisdiction. The Administrator may terminate this Agreement immediately upon notice to the Trust in the event it is required to do so by a regulator with authority over the Administrator. Upon termination of this Agreement pursuant to this
paragraph, the Trust shall pay (or cause the Sponsor to pay) the Administrator its compensation due and shall reimburse (or cause the Sponsor to reimburse) Administrator for its costs, expenses and disbursements. 

  
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 In the event of: (i) the Trust’s termination of this Agreement for any reason other
than as set forth in the immediately preceding paragraph or (ii) a transaction not in the ordinary course of business pursuant to which the Administrator is not retained to continue providing services hereunder to the Trust (or its respective
successor), the Trust shall pay the Administrator its compensation due through the end of the then-current term (based upon the average monthly compensation previously earned by Administrator with respect to the Trust) and shall reimburse (or cause
the Sponsor to reimburse) the Administrator for its costs, expenses and disbursements. For the avoidance of doubt, no payment will be required pursuant to clause (ii) of this paragraph in the event of (a) the merger of the Trust into, or
the consolidation of the Trust with, another entity, or (b) the sale by the Trust of all, or substantially all, of the Trust’s assets to another entity, in each of (a) and (b) where the Administrator is retained to continue providing
services to the Trust (or its respective successor) on substantially the same terms as this Agreement. In the event of the Trust’s termination of the Agreement for any reason, the Administrator shall return any cash or other property of the
Trust held by the Administrator. 
 All rights for compensation and expense reimbursement under this Agreement shall survive the termination
of this Agreement. 
 Should the Agreement be terminated by the Trust or the Administrator for any reason and if requested by the Trust, the
Administrator agrees to continue performing the services contemplated in this Agreement pursuant to the terms and conditions of this Agreement at the rates set forth in the then current fee schedule and for a reasonable period of time to be agreed
upon by the parties in good faith, in order to provide for the orderly transition of services to an alternative service provider designated by the Trust so that, to the extent feasible, the services are maintained without interruption. The Trust
shall reimburse (or cause the Sponsor to reimburse) the Administrator for additional costs (to be mutually agreed upon by the parties) which are reasonably incurred by the Administrator in the transition. 

The provisions of this Section 11 shall survive termination of this Agreement for any reason. 

 

	12.	GENERAL 

 12.1 SERVICES NOT
EXCLUSIVE The services of the Administrator are not to be deemed exclusive, and the Administrator shall be free to render similar services to others. The Administrator shall be deemed to be an
independent contractor and shall, unless otherwise expressly provided herein or authorized by the Trust from time to time, have no authority to act or represent the Trust in any way or otherwise be deemed an agent of the Trust. 

12.2 CONFIDENTIALITY All information provided under this Agreement by a party (the “Disclosing Party”) to
the other party (the “Receiving Party”) regarding the Disclosing Party’s business and operations shall be treated as confidential. Subject to Section 12.3 below, all confidential information provided under this
Agreement by Disclosing Party shall be used, including disclosure to third parties, by the Receiving Party, or its agents or service providers, solely for the purpose of performing or receiving the services and discharging the Receiving Party’s
other obligations under the Agreement or managing the business of the Receiving Party and its Affiliates (as defined in Section 12.3 below), including financial and operational management and reporting, risk management, legal and regulatory
compliance and client service management. With respect to the Trust and the Sponsor, confidential information includes, without limitation, private keys and the related security infrastructure of the Trust’s custodian, Gemini Trust Company, LLC
(the “Custodian”), information concerning the Trust and the Sponsor’s 

  
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operations, markets, products, product specifications, designs, documentation, technical data, trade secrets, processes, computer programs (in object or source code form), know-how, techniques, sketches, ideas, schematics, drawings, apparatus, equipment, concepts, works in process, technology, models, inventions, material data, business methods, business policies, business plans,
research and development, financial condition, results of operations, strategies, and contracts. The foregoing shall not be applicable to any information (a) that is publicly available when provided or thereafter becomes publicly available,
other than through a breach of this Agreement, (b) that is independently derived by the Receiving Party without the use of any information provided by the Disclosing Party in connection with this Agreement, (c) that is disclosed to comply
with any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, (d) that is disclosed as required by operation of law or regulation or as required to comply with the
requirements of any market infrastructure that the Disclosing Party or its agents direct the Administrator or its Affiliates to employ (or which is required in connection with the holding or settlement of instruments included in the assets subject
to this Agreement), or (e) where the party seeking to disclose has received the prior written consent of the party providing the information, which consent shall not be unreasonably withheld. 

 

	12.3	USE OF DATA 

  

	 	a.	In connection with the provision of the services and the discharge of its other obligations under this Agreement, the Administrator (which term for purposes of this Section 12.3 includes each of its parent company,
branches and affiliates (“Affiliates”)) may collect and store information regarding the Trust and share such information with its Affiliates, agents and service providers in order and to the extent reasonably necessary
(i) to carry out the provision of services contemplated under this Agreement and other agreements between the Trust and the Administrator or any of its Affiliates and (ii) to carry out management of its businesses, including, but not
limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management. 

  

	 	b.	Except as expressly contemplated by this Agreement, nothing in this Section 12.3 shall limit the confidentiality and data-protection obligations of the Administrator and its Affiliates under this Agreement and
applicable law. The Administrator shall cause any Affiliate, agent or service provider to which it has disclosed data pursuant to this Section 12.3 to comply at all times with confidentiality and data-protection obligations as if it were a
party to this Agreement. 

 12.4 NOTICES. Any notice, instruction or other communication required to be given
hereunder will, unless otherwise provided in this Agreement, be in writing and may be sent by hand, or by facsimile transmission, or overnight delivery by any recognized delivery service, to the parties at the following addresses or such other
addresses as may be notified by any party from time to time. 
  

			
	To the Trust	  	WINKLEVOSS BITCOIN TRUST
		  	c/o Digital Asset Services, LLC
		  	Farmers Bank Building
		  	301 N. Market Street
		  	Suite 1463
		  	Wilmington, DE 19801

  
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		  	With a copy to:
		
		  	 WINKLEVOSS BITCOIN TRUST

c/o Winklevoss Capital Management

		  	30 West 24th Street, 4th Floor
		  	New York, NY 10010
		  	Attention: General Counsel

  

			
	To the Sponsor:	  	DIGITAL ASSET SERVICES, LLC
		  	Farmers Bank Building
		  	301 N. Market Street
		  	Suite 1463
		  	Wilmington, DE 19801

  

			
		  	With a copy to:
		  	 DIGITAL ASSET SERVICES, LLC

c/o Winklevoss Capital Management

		  	30 West 24th Street, 4th Floor
		  	New York, NY 10010
		  	Attention: General Counsel

  

			
	To the Administrator:	  	STATE STREET BANK AND TRUST COMPANY
		  	Channel Center
		  	One Iron Street
		  	Boston, MA 02210
		  	Attention: Shawn Alarie
		  	Telephone: 617-662-4145
		  	Facsimile: 617-662-

  

			
	 with a copy to:
	  	
		  	STATE STREET BANK AND TRUST COMPANY
		  	Legal Division – Global Services Americas
		  	One Lincoln Street
		  	Boston, MA 02111
		  	Attention: Senior Vice President and Senior Managing Counsel

 12.5 AMENDMENT This Agreement may be amended at any time in writing by mutual agreement of the
parties hereto. 
 12.6 EMPLOYMENT OF OTHERS The Administrator is
authorized to and may employ, associate or contract with such person or persons as the Administrator may deem desirable to assist it in performing its duties under this Agreement; provided, however, that the compensation of such person or persons
shall be paid by the Administrator and that the Administrator shall be as fully responsible to the Trust for the acts and omissions of any such person or persons as it is for its own acts and omissions. 

12.7 NO FIDUCIARY STATUS; NO ACCOUNTING OR
AUDITING ADVICE; ADMINISTRATOR’S POLICIES AND PROCEDURES The Trust acknowledges and agrees that the Administrator has no fiduciary
responsibility to the Trust and that the Administrator, in providing the services hereunder, is not acting in 

  
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a fiduciary capacity to the Trust or any other party. The Trust further acknowledges and agrees that the Administrator is not (a) a fiduciary for purposes of the Employee Retirement Income
Security Act of 1974, as amended or (b) a public accounting or auditing firm or a fiduciary of a public accounting or auditing firm, and that the Administrator does not provide public accounting or auditing services or advice. The Trust also
acknowledges and agrees that the Administrator’s operational and other policies and procedures are for the Administrator’s internal use only and are not incorporated into this Agreement. 

12.8 ASSIGNMENT This Agreement shall not be assigned by any party hereto without the prior consent in writing of the other
parties, except that the Administrator may assign this Agreement to a successor of all or a substantial portion of its business, or to a party controlling, controlled by or under common control with the Administrator. 

12.9 SUCCESSORS This Agreement shall be binding on and shall inure to the benefit of the Trust and the
Administrator and their respective successors and permitted assigns. 
  

	12.10	DATA PROTECTION 

 The Administrator shall implement and
maintain a comprehensive written information security program that contains appropriate security measures to safeguard the personal information of the Trust’s shareholders, employees, directors and/or officers that the Administrator receives,
stores, maintains, processes or otherwise accesses in connection with the provision of services hereunder. For these purposes, “personal information” shall mean (i) an individual’s name (first initial and last name
or first name and last name), address or telephone number plus (a) social security number, (b) driver’s license number, (c) state identification card number, (d) debit or credit card number, (e) financial account
number or (f) personal identification number or password that would permit access to a person’s account or (ii) any combination of the foregoing that would allow a person to log onto or access an individual’s account.
Notwithstanding the foregoing “personal information” shall not include information that is lawfully obtained from publicly available information, or from federal, state or local government records lawfully made available to the general
public. 
 12.11 NON-DISPARAGEMENT.
The parties, on behalf of themselves and their representatives, further expressly agree not to make, publish, or communicate in public, any disparaging remarks, comments, writings, or statements concerning another party or any member of another
party or any of its affiliates, managers, members, officers, directors, clients, suppliers, employees, partners, vendors, contractors, consultants or agents. “Disparaging” remarks, comments, writings, and/or statements are those that
impugn, criticize, or denigrate (a) another party or any member of another party or any of its affiliates, managers, members, officers, directors, clients, suppliers, employees, partners, vendors, contractors, consultants or agents and/or
(b) the character, honesty, integrity, morality, business acumen, or abilities of another party, any member of another party or any of its affiliates, managers, members, officers, directors, clients, suppliers, employees, partners, vendors,
contractors, consultants or agents. 
 12.12 INTERPRETIVE AND ADDITIONAL
PROVISIONS In connection with the operation of this Agreement, the Administrator and the Trust may from time to time agree on such provisions interpretive of or in addition to the provisions of this
Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions shall be in a writing signed by all parties, provided that no such interpretive or additional provisions
shall contravene any applicable laws or regulations or any provision of the Trust’s organic record. No interpretive or additional provisions made as provided in the preceding sentence shall be an amendment of this Agreement. 

  
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 12.14 ENTIRE AGREEMENT This Agreement
contains the entire understanding between the parties hereto with respect to the subject matter hereof and supersedes and terminates, as of the date hereof, all previous representations, warranties or commitments regarding the services to be
performed hereunder whether oral or in writing. 
 12.15 WAIVER The failure of a party hereto to insist upon strict adherence
to any term of this Agreement on any occasion shall not be considered a waiver nor shall it deprive such party of the right thereafter to insist upon strict adherence to that term or any term of this Agreement. Any waiver must be in writing signed
by the waiving party. 
 12.16 SEVERABILITY If any provision of this Agreement is invalid or unenforceable, the balance of the
Agreement shall remain in effect, and if any provision is inapplicable to any person or circumstance it shall nevertheless remain applicable to all other persons and circumstances. 

12.17 GOVERNING LAW; CONSENT TO JURISDICTION; VENUE
This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of The State of New York without giving effect to the principles of conflicts of law rules thereof. To the extent permitted by law,
each party waives any right to trial by jury in any legal proceeding arising out of or relating to this Agreement. The parties hereto agree that any dispute, controversy, action, proceeding or claim of whatever nature arising directly, indirectly,
or otherwise in connection with, out of, related to, or from this Agreement, its formation, any breach hereof or any transaction covered hereby (each, a “Dispute”), shall be brought exclusively in federal or state courts
located in New York, New York. Each of the parties irrevocably consents to the jurisdiction and venue of the courts of the State of New York located in New York County and federal courts located in the Southern District of New York with respect to
any Dispute. 
 12.18 REPRODUCTION OF DOCUMENTS This Agreement and all schedules, exhibits,
attachments and amendments hereto may be reproduced by any photographic, xerographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties hereto all/each agree that any such reproduction shall be
admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any
enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. 
 12.19 COUNTERPARTS
This Agreement may be executed by the parties hereto on any number of counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Counterparts may be executed in either original or
electronically transmitted form (e.g., facsimiles or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form. 

12.20 BUSINESS CONTINUITY The Administrator shall take reasonable steps to minimize service
interruptions in the event of equipment failure, work stoppage, governmental action, communication disruption or other impossibility of performance beyond the Administrator’s control. The Administrator shall enter into and shall maintain in
effect at all times during the term of this Agreement with appropriate parties one or more agreements making reasonable provision for (i) periodic back-up of the computer files and data with respect to
the Trust and (ii) emergency use of electronic data processing equipment as necessary to provide services under this Agreement. Upon reasonable request, the Administrator shall discuss with the Trust or the Sponsor any business
continuity/disaster recovery plan of the Administrator and/or provide a high-level presentation summarizing such plan 
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 SIGNATURE PAGE 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the date first
written above. 
  

			
	WINKLEVOSS BITCOIN TRUST
	  
 By:
	 	 /s/ Tyler Winklevoss

	Name:	 	 Tyler Winklevoss

	Title:	 	 Digital Asset Services, LLC, Chief Financial Officer,

for and on behalf of Winklevoss Bitcoin Trust

	
	DIGITAL ASSET SERVICES, LLC
	Solely with respect to Section 6 hereof
	  
 By:
	 	  
 /s/ Cameron Winklevoss

	Name:	 	 Cameron Winklevoss

	Title:	 	 Chief Executive Officer

	
	STATE STREET BANK AND TRUST COMPANY
	  
 By:
	 	  
 /s/ Andrew Erickson

	Name:	 	Andrew Erickson
	Title:	 	Executive Vice President

 ADMINISTRATION AGREEMENT 

SCHEDULE B 
 LIST OF
SERVICES 
  

	I.	Fund Administration Treasury Services as described in Schedule B1 attached hereto; 

  

	II.	Fund Accounting Services as described in Schedule B2 attached hereto; 

  

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 Schedule B1 

Fund Administration Treasury Services 
  

	a.	Prepare for the review and approval by the designated officer(s) of the Sponsor, on behalf of the Trust, the financial information required for the Trust’s annual and quarterly reports; 

 

	b.	Coordinate the audit of the Trust’s financial statements by the Trust’s independent accountants, including the preparation of supporting audit workpapers and other schedules; 

 

	c.	Prepare for the review by designated officer(s) of the Sponsor, on behalf of the Trust, the Trust’s periodic financial reports required to be filed with the SEC on Forms 10-K
and 10-Q and such other reports, forms or filings as may be mutually agreed upon; 

  

	d.	Prepare and furnish total return performance information for the Trust as may be reasonably requested by the Sponsor on behalf of the Trust; and 

 

	e.	Maintain certain books and records of the Trust as may be mutually agreed upon. 

  
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 B1-1 

 Schedule B2 

Fund Accounting Services 
 The
Administrator shall maintain the Trust’s books of account and shall perform the following duties in the manner prescribed by such Trust’s organizational documents: 
  

	 	a.	Record general ledger entries; 

  

	 	b.	Accrue/calculate daily expenses; 

  

	 	c.	Calculate daily income; 

  

	 	d.	Reconcile daily activity to the trial balance; 

  

	 	e.	Calculate net asset value (“NAV”) in accordance with the procedures outlined in the Trust’s Registration Statement; 

 

	 	f.	Prepare account balances; 

  

	 	g.	Calculate realized capital gains and losses of the Trust; 

  

	 	h.	Provide a standard set of reports as agreed to with the Trust; 

  

	 	i.	Transmit the NAV per Share to the Trust’s transfer agent, the Sponsor, the Bats BZX Exchange, Inc. and such other entities as directed in writing to the Administrator; 

 

	 	j.	On each day the Trust is open for the purchase or redemption of Shares, compute the number of bitcoin to be included in the current Basket and transmit such information to the Sponsor and the Custodian.

  

	 	k.	Reconcile its records of the Trust’s bitcoin positions to the records of the Trust’s Custodian 

 The
Trust shall provide timely prior notice to the Administrator of any modification in the manner in which such calculations are to be performed as prescribed in any revision to the Trust’s organizational documents. The Administrator shall not be
responsible for any revisions to calculations methods unless such revisions are communicated in writing to the Administrator.

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