<SEC-DOCUMENT>0001214659-23-008647.txt : 20230620
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ACCESSION NUMBER:		0001214659-23-008647
CONFORMED SUBMISSION TYPE:	S-1/A
PUBLIC DOCUMENT COUNT:		15
FILED AS OF DATE:		20230620
DATE AS OF CHANGE:		20230620

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WisdomTree Bitcoin Trust
		CENTRAL INDEX KEY:			0001850391
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		S-1/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-254134
		FILM NUMBER:		231025743

	BUSINESS ADDRESS:	
		STREET 1:		250 WEST 34TH STREET
		STREET 2:		3RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10119
		BUSINESS PHONE:		1-866-909-9473

	MAIL ADDRESS:	
		STREET 1:		250 WEST 34TH STREET
		STREET 2:		3RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10119
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<p style="margin: 0"></p>

<p style="margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>As filed with the Securities and Exchange
Commission on June 20, 2023. </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>Registration No. 333-254134 </b></p>



<!-- Field: Rule-Page --><div style="margin-top: 8pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 2pt solid; border-bottom: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES </b></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.35pt; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION
</b></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549 &#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">_______________________________&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="xdx_90C_edei--AmendmentDescription_c20230620__20230620_zmhXcPMEBvY7"><ix:nonNumeric contextRef="From2023-06-20to2023-06-20" name="dei:AmendmentDescription">Amendment No. 2</ix:nonNumeric></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>to </b></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM <span id="xdx_90C_edei--DocumentType_dxL_c20230620__20230620_zZYBHIWk9X6b" title="::XDX::S-1%2FA"><span style="-sec-ix-hidden: xdx2ixbrl0010">S-1</span></span> </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REGISTRATION STATEMENT </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>UNDER </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>THE SECURITIES ACT OF 1933</i></b>&#160;</p>



<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">_______________________________</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="xdx_900_edei--EntityRegistrantName_c20230620__20230620_zi63zkxyyY8"><ix:nonNumeric contextRef="From2023-06-20to2023-06-20" name="dei:EntityRegistrantName">WISDOMTREE BITCOIN TRUST</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Exact name of registrant as specified in its
charter) </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(State or other jurisdiction of</b></p>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(I.R.S. Employer</b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>c/o WisdomTree Digital Commodity Services, LLC
</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Ryan M. Louvar </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="xdx_90F_edei--EntityAddressAddressLine1_c20230620__20230620_zHiXLpWFdxl9"><ix:nonNumeric contextRef="From2023-06-20to2023-06-20" name="dei:EntityAddressAddressLine1">250 West 34th Street</ix:nonNumeric>, <span id="xdx_901_edei--EntityAddressAddressLine2_c20230620__20230620_zMkDpwjPtuKh"><ix:nonNumeric contextRef="From2023-06-20to2023-06-20" name="dei:EntityAddressAddressLine2">3rd Floor</ix:nonNumeric></span></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Address, including zip code, and telephone
number, </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>including area code, of registrant&#8217;s principal
executive offices and for service of process purposes) </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">_______________________________&#160;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>Copies to: </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Todd P. Zerega </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Perkins Coie LLP </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>700 13th Street, NW </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Suite 800 </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, DC 20005 </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<!-- Field: Rule-Page --><div style="border-top: black 1pt solid; font-size: 1pt">&#160;</div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><b><i>Approximate date of commencement of proposed
sale to the public: </i></b>As soon as practicable after the effective date of this Registration Statement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If any of the securities being registered on this
Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box:&#160;&#160;
<span style="font-family: Wingdings">x</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If this Form is filed to register additional securities
for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering:&#160;&#160;<span style="font-family: Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If this Form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering.&#160;&#160;<span style="font-family: Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If this Form is a post-effective amendment filed
pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering.&#160;&#160;<span style="font-family: Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.
See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221;
and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALCULATION OF REGISTRATION FEE </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Proposed</b></p>
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Registration Fee (1)</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
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    <td style="border-top: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom">&#160;</td>
    <td style="border-top: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&#160;</td>
    <td style="border-top: black 1pt solid; vertical-align: bottom">&#160;</td>
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in">(1)</td><td>Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as
amended.</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in">(2)</td><td>Previously filed.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">_______________________________</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The registrant hereby amends this registration
statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which
specifically states that this registration statement shall thereafter become effective in accordance with Section&#160;8(a) of the Securities
Act of 1933 or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting
pursuant to said Section&#160;8(a), may determine.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#160;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #FF4338"><b>The information in this Preliminary Prospectus is
not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange
Commission is effective. This Preliminary Prospectus is not an offer to sell these securities and it is not soliciting an offer to buy
these securities in any jurisdiction where the offer or sale is not permitted. </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #FF4338"><b>Subject to Completion </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #FF4338"><b>Preliminary Prospectus dated
[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;], 2023</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>PRELIMINARY PROSPECTUS </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Common Shares of Beneficial Interest </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img src="wtt_logo.jpg" alt="" />&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>WisdomTree Bitcoin Trust </b></p>


<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">_______________________________</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The WisdomTree Bitcoin Trust (the &#8220;Trust&#8221;)
is an exchange-traded fund that issues common shares of beneficial interest (the &#8220;Shares&#8221;) that will be listed on the Cboe
BZX Exchange, Inc. (the &#8220;Exchange&#8221;) and trade under the ticker symbol &#8220;BTCW.&#8221; WisdomTree Digital Commodity Services,
LLC (the &#8220;Sponsor&#8221;) is the sponsor of the Trust, Delaware Trust Company (the &#8220;Trustee&#8221;) is the trustee of the
Trust, and U.S. Bank, National Association (the &#8220;Custodian&#8221;) is the custodian of the Trust, who will itself, or through a
subcustodial relationship, hold all of the Trust&#8217;s bitcoin on the Trust&#8217;s behalf.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust&#8217;s investment objective is to gain
exposure to the price of bitcoin, less expenses and liabilities of the Trust&#8217;s operations. In seeking to achieve its investment
objective, the Trust will hold bitcoin and will value its Shares daily based on the CF Bitcoin US Settlement Price (the &#8220;Reference
Rate&#8221;), which is an independently calculated value based on an aggregation of executed trade flow of major bitcoin spot exchanges.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Barring a liquidation or extraordinary circumstances,
the Trust does not currently intend to purchase or sell bitcoin directly, although the Sponsor may direct the Custodian to sell bitcoin
to pay certain expenses. Instead, when the Trust sells or redeems its Shares, it will do so in &#8220;in-kind&#8221; transactions in blocks
of 50,000 Shares (a &#8220;Basket&#8221;) based on the quantity of bitcoin attributable to each Share of the Trust (net of accrued but
unpaid expenses and liabilities). Financial firms that are authorized to purchase or redeem Shares with the Trust (known as &#8220;Authorized
Participants&#8221;) will deliver, or facilitate the delivery of, bitcoin to the Trust&#8217;s account with the Custodian in exchange
for Shares when they purchase Shares, and the Trust, through the Custodian, will deliver bitcoin to such Authorized Participants when
they redeem Shares with the Trust. Shares initially comprising the same Basket but offered by the Authorized Participants to the public
at different times may have different offering prices, which depend on various factors, including the supply and demand for Shares, the
value of the Trust&#8217;s assets, and market conditions at the time of a transaction.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust is not registered under the Investment
Company Act of 1940, as amended (&#8220;1940 Act&#8221;). However, the Sponsor is applying certain of the substantive requirements of
the 1940 Act to the operations, infrastructure and oversight of the Trust to order to provide investors with some of the significant protections
of the 1940 Act. Accordingly, the Trust will voluntarily comply with the following:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 22.5pt"></td><td style="width: 15.3pt">1)</td><td>The Trust will custody its assets in compliance with Section 17(f)(1) of the 1940 Act and accordingly will custody the assets at a
bank meeting the requirements of the 1940 Act;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 22.5pt"></td><td style="width: 15.3pt">2)</td><td>The Trust will provide daily disclosures required for ETFs registered under the 1940 Act pursuant to Rule 6c-11(c)(1) of the 1940
Act, which will include the following prominently on the Trust&#8217;s website, publicly accessible and free of charge:</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 38.7pt"></td><td style="width: 19.8pt">a.</td><td>the Trust&#8217;s portfolio holdings;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 38.7pt"></td><td style="width: 19.8pt">b.</td><td>the Trust&#8217;s net asset value per share, market price and any premium or discount, each as of the end of the prior business day;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 38.7pt"></td><td style="width: 19.8pt">c.</td><td>a table showing the number of days the Trust&#8217;s shares traded at a premium or discount during the most recently completed calendar
year and the most recently completed calendar quarters since that year (or the life of the Trust, if shorter);</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 38.7pt"></td><td style="width: 19.8pt">d.</td><td>a line graph showing the Trust&#8217;s premiums or discounts for the most recently completed calendar year and the most recently completely
calendar quarters since that year (or the life of the Trust, if shorter);</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 38.7pt"></td><td style="width: 19.8pt">e.</td><td>the Trust&#8217;s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, in the manner computed under
Rule 6c-11(c)(1)(v); and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 38.7pt"></td><td style="width: 19.8pt">f.</td><td>to the extent the Trust&#8217;s premium or discount is greater than 2% for more than seven consecutive trading days, a statement that
the Trust&#8217;s premium or discount, as applicable, was greater than 2% and a discussion of the factors that are reasonably believed
to have materially contributed to the premium or discount.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 22.5pt"></td><td style="width: 15.3pt">3)</td><td>The Trust&#8217;s financial statements will be audited at least annually by an independent registered public accounting firm and as
part of such audit, the auditor will be expected to perform procedures similar to those used for ETFs registered under the 1940 Act, including:</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 38.7pt"></td><td style="width: 19.8pt">a.</td><td>applying the accounting and reporting guidance for investment companies; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 38.7pt"></td><td style="width: 19.8pt">b.</td><td>testing and evaluating processes for determining bitcoin valuation and evaluate the reasonableness and consistency of assumptions,
models, and calculations used, as well as the completeness, accuracy, and relevance of underlying data.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 22.5pt"></td><td style="width: 15.3pt">4)</td><td>The Sponsor will adopt procedures to ensure there are no transactions with affiliated persons that would be prohibited by the Section
17 of 1940 Act and the applicable rules and regulations thereunder;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 22.5pt"></td><td style="width: 15.3pt">5)</td><td>The Trust will maintain a fidelity bond for the benefit of the Trust in the maximum amount required per Rule 17g-1 of the 1940 Act;
and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 22.5pt"></td><td style="width: 15.3pt">6)</td><td>The Sponsor or applicable service provider of the Trust will maintain the books and records of the Trust in accordance with Section&#160;31
of the 1940 Act.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Further, the Trust will use an independent pricing
source in valuing its assets (<i>i.e.,</i>. bitcoin), which is currently the Reference Rate, with inputs from the same bitcoin trading
platforms and materially the same methodology as is used to price CME Bitcoin Futures.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Sponsor will also facilitate the Trust&#8217;s
compliance with the financial record keeping and reporting requirements under the Sarbanes-Oxley Act of 2002.&#160;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Investors who decide to buy Shares of the Trust
or sell Shares of the Trust will place their trade orders through their brokers and may incur customary brokerage commissions and charges.
Investors who buy or sell Shares during the day from their broker may do so at a premium or discount relative to the net asset value of
the Shares of the Trust. Prior to this offering, there has been no public market for the Shares. Investing in the Trust involves risks
similar to those involved with an investment directly in bitcoin and other significant risks.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The offering of the Trust&#8217;s Shares is registered
with the Securities and Exchange Commission (the &#8220;SEC&#8221;) in accordance with the Securities Act of 1933, as amended (the &#8220;1933
Act&#8221;). The offering is intended to be a continuous offering and is not expected to terminate until all of the registered Shares
have been sold or three years from the date of the original offering, whichever is earlier, unless extended as permitted by applicable
rules under the 1933 Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust qualifies as an &#8220;emerging growth
company&#8221; as defined under the Jumpstart Our Business Startups Act (the &#8220;JOBS Act&#8221;) and, as such, may elect to comply
with certain reduced reporting requirements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">_______________________________</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>RISK DISCLOSURE STATEMENT </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><b>YOU SHOULD CAREFULLY CONSIDER WHETHER YOUR
FINANCIAL CONDITION PERMITS YOU TO INVEST IN THIS TRUST. AN INVESTMENT IN THE TRUST INVOLVES SIGNIFICANT RISKS (INCLUDING THE POTENTIAL
FOR QUICK, LARGE LOSSES) AND MAY NOT BE SUITABLE FOR SHAREHOLDERS THAT ARE NOT IN A POSITION TO ACCEPT MORE RISK THAN MAY BE INVOLVED
WITH OTHER EXCHANGE-TRADED PRODUCTS THAT DO NOT HOLD BITCOIN OR INTERESTS RELATED TO BITCOIN. THE SHARES ARE SPECULATIVE SECURITIES. THEIR
PURCHASE INVOLVES A HIGH DEGREE OF RISK AND YOU COULD LOSE YOUR ENTIRE INVESTMENT. </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><b>THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE
RISKS AND OTHER FACTORS NECESSARY TO EVALUATE YOUR POTENTIAL INVESTMENT IN THIS TRUST. THEREFORE, BEFORE YOU DECIDE TO INVEST, YOU SHOULD
CAREFULLY STUDY THIS PROSPECTUS, AND YOU SHOULD CONSIDER ALL RISK FACTORS BEFORE INVESTING IN THE TRUST. PLEASE REFER TO &#8220;RISK FACTORS&#8221;
BEGINNING ON PAGE 11. </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><b>THE TRUST IS NOT A MUTUAL FUND REGISTERED UNDER
THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE &#8220;1940 ACT&#8221;) AND IS NOT SUBJECT TO REGULATION UNDER THE 1940 ACT. THE TRUST
IS NOT A COMMODITY POOL FOR PURPOSES OF THE COMMODITY EXCHANGE ACT OF 1936, AS AMENDED (THE &#8220;CEA&#8221;), AND THE SPONSOR IS NOT
SUBJECT TO REGULATION BY THE COMMODITY FUTURES TRADING COMMISSION (THE &#8220;CFTC&#8221;) AS A COMMODITY POOL OPERATOR OR A COMMODITY
TRADING ADVISOR. THE TRUST&#8217;S SHARES ARE NEITHER INTERESTS IN NOR OBLIGATIONS OF THE SPONSOR OR THE TRUSTEE OR ANY OF THEIR RESPECTIVE
AFFILIATES. </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><b>NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION
HAS APPROVED OR DISAPPROVED OF THE SECURITIES OFFERED IN THIS PROSPECTUS, OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">_______________________________</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>The date of this Prospectus is [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;],
2023</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TABLE OF CONTENTS </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 95%; padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</span></td>
    <td style="white-space: nowrap; width: 5%; text-align: right"><span style="font-size: 10pt">2</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">PROSPECTUS SUMMARY</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">3</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">RISK FACTORS</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">9</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">BITCOIN, BITCOIN MARKET, BITCOIN EXCHANGES AND REGULATION OF BITCOIN</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">31</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">THE TRUST AND BITCOIN PRICES</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">35</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">CALCULATION OF NAV</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">37</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">ADDITIONAL INFORMATION ABOUT THE TRUST</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">38</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">THE TRUST&#8217;S SERVICE PROVIDERS</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">39</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">CUSTODY OF THE TRUST&#8217;S ASSETS</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">40</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">FORM OF SHARES</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">40</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">PLAN OF DISTRIBUTION</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">41</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">CREATION AND REDEMPTION OF SHARES</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">42</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">USE OF PROCEEDS</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">45</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">OWNERSHIP OR BENEFICIAL INTEREST IN THE TRUST</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">45</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">CONFLICTS OF INTEREST</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">46</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">DUTIES OF THE SPONSOR</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">47</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">LIABILITY AND INDEMNIFICATION</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">47</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">PROVISIONS OF FEDERAL AND STATE SECURITIES LAWS</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">48</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">MANAGEMENT; VOTING BY SHAREHOLDERS</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">48</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">BOOKS AND RECORDS</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">48</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">STATEMENTS, FILINGS, AND REPORTS TO SHAREHOLDERS</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">49</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">FISCAL YEAR</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">49</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">GOVERNING LAW; CONSENT TO DELAWARE JURISDICTION</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">49</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">LEGAL MATTERS</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">49</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">50</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">PURCHASES BY EMPLOYEE BENEFIT PLANS</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">53</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">INFORMATION YOU SHOULD KNOW</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">53</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">INTELLECTUAL PROPERTY</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">54</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">54</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">APPENDIX A</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">55</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><br />
</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">This Prospectus includes &#8220;forward-looking
statements&#8221; which generally relate to future events or future performance. In some cases, you can identify forward-looking statements
by terminology such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;plan,&#8221; &#8220;anticipate,&#8221;
&#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;predict,&#8221; &#8220;potential&#8221; or the negative of these terms or other
comparable terminology. All statements (other than statements of historical fact) included in this Prospectus that address activities,
events or developments that will or may occur in the future, including such matters as movements in the cryptocurrencies markets and indexes
that track such movements, the Trust&#8217;s operations, the Sponsor&#8217;s plans and references to the Trust&#8217;s future success
and other similar matters, are forward-looking statements. These statements are only predictions. Actual events or results may differ
materially. These statements are based upon certain assumptions and analyses the Sponsor has made based on its perception of historical
trends, current conditions and expected future developments, as well as other factors appropriate in the circumstances. Whether or not
actual results and developments will conform to the Sponsor&#8217;s expectations and predictions, however, is subject to a number of risks
and uncertainties, including the special considerations discussed in this Prospectus, general economic, market and business conditions,
changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world
economic and political developments. Consequently, all the forward-looking statements made in this Prospectus are qualified by these cautionary
statements, and there can be no assurance that actual results or developments the Sponsor anticipates will be realized or, even if substantially
realized, that they will result in the expected consequences to, or have the expected effects on, the Trust&#8217;s operations or the
value of its Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PROSPECTUS SUMMARY </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><i>This is only a summary of the information contained
in this Prospectus and, while it contains material information about the Trust and its Shares, it does not contain or summarize all of
the information about the Trust and the Shares contained in this Prospectus that is material and/or which may be important to you. You
should read this entire Prospectus before making an investment decision about the Shares. For a glossary of defined terms, see Appendix
A. </i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><i>As used below, Bitcoin with an uppercase &#8220;B&#8221;
is used to describe the system as a whole that is involved in maintaining the ledger of bitcoin ownership and facilitating the transfer
of bitcoin among parties. When referring to the digital asset within the Bitcoin network, bitcoin is written with a lower case &#8220;b.&#8221;
</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Overview of the Trust, the Sponsor and Certain other Service Providers
</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The WisdomTree Bitcoin Trust (the &#8220;Trust&#8221;)
is an exchange-traded fund that issues common shares of beneficial interest (the &#8220;Shares&#8221;) that will be listed on the Cboe
BZX Exchange, Inc. (the &#8220;Exchange&#8221;) and will trade under a ticker symbol &#8220;BTCW.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">WisdomTree Digital Commodity Services, LLC (the
&#8220;Sponsor&#8221;) is the sponsor of the Trust, Delaware Trust Company (the &#8220;Trustee&#8221;) is the trustee of the Trust, and
U.S. Bank, National Association (the &#8220;Custodian&#8221;) is the custodian of the Trust, who will itself, or through a subcustodial
relationship, hold all of the Trust&#8217;s bitcoin on the Trust&#8217;s behalf.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>The Trust&#8217;s Investment Objective and Strategies </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust&#8217;s investment objective is to gain
exposure to the price of bitcoin, less expenses and liabilities of the Trust&#8217;s operations. In seeking to achieve its investment
objective, the Trust will hold bitcoin and will value its Shares daily based on the value of bitcoin as reflected by the CF Bitcoin US
Settlement Price (the &#8220;Reference Rate&#8221;), which is an independently calculated value based on an aggregation of executed trade
flow of major bitcoin spot exchanges. The Reference Rate currently uses substantially the same methodology as the CME CF Bitcoin Reference
Rate (&#8220;BRR&#8221;), including utilizing the same five bitcoin exchanges, which is the underlying rate to determine settlement of
CME bitcoin futures contracts, except that the Reference Rate is calculated as of 4 pm Eastern time, whereas the BRR is calculated as
of 4 pm London time. There can be no assurance that the Trust will achieve its investment objective.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Barring the liquidation of the Trust or extraordinary
circumstances, the Trust does not currently intend to purchase or sell bitcoin directly, although the Sponsor may direct the Custodian
to sell bitcoin to pay certain expenses, including to pay the Sponsor&#8217;s fee. Instead, when it sells or redeems its Shares, it will
do so in &#8220;in-kind&#8221; transactions. Financial firms that are authorized to purchase or redeem Shares with the Trust (known as
&#8220;Authorized Participants&#8221;) will deliver, or facilitate the delivery of, bitcoin to the Trust&#8217;s account with the Custodian
in exchange for Shares when they purchase Shares, and the Trust, through the Custodian, will deliver bitcoin to such Authorized Participants
when they redeem Shares from the Trust. The Transfer Agent (as defined below) will facilitate the processing of purchase and sale orders
in Baskets from the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">An investment in the Shares is anticipated to
be:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 25pt">&#8226;</td><td><i>Easily Accessible. </i>As the Shares are listed on the Exchange, investors can indirectly invest in a portfolio comprised of bitcoin
through a traditional brokerage account. The Trust provides investors with the opportunity to access the market for bitcoin through a
traditional brokerage account without the potential barriers to entry or risks involved with holding or transferring bitcoin directly,
acquiring it from a bitcoin exchange, or mining it. Investors may be able to more effectively implement strategic and tactical asset allocation
strategies by investing in the Shares as compared to other means of investing in bitcoin.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-indent: -25pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 25pt">&#8226;</td><td><i>Exchange-traded and Transparent. </i>The Shares trade on the Exchange, providing investors with an efficient means to implement
various investment strategies. Furthermore, the Sponsor undertakes to cause the Trust&#8217;s holdings in bitcoin to be posted at www.wisdomtree.com
daily, providing investors with a clear and timely picture of the Trust&#8217;s holdings in bitcoin.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 25pt">&#8226;</td><td><i>Competitively Priced. </i>The Sponsor&#8217;s fee and certain other expenses paid by the Trust represent costs to an investor in
the Shares. An investor&#8217;s decision to purchase Shares may be influenced by such fees and expenses relative to the costs associated
with investing in bitcoin by other means.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Bitcoin and the Bitcoin Network </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Bitcoin is believed to have been largely conceptualized
in 2008 and in early 2009 the first-ever bitcoin was mined. Bitcoin is a system for decentralized digital value exchange that is designed
to enable units of bitcoin to be transferred across borders without the need for currency conversion. Bitcoin is not legal tender. The
supply of bitcoin is not determined by a central government, but rather by an open-source software program that limits both the total
amount of bitcoin that will be produced and the rate at which it is released into the network. The responsibility for maintaining the
official ledger of who owns what bitcoin and for validating new bitcoin transactions is not entrusted to any single central entity. Instead,
it is distributed among the network&#8217;s participants.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Bitcoin was designed to be a scarce digital asset
that allowed peer-to-peer transfers of value in an environment whereby value could be transferred without the need for a central authority.
The underlying protocol is essentially an amalgamation of existing digital practices but is built on a foundation of encryption and cryptography,
hence the common name &#8220;cryptocurrency.&#8221; The ability to store value digitally with no central authority providing verification
is achieved through distributed ledger &#8211; essentially a peer-to-peer network that shares a record of all transactions and verifies
all new ones by each member checking them against the rules of the protocol and coming to consensus.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Bitcoin is based on the decentralized, open-source
protocol of a peer-to-peer electronic network (the &#8220;Bitcoin network&#8221;). No single entity owns or operates the Bitcoin network.
Bitcoin is not issued by governments, banks or any other centralized authority. The infrastructure of the Bitcoin network is collectively
maintained on a distributed basis by the network&#8217;s participants, consisting of &#8220;miners,&#8221; who run special software to
validate transactions, developers, who maintain and contribute updates to the Bitcoin network&#8217;s source code, and users, who download
and maintain on their individual computer a full or partial copy of the Bitcoin Blockchain (as defined below) and related software. Anyone
can be a user, developer, or miner. The Bitcoin network is accessed through software, and software governs bitcoin&#8217;s creation, movement,
and ownership. The source code for the Bitcoin network and related software protocol is open-source, and anyone can contribute to its
development. The value of bitcoin is, in part, determined by the supply of, and demand for, bitcoin in the global markets for the trading
of bitcoin, market expectations for the adoption of bitcoin as a decentralized store of value, the number of merchants and/or institutions
that accept bitcoin as a form of payment, and the volume of peer-to-peer transactions, among other factors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">As part of the Bitcoin network, bitcoin transaction
and ownership records are reflected on the Bitcoin blockchain, which is a digital public recordkeeping system or ledger (the &#8220;Bitcoin
Blockchain&#8221;). The buying, holding and selling of bitcoin is very different than the buying, holding and selling of more conventional
instruments like cash, stocks or bonds. For example, bitcoin must either be acquired through the process of &#8220;mining&#8221; (as further
described below), obtained in a peer-to-peer transaction, or purchased through an online trading platform where bitcoin is sold (each
a &#8220;bitcoin exchange&#8221;) or other intermediary, such as a broker in the institutional over-the-counter (&#8220;OTC&#8221;) market.
Peer-to-peer transactions may be difficult to arrange, and involve complex and potentially risky procedures around safekeeping, transferring
and holding the bitcoin. Alternatively, purchasing bitcoin on a bitcoin exchange requires choosing a bitcoin exchange, opening an account,
and transferring money from a bank account or credit card to the bitcoin exchange in order to purchase the bitcoin.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Some bitcoin exchanges have been subject to unauthorized cybersecurity
breaches (&#8220;hacks&#8221;), resulting in significant losses to end users.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Miners authenticate and bundle bitcoin transactions
sequentially into files called &#8220;blocks,&#8221; which requires performing computational work to solve a cryptographic puzzle set
by the Bitcoin network&#8217;s software protocol. Because each solved block contains a reference to the previous block, they form a chronological
&#8220;chain&#8221; back to the first bitcoin transaction. Copies of the Bitcoin Blockchain are stored in a decentralized manner on the
computers of each individual Bitcoin network full node, i.e., any user who chooses to maintain on their computer a full copy of the Bitcoin
Blockchain as well as related software. Each bitcoin is associated with a set of unique cryptographic &#8220;keys,&#8221; in the form
of a string of numbers and letters, which allow whoever is in possession of the private key to assign that bitcoin in a transfer that
the Bitcoin network will recognize.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust&#8217;s Sponsor believes that the bitcoin
market has matured such that it is operating at a level of efficiency and scale similar in material respects to established global equity,
fixed income and commodity markets. The Sponsor believes that this maturation is indicated by various objective factors, including, but
not limited to:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>the launch of futures contracts for bitcoin on major, established and regulated commodity futures exchanges in the United States;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>the subsequent growth of significant trading volume in those futures contracts;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>increased participation by established institutional firms (<i>e.g.,</i> MassMutual) and publicly traded companies of all types (<i>e.g.,</i>
Tesla), that are both helping to drive demand for bitcoin and building out its market and blockchain infrastructures to accommodate established
investment channels and bitcoin applications beyond investment;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>the public offering of shares in registered investment companies, including ETFs, that invest primarily in bitcoin futures pursuant
to a registration statement declared effective by the SEC, and the offering of interests in private investment vehicles that invest in
bitcoin by numerous investment managers;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>the arrival of major, established market makers that rely on sophisticated and technologically enabled trading systems to arbitrage
price discrepancies that may appear between bitcoin prices on different bitcoin exchanges;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>the development of a robust bitcoin lending market;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>a significant expansion in the availability of institutional-quality custody services from regulated third-party custodians;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>the confirmation by the Office of the Comptroller of the Currency that national banks may provide custody services for bitcoin and
other virtual currencies; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>the advent and increasing prevalence of significant insurance on custodied assets held at third-party custodians.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">These factors, among others, have combined to
improve the efficiency of the bitcoin market, creating a dynamic, institutional-quality, two-sided market. For more information on bitcoin
and the Bitcoin network, see &#8220;Bitcoin, Bitcoin Market, Bitcoin Exchanges and Regulation of Bitcoin&#8221; below.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>The CF Bitcoin US Settlement Price </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Reference Rate, which was introduced on January&#160;27,
2021, is based on materially the same methodology (except calculation time) as the Administrator&#8217;s BRR, which was first introduced
on November&#160;14, 2016 and is the rate on which bitcoin futures contracts are cash-settled in U.S. dollars at the CME. The Reference
Rate is designed based on the IOSCO Principals for Financial Benchmarks. The administrator of the Reference Rate is CF Benchmarks Ltd.
(the &#8220;Benchmark Administrator&#8221;), and is a member of the Crypto Facilities group of companies which is in turn a member of
the Payward, Inc. group of companies. Payward, Inc. is the owner and operator of the Kraken Exchange. The Reference Rate is calculated
daily and aggregates the notional value of bitcoin trading activity across major bitcoin spot exchanges.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Sponsor believes that the use of the Reference
Rate is reflective of a reasonable valuation of the average spot price of bitcoin and that resistance to manipulation is a priority aim
of its design methodology. The methodology: (i)&#160;takes an observation period and divides it into equal partitions of time; (ii)&#160;then
calculates the volume-weighted median of all transactions within each partition; and (iii)&#160;the value is determined from the arithmetic
mean of the volume-weighted medians, equally weighted. By employing the foregoing steps, the Reference Rate thereby seeks to ensure that
transactions in bitcoin conducted at outlying prices do not have an undue effect on the value of a specific partition, large trades or
clusters of trades transacted over a short period of time will not have an undue influence on the index level, and the effect of large
trades at prices that deviate from the prevailing price are mitigated from having an undue influence on the benchmark level.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In addition, the Sponsor notes that an oversight
function is implemented by the Benchmark Administrator in seeking to ensure that the Reference Rate is administered through codified policies
for Reference Rate integrity.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Reference Rate data and the description of the
Reference Rate are based on information made publicly available by the Benchmark Administrator on its website at https://www.cfbenchmarks.com.
<b>None of the information on the Benchmark Administrator&#8217;s website is incorporated by reference into this prospectus</b>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Emerging Growth Company Status </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust is an &#8220;emerging growth company&#8221;
as defined in the Jumpstart Our Business Startups Act of 2012 (the &#8220;JOBS Act&#8221;). An emerging growth company may take advantage
of specified reduced reporting requirements and is relieved of certain other significant requirements that are otherwise generally applicable
to public companies. For as long as the Trust is an emerging growth company, unlike other public companies, it will not be required to,
among other things:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>provide an auditor&#8217;s attestation report on management&#8217;s assessment of the effectiveness of our system of internal control
over financial reporting pursuant to Section&#160;404(b) of the Sarbanes-Oxley Act of 2002; or</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>comply with any new audit rules adopted by the Public Company Accounting Oversight Board after April&#160;5, 2012, unless the SEC
determines otherwise.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust will cease to be an &#8220;emerging
growth company&#8221; upon the earliest of (i)&#160;it having $1.0&#160;billion or more in annual revenues, (ii)&#160;at least $700&#160;million
in market value of Shares being held by non-affiliates, (iii)&#160;it issuing more than $1.0&#160;billion of non-convertible debt over
a three-year period or (iv)&#160;the last day of the fiscal year following the fifth anniversary of its initial public offering.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In addition, Section&#160;107 of the JOBS Act
also provides that an emerging growth company can take advantage of the extended transition period provided in Section&#160;7(a)(2)(B)
of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the
adoption of certain accounting standards until those standards would otherwise apply to private companies.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>The Trust&#8217;s Legal Structure </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust is a Delaware statutory trust, formed
on March 8, 2021 pursuant to the Delaware Statutory Trust Act. The Trust continuously issues common shares representing fractional undivided
beneficial interest in and ownership of the Trust that may be purchased and sold on the Exchange. The Trust operates pursuant to the Declaration
of Trust and Trust Agreement (the &#8220;Trust Agreement&#8221;), dated as of [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;].
Delaware Trust Company, a Delaware trust company, is the Delaware trustee of the Trust (the &#8220;Trustee&#8221;). The Trust is managed
and controlled by the Sponsor. The Sponsor is a limited liability company formed in the state of Delaware on March&#160;5, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Principal Offices </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trustee&#8217;s principal office is located
at 251 Little Falls Drive, Wilmington, DE 19808. The Sponsor&#8217;s address is 250 West 34th Street, 3rd Floor, New York, NY 10119,
and its telephone number is 866-909-9473 (WISE). The Transfer Agent&#8217;s, Administrator&#8217;s and Fund Accountant&#8217;s principal
office is located at 615 East Michigan Street, Milwaukee, WI 53202. The Custodian&#8217;s address is U.S. Bank Tower, 425 Walnut Street,
Cincinnati, OH 45202.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>The Trust&#8217;s Service Providers </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Sponsor </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Sponsor arranged for the creation of the Trust
and is responsible for the ongoing registration of the Shares for their public offering in the United States and the listing of Shares
on the Exchange. In addition, the Sponsor:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt">(i) selects the Trustee, Administrator, Transfer Agent,
Custodian, Marketing Agent and the Trust&#8217;s auditor;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt">(ii) negotiates various agreements and fees; and</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt">(iii) performs such other services as the Sponsor believes
that the Trust may from time to time require.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">As further described below, (i)&#160;the Trust
will pay the Sponsor a fee for its services provided to the Trust; and (ii)&#160;the Sponsor has agreed to pay all routine operational,
administrative and ordinary expenses of the Trust. The Sponsor will not be reimbursed in connection with the payment of such expenses.&#160;&#160;&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Trustee </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trustee, a Delaware trust company, acts as
the trustee of the Trust as required to create a Delaware statutory trust in accordance with the Declaration of Trust and the Delaware
Statutory Trust Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Administrator </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">U.S. Bancorp Fund Services, LLC dba U.S. Bank
Global Fund Services (&#8220;U.S. Bank Global&#8221;) serves as the Trust&#8217;s administrator (the &#8220;Administrator&#8221;). Under
the Fund Administration Servicing Agreement, the Administrator provides certain services necessary for the administration of the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Fund Accountant </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">U.S. Bank Global serves as the Trust&#8217;s fund
accountant (the &#8220;Fund Accountant&#8221;). Under the Fund Accounting Servicing Agreement, the Fund Accountant provides certain services
necessary for the operation of the Trust, including net asset value calculations and accounting services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Transfer Agent </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">U.S. Bank Global also serves as the transfer agent
for the Trust (the &#8220;Transfer Agent&#8221;). Under the Transfer Agency Servicing Agreement, the Transfer Agent facilitates the issuance
and redemption of Shares of the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Custodian </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">U.S. Bank, National Association, serves as the
Trust&#8217;s custodian (the &#8220;Custodian&#8221;). Under the Custody Agreement, the Custodian is responsible for safekeeping all of
the bitcoin owned by the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Marketing Agent </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Foreside Financial Services, LLC (the &#8220;Marketing
Agent&#8221;) is responsible for reviewing and approving the marketing materials prepared by the Trust for compliance with applicable
SEC and FINRA advertising laws, rules, and regulations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>The Trust&#8217;s Fees and Expenses </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust will pay the Sponsor a fee of [&#160;&#160;&#160;&#160;]%
(the &#8220;Sponsor Fee&#8221;). The Sponsor Fee is calculated on a daily basis (accrued at 1/365 of the applicable percentage of the
net asset value (the &#8220;NAV&#8221;) on that day) and paid on a monthly basis. The Sponsor Fee will accrue and be payable in U.S. dollars.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Sponsor from time to time will direct the
Custodian to sell bitcoin in such quantity as is necessary to permit payment of the Sponsor Fee and may also direct the Custodian to sell
bitcoin in such quantities as may be necessary to permit the payment of Trust expenses and liabilities not assumed by the Sponsor. The
Trustee is authorized to direct the Custodian to sell bitcoin at such times and in the smallest amounts required to permit such payments
as they become due, it being the intention to avoid or minimize the Trust&#8217;s holdings of assets other than bitcoin. Accordingly,
the amount of bitcoin to be sold may vary from time to time depending on the level of the Trust&#8217;s expenses and liabilities and the
market price of bitcoin.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust pays all of the Trust&#8217;s extraordinary
fees and expenses generally, if any, as determined by the Sponsor. Extraordinary fees and expenses are likely to include non-recurring
fees such as legal claims and liabilities, litigation costs and any permitted indemnification payments related thereto, if any, but the
Sponsor has discretion to treat other unanticipated expenses as extraordinary fees and expenses. Routine operational, administrative and
other ordinary fees and expenses will not be deemed extraordinary fees and expenses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Understanding Custody (Storage) of Digital Assets such as Bitcoin
</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There 2 main options for storage:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td><span style="text-decoration: underline">Hot storage</span>: Private keys used to sign transactions and prove ownerships of funds are held on online devices, that is to say
connected to internet, and therefore do not require human intervention to extract. As it is online it is more accessible, but it is more
likely to be attacked. Common market practice is to only keep a small amount of a given cryptocurrency in hot wallets for trading, quick
transfer etc. Attacks on cryptocurrencies and hacking of private keys generally impacts hot wallet storage.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td><span style="text-decoration: underline">Cold storage:</span> Private keys used to sign transactions and prove ownerships of funds are held on offline devices (<i>i.e.,</i>
without connection to the internet) and therefore requires human intervention to extract. This feature makes it more secure, as further
described immediately below, but more difficult to access.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Custody (Storage) of the Trust&#8217;s Assets </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust&#8217;s Custodian will keep custody
of all of the Trust&#8217;s bitcoin and expects to use a subcustodial relationship with a subcustodian (the &#8220;Subcustodian&#8221;)
in order to keep a substantial portion of the private keys associated with the Trust&#8217;s bitcoin in cold storage or similarly secure
technology. Cold storage is a safeguarding method with multiple layers of protections and protocols, by which the private key(s) corresponding
to the Trust&#8217;s bitcoin is (are) generated and stored in an offline manner. Private keys are generated in offline computers that
are not connected to the internet so that they are resistant to being hacked.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Cold storage of private keys may involve keeping
such keys in an offline environment or non-networked computer or electronic device or storing the public key and private keys on a storage
device (for example, a USB thumb drive) or printed medium and deleting the keys from all computers. Through its Subcustodian, the Custodian
may receive deposits of bitcoin but may not send bitcoin without use of the corresponding private keys. In order to send bitcoin when
the private keys are kept in cold storage, either the private keys must be retrieved from cold storage and entered into a software program
to sign the transaction, or the unsigned transaction must be sent to the &#8220;cold&#8221; server in which the private keys are held
for signature by the private keys. At that point, the Custodian or the Subcustodian can transfer the bitcoin. Investors should, however,
be aware that bitcoin in transit from Authorized Participants to cold storage or from cold storage to Authorized Participants will be
exposed to the internet.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust&#8217;s Transfer Agent will facilitate
the settlement of Shares in response to the placement of creation orders and redemption orders from Authorized Participants. Barring the
liquidation of the Trust or extraordinary</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">circumstances, the Trust generally does not intend to hold cash or
cash equivalents. However, there may be situations where the Trust will unexpectedly hold cash on a temporary basis.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Net Asset Value </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">NAV means the total assets of the Trust including,
but not limited to, all bitcoin, cash or other assets, less total liabilities of the Trust, each determined on the basis of generally
accepted accounting principles in the U.S., consistently applied under the accrual method of accounting.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Administrator calculates the NAV of the Trust
and NAV per Share once each day that the Exchange is open for regular trading. The Trust&#8217;s daily activities are generally not reflected
in the NAV determined for the Business Day on which the transactions are effected (the trade date), but rather on the following Business
Day. The Sponsor undertakes to post each daily NAV and NAV per Share at <span style="text-decoration: underline">www.wisdomtree.com</span>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Plan of Distribution </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust offers Shares in Baskets to Authorized
Participants. See &#8220;<i>Creation and Redemption of Shares.</i>&#8221; Authorized Participants may then offer Shares to the public
at prices that depend on various factors, including the supply and demand for Shares, the value of the Trust&#8217;s assets, and market
conditions at the time of a transaction. The initial Authorized Participant is expected to be [&#160;&#160;&#160;&#160;]. Investors who
buy or sell Shares during the day from their broker may do so at a premium or discount relative to the NAV of the Shares of the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The offering of the Shares is a best efforts offering.
The Trust does not intend to issue fractions of a Basket. The Shares are traded on the Exchange under the symbol &#8220;BTCW.&#8221; Investors
that purchase Shares through a commission or fee-based brokerage account may pay commissions or fees charged by the brokerage account.
Investors should review the terms of their brokerage accounts for details on applicable charges.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Federal Income Tax Considerations </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">It is expected that owners of Shares will be treated,
for U.S. federal income tax purposes, as if they own a proportionate share of the assets of the Trust, as if they directly receive a proportionate
share of any income of the Trust, and as if they will incur a proportionate share of the expenses of the Trust. Consequently, each sale
of bitcoin by the Trust (which includes under current Internal Revenue Service (&#8220;IRS&#8221;) guidance using bitcoin to pay expenses
of the Trust) would constitute a taxable event to shareholders. See &#8220;United States Federal Income Tax Consequences&#8212;Taxation
of U.S. Shareholders.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Use of Proceeds </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Proceeds received by the Trust from the issuance
of Baskets consist of bitcoin. Such deposits are held by the Custodian on behalf of the Trust until (i)&#160;delivered out in connection
with redemptions of Baskets or (ii)&#160;sold by the Custodian at the direction of the Trustee to pay fees due to the Sponsor and Trust
expenses and liabilities not assumed by the Sponsor.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risk Factors </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">An investment in the Trust involves significant
risks. Some of the risks you may face are summarized below. A more extensive discussion of these risks appears beginning on page [&#160;&#160;&#160;&#160;].</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>There can be no assurance that the Trust will achieve its investment objective.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>There is no assurance as to whether the Trust will be profitable or meet its expenses and liabilities.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>An investment in the Trust carries with it the inherent risks associated with investments in bitcoin, the trading prices for which
have exhibited high levels of volatility. Because of such volatility, Shareholders could lose all or substantially all of their investment
in the Trust.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Investors considering a purchase of Shares of the Trust should carefully consider how much of their total assets should be exposed
to the bitcoin market, and should fully understand, be willing to assume, and have the financial resources necessary to withstand, the
risks involved in the Trust&#8217;s investment strategy, and be in a position to bear the potential loss of their entire investment in
the Trust.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>The bitcoin network is in the early stages of development and has a limited history, and there is no assurance that usage of bitcoin
network, and bitcoin itself, will continue to grow.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Regulation of bitcoin and the Bitcoin network continues to evolve in both the U.S. and foreign jurisdictions, which may result in
restrictions on the use of bitcoin or otherwise impact the demand for bitcoin.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Disruptions at bitcoin exchanges and in the OTC market could adversely affect the availability of bitcoin and the ability of Authorized
Participants to purchase or sell bitcoin and therefore their ability to create and redeem Shares of the Trust.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>The loss or destruction of certain &#8220;private keys,&#8221; including by the Custodian, could prevent the Trust from accessing
its bitcoin. Loss of these private keys may be irreversible and could result in the loss of all or substantially all of an investment
in the Trust.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>The Reference Rate has a limited history and the price of bitcoin reflected therein is an average composite reference rate calculated
using volume-weighted trading price data from certain bitcoin exchanges. These bitcoin exchanges may change over time and the Benchmark
Administrator may remove or add bitcoin exchanges to the Reference Rate in the future, as well as the provisions of its publicly available
criteria (the &#8220;CF Constituent Exchange Criteria&#8221;) accessible on its website at <span style="text-decoration: underline">www.cfbenchmarks.com</span>.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>The Trust&#8217;s return will likely not match the performance of the price of bitcoin because the Trust incurs operating expenses.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>The NAV of the Trust may not always correspond to the market price of its Shares for a number of reasons, including price volatility,
trading activity, normal trading hours for the Trust, the calculation methodology of the NAV, and/or the closing of bitcoin exchanges
due to fraud, failure, security breaches or otherwise. As a result, although all creations and redemptions are expected to take place
in-kind in transactions with Authorized Participants, Baskets may be created or redeemed at a dollar value that differs from the market
price of the Shares. Consequently, an Authorized Participant may be able to create or redeem a Basket of Shares at a discount or a premium
to NAV. Investors also should note that the size of the Trust in terms of total assets held may change substantially over time and from
time to time as Baskets are created and redeemed.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>RISK FACTORS </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><i>You should consider carefully the risks described
below before making an investment decision. You should also refer to the other information included in this prospectus, as well as information
found in documents incorporated by reference in this prospectus, before you decide to purchase any Shares. These risk factors may be amended,
supplemented or superseded from time to time by risk factors contained in any periodic report, prospectus supplement, post-effective amendment
or in other reports filed with the SEC in the future. </i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span style="text-decoration: underline">Risk Factors Associated with bitcoin and the Bitcoin Network
</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Digital assets such as bitcoin are relatively new, and the value
of the Shares is subject to a number of factors relating to the capabilities and development of blockchain technologies and to the fundamental
investment characteristics of digital assets that are uncertain and difficult to evaluate. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Digital assets such as bitcoin are relatively
new, and the value of the Shares is influenced by a wide variety of factors that are uncertain and difficult to evaluate, such as the
infancy of their development, their dependence on technologies such as cryptographic protocols, their dependence on the role played by
miners and developers and the potential for malicious activity. For example, the following are some of the risks could materially adversely
affect the value of the Shares:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Bitcoin&#8217;s lack of a physical form, reliance on technology for its creation, existence and transactional validation and its decentralization
may subject its integrity to the threat of malicious attacks and technological obsolescence.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>As an intangible asset without centralized issuers or governing bodies, bitcoin has been, and may in the future be, subject to security
breaches, cyberattacks or other malicious activities, as well as human errors or computer malfunctions that may result in the loss or
destruction of private keys needed to access such assets. While the Sponsor intends to take reasonable measures to secure the Trust&#8217;s
holdings in bitcoin, if such threats are realized or the measures or controls created or implemented to secure the bitcoin holdings fail,
it could result in a partial or total misappropriation or loss of the Trust&#8217;s bitcoin holdings, and the Trust&#8217;s financial
condition and operating results would be harmed.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>The trading prices of many digital assets, including bitcoin, have experienced extreme volatility in recent periods and may continue
to do so. The prevalence of such assets is a relatively recent trend, and their long-term adoption by investors, consumers and businesses
is unpredictable. For instance, there were steep increases in the value of certain digital assets, including bitcoin, over the course
of 2017, and multiple market observers asserted that digital assets were experiencing a &#8220;bubble.&#8221; These increases were followed
by steep drawdowns throughout 2018 in digital asset trading prices, including for bitcoin. Following the drawdowns, bitcoin prices increased
during 2019, decreased significantly again in early 2020 amidst broader declines as a result of the COVID-19 pandemic before increasing
later in the year, and increased again in early 2021 to reach all-time highs. There can be no assurance that such increases will continue
in the future, or that they will not be offset by declines. By way of example, even during such overall price increase in early 2021,
bitcoin experienced substantial price volatility, including decreases of over 10% in a single day. The bitcoin markets may still be experiencing
a bubble or may experience a bubble again in the future. Extreme volatility in the future, including further declines in the trading prices
of bitcoin, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their
value.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>The loss or destruction of a private key required to access a digital asset such as bitcoin may be irreversible. If a private key
is lost, destroyed or otherwise compromised, including by the Custodian, the Trust will be unable to access the bitcoin corresponding
to that private key, resulting in loss.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Digital asset networks and the software used to operate them are in the early stages of development. Digital assets have experienced,
and the Sponsor expects will experience in the future, sharp fluctuations in value. Given the infancy of the development of digital asset
networks, parties may be unwilling to transact in digital assets, which would dampen the growth, if any, of digital asset networks, including
the Bitcoin network.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Digital asset networks are dependent upon the internet. A disruption of the internet or a digital asset network, such as the Bitcoin
network, would affect the ability to transfer digital assets, including bitcoin, and, consequently, adversely affect their value.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Because bitcoins have no physical existence beyond the record of transactions on the Bitcoin blockchain, a variety of technical factors
related to the Bitcoin blockchain could also impact the price of bitcoin. For example, malicious attacks by &#8220;miners&#8221; who validate
bitcoin transactions, inadequate mining fees to incentivize validating of bitcoin transactions, hard &#8220;forks&#8221; of the Bitcoin
blockchain into multiple blockchains, and advances in quantum computing could undercut the integrity of the Bitcoin Blockchain and negatively
affect the price of bitcoin.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>The acceptance of software patches or upgrades by a significant, but not overwhelming, percentage of the users and miners in a digital
asset network, such as the Bitcoin network, could result in a &#8220;fork&#8221; in such network&#8217;s blockchain, resulting in the
creation of multiple separate networks, which could compete with one another for users, miners, and developers. This could adversely affect
the Bitcoin network and bitcoin prices.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Governance of many digital asset networks, including the Bitcoin network, is by voluntary consensus and open competition. As a result,
there may be a lack of consensus or clarity on the governance of the Bitcoin network, which may stymie the Bitcoin network&#8217;s utility
and ability to grow and solve challenges. In particular, it may be difficult to find solutions or martial sufficient effort to overcome
current or future problems on the Bitcoin network.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>The foregoing notwithstanding, the Bitcoin network&#8217;s software protocol is informally managed by a group of core developers that
propose amendments to the Bitcoin network&#8217;s source code.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>The core developers evolve over time, largely based on self-determined participation. To the extent that a significant majority of
users and miners adopt amendments to the Bitcoin network, the Bitcoin network will be subject to new protocols that may adversely affect
the value of bitcoin.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>The open-source structure of many digital asset network protocols, such as the protocol for the Bitcoin network, means that developers
and other contributors are generally not directly compensated for their contributions in maintaining and developing such protocols. As
a result, the developers and other contributors of a particular digital asset may lack a financial incentive to maintain or develop the
network, or may lack the resources to adequately address emerging issues. Alternatively, some developers may be funded by companies whose
interests are at odds with other participants in a particular digital asset network. A failure to properly monitor and upgrade the software
protocol of the Bitcoin network could damage the network, and adversely affect the value of bitcoin.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Bitcoin have only recently become selectively accepted as a means of payment by merchants and retail and commercial businesses, and
use of bitcoin by consumers to pay such merchants and businesses remains limited. Bitcoin&#8217;s price volatility may make retailers
less likely to accept it as a form of payment in the future.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Miners, developers and users may switch to or adopt certain digital asset networks at the expense of their engagement with other digital
asset networks, which may negatively impact those networks, including the Bitcoin network.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Over the past several years, digital asset mining operations have become more costly as they have evolved from individual users mining
with computer processors, graphics processing units and first generation application specific integrated circuit machines to &#8220;professionalized&#8221;
mining operations using specialized hardware or sophisticated machines. If the profit margins of digital asset mining operations are not
sufficiently high, digital asset miners are more likely to immediately sell digital assets, earned by mining, resulting in an increase
in liquid supply of that digital asset, which would generally tend to reduce that digital asset&#8217;s market price.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>To the extent that any miners cease to record transactions that do not include the payment of a transaction fee in solved blocks or
do not record a transaction because the transaction fee is too low, such transactions will not be recorded on the Bitcoin Blockchain until
a block is solved by a miner who does not require the payment of transaction fees or is willing to accept a lower fee. Any widespread
delays in the recording of transactions could result in a loss of confidence in the Bitcoin network.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>In the past, flaws in the source code for digital asset networks have been exposed and exploited, including flaws that disabled some
functionality for users, exposed users&#8217; personal information and/or resulted in the theft of users&#8217; digital assets. The cryptography
underlying Bitcoin could prove to be flawed or ineffective, or developments in mathematics and/or technology, such as advances in quantum
computing, could result in such cryptography becoming ineffective, enabling a malicious actor to take the Trust&#8217;s bitcoin, which
would adversely affect the value of the Shares. Even if another digital asset other than bitcoin were affected by similar circumstances,
any reduction in confidence in the robustness of the source code or cryptography underlying digital assets generally could negatively
affect the demand for all digital assets, including bitcoin, and therefore adversely affect the value of the Shares.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Banks and other established financial institutions may refuse to process funds for bitcoin transactions; process wire transfers to
or from bitcoin exchanges, bitcoin-related companies or service providers; or maintain accounts for persons or entities transacting in
bitcoin. This could dampen liquidity in the market and damage the public perception of digital assets generally or any one digital asset
in particular, such as bitcoin, and their or its utility as a payment system, which could decrease the price of digital assets generally
or individually.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Additionally, because digital assets, including
bitcoin, have been in existence for a short period of time and are continuing to develop, there may be additional risks in the future
that are impossible to predict or evaluate as of the date of this registration statement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The value of the Shares relates directly to the value of bitcoin,
the value of which may be highly volatile and subject to fluctuations due to a number of factors. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The value of the Shares relates directly to the
value of the bitcoin held by the Trust. The price of bitcoin has fluctuated widely and may continue to experience significant price fluctuations,
which could adversely affect the value of the Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The price of bitcoin could drop precipitously
(including to zero). Several factors may affect the price of bitcoin, including:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Regulatory changes, whether in or outside the United States, which inhibit (or ban) the holding and/or transacting in bitcoin. For
example, the application of securities laws and other regulations to such assets is unclear in many respects, and it is possible that
regulators in the United States or foreign countries may create new regulations or interpret laws in a manner that adversely affects the
price of bitcoin. The growth of the digital assets industry in general, and the use and acceptance of bitcoin in particular, may also
impact the price of bitcoin and is subject to a high degree of uncertainty.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Global bitcoin supply, which is estimated at [&#160;&#160;&#160;&#160;] as of [&#160;&#160;&#160;&#160;]. The pace of worldwide growth
in the adoption and use of bitcoin may depend, for instance, on public familiarity with digital assets, ease of buying and accessing bitcoin,
institutional demand for bitcoin as an investment asset, consumer demand for bitcoin as a means of payment, and the availability and popularity
of alternatives to bitcoin. Even if growth in bitcoin adoption occurs in the near or medium-term, there is no assurance that bitcoin usage
will continue to grow over the long term;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>The adoption of bitcoin as a medium of exchange, store-of-value or other consumptive asset and the maintenance and development of
the open-source software protocol of the Bitcoin network, and speculative expectations related thereto;</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Forks in the Bitcoin network;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Investors&#8217; expectations with respect to interest rates, the rates of inflation of fiat currencies or bitcoin, and digital asset
and fiat currency conversion and exchange rates;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Monetary policies of governments, trade restrictions, currency devaluations and revaluations and regulatory measures or enforcement
actions, if any, that restrict the use of bitcoin as a form of payment or the purchase of bitcoin on the bitcoin markets;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Increased competition from other forms of digital assets or payment services, including digital currencies constituting legal tender
that may be issued in the future by central banks, or digital assets meant to serve as a medium of exchange by major private companies
or other institutions.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Global or regional political, economic or financial conditions, events and situations, such as the novel coronavirus outbreak;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Consumer and investor preferences and perceptions of bitcoin specifically and digital assets generally;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Decreased confidence in bitcoin exchanges generally due the failure of certain bitcoin exchanges or their being subject to hacks,
service outages, or manipulative trading activity, as well as to the lack of regulation and transparency associated with some of them;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Fiat currency withdrawal and deposit policies on bitcoin exchanges;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>The liquidity of bitcoin markets;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Levels of speculative interest and trading activity in bitcoin and other digital asset markets;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Investment and trading activities of large holders of bitcoin;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>A &#8220;short squeeze&#8221; resulting from speculation on the price of bitcoin, if aggregate short exposure exceeds the number of
Shares available for purchase;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>An active derivatives market for bitcoin or for digital assets generally; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Fees associated with processing a bitcoin transaction and the speed at which bitcoin transactions are settled.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust is not actively managed and does not
and will not have any strategy relating to the development of the Bitcoin network. Furthermore, the Sponsor cannot be certain as to the
impact of the expansion of its bitcoin holdings on the digital asset industry and the Bitcoin network. A decline in the popularity or
acceptance of the Bitcoin network would harm the value of the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Bitcoin transactions are irrevocable and stolen or incorrectly
transferred bitcoin may be irretrievable. As a result, any incorrectly executed bitcoin transactions could adversely affect an investment
in the Trust. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Bitcoin transactions are not reversible. Once
a transaction has been verified and recorded in a block that is added to the Bitcoin Blockchain, an incorrect transfer of cryptocurrency,
such as bitcoin, or a theft of bitcoin generally will not be reversible and the Trust may not be capable of seeking compensation for any
such transfer or theft. To the extent that the Trust is unable to successfully seek redress for such error or theft, such loss could adversely
affect an investment in the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The custody of the Trust&#8217;s bitcoin is handled
by the Custodian, itself or through its subcustodial relationship with the Subcustodian. The Sponsor has evaluated the procedures and
internal controls of the Trust&#8217;s Custodian to safeguard the Trust&#8217;s bitcoin holdings. However, if the Custodian&#8217;s internal
procedures and controls are inadequate to safeguard the Trust&#8217;s bitcoin holdings, and the Trust&#8217;s private key(s) is (are)
lost, destroyed or otherwise damaged or compromised and no backup of the private key(s) is (are) accessible, the Trust will be unable
to access its bitcoin, which could adversely affect an investment in the Shares of the Trust. When used to sign transactions, the risk
of private key theft is heightened as security measures like encryption need to be reversed in order to access and use the private key.
In addition, if the Trust&#8217;s private key(s) is (are) misappropriated and the Trust&#8217;s bitcoin holdings are stolen, including
from or by the Custodian, the Trust could lose some or all of its bitcoin holdings, which could adversely impact an investment in the
Shares of the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Security threats to the Trust&#8217;s account with the Custodian
or Subcustodian could result in the halting of Trust operations and a loss of Trust assets or damage to the reputation of the Trust, each
of which could result in a reduction in the price of the Shares. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Security breaches, computer malware and computer
hacking attacks have been a prevalent concern in relation to digital assets. The Sponsor believes that the Trust&#8217;s bitcoin held
in the Trust&#8217;s account with the Custodian or Subcustodian will be an appealing target to hackers or malware distributors seeking
to destroy, damage or steal the Trust&#8217;s bitcoin and will only become more appealing as the Trust&#8217;s assets grow. To the extent
that the Trust, the Sponsor or the Custodian or Subcustodian is unable to identify and mitigate or stop new security threats or otherwise
adapt to technological changes in the digital asset industry, the Trust&#8217;s bitcoin may be subject to theft, loss, destruction or
other attack.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Sponsor has evaluated the security procedures
in place for safeguarding the Trust&#8217;s bitcoin. Nevertheless, the security procedures cannot guarantee the prevention of any loss
due to a security breach, software defect or act of God that may be borne by the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The security procedures and operational infrastructure
may be breached due to the actions of outside parties, error or malfeasance of an employee of the Sponsor, the Custodian, or otherwise,
and, as a result, an unauthorized party may obtain access to the Trust&#8217;s account with the Custodian or Subcustodian, the private
keys (and therefore bitcoin) or other data of the Trust. Additionally, outside parties may attempt to fraudulently induce employees of
the Sponsor, the Custodian, Subcustodian, or the Trust&#8217;s other service providers to disclose sensitive information in order to gain
access to the Trust&#8217;s infrastructure. As the techniques used to obtain unauthorized access, disable or degrade service, or sabotage
systems change frequently, or may be designed to remain dormant until a predetermined event and often are not recognized until launched
against a target, the Sponsor and the Custodian and Subcustodian may be unable to anticipate these techniques or implement adequate preventative
measures.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">An actual or perceived breach of the Trust&#8217;s
account with the Custodian or Subcustodian could harm the Trust&#8217;s operations, result in partial or total loss of the Trust&#8217;s
assets, damage the Trust&#8217;s reputation and negatively affect the market perception of the effectiveness of the Trust, all of which
could in turn reduce demand for the Shares, resulting in a reduction in the price of the Shares. The Trust may also cease operations,
suspend redemptions or suffer a reduction in assets, the occurrence of which could similarly result in a reduction in the price of the
Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The value of the Shares depends on the development and acceptance
of the Bitcoin network. The slowing or stopping of the development or acceptance of the Bitcoin network may adversely affect an investment
in the Trust. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Bitcoin network, including the cryptographic
and algorithmic protocols associated with the operation of the Bitcoin Blockchain, has only been in existence since 2009, and bitcoin
markets have a limited performance record, making them part of a new and rapidly evolving industry that is subject to a variety of factors
that are difficult to evaluate. The growth of the digital asset industry in general, and the Bitcoin network in particular, is subject
to a high degree of uncertainty.&#160;For example, the following are some of the risks that could materially adversely affect the value
of the Shares:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>As the Bitcoin network continues to develop and grow, certain technical issues might be uncovered and the troubleshooting and resolution
of such issues requires the attention and efforts of Bitcoin&#8217;s global development community.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>In August 2017, the Bitcoin network underwent a hard fork that resulted in the creation of a new digital asset network called Bitcoin
Cash. This hard fork was contentious, and as a result some users of the Bitcoin Cash network may harbor ill will toward the Bitcoin network.
These users may attempt to negatively impact the use or adoption of the Bitcoin network.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Also in August 2017, the Bitcoin Network was upgraded with a technical feature known as &#8220;Segregated Witness&#8221; with the
promise of increasing the number of transactions per second that can be handled on-chain and enabling so-called second layer solutions,
such as the Lightning Network or payment channels, that have the potential to increase transaction throughput by processing certain transactions
outside the main Bitcoin Blockchain. These upgrades may fail to achieve the expected benefits or widespread adoption, leading to a decline
in public support for, and the price of, bitcoin.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>It is possible that some of the largest bitcoin wallets are controlled by the same person or entity, or that other persons or entities
control multiple wallets that collectively hold a significant number of bitcoin, even if each wallet individually only holds a small amount.
As a result of this potential concentration of ownership, large sales by such holders may have an adverse effect on the market price of
bitcoin.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">There is no assurance that the Bitcoin network,
or the service providers necessary to accommodate it, will continue in existence or grow. Furthermore, there is no assurance that the
availability of and access to digital asset service providers will not be negatively affected by government regulation or supply and demand
of bitcoin.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>A disruption of the Internet may affect the operation of the
Bitcoin network, which may adversely affect the bitcoin industry and an investment in the Trust. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Bitcoin network relies on the Internet. A
significant disruption of Internet connectivity (i.e., one that affects large numbers of users or geographic regions) could disrupt the
Bitcoin network&#8217;s functionality and operations until the disruption in the Internet is resolved. A disruption in the Internet could
adversely affect an investment in the Trust or the ability of the Trust to operate.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Potential amendments to the Bitcoin network&#8217;s protocols
and software could, if accepted and authorized by the Bitcoin network community, adversely affect an investment in the Trust. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Bitcoin network uses a cryptographic protocol
to govern the interactions within the Bitcoin network. A loose community known as the core developers has evolved to informally manage
the source code for the protocol. Membership in the community of core developers evolve over time, largely based on self-determined participation
in the resource section dedicated to bitcoin on Github.com. The core developers can propose amendments to the Bitcoin network&#8217;s
source code that could alter the protocols and software of the Bitcoin network and the properties of bitcoin. These alterations would
occur through software upgrades, and could potentially include changes to the irreversibility of transactions and limitations on the mining
of new bitcoin. The Bitcoin network could be subject to new protocols and software that may adversely affect an investment in the Trust,
to the extent that a significant majority of the users and miners on the Bitcoin network install such software upgrades.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The open-source structure of the Bitcoin network protocol means
that the core developers and other contributors are generally not directly compensated for their contributions in maintaining and developing
the Bitcoin network protocol. A failure to properly monitor and upgrade the Bitcoin network protocol could damage the Bitcoin network
and an investment in the Trust. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Bitcoin network operates based on an open-source
protocol maintained by the core developers and other contributors, largely on the GitHub resource section dedicated to bitcoin development.
As the Bitcoin network protocol is not sold or made available subject to licensing or subscription fees and its use does not generate
revenues for its development team, the core developers are generally not compensated for maintaining and updating the Bitcoin network
protocol. Consequently, there is a lack of financial incentive for developers to maintain or develop the Bitcoin network and the core
developers may lack the resources to adequately address</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">emerging issues with the Bitcoin network protocol. Although the Bitcoin
network is currently supported by the core developers, there can be no guarantee that such support will continue or be sufficient in the
future. Alternatively, some developers may be funded by entities whose interests are at odds with other participants in the Bitcoin network.
To the extent that material issues arise with the Bitcoin network protocol and the core developers and open-source contributors are unable
to address the issues adequately or in a timely manner, the Bitcoin network and an investment in the Trust may be adversely affected.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>A temporary or permanent &#8220;fork&#8221; of the Bitcoin Blockchain
could adversely affect an investment in the Trust. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Bitcoin software is open-source. Any user can
download the software, modify it and then propose that bitcoin users and miners adopt the modification. When a modification is introduced
and a substantial majority of users and miners consent to the modification, the change is implemented and the Bitcoin network remains
uninterrupted. However, if less than a substantial majority of users and miners consent to the proposed modification, and the modification
is nonetheless implemented by some users and miners and the modification is not compatible with the software prior to its modification,
the consequence would be what is known as a &#8220;fork&#8221; (i.e., &#8220;split&#8221;) of the Bitcoin network (and the blockchain),
with one version running the pre-modified software and the other running the modified software. The effect of such a fork would be the
existence of two (or more) versions of the Bitcoin network running in parallel, but with each version&#8217;s bitcoin lacking interchangeability.
Such a fork in the Bitcoin Blockchain typically would be addressed by community-led efforts to merge the forked Bitcoin Blockchains, and
several prior forks have been so merged. Since the Bitcoin network&#8217;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 and the focal point of
the majority of developer activity. There is no assurance, however, that this will continue to be the case, and if it is not, then the
price of bitcoin could be negatively affected. The original blockchain and the forked blockchain could potentially compete with each other
for users, developers, and miners, leading to a loss of these for the original blockchain. A fork of any kind could adversely affect an
investment in the Trust or the ability of the Trust to operate and the Trust&#8217;s procedures may be inadequate to address the effects
of a fork.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Additionally, a fork could be introduced by an
unintentional, unanticipated software flaw in the multiple versions of otherwise compatible software users run.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Forks have occurred already to the Bitcoin network,
including, but not limited to, forks resulting in the creation of Bitcoin Cash (August 1, 2017), Bitcoin Gold (October 24, 2017) and Bitcoin
SegWit2X (December 28, 2017), among others. If another fork occurs, the Trust would hold equal amounts of both the original bitcoin and
the alternative forked asset. The Trust has adopted procedures to address situations involving a fork that results in the issuance of
new alternative bitcoin that the Trust may receive. Typically, the holder of bitcoin has no discretion in a hard fork; it merely has the
right to claim the new bitcoin on a pro rata basis while it continues to hold the same number of bitcoin. The Trust Agreement stipulates
that if such a transaction does occur, the Trust will as soon as possible direct the Custodian to distribute the new cryptocurrency in-kind
to the Sponsor, as agent for the Shareholders, and the Sponsor will arrange to sell the new cryptocurrency and for the proceeds to be
distributed to the Shareholders. However, the Trust may not be able, or it may not be practical, to secure or realize any economic benefit
from the new asset for various reasons. For example, the Trust is under no obligation to claim the forked asset if doing so will expose
the Trust or the Trust&#8217;s (original) bitcoin holdings to risk. Alternatively, the Custodian may not agree to provide the Trust with
access to the new asset.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>In the event of a hard fork of the Bitcoin network, the Sponsor
will, if permitted by the terms of the Trust Agreement, use its discretion to determine which network should be considered the appropriate
network for the Trust&#8217;s purposes, and in doing so may adversely affect the value of the Shares. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In the event of a hard fork of the Bitcoin network,
the Sponsor will, if permitted by the terms of the Trust Agreement, use its discretion to determine, in good faith, which peer-to-peer
network, among a group of incompatible forks of the Bitcoin network, is generally accepted as the Bitcoin network and should therefore
be considered the appropriate network for the Trust&#8217;s purposes. The Sponsor will base its determination on a variety of then relevant
factors, including, but not limited to, the Sponsor&#8217;s beliefs regarding expectations of the core developers of Bitcoin, users, service
providers, businesses, miners and other constituencies, as well as the actual continued acceptance of, mining power on, and community
engagement with, the Bitcoin network. However, even after taking these factors into consideration, there is no guarantee that the Sponsor&#8217;s
determination as to the most appropriate network for the Trust&#8217;s purposes will ultimately become the most valuable fork, which may
adversely affect the value of the Shares. The Sponsor may also disagree with Shareholders and security vendors on what is generally accepted
as Bitcoin and should therefore be considered &#8220;bitcoin&#8221; for the Trust&#8217;s purposes, which may also adversely affect the
value of the Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Bitcoin Blockchain could be vulnerable to a &#8220;51% attack,&#8221;
which could adversely affect an investment in the Trust or the ability of the Trust to operate. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If the majority of the processing power dedicated
to mining on the Bitcoin network is controlled by a bad actor (often referred to as a &#8220;51% attack&#8221;), it may be able to alter
the Bitcoin Blockchain on which the Bitcoin network and bitcoin transactions rely. This could occur if the bad actor were to construct
fraudulent blocks or prevent certain transactions from completing in a timely manner, or at all. It could be possible for the malicious
actor to control, exclude or modify the ordering of transactions, though it could not generate new bitcoin or transactions. Further, a
bad actor could &#8220;double-spend&#8221; its own bitcoin (i.e., spend the same bitcoin in more than one transaction) and prevent the
confirmation of other users&#8217; transactions for so long as it maintained control. If the Bitcoin community did not reject the fraudulent
blocks as malicious or to the extent that such bad actor did not yield its control of processing power, reversing any changes made to
the Bitcoin Blockchain may be impossible. The possible crossing of this threshold indicates a greater risk that a single mining pool could
exert authority over the validation of bitcoin transactions. If the feasibility of a bad actor gaining control of the processing power
on the Bitcoin network increases, there may be a negative effect on an investment in the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Although there are no known reports of malicious
parties taking control of the Bitcoin network, it is believed that certain mining pools may have exceeded the 50% threshold on the Bitcoin
network on a temporary basis. The possible crossing of the 50% threshold indicates a greater risk that a single mining pool could exert
authority over the validation of Bitcoin transactions, and this risk is heightened if over 50% of the processing power on the network
falls within the jurisdiction of a single governmental authority. For example, it is believed that more than 50% of the processing power
on the Bitcoin network is located in China. Because the Chinese government has subjected digital assets to heightened levels of scrutiny
recently and have reportedly forced several digital asset exchanges to shut down, there is a risk that the Chinese government could also
achieve control over more than 50% of the processing power on the Bitcoin network. If network participants, including the core developers
and the administrators of mining pools, do not act to ensure greater decentralization of Bitcoin mining processing power, the feasibility
of a malicious actor obtaining control of the processing power on the Bitcoin network will increase, which may adversely affect the value
of the Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The 51% threshold is the level which would almost
guarantee a malicious actor&#8217;s success. However, such attacks could in theory occur at thresholds lower than 51% of the available
hash power. In addition, a malicious actor may also obtain control over the Bitcoin network through its influence over core developers
by gaining direct control over a core developer or an otherwise influential programmer. To the extent that the Bitcoin ecosystem does
not grow, the possibility that a malicious actor may be able to obtain control of the processing power or development control on the Bitcoin
network in this manner will remain heightened.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If such an attack occurred, even outside of the
Bitcoin Blockchain, investor sentiment in the infrastructure of digital assets generally could be adversely affected, effecting demand
and therefore ultimately the price of a digital asset such as bitcoin, thus adversely impacting the value of the Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>If miners expend less processing power on the Bitcoin network,
it could increase the likelihood of a malicious actor obtaining control. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Miners ceasing operations would reduce the collective
processing power on the Bitcoin network, which would adversely affect the confirmation process for transactions (i.e., temporarily decreasing
the speed at which</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">blocks are added to the Bitcoin Blockchain until the next scheduled
adjustment in difficulty for block solutions). If a reduction in processing power occurs, the Bitcoin network may be more vulnerable to
a malicious actor obtaining control in excess of fifty percent (50%) of the processing power on the Bitcoin network. As a result, it may
be possible for a bad actor to manipulate the Bitcoin Blockchain and hinder transactions. Any reduction in confidence in the confirmation
process or processing power of the Bitcoin network may adversely affect an investment in the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Blockchain technologies are based on the theoretical conjectures
as to the impossibility of solving certain cryptographical puzzles quickly. These premises may be incorrect or may become incorrect due
to technological advances. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Blockchain technologies are premised on theoretical
conjectures as to the impossibility, in practice, of solving certain mathematical problems quickly. Those conjectures remain unproven,
however, and mathematical or technological advances could conceivably prove them to be incorrect. Blockchain technology companies may
also be negatively affected by cryptography or other technological advances, such as the development of quantum computers with significantly
more power than computers presently available, that undermine or vitiate the cryptographic consensus mechanism underpinning the Bitcoin
Blockchain and other distributed ledger protocols. If either of these events were to happen, markets that rely on blockchain technologies,
such as the Bitcoin network, could quickly collapse, and an investment in the Trust may be adversely affected.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The price of bitcoin on the bitcoin market has exhibited periods
of extreme volatility, which could have a negative impact on the performance of the Trust. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The price of bitcoin as determined by the bitcoin
market has experienced periods of extreme volatility and may be influenced by a wide variety of factors. Speculators and investors who
seek to profit from trading and holding bitcoin generate a significant portion of bitcoin demand. Such speculation regarding the potential
future appreciation in the value of bitcoin may cause the price of bitcoin to increase. Conversely, a decrease in demand for or speculative
interest regarding bitcoin may cause the price to decline. The volatility of the price of bitcoin, particularly arising from speculative
activity, may have a negative impact on the performance of the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Currently, there is relatively small use of bitcoin in the retail
and commercial marketplace in comparison to relatively large use by speculators and those perceiving bitcoin as a store of value, thus
contributing to price volatility that could adversely affect an investment in the Trust. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Certain merchants and major retail and commercial
businesses have only recently begun accepting bitcoin and the Bitcoin network as a means of payment for goods and services. Consumer use
of bitcoin to pay such retail and commercial outlets, however, remains limited. Yet, market speculators and investors seeking to profit
from the short- or long-term holding of bitcoin generate a significant portion of demand for bitcoin, which can contribute to price volatility,
which in turn can make bitcoin less attractive to merchants and commercial parties as a means of payment. A lack of expansion by bitcoin
into retail and commercial markets or a contraction of such use may result in a reduction in the price of bitcoin, which could adversely
affect an investment in the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Bitcoin exchanges on which bitcoin trades are relatively new
and, in some cases, unregulated, and, therefore, may be more exposed to fraud and security breaches than established, regulated exchanges
for other financial assets or instruments, which could have a negative impact on the performance of the Trust. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Over the past several years, a number of bitcoin
exchanges have been closed or faced issues due to fraud, failure, security breaches or governmental regulations. Bitcoin exchanges may
be more exposed to the risk of market manipulation than exchanges for more traditional assets. Bitcoin exchanges that are regulated typically
must comply with minimum net worth, cybersecurity, and anti-money laundering requirements, but are not typically required to protect customers
or their markets to the same extent that regulated securities exchanges or futures exchanges are required to do so. Furthermore, many
bitcoin exchanges lack certain safeguards established by more traditional exchanges to enhance the stability of trading on the exchange,
such as measures designed to prevent sudden drops in value of items traded on the exchange (i.e., &#8220;flash crashes&#8221;). As a result,
the prices of cryptocurrencies, including bitcoin, on exchanges may be subject to larger and more frequent sudden declines than assets
traded on more traditional exchanges. While the Trust itself does not generally buy or sell bitcoin on bitcoin exchanges, except in relation
to paying applicable expenses, the closure or temporary shutdown of bitcoin exchanges due to fraud, business failure, hackers or malware,
or government-mandated regulation may reduce confidence in the Bitcoin network and can slow down the mass adoption of bitcoin. Further,
such bitcoin exchange failures or that of any other major component of the overall bitcoin ecosystem can have an adverse effect on bitcoin
markets and the price of bitcoin and could therefore have a negative impact on the performance of the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Sales of new bitcoin may cause the price of bitcoin to decline,
which could negatively affect an investment in the Trust. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Newly created bitcoin (&#8220;newly mined bitcoin&#8221;)
are generated through a process referred to as &#8220;mining.&#8221; If entities engaged in bitcoin mining choose not to hold the newly
mined bitcoin, and, instead, make them available for sale, there can be downward pressure on the price of bitcoin. A bitcoin mining operation
may be more likely to sell a higher percentage of its newly created bitcoin, and more rapidly so, if it is operating at a low profit margin,
thus reducing the price of bitcoin. Lower bitcoin prices may result in further tightening of profit margins for miners and decreasing
profitability, thereby potentially causing even further selling pressure. Diminishing profit margins and increasing sales of newly mined
bitcoin could result in a reduction in the price of bitcoin, which could adversely impact an investment in the Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Digital asset networks face significant scaling challenges and
efforts to increase the volume of transactions may not be successful. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Many digital asset networks face significant scaling
challenges due to the fact that public blockchains generally face a tradeoff between security and scalability. One means through which
public blockchains achieve security is decentralization, meaning that no intermediary is responsible for securing and maintaining these
systems. For example, a greater degree of decentralization generally means a given digital asset network is less susceptible to manipulation
or capture. Achieving decentralization may mean that every single node on a given digital asset network is responsible for securing the
system by processing every transaction and maintaining a copy of the entire state of the network. However, this may involve tradeoffs
from an efficiency perspective, and impose constraints on throughput.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In an effort to increase the volume of transactions
that can be processed on a given digital asset network, many digital assets are being upgraded with various features to increase the speed
and throughput of digital asset transactions. In August 2017, the Bitcoin network was upgraded with a technical feature known as &#8220;Segregated
Witness&#8221; with the promise of increasing the number of transactions per second that can be handled on-chain and enabling so-called
second layer solutions, such as the Lightning Network or payment channels, that have the potential to increase transaction throughput
by processing certain transactions outside the main Bitcoin Blockchain. However, this upgrade may fail to achieve the expected benefits
or widespread adoption.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If increases in throughput on the Bitcoin network
lag behind growth in usage of bitcoin, average fees and settlement times may increase considerably. For example, the Bitcoin network has
been, at times, at capacity, which has led to increased transaction fees. Increased fees and decreased settlement speeds could preclude
certain uses for bitcoin (e.g., micropayments), and could reduce demand for, and the price of, bitcoin, which could adversely impact the
value of the Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Many developers are actively researching and testing
scalability solutions for public blockchains that do not necessarily result in lower levels of security or decentralization. However,
there is no guarantee that any of the mechanisms in place or being explored for increasing the scale of settlement of the Bitcoin network
transactions will be effective, or how long these mechanisms will take to become effective, which could adversely impact the value of
the Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>New competing digital assets may pose a challenge to bitcoin&#8217;s
current market position, resulting in a reduction in demand for bitcoin, which could have a negative impact on the price of bitcoin and
may have a negative impact on the performance of the Trust. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Bitcoin network and bitcoin, as an asset,
hold a &#8220;first-to-market&#8221; advantage over other digital assets. This first-to-market advantage has resulted in the Bitcoin network
evolving into the most well-developed network of any digital asset. The Bitcoin network enjoys the largest user base and has more mining
power in use to secure the Bitcoin Blockchain than any other digital asset. Having a large mining network provides users confidence regarding
the security and long-term stability of the Bitcoin network. This in turn creates a domino effect that inures to the benefit of the Bitcoin
network &#8211; namely, the advantage of more users and miners makes a digital asset more secure, which potentially makes it more attractive
to new users and miners, resulting in a network effect that potentially strengthens the first-to-market advantage. However, despite the
first-mover advantage of the Bitcoin network over other digital assets, it is possible that real or perceived shortcomings in the Bitcoin
network, or technological, regulatory or other developments, could result in a decline in popularity and acceptance of bitcoin and the
Bitcoin network, and other digital currencies and trading systems could become more widely accepted and used than the Bitcoin network.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">By way of example, in May 2019, Facebook announced
its plans for a cryptocurrency called Libra. Facebook and its partners in the Libra Association have touted the Libra digital coin and
Facebook&#8217;s corresponding digital wallet, Calibra, as a way to make cross-border payments cheaper and easier. In July 2019, Facebook
announced that Libra will not launch until all regulatory concerns have been met. In October 2019, many partners left the Libra Association
including PayPal, eBay, Mastercard, Stripe, and Visa, although certain other new members have since joined. In December 2020, Facebook
announced that the Libra cryptocurrency had been renamed Diem. Because Facebook is a leading technology company with substantial resources,
when and if it or a consortium launches a cryptocurrency, and/or if similar competitors emerge, it could adversely affect the value of
bitcoin and digital assets. Operational cost may exceed the award for solving blocks or transaction fees. Increased transaction fees may
adversely affect the usage of the Bitcoin network.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Competition from central bank digital currencies (&#8220;CBDCs&#8221;)
could adversely affect the value of bitcoin and other digital assets. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Central banks have introduced digital forms of
legal tender (CBDCs). China&#8217;s CBDC project, known as Digital Currency Electronic Payment (&#8220;DC/EP&#8221;), has reportedly been
tested in a live pilot program conducted in multiple cities in China. A recent study published by the Bank for International Settlements
estimated that at least 36 central banks have published retail or wholesale CBDC work ranging from research to pilot projects. Whether
or not they incorporate blockchain or similar technology, CBDCs, as legal tender in the issuing jurisdiction, could have an advantage
in competing with, or replace, bitcoin and other cryptocurrencies as a medium of exchange or store of value. As a result, the value of
bitcoin could decrease, which could adversely affect an investment in the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The scheduled creation of newly mined bitcoin and their subsequent
sale may cause the price of bitcoin to decline, which could negatively affect an investment in the Trust. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Bitcoin network is designed to periodically
reduce the fixed award given to miners for solving new blocks (the &#8220;block reward&#8221;), most recently in May 2020, when the block
reward reduced from 12.5 to 6.25 bitcoin. As the block reward continues to decrease over time, the mining incentive structure may transition
to a higher reliance on transaction confirmation fees in order to incentivize miners to continue to dedicate processing power to the blockchain.
If transaction confirmation fees become too high, the marketplace may be reluctant to use bitcoin. Increased transaction fees may motivate
market participants, such as merchants or commercial institutions, to switch from bitcoin to another digital asset or back to fiat currency
as their preferred medium of exchange. Decreased demand for bitcoin may adversely affect its price, which may adversely affect an investment
in the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Ultimately, if the awards of new bitcoin for solving
blocks declines and transaction fees for recording transactions are not sufficiently high to exceed the costs of mining, miners may operate
at a loss or cease operations. If the award does not exceed the costs of mining in the long-term, miners may have to cease operations
entirely. If miners cease their operations, this could have a negative impact on the Bitcoin network and could adversely affect the value
of the bitcoin held by the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Miners could act in collusion to raise transaction fees, which
may adversely affect the usage of the Bitcoin network. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Bitcoin miners collect fees for each transaction
they confirm. Miners validate unconfirmed transactions by adding the previously unconfirmed transactions to new blocks in the blockchain.
Miners are not forced to confirm any specific transaction, but they are economically incentivized to confirm valid transactions as a means
of collecting fees. To the extent that any miners cease to record transactions in solved blocks, such transactions will not be recorded
on the Bitcoin Blockchain until a block is solved by a miner who does not require the payment of transaction fees. Miners have historically
accepted relatively low transaction confirmation fees, because miners have a very low marginal cost of validating unconfirmed transactions.
If miners collude in an anticompetitive manner to reject low transaction fees, then bitcoin users could be forced to pay higher fees,
thus reducing the attractiveness of the bitcoin network, or to wait longer times for their transactions to be validated by a miner who
does not require the payment of a transaction fee. Bitcoin mining occurs globally and it may be difficult for authorities to apply antitrust
regulations across multiple jurisdictions. Any collusion among miners may adversely impact an investment in the Trust or the ability of
the Trust to operate.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>As technology advances, miners may be unable to acquire the digital
asset mining hardware necessary to develop and launch their operations. A decline in the bitcoin mining population could adversely affect
the Bitcoin network and an investment in the Trust. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Due to the increasing demand for digital asset
mining hardware, miners may be unable to acquire the proper mining equipment or suitable amount of equipment necessary to continue their
operations or develop and launch their operations. In addition, because successful mining of a digital asset that uses &#8220;proof of
work&#8221; validation requires maintaining or exceeding a certain level of computing power relative to other validators, miners will
need to upgrade their mining hardware periodically to keep up with their competition. The development of supercomputers with disproportionate
computing power may threaten the integrity of the bitcoin market by concentrating mining power, which would make it unprofitable for other
miners to mine. The expense of purchasing or upgrading new equipment may be substantial and diminish returns to miners dramatically. A
decline in miners may result in a decrease in the value of bitcoin and the value of the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>If profit margins of bitcoin mining operations are not high,
miners may elect to immediately sell bitcoin earned by mining, resulting in a reduction in the price of bitcoin that could adversely affect
an investment in the Trust. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Bitcoin network mining operations have rapidly
evolved over the past several years from individual users mining with computer processors, graphics processing units and first-generation
ASIC (application-specific integrated circuit) machines. New processing power is predominantly added to the Bitcoin network currently
by &#8220;professionalized&#8221; mining operations. Such operations may use proprietary hardware or sophisticated ASIC machines acquired
from ASIC manufacturers. Significant capital is necessary for mining operations to acquire this hardware, lease operating space (often
in data centers or warehousing facilities), afford electricity costs and employ technicians to operate the mining farms. As a result,
professionalized mining operations are of a greater scale than prior Bitcoin network validators and have more defined, regular expenses
and liabilities. In addition, mining operations may choose to immediately sell bitcoin earned from their operations into the global bitcoin
market. In past years, individual miners are believed to have been more likely to hold newly mined bitcoin for more extended periods.
The immediate selling of newly mined bitcoin would increase the supply of bitcoin on the bitcoin market, creating downward pressure on
the price of bitcoin.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">A professional mining operation operating at a
low profit margin may be more likely to sell a higher percentage of its newly mined bitcoin rapidly, and it may partially or completely
cease operations if its profit margin is negative. In a low profit margin environment, a higher percentage of the new bitcoin mined each
day will be sold into the bitcoin market more rapidly, thereby reducing bitcoin prices. The network effect of reduced profit margins resulting
in greater sales of newly mined bitcoin could result in a reduction in the price of bitcoin that could adversely affect an investment
in the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Congestion or delay in the Bitcoin network may delay purchases
or sales of bitcoin by the Trust. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The size of each block on the Bitcoin Blockchain
is currently limited, and is significantly below the level that centralized systems can provide. Increased transaction volume could result
in delays in the recording of transactions due to congestion in the Bitcoin network. Moreover, unforeseen system failures, disruptions
in operations, or poor connectivity may also result in delays in the recording of transactions on the Bitcoin network. Any delay in the
Bitcoin network could affect the Trust&#8217;s ability to buy or sell bitcoin at an advantageous price, or may create the opportunity
for a bad actor to double spend bitcoin, resulting in decreased confidence in the Bitcoin network. Over the longer term, delays in confirming
transactions could reduce the attractiveness to merchants and other commercial parties as a means of payment. As a result, the Bitcoin
network and the value of the Trust would be adversely affected.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><b><i>Bitcoin mining is energy intensive and concerns
about climate change may raise the economic and societal costs of bitcoin mining. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Bitcoin mining involves advanced computers that
consume significant energy. Researchers at the University of Cambridge estimate that bitcoin mining consumes 121.36 terawatt-hours per
year, which equates to approximately the annual energy consumption of Argentina. The energy intensive nature of bitcoin mining is mitigated
by the fact that many miners elect to operate geographically near renewable energy sources where energy might be otherwise wasted. For
example, miners are located in China near hydroelectric dams which produce more energy than local power grids can accommodate.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risk Factors Associated with the Bitcoin Exchange Market </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><b><i>The value of the Shares relates directly
to the value of the bitcoin held by the Trust and fluctuations in the price of bitcoin could materially and adversely affect an investment
in the Shares. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Shares are designed to mirror as closely as
possible the performance of the price of bitcoin, as determined by the Reference Rate, and the value of the Shares relates directly to
the value of the bitcoin held by the Trust, less the Trust&#8217;s liabilities (including estimated accrued but unpaid fees and expenses).
The Reference Rate is derived from the transaction prices on electronic market places where exchange participants may first use fiat currency
to trade, buy and sell bitcoin based on bid-ask trading. The Reference Rate uses U.S. Dollar-denominated trading data from bitcoin exchanges
to determine its value. Whether a bitcoin exchange is considered eligible to be included in the Reference Rate&#8217;s calculation depends
on considerations such as depth of liquidity, compliance with applicable legal and regulatory requirements, data availability, domicile
and acceptance of U.S.&#160;Dollar deposits. The price of bitcoin has fluctuated widely over the past several years and may continue to
experience significant price fluctuations. Several factors may affect the Reference Rate, including, but not limited to:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Total fungible bitcoin in existence is estimated at approximately [&#160;&#160;&#160;&#160;] as of [&#160;&#160;&#160;&#160;] according
to the Benchmark Administrator&#8217;s interpretation of data available on the Bitcoin Blockchain;</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Global bitcoin demand, which is influenced by the growth of retail merchants&#8217; and commercial businesses&#8217; acceptance of
bitcoin as payment for goods and services, the security of online Bitcoin exchanges and digital wallets that hold bitcoin, the perception
that the use and holding of bitcoin is safe and secure, the lack of regulatory restrictions on their use and the reputation of bitcoin
for illicit use;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Global bitcoin supply, which is influenced by similar factors as global bitcoin demand, in addition to fiat currency needs by miners
(for example, to invest in equipment or pay electricity bills) and taxpayers who may liquidate bitcoin holdings around tax deadlines to
meet tax obligations;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Investors&#8217; expectations with respect to the rate of inflation of fiat currencies;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Investors&#8217; expectations with respect to the rate of deflation of bitcoin;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Interest rates;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Currency exchange rates, including the rates at which bitcoin may be exchanged for fiat currencies;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Fiat currency withdrawal and deposit policies of bitcoin exchanges and liquidity of such Bitcoin exchanges;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Interruptions in service from or failures of major bitcoin exchanges</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Cyber theft of bitcoin from online bitcoin wallet providers, or news of such theft from such providers, or from individuals&#8217;
bitcoin wallets;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Investment and trading activities of large investors, including private and registered funds, that may directly or indirectly invest
in bitcoin;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Monetary policies of governments, trade restrictions, currency devaluations and revaluations;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Regulatory measures, if any, that restrict the use of bitcoin as a form of payment or the purchase of bitcoin on the bitcoin market;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>The availability and popularity of businesses that provide bitcoin-related services;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>The maintenance and development of the open-source software protocol of the Bitcoin network;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Increased competition from other forms of cryptocurrency or payments services;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Global or regional political, economic or financial events and situations;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Expectations among Bitcoin economy participants that the value of bitcoin will soon change; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Fees associated with processing a bitcoin transaction.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If bitcoin markets continue to be subject to sharp
fluctuations, you may experience losses if you need to sell your Shares at a time when the price of bitcoin is lower than it was when
you made your prior investment. Even if you are able to hold Shares for the long-term, your Shares may never generate a profit, since
bitcoin markets have historically experienced extended periods of flat or declining prices, in addition to sharp fluctuations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In addition, investors should be aware that there
is no assurance that bitcoin will maintain their long-term value in terms of future purchasing power or that the acceptance of bitcoin
payments by mainstream retail merchants and commercial businesses will continue to grow. In the event that the price of bitcoin declines,
the Sponsor expects the value of an investment in the Shares to decline proportionately.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Due to the unregulated nature and lack of transparency surrounding
the operations of bitcoin exchanges, the marketplace may lose confidence in bitcoin exchanges, upon which the Trust is dependent. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Bitcoin exchanges are relatively new and, in some
cases, unregulated. Furthermore, while many prominent bitcoin exchanges provide the public with significant information regarding their
ownership structure,</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">management teams, corporate practices and regulatory compliance, many
bitcoin exchanges do not provide this information. As a result, the marketplace may lose confidence in bitcoin exchanges, including prominent
bitcoin exchanges that handle a significant volume of bitcoin trading.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">For example, in 2019 there were reports claiming
that 80-95% of Bitcoin trading volume on bitcoin exchanges was false or non-economic in nature, with specific focus on unregulated bitcoin
exchanges located outside of the U.S. Such reports may indicate that the bitcoin exchange market is significantly smaller than expected
and that the U.S. makes up a significantly larger percentage of the bitcoin exchange market than is commonly understood. Nonetheless,
any actual or perceived false trading in the bitcoin exchange market, and any other fraudulent or manipulative acts and practices, could
adversely affect the value of Bitcoin and/or negatively affect the market perception of Bitcoin.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In addition, over the past several years, some
bitcoin exchanges have been closed due to fraud and manipulative activity, business failure or security breaches. In many of these instances,
the customers of such bitcoin exchanges were not compensated or made whole for the partial or complete losses of their account balances
in such bitcoin exchanges. While smaller bitcoin exchanges are less likely to have the infrastructure and capitalization that make larger
bitcoin exchanges more stable, larger bitcoin exchanges are more likely to be appealing targets for hackers and malware and may be more
likely to be targets of regulatory enforcement action. For example, the collapse of Mt. Gox, which filed for bankruptcy protection in
Japan in late February 2014, demonstrated that even the largest bitcoin exchanges could be subject to abrupt failure with consequences
for both users of bitcoin exchanges and the Bitcoin industry as a whole. In particular, in the two weeks that followed the February&#160;7,
2014 halt of bitcoin withdrawals from Mt. Gox, the value of one bitcoin fell on other bitcoin exchanges from around $795 on February&#160;6,
2014 to $578 on February&#160;20, 2014. Additionally, in January 2015, Bitstamp announced that approximately 19,000 bitcoin had been stolen
from its operational or &#8220;hot&#8221; wallets. Further, in August 2016, it was reported that almost 120,000 bitcoins worth around
$78&#160;million were stolen from Bitfinex, a large bitcoin exchange. The value of bitcoin immediately decreased over 10% following reports
of the theft at Bitfinex and the shares suffered a corresponding decrease in value. In July 2017, FinCEN assessed a $110&#160;million
fine against BTC-E, a now defunct bitcoin exchange, for facilitating crimes such as drug sales and ransomware attacks. In addition, in
December 2017, Yapian, the operator of Seoul-based cryptocurrency exchange Youbit, suspended digital asset trading and filed for bankruptcy
following a hack that resulted in a loss of 17% of Yapian&#8217;s assets. Following the hack, Youbit users were allowed to withdraw approximately
75% of the digital assets in their exchange accounts, with any potential further distributions to be made following Yapian&#8217;s pending
bankruptcy proceedings. In addition, in January 2018, the Japanese digital asset exchange, Coincheck, was hacked, resulting in losses
of approximately $535&#160;million, and in June 2020 the platform suffered another data breach that resulted in the unauthorized access
to the its domain registration service, forcing the Japanese exchange to halt its crypto remittance service. In February 2018, the Italian
digital asset exchange, Bitgrail, was hacked, resulting in approximately $170&#160;million in losses. In May 2019, one of the world&#8217;s
largest bitcoin exchanges, Binance, was hacked, resulting in losses of approximately $40&#160;million. More recently, the Spanish cryptocurrency
exchange, 2gether, disclosed in August 2020 that a cyberattack against its platform resulted in $1.45&#160;million in crypto assets&#8212;about
one-third of the firm&#8217;s holdings at that time&#8212;being stolen.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Negative perception, a lack of stability in the
bitcoin markets and the closure or temporary shutdown of bitcoin exchanges due to fraud, business failure, hackers or malware, or government-mandated
regulation may reduce confidence in the Bitcoin network and result in greater volatility in the prices of Bitcoin. Furthermore, the closure
or temporary shutdown of a bitcoin exchange used in calculating the Reference Rate may result in a loss of confidence in the Trust&#8217;s
ability to determine its bitcoin holdings on a daily basis, although the Benchmark Administrator has documented procedures in place in
its published methodology to mitigate against these situations and continue to calculate and publish the Reference Rate. These potential
consequences of such a bitcoin exchange&#8217;s failure could adversely affect the value of the Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Since there is no limit on the number of bitcoin that the Trust
may acquire, the Trust itself, as it grows, may have an impact on the supply and demand of bitcoin that ultimately may affect the price
of the Shares in a manner unrelated to other factors affecting the global market for bitcoin. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust Agreement places no limit on the number
of bitcoin the Trust may hold. Moreover, the Trust may issue an unlimited number of Shares, subject to registration requirements, and
therefore acquire an unlimited number of bitcoin in existence at any point in time. The Bitcoin network&#8217;s mathematical protocols
under which bitcoin is created or &#8220;mined&#8221; permit the creation of a limited, predetermined number of bitcoin not to exceed
21&#160;million. Furthermore, the rate of creation or issuance of bitcoin cannot be increased ahead of the protocol&#8217;s schedule.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If the number of bitcoin acquired by the Trust
is large enough relative to global bitcoin supply and demand, further creations and redemptions of Shares could have an impact on the
supply of and demand for bitcoin in a manner unrelated to other factors affecting the global market for bitcoin. Such an impact could
affect the Reference Rate, which would directly affect the price at which Shares are traded on the Exchange or the price of future Baskets
created or redeemed by the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Shares may trade at a discount or premium in the trading
price relative to the Trust&#8217;s bitcoin holdings per Share as a result of non-concurrent trading hours between the Exchange and the
bitcoin exchange market. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The value of a Share may be influenced by non-concurrent
trading hours between the Exchange and various bitcoin exchanges, including those that represent components of the Reference Rate. While
the Exchange is open for trading in the Shares for a limited period each day, the bitcoin exchange market is a 24-hour marketplace; however,
trading volume and liquidity on the bitcoin exchange market is not consistent throughout the day and bitcoin exchanges, including the
larger-volume markets, have been known to shut down temporarily or permanently due to security concerns, directed denial of service attacks
and distributed denial-of-service attacks and other reasons. As a result, during periods when the Exchange is open but large bitcoin exchanges
(or a substantial number of smaller bitcoin exchanges) are either lightly traded or are closed, trading spreads and the resulting premium
or discount on the Shares may widen and, therefore, increase the difference between the price of the Shares and the Trust&#8217;s bitcoin
holdings per Share. Premiums or discounts may have an adverse effect on an investment in the Shares if a Shareholder sells or acquires
its Shares during a period of discount or premium, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Investors in Shares in the secondary market may be subject to
brokerage commissions, over which the Funds have no control. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Investors buying or selling Shares in the secondary
market will pay brokerage commissions or other charges imposed by brokers, as determined by the applicable broker. Brokerage commissions
are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares.
In addition, secondary market investors will also incur the cost of the difference between the price that an investor is willing to buy
shares (the &#8220;bid&#8221; price) and the price at which an investor is willing to sell Shares (the &#8220;ask&#8221; price). This
difference in bid and ask prices is often referred to as the &#8220;spread&#8221; or &#8220;bid/ask spread.&#8221; The bid/ask spread
varies over time for Shares based on trading volume and market liquidity of the Shares and the bitcoin comprising the Trust&#8217;s portfolio,
and is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market
liquidity. Further, a relatively small investor base in the Trust, asset swings in the Trust and/or increased market volatility may cause
bid/ask spreads to increase. Shares, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore
subject to the risk of increased volatility associated with short selling. Due to the costs of buying or selling Shares, including bid/ask
spreads, frequent trading of Shares may significantly reduce investment results and an investment in the Shares may not be advisable for
investors who anticipate regularly making small investments.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>If bitcoin prices on the bitcoin exchange market move negatively
during hours when the Exchange is closed, trading prices on the Exchange may &#8220;gap&#8221; down at market open. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The value of a Share may be influenced by non-concurrent
trading hours between the Exchange and various bitcoin exchanges, including those that represent components of the Reference Rate. While
the Exchange is open for trading in the Shares for a limited period each day, the bitcoin exchange market is a 24-hour marketplace. During
periods when the Exchange is closed but bitcoin exchanges are open, significant changes in the price of bitcoin on the Exchange Market
could result in a difference in performance between the value of bitcoin as measured by the Reference Rate and the most recent bitcoin
holdings per Share or closing trading price. To the extent that the price of bitcoin on the Exchange Market, and the value of bitcoin
as measured by the Reference Rate, moves significantly in a negative direction after the close of the Exchange, the trading price of the
Shares may &#8220;gap&#8221; down to the full extent of such negative price shift when the Exchange reopens. To the extent that the price
of bitcoin on the Exchange Market drops significantly during hours the Exchange is closed, investors may not be able to sell their Shares
until after the &#8220;gap&#8221; down has been fully realized, resulting in an inability to mitigate losses in a rapidly negative market.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>A possible &#8220;short squeeze&#8221; due to a sudden increase
in demand for the Shares that largely exceeds supply may lead to price volatility in the Shares. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Investors may purchase Shares to hedge existing
bitcoin or other digital currencies, commodity or currency exposure or to speculate on the price of bitcoin. Speculation on the price
of bitcoin may involve long and short exposures. To the extent that aggregate short exposure exceeds the number of Shares available for
purchase (for example, in the event that large redemption requests by Authorized Participants dramatically affect Share liquidity), investors
with short exposure may have to pay a premium to repurchase Shares for delivery to Share lenders. Those repurchases may, in turn, dramatically
increase the price of the Shares until additional Shares are created through the creation process. This is often referred to as a &#8220;short
squeeze.&#8221; A short squeeze could lead to volatile price movements in the Shares that are not directly correlated to the price of
bitcoin.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Purchasing activity in the bitcoin exchange market associated
with Basket creations or selling activity following Basket redemptions may affect the Reference Rate and Share trading prices, adversely
affecting an investment in the Shares. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Purchasing activity associated with acquiring
bitcoin required for deposit with the Trust in connection with the creation of Baskets may increase the market price of bitcoin on the
bitcoin exchange market, which will result in higher prices for the Shares. Increases in the market price of bitcoin may also occur as
a result of the purchasing activity of other market participants. Other market participants may attempt to benefit from an increase in
the market price of bitcoin that may result from increased purchasing activity of bitcoin connected with the issuance of Baskets. Consequently,
the market price of bitcoin may decline immediately after Baskets are created.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Selling activity associated with sales of bitcoin
withdrawn from the Trust in connection with the redemption of Baskets may decrease the market price of bitcoin on the bitcoin exchange
market, which will result in lower prices for the Shares. Decreases in the market price of bitcoin may also occur as a result of the selling
activity of other market participants. If the Reference Rate declines, the trading price of the Shares will generally also decline.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>An investment in the Shares may be adversely affected by competition
from other methods of investing in bitcoin. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust competes with direct investments in
bitcoin and other potential financial vehicles, possibly including securities backed by or linked to bitcoin and digital currency financial
vehicles similar to the Trust. Market and financial conditions, and other conditions beyond the Sponsor&#8217;s control, may make it more
attractive to invest in other financial vehicles or to invest in bitcoin directly, which could limit the market for the Shares and reduce
the liquidity of the Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Reference Rate may be affected by the sale of other digital
currency financial vehicles that invest in and track the price of bitcoin. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">To the extent digital currency financial vehicles
other than the Trust tracking the price of bitcoin are formed and represent a significant proportion of the demand for bitcoin, large
redemptions of the securities of these digital currency financial vehicles, or private funds holding bitcoin, could negatively affect
the Reference Rate, the Trust&#8217;s bitcoin holdings and the price of the Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The impact of geopolitical or economic events on the supply and
demand for bitcoin is uncertain, but could motivate large-scale sales of bitcoin, which could result in a reduction in the Reference Rate
and adversely affect an investment in the Shares. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">As an alternative to fiat currencies that are
backed by central governments, digital assets such as bitcoin, which are relatively new, are subject to supply and demand forces based
upon the desirability of an alternative, decentralized means of buying and selling goods and services, and it is unclear how such supply
and demand will be impacted by geopolitical events. Nevertheless, political or economic crises may motivate large-scale acquisitions or
sales of bitcoin either globally or locally. Large-scale sales of bitcoin would result in a reduction in the Reference Rate and could
adversely affect an investment in the Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Demand for bitcoin is driven, in part, by its status as the most
prominent and secure digital asset. It is possible that a digital asset other than bitcoin could have features that make it more desirable
to a material portion of the digital asset user base, resulting in a reduction in demand for bitcoin, which could have a negative impact
on the price of bitcoin and adversely affect an investment in the Shares. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Bitcoin was the first digital asset to gain global
adoption and critical mass, and as a result, it has a &#8220;first to market&#8221; advantage over other digital assets. [As of [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;],
bitcoin was the largest digital asset by market capitalization and had the largest user base and largest combined mining power]. Despite
this first to market advantage, as of[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;],
there were over [8,000] alternative digital assets tracked by [&#160;&#160;&#160;&#160;], having a total market-capitalization of approximately
[$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;] trillion (including the approximately $ [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]
billion market cap of bitcoin), as calculated using market prices and total available supply of each digital asset. In addition, many
consortiums and financial institutions are also researching and investing resources into private or permissioned blockchain platforms
rather than open platforms like the Bitcoin network. Competition from the emergence or growth of alternative digital assets could have
a negative impact on the demand for, and price of, bitcoin and thereby adversely affect an investment in the Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Investors may invest in bitcoin through means
other than the Shares, including through direct investments in bitcoin and other potential financial vehicles, possibly including securities
backed by or linked to bitcoin and digital asset financial vehicles similar to the Trust. Market and financial conditions, and other conditions
beyond the Sponsor&#8217;s control, may make it more attractive to invest in other financial vehicles or to invest in bitcoin directly,
which could limit the market for, and reduce the liquidity of, the Shares. In addition, to the extent digital asset financial vehicles
other than the Trust tracking the price of bitcoin are formed and represent a significant proportion of the demand for bitcoin, large
purchases or redemptions of the securities of these digital asset financial vehicles, or private investment vehicles holding bitcoin,
could negatively affect the Reference Rate, the bitcoin holdings, the price of the Shares, the NAV and the NAV per Share.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risk Factors Associated with the Reference Rate </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Reference Rate has a limited history and there are limitations
with the price of bitcoin reflected there. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Reference Rate has a limited history and is
an average composite reference rate calculated using volume-weighted trading price data from certain bitcoin exchanges. These platforms
are chosen by the Benchmark Administrator in accordance with the provisions of its publicly available CF Constituent Exchange Criteria
that is available on its website, conformance to which is supervised by an oversight body (the &#8220;CF Oversight Function&#8221;). This
composition may change over time.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The value of bitcoin as reflected by the Reference Rate may be
subject to momentum pricing due to speculation regarding future appreciation in value, leading to greater volatility which could adversely
affect an investment in the Shares. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Momentum pricing typically is associated with
growth stocks and other assets whose valuation, as determined by the investing public, accounts for anticipated future appreciation in
value. The Reference Rate is determined using data from various bitcoin exchanges. The Sponsor believes that momentum pricing of bitcoin
has resulted, and may continue to result, in speculation regarding future appreciation in the value of bitcoin, inflating and making the
Reference Rate more volatile. As a result, bitcoin may be more likely to fluctuate in value due to changing investor confidence in future
appreciation or depreciation in the Reference Rate, which could adversely affect an investment in the Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Benchmark Administrator could experience system failures
or errors. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If the computers or other facilities of the Benchmark
Administrator, data providers and/or relevant stock exchange malfunction for any reason, calculation and dissemination of the Reference
Rate may be delayed and trading in the Shares may be suspended for a period of time. Errors in Reference Rate data, the Reference Rate
computations and/or construction may occur from time to time and may not be identified and/or corrected for a period of time or at all,
which may have an adverse impact on the Trust and the Shareholders. Any of the foregoing may lead to the errors in the Reference Rate,
which may lead to a different investment outcome for the Trust and its Shareholders than would have been the case had such events not
occurred. The Reference Rate is the reference price for calculating the Trust&#8217;s NAV. Consequently, losses or costs associated with
the Reference Rate&#8217;s errors or other risks described above will generally be borne by the Trust and the Shareholders and neither
the Sponsor nor its affiliates or agents make any representations or warranties regarding the foregoing.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risk Factors Associated with Investing in the Trust </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>As the Sponsor and its management have no meaningful history
of operating an investment vehicle like the Trust within the United States, their experience may be inadequate or unsuitable to manage
the Trust. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Sponsor has no meaningful history of past
performance in managing investment vehicles like the Trust within the United States. The past performances of the Sponsor&#8217;s affiliate
in other investment vehicles in other jurisdictions, including their experiences with bitcoin and other commodities, are no indication
of the Sponsor&#8217;s ability to manage an investment vehicle such as the Trust within the United States. If the experience of the Sponsor
and its management is inadequate or unsuitable to manage an investment vehicle such as the Trust, the operations of the Trust may be adversely
affected.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The value of the Shares may be influenced by a variety of factors
unrelated to the value of bitcoin. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The value of the Shares may be influenced by a
variety of factors unrelated to the price of bitcoin that may have an adverse effect on the price of the Shares. These factors include
the following factors:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Unanticipated problems or issues with respect to the mechanics of the Trust&#8217;s operations and the trading of the Shares may arise,
in particular due to the fact that the mechanisms and procedures governing the creation and offering of the Shares and storage of bitcoin
have been developed specifically for this product;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>The Trust could experience difficulties in operating and maintaining its technical infrastructure, including in connection with expansions
or updates to such infrastructure, which are likely to be complex and could lead to unanticipated delays, unforeseen expenses and security
vulnerabilities;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>The Trust could experience unforeseen issues relating to the performance and effectiveness of the security procedures used to protect
the Trust&#8217;s account with the Custodian or Subcustodian, or the security procedures may not protect against all errors, software
flaws or other vulnerabilities in the Trust&#8217;s technical infrastructure, which could result in theft, loss or damage of its assets;
or</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>Service providers may decide to terminate their relationships with the Trust due to concerns that the introduction of privacy enhancing
features to the Bitcoin network may increase the potential for bitcoin to be used to facilitate crime, exposing such service providers
to potential reputational harm.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Any of these factors could affect the value of
the Shares, either directly or indirectly through their effect on the Trust&#8217;s assets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Shares are a relatively new securities product. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The mechanisms and procedures governing the creation,
redemption and offering of the Shares are recently developed securities products. Consequently, there may be unanticipated problems or
issues with respect to the mechanics of the operations and the trading of the Shares that could have a material adverse effect on an investment
in the Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Trust is subject to market risk. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Market risk refers to the risk that the market
price of bitcoin held by the Trust will rise or fall, sometimes rapidly or unpredictably. An investment in the Shares is subject to market
risk, including the possible loss of the entire principal of the investment.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Investors should not rely on past performance in deciding whether
to buy Shares. </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Investors should not rely on the past performance
of the Trust, the Reference Rate or bitcoin in deciding whether to buy Shares in the Fund.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The NAV may not always correspond to the market price of bitcoin
and, as a result, Baskets may be created or redeemed at a value that is different from the market price of the Shares. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The NAV of the Trust will change as fluctuations
occur in the market price of the Trust&#8217;s bitcoin holdings. Shareholders should be aware that the public trading price per Share
may be different from the NAV for a number of reasons, including price volatility, trading activity, the closing of bitcoin exchanges
due to fraud, failure, security breaches or otherwise, and the fact that supply and demand forces at work in the secondary trading market
for Shares are related, but not identical, to the supply and demand forces influencing the market price of bitcoin.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">An Authorized Participant may be able to create
or redeem a Basket at a discount or a premium to the public trading price per Share, although all such creations or redemptions must take
place in-kind, and the Trust will therefore maintain its intended fractional exposure to a specific amount of bitcoin per Share.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Shareholders also should note that the size of
the Trust in terms of total bitcoin held may change substantially over time and as Baskets are created and redeemed.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Authorized Participants&#8217; buying and selling activity associated
with the creation and redemption of Baskets may adversely affect an investment in the Shares of the Trust. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Authorized Participants&#8217; purchase of bitcoin
in connection with Basket creation orders may cause the price of bitcoin to increase, which will result in higher prices for the Shares.
Increases in the bitcoin prices may also occur as a result of bitcoin purchases by other market participants who attempt to benefit from
an increase in the market price of bitcoin when Baskets are created. The market price of bitcoin may therefore decline immediately after
Baskets are created.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Selling activity associated with sales of bitcoin
by Authorized Participants in connection with redemption orders may decrease the bitcoin prices, which will result in lower prices for
the Shares. Decreases in bitcoin prices may also occur as a result of selling activity by other market participants.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In addition to the effect that purchases and sales
of bitcoin by Authorized Participants may have on the price of bitcoin, sales and purchases of bitcoin by similar investment vehicles
(if developed) could impact the price of bitcoin. If the price of bitcoin declines, the trading price of the Shares will generally also
decline.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The inability of Authorized Participants and market makers to
hedge their bitcoin exposure may adversely affect the liquidity of Shares and the value of an investment in the Shares. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Authorized Participants and market makers will
generally want to hedge their exposure in connection with Basket creation and redemption orders. To the extent Authorized Participants
and market makers are unable to hedge their exposure due to market conditions (e.g., insufficient bitcoin liquidity in the market, inability
to locate an appropriate hedge counterparty, etc.), such conditions may make it difficult to create or redeem Baskets or cause them to
not create or redeem Baskets. In addition, the hedging mechanisms employed by Authorized Participants and market makers to hedge their
exposure to bitcoin may not function as intended, which may make it more difficult for them to enter into such transactions. Such events
could negatively impact the market price of the Trust and the spread at which the Trust trades on the open market. The market for exchange-traded
bitcoin futures has limited trading history and operational experience and may be less liquid, more volatile and more vulnerable to economic,
market and industry changes than more established futures markets. The liquidity of the market will depend on, among other things, the
adoption of bitcoin and the commercial and speculative interest in the market for the ability to hedge against the price of bitcoin with
exchange-traded bitcoin futures.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The arbitrage mechanism on which the Trust relies
to keep the price of the Shares closely linked to the price of bitcoin, as reflected via the Reference Rate, may not function properly
if Authorized Participants are able to purchase or sell large aggregations of bitcoins in the open market at prices that are materially
higher or lower than the Reference Rate. Authorized Participants may purchase or sell bitcoins on public or private markets not included
among the Bitcoin Exchanges included in the Reference Rate, and such transactions may take place at prices materially higher or lower
than the Reference Rate. Furthermore, while the Reference Rate provides a U.S.&#160;Dollar-denominated composite reference rate for the
price of bitcoin based on the volume-weighted price of a bitcoin on certain constituent Bitcoin Exchanges at any given time, the prices
on each individual Bitcoin Exchange are not necessarily equal to the value of a bitcoin as represented by the Reference Rate.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The price of bitcoins on an individual Bitcoin
Exchange could be materially higher or lower than the Reference Rate. Under either such circumstance, the arbitrage mechanism will function
to link the price of the Shares to the prices at which Authorized Participants are able to purchase or sell large aggregations of bitcoins.
To the extent such prices differ materially from the Reference Rate, the price of the Shares may no longer track, whether temporarily
or over time, the Reference Rate, which could adversely affect an investment in the Trust by reducing investors&#8217; confidence in the
Shares&#8217; ability to track the market price of bitcoin.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Arbitrage transactions intended to keep the price of Shares closely
linked to the price of bitcoin may be problematic if the process for the creation and redemption of Baskets encounters difficulties, which
may adversely affect an investment in the Shares. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If the processes of creation and redemption of
the Shares encounter any unanticipated difficulties, including, but not limited to, the Trust&#8217;s inability in the future to obtain
regulatory approvals for the offer and sale of additional Shares after the present offering is completed, potential market participants
who would otherwise be willing to purchase or redeem Baskets to take advantage of any arbitrage opportunity arising from discrepancies
between the price of the Shares and the price of the underlying bitcoin may not take the risk that, as a result of those difficulties,
they may not be able to realize the profit they expect. If this is the case, the liquidity of Shares may decline and the price of the
Shares may fluctuate independently of the price of bitcoin and may fall.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Trust is subject to risks due to its concentration of investments
in a single asset class. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Unlike other funds that may invest in diversified
assets, the Trust&#8217;s investment strategy is concentrated in a single asset class: bitcoin. This concentration maximizes the degree
of the Trust&#8217;s exposure to a variety of market risks associated with bitcoin. By concentrating its investment strategy solely in
bitcoin, any losses suffered as a result of a decrease in the value of bitcoin can be expected to reduce the value of an interest in the
Trust and will not be offset by other gains if the Trust were to invest in underlying assets that were diversified.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The lack of active trading markets for the Shares of the Trust
may result in losses on Shareholders&#8217; investments at the time of disposition of Shares. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Although Shares of the Trust are expected to be
publicly listed and traded on the Exchange, there can be no guarantee that an active trading market for the Trust will develop or be maintained.
If Shareholders need to sell their Shares at a time when no active market for them exists, the price Shareholders receive for their Shares,
assuming that Shareholders are able to sell them, likely will be lower than the price that Shareholders would receive if an active market
did exist and, accordingly, a Shareholder may suffer losses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Possible illiquid markets may exacerbate losses or increase the
variability between the Trust&#8217;s NAV and its market price. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Barring the liquidation of the Trust or extraordinary
circumstances, the Trust does not currently intend to buy or sell bitcoin directly, but rather, to use in-kind creations and redemptions
managed by an Authorized Participant. Nonetheless, risks exist due to possible illiquid markets for bitcoin.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Bitcoin is a new asset with a very limited trading
history. Therefore, the markets for bitcoin may be less liquid and more volatile than other markets for more established products. It
may be difficult to execute a bitcoin trade at a specific price when there is a relatively small volume of buy and sell orders in the
bitcoin market. A market disruption can also make it more difficult to liquidate a position or find a suitable counterparty at a reasonable
cost.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Market illiquidity may cause losses for the Trust.
The large size of the positions that the Trust may acquire will increase the risk of illiquidity by both making the positions more difficult
to liquidate and increasing the losses incurred while trying to do so should the Trust need to liquidate its bitcoin, or making it more
difficult for Authorized Participants to acquire or liquidate bitcoin as part of the creation and/or redemption of Shares of the Trust.
Any type of disruption or illiquidity will potentially be exacerbated due to the fact that the Trust will typically invest in bitcoin,
which is highly concentrated.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Several factors may affect the Trust&#8217;s ability to achieve
its investment objective on a consistent basis. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">There is no guarantee that the Trust will meet
its investment objective. Factors that may affect the Trust&#8217;s ability to meet its investment objective include: (1)&#160;Authorized
Participants&#8217; ability to purchase and sell bitcoin in an efficient manner to effectuate creation and redemption orders; (2)&#160;transaction
fees associated with the Bitcoin network; (3)&#160;the bitcoin market becoming illiquid or disrupted; (4)&#160;the Trust&#8217;s Share
prices being rounded to the nearest cent and/or valuation methodologies; (5)&#160;the need to conform the Trust&#8217;s portfolio holdings
to comply with investment restrictions or policies or regulatory or tax law requirements; (6)&#160;early or unanticipated closings of
the markets on which bitcoin trades, resulting in the inability of Authorized Participants to execute intended portfolio transactions;
and (7)&#160;accounting standards.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The amount of bitcoin represented by the Shares will decline
over time. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The amount of bitcoin represented by the Shares
will continue to be reduced during the life of the Trust due to the transfer of the Trust&#8217;s bitcoin to pay for the Sponsor Fee,
and to pay for extraordinary fees and expenses. This dynamic will occur irrespective of whether the trading price of the Shares rises
or falls in response to changes in the price of bitcoin.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Each outstanding Share represents a fractional,
undivided interest in the bitcoin held by the Trust. The Trust does not generate any income and transfers bitcoin to pay for the Sponsor
Fee, and to pay for extraordinary fees and expenses. Therefore, the amount of bitcoin represented by each Share will gradually decline
over time. This is also true with respect to Shares that are issued in exchange for additional deposits of bitcoin over time, as the amount
of bitcoin required to create Shares proportionally reflects the amount of bitcoin represented by the Shares outstanding at the time of
such creation unit being created. Assuming a constant bitcoin price, the trading price of the Shares is expected to gradually decline
relative to the price of bitcoin as the amount of bitcoin represented by the Shares gradually declines.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Shareholders should be aware that the gradual
decline in the amount of bitcoin represented by the Shares will occur regardless of whether the trading price of the Shares rises or falls
in response to changes in the price of bitcoin.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The development and commercialization of the Trust is subject
to competitive pressures. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust and the Sponsor face competition with
respect to the creation of competing products. The Sponsor&#8217;s competitors may have greater financial, technical and human resources
than the Sponsor. These competitors may also compete with the Sponsor in recruiting and retaining qualified personnel. Smaller or early
stage companies may also prove to be effective competitors, particularly through collaborative arrangements with large and established
companies. Accordingly, the Sponsor&#8217;s competitors may commercialize a product involving bitcoin more rapidly or effectively than
the Sponsor is able to, which could adversely affect the Sponsor&#8217;s competitive position, the likelihood that the Trust will achieve
initial market acceptance and the Sponsor&#8217;s ability to generate meaningful revenues from the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Trust is an emerging growth company and the Trust cannot
be certain if the reduced disclosure requirements applicable to emerging growth companies will make the Shares less attractive to investors.
</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust is an emerging growth company, as defined
in the JOBS Act, and may take advantage of certain exemptions from various reporting requirements that are applicable to other public
companies that are not emerging growth companies. The Trust cannot predict if investors will find the Shares less attractive because of
the Trust&#8217;s reliance on these exemptions. If some investors find the Trust&#8217;s Shares less attractive as a result, there may
be a less active trading market for the Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In addition, under the JOBS Act, the Trust&#8217;s
independent registered public accounting firm will not be required to attest to the effectiveness of its internal control over financial
reporting pursuant to Section&#160;404 of the Sarbanes-Oxley Act of 2002 for so long as it is an emerging growth company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">For as long as the Trust takes advantage of the
reduced reporting obligations, the information that the Trust provides its Shareholders may be different from information provided by
other public companies.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>If the Trust issues all Shares registered in this offering or
such registration expires, it could have to cease creating new Baskets until additional shares are registered for sale. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Investors should be aware that if the Trust issues
all Shares registered in this offering or the offering expires, it could have to cease creating new Baskets until additional shares are
registered for sale. This could impact the trading price of the Trust&#8217;s Shares. Moreover, soon after new Baskets are created and
sold under this Prospectus, there is a possibility that the availability of newly created Shares may (or may not) affect the trading price
of the Shares already issued, and both current Shareholders and purchasers of newly created Shares could be adversely affected by falling
trading prices.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Regulatory Risks </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Future and current regulations by a United States or foreign
government or quasi-governmental agency could have an adverse effect on an investment in the Trust. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The regulation of bitcoin and related products
and services continues to evolve, may take many different forms and will, therefore, impact bitcoin and its usage in a variety of manners.
The inconsistent and sometimes conflicting regulatory landscape may make it more difficult for bitcoin businesses to provide services,
which may impede the growth of the bitcoin economy and have an adverse effect on consumer adoption of bitcoin. There is a possibility
of future regulatory change altering, perhaps to a material extent, the nature of an investment in the Trust or the ability of the Trust
to continue to operate. Additionally, changes to current regulatory determinations of bitcoin&#8217;s status as not being a security,
changes to regulations surrounding bitcoin futures or related products, or actions by a United States or foreign government or quasi-governmental
agency exerting regulatory authority over bitcoin, the Bitcoin network, bitcoin trading, or related activities impacting other parts of
the digital asset market, may adversely impact bitcoin and therefore may have an adverse effect on the value of your investment in the
Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Trust is not an investment company registered under the 1940
Act or the Commodity Exchange Act. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">While the Sponsor has indicated that the Trust
will voluntarily comply with certain provisions of the 1940 Act, the Trust is not registered as an investment company under the 1940 Act
and is not subject to the statutory requirements of the 1940 Act. Further. the Trust will not hold or trade in commodity interests regulated
by the CEA, as administered by the CFTC and that neither the Sponsor nor the Trustee is subject to regulation by the CFTC as a commodity
pool operator or a commodity trading advisor in connection with the operation of the Trust. Consequently, Shareholders will not have the
statutory protections provided to investors in registered investment companies, CEA-regulated instruments or commodity pools.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Future regulations may require the Trust or the Sponsor to become
registered, which may cause the Trust to liquidate. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Current and future legislation, SEC and CFTC rulemaking,
and other regulatory developments may impact the manner in which bitcoin are treated for classification and clearing purposes. In particular,
bitcoin in the future may be classified by the CFTC as a &#8220;commodity interest&#8221; under the CEA and certain transactions in bitcoin
may be deemed to be commodity futures or bitcoin may be classified by the SEC as a &#8220;security&#8221; under U.S. federal securities
laws. In the face of such developments, the required registrations and compliance steps may result in extraordinary, nonrecurring expenses
to the Trust. If the Sponsor decides to terminate the Trust in response to the changed regulatory circumstances, the Trust may be dissolved
or liquidated at a time that is disadvantageous to Shareholders.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The SEC has stated that certain digital assets
may be considered &#8220;securities&#8221; under the federal securities laws. The test for determining whether a particular digital asset
is a &#8220;security&#8221; is complex and the outcome is difficult to predict. If bitcoin is determined to be a &#8220;security&#8221;
under federal or state securities laws by the SEC or any other agency, or in a proceeding in a court of law or otherwise, it may have
material adverse consequences for bitcoin as a digital asset. For example, it may become more difficult for bitcoin to be traded, cleared
and custodied as compared to other digital assets that are not considered to be securities, which could in turn negatively affect the
liquidity and general acceptance of bitcoin and cause users to migrate to other digital assets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">To the extent that bitcoin is determined to be
a security, the Trust and the Sponsor may also be subject to additional regulatory requirements, including under the 1940 Act, and the
Sponsor may be required to register as an investment adviser under the Investment Advisers Act of 1940. If the Sponsor determines not
to comply with such additional regulatory and registration requirements, the Sponsor will terminate the Trust. Any such termination could
result in the liquidation of the Trust&#8217;s bitcoin at a time that is disadvantageous to Shareholders.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">To the extent that bitcoin is deemed to fall within
the definition of a &#8220;commodity interest&#8221; under the CEA, the Trust and the Sponsor may be subject to additional regulation
under the CEA and CFTC regulations. These additional requirements may result in extraordinary, recurring and/or nonrecurring expenses
of the Trust, thereby materially and adversely impacting the Shares. If the Sponsor and/or the Trust determines not to comply with such
additional regulatory and registration requirements, the Sponsor may terminate the Trust. Any such termination could result in the liquidation
of the Trust&#8217;s bitcoin at a time that is disadvantageous to Shareholders.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Regulatory changes or interpretations of an Authorized Participant&#8217;s,
the Trust&#8217;s or the Sponsor&#8217;s activities could result in extraordinary, recurring and/or nonrecurring expenses to the Authorized
Participant, Trust or Sponsor or increased commissions for the Authorized Participant&#8217;s clients, thereby reducing the liquidity
of the Shares. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">To the extent that the activities of any Authorized
Participant, the Trust or the Sponsor cause it to be deemed a &#8220;money services business&#8221; under the regulations promulgated
by FinCEN under the authority of the U.S. Bank Secrecy Act, such Authorized Participant, the Trust or the Sponsor may be required to comply
with FinCEN regulations, including those that would mandate the Authorized Participant to implement anti-money laundering programs, make
certain reports to FinCEN and maintain certain records. Similarly, the activities of an Authorized Participant, the Trust or the Sponsor
may require it to be licensed as a money transmitter or as a digital asset business, such as under New York Department of Financial Service&#8217;s
BitLicense regulation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Such additional regulatory obligations may cause
the Authorized Participant, the Trust or the Sponsor to incur extraordinary expenses. If the Authorized Participant, the Trust or the
Sponsor decide to seek the required licenses, there is no guarantee that they will timely receive them. The Authorized Participant may
also instead decide to terminate its role as Authorized Participant of the Trust, or the Sponsor may decide to terminate the Trust. Termination
by the Authorized Participant may decrease the liquidity of the Shares, which may adversely affect the value of the Shares, and any termination
of the Trust in response to the changed regulatory circumstances may be at a time that is disadvantageous to the Shareholders.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Trading on bitcoin exchanges outside the United States is not
subject to U.S. regulation, and may be less reliable than U.S. exchanges. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">To the extent any of the Trust&#8217;s trading
is conducted on bitcoin exchanges outside the U.S., trading on such exchanges is not regulated by any U.S. governmental agency and may
involve certain risks not applicable to trading on U.S. exchanges. Certain foreign markets may be more susceptible to disruption than
U.S. exchanges. These factors could adversely affect the performance of the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Sponsor may need to find and appoint a replacement custodian
quickly, which could pose a challenge to the safekeeping of the Trust&#8217;s Bitcoin. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Sponsor could decide to replace the Custodian
as the custodian of the Trust&#8217;s bitcoin. Transferring maintenance responsibilities of the Trust&#8217;s account with the Custodian
to another party will likely be complex and could subject the Trust&#8217;s bitcoin to the risk of loss during the transfer, which could
have a negative impact on the performance of the Shares or result in loss of the Trust&#8217;s assets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Sponsor may not be able to find a bank or
other party willing to serve as the custodian under the same terms as the current Custodian Agreement. To the extent that Sponsor is not
able to find a suitable party willing to serve as the custodian, the Sponsor may be required to terminate the Trust and liquidate the
Trust&#8217;s bitcoin. In addition, to the extent that the Sponsor finds a suitable party but must enter into a modified Custodian Agreement
that is less favorable for the Trust or Sponsor, the value of the Shares could be adversely affected.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Administrator calculates the NAV using the value of the bitcoin
holdings and bitcoin holdings per Share, and any errors, discontinuance or changes in such valuation calculations may have an adverse
effect on the value of the Shares. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Administrator will calculate the Trust&#8217;s
NAV using the value of the Trust&#8217;s bitcoin holdings and bitcoin holdings per Share on a daily basis as soon as practicable after
4:00 p.m. EST on each business day. The NAV is generally calculated utilizing the Reference Rate, calculated at 4:00 p.m. EST on such
day. To the extent that the bitcoin holdings or bitcoin holdings per Share are incorrectly calculated, the Administrator may not be liable
for any error and such misreporting of valuation data could adversely affect the value of the Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The value of the Shares will be adversely affected if the Trust
is required to indemnify the Sponsor, the Trustee, the Administrator Transfer Agent or the Custodian under the Trust documents. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Under the Trust documents, each of the Sponsor,
the Trustee, the Administrator, the Transfer Agent and the Custodian has a right to be indemnified by the Trust for certain liabilities
or expenses that it incurs without gross negligence, bad faith and/or willful misconduct on its part. Therefore, such obligation(s) may
require that the assets of the Trust be sold in order to cover losses or liability suffered by it. Any sale of that kind would reduce
the bitcoin holdings of the Trust and the value of the Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Intellectual property rights claims may adversely affect the
Trust and the value of the Shares. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Sponsor is not aware of any intellectual property
rights claims that may prevent the Trust from operating and holding bitcoin. However, third parties may assert intellectual property rights
claims relating to the operation of the Trust and the mechanics instituted for the investment in, holding of and transfer of bitcoin.
Regardless of the merit of an intellectual property or other legal action, any legal expenses to defend or payments to settle such claims
would be extraordinary expenses that would be borne by the Trust through the sale or transfer of its bitcoin. Additionally, a meritorious
intellectual property rights claim could prevent the Trust from operating and force the Sponsor to terminate the Trust and liquidate its
bitcoin. As a result, an intellectual property rights claim against the Trust could adversely affect the value of the Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Tax Risks </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Shareholders could incur a tax liability without an associated
distribution of the Trust. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In the normal course of business, it is possible
that the Trust could incur a taxable gain in connection with the sale of bitcoin (including deemed sales of bitcoin as a result of the
Trust using bitcoin to pay its expenses) that is otherwise not associated with a distribution to Shareholders. While purchases and sales
of bitcoin are not expected to occur, in the event that this does occur, Shareholders may be subject to tax due to the grantor trust status
of the Trust even though there is not a corresponding distribution from the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The tax treatment of bitcoin and transactions involving bitcoin
for United States federal income tax purposes may change. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Current IRS guidance indicates that bitcoin should
be treated as property for U.S. federal income tax purposes and that transactions involving the exchange of bitcoin in return for goods
and services should be treated as barter exchanges. Such guidance allows transactions in bitcoin to qualify for beneficial capital gains
treatment. However, because bitcoin is a new technological innovation, the U.S. federal income tax treatment of an investment in bitcoin
or in transactions relating to investments in bitcoin, including without limitation the tax treatment of a fork, may evolve and change
from those described in this prospectus, possibly with retroactive effect. Any such change in the U.S. federal income tax treatment of
bitcoin may have a negative effect on prices of bitcoin and may adversely affect the value of the Shares. In this regard, the IRS has
indicated that it has made it a priority to issue additional guidance related to the taxation of virtual currency transactions, such as
transactions involving bitcoin. While it has started to issue such additional guidance, whether any future guidance will adversely affect
the U.S. federal income tax treatment of an investment in bitcoin or in transactions relating to investments in bitcoin is unknown. Moreover,
future developments that may arise with respect to digital currencies may increase the uncertainty with respect to the treatment of digital
currencies for U.S. federal income tax purposes.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The tax treatment of bitcoin and transactions involving bitcoin
for state and local tax purposes is not settled. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Because bitcoin is a new technological innovation,
the tax treatment of bitcoin for state and local tax purposes, including without limitation state and local income and sales and use taxes,
is not settled. It is uncertain what guidance, if any, on the treatment of bitcoin for state and local tax purposes may be issued in the
future. A</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">state or local government authority&#8217;s treatment of bitcoin may
have negative consequences, including the imposition of a greater tax burden on investors in bitcoin or the imposition of a greater cost
on the acquisition and disposition of bitcoin generally. Any such treatment may have a negative effect on prices of bitcoin and may adversely
affect the value of the Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>A hard &#8220;fork&#8221; of the Bitcoin Blockchain could result
in Shareholders incurring a tax liability. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If a hard fork occurs in the Bitcoin Blockchain,
the Trust could hold both the original bitcoin and the alternative new bitcoin. The IRS has held that a hard fork resulting in the creation
of new units of cryptocurrency is a taxable event giving rise to ordinary income. Moreover, the Trust Agreement requires that, if such
a transaction occurs, the Trust will as soon as possible direct the Custodian to distribute the alternative new bitcoin in-kind to the
Sponsor, as agent for the Shareholders, and the Sponsor will arrange to sell the new bitcoin and for the proceeds to be distributed to
the Shareholders. The receipt, distribution and/or sale of the alternative bitcoin may cause Shareholders to incur a federal, state, local,
or foreign tax liability. Any tax liability could adversely impact an investment in the Shares and may require Shareholders to prepare
and file tax returns.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Other Risks </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Exchange on which the Shares are listed may halt trading
in the Trust&#8217;s Shares, which would adversely impact a Shareholder&#8217;s ability to sell Shares. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust&#8217;s Shares are listed for trading
on the Exchange under the market symbol &#8220;BTCW.&#8221; Trading in Shares may be halted due to market conditions or, in light of the
Exchange rules and procedures, for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading
is subject to trading halts caused by extraordinary market volatility pursuant to &#8220;circuit breaker&#8221; rules that require trading
to be halted for a specified period based on a specified market decline. Additionally, there can be no assurance that the requirements
necessary to maintain the listing of the Trust&#8217;s Shares will continue to be met or will remain unchanged.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The liquidity of the Shares may also be affected by the withdrawal
from participation of Authorized Participants or other market participants, which could adversely affect the market price of the Shares.
</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust has a limited number of financial institutions
that may act as Authorized Participants. In addition, there may be a limited number of market makers and/or liquidity providers in the
marketplace. In the event that one or more Authorized Participants or market makers that have substantial interests in the Trust&#8217;s
Shares withdraw, &#8220;step away&#8221; from participation, or have a business disruption or otherwise become unable or unwilling to
participate, in the purchase (creation) or sale (redemption) of the Trust&#8217;s Shares, the liquidity of the Shares will likely decrease,
which could adversely affect the market price of the Shares and result in Shareholders incurring a loss on their investment.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The market infrastructure of the bitcoin spot market could result
in the absence of active Authorized Participants able to support the trading activity of the Trust. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Bitcoin is extremely volatile, and concerns exist
about the stability, reliability and robustness of many bitcoin exchanges. In a highly volatile market, or if one or more bitcoin exchanges
faces an issue, it could be extremely challenging for any Authorized Participant to provide continuous liquidity in the Shares. There
can be no guarantee that the Sponsor will be able to find an Authorized Participant to actively and continuously support the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Bitcoin exchanges are not subject to same regulatory oversight
as traditional equity exchanges, which could negatively impact the ability of Authorized Participants to implement arbitrage mechanisms.
</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The trading for bitcoin occurs on multiple trading
venues that have various levels and types of regulation, but are not regulated in the same manner as traditional stock and bond exchanges.
If these bitcoin exchanges do not operate</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">smoothly or face technical, security or regulatory issues, that could
impact the ability of Authorized Participants to make markets in the Shares. In such an event, trading in the Shares could occur at a
material premium or discount to the NAV.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Shareholders that are not Authorized Participants may only purchase
or sell their Shares in secondary trading markets, and the conditions and operational risks associated with trading in secondary markets
may adversely affect Shareholders&#8217; investment in the Shares. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Only Authorized Participants may create or redeem
Baskets. All other Shareholders that desire to purchase or sell Shares must do so through the Exchange or in other markets, if any, in
which the Shares may be traded. Shares may trade at a premium or discount to the NAV per Share.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Investors in Shares should note that while transferring
Shares, specific risks should be noted. To generally initiate a transfer, a transaction must be signed using the private key of the asset
holder. The private key should remain secret at all times. If the private key is not secured when in use, an asset holder risks their
private key being obtained by third parties, including criminals, and risk losing all or some of their investment.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Exchanges are a popular venue for bitcoin investors
to store assets and facilitate transactions with other participants. As with any financial transaction, investors in Shares need to ensure
adequate controls are in place to authenticate themselves on these platforms. Failure to follow security best practices, including multifactor
authentication (MFA), well-formed strong passwords and checks on the validity of exchange URLs may risk unauthorised transfer and loss
of assets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Sponsor is leanly staffed and relies heavily on key personnel.
</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Sponsor is leanly staffed and relies heavily
on key personnel to manage its activities. These key personnel intend to allocate their time managing the Trust in a manner that they
deem appropriate. If such key personnel were to leave or be unable to carry out their present responsibilities, it may have an adverse
effect on the management of the Sponsor.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Trust is new, and if it is not profitable, the Trust may
terminate and liquidate at a time that is disadvantageous to Shareholders. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust is new. If the Trust does not attract
sufficient assets to remain viable, then the Trust could be terminated and liquidated at the direction of the Sponsor. Termination and
liquidation of the Trust could occur at a time that is disadvantageous to Shareholders. When the Trust&#8217;s assets are sold as part
of the Trust&#8217;s liquidation, the resulting proceeds distributed to Shareholders may be less than those that may be realized in a
sale outside of a liquidation context. Shareholders may be adversely affected by redemption or creation orders that are subject to postponement,
suspension or rejection under certain circumstances.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Shareholders do not have the rights enjoyed by investors in certain
other vehicles and may be adversely affected by a lack of statutory rights and by limited voting and distribution rights. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Shares have limited voting and distribution
rights. For example, Shareholders do not have the right to elect directors, the Trust may enact splits or reverse splits without Shareholder
approval and the Trust is not required to pay regular distributions, although the Trust may pay distributions at the discretion of the
Sponsor.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>An investment in the Trust may be adversely affected by competition
from other investment vehicles focused on bitcoin or other cryptocurrencies. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust will compete with direct investments
in bitcoin, other digital assets and other potential financial vehicles, possibly including securities backed by or linked to cryptocurrency
and other investment vehicles that</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">focus on other digital assets. Market and financial conditions, and
other conditions beyond the Trust&#8217;s control, may make it more attractive to invest in other vehicles, which could adversely affect
the performance of the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Shareholders cannot be assured of the Sponsor&#8217;s continued
services, the discontinuance of which may be detrimental to the Trust. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Shareholders cannot be assured that the Sponsor
will be able to continue to service the Trust for any length of time. If the Sponsor discontinues its activities on behalf of the Trust,
the Trust may be adversely affected, as there may be no entity servicing the Trust for a period of time. Such an event could result in
termination of the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Shareholders may be adversely affected by creation or redemption
orders that are subject to postponement, suspension or rejection under certain circumstances. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust may, in its discretion, suspend the
right of creation or redemption or may postpone the redemption or purchase settlement date, for (1)&#160;any period during which an emergency
exists as a result of which the fulfillment of a purchase order or the redemption distribution is not reasonably practicable, or (2)&#160;such
other period as the Sponsor determines to be necessary for the protection of the Shareholders of the Trust. In addition, the Trust may
reject a redemption order if the order is not in proper form as described in the Authorized Participant Agreement or if the fulfillment
of the order might be unlawful. Any such postponement, suspension or rejection could adversely affect a redeeming Authorized Participant.
Suspension of creation privileges may adversely impact how the Shares are traded and arbitraged on the secondary market, which could cause
them to trade at levels materially different (premiums and discounts) from the fair value of their underlying holdings.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Shareholders may be adversely affected by an overstatement or
understatement of the NAV calculation of the Trust due to the valuation method employed on the date of the NAV calculation. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In certain circumstances, the Trust&#8217;s bitcoin
investments may be valued using techniques other than reliance on the price established by the Reference Rate. The value established by
using the Reference Rate may be different from what would be produced through the use of another methodology. Bitcoin or other digital
asset investments that are valued using techniques other than those employed by the Reference Rate, including bitcoin investments that
are &#8220;fair valued,&#8221; may be subject to greater fluctuation in their value from one day to the next than would be the case if
market-price valuation techniques were used.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The liability of the Sponsor and the Trustee is limited, and
the value of the Shares will be adversely affected if the Trust is required to indemnify the Trustee or the Sponsor. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Under the Trust Agreement, the Trustee and the
Sponsor are not liable, and have the right to be indemnified, for any liability or expense incurred absent gross negligence or willful
misconduct on the part of the Trustee or the Sponsor or breach by the Sponsor of the Trust Agreement, as the case may be. As a result,
the Sponsor may require the assets of the Trust to be sold in order to cover losses or liability suffered by it or by the Trustee. Any
sale of that kind would reduce the NAV of the Trust and the value of its Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Extraordinary expenses resulting from unanticipated events may
become payable by the Trust, adversely affecting an investment in the Shares. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Extraordinary expenses of the Trust (for example,
expenses relating to litigation) are not assumed by the Sponsor and are instead borne by the Trust and paid through the sale of the Trust&#8217;s
bitcoins. Because the Trust does not generate any income, every time that it delivers bitcoins to the Sponsor for the Sponsor Fee or sells
bitcoins for expenses such as extraordinary expenses, the number of bitcoins represented by each Share will gradually decrease over time.
In addition, the Sponsor may, in its sole discretion, increase the Sponsor Fee or decrease the Sponsor-paid expenses which could result
in a greater decline in the number of bitcoins that the Trust holds. Such changes could occur if the expenses of the Trust materially
increase.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Third parties may infringe upon or otherwise violate intellectual
property rights or assert that the Sponsor has infringed or otherwise violated their intellectual property rights, which may result in
significant costs and diverted attention. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">It is possible that third parties might utilize
the Trust&#8217;s intellectual property or technology, including the use of its business methods and trademarks, without permission. However,
the Trust may not have adequate resources to implement procedures for monitoring unauthorized uses of their trademarks, proprietary software
and other technology. Also, third parties may independently develop business methods, trademarks or proprietary software and other technology
similar to that of the Trust or claim that the Trust has violated their intellectual property rights, including their copyrights, trademark
rights, trade names, trade secrets and patent rights. As a result, the Trust may have to litigate in the future to protect its trade secrets,
determine the validity and scope of other parties&#8217; proprietary rights, defend itself against claims that it has infringed or otherwise
violated other parties&#8217; rights, or defend itself against claims that its rights are invalid. Any litigation of this type, even if
the Trust is successful and regardless of the merits, may result in significant costs, divert its resources from the Trust, or require
it to change its proprietary software and other technology or enter into royalty or licensing agreements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Due to the increased use of technologies, intentional and unintentional
cyber-attacks pose operational and information security risks. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">With the increased use of technologies such as
the internet and the dependence on computer systems to perform necessary business functions, the Trust is susceptible to operational and
information security risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber-attacks include,
but are not limited to, gaining unauthorized access to digital systems for purposes of misappropriating assets or sensitive information,
corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized
access, such as causing denial-of-service attacks on websites. Cyber security failures or breaches of one or more of the Trust&#8217;s
service providers (including, but not limited to, the Sponsor, Administrator, Transfer Agent, and the Custodian), as well as Authorized
Participants and market makers, have the ability to cause disruptions and impact business operations, potentially resulting in financial
losses, the inability of the Shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties,
reputational damage, reimbursement or other compensation costs, and/or additional compliance costs.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In addition, substantial costs may be incurred
in order to prevent any cyber incidents in the future. The Trust and its Shareholders could be negatively impacted as a result. While
the Trust has established business continuity plans, there are inherent limitations in such plans.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Trust and its service providers are subject to certain operational
risks. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust and its service providers, including
the Sponsor, Administrator, Transfer Agent, Custodian and any Subcustodian (as well as Authorized Participants and market makers) may
experience disruptions that arise from human error, processing and communications errors, counterparty or third-party errors, or technology
or systems failures, any of which may have an adverse impact on the Trust. Although the Trust and its service providers seek to mitigate
these operational risks through their internal controls and operational risk management processes, these measures may not identify or
may be inadequate to address all such risks.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>[The Trust Agreement includes a provision that restricts the
right of a beneficial owner of a statutory trust from bringing a derivative action. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Under Delaware law, the right of a beneficial
owner of a statutory trust (such as a Shareholder of the Trust) to bring a derivative action (i.e., to initiate a lawsuit in the name
of a the statutory trust in order to assert a claim belonging to the statutory trust against a fiduciary of the statutory trust or against
a third-party when the statutory trust&#8217;s management has refused to do so) may be restricted by the terms of the governing instrument
of the statutory trust. The Trust Agreement provides that in addition to any other requirements of applicable law, no Shareholder shall
have the right, power or authority to bring or maintain a derivative action, suit or other proceeding on behalf of the Trust unless two
or more Shareholders who (i)&#160;are not affiliates of one another and (ii)&#160;collectively hold at least 10% of the outstanding Shares
join in the bringing or maintaining of such action, suit or other proceeding. Therefore, the Trust Agreement limits the likelihood that
a Shareholder could successfully assert a derivative action.]</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The ongoing COVID-19 pandemic and measures intended to prevent
its spread could have a material adverse effect on the Trust&#8217;s business and financial condition. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">An investment in the Shares should be made with
an understanding that the value of bitcoin will fluctuate (including significantly decrease), including in relation to changes in general
economic or political conditions, local, regional or global events such as war, threats of war, acts of terrorism, the spread of infectious
illness or other public health issue, recessions, natural and environmental disasters, systemic market dislocations, supply disruptions,
or other events.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The outbreak of a respiratory disease caused by
a novel coronavirus (COVID-19) spread globally in a short period of time. The effects of COVID-19 have affected and are likely to continue
to affect certain sectors and industries more dramatically than others, and the effects borne by some will negatively affect the value
of the issuers in those sectors and industries, which may adversely affect the value of bitcoin. COVID-19, and other epidemics and pandemics
that may arise in the future, could adversely affect the economies of many nations, the global economy, individual companies and capital
markets in ways that cannot be foreseen at the present time. In addition, the impact of infectious diseases in developing or emerging
market countries may be greater due to limited health care resources. Political, economic and social stresses caused by COVID-19 also
may exacerbate other pre-existing political, social and economic risks in certain countries. The duration of COVID-19 and its effects
cannot be determined at this time, but the effects could be present for an extended period of time. It is impossible to predict the effects
on the Shares of these or similar events and market conditions in the future. However, it is possible that these or similar events and
market conditions could have a significant and adverse effect on the Shares and/or risk profile of the Trust. The COVID-19 pandemic may
also have the effect of heightening or contributing to many of the other risks described herein.</p>

<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BITCOIN, BITCOIN MARKET, BITCOIN EXCHANGES AND
REGULATION OF BITCOIN </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">This section of the prospectus provides a more
detailed description of bitcoin, including information about the historical development of bitcoin, how a person holds bitcoin, how to
use bitcoin in transactions, how to trade bitcoin, the &#8220;bitcoin exchange&#8221; market where bitcoin can be bought, held and sold,
the bitcoin OTC market and bitcoin mining. In this prospectus, Bitcoin with an upper case &#8220;B&#8221; is used to describe the system
as a whole that is involved in maintaining the ledger of bitcoin ownership and facilitating the transfer of bitcoin among parties. When
referring to the digital asset within the Bitcoin network, bitcoin is written with a lower case &#8220;b&#8221; (except at the beginning
of sentences or paragraph sections, as below).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><b>Bitcoin </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Bitcoin is a digital asset that can be transferred
among participants on the Bitcoin network on a peer-to-peer basis via the Internet. Unlike other means of electronic payments, bitcoin
can be transferred without the use of a central administrator or clearing agency. Because a central party is not necessary to administer
bitcoin transactions or maintain the bitcoin ledger, the term decentralized is often used in descriptions of bitcoin.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><b>Bitcoin Network </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Bitcoin was first described in a white paper released
in 2008 and published under the name &#8220;Satoshi Nakamoto.&#8221; The protocol underlying Bitcoin was subsequently released in 2009
as open-source software and currently operates on a worldwide network of computers.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The first step in using bitcoin for transactions
is to download specialized software referred to as a &#8220;bitcoin wallet.&#8221; A user&#8217;s bitcoin wallet can run on a computer
or smartphone, and can be used both to send and to receive bitcoin. Within a bitcoin wallet, a user can generate one or more unique &#8220;bitcoin
addresses,&#8221; which are conceptually similar to bank account numbers on the Bitcoin Blockchain and are associated with a pair of public
and private keys. After establishing a bitcoin address, a user can send or receive bitcoin from his or her bitcoin address to another
user&#8217;s address using the public and private keys. Sending bitcoin from one bitcoin address to another is similar in concept to sending
a bank wire from one person&#8217;s bank account to another person&#8217;s bank account.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The amount of bitcoin associated with each bitcoin
address is listed in a public ledger, referred to as a &#8220;blockchain.&#8221; Copies of the Bitcoin Blockchain exist on thousands of
computers on the Bitcoin network throughout the Internet. A user&#8217;s bitcoin wallet will either contain a copy of the Bitcoin Blockchain
or be able to connect with another computer that holds a copy of the Bitcoin Blockchain.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">When a bitcoin user wishes to transfer bitcoin
to another user, the sender must first request a bitcoin address from the recipient. The sender then uses his or her bitcoin wallet software
to create a data packet containing the proposed addition (often referred to as a &#8220;transaction&#8221;) to the Bitcoin Blockchain.
The proposed transaction would reduce the sender&#8217;s address and increase the recipient&#8217;s address by the amount of bitcoin desired
to be transferred, and is sent on a peer-to-peer basis to other computers participating in the Bitcoin network.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><b>Bitcoin Protocol </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Bitcoin is an open-source project with no official
company or group that controls the Bitcoin network, and anyone can review the underlying code and suggest changes. There are, however,
a number of individual developers that regularly contribute to a specific distribution of Bitcoin software known as the &#8220;Bitcoin
Core,&#8221; and who loosely oversee the development of its source code. There are many other compatible versions of Bitcoin software,
but Bitcoin Core is the most widely adopted and currently provides the <i>de facto </i>standard for the Bitcoin protocol. The core developers
are able to access, and can alter, the Bitcoin network source code and, as a result, they are responsible for quasi-official releases
of updates and other changes to the Bitcoin network&#8217;s source code. However, because Bitcoin has no central authority, the release
of updates to the Bitcoin network&#8217;s source code by the core developers does not guarantee that the updates will be automatically
adopted by the other participants in the Bitcoin network. Users and miners must accept any changes made to the Bitcoin source code by
downloading the proposed modification of the Bitcoin network&#8217;s source code. A modification of the Bitcoin network&#8217;s source
code is effective only with respect to those Bitcoin users and miners who choose to download it. If a modification is accepted by only
a percentage of users and miners, a division in the Bitcoin network will occur such that one network will run the pre-modification source
code and the other network will run the modified source code. Such a division is known as a &#8220;fork.&#8221; See &#8220;Risk Factors&#8212;Risks
Associated with bitcoin and the Bitcoin network&#8212;A temporary or permanent &#8220;fork&#8221; of the Bitcoin Blockchain could adversely
affect an investment in the Trust.&#8221; Consequently, as a practical matter, a modification to the source code becomes part of the Bitcoin
network only if accepted by participants collectively having most of the processing power on the Bitcoin network. In recent years, there
have been several forks in the Bitcoin network, including, but not limited to, forks resulting in the creation of Bitcoin Cash (August
1, 2017), Bitcoin Gold (October 24, 2017) and Bitcoin SegWit2X (December 28, 2017), among others.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust has adopted the following procedures
to address situations involving a fork that results in the issuance of new cryptocurrency that the Trust may receive. Typically, the holder
of bitcoin has no discretion in a hard fork transaction; it merely receives the new cryptocurrency while it continues to hold the same
number of bitcoin. The Trust Agreement stipulates that if such a transaction does occur, the Trust will as soon as possible direct the
Custodian to distribute the new cryptocurrency in-kind to the Sponsor, as agent for the Shareholders, and the Sponsor will arrange to
sell the new cryptocurrency and for the proceeds to be distributed to the Shareholders. The Trust is under no obligation to claim the
forked asset if doing so will expose the Trust&#8217;s (original) bitcoin holdings to risk. Alternatively, the Custodian may not agree
to provide the Trust with access to the forked asset.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><b>Bitcoin Transactions </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">A bitcoin transaction is similar in concept to
an irreversible digital check. The transaction contains the sender&#8217;s bitcoin address, the recipient&#8217;s bitcoin address, the
amount of bitcoin to be sent, a transaction fee and the sender&#8217;s digital signature. The sender&#8217;s use of his or her digital
signature enables participants on the Bitcoin network to verify the authenticity of the bitcoin transaction.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">A user&#8217;s digital signature is generated
via usage of the user&#8217;s so-called &#8220;private key,&#8221; one of two numbers in a so-called cryptographic &#8220;key pair.&#8221;
A key pair consists of a &#8220;public key&#8221; and its corresponding private key, both of which are lengthy alphanumeric codes, derived
together and possessing a unique relationship.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Public keys are associated with bitcoin addresses
that are publicly known and can accept a bitcoin transfer. Private keys are used to sign transactions that initiate the transfer of bitcoin
from a sender&#8217;s bitcoin address to a recipient&#8217;s bitcoin address. Only the holder of the private key associated with a particular
bitcoin address can digitally sign a transaction proposing a transfer of bitcoin from that particular bitcoin address.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">A user&#8217;s bitcoin address may be safely distributed,
but a user&#8217;s private key must be kept in accordance with appropriate controls and procedures to ensure it is used only for legitimate
and intended transactions. Only by using a private key can a bitcoin user create a digital signature to transfer bitcoin to another user.
In addition, if an unauthorized third person learns of a user&#8217;s private key, that third person could forge the user&#8217;s digital
signature and send the user&#8217;s bitcoin to any arbitrary bitcoin address, thereby stealing the user&#8217;s bitcoin.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The usage of key pairs is a cornerstone of the
Bitcoin network. This is because the use of a private key is the only mechanism by which a bitcoin transaction can be signed. If a private
key is lost, the corresponding bitcoin is thereafter permanently non-transferable. Moreover, the theft of a private key enables the thief
immediate and unfettered access to the corresponding bitcoin. Bitcoin users must therefore understand that in this regard, bitcoin is
a bearer asset, similar to cash: that is, the person or entity in control of the private key corresponding to a particular quantity of
bitcoin has <i>de facto </i>control of the bitcoin. For large quantities of bitcoin, holders often employ sophisticated security measures.
For a discussion of how the Trust secures its bitcoin, see &#8220;The Custodian&#8221; below.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Bitcoin network incorporates a system to prevent
double spending of a single bitcoin. To prevent the possibility of double- spending a single bitcoin, each validated transaction is recorded,
time stamped and publicly displayed in a &#8220;block&#8221; in the Bitcoin Blockchain, which is publicly available. Thus, the Bitcoin
network provides confirmation against double-spending by memorializing every transaction in the Bitcoin Blockchain, which is publicly
accessible and downloaded in part or in whole by all users of the Bitcoin network software program.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The process by which bitcoin are created and bitcoin
transactions are verified is called mining. To begin mining, a user, or &#8220;miner,&#8221; can download and special mining software,
which, like regular Bitcoin network software programs, turns the user&#8217;s computer into a &#8220;node&#8221; on the Bitcoin network,
and also has the ability to validate transactions and add new blocks of transactions to the Blockchain.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Miners, through the use of the bitcoin software
program, engage in a set of prescribed complex mathematical calculations imposed by the Bitcoin network&#8217;s software protocol, called
&#8220;proof of work&#8221;, in order to validate proposed transactions and bundle them into a data packet known as a &#8220;block.&#8221;
The first miner who successfully solves the cryptographic puzzle imposed by the Bitcoin network&#8217;s software protocol is permitted
to add a block of transactions to the Bitcoin Blockchain and is rewarded by a grant of newly-issued bitcoin, known as the &#8220;block
reward.&#8221;. Bitcoin is created and allocated by the Bitcoin network protocol and distributed through a &#8220;mining&#8221; process
subject to a strict, well-known issuance schedule. Block rewards for mining are the method by which new bitcoin is issued. The supply
of bitcoin is limited to 21&#160;million by the Bitcoin network&#8217;s software protocol.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Confirmed and validated bitcoin transactions are
recorded in blocks added to the Bitcoin Blockchain. Each block contains the details of some or all of the most recent transactions that
are not memorialized in prior blocks, as well as a record of the award of bitcoin to the miner who added the new block. Each unique block
can only be solved and added to the Bitcoin Blockchain by one miner; as a result, individual miners and mining pools on the Bitcoin network
engage in a competitive process of constantly increasing their computing power to improve their individual likelihood of solving new blocks.
As more miners join the Bitcoin network and its processing power increases, or if miners leave the Bitcoin network and its processing
power declines, the Bitcoin network adjusts the complexity of a block-solving equation to maintain a predetermined pace of adding a new
block to the Bitcoin Blockchain approximately every ten minutes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><b>Bitcoin Market and Bitcoin Exchanges </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Bitcoin can be transferred in direct peer-to-peer
transactions through the direct sending of bitcoin over the Bitcoin Blockchain from one bitcoin address to another. Among end-users, bitcoin
can be used to pay other members of the Bitcoin network for goods and services under what resembles a barter system. Consumers can also
pay merchants and other commercial businesses for goods or services through direct peer-to-peer transactions on the Bitcoin Blockchain
or through third-party service providers.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In addition to using bitcoin to engage in transactions,
investors may purchase and sell bitcoin to speculate as to the value of bitcoin in the bitcoin market, or as a long-term investment to
diversify their portfolio. The value of bitcoin within the market is determined, in part, by the supply of and demand for bitcoin in the
global bitcoin market, market expectations for the adoption of bitcoin as a store of value, the number of merchants that accept bitcoin
as a form of payment, and the volume of peer-to-peer transactions, among other factors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">A bitcoin exchange provides investors with a website
that permits investors to open accounts with the exchange and then purchase and sell bitcoin. Prices for trades on bitcoin exchanges are
typically reported publicly. An investor opening a trading account must deposit an accepted government-issued currency into their account
with the bitcoin exchange, or a previously acquired digital asset, before they can purchase or sell assets on the exchange. The process
of establishing an account with a bitcoin exchange and trading bitcoin is different from, and should not be confused with, the process
of users sending bitcoin from one bitcoin address to another bitcoin address on the Bitcoin Blockchain. This latter process is an activity
that occurs on the Bitcoin network, while the former is an activity that occurs entirely on the private website operated by the bitcoin
exchange. The bitcoin exchange typically records the investor&#8217;s ownership of bitcoin in its internal books and records, rather than
on the Bitcoin Blockchain. The bitcoin exchange ordinarily does not transfer bitcoin to the investor on the Bitcoin Blockchain unless
the investor makes a request to the exchange to withdraw the bitcoin in their exchange account to an off-exchange bitcoin wallet.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Outside of bitcoin exchanges, Bitcoin can be traded
OTC in transactions that are not publicly reported. The OTC market is largely institutional in nature, and OTC market participants generally
consist of institutional entities, such as firms that offer two-sided liquidity for bitcoin, investment managers, proprietary trading
firms, high-net-worth individuals that trade bitcoin on a proprietary basis, entities with sizeable bitcoin holdings, and family offices.
The OTC market provides a relatively flexible market in terms of quotes, price, quantity, and other factors, although it tends to involve
large blocks of bitcoin. The OTC market has no formal structure and no open-outcry meeting place. Parties engaging in OTC transactions
will agree upon a price&#8212;often via phone or email&#8212;and then one of the two parties will then initiate the transaction. For example,
a seller of bitcoin could initiate the transaction by sending the bitcoin to the buyer&#8217;s bitcoin address. The buyer would then wire
U.S. dollars to the seller&#8217;s bank account. OTC trades are sometimes hedged and eventually settled with concomitant trades on bitcoin
exchanges.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Although bitcoin was the first digital asset,
in the ensuing years, the number of digital assets, market participants and companies in the space has increased dramatically. In addition
to bitcoin, other well-known digital assets include ether, XRP, bitcoin cash, and litecoin. The category and protocols are still being
defined and evolving.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">As discussed in more detail below, barring the
liquidation of the Trust or extraordinary circumstances, the Trust does not currently expect to directly purchase or sell bitcoin, although
the Sponsor may direct the Custodian to sell bitcoin to pay certain expenses. Instead, Authorized Participants will deliver bitcoin to
the Trust&#8217;s account with the Custodian or Subcustodian, as applicable, in exchange for Shares of the Trust, and the Trust, through
the Custodian, will deliver bitcoin to Authorized Participants when those Authorized Participants redeem Shares of the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><b>Market Volatility </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Cryptocurrencies, such as bitcoin, are one of
the most volatile asset classes, even higher than small cap equities, emerging market equities or energy futures. It is not uncommon for
even the most established digital assets, such as bitcoin, to have periods of annualized volatility of over 100%.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Several factors influence those high volatility
levels. Firstly, as digital assets evolve in a fast-changing environment, major developments are commonplace. Changes in areas such as
regulation, technology, financialization etc. can have a profound impact on digital assets&#8217; potential for adoption, development
and growth.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Secondly, the digital asset space lacks frameworks
for fundamental analysis of price and growth. As a new market, desired data sets can be non-existent or difficult to access. Valuation
theory and frameworks are still in development, and the estimation of digital assets intrinsic value varies dramatically depending on
the use case, models and assumption sets used.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In this situation, the digital assets market,
and particularly the bitcoin market, is very sensitive to news releases, and largely driven by sentiment. Investors should expect this
situation to continue in the short and medium term.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><b>Regulation of Bitcoin and Government Oversight </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">As digital assets have grown in both popularity
and market size, the U.S. Congress and a number of federal and state agencies (including FinCEN, SEC, CFTC, FINRA, the Consumer Financial
Protection Bureau (&#8220;CFPB&#8221;), the Department of Justice, the Department of Homeland Security, the Federal Bureau of Investigation,
the IRS and state financial institution regulators) have been examining the operations of digital asset networks, digital asset users
and the digital asset exchange markets, with particular focus on the extent to which digital assets can be used to launder the proceeds
of illegal activities or fund criminal or terrorist enterprises and the safety and soundness of exchanges or other service-providers that
hold digital assets for users. Many of these federal and state agencies have issued consumer advisories regarding the risks posed by digital
assets to investors. In addition, federal and state agencies, and other countries have issued rules or guidance about the treatment of
digital asset transactions or requirements for businesses engaged in digital asset activity.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Various foreign jurisdictions have, and may continue
to, in the near future, propose, adopt or suggest the potential for laws, regulations or directives that affect the Bitcoin network, the
bitcoin markets, and their users, particularly bitcoin exchanges and service providers that fall within such jurisdictions&#8217; regulatory
scope, including to require to require virtual asset service providers to register and comply with an AML and CFT framework, banning trading
or shutting down digital asset exchanges, ordering financial institutions to stop providing banking or funding to any activity related
to cryptocurrencies, or banning entities from providing services to any individuals or business entities dealing with or settling digital
assets, among others. There remains significant uncertainty regarding governments&#8217; future actions with respect to the regulation
of digital assets and digital asset exchanges. Such laws, regulations or directives may conflict with those of the United States and may
negatively impact the acceptance of Bitcoin by users, merchants and service providers outside the United States and may therefore impede
the growth or sustainability of the Bitcoin economy in the United States and globally, or otherwise negatively affect the value of Bitcoin.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The effect of any future regulatory change on
the Trust or Bitcoin is impossible to predict, but such change could be substantial and adverse to the Trust and the value of the Shares.
The following are specific risks that could have a substantial and adviser impact on the Trust and the value of the Shares:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><i>It may be illegal now, or in the future, to
acquire, own, hold, sell or use bitcoin in one or more countries, and ownership of, holding or trading in Shares may also be considered
illegal and subject to sanctions. </i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Although currently cryptocurrencies and certain
other digital assets are not regulated or are lightly regulated in many countries, some countries have taken, and may take in the future,
regulatory actions that severely restrict the right to acquire, own, hold, sell or use such cryptocurrencies or digital assets or to exchange
cryptocurrencies or digital assets for fiat currency. Such regulatory actions or restrictions could adversely affect the value of the
Shares or result in the termination and liquidation of the Trust at a time that is disadvantageous to Shareholders or may adversely affect
an investment in the Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><i>States may require licenses that apply to Blockchain
technologies and digital assets, such as bitcoin and tokens, and token offerings. The Trust or Sponsor may be unable to comply with state
licensing requirements or policies, which may materially adversely affect the value of the Shares. </i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In the case of virtual currencies, state regulators
such as the New York State Department of Financial Services (&#8220;NYSDFS&#8221;) have created new regulatory frameworks. NYSDFS has
implemented a regulatory framework for licensing participants in &#8220;virtual currency business activity&#8221; known as the &#8220;BitLicense,&#8221;
which is intended to focus on consumer protection. The &#8220;BitLicense&#8221; regulates the conduct of businesses that are involved
in &#8220;virtual currencies&#8221; in New York or with New York customers and prohibits any person or entity involved in such activity
from conducting such activities without a license.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Other states, such as Texas, have published guidance
on how their existing regulatory regimes apply to virtual currencies. Some states, such as New Hampshire, North Carolina and Washington,
have amended their state&#8217;s statutes to include virtual currencies into existing licensing regimes. It is likely that, as Blockchain
technologies and the use of virtual currencies continues to grow, additional states will take steps to monitor the developing industry.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The issuance of Shares may require such state
licenses. The effect of any future regulatory action on the Trust, bitcoin, or the Shares is impossible to predict, but such change could
be substantial and could adversely affect the value of the Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><i>The Trust or Sponsor may be required to register
as a money services business with FinCEN and as a money transmitter in states with applicable money transmitter regulations. If the Trust
fails to operate with appropriate state or federal licenses the Trust and/or Sponsor could suffer reputational harm and also extraordinary,
recurring and/or nonrecurring expenses, which would adversely impact an investment in the Shares. </i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust&#8217;s or Sponsor&#8217;s activities
may require the registration of the Trust or Sponsor as a money services business under the regulations promulgated by FinCEN under the
authority of the U.S. Bank Secrecy Act. If regulatory changes or interpretations of the Trust&#8217;s or Sponsor&#8217;s activities require
the licensing or other registration as a money transmitter or business engaged in digital currency activity (e.g., under the New York
BitLicense framework) (or equivalent designation) under state law in any state in which the Trust or Sponsor operate, the Trust or Sponsor
may be required to seek a license or otherwise register with a state regulator and comply with state regulations that may include, among
other things, the implementation of anti-money laundering programs, cyber security, consumer protection, financial and reporting requirements
and maintenance of certain records and other operational requirements. In the event of any such requirement, to the extent that the Sponsor
decides to continue the Trust, the required registrations, licensure and regulatory compliance steps may result in extraordinary, nonrecurring
expenses to the Trust. Rather than incur these expenses or comply with licensing requirements, the Sponsor may decide to terminate the
Trust. Any termination of the Trust in response to the changed regulatory circumstances may be at a time that is disadvantageous to Shareholders.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Furthermore, the process of obtaining the necessary
licenses could take an extensive period of time. There is also a risk that necessary state or federal licenses will not be granted and
therefore, the Sponsor may have to act to dissolve and liquidate the Trust. Any such termination could result in the liquidation of the
Trust&#8217;s bitcoin at a time that is disadvantageous to Shareholders.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In addition, to the extent the Trust or Sponsor
are found to have operated without appropriate state or federal licenses, the Trust or Sponsor may be subject to investigation, administrative
or court proceedings, and civil or criminal monetary fines and penalties, all of which could harm the reputation of the Trust or Sponsor
and affect the value of the Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>THE TRUST AND BITCOIN PRICES </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Overview of the Trust </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust is an exchange-traded fund that issues
Shares that will be traded on the Exchange. The Trust&#8217;s investment objective is to gain exposure to the price of bitcoin as represented
by the Reference Rate, less expenses and liabilities of the Trust&#8217;s operations. In seeking to achieve its investment objective,
the Trust will hold bitcoin and will value its Shares daily based on the Reference Rate, which is based on an aggregation of executed
trade flow of major bitcoin exchanges.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Bitcoin Value </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The value of bitcoin is determined by the value
that various market participants place on bitcoin through their transactions. The most common means of determining the value of a bitcoin
is by surveying one or more bitcoin exchanges where bitcoin is traded publicly and transparently (<i>e.g.,</i> Bitstamp, Coinbase, Gemini,
Kraken, and itBit).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">On these bitcoin exchanges, bitcoin is traded
with publicly disclosed valuations for each executed trade, measured by one or more fiat currencies such as the U.S. dollar or Euro. OTC
dealers or market makers do not typically disclose their trade data.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Currently, there are many bitcoin exchanges operating
worldwide, representing a substantial percentage of bitcoin buying and selling activity, and providing the most data with respect to prevailing
valuations of bitcoin. The below table reflects the average daily trading volume (in thousands of USD) of each of the bitcoin exchanges
included in the Reference Rate as of [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]
using data observed by the Benchmark Administrator through the public application programming interfaces (&#8220;APIs&#8221;) of the bitcoin
exchanges from [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]
to [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Bitcoin Exchanges included in the Reference Rate</td>
    <td>&#160;</td>
    <td style="text-align: center"><p style="margin-top: 0; margin-bottom: 0"><b>Average&#160;Daily<br /> Volume</b></p>
                                   <p style="margin-top: 0; margin-bottom: 0"><b>&#160;</b></p></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold">As of [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]</td>
    <td>&#160;</td>
    <td style="text-align: center"><b>(in thousands<br /> of USD)</b></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 77%; text-indent: -12pt; padding-left: 12pt">Bitstamp</td>
    <td style="width: 1%">$</td>
    <td style="width: 20%; text-align: right">[&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%">]</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -12pt; padding-left: 12pt">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td><td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -12pt; padding-left: 12pt">Coinbase</td>
    <td>$</td>
    <td style="text-align: right">[&#160;&#160;&#160;&#160;&#160;&#160;</td><td>&#160;</td>
    <td>]</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -12pt; padding-left: 12pt">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td><td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -12pt; padding-left: 12pt">Gemini</td>
    <td>$</td>
    <td style="text-align: right">[&#160;&#160;&#160;&#160;&#160;&#160;</td><td>&#160;</td>
    <td>]</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -12pt; padding-left: 12pt">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td><td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -12pt; padding-left: 12pt">itBit</td>
    <td>$</td>
    <td style="text-align: right">[&#160;&#160;&#160;&#160;&#160;&#160;</td><td>&#160;</td>
    <td>]</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -12pt; padding-left: 12pt">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td><td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -12pt; padding-left: 12pt">Kraken</td>
    <td>$</td>
    <td style="text-align: right">[&#160;&#160;&#160;&#160;&#160;&#160;</td><td>&#160;</td>
    <td>]</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The domicile, regulation and legal compliance of the bitcoin exchanges
included in the Reference Rate varies. Information regarding each bitcoin exchange may be found, where available, on the websites for
such bitcoin exchanges and public registers for compliance with local regulations, among other places.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Historically, a large percentage of the global Bitcoin trading volume
occurred on self-reported, unregulated bitcoin exchanges located in China. Throughout 2017, however, the Chinese government took several
steps to tighten controls on bitcoin exchanges, culminating in a ban on domestic exchanges in November 2017, which forced such exchanges
to cease their operations or relocate. As a result, reported Bitcoin trading volume on Chinese bitcoin exchanges is now substantially
lower, representing a de minimis share of the global trade volume.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">From time to time, there may be intra-day price fluctuations across
bitcoin exchanges. However, they are generally relatively immaterial. For example, the variance of prices on bitcoin exchanges with the
highest transaction volumes on average is lower than 2%. These variances usually stem from small changes in the fee structures on different
bitcoin exchanges or differences in administrative procedures required to deposit and withdraw fiat currency in exchange for bitcoin and
vice versa. The greatest variances are found at (i)&#160;smaller exchanges with relatively low transaction volumes where even small trades
can be large relative to a bitcoin exchange&#8217;s transaction volume and as a result impact the trading price on those exchanges and
(ii)&#160;bitcoin exchanges that are inaccessible to the Trust because they do not meet the Trust&#8217;s regulatory requirements, and
as a result are accessed and used by a captured market or by parties that do not have regulatory or compliance requirements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>The Reference Rate </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Reference Rate was created to facilitate financial products based
on bitcoin. It serves as a once-a-day benchmark rate of the U.S. dollar price of bitcoin (USD/BTC), calculated as of 4 p.m. Eastern time.
The Reference Rate, which has been calculated and published since January&#160;27, 2021, aggregates the trade flow of several bitcoin
exchanges, during an observation window between 3:00 p.m. and 4:00 p.m. Eastern time into the U.S. dollar price of one bitcoin at 4:00
p.m. Eastern time. Specifically, the Reference Rate is calculated based on the &#8220;Relevant Transactions&#8221; (as defined below)
of all of its constituent bitcoin exchanges, which are currently Bitstamp, Coinbase, Kraken, itBit and Gemini (the &#8220;Constituent
Bitcoin Exchanges&#8221;), as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.3in">&#8226;</td><td>All Relevant Transactions are added to a joint list, recording the time of execution, trade price and size for each transaction.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.3in">&#8226;</td><td>The list is partitioned by timestamp into 12 equally-sized time intervals of 5 (five) minute length.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.3in">&#8226;</td><td>For each partition separately, the volume-weighted median trade price is calculated from the trade prices and sizes of all Relevant
Transactions, <i>i.e.</i>, across all Constituent Bitcoin Exchanges. A volume-weighted median differs from a standard median in that a
weighting factor, in this case trade size, is factored into the calculation.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.3in">&#8226;</td><td>The Reference Rate is then determined by the arithmetic mean of the volume-weighted medians of all partitions.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Reference Rate does not include any futures prices in its methodology.
A &#8220;Relevant Transaction&#8221; is any cryptocurrency versus U.S. dollar spot trade that occurs during the TWAP Period&#8221; on
a Constituent Bitcoin Exchange in the BTC/USD pair that is reported and disseminated by a Constituent Bitcoin Exchange through its publicly
available API and observed by the Benchmark Administrator, CF Benchmarks Ltd. &#8220;TWAP&#8221; refers to the Time Weighted Average Price
period for which trade data is observed, or 60 minutes observation window between 3:00 p.m. and 4:00 p.m. Eastern time.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An oversight function is implemented by the Benchmark Administrator
in seeking to ensure that the Reference Rate is administered through the Benchmark Administrator&#8217;s codified policies for Reference
Rate integrity.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Intraday Indicative Value </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In addition, in order to provide updated information
relating to the Trust for use by Shareholders and market professionals, an intraday indicative value (&#8220;IIV&#8221;) will be calculated
and disseminated throughout the core trading session on each trading day. The IIV will be calculated by using the prior day&#8217;s closing
NAV per Share of the Trust as a base and updating that value throughout the trading day to reflect changes in the most recently reported
price level of the CME CF Bitcoin Real&#160;Time Index (&#8220;BRTI&#8221;), as reported by Bloomberg, L.P. or another reporting service.
The CME CF BRTI is calculated in real time based on the Relevant Order Books of all Constituent Bitcoin Exchanges. A &#8220;Relevant Order
Book&#8221; is the universe of the currently unmatched limit orders to buy or sell in the BTC/USD pair that is observed in the publicly
available API&#8217;s of the Constituent Bitcoin Exchanges and retrieved by CF Benchmarks Ltd., the CME CF BRTI administrator.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Dissemination of the IIV may provide additional
information that is not otherwise available to the public and is useful to Shareholders and market professionals in connection with the
trading of the Trust&#8217;s Shares on the Exchange. The IIV should not be viewed as a &#8220;real-time&#8221; update of the Trust&#8217;s
NAV because the IIV is not calculated in the same manner as the NAV, which is computed once per day. The Trust, the Sponsor and its affiliates
are not involved in, or responsible for, the calculation or dissemination of the IIV and make no warranty as to its accuracy.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>CF BENCHMARKS LTD. DATA IS USED UNDER LICENSE AS A SOURCE OF INFORMATION
FOR THE TRUST&#8217;S PRODUCTS. CF BENCHMARKS LTD., ITS AGENTS AND LICENSORS HAVE NO OTHER CONNECTION TO THE TRUST&#8217;S PRODUCTS AND
SERVICES AND DOES NOT SPONSOR, ENDORSE, RECOMMEND OR PROMOTE ANY OF THE TRUST&#8217;S PRODUCTS OR SERVICES. CF BENCHMARKS LTD., ITS AGENTS
AND LICENSORS HAVE NO OBLIGATION OR LIABILITY IN CONNECTION WITH THE TRUST&#8217;S PRODUCTS AND SERVICES. CF BENCHMARKS LTD., ITS AGENTS
AND LICENSORS DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF ANY INDEX LICENSED TO THE TRUST AND SHALL NOT HAVE ANY LIABILITY
FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CALCULATION OF NAV </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust&#8217;s NAV per Share is calculated
by:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>taking the current market value of its total assets;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>subtracting any liabilities; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>dividing that total by the total number of outstanding Shares.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Administrator calculates the NAV of the Trust
once each Exchange trading day. The NAV for a normal trading day will be released after 4:00 p.m. EST. Trading during the core trading
session on the Exchange typically closes at 4:00 p.m. EST. However, NAVs are not officially struck until later in the day (often by 5:30
p.m. EST and almost always by 8:00 p.m. EST). The pause between 4:00 p.m. EST and 5:30 p.m. EST (or later) provides an opportunity to
algorithmically detect, flag, investigate, and correct unusual pricing should it occur.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Sponsor anticipates that the Reference Rate
will be reflective of a reasonable valuation of the average spot price of bitcoin. However, in the event the Reference Rate was not available
or determined by the Sponsor to not be reliable, the Sponsor would &#8220;fair value&#8221; the Trust&#8217;s bitcoin holdings. The Sponsor
does not anticipate that the need to &#8220;fair value&#8221; bitcoin will be a common occurrence.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Sponsor will publish the NAV, NAV per Share,
Reference Rate, and the Trust&#8217;s bitcoin holdings at <span style="text-decoration: underline">www.wisdomtree.com</span> as soon as practicable after their determination and
availability.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">To the extent there are any determinations that
the Sponsor and the Administrator make, such determinations will be made in good faith upon the basis of, and neither the Sponsor nor
the Administrator will be liable for any errors contained in, information reasonably available. Neither the Sponsor nor the Administrator
will be liable to DTC, Authorized Participants, the Shareholders or any other person for errors in judgment. <b>The Trust&#8217;s daily
activities are generally not reflected in the NAV determined for the Business Day on which the transactions are effected (the trade date),
but rather on the following Business Day.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>ADDITIONAL INFORMATION ABOUT THE TRUST </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>The Trust </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust is a Delaware statutory trust, formed
on March&#160;8, 2021 pursuant to the Delaware Statutory Trust Act. The Trust continuously issues common shares representing fractional
undivided beneficial interest in and ownership of the Trust that may be purchased and sold on the Exchange. The Trust operates pursuant
to the Trust Agreement dated as [&#160;&#160;&#160;&#160;]. Delaware Trust Company, a Delaware trust company, is the Delaware trustee
of the Trust. The Trust is managed and controlled by the Sponsor. The Sponsor is a limited liability company formed in the state of Delaware
on March&#160;5, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust is not registered as an investment company
under the 1940 Act and is not required to register under such Act. The Trust will not hold or trade in commodity futures contracts regulated
by the Commodity Exchange Act (&#8220;CEA&#8221;), as administered by the Commodity Futures Trading Commission (the &#8220;CFTC&#8221;).
The Trust is not a commodity pool for purposes of the CEA and neither the Sponsor, nor the Trustee is subject to regulation as a commodity
pool operator or a commodity trading adviser in connection with the Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The number of outstanding Shares is expected to
increase and decrease from time to time as a result of the creation and redemption of Baskets. The creation and redemption of Baskets
requires the delivery to the Trust or the distribution by the Trust of the amount of bitcoin represented by the NAV of the Baskets being
created or redeemed. The total amount of bitcoin required for the creation of Baskets will be based on the combined net assets represented
by the number of Baskets being created or redeemed.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust has no fixed termination date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>The Trust&#8217;s Fees and Expenses </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust will pay the Sponsor a fee of [&#160;&#160;&#160;&#160;%].
The Sponsor Fee is paid by the Trust to the Sponsor as compensation for services performed under the Trust Agreement. The Sponsor Fee
is calculated on a daily basis (accrued at 1/365 of the applicable percentage of the NAV on that day and paid on a monthly basis. The
Sponsor Fee will accrue and be payable in U.S. dollars.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Sponsor from time to time will direct the
Custodian to sell bitcoin in such quantity as is necessary to permit payment of the Sponsor Fee and may also direct the Custodian to sell
bitcoin in such quantities as may be necessary to permit the payment of Trust expenses and liabilities not assumed by the Sponsor. The
Trustee is authorized to direct the Custodian to sell bitcoin at such times and in the smallest amounts required to permit such payments
as they become due, it being the intention to avoid or minimize the Trust&#8217;s holdings of assets other than bitcoin. Accordingly,
the amount of bitcoin to be sold may vary from time to time depending on the level of the Trust&#8217;s expenses and liabilities and the
market price of bitcoin.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust pays all of the Trust&#8217;s extraordinary
fees and expenses generally, if any, as determined by the Sponsor. Extraordinary fees and expenses are likely to include non-recurring
fees such as legal claims and liabilities, litigation costs and any permitted indemnification payments related thereto, if any, but the
Sponsor has discretion to treat other unanticipated expenses as extraordinary fees and expenses. Routine operational, administrative and
other ordinary fees and expenses will not be deemed extraordinary fees and expenses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Termination of the Trust </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust may be dissolved at any time for any
reason, or for no reason at all, by the Sponsor in its sole discretion. Any termination by the Fund will result in the compulsory redemption
of all outstanding Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Upon termination of the Trust, following completion
of winding up of its business by the Sponsor, the Sponsor will cause a certificate of cancellation of the Trust&#8217;s Certificate of
Trust to be filed in accordance with applicable Delaware law. Upon the termination of the Trust, the Sponsor will be discharged from all
obligations under the Trust Agreement except for its certain obligations that survive termination of the Trust Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Amendments </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust Agreement can be amended by the Sponsor
in its sole discretion and without the Shareholders&#8217; consent by making an amendment, a Trust Agreement supplemental thereto, or
an amended and restated trust agreement. Any such restatement, amendment and/or supplement to the Trust Agreement will be effective on
such date as designated by the Sponsor in its sole discretion. However, any amendment to the Trust Agreement that affects the duties,
liabilities, rights or protections of the Trustee will require the Trustee&#8217;s prior written consent, which it may grant or withhold
in its sole discretion. Every Shareholder, at the time any amendment so becomes effective, will be deemed, by continuing to hold any Shares
or an interest therein, to consent and agree to such amendment and to be bound by the Trust Agreement as amended thereby. In no event
will any amendment impair the right of Authorized Participants to surrender Baskets and receive therefor the amount of Trust assets represented
thereby (less fees in connection with the surrender of Shares and any applicable taxes or other governmental charges), except in order
to comply with mandatory provisions of applicable law.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>THE TRUST&#8217;S SERVICE PROVIDERS </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><b>The Sponsor </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Sponsor arranged for the creation of the Trust
and is responsible for the ongoing registration of the Shares for their public offering in the United States and the listing of Shares
on the Exchange. The Sponsor will not exercise day-to-day oversight over the Trustee or the Custodian. The Sponsor will develop a marketing
plan for the Trust, will prepare marketing materials regarding the Shares of the Trust, and will exercise the marketing plan of the Trust
on an ongoing basis. The Sponsor has agreed to pay all routine operational, administrative and ordinary expenses of the Trust out of the
Sponsor&#8217;s fee.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Sponsor is a wholly-owned subsidiary of
WisdomTree, Inc. (formerly WisdomTree Investments, Inc.), which through its various affiliates, acts as adviser or sponsor to exchange-traded
funds.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The principal office of the Sponsor is located
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><b>Principals and Key Personnel of the Trust and the Sponsor
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The following principals and key employees serve
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><b>The Trustee </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Delaware Trust Company, a Delaware trust company,
acts as the trustee of the Trust for the purpose of creating a Delaware statutory trust in accordance with the Delaware Statutory Trust
Act (&#8220;DSTA&#8221;). The Trustee is appointed to serve as the trustee of the Trust in the State of Delaware for the sole purpose
of satisfying the requirement of Section&#160;3807(a) of the DSTA that the Trust have at least one trustee with a principal place of business
in the State of Delaware.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><b><i>General Duty of Care of Trustee </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trustee is a fiduciary under the Trust Agreement;
provided, however, that the fiduciary duties and responsibilities and liabilities of the Trustee are limited by, and are only those specifically
set forth in, the Trust Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><b><i>Resignation, Discharge or Removal of Trustee; Successor
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trustee may resign at any time by giving at
least 30 days advance written notice to the Sponsor. The Sponsor may remove the Trustee at any time by giving at least 30 days advance
written notice to the Trustee. Upon effective resignation or removal, the Trustee will be discharged of its duties and obligations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If the Trustee resigns or is removed, the Sponsor,
acting on behalf of the Shareholders, is required to use reasonable efforts to appoint a successor trustee. Any successor Trustee must
satisfy the requirements of Section&#160;3807 of the DSTA. Any resignation or removal of the Trustee and appointment of a successor Trustee
cannot become effective until a written acceptance of appointment is delivered by the successor Trustee to the outgoing Trustee and the
Sponsor and any fees and expenses due to the outgoing Trustee are paid or waived by the outgoing Trustee. Following compliance with the
preceding sentence, the successor will become fully vested with the rights, powers, duties and obligations of the outgoing Trustee under
the Trust Agreement, with like effect as if originally named as Trustee, and the outgoing Trustee shall be discharged of its duties and
obligations herein. If no successor Trustee shall have been appointed and shall have accepted such appointment within forty-five (45)&#160;days
after the giving of such notice of resignation or removal, the Trustee may petition any court of competent jurisdiction for the appointment
of a successor Trustee.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If the Trustee resigns and no successor trustee
is appointed within 180 days after the date the Trustee issues its notice of resignation, the Sponsor will terminate and liquidate the
Trust and distribute its remaining assets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><b>The Administrator </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Under the Administration Agreement, the Administrator
provides certain services necessary for the operation and administration of the Trust, including net asset value calculations, accounting
and other administrative services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><b>The Custodian </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Custodian is responsible for safekeeping all
of the bitcoin owned by the Trust. The Custodian was selected by the Sponsor. The Bitcoin Custodian has responsibility for its subcustodial
relationship with the Subcustodian, as well as facilitating the transfer of bitcoin required for the operation of the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><b>The Transfer Agent </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Transfer Agent facilitates the issuance and
redemption of Shares of the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><b>The Marketing Agent </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Marketing Agent is responsible for (reviewing
and approving the marketing materials prepared by the Sponsor for compliance with applicable SEC and FINRA advertising laws, rules and
regulations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Information regarding the Trust will be available
at <span style="text-decoration: underline">www.wisdomtree.com</span>. This internet address is only provided here as a convenience, and the information contained on or connected
to such website is not considered part of this Prospectus.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><b>The Benchmark Administrator </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Benchmark Administrator and the Sponsor&#8217;s
affiliate, which also covers the activities hereunder, have entered into a reference rate license agreement (the &#8220;License Agreement&#8221;),
governing the use of the Reference Rate. The Benchmark Administrator may adjust the calculation methodology for the Reference Rate without
notice to, or consent of, the Trust or its Shareholders. Under the License Agreement, the Sponsor pays a fee to the Benchmark Administrator
in consideration of its license of Reference Rate-related intellectual property.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CUSTODY OF THE TRUST&#8217;S ASSETS </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust&#8217;s Custodian will keep custody
of the Trust&#8217;s bitcoin. Either itself or through its subcustodial relationship with the Subcustodian, the Custodian will keep a
substantial portion of the private keys associated with the Trust&#8217;s bitcoin in &#8220;cold storage&#8221; or similarly secure technology.
Cold storage is a safeguarding method with multiple layers of protections and protocols, by which the private key(s) corresponding to
the Trust&#8217;s bitcoin is (are) generated and stored in an offline manner. Private keys are generated in offline computers that are
not connected to the Internet so that they are resistant to being hacked.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Cold storage of private keys may involve keeping
such keys on a non-networked computer or electronic device or storing the public key and private keys on a storage device (for example,
a USB thumb drive) or printed medium and deleting the keys from all computers. The Custodian, either itself or through its subcustodial
relationship with the Subcustodian, may receive deposits of bitcoin but may not send bitcoin without use of the corresponding private
keys. In order to send bitcoin when the private keys are kept in cold storage, either the private keys must be retrieved from cold storage
and entered into a software program to sign the transaction, or the unsigned transaction must be sent to the &#8220;cold&#8221; server
in which the private keys are held for signature by the private keys. At that point, the Custodian or Subcustodian can transfer the bitcoin.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust&#8217;s Transfer Agent will facilitate
the settlement of Shares in response to the placement of creation orders and redemption orders from Authorized Participants. Barring the
liquidation of the Trust or extraordinary circumstances, the Trust generally does not intend to hold cash or cash equivalents. However,
there may be situations where the Trust will unexpectedly hold cash on a temporary basis.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM OF SHARES </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Registered Form </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Shares are issued in registered form in accordance
with the Trust Agreement. The Transfer Agent has been appointed registrar and transfer agent for the purpose of transferring Shares in
certificated form. The Transfer Agent keeps a record of all Shareholders and holders of the Shares in certified form in the registry (&#8220;Register&#8221;).
The Sponsor recognizes transfers of Shares in certificated form only if done in accordance with the Trust Agreement. The beneficial interests
in such Shares are held in book-entry form through participants and/or accountholders in DTC.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Book Entry </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Individual certificates are not issued for the
Shares. Instead, Shares are represented by one or more global certificates, which are deposited by the Transfer Agent with DTC and registered
in the name of Cede&#160;&amp; Co., as nominee for DTC. The global certificates evidence all of the Shares outstanding at any time. Shareholders
are limited to (1)&#160;participants in DTC such as banks, brokers, dealers and trust companies (&#8220;DTC Participants&#8221;), (2)
those who maintain, either directly or indirectly, a custodial relationship with a DTC Participant (&#8220;Indirect Participants&#8221;),
and (3)&#160;those who hold interests in the Shares through DTC Participants or Indirect Participants, in each case who satisfy the requirements
for transfers of Shares. DTC Participants acting on behalf of Shareholders holding Shares through such participants&#8217; accounts in
DTC will follow the delivery practice applicable to securities eligible for DTC&#8217;s Same-Day Funds Settlement System. Shares are credited
to DTC Participants&#8217; securities accounts following confirmation of receipt of payment.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>DTC </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">DTC is a limited purpose trust company organized
under the laws of the State of New York and is a member of the Federal Reserve System, a &#8220;clearing corporation&#8221; within the
meaning of the New York Uniform Commercial Code and a &#8220;clearing agency&#8221; registered pursuant to the provisions of Section&#160;17A
of the Exchange Act. DTC holds securities for DTC Participants and facilitates the clearance and settlement of transactions between DTC
Participants through electronic book-entry changes in accounts of DTC Participants.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PLAN OF DISTRIBUTION </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Buying and Selling Shares </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Most investors buy and sell Shares of the Trust
in secondary market transactions through brokers. Shares trade on the Exchange under the ticker symbol &#8220;BTCW.&#8221; Shares are
bought and sold throughout the trading day like other publicly traded securities. When buying or selling Shares through a broker, investors
may incur customary brokerage commissions and charges. Shareholders are encouraged to review the terms of their brokerage account for
details on applicable commissions and charges.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>General </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The offering of the Trust&#8217;s Shares is a
best efforts offering. The Trust continuously offers Baskets consisting of 50,000 Shares to Authorized Participants, as further described
below.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Authorized Participants </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">By executing a Participant Agreement, an Authorized
Participant becomes part of the group of parties eligible to purchase Baskets from, and put Baskets for redemption to, the Trust. An Authorized
Participant is under no obligation to create or redeem Baskets or to offer to the public Shares of any Baskets it does create. Authorized
Participants that offer to the public Shares from the Baskets they create will do so at a per-Share offering price that will vary depending
upon, among other factors, the trading price of the Shares, the NAV and the supply of and demand for the Shares at the time of the offer.
Shares initially comprising the same Basket but offered by Authorized Participants to the public at different times may have different
offering prices.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Authorized Participants pay a transaction fee
for each order they place to create or redeem one or more Baskets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The offering of Baskets is being made in compliance
with Rule 2310 of the FINRA Rules. Accordingly, Authorized Participants will not make any sales to any account over which they have discretionary
authority without the prior written approval of a purchaser of Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Because new Shares can be created and issued on
an ongoing basis, at any point during the life of the Trust, a &#8220;distribution,&#8221; as such term is used in the 1933 Act, will
be occurring. Authorized Participants, other broker-dealers and other persons are cautioned that some of their activities may result in
their being deemed participants in a distribution in a manner that would render them statutory underwriters and subject them to the prospectus-delivery
and liability provisions of the 1933 Act. For example, the initial Authorized Participant will be a statutory underwriter with respect
to the initial purchase of Baskets. Any purchaser who purchases Shares with a view towards distribution of such Shares may be deemed to
be a statutory underwriter. In addition, an Authorized Participant, other broker- dealer firm or its client will be deemed a statutory
underwriter if it purchases a Basket from the Trust, breaks the Basket down into the constituent Shares and sells the Shares to its customers;
or if it chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary market
demand for the Shares. In contrast, Authorized Participants may engage in secondary market or other transactions in Shares that would
not be deemed &#8220;underwriting.&#8221; For example, an Authorized Participant may act in the capacity of a broker or dealer with respect
to Shares that were previously distributed by other Authorized Participants. A determination of whether a particular market participant
is an underwriter must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client
in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that would
lead to designation as an underwriter and subject them to the prospectus- delivery and liability provisions of the 1933 Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Dealers who are neither Authorized Participants
nor &#8220;underwriters&#8221; but are nonetheless participating in a distribution (as contrasted to ordinary secondary trading transactions),
and thus dealing with Shares that are part of an &#8220;unsold allotment&#8221; within the meaning of Section&#160;4(a)(3)(C) of the 1933
Act, would be unable to take advantage of the prospectus-delivery exemption provided by Section&#160;4(a)(3) of the 1933 Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">While the Authorized Participants may be indemnified
by the Trust and/or the Sponsor, they will not be entitled to receive a discount or commission from the Trust or the Sponsor for their
purchases of Baskets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CREATION AND REDEMPTION OF SHARES </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust creates and redeems Shares from time
to time, but only in one or more Baskets. Baskets are only made in exchange for delivery to the Trust or the distribution by the Trust
of the amount of bitcoin represented by the Baskets being created or redeemed, the amount of which is based on the quantity of bitcoin
attributable to each Share of the Trust (net of accrued but unpaid Sponsor fees and any accrued but unpaid extraordinary expenses or liabilities)
being created or redeemed determined as of 4:00 p.m. EST on the day the order to create or redeem Baskets is properly received. Because
the creation and redemption of Baskets will be effected in in-kind transactions based on the quantity of bitcoin attributable to each
Share, the quantity of Baskets so created or redeemed will generally not be affected by fluctuations in the value of bitcoin.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Authorized Participants are the only persons that
may place orders to create and redeem Baskets. Authorized Participants must be (1)&#160;registered broker-dealers or other securities
market participants, such as banks and other financial institutions, that are not required to register as broker-dealers to engage in
securities transactions described below, and (2)&#160;DTC Participants. To become an Authorized Participant, a person must enter into
an Authorized Participant Agreement. The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets
and for the delivery of the bitcoin required for such creation and redemptions. The Authorized Participant Agreement and the related procedures
attached thereto may be amended by the Trust, without the consent of any Shareholder or Authorized Participant. Authorized Participants
pay a fee for each order they place to create or redeem one or more Baskets. The transaction fee may be reduced, increased or otherwise
changed by the Sponsor. Authorized Participants have no obligation to the Sponsor or the Trust to effect any sale or resale of Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Certain Authorized Participants are expected to
be capable of participating directly in the spot markets. Some Authorized Participants or their affiliates may from time to time buy or
sell bitcoin and may profit in these instances. Authorized Participants may act for their own accounts or as agents for broker-dealers,
custodians and other securities market participants that wish to create or redeem Baskets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Authorized Participants are cautioned that some
of their activities may result in their being deemed participants in a distribution in a manner that would render them statutory underwriters
and subject them to the prospectus delivery and liability provisions of the Securities Act, as described in &#8220;<i>Plan of Distribution.</i>&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The following description of the procedures for
the creation and redemption of Baskets is only a summary and a Shareholder should refer to the relevant provisions of the Trust Agreement
and the form of Authorized Participant Agreement for more detail. The Trust Agreement and form of Authorized Participant Agreement are
filed as exhibits to the registration statement of which this Prospectus is a part.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><b>The times for creation and redemption order
cut-off times and/or settlement set forth below are as of the date of this Prospectus and may be revised as designated by the Fund or
its agents on the order form or related procedures as communicated to Authorized Participants. </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Creation Procedures </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">On any business day, an Authorized Participant
may place an order with the Transfer Agent to create one or more Baskets. For purposes of processing creation and redemption orders, a
&#8220;business day&#8221; means any day other than a day when the Exchange is closed for regular trading. Purchase orders must be placed
by 4:00 p.m. EST, or the close of regular trading on the Exchange, whichever is earlier. The day on which an order is received by the
Transfer Agent is considered the purchase order date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The manner by which creations are made is dictated
by the terms of the Authorized Participant Agreement. By placing a creation order, an Authorized Participant agrees to facilitate the
deposit of bitcoin with the Custodian. If an Authorized Participant fails to consummate the foregoing, the order will be cancelled.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The total deposit of bitcoin required to create
each Basket is an amount of bitcoin that is in the same proportion to the total assets of the Trust (net of accrued but unpaid Sponsor
fees and any accrued but unpaid extraordinary expenses and liabilities) on the date the purchase order is properly received as the number
of Shares to be created under the purchase order is to the total number of Shares outstanding on the date the order is received. Each
night, the Sponsor will publish the amount of bitcoin that will be required in exchange for each creation order.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Following an Authorized Participant&#8217;s purchase
order, the Trust&#8217;s Custodian account must be credited with the required bitcoin by the settlement date, or such earlier time as
instructed. Upon receipt of the bitcoin deposit amount in the Trust&#8217;s Custodian account, the Custodian will notify the Transfer
Agent, the Authorized Participant, and the Sponsor that the bitcoin has been deposited. The Transfer Agent will then direct DTC to credit
the number of Shares created to the Authorized Participant&#8217;s DTC account.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Bitcoin held in the Trust&#8217;s Custodian account,
either at the Custodian or with the Subcustodian, is the property of the Trust and is not traded, leased, or loaned under any circumstances.
The expense and risk of delivery and ownership of bitcoin until such bitcoin has been received by the Custodian or Subcustodian on behalf
of the Trust will be borne solely by the Authorized Participant.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Rejection of Purchase Orders </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Sponsor or its designee has the absolute right,
but does not have any obligation, to reject any purchase order or Basket Deposit if the Sponsor determines that:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>the purchase order or Basket Deposit is not in proper form;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>it would not be in the best interest of the Shareholders of the Trust;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>the acceptance of the purchase order or the Basket Deposit would have adverse tax consequences to the Trust or its Shareholders;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>the acceptance or receipt of which would, in the opinion of counsel to the Sponsor, be unlawful; or</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.5pt"></td><td style="width: 24.1pt">&#8226;</td><td>circumstances outside the control of the Trust, the Sponsor, the Transfer Agent or the Custodian make it, for all practical purposes,
not feasible to process Baskets (including if the Sponsor determines that the investments available to the Trust at that time will not
enable it to meet its investment objective).</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">None of the Trust, Sponsor, the Transfer Agent
or the Custodian will be liable for the rejection of any purchase order or Basket Deposit.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Redemption Procedures </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The procedures by which an Authorized Participant
can redeem one or more Baskets mirror the procedures for the creation of Baskets with an additional safeguard on bitcoin being removed
from the Trust&#8217;s Custodian account. On any business day, an Authorized Participant may place an order with the Transfer Agent to
redeem one or more Baskets. Redemption orders must be placed by 4;00 p.m. EST, or the close of regular trading on the Exchange, whichever
is earlier.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The redemption distribution from the Trust consists
of a movement of bitcoin to the redeeming Authorized Participant representing the amount of bitcoin held by the Trust evidenced by the
Shares being redeemed. The redemption distribution due from the Trust will be delivered once the Transfer Agent notifies the Custodian
and the Sponsor that the Authorized Participant has delivered the Shares represented by the Baskets to be redeemed to the Trust&#8217;s
DTC account. If the Trust&#8217;s DTC account has not been credited with all of the Shares of the Baskets to be redeemed, the redemption
distribution will be delayed until such time as the Transfer Agent confirms receipt of all such Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Once the Transfer Agent notifies the Custodian
and the Sponsor that the Shares have been received in the Trust&#8217;s DTC account, the Sponsor instructs the Custodian to transfer the
redemption bitcoin amount from the Trust&#8217;s Custodian account to the Authorized Participant.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Bitcoin held in the Trust&#8217;s Custodian or
Subcustodian account is the property of the Trust and is not traded, leased, or loaned under any circumstances.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Suspension or Rejection of Redemption Orders </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Sponsor may, in its discretion, suspend the
right of redemption, or postpone the redemption settlement date, (1)&#160;for any period during which the Exchange is closed other than
customary weekend or holiday closings, or trading on the Exchange is suspended or restricted, (2)&#160;for any period during which an
emergency exists as a result of which delivery, disposal or evaluation of bitcoin is not reasonably practicable, or (3)&#160;for such
other period as the Sponsor determines to be necessary for the protection of the Shareholders. None of the Sponsor, the person authorized
to take redemption orders in the manner provided in the Authorized Participant Agreement, or the Custodian will be liable to any person
or in any way for any loss or damages that may result from any such suspension or postponement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Sponsor acting by itself or through the person
authorized to take redemption orders in the manner provided in the Authorized Participant Agreement may, in its sole discretion, reject
any redemption order (1)&#160;the Sponsor determines not to be in proper form, (2)&#160;the fulfillment of which its counsel advises may
be illegal under applicable laws and regulations, or (3)&#160;if circumstances outside the control of the Sponsor, the person authorized
to take redemption orders in the manner provided in the Authorized Participant Agreement or the Custodian make it for all practical purposes
not feasible for the Shares to be delivered under the redemption order. The Sponsor may also reject a redemption order if the number of
Shares being redeemed would reduce the remaining outstanding Shares to [&#160;&#160;&#160;&#160;] Shares (i.e., [&#160;&#160;&#160;&#160;]
Baskets) or less.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Creation and Redemption Transaction Fee </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">To compensate for expenses incurred in connection
with the creation and redemption of Baskets, an Authorized Participant is required to pay a transaction fee to create or redeem Baskets.
The transaction fee may be reduced, increased or otherwise changed by the Sponsor.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Tax Responsibility </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Authorized Participants are responsible for any
transfer tax, sales or use tax, stamp tax, recording tax, value added tax or similar tax or governmental charge applicable to the creation
or redemption of Baskets, regardless of whether or not such tax or charge is imposed directly on the Authorized Participant, and agree
to indemnify the Sponsor and the Trust if they are required by law to pay any such tax, together with any applicable penalties, additions
to tax and interest thereon.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Secondary Market Transactions </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">As discussed above, Authorized Participants are
the only persons that may place orders to create and redeem Baskets. Authorized Participants must be registered broker-dealers or other
securities market participants, such as banks and other financial institutions that are not required to register as broker-dealers to
engage in securities transactions. An Authorized Participant is under no obligation to create or redeem Baskets, and an Authorized Participant
is under no obligation to offer to the public Shares of any Baskets it does create.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Authorized Participants that do offer to the public
Shares from the Baskets they create will do so at per-Share offering prices that are expected to reflect, among other factors, the trading
price of the Shares on the Exchange, the NAV of the Trust at the time the Authorized Participant purchased the Baskets, the NAV of the
Shares at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity
of bitcoin or other portfolio investments. Baskets are generally redeemed when the price per Share is at a discount to the NAV per Share.
Shares initially comprising the same Basket but offered by Authorized Participants to the public at different times may have different
offering prices. An order for one or more Baskets may be placed by an Authorized Participant on behalf of multiple clients. Authorized
Participants who make deposits with the Trust in exchange for Baskets receive no fees, commissions or other forms of compensation or inducement
of any kind from either the Trust or the Sponsor and no such person has any obligation or responsibility to the Sponsor or the Trust to
effect any sale or resale of Shares. Shares trade in the secondary market on the Exchange.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Shares are expected to trade in the secondary
market on the Exchange. Shares may trade in the secondary market at prices that are lower (discount) or higher (premium) relative to their
NAV per Share. The amount of the discount or premium in the trading price relative to the NAV per Share may be influenced by various factors,
including the number of Shareholders who seek to purchase or sell Shares in the secondary market and the liquidity of bitcoin. In addition,
an investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid)
and the lowest price a seller is willing to accept for shares (ask) when buying and selling shares in the secondary market (the &#8220;bid/ask
spread&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>USE OF PROCEEDS </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Proceeds received by the Trust from the issuance
of Baskets consist of bitcoin. Such deposits are held by the Custodian on behalf of the Trust until (i)&#160;delivered out in connection
with redemptions of Baskets or (ii)&#160;sold by the Custodian at the direction of the Trustee to pay fees due to the Sponsor and Trust
expenses and liabilities not assumed by the Sponsor.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OWNERSHIP OR BENEFICIAL INTEREST IN THE TRUST
</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The beneficial interest in the Trust is divided
into shares. Each Share of the Trust represents an equal beneficial interest in the net assets of the Trust, and each holder of Shares
is entitled to receive such holder&#8217;s pro rata share of distributions of income and capital gains, if any. The Shares of the Trust
are expected to be listed for trading, subject to notice of issuance, on the Exchange under the symbol &#8220;BTCW.&#8221; The Trust&#8217;s
Shares may be bought and sold in the secondary market like any other exchange-listed security.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">All Shares are fully paid and non-assessable.
No Share will have any priority or preference over any other Share of the Trust. All distributions, if any, will be made ratably among
all Shareholders from the assets of the Trust according to the number of Shares held of record by such Shareholders on the record date
for any distribution or on the date of termination of the Trust, as the case may be. Except as otherwise provided by the Sponsor, Shareholders
will have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Sponsor will have full power and authority,
in its sole discretion, without seeking the approval of the Trustee or the Shareholders (a)&#160;to establish and designate and to change
in any manner and to fix such preferences, voting powers, rights, duties and privileges of the Trust as the Sponsor may from time to time
determine, (b)&#160;to divide the beneficial interest in the Trust into an unlimited amount of Shares, with or without par value, as the
Sponsor will determine, (c)&#160;to issue Shares without limitation as to number (including fractional shares), to such persons and for
such amount of consideration, subject to any restriction set forth in the by-laws of the Trust, if any, at such time or times and on such
terms as the Sponsor may deem appropriate, (d)&#160;to divide or combine the Shares into a greater or lesser number without thereby materially
changing the proportionate beneficial interest of the Shares in the assets held, and (e)&#160;to take such other action with respect to
the shares as the Sponsor may deem desirable. The ownership of Shares will be recorded on the books of the Trust or a transfer or similar
agent for the Trust. No certificates certifying the ownership of Shares will be issued except as the Sponsor may otherwise determine from
time to time. The Sponsor may make such rules as it considers appropriate for the issuance of share certificates, transfer of Shares and
similar matters. The record books of the Trust as kept by the Trust, or any transfer or similar agent, as the case may be, will be conclusive
as to the identity of the Shareholders and as to the number of Shares held from time to time by each.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Description of Limited Rights </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Shares do not represent a traditional investment
and should not be viewed as similar to &#8220;shares&#8221; of a corporation operating a business enterprise with management and a board
of directors. A shareholder will not have the statutory rights normally associated with the ownership of shares of a corporation; however,
the DSTA does provide shareholders the right to bring &#8220;oppression&#8221; or &#8220;derivative&#8221; actions. All of the Shares
are of the same class with equal rights and privileges. Each of the Shares is transferable through the book-entry system of DTC, is fully
paid and nonassessable and entitles the holder to vote on the limited matters upon which shareholders may vote under the Trust Agreement.
The Shares do not entitle their holders to any conversion or pre-emptive rights or, except as provided below, any redemption rights or
rights to distributions. Except in limited circumstances, Shareholders have no voting rights under the Trust Agreement, except in limited
circumstances. See &#8220;Management; Voting by Shareholders.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CONFLICTS OF INTEREST </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>General </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Shareholders are dependent on the good faith of
the respective parties subject to such conflicts to resolve them equitably. Although the Sponsor attempts to monitor these conflicts,
it is extremely difficult, if not impossible, for the Sponsor to ensure that these conflicts do not, in fact, result in adverse consequences
to the Fund.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Prospective investors should be aware that the
Sponsor presently intends to assert that Shareholders have, by subscribing for Shares, consented to the conflicts of interest described
below in the event of any proceeding alleging that such conflicts violated any duty owed by the Sponsor to investors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>The Sponsor </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The officers, directors and employees of the Sponsor
do not devote their time exclusively to the Trust. These persons are directors, officers or employees of other entities which may compete
with the Trust for their services. They could have a conflict between their responsibilities to the Trust and to those other entities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Sponsor has sole current authority to manage
the investments and operations of the Trust, and this may allow it to act in a way that furthers its own interests which may create a
conflict with your best interests. Shareholders have very limited voting rights, which will limit their ability to influence matters such
as amendment of the Trust Agreement, change in the Trust&#8217;s basic investment policy, dissolution of the Trust, or the sale or distribution
of the Trust&#8217;s assets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Proprietary Trading/Other Clients </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Sponsor and its respective directors, officers,
employees and/or affiliates may trade in the bitcoin, cryptocurrency, derivative or other markets for their own accounts and for the accounts
of their clients, and in doing so may take positions opposite to those held by the Trust or may compete with the Trust for positions in
the marketplace. Such trading may create conflicts of interest on behalf of one or more such persons in respect of their obligations to
the Trust. Records of proprietary trading and trading on behalf of other clients will not be available for inspection by Shareholders.
Internal written trading policies will also not be available for inspection by Shareholders.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Because the Sponsor and its respective directors,
officers, employees and/or affiliates may trade for their own accounts at the same time that the Sponsor is managing the Trust, prospective
investors should be aware that such persons may from time-to-time take positions in their proprietary accounts which are opposite, or
ahead of, the positions taken for the Trust and proprietary accounts may receive preferential treatment as it relates to the pool.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Resolution of Conflicts Procedures </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust Agreement provides that whenever a conflict
of interest exists between the Sponsor or any of its affiliates, on the one hand, and the Trust or any Shareholders or any other person,
on the other hand, the Sponsor will resolve such conflict of interest considering the relative interest of each party (including its own
interest) and the benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable accepted
accounting practices or principles.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DUTIES OF THE SPONSOR </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Under the Declaration of Trust, the Trustee has
delegated to the Sponsor the exclusive power and authority to manage the business and affairs of the respective Trust. The duties of the
Sponsor with respect to the Trust includes but are not limited to:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 15.75pt">&#8226;</td><td>arranging for the creation of the Trust, the registration of the Shares for public offering in the United States and the listing of
the Shares;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 15.75pt">&#8226;</td><td>selecting the service providers and negotiating the applicable agreements and fees;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 15.75pt">&#8226;</td><td>monitoring the performance of the Trust;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 15.75pt">&#8226;</td><td>developing and administering a marketing plan for the Fund and preparing marketing materials regarding the Shares, in each case in
conjunction with the Marketing Agent;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 15.75pt">&#8226;</td><td>facilitating the available of a website for the Trust&#8217;s materials; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 15.75pt">&#8226;</td><td>performing such other services as the Sponsor believes that the Trust may from time to time require.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">To the extent that a law (common or statutory)
or in equity, the Sponsor has duties (including fiduciary duties) and liabilities relating thereto to the Trust, the Shareholders or to
any other person, the Sponsor will not be liable to the Trust, the Shareholders or to any other person for its good faith reliance on
the provisions of the Trust Agreement or this Prospectus unless such reliance constitutes gross negligence, bad faith, or willful misconduct
on the part of the Sponsor.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>LIABILITY AND INDEMNIFICATION </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Trustee </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trustee will not be liable for the acts or
omissions of the Sponsor, nor will the Trustee be liable for supervising or monitoring the performance and the duties and obligations
of the Sponsor or the Trust under the Trust Agreement. The Trustee will not be personally liable under any circumstances, except for its
own willful misconduct, bad faith or gross negligence. In particular, but not by way of limitation:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">[&#160;&#160;&#160;&#160;]</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trustee or any officer, affiliate, director,
employee, or agent of the Trustee (each, an &#8220;Indemnified Person&#8221;) will be entitled to indemnification from the Sponsor or
the Trust, to the fullest extent permitted by law, from and against any and all losses, claims, taxes, damages, reasonable expenses, and
liabilities (including liabilities under State or federal securities laws) of any kind and nature whatsoever (collectively, &#8220;Expenses&#8221;),
to the extent that such Expenses arise out of or are imposed upon or asserted against such Indemnified Persons with respect to the creation,
operation or termination of the Trust, the execution, delivery or performance of the Trust Agreement or the transactions contemplated
in the Trust Agreement; provided, however, that the Sponsor and the Trust will not be required to indemnify any Indemnified Person for
any Expenses that are a result of the willful misconduct, bad faith or gross negligence of such Indemnified Person. The obligations of
the Sponsor and the Trust to indemnify the Indemnified Persons will survive the termination of the Trust Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Sponsor </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Sponsor will not be under any liability to
the Trust, the Trustee or any Shareholder for any action taken or for refraining from the taking of any action in good faith pursuant
to the Trust Agreement, or for errors in judgment or for depreciation or loss incurred by reason of the sale of any bitcoin or other assets
held in trust hereunder; provided, however, that this provision will not protect the Sponsor against any liability to which it would otherwise
be subject by reason of its own gross negligence, bad faith, or willful misconduct. The Sponsor</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">may rely in good faith on any paper, order, notice, list, affidavit,
receipt, evaluation, opinion, endorsement, assignment, draft or any other document of any kind prima facie properly executed and submitted
to it by the Trustee, the Trustee&#8217;s counsel or by any other Person for any matters arising hereunder. The Sponsor will in no event
be deemed to have assumed or incurred any liability, duty, or obligation to any Shareholder or to the Trustee other than as expressly
provided for herein.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Sponsor and its shareholders, members, directors,
officers, employees, Affiliates and subsidiaries (each a &#8220;Sponsor Indemnified Party&#8221;) will be indemnified by the Trust and
held harmless against any loss, liability or expense incurred hereunder without gross negligence, bad faith, or willful misconduct on
the part of such Sponsor Indemnified Party arising out of or in connection with the performance of its obligations under the Trust Agreement
or any actions taken in accordance with the provisions of the Trust Agreement. Any amounts payable to a Sponsor Indemnified Party under
Section [&#160;&#160;&#160;&#160;] of the Trust Agreement may be payable in advance or will be secured by a lien on the Trust. The Sponsor
will not be under any obligation to appear in, prosecute or defend any legal action that in its opinion may involve it in any expense
or liability; provided, however, that the Sponsor may, in its discretion, undertake any action that it may deem necessary or desirable
in respect of the Trust Agreement and the rights and duties of the parties hereto and the interests of the Shareholders and, in such event,
the legal expenses and costs of any such action will be expenses and costs of the Trust and the Sponsor will be entitled to be reimbursed
therefor by the Trust. The obligations of the Trust to indemnify the Sponsor Indemnified Parties will survive the termination of the Trust
Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PROVISIONS OF FEDERAL AND STATE SECURITIES LAWS
</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">This offering is made pursuant to federal and
state securities laws. The SEC and state securities agencies take the position that indemnification of the Sponsor that arises out of
an alleged violation of such laws is prohibited unless certain conditions are met.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">These conditions require that no indemnification
of the Sponsor or any underwriter for the Trust may be made in respect of any losses, liabilities or expenses arising from or out of an
alleged violation of federal or state securities laws unless: (i)&#160;there has been a successful adjudication on the merits of each
count involving alleged securities law violations as to the party seeking indemnification and the court approves the indemnification;
(ii)&#160;such claim has been dismissed with prejudice on the merits by a court of competent jurisdiction as to the party seeking indemnification;
or (iii)&#160;a court of competent jurisdiction approves a settlement of the claims against the party seeking indemnification and finds
that indemnification of the settlement and related costs should be made, provided that, before seeking such approval, the Sponsor or other
indemnitee must apprise the court of the position held by regulatory agencies against such indemnification. These agencies are the SEC
and the securities administrator of the state or states in which the plaintiffs claim they were offered or sold interests.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MANAGEMENT; VOTING BY SHAREHOLDERS </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">The Shareholders of the Trust take no part in
the management or control, and have no voice in, the Trust&#8217;s operations or business. Except in limited circumstances, Shareholders
have no voting rights under the Trust Agreement, except under limited circumstances.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Sponsor generally has the right to amend the
Trust Agreement as it applies to the Trust provided that the Shareholders have the right to vote only if expressly required under Delaware
or federal law or rules or regulations of the Exchange, or if submitted to the Shareholders by the Sponsor in its sole discretion. No
amendment affecting the Trustee will be binding upon or effective against the Trustee unless consented to by the Trustee in the form of
an instruction letter.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust does not have any directors, officers
or employees. The creation and operation of the Trust has been arranged by the Sponsor. The Sponsor is not governed by a board of directors.
However, the Sponsor is supported by principals and executive officers who perform certain functions that, if the Trust had directors
or executive officers, would typically be performed by them. See &#8220;The Trust&#8217;s Service Providers&#8212;The Sponsor&#8221; for
biographical information of the Sponsor&#8217;s principals and key personnel.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BOOKS AND RECORDS </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust keeps its books of record and account
at the office of the Sponsor located at 250 West 34th Street, 3rd Floor, New York, NY 10119, or at the offices of the Administrator,
or such office, including of an administrative agent, as it may subsequently designate upon notice. The books and records are open to
inspection by any person who establishes to the Trust&#8217;s satisfaction that such person is a Shareholder upon reasonable advance
notice at all reasonable times during usual business hours of the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust keeps a copy of the Trust Agreement
on file in the Sponsor&#8217;s office which will be available for inspection by any Shareholder at all times during its usual business
hours upon reasonable advance notice.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>STATEMENTS, FILINGS, AND REPORTS TO SHAREHOLDERS
</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">After the end of each fiscal year, the Sponsor
will cause to be prepared an annual report for the Trust containing audited financial statements. The annual report will be in such form
and contain such information as will be required by applicable laws, rules and regulations and may contain such additional information
which the Sponsor determines shall be included. The annual report will be filed with the SEC and the Exchange and will be distributed
to such persons and in such manner, as is required by applicable laws, rules and regulations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Sponsor is responsible for the registration
and qualification of the Shares under the federal securities laws. The Sponsor will also prepare, or cause to be prepared, and file any
periodic reports or updates required under the Exchange Act. The Administrator will assist and support the Sponsor in the preparation
of such reports.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Administrator will make such elections, file
such tax returns, and prepare, disseminate and file such tax reports, as it is advised to by its counsel or accountants or as required
from time to time by any applicable statute, rule or regulation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FISCAL YEAR </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The fiscal year of the Trust is the calendar year. The Sponsor may
select an alternate fiscal year.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>GOVERNING LAW; CONSENT TO DELAWARE JURISDICTION
</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The rights of the Sponsor, the Trust, DTC (as
registered owner of the Trust&#8217;s global certificate for Shares) and the Shareholders are governed by the laws of the State of Delaware.
The Sponsor, the Trust and DTC and, by accepting Shares, each DTC Participant and each Shareholder, consent to the exclusive jurisdiction
of the courts of the State of Delaware and any federal courts located in Delaware. Such consent is not required for any person to assert
a claim of Delaware jurisdiction over the Sponsor or the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>LEGAL MATTERS </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><b>Litigation and Claims </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Within the past five years of the date of this
Prospectus, there have been no material administrative, civil or criminal actions against the Sponsor, the Trust or any principal or affiliate
of any of them. This includes any actions pending, on appeal, concluded, threatened, or otherwise known to them.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><b>Legal Opinion </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Perkins Coie LLP has advised the Sponsor in connection
with the Shares being offered. Perkins Coie LLP also advises the Sponsor with respect to its responsibilities as sponsor of, and with
respect to matters relating to, the Trust. Certain opinions of counsel will be filed with the SEC as exhibits to the Registration Statement
of which this Prospectus is a part.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>EXPERTS </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The financial statements of the WisdomTree Bitcoin
Trust will be included herein in reliance on the report of [&#160;&#160;&#160;&#160;], an independent registered public accounting firm,
given on the authority of said firm as experts in auditing and accounting.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES FEDERAL INCOME TAX CONSEQUENCES
</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The following discussion of the material U.S.
federal income tax consequences that generally will apply to the purchase, ownership and disposition of Shares by a U.S. Shareholder (as
defined below), and certain U.S. federal income consequences that may apply to an investment in Shares by a Non-U.S. Shareholder (as defined
below), represents, insofar as it describes conclusions as to U.S. federal income tax law and subject to the limitations and qualifications
described therein, the opinion of Perkins Coie LLP, special U.S. federal income tax counsel to the Sponsor. The discussion below is based
on the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), Treasury Regulations promulgated thereunder and judicial and
administrative interpretations of the Code, all as in effect on the date of this Prospectus and all of which are subject to change either
prospectively or retroactively. The tax treatment of Shareholders may vary depending upon their own particular circumstances. Certain
Shareholders (including but not limited to banks, financial institutions, insurance companies, regulated investment companies, real estate
investment trusts, tax-exempt organizations, tax-exempt or tax- advantaged retirement plans or accounts, brokers or dealers, traders,
partnerships for U.S. federal income tax purposes, persons holding Shares as a position in a &#8220;hedging,&#8221; &#8220;straddle,&#8221;
&#8220;conversion,&#8221; &#8220;constructive sale&#8221; or other integrated transaction for U.S. federal income tax purposes, persons
whose &#8220;functional currency&#8221; is not the U.S. dollar, persons required for U.S. federal income tax purposes to accelerate the
recognition of any item of gross income with respect to the Shares as a result of such income being recognized on an applicable financial
statement, or other investors with special circumstances) may be subject to special rules not discussed below. In addition, the following
discussion applies only to Shareholders who will hold Shares as &#8220;capital assets&#8221; (generally, property held for investment).
Moreover, the discussion below does not address the effect of any state, local or foreign tax law consequences that may apply to an investment
in Shares. Purchasers of Shares are urged to consult their own tax advisers with respect to all federal, state, local and foreign tax
law considerations potentially applicable to their investment in Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For purposes of this discussion, a &#8220;U.S. Shareholder&#8221; is
a Shareholder that is:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 15.75pt">&#8226;</td><td>an individual who is treated as a citizen or resident of the United States for U.S. federal income tax purposes;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 15.75pt">&#8226;</td><td>a corporation (or entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws
of the United States, any state thereof or the District of Columbia;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 15.75pt">&#8226;</td><td>an estate, the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; or</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 15.75pt">&#8226;</td><td>a trust, if a court within the United States is able to exercise primary supervision over the administration of the trust and one
or more United States persons have the authority to control all substantial decisions of the trust.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If a partnership or other entity or arrangement
treated as a partnership for U.S. federal income tax purposes holds Shares, the tax treatment of a partner generally depends upon the
status of the partner and the activities of the partnership. If you are a partner of a partnership holding Shares, the discussion below
may not be applicable and we urge you to consult your own tax adviser for the U.S. federal income tax implications of the purchase, ownership
and disposition of such Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Taxation of the Trust </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Sponsor and the Trustee will treat the Trust
as a &#8220;grantor trust&#8221; for U.S. federal income tax purposes. In the opinion of Perkins Coie LLP, although not free from doubt
due to the lack of directly governing authority, the Trust should be classified as a &#8220;grantor trust&#8221; for U.S. federal income
tax purposes (and the following discussion assumes such classification). As a result, the Trust itself should not be subject to U.S. federal
income tax. Instead, the Trust&#8217;s income and expenses should &#8220;flow through&#8221; to the Shareholders, and the Trustee will
report the Trust&#8217;s income, gains, losses and deductions to the IRS on that basis. The opinion of Perkins Coie LLP is not binding
on the IRS or any court. Accordingly, there can be no assurance that the IRS will agree with the conclusions of counsel&#8217;s opinion
and it is possible that the IRS or another tax authority could assert a position contrary to one or all of those conclusions and that
a court could sustain that contrary position. Neither the Sponsor nor the Trustee will request a ruling from the IRS with respect to the
classification of the Trust for U.S. federal income tax purposes or with respect to any other matter. If the IRS were to assert successfully
that the Trust is not classified as a &#8220;grantor trust,&#8221; the Trust would likely be classified as a partnership for U.S. federal
income tax purposes, which may affect the timing and other tax consequences to the Shareholders, and might be classified as a publicly
traded partnership that would be taxable as a corporation for U.S. federal income tax purposes, in which case the Trust would be taxed
in the same manner as a regular corporation on its taxable income and distributions to Shareholders out of the earnings and profits of
the Trust would be taxed to Shareholders as ordinary dividend income. However, due to the uncertain treatment of digital currency for
U.S. federal income tax purposes, there can be no assurance in this regard. Except as otherwise indicated, the remainder of this discussion
assumes that the Trust is classified as a grantor trust for U.S. federal income tax purposes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Taxation of U.S. Shareholders </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Shareholders will be treated, for U.S. federal
income tax purposes, as if they directly owned a pro rata share of the underlying assets held in the Trust. Shareholders also will be
treated as if they directly received their respective pro rata shares of the Trust&#8217;s income, if any, and as if they directly incurred
their respective pro rata shares of the Trust&#8217;s expenses. In the case of a Shareholder that acquires its Shares as part of the creation
of a Basket, the delivery of bitcoin to the Trust in exchange for a pro rata share of the underlying bitcoin represented by the Shares
will not be a taxable event to the Shareholder, and the Shareholder&#8217;s tax basis and holding period for the Shareholder&#8217;s pro
rata share of the bitcoin held in the Trust will be the same as its tax basis and holding period for the bitcoin delivered in exchange
therefor. For purposes of this discussion, and unless stated otherwise, it is assumed that all of a Shareholder&#8217;s Shares are acquired
on the same date and at the same price per Share. Shareholders that hold multiple lots of Shares, or that are contemplating acquiring
multiple lots of Shares, should consult their own tax advisers as to the determination of the tax basis and holding period for the underlying
bitcoin related to such Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Current IRS guidance on the treatment of convertible
virtual currencies classifies bitcoin as &#8220;property&#8221; that is not currency for U.S. federal income tax purposes and clarifies
that bitcoin could be held as a capital asset, but it does not address several other aspects of the U.S. federal income tax treatment
of bitcoin. Because bitcoin is a new technological innovation, the U.S. federal income tax treatment of bitcoin or transactions relating
to investments in bitcoin may evolve and change from those discussed below, possibly with retroactive effect. In this regard, the IRS
indicated that it has made it a priority to issue additional guidance related to the taxation of virtual currency transactions, such as
transactions involving bitcoin. While it has started to issue such additional guidance, whether any future guidance will adversely affect
the U.S. federal income tax treatment of an investment in bitcoin or in transactions relating to investments in bitcoin is unknown. Moreover,
future developments that may arise with respect to digital currencies may increase the uncertainty with respect to the treatment of digital
currencies for U.S. federal income tax purposes. This discussion assumes that any bitcoin the Trust may hold is properly treated for U.S.
federal income tax purposes as property that may be held as a capital asset and is not currency for purposes of the provisions of the
Code relating to foreign currency gain and loss.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Although the Trust does not intend to sell bitcoin,
it will use bitcoin to pay certain expenses of the Trust, which under current IRS guidance will be treated as a sale of such bitcoin.
If the Trust sells bitcoin (for example to generate cash to pay fees or expenses) or is treated as selling bitcoin (for example by using
bitcoin to pay fees or expenses), a Shareholder will recognize gain or loss in an amount equal to the difference between (a)&#160;the
Shareholder&#8217;s pro rata share of the amount realized by the Trust upon the sale and (b)&#160;the Shareholder&#8217;s tax basis for
its pro rata share of the bitcoin that was sold. A Shareholder&#8217;s tax basis for its share of any bitcoin sold by the Trust should
generally be determined by multiplying the Shareholder&#8217;s total basis for its share of all of the bitcoin held in the Trust immediately
prior to the sale, by a fraction the numerator of which is the amount of bitcoin sold, and the denominator of which is the total amount
of the bitcoin held in the Trust immediately prior to the sale. After any such sale, a Shareholder&#8217;s tax basis for its pro rata
share of the bitcoin remaining in the Trust should be equal to its tax basis for its share of the total amount of the bitcoin held in
the Trust immediately prior to the sale, less the portion of such basis allocable to its share of the bitcoin that was sold.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Upon a Shareholder&#8217;s sale of some or all
of its Shares, the Shareholder will be treated as having sold the portion or all, respectively, of its pro rata share of the bitcoin held
in the Trust at the time of the sale that is attributable to the Shares sold. Accordingly, the Shareholder generally will recognize gain
or loss on the sale in an amount equal to the difference between (a)&#160;the amount realized pursuant to the sale of the Shares, and
(b)&#160;the Shareholder&#8217;s tax basis for the portion of its pro rata share of the bitcoin held in the Trust at the time of sale
that is attributable to the Shares sold, as determined in the manner described in the preceding paragraph. Based on current IRS guidance,
such gain or loss (as well as any gain or loss realized by a Shareholder on account of the Trust selling bitcoin) will generally be long-term
or short-term capital gain or loss, depending upon whether the Shareholder has a holding period of greater than one year in its pro rata
share of the bitcoin that was sold.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">A redemption of some or all of a Shareholder&#8217;s
Shares in exchange for the underlying bitcoin represented by the Shares redeemed generally will not be a taxable event to the Shareholder.
The Shareholder&#8217;s tax basis for the bitcoin received in the redemption generally will be the same as the Shareholder&#8217;s tax
basis for the portion of its pro rata share of the bitcoin held in the Trust immediately prior to the redemption that is attributable
to the Shares redeemed. The Shareholder&#8217;s holding period with respect to the bitcoin received should include the period during which
the Shareholder held the Shares redeemed. A subsequent sale of the bitcoin received by the Shareholder will be a taxable event, unless
a nonrecognition provision of the Code applies to such sale.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">After any sale or redemption of less than all
of a Shareholder&#8217;s Shares, the Shareholder&#8217;s tax basis for its pro rata share of the bitcoin held in the Trust immediately
after such sale or redemption generally will be equal to its tax basis for its share of the total amount of the bitcoin held in the Trust
immediately prior to the sale or redemption, less the portion of such basis which is taken into account in determining the amount of gain
or loss recognized by the Shareholder upon such sale or, in the case of a redemption, that is treated as the basis of the bitcoin received
by the Shareholder in the redemption.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If a hard fork occurs in the Bitcoin Blockchain,
the Trust could hold both the original bitcoin and the alternative new asset. The IRS has held that a hark fork resulting in the creation
of new units of cryptocurrency is a taxable event giving rise to ordinary income. Moreover, the Trust Agreement requires that, if such
a transaction occurs, the Trust will as soon as possible direct the Custodian to distribute the alternative new asset in-kind to the Sponsor,
as agent for the Shareholders, and the Sponsor will arrange to sell the new alternative asset and for the proceeds to be distributed to
the Shareholders. The receipt, distribution and/or sale of the new alternative asset may cause Shareholders to incur a U.S. federal income
tax liability. While the IRS has not addressed all situations in which airdrops occur, it is clear from the reasoning of the IRS&#8217;s
current guidance that it generally would treat an airdrop as a taxable event giving rise to ordinary income.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>3.8% Tax on Net Investment Income </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Certain U.S. Shareholders who are individuals
are required to pay a 3.8% tax on the lesser of the excess of their modified adjusted gross income over a threshold amount ($250,000 for
married persons filing jointly and $200,000 for single taxpayers) or their &#8220;net investment income,&#8221; which generally includes
capital gains from the disposition of property. This tax is in addition to any capital gains taxes due on such investment income. A similar
tax applies to estates and trusts. U.S. Shareholders should consult their own tax advisers regarding the effect, if any, this tax may
have on their investment in the Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Brokerage Fees and Trust Expenses </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Any brokerage or other transaction fee incurred
by a Shareholder in purchasing Shares will be treated as part of the Shareholder&#8217;s tax basis in the underlying assets of the Trust.
Similarly, any brokerage fee incurred by a Shareholder in selling Shares will reduce the amount realized by the Shareholder with respect
to the sale.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Shareholders will be required to recognize the
full amount of gain or loss upon a sale or deemed sale of bitcoin by the Trust (as discussed above), even though some or all of the proceeds
of such sale are used by the Trustee to pay Trust expenses. Shareholders may deduct their respective pro rata shares of each expense incurred
by the Trust to the same extent as if they directly incurred the expense. Shareholders who are individuals, estates or trusts, however,
may be required to treat some or all of the expenses of the Trust as miscellaneous itemized deductions. An individual may not deduct miscellaneous
itemized deductions for tax years beginning after December&#160;31, 2017 and before January&#160;1, 2026. For tax years beginning after
December&#160;31, 2025, individuals may deduct certain miscellaneous itemized deductions only to the extent they exceed in the aggregate
2% of the individual&#8217;s adjusted gross income. Similar rules apply to certain miscellaneous itemized deductions of estates and trusts.
In addition, such deductions may be subject to phase outs and other limitations under applicable provisions of the Code.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Investment by Certain Retirement Plans </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Individual retirement accounts (&#8220;IRAs&#8221;)
and participant-directed accounts under tax-qualified retirement plans are limited in the types of investments they may make under the
Code. Potential purchasers of Shares that are IRAs or participant-directed accounts under a Code section 401(a) plan should consult with
their own tax advisors as to the tax consequences of a purchase of Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>United States Information Reporting and Backup Withholding </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trustee will file certain information returns
with the IRS, and provide certain tax-related information to Shareholders, in connection with the Trust. To the extent required by applicable
regulations, each Shareholder will be provided with information regarding its allocable portion of the Trust&#8217;s annual income, expenses,
gains and losses (if any). A U.S. Shareholder may be subject to United States backup withholding tax in certain circumstances unless it
provides its taxpayer identification number and complies with certain certification procedures. Non-U.S. Shareholders may have to comply
with certification procedures to establish that they are not a United States person, and some Non-U.S. Shareholders may be required to
meet certain information reporting or certification requirements imposed by the Foreign Account Tax Compliance Act, in order to avoid
certain information reporting and withholding tax requirements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The amount of any backup withholding will be allowed
as a credit against a Shareholder&#8217;s U.S. federal income tax liability and may entitle the Shareholder to a refund, provided that
the required information is furnished to the IRS in a timely manner.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Taxation in Jurisdictions Other Than the United States </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Prospective purchasers of Shares that are based
in or acting out of a jurisdiction other than the United States are advised to consult their own tax advisers as to the tax consequences
under the laws of such jurisdiction (or any other jurisdiction other than the United States to which they are subject) of their purchase,
holding, sale and redemption of or any other dealing in Shares and, in particular, as to whether any value added tax, other consumption
tax or transfer tax is payable in relation to such purchase, holding, sale, redemption or other dealing.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><b>PROSPECTIVE SHAREHOLDERS ARE URGED TO CONSULT
THEIR TAX ADVISERS BEFORE DECIDING WHETHER TO INVEST IN THE SHARES OF THE TRUST.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><br /></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PURCHASES BY EMPLOYEE BENEFIT PLANS </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Employee Retirement Income Security Act of 1974 (&#8220;ERISA&#8221;)
and/or Section&#160;4975 of the Code impose certain requirements on:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(i) employee benefit plans and certain other plans and arrangements,
including individual retirement accounts and annuities, Keogh plans and certain collective investment funds or insurance company general
or separate accounts in which such plans or arrangements are invested, that are subject to Title I of ERISA and/or Section&#160;4975 of
the Code (collectively, &#8220;Plans&#8221;); and (ii)&#160;persons who are fiduciaries with respect to the investment of assets treated
as &#8220;plan assets&#8221; within the meaning of U.S. Department of Labor (the &#8220;DOL&#8221;) regulation 29 C.F.R. &#167; 2510.3-101,
as modified by Section&#160;3(42) of ERISA (the &#8220;Plan Assets Regulation&#8221;), of a Plan. Investments by Plans are subject to
the fiduciary requirements and the applicability of prohibited transaction restrictions under ERISA and the Code.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#8220;Governmental plans&#8221; within the meaning
of Section&#160;3(32) of ERISA, certain &#8220;church plans&#8221; within the meaning of Section&#160;3(33) of ERISA and &#8220;non-U.S.
plans&#8221; described in Section&#160;4(b)(4) of ERISA, while not subject to the fiduciary responsibility and prohibited transaction
provisions of Title I of ERISA or Section&#160;4975 of the Code, may be subject to any federal, state, local, non-U.S. or other law or
regulation that is substantially similar to the foregoing provisions of ERISA and the Code. Fiduciaries of any such plans are advised
to consult with their counsel prior to an investment in the Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In contemplating an investment of a portion of
Plan assets in the Shares, the Plan fiduciary responsible for making such investment should carefully consider, taking into account the
facts and circumstances of the Plan, the &#8220;Risk Factors&#8221; discussed above and whether such investment is consistent with its
fiduciary responsibilities. The Plan fiduciary should consider, among other issues, whether: (1)&#160;the fiduciary has the authority
to make the investment under the appropriate governing plan instrument; (2)&#160;the investment would constitute a direct or indirect
non-exempt prohibited transaction with a &#8220;party in interest&#8221; or &#8220;disqualified person&#8221; within the meaning of ERISA
and Section&#160;4975 of the Code respectively; (3)&#160;the investment is in accordance with the Plan&#8217;s funding objectives; and
(4)&#160;such investment is appropriate for the Plan under the general fiduciary standards of investment prudence and diversification,
taking into account the overall investment policy of the Plan, the composition of the Plan&#8217;s investment portfolio and the Plan&#8217;s
need for sufficient liquidity to pay benefits when due. When evaluating the prudence of an investment in the Shares, the Plan fiduciary
should consider the DOL&#8217;s regulation on investment duties, which can be found at 29 C.F.R. &#167; 2550.404a-1.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">It is intended that: (a)&#160;none of the Sponsor,
the Trustee, the Custodian or any of their respective affiliates (the &#8220;Transaction Parties&#8221;) has through this report and related
materials provided any investment advice within the meaning of Section&#160;3(21) of ERISA to the Plan in connection with the decision
to purchase or acquire such Shares; and (b)&#160;the information provided in this report and related materials will not make a Transaction
Party a fiduciary to the Plan.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INFORMATION YOU SHOULD KNOW </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">This Prospectus contains information you should
consider when making an investment decision about the Shares. You should rely only on the information contained in this Prospectus or
any applicable prospectus supplement. None of the Trust or the Sponsor has authorized any person to provide you with different information
and, if anyone provides you with different or inconsistent information, you should not rely on it. This Prospectus is not an offer to
sell the Shares in any jurisdiction where the offer or sale of the Shares is not permitted.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The information contained in this Prospectus was
obtained from us and other sources we believe to be reliable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">You should disregard anything we said in an earlier
document that is inconsistent with what is included in this Prospectus or any applicable prospectus supplement. Where the context requires,
when we refer to this &#8220;Prospectus,&#8221; we are referring to this Prospectus and (if applicable) the relevant prospectus supplement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">You should not assume that the information in
this prospectus or any applicable prospectus supplement is current as of any date other than the date on the front page of this Prospectus
or the date on the front page of any applicable prospectus supplement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">We include cross references in this Prospectus
to captions in these materials where you can find further related discussions. The table of contents tells you where to find these captions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INTELLECTUAL PROPERTY </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">WisdomTree, Inc. is the licensor of certain
trademarks, service marks and trade names of the Trust. WisdomTree, Inc. is not responsible for, and has not participated in, the determination
of the timing, prices, or quantities of Shares of the Trust to be issued or in the determination or calculation of the equation by which
the Shares of the Fund are redeemable. Neither WisdomTree, the Sponsor and the Fund do not guarantee the accuracy, completeness, or performance
of the Index or the data included therein and shall have no liability in connection with the Index or Index calculation. An Index&#8217;s
past performance is not necessarily an indication of how the Index will perform in the future. WisdomTree, Inc. has contracted with an
independent calculation agent to calculate the Index.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>WHERE YOU CAN FIND MORE INFORMATION </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust has filed a registration statement on
Form S-1 with the SEC under the 1933 Act. This Prospectus does not contain all of the information set forth in the registration statement
(including the exhibits to the registration statement), parts of which have been omitted in accordance with the rules and regulations
of the SEC. For further information about the Trust or the Shares, please refer to the registration statement, which is available online
at www.sec.gov.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Information about the Trust and the Shares can
also be obtained at www.wisdomtree.com. The website address is only provided here as a convenience to you and the information contained
on or connected to the website is not part of this Prospectus or the registration statement of which this Prospectus is part. The Trust
is subject to the informational requirements of the Exchange Act and will file certain reports and other information with the SEC under
the Exchange Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The reports and other information are available online at www.sec.gov.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>APPENDIX A </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>GLOSSARY OF DEFINED TERMS </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In this Prospectus, each of the following terms have the meanings set
forth after such term:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;1933 Act&#8221;: The Securities Act of 1933.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;1940 Act&#8221;: Investment Company Act of 1940.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;Administrator&#8221;: U.S. Bancorp Fund Services, LLC dba U.S.
Bank Global Fund Services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;Authorized Participant&#8221;: One that purchases or redeems
Baskets from or to the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;Basket&#8221;: A block of 50,000 Shares used by the Trust to
issue or redeem Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;Basket Deposit&#8221;: The total deposit required to create
each Basket.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;Custodian&#8221;: U.S. Bank, National Association</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;Business Day&#8221;: Any day other than a day when the Exchange
or the New York Stock Exchange is closed for regular trading.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;CEA&#8221;: Commodity Exchange Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;CFTC&#8221;: Commodity Futures Trading Commission, an independent
agency with the mandate to regulate commodity futures and options in the United States.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;Code&#8221;: Internal Revenue Code of 1986, as amended.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;DTC&#8221;: The Depository Trust Company. DTC will act as the
securities depository for the Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;DTC Participant&#8221;: An entity that has an account with DTC.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;Exchange&#8221;: Cboe BZX Exchange, Inc..</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;Exchange Act&#8221;: The Securities Exchange Act of 1934.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;FINRA&#8221;: Financial Industry Regulatory Authority, formerly
the National Association of Securities Dealers.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;Fund Accountant&#8221;: U.S. Bancorp Fund Services, LLC dba
U.S. Bank Global Trust Services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;Indirect Participants&#8221;: Banks, brokers, dealers and trust
companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;IRS&#8221;: U.S. Internal Revenue Service.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;Marketing Agent&#8221;: Foreside Financial Services, LLC.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;NAV&#8221;: Net asset value of the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;NFA&#8221;: National Futures Association.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;Redemption Order Date&#8221;: The date a redemption order is
received in satisfactory form and approved by the Marketing Agent. &#8220;Register&#8221;: The record of all shareholders and holders
of the Shares in certificated form kept by the Administrator.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;SEC&#8221;: The U.S. Securities and Exchange Commission.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;Shares&#8221;: Common shares representing fractional undivided
beneficial interests in the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;Shareholders&#8221;: Holders of Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;Transfer Agent&#8221;: U.S. Bancorp Fund Services, LLC dba U.S.
Bank Global Fund Services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;Trust Agreement&#8221;: Declaration of Trust and Trust Agreement
of WisdomTree Bitcoin Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;The Sponsor&#8221;: WisdomTree Digital Commodity Services, LLC,
a Delaware limited liability company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;The Trust&#8221;: WisdomTree Bitcoin Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;Trustee&#8221;: Delaware Trust Company, a Delaware trust company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;You&#8221;: The owner or holder of Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>WISDOMTREE BITCOIN TRUST </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SHARES </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">_______________________________&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PROSPECTUS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">_______________________________&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><b>[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;],
2023 </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Until [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;],
2023 (25 calendar days after the date of this Prospectus) all dealers that effect transactions in these securities, whether or not participating
in this offering, may be required to deliver a Prospectus. This is in addition to the dealers&#8217; obligation to deliver a Prospectus
when acting as underwriters and with respect to their unsold allotments or subscriptions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART II </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INFORMATION NOT REQUIRED IN PROSPECTUS </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item&#160;13. <i>Other Expenses of Issuance and Distribution.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Set forth below is an estimate (except as indicated)
of the amount of fees and expenses (other than underwriting commissions and discounts) payable by the registrant in connection with the
issuance and distribution of the Shares pursuant to the Prospectus contained in</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%; text-align: left; text-indent: -12pt; padding-left: 12pt"><span style="font-size: 10pt">SEC <i>registration fee (actual)</i></span></td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 17%; text-align: right">&#160;</td><td style="white-space: nowrap; width: 1%; text-align: left">[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td><td style="width: 1%">]*</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -12pt; padding-left: 12pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -12pt; padding-left: 12pt">Listing fee (actual)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">[&#160;&#160;&#160;&#160;&#160;&#160;</td><td>]*</td>
    <td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -12pt; padding-left: 12pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -12pt; padding-left: 12pt">Auditor&#8217;s fees and expenses</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">[&#160;&#160;&#160;&#160;&#160;&#160;</td><td>]*</td>
    <td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -12pt; padding-left: 12pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -12pt; padding-left: 12pt">Legal fees and expenses</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">[&#160;&#160;&#160;&#160;&#160;&#160;</td><td>]*</td>
    <td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -12pt; padding-left: 12pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -12pt; padding-left: 12pt">Printing expenses</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">[&#160;&#160;&#160;&#160;&#160;&#160;</td><td>]*</td>
    <td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -12pt; padding-left: 12pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left; text-indent: -12pt; padding-left: 12pt">Miscellaneous expenses</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -12pt; padding-left: 12pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -12pt; padding-left: 12pt">Total</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">[&#160;&#160;&#160;&#160;&#160;&#160;</td><td>]*</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 13.5pt">*</td><td>To be provided by amendment.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item&#160;14. <i>Indemnification of Directors and Officers.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust Agreement provides that the Sponsor
and its shareholders, members, directors, officers, employees, Affiliates and subsidiaries (each a &#8220;Sponsor Indemnified Party&#8221;)
will be indemnified by the Trust and held harmless against any loss, liability or expense incurred under the Trust Agreement without gross
negligence, bad faith, or willful misconduct on the part of such Sponsor Indemnified Party arising out of or in connection with the performance
of its obligations hereunder or any actions taken in accordance with the provisions of the Trust Agreement. Any amounts payable to a Sponsor
Indemnified Party under the Trust Agreement may be payable in advance or will be secured by a lien on the Trust. The Sponsor will not
be under any obligation to appear in, prosecute or defend any legal action that in its opinion may involve it in any expense or liability;
provided, however, that the Sponsor may, in its discretion, undertake any action that it may deem necessary or desirable in respect of
the Trust Agreement and the rights and duties of the parties hereto and the interests of the Shareholders and, in such event, the legal
expenses and costs of any such action will be expenses and costs of the Trust and the Sponsor will be entitled to be reimbursed therefor
by the Trust. The obligations of the Trust to indemnify the Sponsor Indemnified Parties will survive the termination of the Trust Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item&#160;15. <i>Recent Sales of Unregistered Securities.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">None.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item&#160;16. <i>Exhibits and Financial Statement Schedules.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt">The exhibits to this registration statement are listed
in the Exhibit Index to this registration statement, which is incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial Statement
Schedules.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt">Not applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item&#160;17. <i>Undertakings.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt">The undersigned registrant hereby undertakes:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 27pt"></td><td style="width: 22.05pt">(1)</td><td>To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 72pt"></td><td style="width: 27pt">(i)</td><td>to include any prospectus required by section 10(a)(3) of the Securities Act of 1933;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 72pt"></td><td style="width: 27pt">(ii)</td><td>to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth
in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the
changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation
of Registration Fee&#8221; table in the effective registration statement; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 72pt"></td><td style="width: 27pt">(iii)</td><td>to include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 27pt"></td><td style="width: 22.05pt">(2)</td><td>That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 27pt"></td><td style="width: 22.05pt">(3)</td><td>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 27pt"></td><td style="width: 22.05pt">(4)</td><td>That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 72pt"></td><td style="width: 27pt">(i)</td><td>If the registrant is relying on Rule 430B:</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 117pt"></td><td style="width: 27pt">(A)</td><td>each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of
the date the filed prospectus was deemed part of and included in the registration statement; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 117pt"></td><td style="width: 27pt">(B)</td><td>each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance
on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x)&#160;for the purpose of providing the information
required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of
the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities
in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at
that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities
in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part
of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or
prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective
date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement
or made in any such document immediately prior to such effective date; or</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 72pt"></td><td style="width: 27pt">(ii)</td><td>If the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating
to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall
be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however,
that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated
or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as
to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration
statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first
use.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<td style="width: 27pt"></td><td style="width: 22.05pt">(5)</td><td>That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial
distribution of the securities:</td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.05pt">The undersigned registrant undertakes that in a primary
offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used
to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications,
the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<td style="width: 72pt"></td><td style="width: 27pt">(i)</td><td>any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule
424;</td></tr></table>

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<td style="width: 72pt"></td><td style="width: 27pt">(ii)</td><td>any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to
by the undersigned registrant;</td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 72pt"></td><td style="width: 27pt">(iii)</td><td>the portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<td style="width: 72pt"></td><td style="width: 27pt">(iv)</td><td>any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<td style="width: 27pt"></td><td style="width: 22.05pt">(6)</td><td>Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication
of such issue.</td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>EXHIBIT INDEX </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<td style="width: 0"></td><td style="width: 22.5pt">(1)</td><td>Previously filed as an exhibit to the Trust&#8217;s Registration Statement on Form S-1 on March 11, 2021.</td></tr></table>

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<td style="width: 0"></td><td style="width: 22.5pt">*</td><td>To be filed by amendment.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES </b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Pursuant to the requirements of the Securities
Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly
authorized in the City of New York, State of New York, on June&#160;20, 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Pursuant to the requirements of the Securities
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<td style="width: 4.5pt"></td><td style="width: 18pt">*</td><td>The registrant will be a trust and the persons are signing in their capacities as officers of WisdomTree Digital Commodity Services,
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_OtherReportingStandardItemNumber" xlink:label="dei_OtherReportingStandardItemNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_OtherReportingStandardItemNumber" xlink:to="dei_OtherReportingStandardItemNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_OtherReportingStandardItemNumber_lbl" xml:lang="en-US">Other Reporting Standard Item Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xml:lang="en-US">Entity Bankruptcy Proceedings, Reporting Current</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xml:lang="en-US">Documents Incorporated by Reference [Text Block]</link:label>
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<DESCRIPTION>XBRL PRESENTATION FILE
<TEXT>
<XBRL>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>7
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
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</head>
<body>
<span style="display: none;">v3.23.2</span><table class="report" border="0" cellspacing="2" id="idm140248988599952">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Jun. 20, 2023</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">S-1/A<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentDescription', window );">Amendment Description</a></td>
<td class="text">Amendment No. 2<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">WISDOMTREE BITCOIN TRUST<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001850391<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">250 West 34th Street<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">3rd Floor<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">New York<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10119<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(866)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">909-9473<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Non-accelerated Filer<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntitySmallBusiness', window );">Entity Small Business</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityExTransitionPeriod', window );">Elected Not To Use the Extended Transition Period</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentDescription">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Description of changes contained within amended document.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentDescription</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:centralIndexKeyItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityExTransitionPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 7A<br> -Section B<br> -Subsection 2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityExTransitionPeriod</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
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<td>dei_</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntitySmallBusiness">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicates that the company is a Smaller Reporting Company (SRC).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntitySmallBusiness</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
