Trust Expenses and Organization Costs	Dec. 31, 2023
Trust Expenses And Organization Costs
Trust Expenses and Organization Costs	4. Trust Expenses and Organization Costs The Trust will pay to the Sponsor a Sponsor’s fee in accordance with the Trust agreement. The Sponsor’s fee shall be included in the Trust agreement prior to the commencement of trading of Shares on the Nasdaq Stock exchange. The Sponsor’s fee will accrue daily by applying an annual rate to the Trust’s bitcoin holdings. As of January 11, 2024, the Sponsor’s fee annual rate is 0.25%. The Sponsor’s fee will be payable in bitcoins at such times as determined in the Sponsor’s sole discretion. The Trust is not responsible for paying any fees or costs associated with the transfer of bitcoin to the Sponsor or the sale of bitcoin for costs not included in the Sponsor fee. The Sponsor is obligated to assume and pay the following fees and expenses of the Trust: the Marketing fee, the Administrator fee, the Custodian fee, the Cash Custodian fee, the Transfer Agent fee, the Trustee fee, applicable license fees, including the licensing fees related to the Index License Agreement, fees and expenses related to trading of Shares on Nasdaq (including marketing, legal and audit fees and expenses), legal expenses, audit fees, regulatory fees, including any fees relating to the registration of the Shares with the SEC, printing and mailing costs and costs of maintaining the Trust’s website. The Sponsor will also pay the costs of the Trust’s organization. The Trust is not obligated to repay any such costs related to the Trust’s organization and offering paid by the Sponsor. U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), an indirect subsidiary of U.S. Bancorp, intends to serve as the Trust’s fund accountant, fund administrator and the transfer agent of the Trust, pursuant to certain fund accounting servicing, fund administration servicing and transfer agent servicing agreements. U.S. Bank N.A., a subsidiary of U.S. Bancorp and parent company of Fund Services, intends to serve as the Fund’s cash custodian pursuant to a custody agreement. Paralel Distributors LLC intends to serve as the Trust’s marketing agent pursuant to a marketing agent agreement. Coinbase Custody Trust Company, LLC (the “Custodian”) is the initial custodian and Coinbase, Inc., an affiliate of the Custodian, is the prime broker of the Trust.

Trust Expenses and Organization Costs

Dec. 31, 2023

Trust Expenses And Organization Costs

4. Trust Expenses and Organization Costs

The Trust will pay to the Sponsor a Sponsor’s fee in accordance with the Trust agreement. The Sponsor’s fee shall be included in the Trust agreement prior to the commencement of trading of Shares on the Nasdaq Stock exchange. The Sponsor’s fee will accrue daily by applying an annual rate to the Trust’s bitcoin holdings. As of January 11, 2024, the Sponsor’s fee annual rate is 0.25%. The Sponsor’s fee will be payable in bitcoins at such times as determined in the Sponsor’s sole discretion. The Trust is not responsible for paying any fees or costs associated with the transfer of bitcoin to the Sponsor or the sale of bitcoin for costs not included in the Sponsor fee.

The Sponsor is obligated to assume and pay the following fees and expenses of the Trust: the Marketing fee, the Administrator fee, the Custodian fee, the Cash Custodian fee, the Transfer Agent fee, the Trustee fee, applicable license fees, including the licensing fees related to the Index License Agreement, fees and expenses related to trading of Shares on Nasdaq (including marketing, legal and audit fees and expenses), legal expenses, audit fees, regulatory fees, including any fees relating to the registration of the Shares with the SEC, printing and mailing costs and costs of maintaining the Trust’s website.

The Sponsor will also pay the costs of the Trust’s organization. The Trust is not obligated to repay any such costs related to the Trust’s organization and offering paid by the Sponsor.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), an indirect subsidiary of U.S. Bancorp, intends to serve as the Trust’s fund accountant, fund administrator and the transfer agent of the Trust, pursuant to certain fund accounting servicing, fund administration servicing and transfer agent servicing agreements. U.S. Bank N.A., a subsidiary of U.S. Bancorp and parent company of Fund Services, intends to serve as the Fund’s cash custodian pursuant to a custody agreement. Paralel Distributors LLC intends to serve as the Trust’s marketing agent pursuant to a marketing agent agreement.

Coinbase Custody Trust Company, LLC (the “Custodian”) is the initial custodian and Coinbase, Inc., an affiliate of the Custodian, is the prime broker of the Trust.