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<ACCEPTANCE-DATETIME>20240108060358
ACCESSION NUMBER:		0001214659-24-000371
CONFORMED SUBMISSION TYPE:	S-1/A
PUBLIC DOCUMENT COUNT:		33
FILED AS OF DATE:		20240108
DATE AS OF CHANGE:		20240108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WisdomTree Bitcoin Fund
		CENTRAL INDEX KEY:			0001850391
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		ORGANIZATION NAME:           	09 Crypto Assets
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		S-1/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-254134
		FILM NUMBER:		24518177

	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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WisdomTree Bitcoin Trust
		DATE OF NAME CHANGE:	20210310
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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 January 8, 2024</b></p>

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



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



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<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-top: 0pt; margin-bottom: 0pt; text-align: center"><b>UNITED STATES </b></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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">_______________________________</p>

<p style="font: 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_904_edei--AmendmentDescription_c20231226__20231226_zrIpEmmtgQ65"><ix:nonNumeric contextRef="AsOf2023-12-26" name="dei:AmendmentDescription">Amendment No. 6</ix:nonNumeric></span></b></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_901_edei--DocumentType_dxL_c20231226__20231226_zNGmBEAntWW9" title="::XDX::S-1%2FA"><span style="-sec-ix-hidden: xdx2ixbrl0011">S-1</span></span></b></p>

<p style="font: 18pt 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>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_905_edei--EntityRegistrantName_c20231226__20231226_z0StD5Xc2hy9"><ix:nonNumeric contextRef="AsOf2023-12-26" name="dei:EntityRegistrantName">WISDOMTREE BITCOIN FUND</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(<i>formerly WisdomTree Bitcoin Trust</i>)</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>(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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                                    or other jurisdiction of</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_909_edei--EntityAddressAddressLine1_c20231226__20231226_zIz8fSlQMEik"><ix:nonNumeric contextRef="AsOf2023-12-26" name="dei:EntityAddressAddressLine1">250 West 34th Street</ix:nonNumeric></span>, <span id="xdx_90E_edei--EntityAddressAddressLine2_c20231226__20231226_zboUNujVo0uk"><ix:nonNumeric contextRef="AsOf2023-12-26" name="dei:EntityAddressAddressLine2">3rd Floor</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="xdx_905_edei--EntityAddressCityOrTown_c20231226__20231226_zEAG8kvTeQB4"><ix:nonNumeric contextRef="AsOf2023-12-26" name="dei:EntityAddressCityOrTown">New York</ix:nonNumeric></span>, <span id="xdx_900_edei--EntityAddressStateOrProvince_c20231226__20231226_zisUIsJbJ2pk"><ix:nonNumeric contextRef="AsOf2023-12-26" format="ixt-sec:stateprovnameen" name="dei:EntityAddressStateOrProvince">New York</ix:nonNumeric></span> <span id="xdx_90E_edei--EntityAddressPostalZipCode_c20231226__20231226_zSjriQ6n27g9"><ix:nonNumeric contextRef="AsOf2023-12-26" name="dei:EntityAddressPostalZipCode">10119</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span><span id="xdx_90D_edei--CityAreaCode_c20231226__20231226_zn2gXMHbOZ26"><ix:nonNumeric contextRef="AsOf2023-12-26" name="dei:CityAreaCode">(866)</ix:nonNumeric></span> <span id="xdx_904_edei--LocalPhoneNumber_c20231226__20231226_zVJzVhVPzau7"><ix:nonNumeric contextRef="AsOf2023-12-26" name="dei:LocalPhoneNumber">909-9473</ix:nonNumeric></span></span> </b></p>

<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">_______________________________</p>



<p style="font: 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>

<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">&#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 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 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 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 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>

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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; 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 Securities Exchange Act of 1934 (the &#8220;1934 Act&#8221;).</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
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standards provided pursuant to Section&#160;7(a)(2)(B) of the Securities Act.&#160;&#160;<span style="font-family: Wingdings"><span id="xdx_902_edei--EntityExTransitionPeriod_c20231226__20231226_z0IA1vjzfs7f"><ix:nonNumeric contextRef="AsOf2023-12-26" format="ixt:booleanfalse" name="dei:EntityExTransitionPeriod">&#168;</ix:nonNumeric></span></span></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: left; 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">____________________&#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; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#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"></p>

<p style="font: 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
January 8, 2024</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: 14pt 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=""/></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>WisdomTree Bitcoin Fund </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: left; 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 Fund (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 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, Coinbase Custody Trust Company LLC (the &#8220;Bitcoin Custodian&#8221;) is the custodian of the Trust with respect to
the Trust&#8217;s bitcoin holdings.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-size: 10pt">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 </span>CME <span style="font-size: 10pt">CF
Bitcoin </span>Reference Rate &#8211; New York Variant <span style="font-size: 10pt">(the &#8220;Reference Rate&#8221;),</span> which
is an independently calculated value based on an aggregation of executed trade flow of major bitcoin spot platforms.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">When the Trust sells or redeems its Shares,
it will do so in blocks of 5,000 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). These transactions will take place in exchange for cash. Subject to the Exchange
receiving the necessary regulatory approval to permit the Trust to create and redeem Shares in-kind for bitcoin (the &#8220;In-Kind Regulatory
Approval&#8221;) these transactions may also take place in exchange for bitcoin. However, the timing of the In-Kind Regulatory Approval
is unknown, and there is no guarantee that the Exchange will ever receive In-Kind Regulatory Approval. The Sponsor will notify Shareholders
via a posting on the Trust&#8217;s website, prospectus supplement, post-effective amendment, through a current report on Form 8-K or
in the Trust&#8217;s annual or quarterly reports in the event that the Exchange receives In-Kind Regulatory Approval and the Sponsor
determines to allow in-kind creations and redemptions. For a subscription of Shares, the subscription shall be in the amount of cash
needed to purchase the amount of bitcoin represented by the Basket being created as calculated by the Administrator (as defined below).
For a redemption of Shares, the Sponsor shall arrange for the bitcoin represented by the Basket to be sold and the cash proceeds distributed.
Financial firms that are authorized to purchase or redeem Shares with the Trust (known as &#8220;Authorized Participants&#8221;) will
deliver cash to the Trust&#8217;s account with the Cash Custodian (as defined below) in exchange for Shares when they purchase Shares
and will receive cash from the Cash Custodian 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 Authorized Participants will deliver only
cash to create Shares and will receive only cash when redeeming Shares. Further, Authorized Participants will not directly or indirectly
purchase, hold, deliver, or receive bitcoin as part of the creation or redemption process or otherwise direct the Trust or a third-party
with respect to purchasing, holding, delivering, or receiving bitcoin as part of the creation or redemption process.</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"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust will create Shares by receiving bitcoin
from a third-party that is not the Authorized Participant and the Trust&#8212;not the Authorized Participant&#8212;is responsible for
selecting the third-party to deliver the bitcoin. Further, the third-party will not be acting as an agent of the Authorized Participant
with respect to the delivery of the bitcoin to the Trust or acting at the direction of the Authorized Participant with respect to the
delivery of the bitcoin to the Trust. The Trust will redeem shares by delivering bitcoin to a third-party that is not the Authorized
Participant and the Trust&#8212;not the Authorized Participant&#8212;is responsible for selecting the third-party to receive the bitcoin.
Further, the third-party will not be acting as an agent of the Authorized Participant with respect to the receipt of the bitcoin from
the Trust or acting at the direction of the Authorized Participant with respect to the receipt of the bitcoin from the Trust.</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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">WisdomTree, Inc., the parent of the Sponsor
(the &#8220;Seed Capital Investor&#8221;) purchased: (i) $50,000 in Shares at a price per Share of $50 on December 22, 2023, and (ii)
$2,450,000 in Shares at a price per Share of $50 on January 8, 2024, for a total of $2,500,000, resulting in total ownership of 50,000
Shares (the &#8220;Seed Shares&#8221;). The Seed Capital Investor will act as a statutory underwriter in connection with this purchase.
The Seed Capital Investor may offer all of the Seed Shares to the public pursuant to this Prospectus. The Seed Capital Investor will
not act as an Authorized Participant with respect to the Seed Shares, and its activities with respect to the Seed Shares will be distinct
from those of an Authorized Participant. Unlike most Authorized Participants, the Seed Capital Investor is not in the business of purchasing
and selling securities for its own account or the accounts of others. The Seed Capital Investor will not act as an Authorized Participant
to purchase (or redeem) Baskets in the future. The Trust has agreed to indemnify the Seed Capital Investor against certain liabilities,
including liabilities under the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221;), and to contribute to payments that the
Seed Capital Investor may be required to make in respect thereof.</p>

<p style="font: 10pt Times New 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 initial price per Share is $50 and was selected
as an appropriate and convenient price that would facilitate secondary market trading 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">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"><span style="font-size: 10pt">The offering of
the Trust&#8217;s Shares is registered with the Securities and Exchange Commission (the &#8220;SEC&#8221;) in accordance with the 1933
Act. The Trust intends to issue Shares on a continuous basis and is registering an indeterminate number of Shares with the SEC in accordance
with Rule 456(d) and 457(u). 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 if purchased
from the Trust with a view towards distribution of such Shares.</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">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: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; 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 January 10,
2024</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></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-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">12</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 PLATFORMS AND REGULATION
    OF BITCOIN</span></td>
    <td style="white-space: nowrap; text-align: right">49</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">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">CALCULATION OF NAV</span></td>
    <td style="white-space: nowrap; text-align: right">57</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">59</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">60</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 AND CERTAIN
    OTHER OPERATIONAL MATTERS</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">62</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">67</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">67</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">68</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">71</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <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">71</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">DUTIES OF THE SPONSOR</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">72</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <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">73</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">PROVISIONS OF FEDERAL AND STATE SECURITIES LAWS</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">74</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <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">74</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">BOOKS AND RECORDS</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">75</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <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">75</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">FISCAL YEAR</span></td>
    <td style="white-space: nowrap; text-align: right">75</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <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">75</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">LEGAL MATTERS</span></td>
    <td style="white-space: nowrap; text-align: right">75</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 12pt; text-indent: -12pt">EXPERTS</td>
    <td style="white-space: nowrap; text-align: right">76</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">76</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">7<span style="font-size: 10pt">8</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">79</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">79</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">80</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 12pt; text-indent: -12pt">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</td>
    <td style="white-space: nowrap; text-align: right">81</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">APPENDIX A</span></td>
    <td style="white-space: nowrap; text-align: right"><span style="font-size: 10pt">86</span></td></tr>
  </table>
<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"></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-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"><span style="font-size: 10pt">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</span>,&#8221;
&#8220;intend<span style="font-size: 10pt">,&#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. </span></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>

<div style="border: Black 1pt solid; padding-right: 2%; padding-left: 2%"><p style="font: 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 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 Fund (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"><span style="font-size: 10pt">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, </span>Coinbase Custody Trust Company LLC <span style="font-size: 10pt">(the &#8220;Bitcoin Custodian&#8221;)
is the custodian of the Trust</span> that <span style="font-size: 10pt">will hold all of the Trust&#8217;s bitcoin on the Trust&#8217;s
behalf. </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>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 CME CF Bitcoin
Reference Rate &#8211; New York Variant (the &#8220;Reference Rate&#8221;), which is an independently calculated value based on an aggregation
of executed trade flow of major bitcoin spot platforms. 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 platforms, 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. The Trust is a passive
investment vehicle that does not seek to generate returns beyond tracking the price of bitcoin. Accordingly, the Sponsor does not speculatively
sell bitcoin at times when its price is high nor does the Sponsor speculatively acquire bitcoin at low prices in the expectation of future
price increases. The Trust will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective.
Except with respect to securing the repayment of Trade Credits, the Sponsor and the service providers will not loan or pledge the Trust's
assets, nor will the Trust's assets serve as collateral for any loan or similar arrangement.</p>

<p style="font: 10pt Times New 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 the Trust sells or redeems its Shares, it
will do so in blocks of 5,000 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). These transactions will take place in exchange for cash. Subject to the Exchange
receiving the In-Kind Regulatory Approval these transactions may also take place in exchange for bitcoin. For a subscription of Shares,
the subscription shall be in the amount of cash needed to purchase the amount of bitcoin represented by the Basket being created as calculated
by the Administrator. For a redemption of Shares, the Sponsor shall arrange for the bitcoin represented by the Basket to be sold and
the cash proceeds distributed. Authorized Participants will deliver cash to the Trust&#8217;s account with the Cash Custodian (as defined
below) in exchange for Shares when they purchase Shares, and will receive cash from the Cash Custodian, as applicable, when they redeem
Shares with the Trust. The Transfer Agent (as defined below) will facilitate the processing of purchase and sale orders in Baskets from
the Trust. The Authorized Participants will deliver only cash to create Shares and will receive only cash when redeeming Shares. Further,
Authorized Participants will not directly or indirectly purchase, hold, deliver, or receive bitcoin as part of the creation or redemption
process or otherwise direct the Trust or a third-party with respect to purchasing, holding, delivering, or receiving bitcoin as part
of the creation or redemption process.</p>

<p style="font: 10pt Times New 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 initial price per share is $50 and was selected
as an appropriate and convenient price that would facilitate secondary market trading of shares.&#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">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 style="width: 25pt">&#8226;</td><td><i>Easily Accessible. As the Shares will be listed on the
                                            Exchange, investors can 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 certain of the risks involved with holding or transferring bitcoin directly, acquiring
                                            it from a bitcoin platform, 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.</i></td></tr></table>

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

</div>

<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>

<div style="border: Black 1pt solid; padding-right: 2%; padding-left: 2%"><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 style="width: 25pt"><span style="font-size: 10pt">&#8226;</span></td><td><span style="font-size: 10pt"><i>Exchange-traded
                                            and Transparent. </i>The Shares will 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</span>/investments
                                            <span style="font-size: 10pt">daily, providing investors with a clear and timely picture
                                            of the Trust&#8217;s holdings in bitcoin. </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 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 0pt 2pt; text-align: center"><b>Except when aggregated in Baskets,
Shares are not redeemable securities.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt; text-align: center"><b>Baskets are only redeemable by 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>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 a 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. Under the source code that governs the
Bitcoin network, the supply of new bitcoin is mathematically controlled so that the number of bitcoin grows at a limited rate pursuant
to a pre-set schedule. The number of bitcoin awarded for solving a new block is automatically halved after every 210,000 blocks are added
to the , approximately every 4 years. Currently, the fixed reward for solving a new block is 6.25 bitcoin per block and this is expected
to decrease by half to become 3.125 bitcoin in 2024. This deliberately controlled rate of bitcoin creation means that the number of bitcoin
in existence will increase at a controlled rate until the number of bitcoin in existence reaches the pre-determined 21 million bitcoin.
However, the 21 million supply cap could be changed in a hard fork. As of December 1, 2023, approximately 19.5 million bitcoins were
outstanding and the date when the 21 million bitcoin limitation will be reached is estimated to be the year 2140. 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; 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"><span style="font-size: 10pt">Bitcoin is based
on the decentralized, open-source protocol of a peer-to-peer electronic network (the &#8220;Bitcoin network&#8221;). </span>It is widely
understood that no <span style="font-size: 10pt">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. </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">As part of the Bitcoin network, bitcoin transactions
and ownership records are reflected on the , 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
platform&#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 platform requires choosing a bitcoin platform, opening an account, and transferring
money from a bank account or credit card to the bitcoin platform in order to purchase the bitcoin. Some bitcoin platforms 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">&#160;</p>

</div>

<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>

<div style="border: Black 1pt solid; padding-right: 2%; padding-left: 2%"><p style="font: 10pt Times New 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 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 style="width: 24.1pt">&#8226;</td><td>the launch of futures contracts for bitcoin on a major,
                                            established and regulated commodity futures exchange 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 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 style="width: 24.1pt"><span style="font-size: 10pt">&#8226;</span></td><td><span style="font-size: 10pt">increased
                                            participation by established institutional firms and publicly traded companies of all types</span>,
                                            <span style="font-size: 10pt">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;</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 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 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 platforms;</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 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 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">and</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 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 platforms 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"><span style="font-size: 10pt"><b>The </b></span><b>CME <span style="font-size: 10pt">CF
Bitcoin </span>Reference Rate &#8211; New York Variant</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"><span style="font-size: 10pt">The Reference Rate,
which was introduced on February 28, 2022, is based on materially the same methodology (except calculation time) as the Administrator&#8217;s
BRR, which was first introduced in 2016 and is the rate on which bitcoin futures contracts are cash-settled in U.S. dollars at the CME.
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.</span></p>

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

</div>

<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>

<div style="border: Black 1pt solid; padding-right: 2%; padding-left: 2%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-size: 10pt">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 </span>equally weighted average <span style="font-size: 10pt">of the volume-weighted medians. 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. </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">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"><span style="font-size: 10pt">The Trust is an
&#8220;emerging growth company&#8221; as defined in the </span>JOBS Act. <span style="font-size: 10pt">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: </span></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 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 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 remain an &#8220;emerging growth
company&#8221; until the earliest of (i) the last day of the fiscal year during which it has $1.235 billion or more in total annual gross
revenues, (ii) the date on which the Trust is deemed to be a large accelerated filer, (iii) the date on which it has, during the previous
three year period, issued more than $1.0 billion of non-convertible debt or (iv) 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 1933 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 Second Amended and Restated Trust Agreement, dated as of January 6, 2024,
as may be further amended and restated from time to time (the &#8220;Trust Agreement&#8221;). 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 Trust Administrator&#8217;s, Fund Accountant&#8217;s, Cash Custodian&#8217;s and
Transfer Agent&#8217;s principal office is located at One Congress Street, Boston, MA 02114. The Bitcoin Custodian&#8217;s address is
200 Park Avenue South, Suite 1208, New York, NY 10003.</p>

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

</div>

<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>

<div style="border: Black 1pt solid; padding-right: 2%; padding-left: 2%"><p style="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 (and may remove, change or replace) the Trust&#8217;s
other service providers, including the Trustee, Trust Administrator, Transfer Agent, Custodian, Marketing Agent and the Trust&#8217;s
auditor, as well as 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 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"></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"></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 routine operational, administrative
and ordinary expenses of the Trust as further detailed below. 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 Trust
Agreement 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 Trust Administrator, Fund Accountant and 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">State
Street Bank and Trust Company (&#8220;State Street&#8221;) serves as the Trust&#8217;s administrator (the &#8220;Trust
Administrator&#8221; or &#8220;Administrator&#8221;), fund accountant (the &#8220;Fund Accountant&#8221;) and transfer agent for
the Trust (the &#8220;Transfer Agent&#8221;). Under the Administration Agreement, the Trust Administrator provides certain services
necessary for the administration of the Trust and also provides certain services necessary for the operation of the Trust, including
net asset value calculations and accounting services. Under the Transfer Agency 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 Custodians </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><i>Bitcoin.</i></b> Coinbase Custody Trust
Company, LLC serves as the Trust&#8217;s custodian for bitcoin (the &#8220;Bitcoin Custodian&#8221;), other than bitcoin which is maintained
in a trading account (the &#8220;Trading Balance&#8221;) with Coinbase, Inc. (&#8220;Coinbase Inc.&#8221; or the &#8220;Prime Execution
Agent&#8221;, which is an affiliate of the Bitcoin Custodian), as further described below. Under the Bitcoin Custody Agreement, the Bitcoin
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; text-indent: 24.5pt"><b><i><span style="text-decoration: underline">Cash</span></i></b><i>. </i>State Street
also serves as the Trust&#8217;s custodian for the Trust&#8217;s cash (the &#8220;Cash Custodian&#8221;). Under the Cash Custodian Agreement
(the &#8220;Cash Custody Agreement&#8221;), the Cash Custodian is responsible for safekeeping all of all cash and other non-digital assets
owned by the Trust, if any, other than cash which is maintained in the Trading Balance with the Prime Execution Agent, 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><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"><span style="font-size: 10pt">Foreside Fund 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 </span>Financial Industry Regulatory Authority (&#8220;FINRA&#8221;) <span style="font-size: 10pt">advertising
laws, rules, and regulations. </span></p>

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

</div>

<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>

<div style="border: Black 1pt solid; padding-right: 2%; padding-left: 2%"><p style="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 0.50%
(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. The Trust&#8217;s only ordinary recurring expense is expected to be the Sponsor Fee. In exchange for the Sponsor&#8217;s Fee,
the Sponsor has agreed to assume the marketing and the following administrative expenses of the Trust: the fees of the Trustee, the Trust
Administrator, Fund Accountant, Transfer Agent, and Marketing Agent, the Custodians&#8217; Fee, Exchange listing fees, SEC registration
fees, printing and mailing costs, tax reporting fees, audit fees, license fees and ordinary legal fees and expenses. The Sponsor will
also pay the costs of the Trust&#8217;s organization and the initial sale of the Shares. There is no cap on the amount of these Sponsor
paid 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; text-indent: 24.5pt">The Sponsor may, at its sole discretion and from
time to time, waive all or a portion of the Sponsor Fee for stated periods of time. The Sponsor is under no obligation to waive any portion
of its fees and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver. As of
the date of this Prospectus, the Sponsor has not decided to waive any of the Sponsor Fee and there are no specific circumstances under
which the Sponsor has determined it will waive the 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 Trust may incur certain non-recurring
expenses that are not assumed by the Sponsor, including but not limited to, taxes and governmental charges, any applicable brokerage
commissions, financing charges or fees, Bitcoin network fees and similar transaction fees, expenses and costs of any extraordinary services
performed by the Sponsor (or any other service provider) on behalf of the Trust to protect the Trust or the interests of Shareholders
(including, for example, in connection with any fork of the Bitcoin Blockchain), any indemnification of the Cash Custodian, Bitcoin Custodian,
Trust Administrator or other agents, service providers or counterparties of the Trust and extraordinary legal fees and expenses, including
any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters.</p>

<p style="font: 10pt Times New 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 Trust does not have any income, it
will need to sell bitcoin to cover the Sponsor&#8217;s Fee and expenses not assumed by the Sponsor, if any. The Trust may also be subject
to other liabilities (for example, as a result of litigation) that have also not been assumed by the Sponsor. The only source of funds
to cover those liabilities will be sales of bitcoin held by the Trust. Even if there are no expenses other than those assumed by the
Sponsor, and there are no other liabilities of the Trust, the Trust will still need to sell bitcoin to pay the Sponsors Fee. The result
of these sales is a decrease in the amount of bitcoin represented by each 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">To cover the Sponsor&#8217;s Fee and expenses
not assumed by the Sponsor, the Sponsor or its delegate will cause the Trust (or its delegate) to convert bitcoin into U.S. dollars at
the price available through the Prime Execution Agent. The number of bitcoins represented by a Share will decline each time the Trust
pays the Sponsor Fee or any Trust expenses not assumed by the Sponsor by transferring or selling bitcoins. The Trust is responsible for
paying any costs associated with the transfer of bitcoin to the Sponsor or the sale of bitcoin. However, under the terms of each Authorized
Participant Agreement, the Authorized Participants will be responsible for any brokerage or transaction costs associated with the sale
or transfer of Bitcoin incurred in connection with the fulfillment of a creation or redemption 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"></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 style="width: 24.1pt"><span style="font-size: 10pt">&#8226;</span></td><td><span style="font-size: 10pt"><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 </span>necessarily
                                            <span style="font-size: 10pt">require human intervention to extract. As it is online it is
                                            more accessible, but it is </span>also <span style="font-size: 10pt">more likely to be </span>a
                                            target for attackers<span style="font-size: 10pt">. Common market practice is to only keep
                                            a small amount of a given cryptocurrency in hot wallets for trading, quick transfer etc.
                                            Attacks on </span>holdings of <span style="font-size: 10pt">cryptocurrencies and hacking
                                            of private keys </span>commonly <span style="font-size: 10pt">impacts hot wallet storage</span>,
                                            as opposed to cold wallet storage<span style="font-size: 10pt">. </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>

<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 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>

</div>

<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>

<div style="border: Black 1pt solid; padding-right: 2%; padding-left: 2%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt"><b>Custody (Storage) of the Trust&#8217;s
</b></span><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">The Trust&#8217;s Bitcoin Custodian will keep
custody of all of the Trust&#8217;s bitcoin in one or more accounts that are required to be segregated from the assets held by the Bitcoin
Custodian as principal and the assets of its other customers (the &#8220;Vault Balance&#8221;), other than that which is maintained in
the Trading Balance. The Trust&#8217;s bitcoin, and the corresponding private keys, associated with the Vault Balance will be held in
&#8220;cold storage&#8221;. 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. The Trust&#8217;s bitcoin will remain in
the Vault Balance, and thereby in cold storage, except when transferred to and from the Trading Balance in connection with (i) the receipt
and delivery of bitcoin from and to third parties, such as the Trade Execution Agent; (ii) selling bitcoin to pay the Trust's expenses
and liabilities that are not included within the Sponsor Fee, if any; and (iii) paying the Sponsor Fee. Bitcoin within the Trading Balance
will generally be held in &#8220;hot storage&#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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-size: 10pt">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.
The Bitcoin 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 Bitcoin Custodian can transfer the bitcoin. Investors should,
however, be aware that bitcoin in transit to cold storage or from cold storage will be exposed to the internet.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">With respect to the Trust&#8217;s Trading Balance,
the Trust does not have an identifiable claim to any particular bitcoin. Instead, the Trust&#8217;s Trading Balance represents an entitlement
to a pro rata share of the bitcoin (and cash) the Prime Execution Agent holds on behalf of customers who hold similar entitlements against
the Prime Execution Agent. In this way, the Trust&#8217;s Trading Balance represents an omnibus claim on the Prime Execution Agent&#8217;s
bitcoins (and cash) held on behalf of the Prime Execution Agent&#8217;s customers. The Prime Execution Agent holds the bitcoin associated
with customer entitlements across a combination of omnibus cold wallets, omnibus &#8220;hot wallets&#8221; (meaning wallets whose private
keys are generated and stored online, in Internet-connected computers or devices) or in omnibus accounts in the Prime Execution Agent&#8217;s
name on a trading venue (including third-party venues and the Prime Execution Agent&#8217;s own execution venue) where the Prime Execution
Agent executes orders to buy and sell bitcoin on behalf of its clients. Within such omnibus hot and cold wallets and accounts, the Prime
Execution Agent has represented to the Sponsor that it keeps the majority of assets in cold wallets, to promote security, while the balance
of assets is kept in hot wallets to facilitate rapid withdrawals. However, the Sponsor has no control over, and for security reasons
the Prime Execution Agent does not disclose to the Sponsor, the percentage of bitcoin that the Prime Execution Agent holds for customers
holding similar entitlements as the Trust which are kept in omnibus cold wallets, as compared to omnibus hot wallets or omnibus accounts
in the Prime Execution Agent&#8217;s name on a trading venue. The Prime Execution Agent has indicated to the Sponsor that the percentage
of assets maintained in cold versus hot storage is determined by ongoing risk analysis and market dynamics, in which the Prime Execution
Agent attempts to balance anticipated liquidity needs for its customers as a class against the anticipated greater security of cold storage.</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; 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.</p>

<p style="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 Trust Administrator calculates the NAV of
the Trust and NAV per Share once each day that the Exchange is open for regular trading. The Sponsor undertakes to post each daily NAV
and NAV per Share at www.wisdomtree.com/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"><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 continuously offers Baskets consisting
of 5,000 Shares to Authorized Participants. See &#8220;Creation and Redemption of Shares.&#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. Authorized Participants pay a transaction fee for each order they place to
create or redeem one or more Baskets. 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"><span style="font-size: 10pt">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; </span>Prior to this offering, there has been no public market for the Shares. <span style="font-size: 10pt">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. </span></p>

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

</div>
<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>
<div style="border: Black 1pt solid; padding-right: 2%; padding-left: 2%"><p style="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"><span style="font-size: 10pt">Proceeds received
by the Trust from the issuance of Baskets consist of cash. Deposits of cash are held by the Cash Custodian or Prime Execution Agent on
behalf of the Trust. Once the cash is used to purchase the applicable amount of bitcoin, such bitcoin is moved from the Trading Balance
and held by the Bitcoin Custodian on behalf of the Trust.</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>Summary of 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"><span style="font-size: 10pt;">An
investment in the Trust involves significant risks and a high degree of risk. Digital assets, such as bitcoin, are highly speculative
and investors have the potential for loss of their entire investment in Shares. Some of the risks you may face are summarized below.
A more extensive discussion of these risks appears beginning on page 12.</span></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 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 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 style="width: 24.1pt"><span style="font-size: 10pt">&#8226;</span></td><td><span style="font-size: 10pt">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</span> and
                                            may continue to do so. <span style="font-size: 10pt">Because of such volatility, Shareholders
                                            could lose all or substantially all of their investment in the Trust. </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 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>

</div>

<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>

<div style="border: Black 1pt solid; padding-right: 2%; padding-left: 2%"><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 style="width: 24.1pt">&#8226;</td><td>The value of Shares depends on the development and acceptance
                                            of the Bitcoin network. The Bitcoin <span style="font-size: 10pt">network is in the early
                                            stages of development and has a limited history, and there is no assurance that usage of
                                            </span>B<span style="font-size: 10pt">itcoin network, and bitcoin itself, will continue to
                                            grow. </span>The slowing or stopping of the development of the Bitcoin network or acceptance
                                            of the Bitcoin network may adversely affect 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: 27pt"/><td style="width: 22.5pt"><span style="text-decoration: none">&#8226;</span></td><td style="text-align: justify; padding-right: 5.5pt"><span style="text-decoration: none">The
                                            trading prices of many digital assets, including bitcoin, have experienced extreme volatility
                                            in recent periods and may continue to do so. Extreme volatility in the future, including
                                            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.</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 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 style="width: 24.1pt">&#8226;</td><td>Disruptions at bitcoin platforms and in the OTC market
                                            could adversely affect the availability 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: 22.5pt"/><td style="width: 27pt"><span style="font-size: 10pt">&#8226;</span></td><td><span style="font-size: 10pt">The
                                            loss or destruction of certain &#8220;private keys,&#8221; including by the </span>Bitcoin
                                            <span style="font-size: 10pt">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. </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 style="width: 24.1pt">&#8226;</td><td>Bitcoin transactions are irrevocable and stolen or incorrectly
                                            transferred bitcoin may be irretrievable. As a result, any incorrectly or unexpected bitcoin
                                            transactions could adversely affect 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 style="width: 24.1pt">&#8226;</td><td>The lack of full insurance and Shareholders&#8217; limited
                                            rights of legal recourse against the Trust and its service providers expose the Trust and
                                            its Shareholders to the risk of loss of the Trust&#8217;s bitcoin for which no person or
                                            entity is liable.</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 style="width: 24.1pt">&#8226;</td><td>The lack of using a bank custodian, or the loss of a
                                            critical banking relationship for, or the failure of a bank used by, the Trust, could adversely
                                            impact the Trust, its ability to operate or could cause losses to 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 style="width: 24.1pt"><span style="font-size: 10pt">&#8226;</span></td><td><span style="font-size: 10pt">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 platforms. These bitcoin platforms may change over time and the Benchmark Administrator
                                            may remove or add bitcoin platforms to the Reference Rate in the future, as well as the provisions
                                            of its publicly available criteria (the &#8220;CF Constituent Platform Criteria&#8221;) accessible
                                            on its website at www.cfbenchmarks.com. The Reference Rate could fail or may not otherwise
                                            accurately track the global bitcoin price, which could adversely affect the value of the
                                            Shares.</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 style="width: 24.1pt"><span style="font-size: 10pt">&#8226;</span></td><td><span style="font-size: 10pt">The
                                            Trust&#8217;s return will likely not match the performance of the price of bitcoin because
                                            the Trust incurs operating expenses.</span> Further, the amount of bitcoin represented by
                                            the Shares will decline over time.</td></tr></table>

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<td style="width: 24.5pt"/><td style="width: 24.1pt"><span style="font-size: 10pt">&#8226;</span></td><td><span style="font-size: 10pt">The
                                            NAV of the Trust may not always correspond to the market price of its Shares or the global
                                            price of bitcoin 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 platforms due to fraud, failure, security breaches or otherwise. As a result, 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.</span></td></tr></table>

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<td style="width: 22.5pt"/><td style="width: 26.1pt">&#8226;</td><td><span style="font-family: Times New Roman, Times, Serif">Potential
                                            conflicts of interest may arise among the Sponsor or its affiliates and the Trust. The Sponsor
                                            and its affiliates have no fiduciary duties to the Trust and its Shareholders other than
                                            as provided in the Trust Agreement, which may permit them to favor their own interests to
                                            the detriment of the Trust and its Shareholders.</span></td></tr></table>

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</div>

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

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<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>

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<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>

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<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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-size: 10pt">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
</span>that <span style="font-size: 10pt">could materially adversely affect the value of the Shares: </span></p>

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<td style="width: 24.5pt"/><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>

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<td style="width: 24.5pt"/><td style="width: 24.1pt"><span style="font-size: 10pt">&#8226;</span></td><td><span style="font-size: 10pt">As
                                            an intangible asset without centralized issuers or governing bodies, bitcoin has been, and
                                            may in the future be, subject to security breaches, coordinated manipulation, 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. 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.</span></td></tr></table>

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<td style="width: 24.5pt"/><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. Based on
                                            the last ten years, the historical annualized volatility of bitcoin was approximately 81%.
                                            Over the course of 2021, there were steep increases in the value of certain digital assets,
                                            including bitcoin and multiple market observers asserted that digital assets were experiencing
                                            a &#8220;bubble.&#8221; These increases were followed by steep drawdowns throughout 2022
                                            in digital asset trading prices, including for bitcoin. In the 2021-2022 cycle, the price
                                            of bitcoin peaked at $67,734 and bottomed at $15,632, marking a steep 77% drawdown. These
                                            episodes of rapid price appreciation followed by steep drawdowns have occurred multiple times
                                            throughout bitcoin&#8217;s history, including in 2011, 2013-2014, and 2017-2018, before repeating
                                            again in 2021-2022. Extreme volatility may persist, and the value of the Shares may significantly
                                            decline in the future without recovery. The digital asset markets may still be experiencing
                                            a bubble or may experience a bubble again in the future. For example, in the first half of
                                            2022, each of Celsius Network, Voyager Digital Ltd., and Three Arrows Capital declared bankruptcy,
                                            resulting in a loss of confidence in participants of the digital asset ecosystem and negative
                                            publicity surrounding digital assets more broadly. In November 2022, FTX Trading Ltd. (&#8220;FTX&#8221;),
                                            one of the largest digital asset platforms by volume at the time, halted customer withdrawals
                                            amid rumors of the company&#8217;s liquidity issues and likely insolvency, which were subsequently
                                            corroborated by its CEO. Shortly thereafter, FTX&#8217;s CEO resigned and FTX and many of
                                            its affiliates filed for bankruptcy in the United States, while other affiliates have entered
                                            insolvency, liquidation, or similar proceedings around the globe, following which the U.S.
                                            Department of Justice brought criminal fraud and other charges, and the SEC and CFTC brought
                                            civil securities and commodities fraud charges, against certain of FTX&#8217;s and its affiliates&#8217;
                                            senior executives, including its former CEO. In addition, several other entities in the digital
                                            asset industry filed for bankruptcy following FTX&#8217;s bankruptcy filing, such as BlockFi
                                            Inc. and Genesis Global Capital, LLC (&#8220;Genesis&#8221;). In response to these events,
                                            the digital asset markets have experienced extreme price volatility and other entities in
                                            the digital asset industry have been, and may continue to be, negatively affected, further
                                            undermining confidence in the digital asset markets. These events have also negatively impacted
                                            the liquidity of the digital asset markets as certain entities affiliated with FTX engaged
                                            in significant trading activity. If the liquidity of the digital asset markets continues
                                            to be negatively impacted by these events, digital asset prices, including bitcoin, may continue
                                            to experience significant volatility or price declines and confidence in the digital asset
                                            markets may be further undermined. In addition, regulatory and enforcement scrutiny has increased,
                                            including from, among others, the Department of Justice, the SEC, the CFTC, the White House
                                            and Congress, as well as state regulators and authorities. These events are continuing to
                                            develop, and the full facts are continuing to emerge. It is not possible to predict at this
                                            time all of the risks that they may pose to the Trust, its service providers or to the digital
                                            asset industry as a whole. 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. The Trust is not actively
                                            managed and will not take any actions to take advantage, or mitigate the impacts, of volatility
                                            in the price of bitcoin.</td></tr></table>

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<td style="width: 24.5pt"/><td style="width: 24.1pt"><span style="font-size: 10pt">&#8226;</span></td><td><span style="font-size: 10pt">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 </span>Bitcoin <span style="font-size: 10pt">Custodian, the Trust will be unable to
                                            access the bitcoin corresponding to that private key, resulting in loss. </span></td></tr></table>

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<td style="width: 24.5pt"/><td style="width: 24.1pt"><span style="font-size: 10pt">&#8226;</span></td><td><span style="font-size: 10pt">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. </span>Further, given the recentness
                                            of the development of digital asset networks, digital assets may not function as intended
                                            and parties may be unwilling to use digital assets, which would dampen the growth, if any,
                                            of digital asset networks. Because bitcoin is a digital asset, the value of the Shares is
                                            subject to a number of factors relating to the fundamental investment characteristics of
                                            digital assets, including the fact that digital assets are bearer instruments and a theft,
                                            compromise, or destruction of the associated private keys could result in permanent loss
                                            of the asset.</td></tr></table>

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<td style="width: 24.5pt"/><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>

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<td style="width: 24.5pt"/><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 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>

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<td style="width: 24.5pt"/><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>

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<td style="width: 24.5pt"/><td style="width: 24.1pt"><span style="font-size: 10pt">&#8226;</span></td><td><span style="font-size: 10pt">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</span> or lead to &#8220;forks&#8221;. <span style="font-size: 10pt">In
                                            particular, it may be difficult to find solutions or mar</span>sh<span style="font-size: 10pt">al
                                            sufficient effort to overcome current or future problems on the Bitcoin network. </span></td></tr></table>

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<td style="width: 24.5pt"/><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>

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<td style="width: 24.5pt"/><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>

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<td style="width: 24.5pt"/><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>

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<td style="width: 24.5pt"/><td style="width: 24.1pt"><span style="font-size: 10pt">&#8226;</span></td><td><span style="font-size: 10pt">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. </span>As a result, the prices of bitcoins may be primarily determined by
                                            speculators and miners, thus contributing to price volatility that makes <span style="font-size: 10pt">retailers
                                            less likely to accept it as a form of payment in the future. </span></td></tr></table>

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<td style="width: 24.5pt"/><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>

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<td style="width: 24.5pt"/><td style="width: 24.1pt"><span style="font-size: 10pt">&#8226;</span></td><td><span style="font-size: 10pt">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. </span>The reduction
                                            in mining rewards of bitcoin, including block reward halving events, which are events that
                                            occur after a specific period of time that reduce the block reward earned by miners, could
                                            be inadequate to incentivize miners to continue to perform mining activities. <span style="font-size: 10pt">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. </span>Moreover, concentration of mining operations
                                            could lead to a small number of mining operations having significant control or influence
                                            over the Bitcoin network.</td></tr></table>

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<td style="width: 24.5pt"/><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>

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<td style="width: 24.5pt"/><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>

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<td style="width: 24.5pt"/><td style="width: 24.1pt"><span style="font-size: 10pt">&#8226;</span></td><td><span style="font-size: 10pt">Banks
                                            and other established financial institutions may refuse to process funds for bitcoin transactions;
                                            process wire transfers to or from bitcoin platforms, 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. Further,
                                            the lack of availability of banking services could prevent the Trust from being able to complete
                                            the timely liquidation of bitcoin and withdrawal of assets from the Bitcoin Custodian even
                                            if the Sponsor determined that such liquidation were appropriate or suitable.</span></td></tr></table>

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<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 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>

<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 style="width: 24.1pt">&#8226;</td><td>Global bitcoin existence was approximately 19,500,000,
                                            as of December 1, 2023, although not all of such bitcoin were in circulation as of such date,
                                            which amount varies day-over-day. 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, regulatory or legislative developments 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 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>

<p style="margin-top: 0; margin-bottom: 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 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 style="width: 24.1pt">&#8226;</td><td>Disruptions, failures, unavailability, or interruptions
                                            in service of trading venues for bitcoin, such as, for example, the announcement by the digital
                                            asset platform FTX Trading that it would freeze withdrawals and transfers from its accounts
                                            and subsequent filing for bankruptcy protection and the recent SEC enforcement action brought
                                            against Binance Holdings Ltd., which initially sought to freeze all of its assets during
                                            the pendency of the enforcement action;</td></tr></table>

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

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

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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: 22.5pt"/><td style="width: 27pt">&#8226;</td><td>The filing for bankruptcy protection by, liquidation of,
                                            or market concerns about the financial viability of digital asset custodians, trading venues,
                                            lending platforms, investment funds, or other digital asset industry participants, such as
                                            the filing for bankruptcy protection by digital asset trading venues FTX Trading and BlockFi
                                            and digital asset lending platforms Celsius Network and Voyager Digital Holdings in/ 2022,
                                            the ordered liquidation of the digital asset investment fund Three Arrows Capital in 2022,
                                            the announced liquidation of Silvergate Bank in 2023, the government-mandated closure and
                                            sale of Signature Bank in 2023, and the placement of Prime Trust, LLC into receivership following
                                            a cease-and-desist order issued by the Nevada Department of Business and Industry in 2023;</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 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 style="width: 24.1pt">&#8226;</td><td>Regulatory, legislative, enforcement and judicial actions
                                            that adversely affect the price, ownership, transferability, trading volumes, legality or
                                            public perception of bitcoin, or that adversely affect the operations of or otherwise prevent
                                            digital asset custodians, trading venues, lending platforms or other digital assets industry
                                            participants from operating in a manner that allows them to continue to deliver services
                                            to the digital assets industry;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.6pt; text-indent: -24.1pt">&#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 style="width: 24.1pt">&#8226;</td><td>Developments in mathematics or technology, including
                                            in digital computing, algebraic geometry and quantum computing, that could result in the
                                            cryptography used by the Bitcoin Blockchain becoming insecure or ineffective;</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 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 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 style="width: 24.1pt"><span style="font-size: 10pt">&#8226;</span></td><td><span style="font-size: 10pt">Global
                                            or regional political, economic or financial conditions, events and situations, such as the
                                            </span>COVID-19 <span style="font-size: 10pt">coronavirus outbreak; </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 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 style="width: 24.1pt"><span style="font-size: 10pt">&#8226;</span></td><td><span style="font-size: 10pt">Decreased
                                            confidence in bitcoin or digital asset platforms generally due to the failure of certain
                                            bitcoin or digital asset platforms or their being subject to hacks, service outages, regulatory
                                            action, or manipulative trading activity, as well as to the increase or lack of regulation
                                            and transparency associated with some of them;</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 style="width: 24.1pt">&#8226;</td><td>Fiat currency withdrawal and deposit policies on bitcoin
                                            platforms;</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 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 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 style="width: 24.1pt">&#8226;</td><td>Large transfers, transactions, or sales of bitcoin by
                                            significant holders of bitcoin, including accounts held by centralized exchanges (such as
                                            in liquidation), amounts re-entering the market related to dormant accounts or addresses
                                            (including those attributed to Satoshi Nakamoto), in addition to investment and trading activities
                                            of large holders of bitcoin in general;</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 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 style="width: 24.1pt">&#8226;</td><td>An active derivatives market for bitcoin or for 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 style="width: 24.1pt">&#8226;</td><td>Negative publicity, media, or social media coverage or
                                            sentiment due to events in or relating to, or perception of, bitcoin or the broader digital
                                            assets industries or markets, which may include (i) public perception that bitcoin can be
                                            used as a vehicle to circumvent sanctions, including sanctions imposed on Russia or certain
                                            regions related to the ongoing conflict between Russia and Ukraine; (ii) expected or pending
                                            civil, criminal, regulatory enforcement or other high profile actions against major participants
                                            in the bitcoin ecosystem, including the SEC&#8217;s enforcement actions against Ripple Labs,
                                            Coinbase, Inc. and Binance Holdings Ltd.; (iii) additional filings for bankruptcy protection
                                            or bankruptcy proceedings of major digital asset industry participants, such as the bankruptcy
                                            proceeding of FTX Trading and its affiliates; and (iv) the actual or perceived environmental
                                            impact of bitcoin and related activities, including environmental concerns raised by private
                                            individuals, governmental and non-governmental organizations, and other actors related to
                                            the energy resources consumed in the bitcoin mining process; (v) the restriction of access
                                            to cryptocurrency by service providers or financial institutions, such as banks, disallowing
                                            the purchase of cryptocurrency;</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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<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 style="width: 24.1pt"><span style="font-size: 10pt">&#8226;</span></td><td><span style="font-size: 10pt">Fees
                                            associated with processing a bitcoin transaction and the speed at which bitcoin transactions
                                            are settled</span>; 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 style="width: 24.1pt">&#8226;</td><td>The availability and cost of funding and capital.</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>Due to the nature of private keys, bitcoin <span style="font-size: 10pt">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. </span></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"><span style="font-size: 10pt">Bitcoin transactions
are not reversible. Once a transaction has been</span> signed with private keys, <span style="font-size: 10pt">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. </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"><span style="font-size: 10pt">The custody of
the Trust&#8217;s bitcoin is handled by the Bitcoin Custodian. The Sponsor has evaluated the procedures and internal controls of the
Trust&#8217;s Custodian to safeguard the Trust&#8217;s bitcoin holdings. However, itis possible that, through computer or human error,
or through theft or criminal action, the Trust&#8217;s bitcoin could be transferred from the Trust&#8217;s account at the Bitcoin Custodian
in incorrect amounts or to unauthorized third parties, or to uncontrolled accounts. Alternatively, if the Bitcoin 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 Bitcoin Custodian, the Trust could lose some or all of its bitcoin holdings, which could adversely impact an investment
in the Shares of the Trust. Such events have occurred in connection with digital assets in the past and should not be unexpected in the
future. For example, in September 2014, the Chinese digital asset platform Huobi announced that it sent bitcoin to the wrong customers.</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"><span style="font-size: 10pt"><b><i>Security threats to the Trust&#8217;s
account with the Bitcoin Custodian or Prime Execution Agent 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></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"><span style="font-size: 10pt">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 Bitcoin Custodian or Trading Balance held with the Prime Execution
Agent 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, the Bitcoin Custodian or
Prime Execution Agent 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.</span></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; text-indent: 24.5pt"><span style="font-size: 10pt">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, </span>hack, <span style="font-size: 10pt">software defect or act of God that may
be borne by the Trust</span> and 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<span style="font-size: 10pt">.
</span></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; text-indent: 24.5pt">The Sponsor does not control the Bitcoin Custodian&#8217;s
or Prime Execution Agent&#8217;s operations or their implementation of such security procedures and there can be no assurance that such
security procedures will actually work as designed or prove to be successful in safeguarding the Trust&#8217;s assets against all possible
sources of theft, loss or damage. Assets not held in cold storage, such as assets held in the Trading Balance, may be more vulnerable
to security breach, hacking or loss than assets held in cold storage. Furthermore, assets held in a trading account, including the Trading
Balance, generally is held in hot storage on an omnibus, rather than segregated basis, which creates greater risk of loss. Even though
bitcoin is only moved into the Trading Balance in connection with and to the extent of purchases and sales of bitcoin by the Trust, there
are no policies that would limit the amount of bitcoin that can be held temporarily in the Trading Balance maintained by the Prime Execution
Agent. This could create greater risk of loss of the Trust's bitcoin, which could cause Shareholders to suffer losses.</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"></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 security procedures and operational infrastructure
may be breached due to the actions of outside parties, error or malfeasance of Sponsor personnel, the Bitcoin Custodian, Prime Execution
Agent, or otherwise, and, as a result, an unauthorized party may obtain access to the Trust&#8217;s account with the Bitcoin Custodian,
the private keys (and therefore bitcoin) or other data of the Trust. Additionally, outside parties may attempt to fraudulently induce
Sponsor personnel, the Bitcoin Custodian, Prime Execution Agent, 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, the Bitcoin Custodian and/or other Trust service providers 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; text-indent: 24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-size: 10pt">An actual or perceived
breach of the Trust&#8217;s account with the Bitcoin Custodian, Prime Execution Agent and/or other Trust service providers 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.</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><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 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 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 style="width: 24.1pt"><span style="font-size: 10pt">&#8226;</span></td><td><span style="font-size: 10pt">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</span> which continue to be developed<span style="font-size: 10pt">,
                                            that 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. </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 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"><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>i.e.</i>, one that affects large numbers of users or geographic regions) could disrupt
the Bitcoin network&#8217;s functionality and operations until the disruption is resolved. A disruption of 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"><span style="font-size: 10pt">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, if accepted by miners and users, 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, which could undermine the appeal and market value
of bitcoin. Alternatively, software upgrades and other changes to the protocols of the Bitcoin network could fail to work as intended
or could introduce bugs, security risks, or otherwise adversely affect, the speed, security, usability, or value of the Bitcoin network
or bitcoins. As a result, the Bitcoin network could be subject to new protocols and software in the future that may adversely affect
an investment in the Trust.</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"></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 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"><span style="font-size: 10pt">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 </span>source code for the <span style="font-size: 10pt">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 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. For example, there have been recent reports
that the number of core developers who have the authority to make amendments to the Bitcoin network&#8217;s source code in the GitHub
repository is relatively small, although there are believed to be a larger number of developers who contribute to the overall development
of the source code of the Bitcoin network. Further, a bad actor could also attempt to interfere with the operation of the Bitcoin network
by attempting to, or actually, influencing a core developer in a negative way or with malintent. 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. </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><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"><span style="font-size: 10pt">Bitcoin software
is open source. Any user can download the software, modify it and then propose that the core developers, 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>i.e.</i>, &#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 generally been accepted by the 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.</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"><span style="font-size: 10pt">Additionally, a
fork could be introduced by an unintentional, unanticipated software flaw in the multiple versions of otherwise compatible software users
run. </span>It is also possible that, in a future accidental or unintentional fork, a substantial number of users and miners could adopt
an incompatible version of the digital asset while resisting community-led efforts to merge the two blockchains, which could cause bitcoin
to decline in value. Further, a hard fark could lead to new security concerns.</p>



<p style="font: 10pt Times New 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.
For example, in August 2017, Bitcoin &#8220;forked&#8221; into Bitcoin and a new digital asset, Bitcoin Cash, as a result of a several-year
dispute over how to increase the rate of transactions that the Bitcoin network can process. At the time of the fork, bitcoin was valued
at roughly $2,700. Within approximately two weeks following the fork, bitcoin reached a value of roughly $4,000, while nearly four months
later in mid-December 2017, bitcoin reached an all-time high at the time of roughly $19,500, before dropping to roughly $14,000 prior
to year-end 2017. Forks may also occur as a network community&#8217;s response to a significant security breach. For example, in July
2016, Ethereum &#8220;forked&#8221; into Ethereum and a new digital asset, Ethereum Classic, as a result of the Ethereum network community&#8217;s
response to a significant security breach in which an anonymous hacker exploited a smart contract running on the Ethereum network to
syphon approximately $60 million of ETH held by the DAO, a distributed autonomous organization, into a segregated account. In response
to the hack, most participants in the Ethereum community elected to adopt a &#8220;fork&#8221; that effectively reversed the hack. However,
a minority of users continued to develop the original blockchain, now referred to as &#8220;Ethereum Classic&#8221; with the digital
asset on that blockchain now referred to as Ethereum Classic, or ETC. ETC now trades on several digital asset platforms. A fork may also
occur as a result of an unintentional or unanticipated software flaw in the various versions of otherwise compatible software that users
run. Such a fork could lead to users and miners abandoning the digital asset with the flawed software. It is possible, however, that
a substantial number of users and miners could adopt an incompatible version of the digital asset while resisting community-led efforts
to merge the two chains. This could result in a permanent fork, as in the case of Ethereum and Ethereum Classic. In addition, many developers
have previously initiated hard forks in the Blockchain to launch new digital assets, such as Bitcoin Gold and Bitcoin Diamond. To the
extent such digital assets compete with bitcoin, such competition could impact demand for bitcoin and could adversely impact the value
of the Shares.</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">Furthermore, a hard fork can lead to new security
concerns. For example, when the Ethereum and Ethereum Classic networks, two other digital asset networks, split in July 2016, replay
attacks, in which transactions from one network were rebroadcast to nefarious effect on the other network, plagued Ethereum exchanges
through at least October 2016. An Ethereum exchange announced in July 2016 that it had lost 40,000 Ethereum Classic, worth about $100,000
at that time, as a result of replay attacks. Similar replay attack concerns occurred in connection with the Bitcoin Cash and Bitcoin
Satoshi&#8217;s Vision networks split in November 2018. Another possible result of a hard fork is an inherent decrease in the level of
security due to significant amounts of mining power remaining on one network or migrating instead to the new forked network. After a
hard fork, it may become easier for an individual miner or mining pool&#8217;s hashing power to exceed 50% of the processing power of
a digital asset network that retained or attracted less mining power, thereby making digital asset networks that rely on proof-of-work
more susceptible to attack. A hard fork may adversely affect the price of bitcoin at the time of announcement or adoption. For example,
the announcement of a hard fork could lead to increased demand for the pre-fork digital asset, in anticipation that ownership of the
pre-fork digital asset would entitle holders to a new digital asset following the fork. The increased demand for the pre-fork digital
asset may cause the price of the digital asset to rise. After the hard fork, it is possible the aggregate price of the two versions of
the digital asset running in parallel would be less than the price of the digital asset immediately prior to the fork. Furthermore, while
the Sponsor will, as permitted by the terms of the Trust Agreement, determine which network is generally accepted as the Bitcoin network
and should therefore be considered the appropriate network for the Trust&#8217;s purposes, there is no guarantee that the Sponsor will
choose the network and the associated digital asset that is ultimately the most valuable fork. Either of these events could therefore
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; text-indent: 24.5pt">As another example of the effects of hard forks
on digital assets, on September 15, 2022, the Ethereum Network completed a move from a proof-of-work model to a proof-of-stake model.
Ethereum proof-of-work miners who disagreed with the new consensus mechanism forked the network which resulted in the Ethereum proof-of-work
network. Ethereum proof-of-work network was driven by a small but vocal group of miners who wished to hold onto revenue as Ethereum switched
to proof-of-stake. The vast majority of token holder votes preferred the new proof-of stake consensus method. There was no material impact
on the Ethereum network as a result of the fork. All ether holders were airdropped Ethereum proof-of-work network tokens as a result
of the hard fork. However, not all liquidity providers were able to trade the new token and the Ethereum proof-of-work network token
almost immediately lost most of its value.</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; text-indent: 24.5pt">A future fork in the Bitcoin network could adversely
affect the value of the Shares 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; text-indent: 24.5pt">In addition to forks, a digital asset may
become subject to a similar occurrence known as an &#8220;airdrop.&#8221; In an airdrop, the promotors of a new digital asset announce
to holders of another digital asset that such holders will be entitled to claim a certain amount of the new digital asset for free, based
on the fact that they hold such other digital asset. For example, in March 2017 the promoters of Stellar Lumens announced that anyone
that owned bitcoin as of June 26, 2017 could claim, until August 27, 2017, a certain amount of Stellar Lumens. Airdrops could create
operational security, legal or regulatory, or other risks for the Trust, the Sponsor, the Bitcoin Custodian, Authorized Participants,
or other entities. Typically, the holder of bitcoin has no discretion in a hard fork; it merely has the right to claim the new forked
asset on a pro rata basis while it continues to hold the same number of bitcoin. If such a transaction does occur, the Trust will, at
the direction of the Sponsor, direct the Bitcoin Custodian to irrevocably and permanently abandon, for no consideration, the new cryptocurrency
or digital asset as soon as possible.</p>

<p style="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 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"><span style="font-size: 10pt">In the event of
a hard fork of the Bitcoin network, the Sponsor will 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, the Bitcoin Custodian, other service providers
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.</span></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"><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"><span style="font-size: 10pt">If the majority
of the processing power dedicated to mining on the Bitcoin network is controlled by a bad actor or actors (often referred to as a &#8220;51%
attack&#8221;), such persons may be able to alter the Bitcoin Blockchain on which the Bitcoin network and bitcoin transactions rely.
This could occur if the bad actor(s) 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>i.e.</i>, 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 or coordinate group of pools 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.</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">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. 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>Transacting in bitcoin is subject to illicit financing risk.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.5pt 0pt 2pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Although transaction details of peer-to-peer
transactions are recorded on the Bitcoin network, a buyer or seller of bitcoin on a peer-to-peer basis directly on the Bitcoin network
may never know to whom the public key belongs or the true identity of the party with whom it is transacting. Public key addresses are
randomized sequences of alphanumeric characters that, standing alone, do not provide sufficient information to identify users. In addition,
certain technologies &#8211; such as bitcoin trading platforms commonly referred to as &#8220;mixers&#8221; - may obscure the origin
or chain of custody of bitcoin. The opaque nature of the market poses asset verification challenges for market participants, regulators
and auditors and gives rise to an increased risk of manipulation and fraud, including the potential for Ponzi schemes, bucket shops and
pump and dump schemes. Bitcoin in the past has been used to facilitate illicit activities. If bitcoin (or other digital assets) were
used to facilitate illicit activities, businesses that facilitate transactions in bitcoin or other digital assets could be at increased
risk of potential criminal or civil lawsuits, or of having banking or other services cut off, and such digital asset could be removed
from digital asset platforms. Any of the aforementioned occurrences could adversely affect the price of the relevant digital asset, including
bitcoin, the attractiveness of the respective blockchain network such as the Bitcoin network and an investment in the Shares. If the
Trust, the Sponsor or the Trustee were to transact with a sanctioned entity, the Trust, the Sponsor or the Trustee would be at risk of
investigation, potential criminal or civil lawsuits or liability, have their assets frozen, lose access to banking services or services
provided by other service providers, or suffer disruptions to their operations, any of which could negatively affect the Trust's ability
to operate or cause losses in 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>i.e.</i>, 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"></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"><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"><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>The price of bitcoin may become closely correlated with other
asset classes</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: none">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"><span style="text-decoration: none">Returns from
investing in bitcoin have at times diverged from and/or have not been correlated with those associated with other asset classes, but
there can be no assurance that there will be any such divergence, either generally or with respect to any particular asset class, or
that price movements will not be correlated. In addition, there is no assurance that bitcoin will maintain its value in the long, intermediate,
short, or any other term. In the event that the price of bitcoin declines, the value of the Shares is likely to decline proportionately.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: none">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: none">Prices of bitcoin
may be affected due to stablecoins, the activities of stablecoin issuers and their regulatory treatment</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"><span style="text-decoration: none">While the
Trust does not invest in &#8220;stablecoins,&#8221; such as those digital assets that are pegged to the U.S. dollar and holders expect
to receive one U.S. dollar in exchange for the stablecoin, it may nonetheless be exposed to risks that stablecoins pose for the bitcoin
market and other digital asset markets. Stablecoins are digital assets designed to have a stable value over time as compared to typically
volatile digital assets. Although the prices of stablecoins are intended to be stable, their market value may fluctuate. This volatility
has in the past indirectly or apparently impacted the price of bitcoin. Stablecoins are a relatively new phenomenon whereby assets held
in stablecoins has increased significantly over the past few years, such that it is impossible to know all of the risks that they could
pose to participants in the bitcoin market. In addition, some have argued that certain stablecoins are improperly issued without sufficient
backing in a way that, when the stablecoin is used to pay for bitcoin, could cause artificial rather than genuine demand for bitcoin,
which may artificially inflate the price of bitcoin. Some issuers of stablecoins may not be vetted or regulated, and it is not always
possible to discern whether there is sufficient backing for a given stablecoin or other mechanisms to maintain a stable price for the
asset. In addition, it is not possible to eliminate the possibility that some stablecoins are involved in illicit activities. Given the
foundational role that stablecoins play in global digital asset markets, their fundamental liquidity can have a dramatic impact on the
broader digital asset market, including the market for bitcoin. Because a large portion of the digital asset market trading volume occurs
in stablecoins, there is a risk that actual or perceived loss of value or backing could disrupt the digital asset market, including via
a disorderly de-pegging or a run on stablecoins could lead to dramatic market volatility in digital assets more broadly. Perceived or
actual volatility in stablecoins, operational issues with stablecoins (for example, technical issues that prevent settlement), concerns
about the sufficiency of any reserves that support stablecoins or potential manipulative activity when unbacked stablecoins are used
to pay for other digital assets (including bitcoin), or regulatory concerns or actions about stablecoin issuers or intermediaries, such
as platforms, that support stablecoins, could impact both the digital assets market and individuals&#8217; willingness to trade on trading
venues that rely on stablecoins, reduce liquidity in the bitcoin market, and affect the value of bitcoin, and in turn impact an investment
in the Shares.</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><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"></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"><span style="font-size: 10pt"><b><i>Bitcoin platforms on which bitcoin
trades are relatively new and, in some cases, unregulated, and, therefore, may be more exposed to fraud, manipulation and security breaches
than established, regulated platforms for other financial assets or instruments, which could have a negative impact on the performance
of the Trust.</i></b></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 5.7pt 0pt 2pt; text-indent: 34pt"><b><i>Risk of Fraud and Market Manipulation</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 2pt; text-indent: 34pt">Over the past several years, a number
of bitcoin platforms have been closed or faced issues due to fraud, manipulation, failure, security breaches or governmental regulations.
Bitcoin platforms may be more exposed to the risk of market manipulation than exchanges for more traditional assets. Some bitcoin platforms
are not subject to direct regulatory oversight, and some bitcoin platforms that are subject to such oversight 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. Tools to detect and deter
fraudulent or manipulative trading activities such as market manipulation, front-running of trades, and wash-trading may not be available
to or employed by digital asset platforms or may not exist at all. The SEC has identified possible sources of fraud and manipulation
in the bitcoin market generally, including, among others (1) &#8220;wash trading&#8221;; (2) persons with a dominant position in bitcoin
manipulating bitcoin pricing; (3) hacking of the Bitcoin network and trading platforms; (4) malicious control of the Bitcoin network;
(5) trading based on material, non-public information (for example, plans of market participants to significantly increase or decrease
their holdings in bitcoin, new sources of demand for bitcoin) or based on the dissemination of false and misleading information; (6)
manipulative activity involving stablecoins; and (7) fraud and manipulation at bitcoin trading platforms. The effect of potential market
manipulation, front-running, wash-trading, and other fraudulent or manipulative trading practices may inflate the volumes actually present
in crypto markets and/or cause distortions in price, which could adversely affect the Trust or Shares. Further, the closure or temporary
shutdown of bitcoin platforms due to fraud, manipulation 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 platform 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 5.7pt 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 0; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 0; text-indent: 0.5in"><b><i>Spot markets may be exposed to
wash trading</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 0; text-indent: 0.5in">Spot markets on which bitcoin trades
may be susceptible to wash trading. Wash trading occurs when offsetting trades are entered into for other than bona fide reasons, such
as the desire to inflate reported trading volumes. Wash trading may be motivated by non-economic reasons, such as a desire for increased
visibility on popular websites that monitor markets for digital assets so as to improve their attractiveness to investors who look for
maximum liquidity, or it may be motivated by the ability to attract listing fees from token issuers who seek the most liquid and high-volume
exchanges on which to list their coins. Results of wash trading may include unexpected obstacles to trade and erroneous investment decisions
based on false information. Any actual or perceived false trading in the digital asset markets, 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. To the extent
that wash trading either occurs or appears to occur in spot markets on which bitcoin trades, investors may develop negative perceptions
about bitcoin and the digital assets industry more broadly, which could adversely impact the price bitcoin and, therefore, the price
of Shares. Wash trading also may place more legitimate digital asset platforms at a relative competitive disadvantage.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 0; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 0; text-indent: 0.5in"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 0; text-indent: 0.5in"><b><i>Price Volatility</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 0; text-indent: 0.5in">Many bitcoin platforms lack certain
safeguards established by more traditional exchanges to enhance the stability of trading on the platform, such as measures designed to
prevent sudden drops in value of items traded on the exchange (<i>i.e.</i>, &#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 platforms.</p>

<p style="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"><span style="font-size: 10pt">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, impose constraints on throughput</span> or have other consequences (see the
next risk factor regarding the Bitcoin network&#8217;s decentralized governance structure).</p>

<p style="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 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 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; text-indent: 24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-size: 10pt">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, subject to congestion, which has led to increased transaction fees. Increased fees
and decreased settlement speeds could preclude certain uses for bitcoin (<i>e.g.</i>, micropayments), and could reduce demand for, and
the price of, bitcoin, which could adversely impact the value of the Shares.</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">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: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The Bitcoin network&#8217;s
decentralized governance structure may negatively affect its ability to grow and respond to <span style="font-style: normal">challenges.</span></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; text-indent: 24.5pt"><span style="text-decoration: none">The governance
of decentralized networks, such as the Bitcoin network, is by voluntary consensus and open competition. In other words, the Bitcoin network
has no central decision-making body or clear manner in which participants can come to an agreement other than through voluntary, widespread
consensus. As a result, a lack of widespread consensus in the governance of the Bitcoin network may adversely affect the network&#8217;s
utility and ability to adapt and face challenges, including technical and scaling challenges. Historically the development of the source
code of the Bitcoin network has been overseen by the core developers. However, the Bitcoin network would cease to operate successfully
without both miners and users, and the core developers cannot formally compel them to adopt the changes to the source code desired by
core developers, or to continue to render services or participate in the Bitcoin network. As a general matter, the governance of the
Bitcoin network generally depends on most of members of the Bitcoin community ultimately reaching some form of voluntary agreement on
significant changes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: none">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="text-decoration: none">The decentralized
governance of the Bitcoin network may make it difficult to find or implement solutions or marshal sufficient effort to overcome existing
or future problems, especially protracted ones requiring substantial directed effort and resource commitment over a long period of time,
such as scaling challenges. Deeply held differences of the opinion have led to forks in the past, such as between Bitcoin and Bitcoin
Cash, and could lead to additional forks in the future, with potentially divisive effects. The Bitcoin network&#8217;s failure to overcome
governance challenges could exacerbate problems experienced by the network or cause the network to fail to meet the needs of its users,
and could cause users, miners, and developer talent to abandon the Bitcoin network or to choose competing blockchain protocols, or lead
to a drop in speculative interest, which could cause the value of bitcoin to decline. If the Bitcoin community is unable to reach consensus
in the future, it could have adverse consequences for the Bitcoin network or lead to a fork, which could affect the value of bitcoin.</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><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"><span style="font-size: 10pt">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
</span>contributed to <span style="font-size: 10pt">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 </span>could provide <span style="font-size: 10pt">users confidence regarding the security
and long-term stability of the Bitcoin network. This in turn </span>could create <span style="font-size: 10pt">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. </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"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In addition, leading technologies and/or payments
companies, from Meta Platforms, Inc. (formerly known as Facebook) to Paypal, have explored plans, enacted plans and/or introduced various
digital asset and electronic payments initiatives. Such initiatives could adversely affect the value of bitcoin and digital assets, in
particular where technical limitations or perceived disadvantages of bitcoin or the Bitcoin network are compared to such other initiatives.
These could include operational cost exceeding the award for solving blocks or transaction fees, and increased transaction fees which
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"></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">Competition from the emergence or growth of alternative
digital assets and smart contracts platforms, such as Ethereum, Solana, Avalanche, Polkadot, or Cardano, could have a negative impact
on the demand for, and price of, bitcoin and thereby 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 Trust and the Sponsor face competition from competing products</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">&#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 exchange-traded bitcoin products. If the SEC were to approve many or all of the currently pending
applications for such exchange-traded bitcoin products, many or all of such products, including the Trust, could fail to acquire substantial
assets, initially or at all. The Trust&#8217;s competitors may also charge a substantially lower fee than the Sponsor&#8217;s Fee in
order to achieve initial market acceptance and scale. Accordingly, the Sponsor&#8217;s competitors may commercialize a competing product
more rapidly or effectively than the Sponsor is able to, which could adversely affect the Sponsor&#8217;s competitive position and the
likelihood that the Trust will achieve initial market acceptance and could have a detrimental effect on the scale and sustainability
of the Trust. If the Trust fails to achieve sufficient scale, approximately $200 million in assets or more, due to competition, limited
interest or otherwise, the Sponsor may have difficulty in covering the costs associated with launching and maintaining the Trust and
such shortfalls could impact the Sponsor&#8217;s ability to properly invest in robust ongoing operations and controls of the Trust to
minimize the risk of operating events, errors, or other forms of losses to the Shareholders. In addition, the Trust may also fail to
attract adequate liquidity in the secondary market due to such competition, resulting in a sub-standard number of Authorized Participants
willing to make a market in the Shares, which in turn could result in a significant premium or discount in the Shares for extended periods
and the Trust&#8217;s failure to reflect the performance of 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"><span style="font-size: 10pt"><b><i>Competition from central bank
digital currencies (&#8220;CBDCs&#8221;) </i></b></span><b><i>and other initiatives <span style="font-size: 10pt">could adversely affect
the value of bitcoin and other digital assets. </span></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"><span style="font-size: 10pt">Central banks </span>in
certain countries <span style="font-size: 10pt">have introduced digital forms of legal tender (CBDCs). </span>Research suggests over
100 countries are exploring CBDCs<span style="font-size: 10pt">. 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. </span>Central banks and other governmental entities have also announced cooperative initiatives
and consortia with private sector entities, with the goal of leveraging blockchain and other technology to reduce friction in cross-border
and interbank payments and settlement, and commercial banks and other financial institutions have also recently announced a number of
initiatives of their own to incorporate new technologies, including blockchain and similar technologies, into their payments and settlement
activities, which could compete with, or reduce the demand for, bitcoin. <span style="font-size: 10pt">As a result, the value of bitcoin
could decrease, which could adversely affect an investment in the Trust. </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"><span style="font-size: 10pt"><b><i>The scheduled </i></b></span><b><i>mining
<span style="font-size: 10pt">of </span>additional <span style="font-size: 10pt">bitcoin and their subsequent sale may cause the price
of bitcoin to decline, which could negatively affect an investment in the Trust. </span></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"><span style="font-size: 10pt">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. </span> The next such event, as referred to as a &#8220;halving&#8221;
event, is anticipated to occur at some point between March 2024 to May 2024. <span style="font-size: 10pt">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. </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"><span style="text-decoration: none">To the extent
that any miners cease to record transactions that do not include the payment of a transaction fee in mined 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
mined by a miner who does not require the payment of transaction fees or is willing to accept a lower fee. Also, some miners have financed
the acquisition of mining equipment or the development or construction of infrastructure to perform mining activities by borrowing. If
such miners experience financial difficulties and are unable to pay back their borrowings, their mining capacity could become unavailable
to the Bitcoin network, which could conceivably result in disruptions in recording transactions on the Bitcoin network. Any widespread
delays or disruptions in the recording of transactions could result in a loss of confidence in the Bitcoin network and disrupt transactions
with Authorized Participants, bitcoin more broadly or otherwise adversely impact the value of Shares. </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"></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"></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>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"><span style="font-size: 10pt">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. 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 or similar doctrines across
multiple jurisdictions. Any collusion among miners may adversely impact an investment in the Trust or the ability of the Trust to operate.</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><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"><span style="font-size: 10pt">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 </span>c<span style="font-size: 10pt">ould increase the supply of
bitcoin on the bitcoin market, creating downward pressure on the price of bitcoin. </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"><span style="font-size: 10pt">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. </span>The reduction in mining rewards of bitcoin,
including block reward halving events, which are events that occur after a specific period of time that reduce the block reward earned
by miners, could be inadequate to incentivize miners to continue to perform mining activities. <span style="font-size: 10pt">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. </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><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"><span style="font-size: 10pt">The size of each
block on the Bitcoin Blockchain is currently limited and is significantly below the level that centralized systems can provide with regard
to volume of transaction processing. Increased transaction volume on the Bitcoin network 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.</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"></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"><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"><span style="font-size: 10pt">Bitcoin mining
involves advanced computers that consume significant energy, which may have a negative environmental impact and give rise to public opinion
against allowing, or government regulations restricting, the use of electricity for mining operations. 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 in some circumstances potentially mitigated by the fact that many miners
could elect to operate geographically near renewable energy sources where energy might be otherwise wasted. However, miners may be forced
to cease operations during an electricity shortage or power outage, or if electricity prices increase where the mining activities are
performed. This could adversely the price of bitcoin, or the operation of the Bitcoin network, and accordingly adversely affect the value
of the Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.85pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="text-decoration: none">In addition,
due to concerns around energy consumption and the impact on public utility companies, various states and cities have implemented, or
are considering implementing, moratoriums on mining activity in their jurisdictions. A significant reduction in mining activity as a
result of such actions could adversely affect the security of the Bitcoin network by making it easier for a malicious actor or botnet
to manipulate the relevant blockchain. If regulators or public utilities take action that restricts or otherwise impacts mining activities,
such actions could result in decreased security or activity of the Bitcoin network, consequently adversely impacting the value of the
Shares.</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>Risk Factors Associated with the Bitcoin Platform 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 marketplaces where platform 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 platforms
to determine its value. Whether a bitcoin platform 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 style="width: 24.1pt">&#8226;</td><td>Total bitcoin in existence was approximately 19,500,000
                                            as of December 1, 2023;</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 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 platforms 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>

<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 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 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 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 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 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 style="width: 24.1pt">&#8226;</td><td>Fiat currency withdrawal and deposit policies of bitcoin
                                            platforms and liquidity of such bitcoin platforms;</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 style="width: 24.1pt">&#8226;</td><td>Interruptions in service from or failures of major bitcoin
                                            platforms;</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 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 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 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 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>


<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 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 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 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 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 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 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>

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<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 platforms, the marketplace may lose confidence in bitcoin platforms, 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"><span style="font-size: 10pt">Bitcoin platforms
are relatively new and, in some cases, not subject to direct regulatory oversight. Furthermore, while many prominent bitcoin platforms
provide the public with significant information regarding their ownership structure, management teams, corporate practices and regulatory
compliance, many bitcoin platforms do not provide this information. Bitcoin platforms do not appear to be subject to, or may not comply
with, regulation in a similar manner as other regulated trading platforms, such U.S. securities exchanges. As a result, the marketplace
may lose confidence in bitcoin platforms, including prominent bitcoin platforms that handle a significant volume of bitcoin trading.
</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">Many digital asset platforms are unlicensed,
unregulated, operate without extensive supervision by governmental authorities, and do not provide the public with significant information
regarding their ownership structure, management team, corporate practices, cybersecurity, and regulatory compliance. In particular, those
located outside the United States may be subject to significantly less stringent regulatory and compliance requirements in their local
jurisdictions. As a result, trading activity on or reported by these digital asset platforms is generally significantly less regulated
than trading in regulated U.S. securities and commodities markets, and may reflect behavior that would be prohibited in regulated U.S.
trading venues. For example, in 2019 there were reports claiming that 80.95% of bitcoin trading volume on bitcoin platforms was false
or non-economic in nature, with specific focus on unregulated bitcoin platforms located outside of the U.S. Such reports may indicate
that the bitcoin platform market is significantly smaller than expected and that the U.S. makes up a significantly larger percentage
of the bitcoin platform market than is commonly understood. Nonetheless, any actual or perceived false trading in the bitcoin platform
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>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-size: 10pt">In addition, over
the past several years, some bitcoin platforms have been closed due to fraud and manipulative activity, business failure or security
breaches. In many of these instances, the customers of such bitcoin platforms were not compensated or made whole for the partial or complete
losses of their account balances in such bitcoin platforms. While smaller bitcoin platforms are less likely to have the infrastructure
and capitalization that make larger bitcoin platforms more stable, larger bitcoin platforms 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 platforms could be subject
to abrupt failure with consequences for both users of bitcoin platforms and the Bitcoin industry and market 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 platforms 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 platform. 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 platform, for facilitating crimes
such as drug sales and ransomware attacks. In addition, in December 2017, Yapian, the operator of Seoul-based cryptocurrency platform
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 platform 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 platform, 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 its domain registration service, forcing the Japanese
platform to halt its crypto remittance service. In February 2018, the Italian digital asset platform, Bitgrail, was hacked, resulting
in approximately $170&#160;million in losses. In May 2019, one of the world&#8217;s largest bitcoin platforms, Binance, was hacked, resulting
in losses of approximately $40&#160;million. The Spanish cryptocurrency platform, 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. More recently, in November 2022, FTX Trading Ltd. (&#8220;FTX&#8221;), one of the largest digital asset platforms by volume at
the time, halted customer withdrawals amid rumors of the company&#8217;s liquidity issues and likely insolvency, which were subsequently
corroborated by its CEO. Shortly thereafter, FTX&#8217;s CEO resigned and FTX and many of its affiliates filed for bankruptcy in the
United States, while other affiliates have entered insolvency, liquidation, or similar proceedings around the globe, following which
the U.S. Department of Justice brought criminal fraud and other charges, and the SEC and CFTC brought civil securities and commodities
fraud charges against certain of FTX&#8217;s and its affiliates&#8217; senior executives, including its former CEO (and the CEO was subsequently
convicted by a jury of fraud). Around the same time, there were reports that approximately $300-600 million of digital assets were removed
from FTX and the full facts remain unknown, including whether such removal was the result of a hack, theft, insider activity, or other
improper behavior.</span></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">Negative perception, a lack of stability in the
bitcoin markets and the closure or temporary shutdown of bitcoin platforms 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 platform 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 platform&#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 platform 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 platforms, 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 platform market is a 24-hour marketplace; however,
trading volume and liquidity on the bitcoin platform market is not consistent throughout the day and bitcoin platforms, 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
platforms (or a substantial number of smaller bitcoin platforms) 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>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>If bitcoin prices on the bitcoin platform 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 platforms, 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 platform market is a 24-hour marketplace. During
periods when the Exchange is closed but bitcoin platforms are open, significant changes in the price of bitcoin on the platform 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 platform 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 platform 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 platform 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 platform 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 platform
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"></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"><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"><span style="font-size: 10pt"><b><i>Demand for bitcoin is driven,
in part, by its </i></b></span><b><i>perceived <span style="font-size: 10pt">status as </span>a <span style="font-size: 10pt">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. </span></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 December
28, 2023, 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 December 28, 2023, there were over 8,900 alternative digital assets tracked by CoinMarketCap,
having a total market-capitalization of approximately $1.65 trillion (including the approximately $830 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, having
first been introduced on February 28, 2022. The Reference Rate is also based on the BRR&#8217;s methodology, which was introduced November
14, 2016.The value of both the Reference Rate and the BRR is an average composite reference rate calculated using volume-weighted trading
price data from certain bitcoin platforms (&#8220;Constituent Platforms&#8221;). These platforms are chosen by the Benchmark Administrator
in accordance with the provisions of its publicly available CF Constituent Platform Criteria that is available on its website, conformance
to which is supervised by an oversight body (the &#8220;Oversight Committee&#8221;). This CF Constituent Platform Criteria and the composition
of the Constituent Platforms may change over time, and the current selection of Constituent Platforms has only been in place since May
2022. Neither the Benchmark Administrator nor the Oversight Committee are obligated to take the needs of the Trust, the Shareholders,
or anyone else into consideration in connection with such changes. There is no guarantee that the methodology currently used in calculating
the Reference Rate will appropriately track the price of bitcoin in the future.</p>

<p style="font: 10pt Times New 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 more information on the Oversight Committee,
the Constituent Platforms, and the CF Constituent Platform Criteria in the Reference Rate, see &#8220;The Trust and Bitcoin Prices &#8212;
The Reference Rate&#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><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 platforms. 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"></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 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 bitcoin trading platforms 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.</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="text-decoration: none">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. If the Reference Rate is not available, the Trust&#8217;s holdings
may be fair valued in accordance with the policy approved by the Sponsor. To the extent the valuation determined in accordance with the
policy approved by the Sponsor differs materially from the actual market price of bitcoin, the price of the Shares may no longer track,
whether temporarily or over time, the price of bitcoin, which could adversely affect an investment in the Trust by reducing investors&#8217;
confidence in the Shares&#8217; ability to track the price of bitcoin, which could adversely affect the value of the Shares.</span></p>

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

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><span style="text-decoration: none">The
Reference Rate could fail to track the global bitcoin price</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.9pt 0pt 0; text-indent: 22.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="text-decoration: none">Although
the Reference Rate is intended to provide a reasonable measure for the market price of bitcoin, third parties may be able to purchase
and sell bitcoin on public or private markets not included among the bitcoin platforms used in calculating the Reference Rate, and such
transactions may take place at prices materially higher or lower than the Reference Rate. Moreover, there may be variances in the prices
of bitcoin on the various bitcoin platforms used in calculating the Reference Rate and the price of bitcoins on the bitcoin platforms
could be materially higher or lower than the Reference Rate price. To the extent the Reference Rate price differs materially from the
actual prices available on a bitcoin platform used to calculate it, or the global market price of bitcoin, the price of the Shares may
no longer track, whether temporarily or over time, the global market price of bitcoin, 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. To the extent such
prices differ from the Reference Rate, investors may lose confidence in the Shares&#8217; ability to track the market price of bitcoin,
which could adversely affect the value of the Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: none">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><span style="text-decoration: none">The
Sponsor can discontinue using the Reference Rate and use a different pricing or valuation methodology instead.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 2pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Sponsor, in its sole discretion, may select,
remove, change, or replace the pricing or valuation methodology or policies used to value the Trust&#8217;s assets and determine NAV
and NAV per Share, including the Reference Rate. To the extent such new or revised pricing or valuation methodologies or their pricing
output differ from the Reference Rate, investors may lose confidence in the Shares&#8217; ability to track the market price of bitcoin,
which could adversely affect the value of the Shares. The Sponsor may make this decision for any reason, including, but not limited to,
a determination that the Reference Rate differs materially from the actual prices available on a bitcoin platform used to calculate it,
that errors in the Reference Rate have negatively impacted the investment outcome for the Trust and its Shareholders, or that third parties
are able to purchase and sell bitcoin on exchanges at prices that are materially higher or lower than those reflected by the Reference
Rate. The Sponsor is under no obligation to select a different pricing or valuation method under any circumstance. If the Sponsor makes
the decision to materially change the valuation methodology or replace of either the Reference Rate or the Benchmark Administrator, the
Sponsor will notify Shareholders via a posting on the Trust&#8217;s website or prospectus supplement or through a current report on Form
8-K or in the Trust&#8217;s annual or quarterly 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"><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; text-align: justify"><b><i>The Trust is a passive investment vehicle
that does not seek to generate returns beyond tracking the price of bitcoin. The Trust is not actively managed and will be affected by
a general decline in 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">The Trust is a passive investment vehicle that does not seek to generate
returns beyond tracking the price of bitcoin. The Sponsor does not actively manage the bitcoin held by the Trust. This means the Sponsor
does not speculatively sell bitcoin at times when its price is high or speculatively acquire bitcoin at low prices in the expectation
of future price increases. It also means the Trust will not utilize leverage, derivatives or any similar arrangements in seeking to meet
its investment objective. Any losses sustained by the Trust will adversely affect the value of your 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>

<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 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 redemption
                                            of Baskets in exchange for cash, 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 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 style="width: 24.1pt"><span style="font-size: 10pt">&#8226;</span></td><td><span style="font-size: 10pt">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 </span>Bitcoin
                                            <span style="font-size: 10pt">Custodian, 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; </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 style="width: 24.1pt"><span style="font-size: 10pt">&#8226;</span></td><td><span style="font-size: 10pt">Service
                                            providers may fail to perform their obligations or 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. Any of these factors could affect
                                            the value of the Shares, either directly or indirectly through their effect on the Trust&#8217;s
                                            assets; or</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>

<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 style="width: 24.1pt"><span style="font-size: 10pt">&#8226;</span></td><td>Prime Execution
                                            Agent could experience difficulties from business failures, bankruptcies, hacking, fraud,
                                            crime, government investigations, or other negative developments affecting digital asset
                                            businesses, including digital asset platforms, or banks or other financial institutions and
                                            service providers which provide services to the digital assets industry.</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><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><i>Investors should not rely on past performance in deciding whether
to buy 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 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 platforms
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 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; text-indent: 24.5pt">&#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>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"><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 (<i>e.g.</i>, 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 platforms 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 platforms at any given time, the prices
on each individual Bitcoin platform 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
platform 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"><span style="font-size: 10pt"><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 </i></b></span><b><i>becomes more difficult, or if Authorized Participants or market makers encounter <span style="font-size: 10pt">difficulties,
which may adversely affect an investment in the Shares. </span></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"><span style="font-size: 10pt">If the processes
of creation and redemption of Baskets (which depend on timely transfers of bitcoin to and by the Bitcoin Custodian and/or Prime Execution
Agent) encounter any unanticipated difficulties, including, but not limited to, the price volatility of bitcoin, the insolvency, business
failure or interruption, default, failure to perform, security breach, or other problems affecting the Prime Execution Agent or Bitcoin
Custodian, limiting creations and redemptions to cash, the closing of bitcoin trading platforms due to fraud, failures, regulatory or
legislative action, security breaches or otherwise, or network outages or congestion, spikes in fees demanded by miners, or other problems
or disruptions affecting the Bitcoin network, 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. In addition, in the case of a network outage or other problems affecting the Bitcoin network, the processing
of transactions on the Bitcoin network may be disrupted, which in turn may prevent Authorized Participants (or market makers via Authorized
Participants) from transacting in bitcoin and/or purchasing or redeeming Baskets. In such situations, the liquidity of Shares may decline
and the price of the Shares may fluctuate independently of the price of bitcoin and may fall.</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"></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 use of cash creations and redemptions, as opposed to in-kind
creations and redemptions, may adversely affect the arbitrage transactions by Authorized Participants intended to keep the price of the
Shares closely linked to the price of bitcoin and, as a result, the price of the Shares may fall or otherwise diverge from NAV.</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"><span style="font-size: 10pt">The use of cash
creations and redemptions, as opposed to in-kind creations and redemptions, could cause delays in trade execution due to potential operational
issues arising from implementing a cash creation and redemption model, which involves greater operational steps (and therefore execution
risk) than the originally contemplated in-kind creation and redemption model, or the potential unavailability or exhaustion of the Trust&#8217;s
ability to borrow bitcoin or cash as trade credits (&#8220;Trade Credits&#8221;), which the Trust would not be able to use in connection
with in-kind creations and redemptions. Such delays could cause the execution price associated with such trades to materially deviate
from the Reference Rate used to determine the NAV, particularly when considering that the trading prices for bitcoin have exhibited high
levels of volatility and may continue to do so. Even though the Authorized Participant is responsible for the dollar cost of such difference
in prices, Authorized Participants could default on their obligations to the Trust, or such potential risks and costs could lead to Authorized
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, to elect to not participate in the Trust's Share
creation and redemption processes. This may adversely affect the arbitrage mechanism intended to keep the price of the Shares closely
linked to the price of bitcoin, and as a result, the price of the Shares may fall or otherwise diverge from NAV. If the arbitrage mechanism
is not effective, purchases or sales of Shares on the secondary market could occur at a premium or discount to NAV, which could harm
Shareholders by causing them buy Shares at a price higher than the value of the underlying bitcoin held by the Trust or sell Shares at
a price lower than the value of the underlying bitcoin held by the Trust, causing Shareholders to suffer losses.&#160;</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><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">&#160;</p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">The lack of full insurance and Shareholders&#8217; limited
rights of legal recourse against the Trust, Trustee, Sponsor, Trust Administrator, Cash Custodian, Bitcoin Custodian and Prime Execution
Agent expose the Trust and its Shareholders to the risk of loss of the Trust&#8217;s bitcoins for which no person or entity is liable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: none"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="text-decoration: none">The Trust
is not a banking institution or otherwise a member of the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) or Securities Investor
Protection Corporation (&#8220;SIPC&#8221;) and, therefore, deposits held with or assets held by the Trust are not subject to the protections
enjoyed by depositors with FDIC or SIPC member institutions. In addition, neither the Trust nor the Sponsor insure the Trust&#8217;s
bitcoins. While the Bitcoin Custodian has advised the Sponsor that it has insurance coverage up to a certain amount that could be used
to repay losses of the digital assets it custodies on behalf of its clients, including the Trust&#8217;s bitcoin, resulting from theft,
Shareholders cannot be assured that the Bitcoin Custodian will maintain adequate insurance, that such coverage will cover losses with
respect to the Trust&#8217;s bitcoins, or that sufficient insurance proceeds will be available to cover the Trust&#8217;s losses in full.
The Bitcoin Custodian&#8217;s insurance may not cover the type of losses experienced by the Trust. Alternatively, the Trust may be forced
to share such insurance proceeds with other clients or customers of the Bitcoin Custodian, which could reduce the amount of such proceeds
that are available to the Trust. In addition, the bitcoin insurance market is limited, and the level of insurance maintained by the Bitcoin
Custodian may be substantially lower than the assets of the Trust. While the Bitcoin Custodian maintains certain capital reserve requirements
depending on the assets under custody, and such capital reserves may provide additional means to cover client asset losses, the Trust
cannot be assured that the Bitcoin Custodian will maintain capital reserves sufficient to cover actual or potential losses with respect
to the Trust&#8217;s digital assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Furthermore, under the Custodian Agreement and
the Prime Execution Agent Agreement, the Bitcoin Custodian&#8217;s liability and the Prime Execution Agent&#8217;s liability is limited
in various ways. By way of example, the Bitcoin Custodian is not liable for delays, suspension of operations, failure in performance,
or interruption of service to the extent it is directly due to a cause or condition beyond the reasonable control of the Bitcoin Custodian.
In the event of potential losses incurred by the Trust as a result of the Bitcoin Custodian losing control of the Trust&#8217;s bitcoins
or failing to properly execute instructions on behalf of the Trust, the Bitcoin Custodian&#8217;s liability with respect to the Trust
will be subject to certain limitations which may allow it to avoid liability for potential losses or may be insufficient to cover the
value of such potential losses. Furthermore, the insurance maintained by the Bitcoin Custodian may be insufficient to cover its liabilities
to the Trust. Both the Trust and the Bitcoin Custodian are required to indemnify each other under certain circumstances. Although the
Bitcoin Custodian carries insurance for the benefit of its account holders, the Bitcoin Custodian&#8217;s insurance does not cover any
loss in value to bitcoin and only covers losses caused by certain events such as fraud or theft and, in such covered events, it is unlikely
the insurance would cover the full amount of any losses incurred by the Trust. The Bitcoin Custodian maintains a commercial crime insurance
policy, which is intended to cover the loss of client assets held in cold storage, including from employee collusion or fraud, physical
loss including theft, damage of key material, security breach or hack, and fraudulent transfer. The insurance maintained by the Bitcoin
Custodian is shared among all of the Bitcoin Custodian&#8217;s customers, is not specific to the Trust or to customers holding bitcoin
with the Bitcoin Custodian, and may not be available or sufficient to protect the Trust from all possible losses or sources of losses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><span style="text-decoration: none">&#160;</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><span style="text-decoration: none">&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="text-decoration: none">Moreover,
in the event of an insolvency or bankruptcy of the Prime Execution Agent or Bitcoin Custodian in the future, given that the contractual
protections and legal rights of customers with respect to digital assets held on their behalf by third parties are relatively untested
in a bankruptcy of an entity such as the Prime Execution Agent or Bitcoin Custodian in the virtual currency industry, there is a risk
that customers&#8217; assets &#8211; including the Trust&#8217;s assets &#8211; may be considered the property of the bankruptcy estate
of the Bitcoin Custodian, and customers &#8211; including the Trust &#8211; may be at risk of being treated as general unsecured creditors
of such entities and subject to the risk of total loss or markdowns on value of such assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><span style="text-decoration: none">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="text-decoration: none">The Custody
Agreement contains an agreement by the parties to treat the bitcoin credited to the Trust&#8217;s Vault Balance as financial assets under
Article 8 of the New York Uniform Commercial Code (&#8220;Article 8&#8221;), in addition to stating that the Bitcoin Custodian will serve
as fiduciary and custodian on the Trust&#8217;s behalf. It is possible that a court would not treat custodied digital assets as part
of the Bitcoin Custodian&#8217;s general estate in the event the Bitcoin Custodian were to experience insolvency. However, due to the
novelty of digital asset custodial arrangements courts have not yet considered this type of treatment for custodied digital assets and
it is not possible to predict with certainty how they would rule in such a scenario. If the Bitcoin Custodian became subject to insolvency
proceedings and a court were to rule that the custodied bitcoin were part of the Bitcoin Custodian&#8217;s general estate and not the
property of the Trust, then the Trust would be treated as a general unsecured creditor in the Bitcoin Custodian&#8217;s insolvency proceedings
and the Trust could be subject to the loss of all or a significant portion of its assets. Moreover, in the event of the bankruptcy of
the Bitcoin Custodian, an automatic stay could go into effect and protracted litigation could be required in order to recover the assets
held with the Bitcoin Custodian, all of which could significantly and negatively impact the Trust&#8217;s operations and the value of
the Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><span style="text-decoration: none">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="text-decoration: none">With respect
to the Prime Execution Agent Agreement, there is a risk that the Trading Balance, in which the Trust&#8217;s bitcoin and cash is held
in omnibus accounts by the Prime Execution Agent could be considered part of the Prime Execution Agent&#8217;s bankruptcy estate in the
event of the Prime Execution Agent&#8217;s bankruptcy. The Prime Execution Agent Agreement contains an Article 8 opt-in clause with respect
to the Trust&#8217;s assets held in the Trading Balance. The Prime Execution Agent is not required to hold any of the bitcoin or cash
in the Trust&#8217;s Trading Balance in segregation. Within the Trading Balance, the Prime Execution Agent Agreement provides that the
Trust does not have an identifiable claim to any particular bitcoin (and cash). Instead, the Trust&#8217;s Trading Balance represents
an entitlement to a pro rata share of the bitcoin (and cash) the Prime Execution Agent has allocated to the omnibus wallets the Prime
Execution Agent holds, as well as the accounts in the Prime Execution Agent&#8217;s name that the Prime Execution Agent maintains at
a connected trading venue (each, a &#8220;Connected Trading Venue&#8221;) (which are typically held on an omnibus, rather than segregated,
basis). If the Prime Execution Agent suffers an insolvency event, there is a risk that the Trust&#8217;s assets held in the Trading Balance
could be considered part of the Prime Execution Agent&#8217;s bankruptcy estate and the Trust could be treated as a general unsecured
creditor of the Prime Execution Agent, which could result in losses for the Trust and Shareholders. Moreover, in the event of the bankruptcy
of the Prime Execution Agent, an automatic stay could go into effect and protracted litigation could be required in order to recover
the assets held with the Prime Execution Agent, all of which could significantly and negatively impact the Trust&#8217;s operations and
the value of the Shares. There are no policies that would limit the amount of bitcoin that can be held temporarily in the Trading Balance
maintained by the Prime Execution Agent.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="text-decoration: none">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="text-decoration: none;">Under
the Trust Agreement, the Trustee and the Sponsor will not be liable for any liability or expense incurred, including, without limitation,
as a result of any loss of bitcoin by the Bitcoin Custodian, absent fraud, bad faith, or willful misconduct on the part of the Sponsor
or the Trustee, as the case may be. As a result, the recourse of the Trust or the Shareholders to the Trustee or the Sponsor, including
in the event of a loss of bitcoin by the Bitcoin Custodian, is limited.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><span style="text-decoration: none">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="text-decoration: none">The Shareholders&#8217;
recourse against the Sponsor, the Trustee, and the Trust&#8217;s other service providers for the services they provide to the Trust,
including, without limitation, those relating to the holding of bitcoin or the provision of instructions relating to the movement of
bitcoin, is limited. For the avoidance of doubt, neither the Sponsor, the Trustee, nor any of their affiliates, nor any other party has
guaranteed the assets or liabilities, or otherwise assumed the liabilities, of the Trust, or the obligations or liabilities of any service
provider to the Trust, including, without limitation, the Bitcoin Custodian and Prime Execution Agent. The Prime Execution Agent Agreement
and Custodian Agreement provide that neither the Sponsor, the Trustee, nor their affiliates shall have any obligation of any kind or
nature whatsoever, by guaranty, enforcement or otherwise, with respect to the performance of any the Trust&#8217;s obligations, agreements,
representations or warranties under the Prime Execution Agent Agreement or Custodian Agreement or any transaction thereunder. Consequently,
a loss may be suffered with respect to the Trust&#8217;s bitcoin that is not covered by the Bitcoin Custodian&#8217;s insurance and for
which no person is liability in damages. As a result, the recourse of the Trust or the Shareholders, under applicable law, is limited.</span></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>If the Trade Credits are not available or become exhausted,
the Trust may face delays in buying or selling bitcoin that may adversely impact Shareholders; if the Trust does not repay the Trade
Credits on time, its assets may be liquidated by the Trade Credit Lender and its affiliates.</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: 22.5pt">To avoid having to pre-fund purchases or sales
of bitcoin in connection with cash creations and redemptions and sales of bitcoin to pay the Sponsor&#8217;s Fee and any other Trust
expenses not assumed by the Sponsor, to the extent applicable, the Trust may acquire Trade Credits from Coinbase Credit, Inc. (the &#8220;Trade
Credit Lender&#8221;) on a short-term basis pursuant to the Coinbase Trade Financing Agreement (the &#8220;Trade Financing Agreement&#8221;).
The Trade Credit Lender is only required to extend Trade Credits to the Trust to the extent such bitcoin or cash is actually available
to the Trade Credit Lender and only up to the amount available to the Trust. To the extent that Trade Credits are not available or become
exhausted, (1) there may be delays in the buying and selling of bitcoin related to cash creations and redemptions or the selling of bitcoin
related to paying the Sponsor&#8217;s Fee and any other Trust expenses, to the extent applicable, (2) Trust assets may be in held the
Trading Balance for a longer duration than if Trade Credits were available, and (3) the execution price associated with such trades may
deviate significantly from the Reference Rate used to determine the net asset value of the Trust. To the extent that the execution price
for purchases and sales of bitcoin related to creations and redemptions and sales of bitcoin in connection with paying the Sponsor&#8217;s
Fee and any other Trust expenses deviate significantly from the Reference Rate used to determine the net asset value of the Trust, the
Shareholders may be negatively impacted because the added costs of such price deviations would be incurred by the Authorized Participants
and may be passed onto the Shareholders in the secondary market. Moreover, this risk factor relating to the unavailability or exhaustion
of the Trade Credits should be interpreted as a heightened risk as a result of the change from the originally contemplated in-kind creations
and redemptions to cash creations and redemptions.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">The Trust generally must repay Trade Credits
by 6:00 p.m. ET (the &#8220;Settlement Deadline&#8221;) on the calendar day immediately following the day the Trade Credit was extended
by the Trade Credit Lender to the Trust (or, if such day is not a business day, on the next business day). Pursuant to the Trade Financing
Agreement, the Trust has granted a security interest, lien on, and right of set off against all of the Trust&#8217;s right, title and
interest, in the Trust&#8217;s Trading Balance and Vault Balance established pursuant to the Prime Execution Agent Agreement and Custodian
Agreement, in order to secure the repayment by the Trust of the Trade Credits and financing fees to the Trade Credit Lender. Under a
variety of circumstances, including events of default, the Bitcoin Custodian and the Prime Execution Agent have agreed to comply with
instructions from the Trade Credit Lender with respect to the disposition of the assets in the Trust&#8217;s Vault Balance and Trading
Balance respectively without further consent by the Trust. If the Trust fails to repay the Trade Credits to the Trade Credit Lender on
time and in full, the Trade Credit Lender can take control of the Trust&#8217;s assets and liquidate them to repay the Trade Credit debt
owed by the Trust to the Trade Credit Lender.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><span style="text-decoration: none">Loss
of a critical banking relationship for, or the failure of a bank used by, the Trust could adversely impact the Trust&#8217;s ability
to create or redeem Creation Baskets, or could cause losses to the Trust.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.8pt 0pt 0; text-indent: 22.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="text-decoration: none">The Cash
Custodian is necessary to facilitate the creation and redemption of Baskets (in exchange for cash subscriptions by Authorized Participants,
or in exchange for redemptions of Shares by Authorized Participants), and other cash movements, including in connection with the purchase
of bitcoin by the Sponsor to effectuate subscriptions for cash and the selling of bitcoin to effect redemptions for cash or pay the Sponsor
Fee and, to the extent applicable, other Trust expenses, and in extraordinary circumstances, to effect the liquidation of the Trust&#8217;s
bitcoin. The Trust relies on the Cash Custodian or Prime Execution Agent, as applicable, to hold any cash related to the purchase or
sale of bitcoin. To the extent that the Trust or Sponsor face difficulty establishing or maintaining banking relationships, the loss
of the Trust&#8217;s banking partners, including the Cash Custodian, the Prime Execution Agent faces difficulty establishing or maintaining
banking relationships, or there is an imposition of operational restrictions by these banking partners with the inability for the Trust
to utilize other financial institutions, this may result in a disruption of creation and redemption activity of the Trust, or cause other
operational disruptions or adverse effects for the Trust. In the future, it is possible that the Trust or Prime Execution Agent could
be unable to establish accounts at new banking partners or establish new banking relationships, or that the banks with which the Trust
or Prime Execution Agent is able to establish relationships may not be as large or well-capitalized or subject to the same degree of
prudential supervision as the existing providers.</span></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; margin: 0pt 0; text-indent: 24.5pt"><span style="text-decoration: none">The Trust
could also suffer losses in the event that a bank in which the Trust holds customer cash, including the cash associated with the Trust&#8217;s
account at the Cash Custodian, or a bank used by the Prime Execution Agent, fails, becomes insolvent, enters receivership, is taken over
by regulators, enters financial distress, or otherwise suffers adverse effects to its financial condition or operational status. Recently,
some banks have experienced financial distress. If the Cash Custodian or Prime Execution Agent (or banks it relies on) were to experience
financial distress or its financial condition is otherwise affected, the Cash Custodian&#8217;s or Prime Execution Agent&#8217;s ability
to provide services to the Trust could be affected. Moreover, the future failure of a bank at which the Trust maintains cash, could result
in losses to the Trust, to the extent the balances are not subject to deposit insurance, notwithstanding the regulatory requirements
to which the Cash Custodian or Prime Execution Agent is subject or other potential protections. As a result, the Trust could suffer losses.</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; 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; margin: 0pt 0">&#160;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Prime Execution Agent routes orders through Connected Trading
Venues in connection with trading services under the Prime Execution Agent Agreement. The loss or failure of any such Connected Trading
Venues may adversely affect the Prime Execution Agent&#8217;s business and cause losses for 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"><span style="text-decoration: none">In connection
with trading services under the Prime Execution Agent Agreement, the Prime Execution Agent routinely routes customer orders to Connected
Trading Venues, which are third-party platforms or other trading venues (including the trading venue operated by the Prime Execution
Agent). In connection with these activities, the Prime Execution Agent may hold bitcoin with such Connected Trading Venues in order to
effect customer orders, including the Trust&#8217;s orders. If the Prime Execution Agent were to experience a disruption in the Prime
Execution Agent&#8217;s access to these Connected Trading Venues, the Prime Execution Agent&#8217;s trading services under the Prime
Execution Agent Agreement could be adversely affected to the extent that the Prime Execution Agent is limited in its ability to execute
order flow for its customers, including the Trust. In addition, while the Prime Execution Agent has policies and procedures to help mitigate
the Prime Execution Agent&#8217;s risks related to routing orders through third-party trading venues, if any of these third-party trading
venues experience any technical, legal, regulatory or other adverse events, such as shutdowns, delays, system failures, suspension of
withdrawals, illiquidity, insolvency, or loss of customer assets, the Prime Execution Agent might not be able to fully recover the customer&#8217;s
bitcoin that the Prime Execution Agent has deposited with these third parties. As a result, the Prime Execution Agent&#8217;s business,
operating results and financial condition could be adversely affected, potentially resulting in its failure to provide services to the
Trust or perform its obligations under the Prime Execution Agent Agreement, and the Trust could suffer resulting losses or disruptions
to its operations. The failure of a Connected Trading Venue at which the Prime Execution Agent maintains customer bitcoin, including
bitcoin associated with the Trust, could result in losses to the Trust, notwithstanding the regulatory requirements to which the Prime
Execution Agent is subject or other potential protections.&#160;</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><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 will 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"><span style="font-size: 10pt">Bitcoin is a </span>relatively
<span style="font-size: 10pt">new asset with 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. </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">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"><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"><span style="font-size: 10pt">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</span>, without limitation<span style="font-size: 10pt">: (1)&#160;Authorized Participants&#8217; </span>willingness and <span style="font-size: 10pt">ability
to purchase and sell bitcoin</span> (or provide cash in relation thereto) <span style="font-size: 10pt">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; (7)&#160;accounting standards</span>; and (8) the Reference Rate becoming disrupted, unavailable
or unreliable<span style="font-size: 10pt">. </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><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"></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 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"><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; text-indent: 24.5pt"><span style="background-color: white">As bitcoin
and digital assets have grown in both popularity and market size, the U.S. Congress and a number of U.S. federal and state agencies have
been examining the operations of digital asset networks, digital asset users and the digital asset spot market. Many of these state and
federal agencies have brought enforcement actions and issued advisories and rules relating to digital asset markets. The U.S. Securities
Exchange Commission (the &#8220;SEC&#8221;) has recently charged certain large US digital asset trading platforms of supporting trading
and settlement of securities in violation of the US federal securities laws. Specifically, the SEC has alleged that these exchanges are
operating as unregistered securities exchanges, brokers and clearing agencies. For example, on June 5, 2023, the SEC filed lawsuits against
cryptocurrency exchanges Coinbase and Binance alleging, among other things, their operation of an unlicensed securities exchange. Although
the SEC has not alleged that bitcoin is a security, the outcome of these enforcement actions and others may result in the substantial
restructuring of the digital asset market in the United States. Moreover, until these actions are resolved, the structure of the digital
asset market in the United States will remain subject to substantial regulatory risk, which may impact the demand for digital assets
and the continued availability of existing exchanges and offerings. The U.S. Congress is also actively preparing new legislation to address
certain market structure issues relating to digital assets and stablecoins. The outcome of this legislation is unknown. Both the outcome
of the pending SEC enforcement actions and federal legislation are highly uncertain and may alter, perhaps to a materially adverse extent,
the nature of an investment in the Shares and/or the ability of the Trust to continue to operate.</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"><span style="background-color: white">Although
neither the SEC nor the CFTC has exerted direct authority over bitcoin or bitcoin spot trading activity, the SEC and CFTC have broad
authority over the regulation of issuances of securities (including digital asset securities) and commodity interests (including derivative
instruments utilizing or referencing digital assets). The SEC and CFTC&#8217;s engagement with the digital asset industry has had a material
impact on the development of digital asset markets, including initial coin offerings, margin trading, regulated and unregulated derivatives
markets, and decentralized finance markets. For example, the SEC has issued guidance as to the application of the securities laws to
digital assets and initiated enforcement actions against certain digital asset issuers and offerings on the basis that such digital assets
and offerings are securities under U.S. securities laws. In these actions, the SEC reasoned that the unregistered offer and sale of digital
assets can, in certain circumstances, including ICOs, be considered an illegal public offering of securities. Similarly, the CFTC, together
with the Department of Justice, has initiated enforcement actions against digital asset trading platforms relating to violations of the
CEA, on the basis that such platforms engaged in illegal,&#160;off-exchange&#160;retail commodity transactions in digital assets and
digital asset derivative transactions. Further enforcement actions against participants in the digital asset industry could have negative
impacts the price of digital assets, including bitcoin.</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"></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; background-color: white">In August 2021, Gary
Gensler, the Chairman of the SEC, stated that he believed investors using digital asset trading platforms are not adequately protected,
and that activities on the platforms can implicate the securities laws, commodities laws and banking laws, raising a number of issues
related to protecting investors and consumers, guarding against illicit activity, and ensuring financial stability. Chair Gensler expressed
a need for the SEC to have additional authorities to prevent transactions, products, and platforms from &#8220;falling between regulatory
cracks,&#8221; as well as for more resources to protect investors in &#8220;this growing and volatile sector.&#8221; Chair Gensler called
for federal legislation centering on digital asset trading, lending, and decentralized finance platforms, seeking &#8220;additional plenary
authority&#8221; to write rules for digital asset trading and lending. It is not possible to predict whether the U.S. Congress will grant
additional authorities to the SEC or other regulators, what the nature of such additional authorities might be, how they might impact
the ability of digital assets markets to function or how any new regulations that may flow from such authorities might impact the value
of digital assets generally and bitcoin held by the Trust specifically. Subsequent to Chair Gensler&#8217;s assertions in August 2021,
in April 2022, he announced that he instructed the SEC staff to work (i)&#160;to register and regulate digital asset platforms like securities
exchanges; (ii)&#160;with the CFTC on how to jointly address digital asset platforms that trade both securities and&#160;non-securities;&#160;(iii)&#160;on
segregating out digital asset platforms&#8217; custody of customer assets, if appropriate; and (iv)&#160;on segregating out the market
making functions of digital asset platforms, if appropriate. At the same time and continuing through the date of this Prospectus, the
U.S. Congress continues to consider and debate a variety of proposals regarding how digital assets should be characterized and regulated.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">In addition to the SEC&#8217;s
actions targeting digital assets and trading platforms directly, the SEC has also targeted regulated investments that provide exposure
to digital assets indirectly. For example, in a recent letter regarding the SEC&#8217;s review of proposed rule changes to list and trade
shares of certain bitcoin-related investment vehicles on public markets, the SEC staff stated that it has significant investor protection
concerns regarding the markets for digital assets, including the potential for market manipulation and fraud. In March 2018, it was reported
that the SEC was examining as many as 100 investment funds with strategies focused on digital assets. The reported focus of the examinations
is on the accuracy of risk disclosures to investors in these funds, digital asset pricing practices, and compliance with rules meant
to prevent the theft of investor funds, as well as on information gathering so that the SEC can better understand new technologies and
investment products. It has further been reported that some of these funds have received subpoenas from the SEC&#8217;s Enforcement Division.
Additionally, the SEC&#8217;s Division of Examinations (then the Office of Compliance Inspections and Examinations (&#8220;OCIE&#8221;))
stated that digital assets remain an examination priority for 2023. In particular, OCIE intended to focus its examination on portfolio
management of digital assets, safety of client funds and assets, pricing and valuation of client portfolios, compliance and internal
controls, and supervision of employee outside business activities.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">OFAC has added digital
currency addresses to the list of Specially Designated Nationals whose assets are blocked, and with whom U.S. persons are generally prohibited
from dealing. Such actions by OFAC, or by similar organizations in other jurisdictions, may introduce uncertainty in the market as to
whether bitcoin that has been associated with such addresses in the past can be easily sold. This &#8220;tainted&#8221; bitcoin may trade
at a substantial discount to untainted bitcoin. Reduced fungibility in the bitcoin markets may reduce the liquidity of bitcoin and therefore
adversely affect its price.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">In December 2020, FinCEN,
a bureau within the U.S. Treasury Department, proposed a rule that would require financial institutions to submit reports, keep records,
and verify the identity of customers for certain transactions to or from&#160;so-called&#160;&#8220;unhosted&#8221; wallets, also commonly
referred to as self-hosted wallets. In May 2021, the U.S. Department of Treasury proposed new rules potentially requiring businesses
to record transactions in digital assets that exceed $10,000 in value. It remains unclear if these proposed rules will ultimately be
adopted.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">On March&#160;9, 2022,
President Biden signed an Executive Order on Ensuring Responsible Development of Digital Assets (the &#8220;Executive Order&#8221;),
which outlined a unified federal regulatory approach to addressing the risks and benefits of digital assets. The Executive Order articulated
various policy objectives related to digital assets, including investor protections, financial and national security risks, and responsible
development and use of digital assets. The Executive Order directed federal government departments and agencies to produce various reports,
frameworks, analyses, and regulatory and legislative recommendations to the Biden Administration. The policies and objectives of the
Executive Order are broad, and, at this time, it is unclear what impact it may have on the regulation of bitcoin and other digital assets.
The consequences of increased federal regulation of digital assets and digital asset activities could have a material adverse effect
on the Trust and the Shares. If the Sponsor determines not to comply with such additional regulatory and registration requirements, it
may seek to cease certain or all of the Trust&#8217;s operations. Any such action could have a material adverse effect on our business,
financial condition and results of operations.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">The entire cryptocurrency
industry experienced a significant drawdown in 2022, particularly throughout the latter half of the year. The decline was due to numerous
factors, including a slowing macroeconomic environment, rising interest rates, expiring pandemic financial assistance, and the public
collapse of several major industry participants, including Three Arrows Capital, Voyager, Celsius, and most recently, FTX and Genesis.
The cryptocurrency industry&#8217;s turbulent drawdown in 2022 is expected to draw increased regulatory scrutiny from the U.S. Congress,
SEC, and CFTC in the remainder of 2023 and beyond.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&#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; background-color: white">Under regulations from the New York State
Department of Financial Services (&#8220;NYDFS&#8221;), businesses involved in certain digital asset business activity involving New
York or a New York resident must apply for a license, commonly known as a BitLicense, from the NYDFS and must comply with anti-money
laundering, cyber security, consumer protection, and financial and reporting requirements, among others. As an alternative to a BitLicense,
a firm can apply for a charter to become a limited purpose trust company under New York law qualified to engage in digital asset business
activity. Other states have considered or approved digital asset business activity statutes or rules, passing, for example, regulations
or guidance indicating that certain digital asset business activities constitute money transmission requiring licensure. The regulation
of digital asset activity under state money transmission laws varies substantially. Differences between state regimes increase the complexity
and compliance burden of operating digital asset businesses across the U.S., which may affect consumer adoption of bitcoin and its price.
In an attempt to address these issues, the Uniform Law Commission passed a model law in July 2017, the Uniform Regulation of Virtual
Currency Businesses Act, which has many similarities to the BitLicense and features a multistate reciprocity licensure feature, wherein
a business licensed in one state could apply for accelerated licensure procedures in other states. As of 2023, only Rhode Island has
adopted the model law, while three other states have introduced it. It is still unclear; however, how many states will ultimately adopt
some or all of the model legislation.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">In June 2021, the government
of El Salvador announced and passed legislation that identified bitcoin as legal tender in El Salvador. Other South and Central American
political leaders have indicated a desire to explore the issues relating to legal tender status for bitcoin. In April 2022, the government
of the Central African Republic announced its adoption of bitcoin as legal tender in the Central African Republic. It is unclear whether
the designation of bitcoin as legal tender in El Salvador, the Central African Republic, or any other country will impact the regulatory
treatment of bitcoin in the United States, or whether other countries will adopt similar legislation.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">On February&#160;15,
2022, Representative Warren Davidson introduced the &#8220;Keep Your Coins Act,&#8221; which is intended &#8220;[t]o prohibit Federal
agencies from restricting the use of convertible virtual currency by a person to purchase goods or services for the person&#8217;s own
use, and for other purposes.&#8221; That same day, Congressman Josh Gottheimer also announced a&#160;discussion draft&#160;of the &#8220;Stablecoin
Innovation and Protection Act,&#8221; which is intended to define &#8220;qualified stablecoins&#8221; to differentiate them from &#8220;more
volatile cryptocurrencies.&#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; background-color: white">On March&#160;17, 2022,
Senators Elizabeth Warren, Jack Reed, Mark Warner, and Jon Tester introduced the&#160;Digital Asset Sanctions Compliance Enhancement
Act&#160;in an attempt to ensure blacklisted Russian individuals and businesses do not use cryptocurrency to evade economic sanctions.
The bill does not come without controversy, however, as it &#8220;would place sweeping restrictions on persons who build, operate and
use cryptocurrency networks even if they have no knowledge or intent to help anyone evade sanctions,&#8221; according to policy group
Coin Center.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">On March&#160;28, 2022,
Representative Stephen Lynch, along with&#160;co-sponsors&#160;Jes&#250;s G. Garc&#237;a, Rashida Tlaib, Ayanna Pressley, and Alma
Adams, introduced&#160;H.R. 7231, the Electronic Currency and Secure Hardware Act (ECASH Act), which would direct the secretary of the
U.S. Department of the Treasury (not the Federal Reserve) to develop and issue a digital analogue to the U.S. dollar, or&#160;&#8220;e-cash,&#8221;&#160;which
is intended to &#8220;replicate and preserve the privacy, anonymity-respecting, and minimal transactional data-generating properties
of physical currency instruments such as coins and notes to the greatest extent technically and practically possible,&#8221; all without
requiring a bank account.&#160;E-cash&#160;would be legal tender, payable to the bearer and functionally identical to physical U.S. coins
and notes, &#8220;capable of instantaneous, final, direct,&#160;peer-to-peer,&#160;offline transactions using secured hardware devices
that do not involve or require subsequent or final settlement on or via a common or distributed ledger, or any other additional approval
or validation by the United States Government or any other third-party payments processing intermediary,&#8221; including fully anonymous
transactions, and &#8220;interoperable with all existing financial institutions and payment systems and generally accepted payments standards
and network protocols, as well as other public payments programs.&#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; background-color: white">On April&#160;6, 2022,
Senator Pat Toomey released a draft of his&#160;Stablecoin Transparency of Reserves and Uniform Safe Transactions Act, or Stablecoin
TRUST Act. The draft bill contemplates a &#8220;payment stablecoin,&#8221; which is convertible directly to fiat currency by the issuer.
Only an insured depositary institution, a money transmitting business (authorized by its respective state authority) or a new &#8220;national
limited payment stablecoin issuer&#8221; would be eligible to issue payment stablecoins. Additionally, payment stablecoins would be exempt
from the federal securities requirements, including the 1933 Act, the 1934 Act, and the 1940 Act.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">On June&#160;7, 2022,
Senators Kirsten Gillibrand and Cynthia Lummis introduced the &#8220;Responsible Financial Innovation Act,&#8221; which was drafted to
&#8220;create a complete regulatory framework for digital assets that encourages responsible financial innovation, flexibility, transparency
and robust consumer protections while integrating digital assets into existing law.&#8221; Importantly, the legislation would assign
regulatory authority over digital asset spot markets to the CFTC and codify that digital assets that meet the definition of a commodity,
such as bitcoin and ether, would be regulated by the CFTC.</p>

<p style="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; text-indent: 24.5pt; background-color: white">In 2023, Congress continued
to consider several stand-alone digital asset bills, including a formal process to determine when digital assets will be treated as either
securities to be regulated by the SEC or commodities under the purview of the CFTC, what type of federal/state regulatory regime will
exist for payment stablecoins and the how the Bank Secrecy Act (&#8220;BSA&#8221;) will apply to cryptocurrency providers. The Financial
Innovation and Technology for the 21st Century Act (&#8220;FIT for the 21st Century Act&#8221;) advanced through the House in a vote
along bipartisan lines. The FIT for the 21st Century Act would require the SEC and the CFTC to jointly issue rules or guidance that would
outline their process in delisting a digital asset that they deem inconsistent with the CEA, federal securities laws and the FIT for
the 21st Century Act. The bill, in part, would also provide a certification process for blockchains to be recognized as decentralized,
which would allow the SEC to challenge claims made by token issuers about meeting the outlined 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; text-indent: 24.5pt; background-color: white">Legislative efforts
have also focused on setting criteria for stablecoin issuers and what rules will govern redeemability and collateral. The Clarity for
Payment Stablecoins Act of 2023, as introduced by House Finance Committee Chair Patrick McHenry (the &#8220;McHenry bill&#8221;), would
make it unlawful for any entity other than a permitted payment stablecoin issuer to issue a payment stablecoin. The McHenry bill would
establish bank-like regulation and supervision for federal qualified nonbank payment stablecoin issuers. These requirements include capital,
liquidity and risk management requirements, application of the Bank Secrecy Act and the Gramm-Leach-Bliley Act&#8217;s customer privacy
requirements, certain activities limits, and broad supervision and enforcement authority. The McHenry bill would grant state regulators
primary supervision, examination and enforcement authority over state stablecoin issuers, leaving the Federal Reserve Board with secondary,
backup enforcement authority for &#8220;exigent&#8221; circumstances. The McHenry bill would also amend the Investment Advisers Act of
1940, the 1940 Act, the 1933 Act, the 1934 Act and the Securities Investor Protection Act of 1970 to specify that payment stablecoins
are not securities for purposes of those federal securities laws.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">Several other bills
have advanced through Congress to curb crypto as a payment gateway for illicit activity and money laundering. The &#8220;Blockchain Regulatory
Clarity Act&#8221; would provide clarity to the regulatory classification of digital assets, providing market certainty for innovators
and clear jurisdictional boundaries for regulators by affirming that blockchain developers and other related service providers that do
not custody customer funds are not money transmitters. The &#8220;Financial Technology Protection Act&#8221;, another bipartisan measure,
would set up an independent Financial Technology Working Group to combat terrorism and illicit financing in cryptocurrency. The &#8220;Blockchain
Regulatory Certainty Act&#8221; aims to protect certain blockchain platforms from being designated as money-services businesses. Both
acts advanced through the House with bipartisan support.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">In a similar effort
to prevent money laundering and stop crypto-facilitated crime and sanctions violations, bipartisan legislation was introduced to require
decentralized finance (&#8220;DeFi&#8221;) services to meet the same anti-money laundering and economic sanctions compliance obligations
as other financial companies. DeFi generally refers to applications that facilitate&#160;peer-to-peer&#160;financial transactions that
are recorded on blockchains. By design, DeFi provides anonymity, which can allow malicious and criminal actors to evade traditional financial
regulatory tools. Noting that transparency and sensible rules are vital for protecting the financial system from crime, the &#8220;Crypto-Asset
National Security Enhancement and Enforcement (CANSEE) Act&#8221; was introduced. The CANSEE Act would end special treatment for DeFi
by applying the same national security laws that apply to banks and securities brokers, casinos and pawn shops, and other cryptocurrency
companies like centralized trading platforms. DeFi services would be forced to meet basic obligations, most notably to maintain anti-money
laundering programs, conduct due diligence on their customers, and report suspicious transactions to FinCEN.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">The continued evolution
of federal, state and foreign government regulators and policymakers will continue to impact the viability and success of digital asset
markets, broadly, and bitcoin, specifically.</p>

<p style="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"><span style="font-size: 10pt">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</span>, including trading markets or platforms<span style="font-size: 10pt">, which may impede the growth
of the bitcoin economy and have an adverse effect on consumer adoption of bitcoin</span> or the ability to trade bitcoin. Many state
and federal agencies have brought enforcement actions or issued consumer advisories regarding the risks posed by digital assets to investors.
<span style="font-size: 10pt">There is a possibility of future regulatory change</span> or actions <span style="font-size: 10pt">altering,
perhaps to a material extent, the nature of an investment in the Trust or the ability of the Trust to continue to operate. </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"><span style="font-size: 10pt">Additionally, changes
to current regulatory determinations of bitcoin&#8217;s status as not being a security</span> under U.S. federal law<span style="font-size: 10pt">,
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, </span>bitcoin mining <span style="font-size: 10pt">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. </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><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"></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"><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"><span style="font-size: 10pt">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, </span>such a determination <span style="font-size: 10pt">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. </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">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; (&#8220;MSB&#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 NYDFS&#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"><span style="font-size: 10pt"><b><i>Trading on bitcoin platforms outside
the United States is not subject to U.S. regulation, and may be less reliable than U.S. exchanges, and regulatory changes or actions
in foreign jurisdictions may impact the value of Shares.</i></b></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">To the extent any of the Trust&#8217;s trading
is conducted on bitcoin platforms 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"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="text-decoration: none">Various foreign
jurisdictions have, and may continue to adopt laws, regulations or directives that affect digital asset networks (including the Bitcoin
network), the digital asset markets (including the bitcoin market), and their users, particularly digital asset platforms and service
providers that fall within such jurisdictions&#8217; regulatory scope. A number of foreign jurisdictions have recently taken regulatory
action aimed at digital asset activities. Foreign laws, regulations or directives may conflict with those of the United States and may
negatively impact the acceptance of one or more digital assets (including bitcoin) by users, merchants and service providers outside
the United States and may therefore impede the growth or sustainability of the digital asset economy in the European Union, China, Japan,
Russia and the United States and globally, or otherwise negatively affect the value of bitcoin. The effect of any future regulatory change
on the Trust or bitcoin is impossible to predict, but such change could be adverse to the Trust and the value of the Shares.</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><i>The Sponsor may need to find and appoint a replacement custodian
or execution agent quickly, which could pose a challenge to the safekeeping of the Trust&#8217;s bitcoin and the Trust&#8217;s ability
to continue to operate may be adversely affected.</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 dependent on the Bitcoin Custodian
and Prime Execution Agent to operate. The Bitcoin Custodian performs essential functions in terms of safekeeping the Trust&#8217;s bitcoin
in the Vault Balance and the Prime Execution Agent facilitates the buying and selling or settlement of bitcoin by the Trust in connection
with cash creations and redemptions between the Trust and Authorized Participants, the selling of bitcoin to pay the Sponsor&#8217;s
Fee, any other Trust expenses, to the extent applicable, other Trust expenses, and in extraordinary circumstances, to liquidate the Trust&#8217;s
bitcoin. The Sponsor could decide to replace the Bitcoin Custodian as the custodian of the Trust&#8217;s bitcoin or the Prime Execution
Agent to facilitate buying and selling or settlement of bitcoin or the Bitcoin Custodian or Prime Execution Agent could experience issues,
exit the business or terminate its relationship with the Trust. If either entity fails to perform the functions they perform for the
Trust, the Trust may be unable to operate or create or redeem Baskets, which could force the Trust to liquidate or adversely affect the
price of the Shares.&#160; Transferring maintenance of any such responsibilities 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"><span style="font-size: 10pt">The Sponsor may
not be able to find another party willing to serve as the custodian or prime execution agent under the same terms as the current applicable
agreement. To the extent that Sponsor is not able to find a suitable party willing to serve as the custodian or prime execution agent,
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 servicing agreement that is less favorable for the Trust or Sponsor, the value
of the Shares could be adversely affected.</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">On March 22, 2023, the Prime Execution Agent
and ultimate parent of the Bitcoin Custodian (such parent, &#8220;Coinbase Global&#8221; and together with the other named subsidiary
of Coinbase Global, the &#8220;Relevant Coinbase Entities&#8221;) received a &#8220;Wells Notice&#8221; from the SEC staff stating that
the SEC staff made a &#8220;preliminary determination&#8221; to recommend that the SEC file an enforcement action against the Relevant
Coinbase Entities alleging violations of the federal securities laws, including the 1934 Act and the 1933 Act. According to Coinbase
Global&#8217;s public reporting company disclosure, based on discussions with the SEC staff, the Relevant Coinbase Entities believe these
potential enforcement actions would relate to aspects of the Relevant Coinbase Entities&#8217; Coinbase Prime service via the Prime Execution
Agent, spot market, staking service Coinbase Earn, and Coinbase Wallet, and the potential civil action may seek injunctive relief, disgorgement,
and civil penalties. On June 6, 2023, the SEC filed a complaint against the Relevant Coinbase Entities in federal district court in the
Southern District of New York, alleging, inter alia: (i) that Coinbase Inc. has violated the 1934 Act by failing to register with the
SEC as a national securities exchange, broker-dealer, and clearing agency, in connection with activities involving certain identified
digital assets that the SEC&#8217;s complaint alleges are securities, (ii) that Coinbase Inc. has violated the 1934 Act by failing to
register with the SEC the offer and sale of its staking program, and (iii) that Coinbase Global is jointly and severally liable as a
control person under the 1934 Act for Coinbase Inc.&#8217;s violations of the 1934 Act to the same extent as Coinbase Inc. The SEC&#8217;s
complaint against the Relevant Coinbase Entities does not allege that bitcoin is a security nor does it allege that Coinbase Inc&#8217;s
activities involving bitcoin caused the alleged registration violations, and the Bitcoin Custodian was not named as a defendant. The
SEC&#8217;s complaint seeks a permanent injunction against the Relevant Coinbase Entities to prevent them from violations of the 1934
Act or 1933 Act, disgorgement, civil monetary penalties, and such other relief as the court deems appropriate or necessary. While the
Bitcoin Custodian is not named in the complaint, if Coinbase Global, as the ultimate parent of the Bitcoin Custodian, is required, as
a result of a judicial determination, or could choose, to restrict or curtail the services its subsidiaries provide to the Trust, or
its financial condition is negatively affected, it could negatively affect the Trust&#8217;s ability 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; text-indent: 24.5pt">The Sponsor may not be able to find a party willing
to serve as the custodian of the Trust&#8217;s bitcoin or as the Trust&#8217;s prime execution agent under the same terms as the current
Custodian Agreement or agreement with prime execution agent or at all. To the extent that Trustee is not able to find a suitable party
willing to serve as the custodian or prime execution agent, it may be necessary 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 or modified
agreement with prime execution agent that is less favorable for the Trust, the value of the Shares could be adversely affected. If the
Trust is unable to find a replacement prime execution agent, its operations 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 Trust 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 Trust 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 Trust 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"></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 will be adversely affected if the Trust
is required to indemnify the Sponsor, the Trustee, the Trust Administrator Transfer Agent, the Bitcoin Custodian or the Cash Custodian
under the Trust documents.</i></b></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; text-indent: 24.5pt">Under the Trust documents, each of the Sponsor,
the Trustee, the Trust Administrator, the Transfer Agent, the Bitcoin Custodian and the Cash Custodian has a right to be indemnified
by the Trust for certain liabilities or expenses that it incurs without 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"><span style="font-size: 10pt">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</span>.,
In the event that <span style="font-size: 10pt">purchases and sales of bitcoin 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. </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"></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"><span style="font-size: 10pt">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 held
for investment 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.</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><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 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>

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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>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 will be 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 will be 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 platforms. In a highly volatile market, or if one or more bitcoin platforms
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 platforms 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 platforms do not operate 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; text-indent: 24.5pt"><span style="font-size: 10pt">Platforms 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 platform URLs
may risk unauthorized transfer and loss of assets.</span></p>

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

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><span style="text-decoration: none">As the Sponsor
and its management have limited history of operating investment vehicles like the Trust, their experience may be inadequate or unsuitable
to manage the Trust.</span></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; text-indent: 24.5pt"><span style="text-decoration: none">The past
performances of the Sponsor&#8217;s management or affiliates of the Sponsor in other investment vehicles are no indication of their ability
to manage an investment vehicle such as the Trust. 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. Furthermore, management of the
Sponsor is currently engaged in the management of, or are otherwise involved with the operations of, other investment vehicles which
could divert their attention and resources.</span></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: italic bold 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; 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"><span style="font-size: 10pt"><b><i>An investment in the Trust may
be adversely affected by competition from other </i></b></span><b><i>ETFs focused on 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">If the SEC were to approve other bitcoin ETFs
in addition to the Trust, the Trust could fail to acquire substantial assets, initially or at all. The Trust&#8217;s bitcoin ETF competitors
may also charge a substantially lower fee than the Sponsor&#8217;s Fee in order to achieve initial market acceptance and scale. Accordingly,
the Trust&#8217;s bitcoin ETF competitors may commercialize a competing bitcoin ETF more rapidly or effectively than the Trust, which
could adversely affect the Trust&#8217;s competitive position and the likelihood that the Trust will achieve initial market acceptance,
and could have a detrimental effect on the scale and sustainability of the Trust. If the Trust fails to achieve sufficient scale due
to competition, the Sponsor may have difficulty raising approximately $200 million in assets which would be sufficient to cover the costs
associated with launching and maintaining the Trust and such shortfalls could impact the Sponsor&#8217;s ability to properly invest in
robust ongoing operations and controls of the Trust to minimize the risk of operating events, errors, or other forms of losses to the
Shareholders. In addition, the Trust may also fail to attract adequate liquidity in the secondary market due to such competition, resulting
in a sub-standard number of Authorized Participants willing to make a market in the Shares, which in turn could result in a significant
premium or discount in the Shares for extended periods and the Trust&#8217;s failure to reflect the performance of 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>An investment in the Trust may be adversely affected by competition
from other <span style="font-size: 10pt">investment vehicles focused on bitcoin or other cryptocurrencies. </span></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 <span style="font-size: 10pt">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. </span>In addition, a failure of any competitive bitcoin ETF or similar trust or other instrument could
have negative consequences with respect to the price of bitcoin generally or interest in bitcoin ETFs.</p>



<p style="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>Coinbase serves as the bitcoin custodian and prime execution
agent for several competing exchange-traded bitcoin products, which could adversely affect the Trust's operations and ultimately 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 Prime Execution Agent and Bitcoin Custodian
are both affiliates of Coinbase Global. As of the date hereof, Coinbase Global is the largest publicly traded digital asset company in
the world by market capitalization and is also the largest digital asset custodian in the world by assets under custody. By virtue of
its leading market position and capabilities, and the relatively limited number of institutionally capable providers of digital asset
brokerage and custody services, Coinbase serves as the bitcoin custodian and prime execution agent for several competing exchange-traded
bitcoin products and, as such, plays a critical role in supporting the U.S. spot bitcoin exchange-traded product ecosystem. If Coinbase
were to favor the interests of certain exchange-traded products over others, it could result in inadequate attention or comparatively
unfavorable commercial terms to less favored products, which could adversely affect the Trust's operations and ultimately the value of
the Shares, particularly given the limited number of qualified alternative 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"></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"><span style="font-size: 10pt">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</span> and a liquidation of its 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>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"><span style="font-size: 10pt">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</span> or if it is not feasible for Shares to be delivered or the redemption distribution to be made. <span style="font-size: 10pt">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</span> as determined by the Sponsor or its counsel. <span style="font-size: 10pt">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. </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><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 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"><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. For example, while the current Sponsor Fee is a unitary fee in which the Sponsor agrees to pay all the fee of the
Trust&#8217;s service providers (except for extraordinary expenses), the Sponsor may unwind part of this unitary fee and have a service
providers&#8217; (<i>e.g.</i>, custodian&#8217;s fee) charged directly to the Trust. In that case, the Sponsor would provide 60 days&#8217;
advance notice to Shareholders via a posting on the Trust&#8217;s website or prospectus supplement or through a current report on Form
8-K or in the Trust&#8217;s annual or quarterly 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"><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>

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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>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, Trust Administrator, Transfer Agent, the Bitcoin
Custodian and the Cash 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, Trust Administrator, Transfer Agent, Bitcoin Custodian and Cash Custodian (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>i.e.</i>, 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.</p>

<p style="font: 10pt Times New 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 this additional requirement, a Shareholder
attempting to bring or maintain a derivative action in the name of the Trust will be required to locate at least one other Shareholder
with which it is not affiliated and together have sufficient Shares to meet the 10% threshold based on the number of Shares outstanding
on the date the claim is brought and thereafter throughout the duration of the action, suit or proceeding. This may be difficult and
may result in increased costs to a Shareholder attempting to seek redress in the name of the Trust in court. Moreover, if Shareholders
bringing a derivative action, suit or proceeding pursuant to this provision of the Trust Agreement do not hold 10% of the outstanding
Shares on the date such an action, suit or proceeding is brought, or such Shareholders are unable to maintain Share ownership meeting
the 10% threshold throughout the duration of the action, suit or proceeding, such Shareholders&#8217; derivative action may be subject
to dismissal. As a result, the Trust Agreement limits the likelihood that a Shareholder will be able to successfully assert a derivative
action in the name of the Trust, even if such Shareholder believes that he or she has a valid derivative action, suit or other proceeding
to bring on behalf 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>COVID-19 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">The impact of the COVID-19 pandemic has adversely
affected the economies of many nations and the entire global economy as well as individual issuers, assets and capital markets and could
continue to, and other future public health emergencies could, have serious negative effects on social, economic and financial systems,
including significant uncertainty and volatility in the digital asset markets. For example, digital asset prices, including bitcoin,
decreased significantly in the first quarter of 2020 amidst broader market declines as a result of the COVID-19 outbreak.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Future public health emergencies could result
in an increase of the costs of the Trust and affect liquidity in the digital asset market, as well as the correlation between the price
of the Shares and the net asset value of the Trust, any of which could adversely affect the value of the Shares. In addition, future
public health emergencies could impair the information technology and other operational systems upon which the Trust&#8217;s service
providers, including the Sponsor, the Trustee, the Delaware Trustee and the Custodians, rely, and could otherwise disrupt the ability
of employees of the Trust&#8217;s service providers to perform essential tasks on behalf of the Trust. Governmental and quasi-governmental
authorities and regulators throughout the world have at times responded to major economic disruptions with a variety of fiscal and monetary
policy changes, including, but not limited to, direct capital infusions into companies and other issuers, new monetary tools and lower
interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of these policies, is likely to increase volatility
in the digital asset markets, which could adversely affect the value of bitcoin and the price of the Shares.</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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Further, future public health emergencies could
also interfere with the operations of the Reference Rate or the Benchmark Administrator, which the Sponsor uses to value the bitcoin
held by the trust calculate the net asset value of the Trust. The COVID-19 pandemic or other future public health emergencies could also
cause the closure of futures exchanges, which could eliminate the ability of Authorized Participants to hedge purchases of Baskets, increasing
trading costs of Shares and resulting in a sustained premium or discount in the Shares. Each of these outcomes would negatively impact
the Trust.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BITCOIN, BITCOIN MARKET, BITCOIN PLATFORMS
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 bitcoin platform 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"><span style="font-size: 10pt">The first step
in using bitcoin for transactions is</span> generally <span style="font-size: 10pt">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 </span>&#8220;<span style="font-size: 10pt">send</span>&#8221;
<span style="font-size: 10pt">and to </span>&#8220;<span style="font-size: 10pt">receive</span>&#8221; <span style="font-size: 10pt">bitcoin
</span>by attributing a certain amount of bitcoin to the user&#8217;s wallet address. <span style="font-size: 10pt">Within a bitcoin
wallet, a user can</span> sometimes <span style="font-size: 10pt">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. </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">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"></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 de facto 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. There have
been several prominent forks in the Bitcoin network, including 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; text-indent: 24.5pt">&#160;</p>


<p style="margin: 0"></p>

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<p style="margin: 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">At this time, Shareholders will not
receive the benefits of any forks, and the Trust will not participate in any airdrop, notwithstanding that it may be permitted under
the Trust Agreement. Therefore, the only cryptocurrency or digital asset that the Trust may hold, barring separate regulatory
approval, will be bitcoin. We refer to the right to receive any such benefit (<i>i.e.,</i> the right to participate in or benefit
from a fork, airdrop or similar event) as an &#8220;Incidental Right&#8221; and any such digital asset acquired through an
Incidental Right as &#8220;IR Virtual Currency.&#8221; The Sponsor is under no obligation to realize any economic benefit from any
Incidental Rights or IR Virtual Currency on behalf of the Trust. With respect to any fork, airdrop or similar event, the Trust will,
at the direction of the Sponsor, permanently and irrevocably abandon any Incidental Rights or IR Virtual Currency for no
consideration. As the Trust will not receive any direct or indirect consideration for the Incidental Rights or IR Virtual Currency,
the value of the Shares will not reflect the value of the Incidental Rights or IR Virtual Currency.</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; text-indent: 24.5pt">Although the Sponsor is under no obligation
to do so, the inability to realize any economic benefit from a hard fork or airdrop could adversely affect the value of the Shares. Investors
who prefer to have a greater degree of control over events such as forks, airdrops, and similar events, and any assets made available
in connection with each, should consider investing in bitcoin directly rather than purchasing Shares. In the event that the Trust&#8217;s
or Sponsor&#8217;s policy with respect to forks or airdrops changes, the Shareholders will be given 60 days&#8217; advance notice via
a posting on the Trust&#8217;s website or prospectus supplement or through a current report on Form 8-K in the Trust&#8217;s annual or
quarterly 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 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"><span style="font-size: 10pt">A user&#8217;s
</span>public key <span style="font-size: 10pt">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 </span>"<span style="font-size: 10pt">forge</span>&#8221; <span style="font-size: 10pt">the
user&#8217;s digital signature and send the user&#8217;s bitcoin to any bitcoin </span>public key <span style="font-size: 10pt">address,
thereby stealing the user&#8217;s bitcoin. </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"><span style="font-size: 10pt">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 </span>Bitcoin <span style="font-size: 10pt">Custodian&#8221;
below. </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">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"><span style="font-size: 10pt">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</span> run <span style="font-size: 10pt">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. </span></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">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 Platforms</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; text-indent: 24.5pt"><span style="font-size: 10pt">A bitcoin platform
generally 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 platforms are typically reported publicly. An investor opening a trading account must deposit an accepted
government-issued currency into their account with the bitcoin platform, or a previously acquired digital asset, before they can purchase
or sell assets on the platform. The process of establishing an account with a bitcoin platform 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 platform and via accounts and addresses managed by the platform. The bitcoin platform
typically records the investor&#8217;s ownership of bitcoin in its internal books and records, rather than on the Bitcoin Blockchain.
The bitcoin platform ordinarily does not transfer bitcoin to the investor on the Bitcoin Blockchain unless the investor makes a request
to the platform to withdraw the bitcoin in their exchange account to an off-platform bitcoin wallet.</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">Outside of bitcoin platforms, 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 platforms.</p>

<p style="font: 10pt Times New 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>

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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>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">&#160;</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 platform 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 platforms 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 platforms and service providers that fall within such jurisdictions&#8217;
regulatory scope, including to require virtual asset service providers to register and comply with an AML and CFT framework, banning
trading or shutting down digital asset platforms, 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 platforms. 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; text-indent: 24.5pt">The Trust and the Sponsor (or an affiliate of
the Sponsor) have adopted and implemented policies and procedures that are designed to comply with applicable anti-money laundering laws
and sanctions laws and regulations, including applicable know your customer (&#8220;KYC&#8221;) laws and regulations. The Sponsor and
the Trust will only interact with known third-party service providers with respect to whom the Sponsor or its affiliates have engaged
in a due diligence process. Each Authorized Participant is confirmed to be a U.S. registered broker-dealer prior to placing creation
or redemption orders with respect 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; text-indent: 24.5pt">Furthermore, Authorized Participants, as broker-dealers
and Bitcoin Custodian, as an entity licensed to conduct virtual currency business activity by the NYDFS and a limited purpose trust company
subject to New York Banking Law, respectively, are &#8220;financial institutions&#8221; subject to the U.S. Bank Secrecy Act, as amended
(&#8220;BSA&#8221;), and U.S. economic sanctions laws. In addition, with respect to all bitcoin delivered in connection with creation
requests, the party delivering bitcoin must establish an account with the Prime Execution Agent who has represented that diligence will
be conducted to confirm that delivery is not from a digital currency address which has been added to the list of Specially Designated
Nationals whose assets are blocked, and with whom U.S. persons are generally prohibited from 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">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>

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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"><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"><span style="font-size: 10pt">In the case of
virtual currencies, state regulators such as the NYDFS have created new regulatory frameworks. NYDFS 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. In addition, California&#8217;s &#8220;Digital Financial Assets Law&#8221; was signed into law in
October 2023, and imposes significant obligations on companies involved in virtual currency activities within California and with California
residents.</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">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 an MSB 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 an MSB 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 (<i>e.g.</i>, 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; 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 platforms.</p>

<p style="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 and Trading Volume</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"><span style="font-size: 10pt">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 platforms where bitcoin is traded publicly and transparently (<i>e.g.,</i>
Bitstamp, Coinbase, Gemini, Kraken, itBit and LMAX Digital).</span></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">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Platforms provide the necessary data with respect
to the prevailing valuations of bitcoin due to the many bitcoin platforms operating worldwide that represent a substantial percentage
of bitcoin buying and selling activity. The Benchmark Administrator relies on a selection of platforms for use in the Reference Rate.
A platform selected for use must meet the criteria of the Benchmark Administrator, which is governed by the CME CF Oversight Committee
(the &#8220;Oversight Committee&#8221;). The below tables reflect the average daily trading volume (in thousands of USD) and market share
percentage of each of the constituent bitcoin platforms included in the Reference Rate (the &#8220;Constituent Bitcoin Platforms&#8221;
or &#8220;Constituent Platforms&#8221;) over the preceding four calendar quarters:</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; text-indent: 24.5pt"></p>

<table cellpadding="0" style="width: 90%; font-size: 10pt; margin-left: 0.5in">
  <tr style="background-color: black">
    <td style="border: black 1pt solid; text-align: center">&#160;</td>
    <td colspan="6" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="color: white"><b>Aggregate
    Trading Volume of BTC-USD Markets of CME CF Constituent Platforms*</b></span></td></tr>
  <tr>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 9%; text-align: center"><b>Period</b></td>
    <td style="border-bottom: black 1pt solid; width: 16%; text-align: center"><b>itBit</b></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 15%; text-align: center"><b>LMAX
    Digital</b></td>
    <td style="border-bottom: black 1pt solid; width: 15%; text-align: center"><b>Bitstamp</b></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 15%; text-align: center"><b>Coinbase</b></td>
    <td style="border-bottom: black 1pt solid; width: 15%; text-align: center"><b>Gemini</b></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 15%; text-align: center"><b>Kraken</b></td></tr>
  <tr>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><b>2022
    Q4</b></td>
    <td style="border-bottom: black 1pt solid; text-align: center">565,768,617</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">6,829,541,020</td>
    <td style="border-bottom: black 1pt solid; text-align: center">3,580,171,427</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">46,447,674,416</td>
    <td style="border-bottom: black 1pt solid; text-align: center">1,586,986,170</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">5,254,252,281</td></tr>
  <tr>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><b>2023
    Q1</b></td>
    <td style="border-bottom: black 1pt solid; text-align: center">624,309,916</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">9,211,206,684</td>
    <td style="border-bottom: black 1pt solid; text-align: center">4,901,570,836</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">41,979,489,484</td>
    <td style="border-bottom: black 1pt solid; text-align: center">1,060,844,250</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">9,054,883,308</td></tr>
  <tr>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><b>2023
    Q2</b></td>
    <td style="border-bottom: black 1pt solid; text-align: center">758,737,186</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">8,322,968,385</td>
    <td style="border-bottom: black 1pt solid; text-align: center">5,133,173,679</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">31,402,570,192</td>
    <td style="border-bottom: black 1pt solid; text-align: center">1,004,667,694</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">8,975,159,682</td></tr>
  <tr>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><b>2023
    Q3</b></td>
    <td style="border-bottom: black 1pt solid; text-align: center">447,044,393</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">4,214,481,842</td>
    <td style="border-bottom: black 1pt solid; text-align: center">3,747,028,275</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">24,090,687,496</td>
    <td style="border-bottom: black 1pt solid; text-align: center">797,891,783</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">4,590,616,407</td></tr>
  </table>
<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-indent: 24.5pt"></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" style="width: 90%; font-size: 10pt; margin-left: 0.5in">
  <tr style="background-color: black">
    <td colspan="8" style="border: black 1pt solid; text-align: center"><span style="color: white"><b>Spot Trading Platforms Market Share
    of BTC-USD Trading*</b></span></td></tr>
  <tr style="background-color: black">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 9%; text-align: center"><span style="color: white"><b>Period</b></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%; text-align: center"><span style="color: white"><b>itBit</b></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 15%; text-align: center"><span style="color: white"><b>LMAX
    Digital</b></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 15%; text-align: center"><span style="color: white"><b>Bitstamp</b></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 15%; text-align: center"><span style="color: white"><b>Coinbase</b></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 15%; text-align: center"><span style="color: white"><b>Gemini</b></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 15%; text-align: center"><span style="color: white"><b>Kraken</b></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 0; text-align: center"><span style="color: white"><b>Others*</b></span></td></tr>
  <tr>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center"><b>2022
    Q4</b></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.65%</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">7.87%</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">4.13%</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">53.53%</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">1.83%</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">6.05%</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">25.94%</td></tr>
  <tr>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center"><b>2023
    Q1</b></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.69%</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">10.23%</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">5.45%</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">46.64%</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">1.18%</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">10.06%</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">25.75%</td></tr>
  <tr>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center"><b>2023
    Q2</b></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">1.08%</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">11.85%</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">7.31%</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">44.69%</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">1.43%</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">12.77%</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">20.87%</td></tr>
  <tr>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center"><b>2023
    Q3</b></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">1.05%</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">9.94%</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">8.84%</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">56.82%</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">1.88%</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">10.83%</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">10.64%</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 10.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 10.5pt">&#160;* Source: CF Benchmarks</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; text-indent: 24.5pt">The domicile, regulation and legal compliance
of the bitcoin platforms included in the Reference Rate, along with the information or reporting requirements applicable to each platform,
varies. Information regarding each bitcoin platform may be found, where available, on the websites for such bitcoin platforms 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; text-indent: 24.5pt">Changes to the regulatory landscape, both domestic
and foreign, may impact the global trading volume of bitcoin. For example, a large percentage of the global bitcoin trading volume previously
occurred on self-reported, unregulated bitcoin platforms located in China. Throughout 2017, however, the Chinese government took several
steps to tighten controls on bitcoin platforms, culminating in a ban on domestic platforms in November 2017, which forced such platforms
to cease their operations or relocate. As a result, reported Bitcoin trading volume on Chinese bitcoin platforms is now substantially
lower, representing a de minimis share of the reported 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; text-indent: 24.5pt">From time to time, there may be intra-day price
fluctuations across bitcoin platforms. However, they are generally relatively immaterial. These variances usually stem from small changes
in the fee structures on different bitcoin platforms 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 platforms with relatively low transaction
volumes where even small trades can be large relative to a bitcoin platform&#8217;s transaction volume and as a result impact the trading
price on those platforms and (ii)&#160;bitcoin platforms that are inaccessible 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; text-indent: 22.5pt">In order to provide updated information relating
to the Trust for use by Shareholders, the Trust intends to publish an intraday indicative value (&#8220;IIV&#8221;) using the CME CF
Bitcoin Real Time Index (&#8220;BRTI&#8221;). One or more major market data vendors will provide an IIV updated every 15 seconds, as
calculated by the Exchange or a third-party financial data provider during the Exchange&#8217;s regular market session of 9:30 a.m. to
4:00 p.m. ET (the &#8220;Regular Market Session&#8221;). The IIV will be calculated by using the prior day&#8217;s closing NAV as a base
and updating that value during the Regular Market Session to reflect changes in the value of the Trust&#8217;s NAV during the trading
day.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">The IIV&#8217;s dissemination during the Regular
Market Session should not be viewed as an actual real time update of the NAV, which will be calculated only once at the end of each trading
day. The IIV will be widely disseminated every 15 seconds during the Regular Market Session by one or more major market data vendors.
In addition, the IIV will be available through online information 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; text-indent: 22.5pt">All aspects of the BRTI methodology are publicly
available at the website of the provider CF Benchmarks (www.cfbencharks.com). The BRTI is calculated once per second, in real time by
utilizing the Order Books of bitcoin &#8211; U.S. dollar trading pairs operated by all Constituent Platforms. An &#8220;Order Book&#750;
is a list of buy and sell orders with associated limit prices and sizes that have not yet been matched, that is reported and disseminated
by CF Benchmarks Ltd., as the BRTI calculation agent. The Order Books are aggregated into one consolidated order book by the BRTI calculation
agent. The mid-price volume curve, which is the average of the bid price-volume curve (which maps transaction volume to the marginal
price per cryptocurrency unit a seller is required to accept in order to sell this volume to the consolidated order book) and the ask
price-volume curve (which maps a transaction volume to the marginal price per cryptocurrency unit a buyer is required to pay in order
to purchase this volume from the consolidated order book). The mid price-volume curve is weighted by the normalized probability density
of the exponential distribution up to the utilized depth (utilized depth being calculated as the maximum cumulative volume for which
the mid spread-volume curve does not exceed a certain percentage deviation from the mid price). The BRTI is then given by the sum of
the weighted mid price-volume curve obtained in the previous step.</p>

<p style="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; text-indent: 24.5pt">The Reference Rate is a once-a-day benchmark
index price for Bitcoin denominated in US Dollars that synchronizes with the traditional close of U.S. financial markets. The index is
calculated and published every day of the year at 4:00 p.m. Eastern time and has been since its launch on 28<sup>th</sup> February 2022.
The index is provided by CF Benchmarks as a Registered Benchmark under the UK Benchmarks Regulation overseen by the UK Financial Conduct
Authority (&#8220;UK FCA&#8221;). The Reference Rate was created to facilitate financial products based on bitcoin. Specifically, the
Reference Rate is calculated based on the &#8220;Relevant Transactions&#8221; (as defined below) of all of its Constituent Bitcoin Platforms,
as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt">&#160;</span></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"></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"></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: 0"/><td style="width: 0.4in"><span style="font-size: 10pt">&#8226;</span></td><td><span style="font-size: 10pt">All
                                            Relevant Transactions </span>that are executed between 3:00 p.m. <span style="font-size: 10pt">and
                                            4:00 p.m. </span>Eastern time <span style="font-size: 10pt">are added to a joint list, recording
                                            the trade price and size for each transaction. </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: 0"/><td style="width: 0.4in"><span style="font-size: 10pt">&#8226;</span></td><td><span style="font-size: 10pt">The
                                            list is partitioned into </span>a number of <span style="font-size: 10pt">equally sized</span>,
                                            twelve (12) individual <span style="font-size: 10pt">time intervals of five (5) minute length.</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: 0"/><td style="width: 0.4in"><span style="font-size: 10pt">&#8226;</span></td><td><span style="font-size: 10pt">For
                                            each of the twelve (12) partitions 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 Platforms. A volume-weighted median differs from a standard median
                                            in that a weighting factor, in this case trade size, is factored into the calculation.</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: 0"/><td style="width: 0.4in"><span style="font-size: 10pt">&#8226;</span></td><td><span style="font-size: 10pt">The
                                            </span>BRRNY <span style="font-size: 10pt">is then </span>given <span style="font-size: 10pt">by
                                            the </span>equally-weighted average <span style="font-size: 10pt">of the volume-weighted
                                            medians of all partitions.</span></td></tr></table>

<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-indent: 24.5pt">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 (the &#8220;Relevant
Pair&#8221;) that occurs during the &#8220;TWAP Period&#8221; on a Constituent Bitcoin Platform in the BTC/USD pair that is reported
and disseminated by a Constituent Bitcoin Platform through its publicly available application programming interface (&#8220;API&#8221;)
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; text-indent: 24.5pt">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. The Reference Rate is administered through the Benchmark Administrator&#8217;s codified policies for index
integrity, which have been developed to ensure compliance with the UK BMR regulations, which the Benchmark Administrator is subject as
a Registered Benchmark. The codified policies include 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: 0"/><td style="width: 0.3in">&#8226;</td><td><i>Input data policy</i>: The Input Data Policy governs the
                                            data that the Benchmark Administrator uses in benchmark determinations.</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 style="width: 0.3in"><i>&#8226;</i></td><td><i>Surveillance policy:</i> The Surveillance Policy governs
                                            Benchmark Surveillance, which is accomplished through a series of measures that are the product
                                            of an analysis of the Benchmark Administrator&#8217;s methodologies and their susceptibility
                                            to manipulation.</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 style="width: 0.3in">&#8226;</td><td><i>Conflicts of interest policy</i>: The Conflicts of Interest
                                            Policy governs the measures by which the Benchmark Administrator identifies, records, mitigates,
                                            and escalates potential and actual conflicts of interest that might impact the integrity
                                            of the benchmarks.</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 style="width: 0.3in">&#8226;</td><td><i>Governance &amp; Oversight Framework</i>: This framework
                                            sets forth the measures by which the Benchmark Administrator manages the benchmark life cycle
                                            including the relevant junctures where Oversight Committee notification, escalation, review
                                            and resolution is relevant and required including the manner in which the Benchmark Administrator
                                            identifies risks to benchmark integrity and the processes and procedures it follows to mitigate
                                            and eliminate such risks.</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: 0.3in">The Benchmark Administrator&#8217;s compliance
such regulations has been subject to a Limited Assurance Audit under the ISAE 3000 standard as of September 12, 2022, which is publicly
available.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in">The Reference Rate is also subject to oversight
by the Oversight Committee. The Oversight Committee was jointly established by the Benchmark Administrator and the Chicago Mercantile
Exchange (&#8220;CME&#8221;) and is comprised of five members, including two who are representatives of CME, one who is a representative
of the Benchmark Administrator, and two others who bring expertise and industry knowledge relating to benchmark determination, issuance,
and operations. The Oversight Committee&#8217;s Founding Charter and quarterly meeting minutes are publicly available. The Oversight
Committee meets at least quarterly basis, and more frequently as needed, to review and make determinations of cryptocurrency pricing
products, including the Reference Rate, and attend to all other matters relating to such determination, including their definition, setting,
scope, methodology, and distribution.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in">A platform must meet a set of predefined criteria
to be approved by the Oversight Committee, and the operation of existing Constituent Platforms are also monitored against the same criteria:</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: 41.75pt"/><td style="width: 18pt">1.</td><td>The platform&#8217;s spot trading volume of the Relevant Pair
                                            for an index must meet the minimum thresholds as detailed below for it to be admitted as
                                            a constituent platform:</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: 77.75pt"/><td style="width: 18pt">a.</td><td>The average daily volume the venue would have contributed during
                                            the observation window for the Reference Rate of the Relevant Pair exceeds 3% for two consecutive
                                            calendar quarters.</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: 41.75pt"/><td style="width: 18pt">2.</td><td>The platform has policies to ensure fair and transparent market
                                            conditions at all times and has processes in place to identify and impede illegal, unfair
                                            or manipulative trading practices.</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: 41.75pt"/><td style="width: 18pt">3.</td><td>The platform does not impose undue barriers to entry or restrictions
                                            on market participants, and utilizing the platform does not expose market participants to
                                            undue credit risk, operational risk, legal risk or other risks.</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: 41.75pt"/><td style="width: 18pt">4.</td><td>The platform complies with applicable law and regulation, including,
                                            but not limited to capital markets regulations, money transmission regulations, client money
                                            custody regulations, KYC regulations and anti-money laundering (&#8220;AML&#8221;) regulations.</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: 41.75pt"/><td style="width: 18pt">5.</td><td>The platform cooperates with inquiries and investigations of
                                            regulators and the Benchmark Administrator upon request and must execute data sharing agreements
                                            with CME Group.</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: 0.3in">Following admittance, a Constituent Platform must
demonstrate that it continues to fulfill criteria two through five. In cases where a Constituent Platform&#8217;s average daily contribution
falls below three percent for the Reference Rate, then the continued inclusion of the platform as a Constituent Platform to the Relevant
Pair shall be assessed by the Oversight Committee. The Constituent Platforms have changed over time. For example, the BRR previously
included OKCoin.com (HK) and Bitfinex, both of which were removed April 2017 due to trading restrictions. As of November 20, 2023, the
Constituent Platforms include:</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 style="width: 22.5pt">&#8226;</td><td><i>Bitstamp:</i> A U.K.-based platform registered as an MSB
                                            with FinCEN and licensed as a virtual currency business under the NYDFS BitLicense as well
                                            as money transmitter in various U.S. states. It is also regulated as a Payments Institution
                                            within the European Union and is registered as a Crypto Asset business with the UK FCA.</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 style="width: 22.5pt">&#8226;</td><td><i>Coinbase</i>: A U.S.-based platform registered as an MSB
                                            with FinCEN and licensed as a virtual currency business under the NYDFS BitLicense as well
                                            as a money transmitter in various U.S. states. Subsidiaries operating internationally are
                                            further regulated as an e-money provider (Republic of Ireland, Central Bank of Ireland) and
                                            Major Payment Institution (Singapore, Monetary Authority of Singapore).</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 style="width: 22.5pt">&#8226;</td><td><i>Kraken</i>: A U.S.-based platform that is registered as
                                            an MSB with FinCEN in various U.S. states, Kraken is registered with the FCA as a Crypto
                                            Asset Business and is authorized by the Central Bank of Ireland as a Virtual Asset Service
                                            Provider (&#8220;VASP&#8221;). Kraken also holds a variety of other licenses and regulatory
                                            approvals, including from the Canadian Securities Administrators (&#8220;CSA&#8221;).</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 style="width: 22.5pt">&#8226;</td><td><i>itBit</i>: A U.S.-based platform that is licensed as a virtual
                                            currency business under the NYDFS BitLicense. It is also registered FinCEN as an MSB and
                                            is licensed as a money transmitter in various U.S. 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: 0"/><td style="width: 22.5pt">&#8226;</td><td><i>LMAX Digital</i>: A Gibraltar based platform regulated by
                                            the Gibraltar Financial Services Commission (&#8223;GFSC&#750;) as a DLT provider for execution
                                            and custody services. LMAX Digital does not hold a BitLicense and is part of LMAX Group,
                                            a U.K-based operator of a FCA regulated Multilateral Trading Facility and Broker-Dealer.</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 style="width: 22.5pt">&#8226;</td><td><i>Gemini</i>: A U.S.-based platform that is licensed as a
                                            virtual currency business under the NYDFS BitLicense. It is also registered with FinCEN as
                                            an MSB and is licensed as a money transmitter in various U.S. states. It is also registered
                                            with the FCA as a Crypto Asset Business.</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">Once the Sponsor has actual knowledge of material
changes to the Constituent Bitcoin platforms used to calculate the Reference Rate, the Sponsor will post an announcement with respect
to such change on its website.</p>

<p style="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; 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 style="width: 24.1pt"><span style="font-size: 10pt">&#8226;</span></td><td><span style="font-size: 10pt">taking
                                            the current market value of its total assets</span> including, but not limited to, all bitcoin,
                                            cash or other 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 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 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>

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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 methodology of the Reference Rate used to
value bitcoin for purposes of calculating NAV Per Share may not be deemed consistent with generally accepted accounting principles in
the U.S. (&#8220;GAAP&#8221;). To the extent the methodology used to calculate the Reference Rate is deemed not to be consistent with
GAAP, the Trust will utilize an alternative GAAP-consistent pricing source for purposes of the Trust&#8217;s periodic financial statements,
as further discussed 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 Trust 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).</p>

<p style="font: 10pt Times New 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. The Sponsor reserves the right to
replace the Reference Rate with another valuation methodology which it believes will accurately track the price of bitcoin. If the Sponsor
makes the decision to materially change the valuation methodology or replace either the Reference Rate or the Benchmark Administrator,
the Sponsor will notify Shareholders via a posting on the Trust&#8217;s website or prospectus supplement or through a current report
on Form 8-K or in the Trust&#8217;s annual or quarterly 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 Sponsor will publish the NAV, NAV per
Share and the Trust&#8217;s bitcoin holdings at www.wisdomtree.com/investments after their determination and availability. 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.</p>

<p style="font: 10pt Times New 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 periodic financial statements
may not utilize the net asset value of the Trust determined by reference to the Reference Rate to the extent the methodology used to
calculate the Reference Rate is deemed not to be consistent with GAAP. The Trust&#8217;s periodic financial statements will be prepared
in accordance with the Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification Topic 820, &#8220;Fair
Value Measurements and Disclosures&#8221; (&#8220;ASC 820-10&#8221;) and utilize a platform-traded price from the Trust&#8217;s principal
market for bitcoin on the Trust&#8217;s financial statement measurement date. The Sponsor will determine in its sole discretion the valuation
sources and policies used to prepare the Trust&#8217;s financial statements in accordance with GAAP. The Trust will obtain a price from
a principal market for bitcoin, which may be through third party vendor or directly from such principal 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; text-indent: 24.5pt">To determine which market is the Trust&#8217;s
principal market (or in the absence of a principal market, the most advantageous market) for purposes of calculating the Trust&#8217;s
financial statements, the Trust follows ASC 820-10, which outlines the application of fair value accounting. ASC 820-10 determines fair
value to be the price that would be received for bitcoin in a current sale, which assumes an orderly transaction between market participants
on the measurement date. ASC 820-10 requires the Trust to assume that bitcoin is sold in its principal market to market participants
or, in the absence of a principal market, the most advantageous market. Market participants are defined as buyers and sellers in the
principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. The Trust may transact through
bitcoin trading counterparties, in multiple markets, and its application of ASC 820-10 reflects this fact. The Trust anticipates that,
while multiple venues and types of markets will be available to the bitcoin trading counterparties from whom the Sponsor acquires or
disposes of the Trust&#8217;s bitcoin, the principal market in each scenario is determined by looking at the market-based level of volume
and bitcoin trading activity. Bitcoin trading counterparties, may transact in a Brokered Market, a Dealer Market, Principal-to-Principal
Markets and Exchange Markets, each as defined in the FASB ASC Master Glossary. Based on information reasonably available to the Trust,
Exchange Markets have the greatest volume and level of activity for the asset. The Trust therefore looks to accessible Exchange Markets
as opposed to the Brokered Market, Dealer Market and Principal-to-Principal Markets to determine its principal market. As a result of
the aforementioned analysis, an Exchange Market has been selected as the Trust&#8217;s principal market. The Trust determines its principal
market (or in the absence of a principal market the most advantageous market) on a quarterly basis to determine which market is its Principal
Market for the purpose of calculating fair value for the creation of quarterly and annual financial statements.</p>

<p style="font: 10pt Times New 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 developed a process for identifying
a principal market, as prescribed in ASC 820-10, which outlines the application of fair value accounting. The process begins by identifying
publicly available, well established and reputable bitcoin trading venues (Platform Markets, as defined in the FASB ASC Master Glossary),
which are selected by the Sponsor and its affiliates in their sole discretion. Those markets include, but are not limited to, Binance,
Bitfinex, Bitflyer, Bitstamp, Coinbase, Crypto.com, Gemini, HitBTC, Huobi, itBit, Kraken, KuCoin, LMAX Digital, OKEx and Poloniex. The
Sponsor then, through a service provider, calculates on each valuation period, the highest volume venue during the 60-minute period prior
to 4:00 ET for bitcoin. The Sponsor then identifies that market as the principal market for bitcoin during that period, and uses the
price for bitcoin from that venue at 4:00 ET as the principal market price.</p>

<p style="font: 10pt Times New 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 Trust Administrator make, such determinations will be made in good faith, and neither the Sponsor nor the Trust Administrator
will be liable for any errors contained therein. Neither the Sponsor nor the Trust Administrator will be liable to DTC, Authorized Participants,
the Shareholders or any other person for errors in judgment.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></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"><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. 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 the Sponsor is not registered as an investment adviser under the Investment Advisers Act of 1940. The
Trust will not hold or trade in commodity futures contracts regulated by the CEA, as administered by the CTFC. 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 0.50%
(the &#8220;Sponsor Fee&#8221;). 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. The Trust&#8217;s only ordinary
recurring expense is expected to be the Sponsor Fee. In exchange for the Sponsor&#8217;s Fee, the Sponsor has agreed to assume the marketing
and the following administrative expenses of the Trust: the fees of the Trustee, the fees of the Trust Administrator, the Custodians&#8217;
Fees, Exchange listing fees, SEC registration fees, printing and mailing costs, tax reporting fees, audit fees, license fees and ordinary
legal fees and expenses. The Sponsor will also pay the costs of the Trust&#8217;s organization and the initial sale of the Shares. There
is no cap on the amount of these Sponsor paid 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; text-indent: 24.5pt">The Sponsor may, at its sole discretion and from
time to time, waive all or a portion of the Sponsor Fee for stated periods of time. The Sponsor is under no obligation to waive any portion
of its fees and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver. As of
the date of this Prospectus, the Sponsor has not decided to waive any of the Sponsor Fee and there are no specific circumstances under
which the Sponsor has determined it will waive the 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 Trust may incur certain non-recurring
expenses that are not assumed by the Sponsor, including but not limited to, taxes and governmental charges, any applicable brokerage
commissions, financing charges or fees, Bitcoin network fees and similar transaction fees, expenses and costs of any extraordinary services
performed by the Sponsor (or any other service provider) on behalf of the Trust to protect the Trust or the interests of Shareholders
(including, for example, in connection with any fork of the Bitcoin Blockchain), any indemnification of the Cash Custodian, Bitcoin Custodian,
Trust Administrator or other agents, service providers or counterparties of the Trust and extraordinary legal fees and expenses, including
any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters.</p>

<p style="font: 10pt Times New 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 Trust does not have any income, it
will need to sell bitcoin to cover the Sponsor&#8217;s Fee and expenses not assumed by the Sponsor, if any. Trust expenses not assumed
by the Sponsor shall accrue daily and be payable by the Trust to the Sponsor at monthly in arrears. The Trust may also be subject to
other liabilities (for example, as a result of litigation) that have also not been assumed by the Sponsor. The only source of funds to
cover those liabilities will be sales of bitcoin held by the Trust. Even if there are no expenses other than those assumed by the Sponsor,
and there are no other liabilities of the Trust, the Trust will still need to sell bitcoin to pay the Sponsors Fee. The result of these
sales is a decrease in the amount of bitcoin represented by each 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">To cover the Sponsor&#8217;s Fee and expenses
not assumed by the Sponsor, the Sponsor or its delegate will cause the Trust (or its delegate) to convert bitcoin into U.S. dollars at
the price available through an affiliate of the Bitcoin Custodian. The number of bitcoins represented by a Share will decline each time
the Trust pays the Sponsor&#8217;s Fee or any Trust expenses not assumed by the Sponsor by transferring or selling bitcoins. The Trust
is responsible for paying any costs associated with the transfer of bitcoin to the Sponsor or the sale of bitcoin. However, under the
terms of each Authorized Participant Agreement, the Authorized Participants will be responsible for any brokerage or transaction costs
associated with the sale of transfer of bitcoin incurred in connection with the fulfillment of a creation and redemption 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"></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 quantity of bitcoins to be sold to permit
payment of the Sponsor&#8217;s Fee or Trust expenses not assumed by the Sponsor, will vary from time to time depending on the level of
the Trust&#8217;s expenses and the value of bitcoins held by the Trust. Assuming that the Trust is a grantor trust for U.S. federal income
tax purposes, each delivery or sale of bitcoins by the Trust for the payment of expenses generally will be a taxable event 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>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">The term
of the Trust is perpetual (unless terminated earlier in certain circumstances). On and after termination of the Trust, the Sponsor or
liquidating trustee will wind up the business and affairs of the Trust and deliver Trust property upon surrender and cancellation of
Shares. The Sponsor or liquidating trustee will not accept any purchase order or redemption order after the date of dissolution. If any
Shares remain outstanding after the date of dissolution of the Trust, the Sponsor or liquidating trustee thereafter will (i) discontinue
the registration of transfer of Shares; (ii) continue to collect distributions pertaining to Trust property and hold proceeds thereof
uninvested, without liability for interest; and (iii) pay the Trust&#8217;s expenses and may sell Trust property as necessary to meet
those expenses. After the dissolution of the Trust, the Sponsor or liquidating trustee will sell or otherwise liquidate the Trust property
then held and after deducting any fees, expenses, taxes or other governmental charges payable by the Trust and any expenses for the account
of DTC of such Shares and any applicable taxes or other governmental charges, promptly distribute the net proceeds from such sale to
DTC. The Trustee and the Sponsor shall not be liable for any loss or depreciation resulting from any sale or other disposition of property
made by the Sponsor or liquidating trustee pursuant to the Sponsor&#8217;s or liquidating trustee&#8217;s instruction or otherwise made in
good faith. The proceeds of the liquidation of the Trust&#8217;s assets are expected to be distributed in cash. Shareholders are not
entitled to any of the Trust&#8217;s underlying bitcoin holdings upon the dissolution 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">Upon termination
of the Trust, following completion of winding up of its business by the Sponsor or liquidating trustee, the Sponsor or liquidating trustee
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 Sponsor and the Trustee may agree to amend
the Trust Agreement or Sponsor Agreement, as applicable, without Shareholder consent. The Sponsor shall determine the contents and manner
of notice of any Trust Agreement amendment. Such notice may be provided on the Trust&#8217;s website, in a prospectus supplement, through
a current report on Form 8-K and/or in the Trust&#8217;s annual or quarterly reports. If an amendment to the Trust Agreement or Sponsor
Agreement materially adversely effects the interests of Shareholders, it will become effective for outstanding Shares 30 days after notice
of such amendment is given to Shareholders. Moreover, at the time an amendment becomes effective, by continuing to hold Shares, Shareholders
are deemed to agree to the amendment and to be bound by the Trust Agreement and Sponsor Agreement as amended without specific agreement
to such increase (other than through the &#8220;negative consent&#8221; procedure described above).</p>

<p style="font: 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"><span style="font-size: 10pt">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</span>s<span style="font-size: 10pt">.
</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: 0.25in">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 as more fully described 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 appoints and may remove the Trust&#8217;s
other service providers, as well as any additional, replacement, or successor service providers. The Sponsor does not take responsibility
for the Trust&#8217;s other 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">The Sponsor
is a wholly-owned subsidiary of WisdomTree, Inc. (formerly WisdomTree Investments, Inc.), a global financial innovator that, through
its other subsidiaries worldwide (collectively, &#8220;WisdomTree&#8221;), makes available ETFs, including those that hold bitcoin and
other digital assets, as well as bitcoin futures. WisdomTree launched a European ETP holding bitcoin in 2019, followed by the launch
of European ETPs holding other digital assets in 2021 and 2022, and WisdomTree was among the first U.S. ETF providers with an ETF investing
in bitcoin futures in 2021. WisdomTree invested in Securrency, Inc., a blockchain infrastructure provider, in 2020 and has worked closely
with Securrency on blockchain and digital asset market related matters since such time, including in relation to the sale of Securrency,
Inc. to DTCC in 2023. WisdomTree has also developed and launched next-generation digital products, services and structures, including
digital or blockchain-enabled mutual funds and tokenized assets, as well as a blockchain-native digital wallet launched in 2023 with
bitcoin and ether available for purchase, sale and holding. While the Sponsor has not managed an ETF investing in commodities or digital
assets, such as bitcoin, prior to the Trust, the Sponsor will leverage WisdomTree&#8217;s heritage of innovation and extensive experience,
including as described above, regarding bitcoin and the digital asset markets.</p>

<p style="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">The principal office of the Sponsor is located
at 250 West 34th Street, 3rd Floor, New York, NY 10119.</p>

<p style="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>Executive Officers 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">The Trust does not have any directors, officers
or employees. The creation and operation of the Trust has been arranged by the Sponsor. The following persons serve in the below capacities
on behalf of the Sponsor:</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">
    <td style="border-bottom: black 1pt solid; white-space: nowrap"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Name</b></p>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24.25pt 0pt 0; text-align: center"><b>Sponsor</b></p></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">+ WisdomTree Digital refers to the separate division within WisdomTree
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2022, and money services subsidiary, WisdomTree Digital Movement, Inc., commencing in 2023.</p>

<p style="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
Trustees </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 may resign at any time by giving
at least 180 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. Upon the resignation or removal of the Trustee, the Sponsor will appoint a
successor Trustee by delivering a written instrument to the outgoing Trustee, and the successor Trustee shall become fully vested with
all of the rights, powers, duties and obligations of the outgoing Trustee under this Trust Agreement, with like effect as if originally
named as Trustee, and the outgoing Trustee shall be discharged of its duties and obligations under this Trust Agreement.</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 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 Trust 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 Trust
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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"><span style="font-size: 10pt"><b>The </b></span><b>Bitcoin
<span style="font-size: 10pt">Custodian </span></b></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; text-indent: 24.5pt"><span style="font-size: 10pt">The Bitcoin Custodian
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the trading activity facilitated by the Prime Execution Agent from time to time.</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 0pt 24.45pt"><span style="font-size: 10pt"><b>The</b></span><b> Cash
<span style="font-size: 10pt">Custodian </span></b></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; text-indent: 24.5pt"><span style="font-size: 10pt">The Cash Custodian
is responsible for safekeeping all of the non-bitcoin assets owned by the Trust, except for cash held in the Trading Account with respect
to the trading activity facilitated by the Prime Execution Agent from time to time.</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 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"><span style="font-size: 10pt;">Information
regarding the Trust will be available at www.wisdomtree.com/investments. This internet address is only provided herein as a convenience,
and the information contained on or connected to such website is not considered part of this Prospectus. </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 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 AND CERTAIN
OTHER OPERATIONAL 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; text-indent: 24.5pt"><b><i>Bitcoin 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">The Trust has entered into an agreement with
the Bitcoin Custodian, (the &#8220;Bitcoin Custody Agreement&#8221;), pursuant to which the Bitcoin Custodian will custody all of the
Trust&#8217;s bitcoin in a segregated account from time to time (the &#8220;Vault Balance&#8221;), other than the Trust&#8217;s bitcoin
that is maintained in the Trading Balance with the Prime Execution Agent as described below. The Bitcoin Custodian will keep the bitcoin
within the Vault Balance and the associated private keys in a &#8220;cold storage&#8221; environment where the private keys are generated
and secured. The Trust&#8217;s bitcoin held with the Prime Execution Agent in the Trading Balance will generally be held in a &#8220;hot
storage&#8221; environment. The Trust&#8217;s bitcoin will remain in the Vault Balance, and thereby in cold storage, except when maintained
in the Trading Balance in connection with (i) receipt and delivery of bitcoin from and to third parties, such as the Prime Execution
Agent (ii) selling bitcoin to pay the Trust's expenses and liabilities that are not included in the Sponsor Fee, if any and (iii) paying
the Sponsor Fee.</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; text-indent: 24.5pt">Custody of bitcoin typically involves the
generation, storage and utilization of private keys. These private keys are used to effect transfer transactions (<i>i.e.</i>, transfers
of bitcoin from an address associated with the private key to another address). Cold storage of private keys may involve keeping such
keys on a non-networked computer or electronic device or storing the private keys on a storage device or printed medium and deleting
the keys from all computers. 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. By contrast, in hot storage, the private
keys are held online, where they are more accessible, leading to more efficient transfers, though they are potentially more vulnerable
to being hacked. The Bitcoin Custodian will keep all of the Trust&#8217;s bitcoin in the Vault Balance (<i>i.e.</i>, cold storage) on
an ongoing basis unless otherwise transferred to and maintained in the Trading Balance, which takes place at the direction of the Sponsor
in connection with creations and redemptions of Baskets, and to sell bitcoin to pay Trust expenses or the Sponsor Fee, as necessary.
The Trust&#8217;s bitcoin held in the Vault Balance by the Bitcoin Custodian are held in segregated wallets and therefore are not commingled
with the Bitcoin Custodian&#8217;s or other customer assets. The private key materials are stored within secure storage facilities within
the U.S. and Europe. Exact locations are never disclosed for security reasons. A limited number of employees at the Bitcoin Custodian
are involved in private key management operations, and the Bitcoin Custodian has represented that no single individual has access to
full private keys. The Bitcoin Custodian carefully considers the design of the physical, operational and cryptographic systems for secure
storage of the Trust&#8217;s private keys in an effort to lower the risk of loss or theft. No such system is perfectly secure and loss
or theft due to operational or other failure is always possible. The Sponsor and the Trust&#8217;s service providers will have the ability
to verify the existence of the Trust&#8217;s bitcoin through information provided from the Custodian.</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">The Bitcoin Custodian&#8217;s internal audit
team performs periodic internal audits over custody operations, and the Bitcoin Custodian has represented that Systems and Organizational
Control attestations covering private key management controls are also performed on the Bitcoin Custodian by an external provider.</p>

<p style="font: 10pt Times New 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 custodied by the Bitcoin Custodian
is not commingled with assets of Bitcoin Custodian or its affiliates or with assets of other customers of Bitcoin Custodian. Except with
respect to securing the repayment of Trade Credits, the Sponsor and the service providers will not loan or pledge the Trust's assets,
nor will the Trust's assets serve as collateral for any loan or similar arrangement. The Bitcoin Custodian has also agreed in the Bitcoin
Custody Agreement that it will not, directly or indirectly, lend, pledge, hypothecate or rehypothecate any of the Trust&#8217;s bitcoin,
and that the Trust&#8217;s bitcoin assets are not treated as general assets of the Bitcoin Custodian but are instead considered custodial
assets that remain the Trust&#8217;s property. Additionally, the Bitcoin Custodian has agreed to provide the Trust or its authorized
independent public accountant with confirmation of or access to information sufficient to confirm the bitcoin held by the Bitcoin Custodian
for the Trust and that the Trust&#8217;s bitcoin is held in a separate, segregated account under the Trust&#8217;s name. Under the Bitcoin
Custody Agreement, the Bitcoin Custodian is required to obtain and maintain, at its sole expense, commercially reasonable insurance coverage
for the custody services it provides to the Trust. The Bitcoin Custody Agreement does not require that private key information with respect
to the Trust&#8217;s bitcoin be kept in a particular physical location.</p>

<p style="font: 10pt Times New 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 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, unsigned transactions must be physically transferred to the offline cold storage facility and signed using a software/hardware
utility with the corresponding offline keys. At that point, the Bitcoin Custodian can upload the fully signed transaction to an online
network and transfer the bitcoin. Because the Bitcoin Custodian may need to retrieve private keys from offline storage prior to initiating
transactions, the initiation or crediting of withdrawals or other transactions may be delayed.</p>

<p style="font: 10pt Times New 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 Custodian maintains a commercial
crime insurance policy, which is intended to cover the loss of client assets held in cold storage, including from employee collusion
or fraud, physical loss including theft, damage of key material, security breach or hack, and fraudulent transfer. The insurance maintained
by the Bitcoin Custodian is shared among all of the Bitcoin Custodian&#8217;s customers, is not specific to the Trust or to customers
holding bitcoin with the Bitcoin Custodian, and may not be available or sufficient to protect the Trust from all possible losses or sources
of 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; text-align: justify; text-indent: 24.5pt">The Bitcoin Custodian maintains
an annually renewed insurance policy in the amount of $320 million with comprehensive coverage terms and conditions. This insurance policy
covers the loss of client assets held in cold storage at the Bitcoin Custodian. This insurance program, which has continuously run since
2013, provides the Bitcoin Custodian and its clients with some of the broadest and deepest insurance coverage in the crypto industry,
with coverage designed to be comprehensive, including losses from employee collusion or fraud, physical loss (including theft), or damage
of key material, security breach or hack, and fraudulent transfer.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Bitcoin Custodian has
advised the Sponsor that, through its insurance program, it has insurance coverage up to a certain amount that could be used to repay
losses of the digital assets it custodies on behalf of its clients, including the Trust&#8217;s bitcoin, resulting from theft. However,
Shareholders cannot be assured that the Bitcoin Custodian will maintain adequate insurance such that coverage will cover losses with
respect to the Trust&#8217;s bitcoins, or that sufficient insurance proceeds necessarily will be available to cover the Trust&#8217;s
losses in full.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Bitcoin Custodian&#8217;s
insurance covers losses resulting from employee collusion or fraud, physical loss (including theft), or damage of key material, security
breach or hack, and fraudulent transfer, but does not cover losses resulting from the Bitcoin Custodian&#8217;s insolvency or certain
other events. The Bitcoin Custodian&#8217;s insurance will not cover losses associated with the value of bitcoin and should not be viewed
as insuring against losses caused by the Trust&#8217;s operations, performance, management or any of its other activities. For events
that are covered by the Bitcoin Custodian&#8217;s insurance program, the Trust may be forced to share such insurance proceeds with other
clients or customers of the Bitcoin Custodian, which could reduce the amount of such proceeds that are available to the Trust. In addition,
the bitcoin insurance market is limited, and the level of insurance maintained by the Bitcoin Custodian may be substantially lower than
the assets of the Trust. While the Bitcoin Custodian maintains certain capital reserve requirements depending on the assets under custody,
and such capital reserves may provide additional sources of recovery in the event of losses, the Trust cannot be assured that the Bitcoin
Custodian will maintain capital reserves sufficient to cover actual or potential losses with respect to the Trust&#8217;s digital assets.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Bitcoin Custodian will
not be liable for any amount greater than the value of the supported digital assets on deposit in the Trust&#8217;s custodial account(s)
at the time of the event giving rise to the liability, subject further to the maximum liability limit of $100 million for each cold storage
address. There are no contractual limitations on the amount of bitcoin that may be deposited in each cold storage 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">The Bitcoin Custodian may terminate the Bitcoin
Custody Agreement for any reason upon providing the applicable notice to the Trust, or immediately for &#8220;Cause&#8221; (as defined
in the Bitcoin Custody Agreement), including, among others, if the Trust: materially breaches the Bitcoin Custody Agreement and such
breach remains uncured, or undergoes a bankruptcy event.</p>

<p style="font: 10pt Times New 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 will facilitate the settlement
of Shares in response to the placement of creation orders and redemption orders from Authorized 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"><b>Cash Custodian</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; text-indent: 24.5pt">The Trust has entered into the Cash Custody Agreement
with the Cash Custodian under which the Cash Custodian acts as custodian of the Trust&#8217;s cash and cash equivalents. Under the Cash
Custody Agreement, the Cash Custodian will open and maintain one or more cash deposit accounts to keep all cash and open other accounts
for other non-digital assets of the Trust delivered to the Cash Custodian and, on behalf of the Trust, the Cash Custodian shall, from
time to time, accept delivery of cash and other non-bitcoin assets for safekeeping. Amounts received in connection with the sale of bitcoin
shall be deposited into the cash account. The Cash Custodian shall exercise the reasonable skill, care and diligence expected of a professional
provider of custody services to institutional investors and shall generally be liable to the Trust for losses caused by the negligence,
willful default or fraud of the Cash Custodian.</p>

<p style="font: 10pt Times New 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>Additional
Custodial 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; text-indent: 24.5pt">The Trust may engage third-party custodians or
vendors besides the Bitcoin Custodian and the Cash Custodian to provide custody and security services for all or a portion of its bitcoin
and/or cash, and the Sponsor will pay the custody fees and any other expenses associated with any such third-party custodian or vendor.
The Sponsor may, in its sole discretion, add or terminate custodians at any time. The Sponsor may, in its sole discretion, change the
custodian for the Trust&#8217;s holdings, but it will have no obligation whatsoever to do so or to seek any particular terms for the
Trust from other such custodians.</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; text-indent: 24.5pt"><span style="font-size: 10pt">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 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. </span>At that point, the Bitcoin Custodian can transfer the bitcoin. Such private keys are stored in cold storage
facilities within the United States and Europe, exact locations of which are not disclosed for security reasons. The Bitcoin Custodian
has represented that a limited number of employees at the Bitcoin Custodian are involved in private key management operations, and the
Bitcoin Custodian has further represented that no single individual has access to full private keys.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.3pt 0pt 2pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Bitcoin Custodian has represented that it
maintains a commercial crime insurance policy, which is intended to cover the loss of client assets held in cold storage, including from
employee collusion or fraud, physical loss including theft, damage of key material, security breach or hack, and fraudulent transfer.
Such insurance is not specific to the Trust or to customers holding bitcoin with the Bitcoin Custodian, and may not be available for
sufficient to protect the Trust from all possible losses or sources of losses.</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; text-align: justify; text-indent: 24.5pt"><b>Prime Execution Agent</b></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; text-align: justify; text-indent: 24.5pt">The Prime Execution Agent, Coinbase Inc., an affiliate of the Bitcoin
Custodian, provides prime execution agent services, including bitcoin trade execution, from time to time as requested by the Sponsor,
although the Sponsor may also trade directly with other third parties and/or market makers. The Trust may engage in purchases of bitcoin
(creation of Baskets) or sales of bitcoin (redemptions of Baskets, Trust expenses, or the Sponsor Fee, as necessary) by placing orders
with the Prime Execution Agent. The Prime Execution Agent will route orders placed by the Trust through the Prime Execution Agent's execution
platform, where the order will be executed. Each order placed by the Trust will be sent, processed and settled at each Connected Trading
Venue to which it is routed. Subject to the foregoing, the Prime Execution Agent (as well as the Trust and the Sponsor) shall have no
liability, obligation, or responsibility whatsoever for the selection or performance of any trading venue, and that other trading venues
not used for the specific execution and/or trading venues not used by Coinbase may offer better prices and/or lower costs than the trading
venue used to execute the Trust&#8217;s orders.</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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Pursuant to the agreement
with the Prime Execution Agent (the &#8220;Prime Execution Agent Agreement&#8221;), the Trust&#8217;s bitcoin holdings and cash holdings
from time to time may be temporarily held with the Prime Execution Agent, an affiliate of the Bitcoin Custodian, in the Trading Balance,
for certain limited purposes, including in connection with creations and redemptions of Baskets, and the sale of bitcoin to pay the Sponsor&#8217;s
Fee and any other Trust expenses not assumed by the Sponsor, to the extent applicable, and in extraordinary circumstances, in connection
with the liquidation of the Trust&#8217;s bitcoin. The Sponsor may, in its sole discretion, add or terminate prime execution agents at
any time. The Sponsor may, in its sole discretion, change the prime execution agent for the Trust, but it will have no obligation whatsoever
to do so or to seek any particular terms for the Trust from other such prime execution agents. The Prime Execution Agent is experienced
in providing such services with a focus, though itself and its affiliates, on building the technology to power the cryptoeconomy since
2012. The Prime Execution Agent currently provides services to thousands of customers, including institutions<span style="background-color: white">.&#160;</span>Any
costs related to on-chain transactions through the Prime Execution Agent, including in connection with payment of the Sponsor&#8217;s
Fee, are borne by the Prime Execution Agent (and not the Trust or its Shareholders).</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Prime Execution Agent is compensated through the payment of
a fixed rate in basis points on any purchase or sale of bitcoin on behalf of the Trust. Where the Prime Execution Agent purchases or
sells bitcoin with respect to a creation or redemption basket, the fixed basis point fee will be communicated to the applicable Authorized
Participant in advance of the order and will be included in the transaction fee charged to the applicable Authorized Participant. The
Trust will pay such fee when the Prime Execution Agent sells bitcoin to pay Trust expenses.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Within the Trust&#8217;s
Trading Balance, the Prime Execution Agent Agreement provides that the Trust does not have an identifiable claim to any particular bitcoin
(and cash). Instead, the Trust&#8217;s Trading Balance represents an entitlement to a pro rata share of the bitcoin (and cash) the Prime
Execution Agent holds on behalf of customers who hold similar entitlements against the Prime Execution Agent. In this way, the Trust&#8217;s
Trading Balance represents an omnibus claim on the Prime Execution Agent&#8217;s bitcoin (and cash) held on behalf of the Prime Execution
Agent&#8217;s customers. There are no policies that would limit the amount of bitcoin that can be held temporarily in the Trading Balance
maintained by the Prime Execution Agent. However, bitcoin is only moved into the Trading Balance in connection with and to the extent
of purchases and sales of bitcoin by the Trust and such bitcoin is swept from the Trust&#8217;s Trading Balance to the Trust&#8217;s
Vault Balance each trading day pursuant to a regular end-of-day sweep process. The Trust&#8217;s use of Trade Credits and early order
cutoffs are also designed to limit the amount of time that any of the Trust&#8217;s bitcoin is held in the Trust&#8217;s Trading Balance.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Prime Execution Agent holds the bitcoin associated
with customer entitlements across a combination of omnibus cold wallets, omnibus &#8220;hot wallets&#8221; (meaning wallets whose private
keys are generated and stored online, in Internet-connected computers or devices) or in omnibus accounts in the Prime Execution Agent&#8217;s
name on a trading venue (including third-party venues and the Prime Execution Agent&#8217;s own execution venue) where the Prime Execution
Agent executes orders to buy and sell bitcoin on behalf of its clients.&#160; The Sponsor has no control over, and for security reasons
the Prime Execution Agent does not disclose to the Sponsor, the percentage of bitcoin that the Prime Execution Agent holds for customers
holding similar entitlements as the Trust which are kept in omnibus cold wallets, as compared to omnibus hot wallets or omnibus accounts
in the Prime Execution Agent&#8217;s name on a trading venue. The Prime Execution Agent has represented to the Sponsor that the percentage
of assets maintained in cold versus hot storage is determined by ongoing risk analysis and market dynamics, in which the Prime Execution
Agent attempts to balance anticipated liquidity needs for its customers as a class against the anticipated greater security of cold storage.</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; text-indent: 24.5pt">The Prime Execution Agent is not required by
the Prime Execution Agent Agreement to hold any of the bitcoin in the Trust&#8217;s Trading Balance in cold storage or to hold any such
bitcoin in segregation, and neither the Trust nor the Sponsor can control the method by which the Prime Execution Agent holds the bitcoin
credited to the Trust&#8217;s Trading Balance. The Prime Execution Agent relies on bank accounts to provide its trading platform services
and including temporarily holding any cash related to a customer&#8217;s purchase or sale of bitcoin.</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; text-indent: 24.5pt">The Prime Execution Agent Agreement provides
that the Prime Execution Agent is subject to certain conflicts of interest, including: (i) the Trust&#8217;s orders may be routed to
the Prime Execution Agent&#8217;s own execution venue where the Trust&#8217;s orders may be executed against other customers of the Prime
Execution Agent or with the Coinbase acting as principal, (ii) the beneficial identity of the counterparty purchaser or seller with respect
to the Trust&#8217;s orders may be unknown and therefore may inadvertently be another client of the Prime Execution Agent, (iii) the
Prime Execution Agent may execute a trade for its own inventory (or the account of an affiliate) while in possession of that knowledge
and (iv) the Prime Execution Agent may act in a principal capacity with respect to certain orders. As a result of these and other conflicts,
when acting as principal, the Prime Execution Agent may have an incentive to favor its own interests and the interests of its affiliates
over the Trust&#8217;s 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-indent: 24.5pt">The Prime Execution Agent does not guarantee
uninterrupted access or the services it provides to the Trust. The Prime Execution Agent Agreement provides that the Prime Execution
Agent shall have no liability, obligation, or responsibility whatsoever for the selection or performance of any Connected Trading Venue,
and that other Connected Trading Venues and/or trading venues not used by Coinbase may offer better prices and/or lower costs than the
Connected Trading Venue used to execute the Trust&#8217;s orders. Under the Prime Execution Agent Agreement, the Prime Execution Agent&#8217;s
liability is limited. Both the Trust and the Prime Execution Agent and its affiliates (including the Bitcoin Custodian) are required
to indemnify each other under certain circumstances. The Prime Execution Agent Agreement is governed by New York law and provides that
disputes arising under it are subject to arbitration.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Coinbase Global maintains
a commercial crime insurance policy, which is intended to cover the loss of client assets held by Coinbase Global and all of its subsidiaries,
including the Prime Execution Agent. The insurance maintained by the Coinbase Insureds is shared among all of Coinbase&#8217;s customers,
is not specific to the Trust or to customers holding bitcoin with the Bitcoin Custodian or Prime Execution Agent and may not be available
or sufficient to protect the Trust from all possible losses or sources of losses.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><b>Trade Credit Lender</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 avoid having to pre-fund purchases or sales
of bitcoin in connection with cash creations and redemptions and sales of bitcoin to pay the Sponsor&#8217;s Fee and any other Trust
expenses not assumed by the Sponsor, to the extent applicable, the Trust may borrow bitcoin or cash as Trade Credit from the Trade Credit
Lender on a short-term basis. This allows the Trust to buy or sell bitcoin through the Prime Execution Agent in an amount that exceeds
the cash or bitcoin credited to the Trust&#8217;s Trading Balance at the Prime Execution Agent at the time such order is submitted to
the Prime Execution Agent, which is expected to facilitate the Trust&#8217;s ability to process cash creations and redemptions and pay
the Sponsor&#8217;s Fee and any other Trust expenses not assumed by the Sponsor, to the extent applicable, in a timely manner by seeking
to lock in the bitcoin price on the trade date for creations and redemptions or the payment date for payment of the Sponsor&#8217;s Fee
or any other Trust Expenses not assumed by the Sponsor, rather than waiting for the funds associated with the creation to be transferred
by the Cash Custodian to the Prime Execution Agent prior to purchasing the bitcoin or for the bitcoin held in the Vault Balance to be
transferred to a Trading Balance prior to selling the bitcoin. The amount of Trade Credit available to the Trust is at the discretion
of the Trade Credit Lender and such amount is expected to be dynamic. The Trade Credit Lender reserves the right to change the amount
available to the Trust from time to time in its sole discretion. The Trust is required by the terms of the Trade Financing Agreement,
which is part of the Prime Execution Agent Agreement, to repay any extension of Trade Credit by the Trade Credit Lender by 6:00 p.m.
ET on the business day following the day that the Trade Credit was extended to the Trust. The Trade Credit Lender is only required to
extend Trade Credits to the Trust to the extent such bitcoin or cash is actually available to the Trade Credit Lender. For example, if
the Trade Credit Lender is unable to itself borrow bitcoin to lend to the Trust as a Trade Credit, or there is a material market disruption
(as determined by the Trade Credit Lender in good faith and in its sole discretion), the Trade Credit Lender is not obligated to extend
Trade Credits to the Trust. To secure the repayment of Trade Credits, the Trust has granted a first-priority lien to the Trade Credit
Lender over the assets in its Trading Balance and Vault Balance. If the Trust fails to repay a Trade Credit within the required deadline,
the Trade Credit Lender is permitted to take control of bitcoin or cash credited to the Trust&#8217;s Trading Balance and Vault Balance
(though it is required to exhaust the Trading Balance prior to taking control of assets in the Vault Balance) and liquidate them to repay
the outstanding Trade Credit. Trade Credits bear interest. Interest is payable on Trade Credits that exceeds the Federal Funds rate.
Although the Trust anticipates that generally the Authorized Participants will pre-fund their creation Baskets, the Trade Financing Arrangement
will be utilized to the extent the amount of the cash deposit necessary for a creation Basket is not pre-funded by the Authorized Participant.
It is not anticipated that the Trade Financing Arrangement will be used for a redemption Basket. To the extent the execution price of
the bitcoin acquired exceeds the cash deposit amount, the Authorized Participant would be responsible for the difference.</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; text-indent: 24.5pt">The Sponsor may require the Authorized Participant
to deliver cash on the trade date so that a purchase order can be settled in a timely manner, including in the event Trade Credits are
unavailable from the Trade Credit Lender or become exhausted. For a redemption order, the Trust may use financing when the bitcoin remains
in the Trust&#8217;s Custody Account at the point of intended execution of a sale 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">This arrangement could cause the execution price
associated with such trades, following the completion of the transfer, to materially deviate from the execution price that would have
existed on the original trade or payment date, which could negatively impact 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">Interest payable on Trade Credits utilized
under the Trade Financing Agreement is the responsibility of the Authorized Participants. In addition, to the extent that the execution
price for purchases and sales of bitcoin related to creations and redemptions and sales of bitcoin in connection with paying the Sponsor&#8217;s
Fee and any other Trust expenses, to the extent applicable, deviate significantly from the Index price used to determine the NAV of the
Trust, the Shareholders may be negatively impacted.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Shareholders&#8217; recourse against the
Sponsor, the Trustee, and the Trust&#8217;s other service providers for the services they provide to the Trust, including, without limitation,
those relating to the holding of bitcoin or the provision of instructions relating to the movement of bitcoin, is limited. For the avoidance
of doubt, neither the Sponsor, the Trustee, nor any of their affiliates, nor any other party has guaranteed the assets or liabilities,
or otherwise assumed the liabilities, of the Trust, or the obligations or liabilities of any service provider to the Trust, including,
without limitation, the Bitcoin Custodian. Consequently, a loss may be suffered with respect to the Trust&#8217;s bitcoin that is not
covered by the Bitcoin Custodian&#8217;s insurance and for which no person is liable in damages. As a result, the recourse of the Trust
or the Shareholders, under applicable law, is limited.</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; 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.</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-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 1934 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>

<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 will 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 5,000 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. As
of the date of this Prospectus the Authorized Participants are Jane Street Capital, LLC, Macquarie Capital (USA) Inc. and Virtu Americas
LLC. 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 as described under &#8220;Creation and Redemption Transaction Fees&#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 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>

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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">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 with a view towards distribution of such Shares. 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; 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 issues and redeems Baskets on a continuous
basis. Baskets may be created or redeemed only by Authorized Participants and are only issued or redeemed in exchange for a corresponding
amount of cash, whereby such amount of cash for a trading day is disclosed to Authorized Participants prior to the time that the Exchange
is open for regular trading on such trading day (<i>i.e.,</i> the night before such trading day). As of the date of this Prospectus,
a Basket requires delivery of $250,000, although the amount of bitcoin used to determine the cash necessary to purchase the creation
of a Basket, or to be sold upon redemption of a Basket, will decrease over the life of the Trust, due to the payment or accrual of fees
and other expenses or liabilities payable by the Trust. No Shares are issued unless the Cash Custodian has allocated to the Trust&#8217;s
account the corresponding amount of cash. Authorized Participants pay a transaction fee for each order they place to create or redeem
one or more Baskets. Transaction fees are expected to include commissions, taxes, and transaction and market impact costs, as applicable,
in relation to the Trust&#8217;s purchase or sale of bitcoin related thereto. The price of bitcoin, the Trust&#8217;s NAV and the price
of a Basket could rise or fall substantially between the time a creation order or redemption order is submitted and the time the amount
of the purchase price in respect thereof is determined, and the risk of such price movements will be borne solely by the Authorized Participant.</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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The transfers of bitcoin necessary for creations
or redemptions require &#8220;on-chain&#8221; transactions represented on the Bitcoin Blockchain. Bitcoin transactions that occur on
the blockchain are susceptible to delays due to bitcoin network outages, congestion, spikes in transaction fees demanded by miners, or
other problems or disruptions. To the extent that bitcoin transfers from the Trading Balance to the Vault Balance (creations) or from
the Vault Balance to the Trading Balance (redemptions) are delayed due to congestion or other issues with the bitcoin network, applicable
order settlement could be delayed. Further, disruption of services or actions at the Prime Execution Agent, Bitcoin Custodian, Cash Custodian,
Transfer Agent or Sponsor would have the potential to delay applicable order settlement.</p>

<p style="font: 10pt Times New 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 Authorized Participants will deliver only
cash to create Shares and will receive only cash when redeeming Shares. Further, Authorized Participants will not directly or indirectly
purchase, hold, deliver, or receive bitcoin as part of the creation or redemption process or otherwise direct the Trust or a third-party
with respect to purchasing, holding, delivering, or receiving bitcoin as part of the creation or redemption process.</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; text-indent: 24.5pt">The Trust will create Shares by receiving bitcoin
from a third-party that is not the Authorized Participant and the Trust&#8212;not the Authorized Participant&#8212;is responsible for
selecting the third-party to deliver the bitcoin. Further, the third-party will not be acting as an agent of the Authorized Participant
with respect to the delivery of the bitcoin to the Trust or acting at the direction of the Authorized Participant with respect to the
delivery of the bitcoin to the Trust. The Trust will redeem shares by delivering bitcoin to a third-party that is not the Authorized
Participant and the Trust&#8212;not the Authorized Participant&#8212;is responsible for selecting the third-party to receive the bitcoin.
Further, the third-party will not be acting as an agent of the Authorized Participant with respect to the receipt of the bitcoin from
the Trust or acting at the direction of the Authorized Participant with respect to the receipt of the bitcoin from the Trust.</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"></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"></p>

<p style="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, or such earlier time as disseminated
by the Trust the prior day for the following day&#8217;s transactions (<i>e.g.</i>, 11:00 a.m. ET). 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>

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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 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 deposit
cash with the Cash Custodian. If an Authorized Participant fails to deposit the required amount of cash, including by the communicated
cut-off time, the order may proceed through Trade Credits or the order may be canceled as directed by the Sponsor, and the Authorized
Participant will be obligated to pay all applicable costs and expenses.</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; margin: 0pt 0; text-indent: 24.5pt">The total deposit of cash required to create
each Basket includes the cash equivalent of 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). After the Trust&#8217;s NAV is
struck on a business day, the Administrator adjusts the quantity of bitcoin required to create a Basket as appropriate to reflect accrued
expenses. In order to calculate the amount of cash necessary for a creation Basket, the Administrator multiplies the NAV by the number
of Shares in a creation Basket (5,000) divided by the price of bitcoin at 4:00 p.m. ET as determined consistent with the Reference Rate.
Although the Administrator applies the bitcoin price to the calculation of the creation Basket value, the Administrator plays no role
in the determination of the bitcoin price used by the Trust; rather the bitcoin price used in calculating the cash value of the creation
Basket is identical to the bitcoin price used in determining the Trust&#8217;s NAV. Each night, the Sponsor or Trust Administrator will
publish the amount of cash that will be required in exchange for each creation Basket the next business day.</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; text-indent: 24.5pt">In addition, it is anticipated that the required
cash deposit will have a value greater than the value of the anticipated corresponding amount of bitcoin as directed by the Trust (<i>e.g.</i>,
an additional 15% of such value as the excess cash deposit), which is intended to cover the commissions, transaction and market impact
costs associated with the Trust&#8217;s purchase, via the Prime Execution Agent, of bitcoin that the Authorized Participant will be obligated
to pay. The Trust will return any unused portion of the excess cash deposit to the Authorized Participant. Following an Authorized Participant&#8217;s
purchase order, the Trust&#8217;s Cash Custodian account must be credited with the required cash by the settlement date, or such earlier
time as instructed, which may include the trade date. Upon receipt of the deposit amount in the Trust&#8217;s Cash Custodian account
and after purchase by the Trust of corresponding bitcoin with the cash deposited via the Prime Execution Agent, with transfer of bitcoin
from the Trading Balance (Prime Execution Agent) to the Vault Balance (Bitcoin Custodian), the Bitcoin Custodian will notify the Transfer
Agent, the Authorized Participant, and the Sponsor that the applicable amount of bitcoin has been received into the Trust&#8217;s account
at the Bitcoin Custodian. 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; text-indent: 24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><span style="font-size: 10pt">Bitcoin held in
the Trust&#8217;s account at the Bitcoin Custodian is the property of the Trust and is not traded, leased, or loaned under any circumstances.</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>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 Bitcoin 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, or such earlier time as disseminated by the Trust the prior day for the following day&#8217;s transactions (<i>e.g.</i>,
2:00 p.m. ET).</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; text-indent: 24.5pt"><span style="font-size: 10pt">The redemption
distribution from the Trust consists of a movement of bitcoin representing the amount of bitcoin held by the Trust evidenced by the Shares
being redeemed from the Vault Balance (Bitcoin Custodian) to the Trading Balance (Prime Execution Agent). The Prime Execution Agent will
then sell, at the direction of the Trust, the applicable amount of bitcoin for cash and deliver such cash to the Cash Custodian. The
cash redemption amount due from the Trust (less total transaction fees) will be delivered from the Cash Custodian to the Authorized Participant
once the Transfer Agent notifies the Cash 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.</span></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; text-indent: 24.5pt">Bitcoin held in the Trust&#8217;s Custodian 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>

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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>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) 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) for any period during which an emergency (for
example, an interruption in services or availability of the Bitcoin Custodian, Cash Custodian, Administrator, or other service providers
to the Trust, act of God, catastrophe, civil disturbance, government prohibition, war, terrorism, strike or other labor dispute, fire,
force majeure, interruption in telecommunications, order entry systems, Internet services, or network provider services, unavailability
of Fedwire, SWIFT or banks&#8217; payment processes, significant technical failure, bug, error, disruption or fork of the Bitcoin network,
hacking, cybersecurity breach, or power, Internet, or Bitcoin network outage, or similar event) exists as a result of which delivery,
disposal or evaluation of bitcoin is not reasonably practicable, or (3) for such other period as the Sponsor determines to be necessary
for the protection of the Shareholders. For example, the Sponsor may determine that it is necessary to suspend redemptions to allow for
the orderly liquidation of the Trust&#8217;s assets. If the Sponsor has difficulty liquidating the Trust&#8217;s positions, <i>e.g.</i>,
because of a market disruption event or an unanticipated delay in the liquidation of a position in an over-the-counter contract, it may
be appropriate to suspend redemptions until such time as such circumstances are rectified. None of the Sponsor, the person authorized
to take redemption orders in the manner provided in the Authorized Participant Agreement, or the Bitcoin Custodian or Cash 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 5,000 Shares (<i>i.e.</i>, 1 Basket) 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; text-indent: 24.5pt">None of the Trust, Sponsor, the Transfer Agent,
the Bitcoin Custodian or the Cash Custodian will be liable for the rejection of any purchase order or Basket.</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; text-indent: 24.5pt">In the event that the Sponsor intends to suspend
or postpone redemptions, it will provide Shareholders with notice in a prospectus supplement and/or through a current report on Form
8-K or in the Trust&#8217;s annual or quarterly 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"><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 standard transaction fee of $100 to create
or redeem Baskets, which is not expected to vary in accordance with the number of Baskets in such order. The total transaction fee will
also include applicable taxes, brokerage and any other commissions, transaction fees (including financing), trade slippage and market
impact costs, as applicable, and may be reduced, increased or otherwise changed by the Sponsor and the Trust based on changes to the
costs or inputs associated with the total transaction fee. The Sponsor will notify Authorized Participants of any change in the transaction
fee and will not implement any change in the fee until after the date of 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"><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"><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>

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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">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.
However, the Sponsor believes that the Basket size of 5,000 shares will enable Authorized Participants and market makers to manage inventory
and facilitate and effective arbitrage mechanism for the Trust. 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; 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 6.05pt 0pt 0; text-indent: 22.5pt">Proceeds received by the Trust from
the issuance and sale of Seed Shares and Baskets consists of cash. Bitcoin purchased with the cash deposits are held by the Bitcoin Custodian
or Prime Execution Agent on behalf of the Trust until they are (1) transferred in connection with the purchase of bitcoin, (2) sold in
connection with redemptions of Baskets or (3) sold 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-top: 0pt; margin-bottom: 0pt; text-align: center"><b>DESCRIPTION OF THE 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 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
will 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 transferable, 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. Every Shareholder,
by virtue of having purchased or acquired one or more Shares, shall have expressly consented and agreed to be bound by the terms 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; text-indent: 24.5pt">The Sponsor shall have the power and authority,
without action or approval by the Shareholders, to cause the Trust to issue Shares from time to time as it deems necessary or desirable.
The number of Shares authorized shall be unlimited. From time to time, the Sponsor may cause the Trust to divide or combine the Shares
into a greater or lesser number without thereby changing the proportionate beneficial interests in the Trust, or in any way affecting
the rights, of the Shareholders, without action or approval by the Shareholders. 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. 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. The Shares do not entitle their holders to
any conversion or pre-emptive rights or any redemption rights or rights to distributions. 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; 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>

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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 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 personnel providing
services with respect to the Sponsor do not devote their time exclusively to the Trust. These persons are directors, officers or employees
of other entities, including affiliates of the Sponsor, 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>Prime Execution 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 Trust may engage in sales of bitcoin by placing
orders with the Prime Execution Agent. The Prime Execution Agent will route orders placed by the Sponsor through the prime execution
agent execution platform (the &#8220;Trading Platform&#8221;) to a Connected Trading Venue where the order will be executed. Each order
placed by the Sponsor will be sent, processed and settled at each Connected Trading Venue to which it is routed. The Prime Execution
Agent Agreement provides that the Prime Execution Agent is subject to certain conflicts of interest, including: (i) the Trust&#8217;s
orders may be routed to the Prime Execution Agent&#8217;s own execution venue where the Trust&#8217;s orders may be executed against
other customers of the Prime Execution Agent or with the Coinbase acting as principal, (ii) the beneficial identity of the counterparty
purchaser or seller with respect to the Trust&#8217;s orders may be unknown and therefore may inadvertently be another client of the
Prime Execution Agent, (iii) the Prime Execution Agent does not engage in front-running, but is aware of the Trust&#8217;s orders or
imminent orders and may execute a trade for its own inventory (or the account of an affiliate) while in possession of that knowledge
and (iv) the Prime Execution Agent may act in a principal capacity with respect to certain orders. As a result of these and other conflicts,
when acting as principal, the Prime Execution Agent may have an incentive to favor its own interests and the interests of its affiliates
over the Trust&#8217;s interests.</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"><span style="font-size: 10pt"><b>Proprietary </b></span><b>and Individual
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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 Sponsor and its respective directors, officers,
employees and/or affiliates (and the affiliates&#8217; directors, officers and employees) may trade in the bitcoin, cryptocurrency, derivative
or other markets for their own accounts and for the accounts of their clients (such transactions may occur prior to, during, or after
the commencement of this offering), and in doing so may take positions opposite to those held by the Trust or ahead of 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. Further, such transactions may not serve to benefit the Shareholders of the Trust and may have a positive
or negative effect on the value of the bitcoin held by the Trust and, consequently, on the market value of bitcoin. There can be no assurance
that any of the foregoing will not have an adverse effect on the performance of the Trust or its Shares. 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 (and the affiliates&#8217; directors, officers and employees) 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">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Sponsor has a Code of Conduct that applies
to those personnel of the Sponsor whose regular functions or duties involve making, participating in, or obtaining information regarding
the purchase or sale of bitcoin by the Trust, and requires pre-clearance of bitcoin by such persons.</p>

<p style="font: 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>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">The general fiduciary duties that would otherwise
be imposed on the Sponsor (which would make its operation of the Trust as described herein impracticable due to the strict prohibition
imposed by such duties on, for example, conflicts of interest on behalf of a fiduciary in its dealings with its beneficiaries), will
be replaced entirely by the terms of the Trust Agreement (to which terms all Shareholders, by subscribing to the Shares, are deemed to
consent). Additionally, under the Trust Agreement, the Sponsor will have the following obligations as a sponsor of the Trust:</p>

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

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  <tr style="vertical-align: top">
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<p style="margin: 0">&#160;</p>

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    is subject as a result of the listing, quotation or trading of the Shares on the Exchange, and take all such other actions that may
    reasonably be taken and are necessary for the Shares to remain listed, quoted or traded on the Exchange until the Trust is terminated
    or the Shares are no longer listed, quoted or traded on the Exchange;</td></tr>
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    powers, to do everything necessary, suitable or proper for the accomplishment of any purpose or the attainment of any object or the
    furtherance of any power herein set forth, either alone or in association with others, and to do every other act or thing incidental
    or appurtenant or growing out of or connected with the aforesaid business or purposes, objects or powers.</td></tr>
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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-indent: 24.5pt">To the extent that a law (common or statutory)
or in equity, the Sponsor has duties (including fiduciary duties) or liabilities 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 fraud, 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 fraud, bad faith, or willful misconduct.</p>

<p style="font: 10pt Times New 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;) from and against any and all losses, damages, liabilities,
claims, actions, suits, costs, expenses, disbursements (including the reasonable fees and expenses of counsel and fees and expenses incurred
in connection with enforcement of its indemnification rights hereunder), taxes and penalties 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 at any time against such Indemnified
Persons with respect to the performance of the Trust Agreement, the creation, operation or termination of the Trust or the transactions
contemplated hereby; provided, however, that the Trust shall not be required to indemnify any Indemnified Person for any Expenses which
are a result of the willful misconduct, bad faith or negligence of an Indemnified Person. To the fullest extent permitted by law and
by the requirement for treatment of the Trust as a grantor trust for tax purposes, Expenses to be incurred by an Indemnified Person shall,
from time to time, be advanced by, or on behalf of, Sponsor prior to the final disposition of any matter upon receipt by Sponsor of an
undertaking by, or on behalf of, such Indemnified Person to repay such amount if it shall be determined that the Indemnified Person is
not entitled to be indemnified under the Trust Agreement.</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"><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 and its affiliates and their respective
members, managers, directors, officers, employees, agents and controlling persons (each, a &#8220;Covered Person&#8221;) shall have no
liability to the Trust or to any Shareholder or other Covered Person for any loss suffered by the Trust which arises out of any action
or inaction of such Covered Person if such course of conduct did not constitute fraud, bad faith or willful misconduct of such Covered
Person. Subject to the foregoing, neither the Sponsor nor any other Covered Person shall be personally liable for the return or repayment
of all or any portion of the Bitcoin transferred, or the purchase price otherwise paid, by a Shareholder for its Shares, it being expressly
agreed that any such return made pursuant to this Trust Agreement shall be made solely from the assets of the Trust without any rights
of contribution from the Sponsor or any other Covered Person. A Covered Person shall not be liable for the conduct or misconduct of any
delegatee selected by the Sponsor with reasonable care.</p>

<p style="font: 10pt Times New 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 any other Covered Person shall
be indemnified by the Trust against any losses, judgments, liabilities, expenses and amounts arising out of or in connection the performance
of its obligations under the Trust Agreement, any actions taken in accordance with the provisions of the Trust agreement or with its
activities for the Trust, provided that (i) the Sponsor was acting on behalf of, or performing services for, the Trust and such liability
or loss was not the result of fraud, bad faith, willful misconduct, or a material breach of the Trust Agreement on the part of the Sponsor
and (ii) any such indemnification will be recoverable only from the Trust Estate, as defined within the Trust Agreement. Any amounts
payable to the Sponsor and any Covered Person under the Trust Agreement may be payable in advance. 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.</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; 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-indent: 24.5pt">Insofar as indemnification for liabilities arising
under the 1933 Act may be permitted to directors, officers or persons controlling the Trust pursuant to the foregoing provisions, the
Trust has been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the 1933 Act and
is therefore unenforceable.</p>

<p style="font: 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: 36pt">The Shareholders do not generally have any voting
rights. The Shares do not represent a traditional investment and are not similar to shares of a corporation operating a business enterprise
with management and a board of directors. All Shares are of the same class with equal rights and privileges. The Shares do not entitle
their holders to any conversion or pre-emptive rights or any redemption rights (other than with respect to the dissolution of the Trust).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Shareholders will not participate in the management
or control of the Trust, nor will they enter into any transaction on behalf of the Trust or have the power to sign for or bind the Trust,
as such power is vested solely and exclusively in 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-indent: 36pt">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>

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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 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. No Shareholder shall have any right
to inspect any account, book or document of the Trust that is not publicly available, except as conferred 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-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; text-align: center"><b>STATEMENTS, FILINGS, AND REPORTS TO SHAREHOLDERS
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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">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 1934 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
except for causes of action for violation of U.S. federal or state securities laws. 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, provided that (i) the forum selection provisions do not apply to suits brought to enforce a duty
or liability created by the 1934 Act or any other claim for which the federal courts have exclusive jurisdiction and (ii) the federal
district courts of the United States of America shall be the exclusive forum for the resolution of any complaint asserting a cause of
action arising under the 1933 Act, or the rules and regulations promulgated thereunder. 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. The validity of the Shares has been passed upon for the Trust by Morris, Nichols, Arsht &amp;
Tunnell LLP. Perkins Coie LLP, as counsel to the Sponsor, has rendered an opinion regarding the material U.S. federal income tax consequences
relating to the Shares.</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-align: center"><b>EXPERTS&#160;</b></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; text-indent: 24.5pt">The financial statement of the WisdomTree Bitcoin
Fund as of December 26, 2023 has been included herein in reliance on the report of Ernst and Young LLP, 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; 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;), &#8220;Treasury Regulations&#8221; 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 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 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 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 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>

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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>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. 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; 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">TheTrust may use bitcoin to pay certain expenses of the Trust,
which under current IRS guidance would be treated as a sale of such bitcoin. Although the Trust generally does not intend to sell bitcoin
for other purposes, it may do so in connection with cash redemption transactions, or if necessary to pay certain expenses that must be
paid in cash. As and when 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 a 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 or treated as 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">In the event the In-Kind Regulatory Approval
is received, an in-kind 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 in-kind 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 in-kind redemption that is attributable to the Shares redeemed. The Shareholder&#8217;s
holding period with respect to the bitcoin received generally should include the period during which the Shareholder held the Shares
redeemed in-kind. A subsequent sale of the bitcoin received by the Shareholder generally will be a taxable event, unless a nonrecognition
provision of the Code or Treasury Regulations 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 that is taken into account in determining the amount of gain
or loss recognized by the Shareholder upon such sale or redemption for cash or, in the case of an in-kind redemption, that is treated
as the basis of the bitcoin received by the Shareholder in the in-kind 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"><span style="font-size: 10pt">If a hard fork
occurs in the Bitcoin Blockchain, Incidental Rights or IR Virtual Currency may become available to the Trust. 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. If such a transaction
occurs, the Trust, at the direction of the Sponsor, will as soon as possible direct the Bitcoin Custodian to irrevocably and permanently
abandon, for no consideration, such Incidental Rights or IR Virtual Currency.</span></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"><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"><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; margin: 0pt 0">&#160;</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; text-indent: 24.5pt">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>

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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">(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"><span style="font-size: 10pt">It is intended
that: (a)&#160;none of the Sponsor, the Trustee, the</span> Bitcoin Custodian, the Cash <span style="font-size: 10pt">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.
</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-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; 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. also owns trademark registrations for the Sponsor. The Sponsor relies upon
these trademarks through which it markets its services and strives to build and maintain brand recognition in the market and among current
and potential investors. 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.</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-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 Sponsor has filed on behalf of the Trust
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 you may inspect, without charge, online at www.sec.gov. Information about the Trust or the Shares can also be obtained from the
Sponsor&#8217;s website at www.wisdomtree.com/investments. This Internet address is only provided here as a convenience to you, and the
information contained on or connected to the Trust&#8217;s website is not considered part of this Prospectus. We will make available,
free of charge, on our website our Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K (including any amendments
thereto), proxy statements and other information filed with, or furnished to, the SEC, as soon as reasonably practicable after such documents
are so filed or furnished.</p>



<p style="font: 10pt Times New 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 be subject to the informational
requirements of the 1934 Act and the Sponsor will, on behalf of the Trust, file certain reports and other information with the SEC. These
filings will contain certain important information that does not appear in this Prospectus. For further information about the Trust,
you may read and copy these filings at the SEC&#8217;s Internet site (www.sec.gov), which also contains reports and other information
regarding issuers that file electronically with the SEC.</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; margin: 0pt 0; text-align: center"><b>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the Shareholder and Sponsor of WisdomTree Bitcoin 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>Opinion on the Financial Statement</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">We have audited the accompanying statement of assets and liabilities
of WisdomTree Bitcoin Fund (the &#8220;Fund&#8221;) as of December 26, 2023 and the related notes (the &#8220;financial statement&#8221;).
In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Fund at December 26,
2023, in conformity with U.S. generally accepted accounting principles.</p>

<p style="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>Basis for 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">This financial statement is the responsibility of the Fund&#8217;s
management. Our responsibility is to express an opinion on the Fund&#8217;s financial statement based on our audit. We are a public accounting
firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect
to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We conducted our audit in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free
of material misstatement, whether due to error or fraud.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our audit included performing procedures to assess the risks of
material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks.
Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit
also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><img src="ernstandyoung_sig.jpg" alt=""/></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have served as the auditor of one or more WisdomTree investment
companies since 2006.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 29, 2023</p>

<p style="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>WisdomTree Bitcoin Fund</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Statement of Assets and Liabilities</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 26, 2023&#160;</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"></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: left"><b>&#160;</b></p>

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

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

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Notes to Financial Statements</b></p>

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

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

<ix:nonNumeric contextRef="AsOf2023-12-26" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p id="xdx_807_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zUxST8gjm6N5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-transform: uppercase"><b>1. <span id="xdx_829_zTHiF2BoeqMg">ORGANIZATION</span></b></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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WisdomTree Bitcoin Fund (the &#8220;Fund&#8221;)
is a Delaware statutory trust organized on March 8, 2021 under Delaware law pursuant to the Delaware Statutory Trust Act (&#8220;DTSA&#8221;)
and a Trust Agreement, as amended from time to time (the &#8220;Trust Agreement&#8221;). The Fund&#8217;s investment objective is to
gain exposure to the price of bitcoin, less expenses and liabilities of the Fund&#8217;s operations. The Fund issues common shares of
beneficial interest (the &#8220;Shares&#8221;) and expects to operate as an exchange traded fund that will be listed on the Cboe BZX
Exchange, Inc. (the &#8220;Exchange&#8221;) and will trade under the ticker symbol &#8220;BTCW.&#8221;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WisdomTree Digital Commodity Services, LLC (the
&#8220;Sponsor&#8221;) serves as sponsor of the Fund. The Sponsor arranges for the creation of the Fund and is responsible for the ongoing
registration of the Shares for public offering in the United States and the listing of Shares on the Exchange. The Sponsor will develop
and administer a marketing plan for the Fund and prepare marketing materials regarding the Shares, in each case in conjunction with Foreside
Fund Services, LLC (the &#8220;Marketing Agent&#8221;). The sponsor will select the service providers, negotiate the applicable agreements
and fees and monitors the performance of the Fund.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Delaware Trust Company acts as the trustee of
the Fund for the purpose of creating a Delaware statutory trust in accordance with the DTSA. The Trustee is appointed to serve as the
trustee of the Fund in the State of Delaware for the sole purpose of satisfying the requirement of Section 3807(a) of the DSTA that the
Fund 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; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund had no operations to date other than
matters relating to its organization and registration under the Securities Act of 1933, as amended, and the sale and issuance of <span id="xdx_904_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pp0p0_c20231222__20231222_zv8Oc6vQrrpb" title="Sale and issuance of equity"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2023-12-222023-12-22" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,000</ix:nonFraction></span>
common shares of beneficial interest on December 22, 2023. Proceeds from the issuance of these shares were held in cash as presented
on the Fund&#8217;s statement of assets and liabilities.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the ordinary course of operation, the Fund
will sell or redeem its Shares, in blocks of 5,000 Shares (a &#8220;Basket&#8221;) based on the quantity of bitcoin attributable to each
Share of the Fund (net of accrued but unpaid expenses and liabilities). For a subscription of Shares, the subscription shall be in the
amount of cash needed to purchase the amount of bitcoin represented by the Basket being created, in each case as calculated by State
Street Bank and Trust Company (&#8220;State Street&#8221;) the Fund&#8217;s administrator (the &#8220;Fund Administrator&#8221; or the
&#8220;Cash Custodian&#8221;). For a redemption of Shares, the Sponsor shall arrange for the bitcoin represented by the Basket to be
sold and the cash proceeds distributed. Financial firms that are authorized to purchase or redeem Shares with the Fund (known as &#8220;Authorized
Participants&#8221;) will deliver cash to the Fund&#8217;s account with the Cash Custodian in exchange for Shares when they purchase
Shares, and will receive cash (from the Cash Custodian), when they redeem Shares with the Fund. 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 Fund&#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; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the normal course of business, the Fund may
enter into contracts that contain a variety of representations or that provide indemnification for certain liabilities. The Fund&#8217;s
maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have
not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts and believes such exposure to be remote.</p>

<ix:exclude><p id="xdx_236_z0V0HNtK4e04" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-transform: uppercase"><b>&#160;</b></span></p></ix:exclude>

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<ix:exclude><p id="xdx_239_zSalUaG3exwf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_231_zLQ4vsnZ9U64" style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Notes to Financial Statements</b> <span style="font-size: 10pt">(continued)</span></p></ix:exclude>

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

</ix:nonNumeric><ix:nonNumeric contextRef="AsOf2023-12-26" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_803_eus-gaap--SignificantAccountingPoliciesTextBlock_zYieYEnltP09" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>2. <span id="xdx_82A_zwT6tHQGr4h6">SIGNIFICANT ACCOUNTING POLICIES</span></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">The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statement. The financial statement has been prepared in conformity with accounting
principles generally accepted in the United States of America (&#8220;GAAP&#8221;). The Fund is an investment company and follows the
specialized accounting and reporting guidance in the Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification
(&#8220;ASC&#8221; or &#8220;Codification&#8221;) Topic 946, Financial Services&#8212;Investment Companies. Rules and interpretive releases
of the Securities and Exchange Commission (&#8220;SEC&#8221;) under authority of federal laws are also sources of authoritative GAAP
for SEC registrants.</p>

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

<ix:nonNumeric contextRef="AsOf2023-12-26" escape="true" name="us-gaap:GuaranteesIndemnificationsAndWarrantiesPolicies"><p id="xdx_84D_eus-gaap--GuaranteesIndemnificationsAndWarrantiesPolicies_zk5tZec9rDOl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span id="xdx_860_zkeDtDvS8RN1">Indemnifications</span> </b>- 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 Fund and held harmless against any loss, liability or expense incurred under the
Trust Agreement without fraud, 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. The
Fund&#8217;s maximum exposure under these arrangements cannot be known; however, the Fund expects any risk of loss to be remote.</p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="AsOf2023-12-26" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_849_eus-gaap--UseOfEstimates_zS0N8QkWANJ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span id="xdx_864_zC8AVNIOdL4e">Use of Estimates</span></b> - The preparation of
financial statements in conformity with GAAP, requires management to make certain estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of increases and decreases in the net assets from operations during the reporting period. Actual results could differ
from those estimates.</p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="AsOf2023-12-26" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_842_eus-gaap--IncomeTaxPolicyTextBlock_zulJf7RUUnEl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span id="xdx_86D_zObzXw0engr">Income Taxes</span></b> - The Fund is classified
as a &#8220;grantor trust&#8221; for United States federal income tax purposes. As a result, the Fund itself will not be subject to United
States federal income tax. Instead, the Fund&#8217;s income and expenses will &#8220;flow through&#8221; to the shareholders. Consequently,
each sale of bitcoin by the Fund would constitute a taxable event to shareholders.</p>

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

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="AsOf2023-12-26" escape="true" name="cik0001850391:ExpensesOrganizationAndOfferingCostsTextBlock"><p id="xdx_808_ecustom--ExpensesOrganizationAndOfferingCostsTextBlock_zHajWbknDp1l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3. <span id="xdx_822_z7iK15mA3eH9">EXPENSES, ORGANIZATION AND OFFERING COSTS</span></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Once operations commence,
the Fund will pay the Sponsor a fee (the &#8220;Sponsor Fee&#8221;) in accordance with the Trust agreement and as set forth in the Prospectus.
The Sponsor fee shall be included in the Prospectus prior to the commencement of trading of Shares on the listing exchange. 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. The Fund&#8217;s only ordinary recurring
expense is expected to be the Sponsor Fee. In exchange for the Sponsor&#8217;s Fee, the Sponsor has agreed to assume the marketing and
the following administrative expenses of the Fund: the fees of the Trustee, the Fund Administrator, Fund Accountant, Transfer Agent,
and Marketing Agent, the Custodians&#8217; Fee, Exchange listing fees, SEC registration fees, printing and mailing costs, tax reporting
fees, audit fees, license fees and ordinary legal fees and expenses. The Sponsor will pay the costs of the Fund&#8217;s organization
and the initial sale of the Shares. There is no cap on the amount of these Sponsor paid expenses.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Sponsor may, at its
sole discretion and from time to time, waive all or a portion of the Sponsor Fee for stated periods of time.</p>

<ix:exclude><p id="xdx_232_zSssA9LhIyg7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:exclude>

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<ix:exclude><p id="xdx_23D_zp55D011I9y" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:exclude>
<ix:exclude><p id="xdx_23C_z3HAU1qdy4q3" style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Notes to Financial Statements</b> <span style="font-size: 10pt">(concluded)</span></p></ix:exclude>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Fund may incur certain
non-recurring expenses that are not assumed by the Sponsor, including but not limited to, taxes and governmental charges, any applicable
brokerage commissions, financing charges or fees, Bitcoin network fees and similar transaction fees, expenses and costs of any extraordinary
services performed by the Sponsor (or any other service provider) on behalf of the Fund to protect the Fund or the interests of Shareholders,
any indemnification of the Cash Custodian, Coinbase Custody Trust Company LLC (&#8220;Bitcoin Custodian&#8221;), Fund Administrator or
other agents, service providers or counterparties of the Fund and extraordinary legal fees and expenses, including any legal fees and
expenses incurred in connection with litigation, regulatory enforcement or investigation matters&#160; related to the Fund.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Because the Fund does not
have any income, it will need to sell bitcoin to cover the Sponsor&#8217;s Fee and expenses not assumed by the Sponsor, if any. The Fund
may also be subject to other liabilities (for example, as a result of litigation) that have also not been assumed by the Sponsor. The
only source of funds to cover those liabilities will be sales of bitcoin held by the Fund. Even if there are no expenses other than those
assumed by the Sponsor, and there are no other liabilities of the Fund, the Fund will still need to sell bitcoin to pay the Sponsors
Fee. The result of these sales is a decrease in the amount of bitcoin represented by each Share.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">To cover the Sponsor&#8217;s
Fee and expenses not assumed by the Sponsor, the Sponsor or its delegate will cause the Fund (or its delegate) to convert bitcoin into
U.S. dollars at the price available through Coinbase, Inc., which is an affiliate of the Bitcoin Custodian. The number of bitcoins represented
by a Share will decline each time the Fund pays the Sponsor fee or any Fund expenses not assumed by the Sponsor by selling bitcoins.
The Fund is responsible for paying any costs associated with the sale of bitcoin.</p>

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

<ix:exclude><p id="xdx_23F_zujsDUzxe5O9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="AsOf2023-12-26" escape="true" name="cik0001850391:BeneficialOwnershipTextBlock"><p id="xdx_808_ecustom--BeneficialOwnershipTextBlock_z1ZCT0lLRJzf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_827_ziSewhxInPR2">BENEFICIAL
OWNERSHIP</span></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this financial statement WisdomTree,
Inc. owned <span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_c20231226__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--WisdomTreeIncMember_z9O4oINwzil3" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-26_custom_WisdomTreeIncMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction>%</span> of the outstanding Shares of the Fund. WisdomTree, Inc. is the parent company of the Sponsor.</p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="AsOf2023-12-26" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_807_eus-gaap--SubsequentEventsTextBlock_zhHDXwbZ6N3j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_825_zKorI7l1w7uf">SUBSEQUENT
EVENTS</span></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In preparing this financial statement, the Sponsor
has evaluated events and transactions for potential recognition or disclosure through the date this financial statement was available
to be issued. Management has determined that there were no material events, that would require disclosure in the Fund&#8217;s financial
statement, which occurred during the period subsequent to December 26, 2023.</p>

</ix:nonNumeric><p id="xdx_81D_zTTZJWjYPZhc" 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"></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-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;1934 Act&#8221;: The 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;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;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 5,000 Shares used by the Trust to
issue or redeem Shares.</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"><span style="font-size: 10pt">&#8220;</span>Bitcoin <span style="font-size: 10pt">Custodian&#8221;:
</span>Coinbase Custodian Trust Company 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;bitcoin platform&#8221;: An online trading platform where bitcoin
is 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">&#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;Cash Custodian&#8221;: State Street Bank and 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;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;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;: State Street Bank and 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;GAAP&#8221;: Generally accepting accounting principles in the
U.S.</p>

<p style="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 Fund 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;MSB&#8221;: Money Services Business.</p>

<p style="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;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>

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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;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 of 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;Sponsor&#8221;: WisdomTree Digital Commodity 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;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;: State Street Bank and 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;Trust Administrator&#8221; or &#8220;Administrator&#8221;:
State Street Bank and 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;Trust Agreement&#8221;:
Trust Agreement of WisdomTree Bitcoin 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">&#8220;Trust&#8221;: WisdomTree Bitcoin 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">&#8220;Trustee&#8221;: 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>

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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-align: center"><b>WISDOMTREE BITCOIN FUND </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">_______________________________</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><b>January 10, 2024</b><b>
</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 February 4, 2024 (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>

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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"><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 of the amount
of fees and expenses (other than underwriting commissions and discounts) payable in connection with the issuance and distribution of
the Shares pursuant to the Prospectus. The Trust will not bear such expenses which will be paid by the Sponsor.</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; border-collapse: collapse; width: 80%">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%">SEC registration fee</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">$</td>
    <td style="width: 17%; text-align: right">&#160;</td>
    <td style="white-space: nowrap; width: 1%">*</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Listing fee</td>
    <td>&#160;</td>
    <td>$</td>
    <td style="text-align: right">&#160;</td>
    <td style="white-space: nowrap">&#160;&#160;12,000&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Auditor&#8217;s fees and expenses</td>
    <td>&#160;</td>
    <td>$</td>
    <td style="text-align: right">&#160;</td>
    <td style="white-space: nowrap">&#160;&#160;20,000</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Legal fees and expenses</td>
    <td>&#160;</td>
    <td>$</td>
    <td style="text-align: right">&#160;</td>
    <td style="white-space: nowrap">450,000</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Printing expenses</td>
    <td>&#160;</td>
    <td>$</td>
    <td style="text-align: right">&#160;</td>
    <td style="white-space: nowrap">&#160;&#160;50,000</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Miscellaneous expenses</td>
    <td>&#160;</td>
    <td>$</td>
    <td style="text-align: right">&#160;</td>
    <td style="white-space: nowrap">&#160;&#160;50,000</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Total</td>
    <td>&#160;</td>
    <td>$</td>
    <td style="text-align: right">&#160;</td>
    <td style="white-space: nowrap">582,000</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  </table>

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

<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 3%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">*</span></td>
    <td style="width: 97%; padding-left: 4.5pt; font-size: 10pt">An indeterminate number of the securities is being registered as may
    from time to time be sold at indeterminate prices. In accordance with Rules 456(d) and 457(u), the Trust is deferring payment of
    all of the registration fee and will pay the registration fee subsequently on an annual basis.</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
fraud, 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"></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>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>

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<td style="width: 27pt"/><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>

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<td style="width: 72pt"/><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 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>

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<td style="width: 72pt"/><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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Provided, however, That paragraphs (1)(i), (ii),
and (iii) of this section do not apply if the registration statement is on Form S-1 and the information required to be included in a
post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to
section 13 or section 15(d) of the Exchange Act that are incorporated by reference in the registration statement; and</p>

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

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<td style="width: 27pt"/><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>

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<td style="width: 27pt"/><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>

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<td style="width: 27pt"/><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>

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<td style="width: 72pt"/><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>

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<td style="width: 117pt"/><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 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>

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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: 72pt"/><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 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>

<p style="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 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 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>

<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 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>

<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 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 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>

<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 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>

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

<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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap"><p style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Exhibit<br/>
                                    No.</b></p></td>
    <td>&#160;</td>
    <td style="white-space: nowrap"><p style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Exhibit
                                    Description</b></p></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top">&#160;&#160;3.1</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><a href="ex3_1.htm">Second Amended and Restated Trust Agreement*</a></td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; vertical-align: top">&#160;&#160;3.2</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><a href="http://www.sec.gov/Archives/edgar/data/0001850391/000119312521077493/d122075dex32.htm">Certificate of Trust (1)</a></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top">&#160;&#160;3.3</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><a href="https://www.sec.gov/Archives/edgar/data/1850391/000121465923016547/ex3_3.htm">Amended Certificate of Trust (2)</a></td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; vertical-align: top">&#160;&#160;5.1</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><a href="ex5_1.htm">Opinion of Morris, Nichols, Arsht &amp; Tunnell LLP as to legality*</a></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top">&#160;&#160;8.1</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><a href="ex8_1.htm">Opinion of Perkins Coie LLP as to tax matters*</a></td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; vertical-align: top">10.1</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><a href="https://www.sec.gov/Archives/edgar/data/1850391/000121465923017131/ex10_1.htm">Coinbase Prime Execution Agent Agreement (including Trade Financing Agreement) (3)</a></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top">10.2</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">Coinbase Custodial Services Agreement (included in Exhibit 10.1) (3)</td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; vertical-align: top">10.3</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><a href="https://www.sec.gov/Archives/edgar/data/1850391/000121465923017131/ex10_3.htm">Marketing Agent Agreement (3)</a></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top">10.4</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><a href="https://www.sec.gov/Archives/edgar/data/1850391/000121465923017131/ex10_4.htm">Custodian Agreement (Cash and Cash Equivalents) (3)</a></td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; vertical-align: top">10.5</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><a href="https://www.sec.gov/Archives/edgar/data/1850391/000121465923017131/ex10_5.htm">Trust Administration Agreement (including Accounting) (3)</a></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top">10.6</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><a href="https://www.sec.gov/Archives/edgar/data/1850391/000121465923017131/ex10_6.htm">Transfer Agency Agreement (3)</a></td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; vertical-align: top">10.7</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><a href="https://www.sec.gov/Archives/edgar/data/1850391/000121465923017131/ex10_7.htm">Form of Authorized Participant Agreement (3)</a></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top">23.1</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><a href="https://www.sec.gov/Archives/edgar/data/1850391/000121465923017131/ex23_1.htm">Consent of Ernst &amp; Young LLP (3)</a></td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; vertical-align: top">23.2</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><a href="ex5_1.htm">Consent of Morris, Nichols, Arsht &amp; Tunnell LLP (included in Exhibit 5.1)*</a></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top">23.2</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><a href="ex8_1.htm">Consent of Perkins Coie LLP (included in Exhibit 8.1)*</a></td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; vertical-align: top">107</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><a href="https://www.sec.gov/Archives/edgar/data/1850391/000121465923016547/ex107.htm">Filing Fee Table (2)</a></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 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>

<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 style="width: 22.5pt">(2)</td><td>Previously filed as an exhibit to the Trust&#8217;s Registration
                                            Statement on Form S-1 on December 18, 2023.</td></tr></table>

<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: 0"/><td style="width: 22.5pt">(3)</td><td>Previously filed as an exhibit to the Trust&#8217;s Registration Statement
                                            on Form S-1 on December 29, 2023</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 style="width: 22.5pt">*</td><td>Filed herewith.</td></tr></table>

<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"></p>

<p style="font: 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"><span style="font-size: 10pt">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 January 8, 2024. </span></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">
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    <td>&#160;</td>
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    <td style="vertical-align: top">&#160;</td>
    <td colspan="3" style="vertical-align: bottom"><span style="font-size: 10pt">By: WisdomTree Digital Commodity Services, LLC as Sponsor
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  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td>&#160;</td>
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  <tr>
    <td style="vertical-align: top; width: 57%">&#160;</td>
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    <td style="vertical-align: bottom; width: 37%"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/
                                            Jeremy Schwartz</p></td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-size: 10pt">Name:</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-size: 10pt">Jeremy Schwartz</span></td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-size: 10pt">Title:</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-size: 10pt">Chief Executive Officer</span></td></tr>
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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">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the following persons in the capacities* and on the dates indicated.</p>

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

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    <td>&#160;</td>
    <td style="white-space: nowrap"><p style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Date</b></p></td></tr>
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    <td>&#160;</td>
    <td colspan="2">&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-size: 10pt"><span style="text-decoration: underline">/s/ Jeremy Schwartz</span></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><span style="font-size: 10pt">Chief&#160;Executive&#160;Officer&#160;(Principal&#160;Executive&#160;Officer)</span></td>
    <td style="vertical-align: bottom">&#160;</td>
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    <td>&#160;</td>
    <td colspan="2">&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-size: 10pt"><span style="text-decoration: underline">/s/ David Castano</span></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><span style="font-size: 10pt">Chief Financial Officer and Treasurer (Principal Financial Officer
    and Principal Accounting Officer)</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">January 8, 2024</span></td></tr>
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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: 4.5pt"/><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, LLC, the Sponsor of
                                            the registrant.</td></tr></table>

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

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

<p style="text-align: center; margin-top: 0; margin-bottom: 0">93</p>

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<p style="margin: 0"></p>

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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>ex3_1.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 3.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>SECOND AMENDED AND RESTATED</B> <B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRUST AGREEMENT OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WISDOMTREE BITCOIN FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(formerly WisdomTree Bitcoin Trust)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Dated as of January 6, 2024 By and Among</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WISDOMTREE DIGITAL COMMODITY SERVICES, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>as Sponsor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>and </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DELAWARE TRUST COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(formerly known as CSC Trust Company of
Delaware)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Table of Contents</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 94%; text-align: left; font-weight: bold">RECITALS</TD>
    <TD STYLE="width: 6%; text-align: right; font-weight: bold">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; font-weight: bold">ARTICLE I DEFINITIONS; THE TRUST</TD>
    <TD STYLE="text-align: right; font-weight: bold">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 1.1 Definitions.</TD>
    <TD STYLE="text-align: right; font-style: italic">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 1.2 Name.</TD>
    <TD STYLE="text-align: right; font-style: italic">5</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 1.3 Delaware Trustee; Offices.</TD>
    <TD STYLE="text-align: right; font-style: italic">5</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 1.4 Declaration of Trust.</TD>
    <TD STYLE="text-align: right; font-style: italic">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 1.5 Purposes and Powers.</TD>
    <TD STYLE="text-align: right; font-style: italic">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 1.6 Tax Treatment.</TD>
    <TD STYLE="text-align: right; font-style: italic">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 1.7 Legal Title.</TD>
    <TD STYLE="text-align: right; font-style: italic">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; font-weight: bold">ARTICLE II THE TRUSTEE</TD>
    <TD STYLE="text-align: right; font-weight: bold">7</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 2.1 Term; Resignation; Removal.</TD>
    <TD STYLE="text-align: right; font-style: italic">7</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 2.2 Powers.</TD>
    <TD STYLE="text-align: right; font-style: italic">7</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 2.3 Compensation and Expenses of the Trustee.</TD>
    <TD STYLE="text-align: right; font-style: italic">7</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 2.4 Indemnification.</TD>
    <TD STYLE="text-align: right; font-style: italic">8</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 2.5 Successor Trustee.</TD>
    <TD STYLE="text-align: right; font-style: italic">8</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 2.6 Liability of Trustee.</TD>
    <TD STYLE="text-align: right; font-style: italic">8</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 2.7 Reliance; Advice of Counsel.</TD>
    <TD STYLE="text-align: right; font-style: italic">10</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 2.8 Payments to the Trustee.</TD>
    <TD STYLE="text-align: right; font-style: italic">10</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font-weight: bold">ARTICLE III SHARES; CREATIONS AND ISSUANCE OF CREATION BASKETS</TD>
    <TD STYLE="text-align: right; font-weight: bold">10</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 3.1 General.</TD>
    <TD STYLE="text-align: right; font-style: italic">10</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 3.2 Offer of Shares; Procedures for Creation and Issuance of Creation Baskets to Persons
    Other than Participants.</TD>
    <TD STYLE="text-align: right; font-style: italic">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 3.3 Offer of Shares; Procedures for Creation and Issuance of Creation Baskets to Participants.</TD>
    <TD STYLE="text-align: right; font-style: italic">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 3.4 Book-Entry System.</TD>
    <TD STYLE="text-align: right; font-style: italic">12</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 3.5 Assets of the Trust.</TD>
    <TD STYLE="text-align: right; font-style: italic">12</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 3.6 Liabilities of the Trust.</TD>
    <TD STYLE="text-align: right; font-style: italic">12</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 3.7 Distributions.</TD>
    <TD STYLE="text-align: right; font-style: italic">13</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 3.8 Voting Rights.</TD>
    <TD STYLE="text-align: right; font-style: italic">13</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 3.9 Equality.</TD>
    <TD STYLE="text-align: right; font-style: italic">13</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font-weight: bold">ARTICLE IV TRANSFERS OF SHARES</TD>
    <TD STYLE="text-align: right; font-weight: bold">13</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 4.1 .Secondary Market</TD>
    <TD STYLE="text-align: right; font-style: italic">13</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 4.2 Transfer of Shares Generally.</TD>
    <TD STYLE="text-align: right; font-style: italic">13</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; font-weight: bold">ARTICLE V REDEMPTIONS</TD>
    <TD STYLE="text-align: right; font-weight: bold">13</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 5.1 Reserved.</TD>
    <TD STYLE="text-align: right; font-style: italic">13</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 5.2 Redemption of Redemption Baskets.</TD>
    <TD STYLE="text-align: right; font-style: italic">13</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 5.3 Reserved.</TD>
    <TD STYLE="text-align: right; font-style: italic">14</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font-weight: bold; width: 94%">ARTICLE VI THE SPONSOR</TD>
    <TD STYLE="text-align: right; font-weight: bold; width: 6%">14</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 6.1 Management of the Trust.</TD>
    <TD STYLE="text-align: right; font-style: italic">14</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 6.2 Authority of Sponsor.</TD>
    <TD STYLE="text-align: right; font-style: italic">14</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 6.3 Obligations of the Sponsor.</TD>
    <TD STYLE="text-align: right; font-style: italic">15</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 6.4 General Prohibitions.</TD>
    <TD STYLE="text-align: right; font-style: italic">16</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 6.5 Liability of Covered Persons.</TD>
    <TD STYLE="text-align: right; font-style: italic">17</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 6.6 Fiduciary Duty.</TD>
    <TD STYLE="text-align: right; font-style: italic">17</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 6.7 Indemnification of the Sponsor.</TD>
    <TD STYLE="text-align: right; font-style: italic">18</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 6.8 Expenses and Limitations Thereon.</TD>
    <TD STYLE="text-align: right; font-style: italic">19</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 6.9 Voluntary Withdrawal of the Sponsor.</TD>
    <TD STYLE="text-align: right; font-style: italic">20</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 6.10 Litigation.</TD>
    <TD STYLE="text-align: right; font-style: italic">20</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 6.11 Bankruptcy; Merger of the Sponsor.</TD>
    <TD STYLE="text-align: right; font-style: italic">20</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font-weight: bold">ARTICLE VII THE SHAREHOLDERS</TD>
    <TD STYLE="text-align: right; font-weight: bold">20</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 7.1 No Management or Control; Limited Liability; Exercise of Rights through a Participant.</TD>
    <TD STYLE="text-align: right; font-style: italic">20</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 7.2 Rights and Duties.</TD>
    <TD STYLE="text-align: right; font-style: italic">20</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 7.3 Limitation of Liability.</TD>
    <TD STYLE="text-align: right; font-style: italic">21</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 7.4 Derivative Actions.</TD>
    <TD STYLE="text-align: right; font-style: italic">21</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 7.5 Appointment of Agents.</TD>
    <TD STYLE="text-align: right; font-style: italic">21</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 7.6 Business of Shareholders.</TD>
    <TD STYLE="text-align: right; font-style: italic">22</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 7.7 Authorization of Prospectus.</TD>
    <TD STYLE="text-align: right; font-style: italic">22</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font-weight: bold">ARTICLE VIII BOOKS OF ACCOUNT AND REPORTS</TD>
    <TD STYLE="text-align: right; font-weight: bold">22</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 8.1 Books of Account.</TD>
    <TD STYLE="text-align: right; font-style: italic">22</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 8.2 Annual Updates, Quarterly Updates and Account Statements</TD>
    <TD STYLE="text-align: right; font-style: italic">22</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 8.3 Tax Information.</TD>
    <TD STYLE="text-align: right; font-style: italic">22</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 8.4 Calculation of NAV and NAV per Share.</TD>
    <TD STYLE="text-align: right; font-style: italic">23</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 8.5 Maintenance of Records.</TD>
    <TD STYLE="text-align: right; font-style: italic">23</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font-weight: bold">ARTICLE IX FISCAL YEAR</TD>
    <TD STYLE="text-align: right; font-weight: bold">23</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 9.1 Fiscal Year.</TD>
    <TD STYLE="text-align: right; font-style: italic">23</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font-weight: bold">ARTICLE X AMENDMENT OF TRUST AGREEMENT; MEETINGS</TD>
    <TD STYLE="text-align: right; font-weight: bold">23</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 10.1 Amendments to the Trust Agreement.</TD>
    <TD STYLE="text-align: right; font-style: italic">23</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 10.2 Meetings of the Trust.</TD>
    <TD STYLE="text-align: right; font-style: italic">24</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 10.3 Action Without a Meeting.</TD>
    <TD STYLE="text-align: right; font-style: italic">24</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font-weight: bold">ARTICLE XI TERM</TD>
    <TD STYLE="text-align: right; font-weight: bold">25</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 11.1 Term.</TD>
    <TD STYLE="text-align: right; font-style: italic">25</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font-weight: bold">ARTICLE XII TERMINATION</TD>
    <TD STYLE="text-align: right; font-weight: bold">25</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 12.1 Dissolution of the Trust.</TD>
    <TD STYLE="text-align: right; font-style: italic">25</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic; width: 94%">SECTION 12.2 Distributions on Dissolution.</TD>
    <TD STYLE="text-align: right; font-style: italic; width: 6%">26</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 12.3 Termination; Certificate of Cancellation.</TD>
    <TD STYLE="text-align: right; font-style: italic">26</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font-weight: bold">ARTICLE XIII MISCELLANEOUS</TD>
    <TD STYLE="text-align: right; font-weight: bold">26</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 13.1 Governing Law.</TD>
    <TD STYLE="text-align: right; font-style: italic">26</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 13.2 Provisions In Conflict With Law or Regulations.</TD>
    <TD STYLE="text-align: right; font-style: italic">27</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 13.3 Merger and Consolidation.</TD>
    <TD STYLE="text-align: right; font-style: italic">27</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 13.4 Construction.</TD>
    <TD STYLE="text-align: right; font-style: italic">27</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 13.5 Notices.</TD>
    <TD STYLE="text-align: right; font-style: italic">27</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 13.6 Counterparts; Electronic Signatures.</TD>
    <TD STYLE="text-align: right; font-style: italic">28</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 13.7 Binding Nature of Trust Agreement.</TD>
    <TD STYLE="text-align: right; font-style: italic">28</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 13.8 No Legal Title to Trust Estate.</TD>
    <TD STYLE="text-align: right; font-style: italic">28</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 13.9 Creditors.</TD>
    <TD STYLE="text-align: right; font-style: italic">28</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 13.10 Integration.</TD>
    <TD STYLE="text-align: right; font-style: italic">28</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-style: italic">SECTION 13.11 Goodwill; Use of Name.</TD>
    <TD STYLE="text-align: right; font-style: italic">28</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">SECTION 13.13 Corporate Transparency Act.</TD>
    <TD STYLE="text-align: right; font-style: italic">29</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WISDOMTREE BITCOIN FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED TRUST AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> This <B>SECOND AMENDED AND RESTATED TRUST AGREEMENT </B>of <B>WISDOMTREE
BITCOIN FUND </B>(formerly, WisdomTree Bitcoin Trust) is made and entered into as of the 6th day of January, 2024, by and among <B>WISDOMTREE
DIGITAL COMMODITY SERVICES, LLC</B>, a Delaware limited liability company (the &ldquo;Sponsor&rdquo;), and <B>DELAWARE TRUST COMPANY</B>,
a Delaware corporation, as trustee, (the &ldquo;Trustee&rdquo;). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35pt; text-align: center">RECITALS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><B>WHEREAS,</B> with
the filing of a Certificate of Trust on March 8, 2021 and entry into that certain original trust agreement between the Sponsor and the
Trustee (the &ldquo;Original Trust Agreement&rdquo;), the Sponsor established a statutory trust to be known as &ldquo;WisdomTree Bitcoin
Trust,&rdquo; pursuant to the Delaware Trust Statute;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS,</B> with the filing of a Certificate
of Amendment on December 18, 2023, the name of the trust was changed to &ldquo;WisdomTree Bitcoin Fund.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> <B>WHEREAS</B>, the Sponsor and the Trustee
entered into an Amended and Restated Trust Agreement on December 28, 2023. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> <B>WHEREAS</B>, the Sponsor and the Trustee
wish to enter into this Second Amended and Restated Trust Agreement. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>NOW, THEREFORE</B>, the Trustee and the
Sponsor hereby amend and restate the Original Trust Agreement in its entirety and agree to enter in the Amended and Restated Trust Agreement
as set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35pt; text-align: center">ARTICLE I DEFINITIONS; THE
TRUST</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 1.1 Definitions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As used in this Trust Agreement, the following terms shall have
the following meanings unless the context otherwise requires:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Additional Trust Expenses</B>&rdquo; has the meaning
set forth in <U>Section 6.8(b)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Administrator</B>&rdquo; means any Person from time to
time engaged by the Sponsor to assist in the administration of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Affiliate</B>&rdquo; means (i) any Person directly or
indirectly owning, controlling or holding with power to vote 10% or more of the outstanding voting securities of such Person, (ii) any
Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with power to vote by
such Person, (iii) any Person, directly or indirectly, controlling, controlled by or under common control of such Person, (iv) any employee,
officer, director, member, manager or partner of such Person, or (v) if such Person is an employee, officer, director, member, manager
or partner, any Person for which such Person acts in any such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Annual Report</B>&rdquo; means the Trust&rsquo;s most
recent annual report on Form 10-K prepared and filed in accordance with the rules and regulations of the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Authorized Participant</B>&rdquo; or &ldquo;<B>Participant</B>&rdquo;
means a Person that (i) is a registered broker-dealer or is exempt from registration as a broker-dealer, (ii) has entered into an Authorized
Participant Agreement with the Sponsor and the Trust, and (iii) is a DTC participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Authorized Participant Agreement</B>&rdquo; or &ldquo;<B>Participant
Agreement</B>&rdquo; means an agreement entered into among the Trust, Sponsor and an Authorized Participant which permits the Authorized
Participant to submit Creation Orders and Redemption Orders with respect to the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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">&nbsp;</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">&ldquo;<B>Basket</B>&rdquo; means a block of 5,000 Shares, as such
number may be increased or decreased from time to time and as disclosed in the Prospectus.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Basket Bitcoin Amount</B>&rdquo; means, on any Trade
Date, the amount of Bitcoins required as of such Trade Date for each Creation Basket or Redemption Basket, as determined by the Sponsor
according to the methodology set forth in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Basket Cash Amount</B>&rdquo; means, on any Trade Date,
the amount of cash required as of such Trade Date for each Creation Basket or Redemption Basket, as determined by the Sponsor according
to the methodology set forth in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Beneficial Owner</B>&rdquo; means any Person owning a
beneficial interest in any Shares, including a person who holds Shares through a Registered Owner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Bitcoin</B>&rdquo; means a type of virtual currency based
on an open source cryptographic protocol existing on the Bitcoin Network as determined by the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Bitcoin Account</B>&rdquo; means, collectively, the Wallet
Account, the Vault Account and any subaccounts associated therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Bitcoin Custodian</B>&rdquo; means Coinbase Custody Trust
Company, LLC, or any other Person or Persons from time to time engaged to provide custodian, security or related services to the Trust
with respect to bitcoin pursuant to a written agreement with the Trust or Sponsor on behalf of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Bitcoin Holdings</B>&rdquo; means, at any time, the aggregate
value, expressed in U.S. Dollars, of the Trust&rsquo;s assets, less its liabilities (which include estimated accrued but unpaid fees
and expenses), calculated in accordance with <U>the Prospectus</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Bitcoin Index Price</B>&rdquo; (which may also be referred
to as the &ldquo;<B>Reference Rate</B>&rdquo;) has the meaning ascribed to such term as provided in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Bitcoin Network</B>&rdquo; means the online, end-user-to-end-user
network hosting a public transaction ledger, known as a blockchain, and the source code comprising the basis for the cryptographic and
algorithmic protocols governing the Bitcoin Network.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Business Day</B>&rdquo; means any day other than a Saturday,
Sunday or other day on which banks are permitted or required to close for business in New York, New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Certificate of Trust</B>&rdquo; means the Certificate
of Trust of the Trust, including all amendments thereto, filed with the Secretary of State of the State of Delaware pursuant to Section
3810 of the Delaware Trust Statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Cash Custodian</B>&rdquo; means State Street Bank and
Trust Company, or any other Person or Persons from time to time engaged to provide custodian, security or related services to the Trust
with respect to non-bitcoin assets pursuant toa written agreement with the Trust or Sponsor on behalf of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>CFTC</B>&rdquo; means the Commodity Futures Trading Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Code</B>&rdquo; means the Internal Revenue Code of 1986,
as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Corporate Trust Office</B>&rdquo; means the principal
office at which at any particular time the corporate trust business of the Trustee is administered, which office at the date hereof is
located at 251 Little Falls Drive, Wilmington, DE 19808.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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">&nbsp;</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">&ldquo;<B>Covered Person</B>&rdquo; means the Sponsor and its Affiliates
and their respective members, managers, directors, officers, employees, agents and controlling persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Creation Basket</B>&rdquo; means a Basket issued by the
Trust in exchange for the deposit of the Basket Bitcoin Amount or Basket Cash Amount, as applicable, with the Custodian.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Creation Order</B>&rdquo; has the meaning set forth in
<U>Section 3.3(a)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>CTA</B>&rdquo; has the meaning set
form in <U>Section 13.13</U> herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Custodian</B>&rdquo; means as the
context requires herein, the Bitcoin Custodian and/or the Cash Custodian, and any substitute or additional custodian of the Trust's bitcoin
and/or cash pursuant to written agreement with the Trust or Sponsor on behalf of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Delaware Trust Statute</B>&rdquo; means the Delaware
Statutory Trust Act, Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. &sect; 3801 et seq., as the same may be amended from time-to-time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>DTC</B>&rdquo; means The Depository Trust Company, or
its successor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>ERISA</B>&rdquo; means the Employee Retirement Income
Security Act of 1974, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Exchange Act</B>&rdquo; means the Securities Exchange
Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Expenses</B>&rdquo; has the meaning set forth in <U>Section
2.4(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>FinCEN</B>&rdquo; means the Financial Crimes Enforcement
Network, a bureau of the U.S. Department of Treasury.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Fiscal Year</B>&rdquo; has the meaning set forth in Section
9.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>GAAP</B>&rdquo; means U.S. generally accepted accounting
principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Incidental Rights</B>&rdquo; means the rights to acquire,
or otherwise establish dominion and control over, any virtual currency or other asset or right, which rights are incident to the Trust&rsquo;s
ownership of Bitcoins and arise without any action of the Trust, or of the Sponsor or Trustee on behalf of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Indemnified Persons</B>&rdquo; has the meaning assigned
to such term in <U>Section 2.4(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>IR Virtual Currency</B>&rdquo; means any virtual currency
or other asset or right acquired by the Trust through the exercise (subject to <U>Section 1.5(b)</U> and <U>Section 6.4(l)</U>) of any
Incidental Right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.05pt">&ldquo;<B>IRS</B>&rdquo; means the U.S. Internal
Revenue Service or any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.05pt">&ldquo;<B>Liquidating Trustee</B>&rdquo;
has the meaning assigned thereto in <U>Section 12.2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Marketer</B>&rdquo; means Foreside Fund Services, Inc.
or any other Person from time to time engaged to provide marketing services or related services to the Trust pursuant to pursuant to
written agreement with the Trust or Sponsor on behalf of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Marketing Fee</B>&rdquo; means the fee payable to the
Marketer for services it provides to the Trust, which the Sponsor shall pay the Marketer as a Sponsor-paid Expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>NAV</B>&rdquo; means net asset value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>PA Procedures</B>&rdquo; has the meaning assigned thereto
in <U>Section 3.3(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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">&nbsp;</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">&ldquo;<B>Percentage Interest</B>&rdquo; means, with respect to
any Shareholder at any time, a fraction, the numerator of which is the number of Shares held by such Shareholder and the denominator
of which is the total number of Shares outstanding, in each case as of 4:00 p.m., New York time, on the date of determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Person</B>&rdquo; means any natural person, corporation,
limited liability company, partnership, trust, association, joint venture, estate and other entities, whether or not legal entities,
governments and agencies and political subdivisions thereof, whether domestic or foreign, and any other &ldquo;person&rdquo; within the
meaning of Section 3801(f) of the Delaware Trust Statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Prime Execution Agent</B>&rdquo; means Coinbase Inc.
or any other Person or Persons from time to time engaged to provide prime brokerage, trade execution or similar services pursuant to
a written agreement with the Trust or Sponsor on behalf of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Prospectus</B>&rdquo; means the prospectus of the Trust
that has been filed with the SEC as part of the Registration Statement, as may be amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Redemption Basket</B>&rdquo; means a Basket redeemed
by the Trust in exchange for Bitcoins or cash in an amount equal to the Basket Bitcoin Amount or Basket Cash Amount, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Redemption Order</B>&rdquo; has the meaning assigned
thereto in <U>Section 5.2(a)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Registered Owner</B>&rdquo; means a Person in whose name
Shares are registered on the books of the Transfer Agent maintained for that purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Registration Statement</B>&rdquo; means the most recent
registration statement of the Trust, as filed with and declared effective by the SEC, as the same may at any time and from time to time
be amended or supplemented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>SEC</B>&rdquo; means the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Secondary Market</B>&rdquo; means any exchange, marketplace
or other alternative trading system, as determined by the Sponsor, on which the Shares may then be listed, quoted or traded, including
but not limited to, the Cboe BZX Exchange, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Securities Act</B>&rdquo; means the Securities Act of
1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Shareholder</B>&rdquo; means any Person that owns Shares
as a Registered Owner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Shares</B>&rdquo; means the common units of fractional
undivided beneficial interest in the profits, losses, distributions, capital and assets of, and ownership of, the Trust.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Sponsor</B>&rdquo; means WisdomTree Digital Commodity
Services, LLC, or any substitute therefor as provided herein, or any successor thereto by merger or operation of law.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Sponsor-paid Expense</B>&rdquo; and &ldquo;<B>Sponsor-paid
Expenses</B>&rdquo; have the meaning set forth in <U>Section 6.8(a)(v)</U>. &ldquo;<B>Sponsor&rsquo;s Fee</B>&rdquo; has the meaning
set forth in <U>Section 6.8(a)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Total Basket Bitcoin Amount</B>&rdquo; means, with respect
to any Creation Order or Redemption Order, the applicable Basket Bitcoin Amount, with respect to an in-kind Creation Order or Redemption
Order, or Basket Cash Amount with respect to a Creation Order or Redemption Order in cash, as applicable, multiplied by the number of
Creation Baskets or Redemption Baskets, as specified in the applicable Creation Order or Redemption Order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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">&nbsp;</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">&ldquo;<B>Trade Date</B>&rdquo; means, for any Creation Order or
Redemption Order, the Business Day on which the Total Basket Bitcoin Amount with respect to such Creation Order or Redemption Order is
determined in accordance with the PA Procedures.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Transfer Agent</B>&rdquo; means State Street Bank and
Trust Company, or any other Person from time to time engaged to provide such services or related services to the Trust pursuant to written
agreement with the Trust or Sponsor on behalf of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Treasury Regulations</B>&rdquo; means regulations, including
proposed or temporary regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations
shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Trust</B>&rdquo; means WisdomTree Bitcoin Fund, a Delaware
statutory trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Trust Agreement</B>&rdquo; means this Amended and Restated
Trust Agreement, as it may at any time or from time-to-time be amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Trustee</B>&rdquo; means Delaware Trust Company, its
successors and assigns, or any substitute therefor as provided herein, acting not in its individual capacity but solely as trustee of
the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Trust Estate</B>&rdquo; means (i) all the Bitcoins and
assets in the Trust&rsquo;s accounts, including the Bitcoin Account, (ii) all Incidental Rights held by the Trust, (iii) all IR Virtual
Currency in the Trust&rsquo;s accounts, (iv) all cash with the Cash Custodian pending use of such cash for the purchase of Bitcoins,
(v) all proceeds from the sale of Bitcoins, Incidental Rights and IR Virtual Currency pending use of such cash for payment of Additional
Trust Expenses or distribution to the Shareholders, and (vi) any receivables with respect to the foregoing and any rights of the Trust
pursuant to any agreements, other than this Trust Agreement, to which the Trust is a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Trust Expense</B>&rdquo; has the meaning set forth in
<U>Section 2.3</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>U.S. Dollar</B>&rdquo; means United States dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Vault Account</B>&rdquo; means one or more cold storage
accounts at the Bitcoin Custodian in the name of the Sponsor and of the Trust held for the safekeeping of the Trust&rsquo;s Bitcoins.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Wallet Account</B>&rdquo; means one or more wallets at
the Bitcoin Custodian or Prime Execution Agent (which may be omnibus accounts) in the name of the Trust or the Sponsor on behalf of the
Trust held for the deposit and withdrawal of Bitcoins.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 1.2 Name.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(a) The name of the Trust is &ldquo;WisdomTree
Bitcoin Fund&rdquo; in which name the Trustee and the Sponsor shall cause the Trust to carry out its purposes as set forth in Section
1.5, make and execute contracts and other instruments in the name and on behalf of the Trust and sue and be sued in the name and on behalf
of the Trust. The Trust was previously named &ldquo;WisdomTree Bitcoin Trust&rdquo; prior to December 18, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 1.3 Delaware Trustee; Offices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(a) The sole Trustee of the Trust is Delaware
Trust Company, which is located at the Corporate Trust Office or at such other address in the State of Delaware as the Trustee may designate
in writing to the Sponsor, which shall be reflected in an amendment to the Certificate of Trust. The Trustee shall receive service of
process on the Trust in the State of Delaware at the foregoing address. In the event Delaware Trust Company resigns or is removed as
the Trustee, the trustee of the Trust in the State of Delaware shall be the successor Trustee, subject to <U>Section 2.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(b) The principal office of the Trust, and such
additional offices as the Sponsor may establish, shall be located at such place or places inside or outside the State of Delaware as
the Sponsor may designate from time to time in writing to the Trustee and the Shareholders. Initially, the principal office of the Trust
shall be at c/o WisdomTree Digital Commodity Services, LLC, 250 West 34<SUP>th</SUP> Street, 3<SUP>rd</SUP> Floor, New York, New York
10119.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 1.4 Declaration of Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">The Trust Estate shall be held in trust for
the Shareholders. It is the intention of the parties hereto that the Trust shall be a statutory trust under the Delaware Trust Statute
and that this Trust Agreement shall constitute the governing instrument of the Trust. It is not the intention of the parties hereto to
create a general partnership, limited partnership, limited liability company, joint stock association, corporation, bailment or any form
of legal relationship other than a Delaware statutory trust that is treated as a grantor trust for U.S. federal income tax purposes and
for purposes of applicable state and local tax laws. Nothing in this Trust Agreement shall be construed to make the Shareholders partners
or members of a joint stock association. Effective as of the date hereof, the Trustee and the Sponsor shall have all of the rights, powers
and duties set forth herein and in the Delaware Trust Statute with respect to accomplishing the purposes of the Trust. The Trustee has
filed the Certificate of Trust required by Section 3810 of the Delaware Trust Statute in connection with the formation of the Trust under
the Delaware Trust Statute and has amended the Certificate of Trust to reflect the change in the name of the Trust to &ldquo;WisdomTree
Bitcoin Fund&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 1.5 Purposes and Powers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44.05pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
purposes of the Trust shall be to invest in, receive and hold Bitcoin and to distribute Bitcoin (or cash from the sale of Bitcoin) upon
redemptions of Shares in accordance with <U>Article V</U> hereof (if authorized in accordance with <U>Section 5.1</U> hereof) and to
distribute Bitcoin (or cash from the sale thereof) upon the liquidation of the Trust, and to enter into any lawful transaction and engage
in any lawful activities in furtherance of or incidental to the foregoing. For the avoidance of doubt, such activities include any lawful
action necessary or desirable as determined by the Sponsor in connection with the Trust&rsquo;s sale of Incidental Rights or IR Virtual
Currency, except if such action would be prohibited by any other provision of this Trust Agreement. The Trust shall have all of the powers
specified in <U>Section 3.1</U> hereof as powers which may be exercised by a Sponsor on behalf of the Trust under this Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust shall not take any action that could cause the Trust to be treated other than as a grantor trust for U.S. federal income tax purposes.
Without limiting the generality of the foregoing, nothing in this Trust Agreement (including, for the avoidance of doubt, <U>Section
1.5(a)</U>) shall be construed to give the Trustee or the Sponsor the power to vary the investment of the Shareholders within the meaning
of Section 301.7701-4(c) or similar provisions of the Treasury Regulations, nor shall the Trustee or the Sponsor take any action that
would vary the investment of the Shareholders.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 1.6 Tax Treatment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">Each of the parties bound by this Trust Agreement
(i) expresses its intention that the Shares will qualify under applicable tax law as interests in a grantor trust which holds the Trust
Estate, (ii) agrees that it will file its own U.S. federal, state and local income, franchise and other tax returns in a manner that
is consistent with clause (i) of this <U>Section 1.6</U> and with the classification of the Trust as a grantor trust, and (iii) agrees
to use reasonable efforts to notify the Sponsor promptly upon a receipt of any notice from any taxing authority having jurisdiction over
such holders of Shares with respect to the treatment of the Shares as anything other than interests in a grantor trust.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 1.7 Legal Title.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">Legal title to all of the Trust Estate shall
be vested in the Trust as a separate legal entity; <I>provided</I>, <I>however</I>, that if applicable law in any jurisdiction requires
legal title to any portion of the Trust Estate to be vested otherwise, the Sponsor may cause legal title to such portion of the Trust
Estate to be held by or in the name of the Sponsor or any other Person (other than a Shareholder or the Trustee) as nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35pt; text-align: center">ARTICLE II THE TRUSTEE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 2.1 Term; Resignation; Removal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(a) Delaware Trust Company has been appointed
and hereby agrees to serve as the Trustee of the Trust. The Trust shall have only one Trustee unless otherwise determined by the Sponsor.
The Trustee shall serve until such time as the Trust is terminated or if the Sponsor removes the Trustee or the Trustee resigns. The
Trustee is appointed to serve as the trustee of the Trust in the State of Delaware and shall at all times satisfy the requirements of
Section 3807(a) of the Delaware Trust Statute. In case at any time the Trustee shall cease to be eligible to serve as trustee of the
Trust in accordance with the provisions of this <U>Section 2.1</U>, the Trustee shall resign promptly in the manner and with the effect
specified in this Article II. The Trustee may have normal banking and trust relationships with the Sponsor and their respective Affiliates;
<I>provided </I>that none of (i) the Sponsor, (ii) any Person involved in the organization or operation of the Sponsor or the Trust or
(iii) any Affiliate of any of them, may be the Trustee hereunder. The Trust shall have at least one trustee with a principal place of
business in Delaware. It is understood and agreed by the parties hereto that the Trustee shall have none of the duties or liabilities
of the Sponsor and shall have no obligation to supervise or monitor the Sponsor or otherwise manage the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 8.25pt">(b)</TD><TD>The Trustee is permitted to resign upon at least one hundred eighty
                                            (180) days&rsquo; notice to the Sponsor upon which date such resignation shall be effective,
                                            which period may be waived in whole or in part in the sole discretion of the Sponsor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor may at any time, upon thirty (30) days&rsquo; prior
notice to the Trustee, for any reason or no reason, remove the Trustee and appoint a successor trustee by written instrument or instruments,
signed by the Sponsor or its attorney-in-fact duly authorized, which shall be delivered to the Trustee so removed and the successor trustee
so appointed. The Certificate of Trust shall be amended to reflect any change in the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 2.2 Powers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">Except to the extent expressly set forth in
<U>Section 1.3</U> and this Article II, the duty and authority to manage the affairs of the Trust is vested in the Sponsor, which duty
and authority the Sponsor may further delegate as provided herein, all pursuant to Section 3806(b)(7) of the Delaware Trust Statute.
The duties of the Trustee shall be limited to (i) accepting legal process served on the Trust in the State of Delaware, and (ii) the
execution of any certificates required to be filed with the Secretary of State of the State of Delaware which the Trustee is required
to execute under Section 3811 of the Delaware Trust Statute. The Trustee shall provide prompt notice to the Sponsor of its performance
of any of the foregoing. The Sponsor shall reasonably keep the Trustee informed of any actions taken by the Sponsor with respect to the
Trust that would reasonably be expected to affect the rights, obligations or liabilities of the Trustee hereunder or under the Delaware
Trust Statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 2.3 Compensation and Expenses of the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">The Trustee shall be entitled to receive from
the Sponsor, as a Sponsor-paid Expense, reasonable compensation for its services hereunder as set forth in a separate fee agreement and
shall be entitled to be reimbursed by the Sponsor on behalf of the Trust for reasonable out-of-pocket expenses incurred by it in the
performance of its duties hereunder, including without limitation, the reasonable compensation, out-of-pocket expenses and disbursements
of counsel, any experts and such other agents as the Trustee may employ in connection with the exercise and performance of its rights
and duties hereunder (together, the &ldquo;<B>Trust Expenses</B>&rdquo;). To the extent that the Sponsor fails to pay the Trust Expenses,
the Trust will be responsible for such Trust Expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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">&nbsp;</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"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 2.4 Indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust hereby agrees to indemnify, defend and hold harmless the Trustee (including in its individual capacity) and any of the officers,
directors, employees and agents of the Trustee (the &ldquo;<B>Indemnified Persons</B>&rdquo;) from and against any and all losses, damages,
liabilities, claims, actions, suits, costs, expenses, disbursements (including the reasonable fees and expenses of counsel and fees and
expenses incurred in connection with enforcement of its indemnification rights hereunder), taxes and penalties of any kind and nature
whatsoever (collectively, &ldquo;<B>Expenses</B>&rdquo;), to the extent that such Expenses arise out of or are imposed upon or asserted
at any time against such Indemnified Persons with respect to the performance of this Trust Agreement, the creation, operation or termination
of the Trust or the transactions contemplated hereby; <I>provided</I>, <I>however</I>, that the Trust shall not be required to indemnify
any Indemnified Person for any Expenses which are a result of the willful misconduct, bad faith or gross negligence of an Indemnified
Person. If the Trust shall have insufficient assets or improperly refuses to pay an Indemnified Person within sixty (60) days of a request
for payment owed hereunder, the Sponsor shall, as secondary obligor, compensate or reimburse the Trustee or indemnify, defend and hold
harmless an Indemnified Person as if it were the primary obligor hereunder; provided, however, that the Sponsor shall not be required
to indemnify any Indemnified Person for any Expenses which are a result of the willful misconduct, bad faith or gross negligence of an
Indemnified Person. To the fullest extent permitted by law and by the requirement for treatment of the Trust as a grantor trust for tax
purposes, Expenses to be incurred by an Indemnified Person shall, from time to time, be advanced by, or on behalf of, Sponsor prior to
the final disposition of any matter upon receipt by Sponsor of an undertaking by, or on behalf of, such Indemnified Person to repay such
amount if it shall be determined that the Indemnified Person is not entitled to be indemnified under this Trust Agreement.</P>


<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 2.5 Successor Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">Upon the resignation or removal of the Trustee,
the Sponsor shall appoint a successor Trustee by delivering a written instrument to the outgoing Trustee. Any successor Trustee must
satisfy the requirements of Section 3807 of the Delaware Trust Statute. The successor Trustee shall become fully vested with all of the
rights, powers, duties and obligations of the outgoing Trustee under this Trust Agreement, with like effect as if originally named as
Trustee, and the outgoing Trustee shall be discharged of its duties and obligations under this Trust Agreement. Any business entity into
which the Trustee may be merged or converted or with which it may be consolidated, or any entity resulting from any merger, conversion
or consolidation to which the Trustee shall be a party, or any entity succeeding to all or substantially all of the corporate trust business
of the Trustee, shall be the successor of the Trustee hereunder, to the fullest extent permitted by law without the execution or filing
of any paper or any further act on the part of any of the parties hereto. Any successor Trustee shall file any necessary amendments to
the Certificate of Trust with the Secretary of State.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 2.6 Liability of Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">Except as otherwise provided in this Article
II, in accepting the trust created hereby, Delaware Trust Company acts solely as Trustee hereunder and not in its individual capacity,
and all Persons having any claim against Delaware Trust Company by reason of the transactions contemplated by this Trust Agreement and
any other agreement to which the Trust is a party shall look only to the Trust Estate for payment or satisfaction thereof. The Trustee
shall not be liable or accountable hereunder to the Trust or to any other Person or under any other agreement to which the Trust is a
party, except for the Trustee&rsquo;s own fraud, gross negligence, bad faith or willful misconduct. In particular, but not by way of
limitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall have no liability or responsibility for the validity or sufficiency of this Trust Agreement or for the form, character,
genuineness, sufficiency, enforceability, collectability, location, existence, value or validity of the Trust Estate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee has not prepared or verified, and shall not be responsible or liable for, any information, disclosure or other statement in the
Prospectus or in any other document issued or delivered in connection with the sale or transfer of the Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall not be liable for any actions taken or omitted to be taken by it in accordance with the instructions of the Sponsor or
the Liquidating Trustee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall not have any liability for the acts or omissions of the Sponsor, the Cash Custodian, Custodian or their respective delegates;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall have no duty or obligation to monitor or supervise the performance of any obligations of the Sponsor, the Cash Custodian,
Custodian or their respective delegates or any Participant or any other Person;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
provision of this Trust Agreement shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its rights or powers hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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">&nbsp;</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; text-indent: 44pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
no circumstances shall the Trustee be liable for any obligations, representations, warranties, covenants or indebtedness of the Trust
arising under this Trust Agreement or any other agreements to which the Trust is a party;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Trust Agreement, or to institute, conduct
or defend any litigation under this Trust Agreement or any other agreements to which the Trust is a party, at the request, order or direction
of the Sponsor unless the Sponsor has offered to Delaware Trust Company (in its capacity as Trustee and individually) security or indemnity
satisfactory to it against the costs, expenses and liabilities that may be incurred by Delaware Trust Company (including, without limitation,
the reasonable fees and expenses of its counsel) therein or thereby;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(i) Notwithstanding anything contained herein
to the contrary, the Trustee shall not be required to take any action in any jurisdiction other than in the State of Delaware if the
taking of such action will (i) require the consent or approval or authorization or order of, or the giving of notice to, or the registration
with or taking of any action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State
of Delaware, (ii) result in any fee, tax or other governmental charge becoming payable by the Trustee under the laws of any jurisdiction
or any political subdivision thereof other than the State of Delaware or (iii) subject the Trustee to personal jurisdiction, other than
in the State of Delaware, for causes of action arising from personal acts unrelated to the consummation of the actions of the Trustee
contemplated by this Trust Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that, at law or in equity, the Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Trust,
the Shareholders or any other Person, the Trustee, acting under this Trust Agreement, shall not be liable to the Trust, the Shareholders
or any other Person for its good faith reliance on the provisions of this Trust Agreement to the extent that they restrict or eliminate
the duties and liabilities of the Trustee otherwise existing at law or in equity are agreed by the parties hereto to replace such other
duties and liabilities of the Trustee; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall not be liable for punitive, special, exemplary, consequential or similar damages for a breach of the Trust Agreement under
any circumstances, including without limitation, lost profits;</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 0pt 8.1pt; text-indent: 44pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Trustee is unsure of the application of any provision of this Agreement or any related agreement, then the Trustee may promptly deliver
a notice to the Sponsor requesting written instructions as to the course of action desired by the Sponsor, and if the Trustee does not
receive such instructions within 10 Business Days after it has delivered such notice, or such shorter period of time set forth in such
notice, it may, but shall not be obligated, to take or refrain from taking such action not inconsistent with this Agreement;</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 0pt 8.1pt; text-indent: 44pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall not be required to take any action if the Trustee shall reasonably determine, or shall have been advised by counsel, that
such action is likely to result in personal liability, or is contrary to the terms hereof or any document contemplated hereby to which
the Trustee is a party or otherwise contrary to law;</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 0pt 8.1pt; text-indent: 44pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall have no duty or obligation to manage, control, use, sell, dispose of or otherwise deal with the Trust Estate, to prepare
or file any document or report (including any securities or tax filings or reports, any financing or continuation statement, qualification
to do business, licensing, commission filing or other filing for the Trust), or to otherwise perfect or maintain the perfection of any
security interest or lien, or otherwise to take or refrain from taking any action under or in connection with this Agreement except as
expressly required by the terms of this Agreement, and the right of the Trustee to perform any discretionary act enumerated in this Agreement
or in any related document shall not be construed as a duty, and no implied duties (including fiduciary duties) or obligations shall
be read into this Agreement or any related agreement against the Trustee;</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 0pt 8.1pt; text-indent: 44pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall not be liable for any action taken, or error of judgment made, in good faith by any officer or employee of the Trustee;</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 0pt 8.1pt; text-indent: 44pt">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.1pt; text-indent: 44pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
no event shall the Trustee be liable for forces beyond its control including strikes, work stoppages, acts of war or terrorism, insurrection,
revolution, nuclear or natural catastrophes, epidemics or pandemics, or acts of God and interruptions, loss or malfunctions of utilizes,
communications, or computer (software and hardware) services; and</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may earn compensation in the form of short-term interest (&ldquo;float&rdquo;) on items like uncashed distribution checks (from
the date issued until the date cashed), funds that the Trustee is directed not to invest and deposits awaiting investment direction or
received too late to be invested overnight in previously directed investments.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 2.7 Reliance; Advice of Counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the absence of bad faith, the Trustee may conclusively rely upon certificates or opinions furnished to the Trustee and conforming to
the requirements of this Trust Agreement in determining the truth of the statements and the correctness of the opinions contained therein,
and shall incur no liability to anyone in acting or not acting on any signature, instrument, notice, resolution, request, consent, order,
certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper
party or parties and need not investigate any fact or matter pertaining to, or contained in, any such document; <I>provided</I>, <I>however</I>,
that the Trustee shall have examined any certificates and opinions so as to reasonably determine compliance of such certificates and
opinions with the requirements of this Trust Agreement. The Trustee may accept a certified copy of a resolution of the board of directors
or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that
such resolution is in full force and effect. As to any fact or matter the method of the determination of which is not specifically prescribed
in this Trust Agreement, the Trustee may for all purposes hereof rely on a certificate, signed by the president, any vice president,
the treasurer or any other authorized officers of the relevant party, as to such fact or matter, and such certificate shall constitute
full protection to the Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the exercise or administration of the Trust hereunder and in the performance of its duties and obligations under this Trust Agreement,
the Trustee, at the expense of the Trust (i) may act directly or through its agents, attorneys, custodians or nominees pursuant to agreements
entered into with any of them, and the Trustee shall not be liable for the conduct or misconduct of such agents, attorneys, custodians
or nominees if such agents, attorneys, custodians or nominees shall have been selected by the Trustee with reasonable care and (ii) may
consult with counsel, accountants and other skilled professionals to be selected with reasonable care by it. The Trustee shall not be
liable for anything done, suffered or omitted in good faith by it in accordance with the opinion or advice of any such counsel, accountant
or other such Persons.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 2.8 Payments to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">Any amounts paid to the Trustee pursuant to
this Article II shall be deemed not to be a part of the Trust Estate immediately after such payment. Any amounts owing to the Trustee
under this Trust Agreement shall constitute a claim against the Trust Estate. Notwithstanding any other provision of this Trust Agreement,
all payments to the Trustee, including fees, expenses and any amounts paid in connection with indemnification of the Trustee in accordance
with the terms of this Trust Agreement will be payable only in U.S. Dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35pt; text-align: center">ARTICLE III SHARES; CREATIONS
AND ISSUANCE OF CREATION BASKETS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 3.1 General.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">The Sponsor shall have the power and authority,
without action or approval by the Shareholders, to cause the Trust to issue Shares from time to time as it deems necessary or desirable.
The number of Shares authorized shall be unlimited. From time to time, the Sponsor may cause the Trust to divide or combine the Shares
into a greater or lesser number without thereby changing the proportionate beneficial interests in the Trust Estate, or in any way affecting
the rights of the Shareholders without action or approval by the Shareholders. The Trust shall issue Shares solely in exchange for contributions
of cash or Bitcoin (or for no consideration if pursuant to a Share distribution or split-up) in such amounts and on such other terms
as the Sponsor may determine. All Shares when so issued shall be fully paid and non-assessable. Subject to the limitations upon, and
requirements for, the issuance of Creation Baskets stated herein and in the PA Procedures (as defined below), the number of Creation
Baskets that may be issued by the Trust is unlimited. Every Shareholder, by virtue of having purchased or otherwise acquired a Share,
shall be deemed to have expressly consented and agreed to be bound by the terms of this Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 3.2 Offer of Shares; Procedures for Creation and
Issuance of Creation Baskets to Persons Other than Participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">On any Business Day, the Trust may create and
issue Creation Baskets to any Person that has signed a Participant Agreement with the Trust in exchange for a transfer of the Total Basket
Bitcoin Amount into the Trust&rsquo;s Bitcoin Account or the cash equivalent into the Trust&rsquo;s account at the Cash Custodian; <I>provided
</I>that the Trust shall create and issue Creation Baskets only if the Sponsor has determined in good faith that such creation and issuance
does not conflict with the other terms of this Trust Agreement or with applicable law.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 3.3 Offer of Shares; Procedures for Creation and
Issuance of Creation Baskets to Participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General</U>.
The following procedures, as supplemented by the more detailed procedures in the Prospectus or as specified in the Exhibits, annexes,
attachments and procedures, as applicable, to each Participant Agreement (the &ldquo;<B>PA Procedures</B>&rdquo;), which may be amended
from time to time in accordance with the provisions of the relevant Participant Agreement (<I>provided </I>that any such amendment to
the relevant Participant Agreement and/or amended Prospectus language shall not constitute an amendment of this Trust Agreement), shall
govern the Trust with respect to the creation and issuance of Creation Baskets to Participants, subject to Section 3.3(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On any
Business Day, a Participant may place an order for one or more Creation Baskets (each, a &ldquo;<B>Creation Order</B>&rdquo;) in the
manner provided in the PA Procedures, Participant Agreement, and/or Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Sponsor
or its delegate shall process Creation Orders only from Participants with respect to which a Participant Agreement is in full force and
effect and only in accordance with the PA Procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust
shall create and issue Creation Baskets only in exchange for deposit with the applicable Custodian in the time and manner set forth in
the Prospectus of the applicable Total Basket Bitcoin Amount by the relevant Participant, along with payment of applicable fees and expenses
by the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Sponsor
or its delegate has final determination of all questions as to the calculation of the Total Basket Bitcoin Amount and applicable fees
and expenses at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the
applicable Custodian&rsquo;s receipt of the Total Basket Bitcoin Amount, the Sponsor or its delegate shall, in the time and manner set
forth in the Prospectus, (A) with respect to Bitcoin, direct the Bitcoin Custodian to transfer the Basket Bitcoin Amount to the Vault
Account, (B) with respect to the Basket Bitcoin Amount, direct the Prime Execution Agent to purchase the applicable amount of Bitcoin
and to transfer the purchased Bitcoin into the Vault Account; and (C) direct the Transfer Agent to credit to the Authorized Participant&rsquo;s
account the number of Creation Baskets ordered by the Authorized Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bitcoin
Custodian may accept delivery of Bitcoins by such other means as set forth in the Prospectus and as the Sponsor, from time to time, may
determine to be acceptable for the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rejection
or Suspension</U>. The Sponsor or its delegate shall reject a Creation Order if the Creation Order is not in proper form as described
in the relevant Participant Agreement and Prospectus or if the fulfillment of the Creation Order, in the opinion of its counsel, might
be unlawful. The issuance of Creation Baskets may be suspended by the Sponsor generally, or refused with respect to a particular Creation
Order, during any period when the transfer books of the Transfer Agent are closed or if circumstances outside the control of the Sponsor
or its delegate make it for all practicable purposes not feasible to process Creation Orders or for any other reason at any time or from
time to time, or as otherwise described in the Prospectus. None of the Sponsor, its delegates or the Custodian shall be liable for the
suspension or rejection of any Creation Order and any amendment to the relevant Participant Agreement and/or amended Prospectus language
with respect to rejection or suspension shall not constitute an amendment of this Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conflict</U>.
In the event of any conflict between the procedures described in this <U>Section 3.3</U> and the PA Procedures, the PA Procedures shall
control. In the event of a conflict between the Prospectus and the PA Procedures, the Prospectus shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successor
Custodian</U>. If a successor to a Custodian shall be employed, the Trust and the Sponsor shall establish procedures acceptable to such
successor with respect to the matters addressed in this <U>Section 3.3</U>.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 3.4 Book-Entry System.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The (a)&#9;Sponsor will apply to
DTC for acceptance of the Shares in its book-entry settlement system. Shares deposited with DTC shall be evidenced by one or more global
certificates, which shall be registered in the name of Cede &amp; Co., as nominee for DTC, and shall bear the following legend:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (&quot;<B>DTC</B>&quot;) TO THE AGENT AUTHORIZED BY THE TRUST FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &amp; CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &amp; CO., HAS AN INTEREST HEREIN.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;So
long as the Shares are eligible for book-entry settlement with DTC and such settlement is available, unless otherwise required by applicable
law, all Shares shall be evidenced by one or more global certificates, the Registered Owner of which is DTC or a nominee of DTC, and
(1)&nbsp;no Beneficial Owner will be entitled to receive a separate Certificate evidencing those Shares, (2)&nbsp;the interest of a Beneficial
Owner in Shares represented by a global certificate will be shown only on, and transfer of that interest will be effected only through,
records maintained by DTC or a DTC participant or indirect participant through which the Beneficial Owner holds that interest and (3)&nbsp;the
rights of a Beneficial Owner with respect to Shares represented by a global certificate will be exercised only to the extent allowed
by, and in compliance with, the arrangements in effect between such Beneficial Owner and DTC or the DTC participant or indirect participant
through which that Beneficial Owner holds an interest in Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;If,
at any time when Shares are evidenced by a global certificate, DTC ceases to make its book-entry settlement system available for such
Shares, the Sponsor may select a comparable depositary for the book-entry settlement of the Shares and cause new global certificates
to be issued and registered in the name of such successor depositary or its nominee. If the Sponsor determines that no such successor
depositary is available, the Trust shall be dissolved and, to the extent necessary in connection therewith, the Sponsor shall execute
and deliver separate certificates evidencing Shares registered in the names of the Beneficial Owners thereof, with such additions, deletions
and modifications to this Agreement as the Sponsor shall determine is necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 3.5 Assets of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">The Trust Estate shall irrevocably belong to
the Trust for all purposes, subject only to the rights of creditors of the Trust and shall be so recorded upon the books of account of
the Trust.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 3.6 Liabilities of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">The Trust Estate shall be charged with the liabilities
of the Trust and with all expenses, costs, charges and reserves attributable to the Trust. The Sponsor shall have full discretion, to
the extent not inconsistent with applicable law, to determine which items shall be treated as income and which items as capital, and
each such determination and allocation shall be conclusive and binding upon the Shareholders.</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">&nbsp;</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">&nbsp;</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 3.7 Distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="background-color: white">The
Sponsor may, in its sole discretion, cause the Trust to make distributions to the Shareholders in such form as determined by the Sponsor
from the Trust Estate at any time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt"><FONT STYLE="background-color: white">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions
on Shares, if any, may be made with such frequency as the Sponsor may determine, which may be daily or otherwise, to the Shareholders,
from the Trust Estate, after providing for actual and accrued liabilities. All distributions on Shares shall be made <I>pro rata </I>to
the Shareholders in proportion to their respective Percentage Interests at the date and time of record established for such distribution.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 3.8 Voting Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">Notwithstanding any other provision hereof,
on each matter submitted to a vote of the Shareholders, each Shareholder shall be entitled to a proportionate vote based upon its Percentage
Interest at such time.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 3.9 Equality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">All Shares shall represent an equal proportionate
beneficial interest in the Trust Estate subject to the liabilities of the Trust, and each Share&rsquo;s interest in the Trust Estate
shall be equal to each other Share.</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">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35pt; text-align: center">ARTICLE IV TRANSFERS OF SHARES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 4.1 .Secondary Market</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">A Shareholder may sell any or all of its Shares
on the Secondary Market pursuant to the rules of the Secondary Market and in compliance with applicable law.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 4.2 Transfer of Shares Generally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">Title to a Certificate (and to the Shares evidenced
thereby), when properly endorsed or accompanied by proper instruments of transfer, shall be transferable by delivery with the same effect
as in the case of a certificated security under Article&nbsp;8 of the Uniform Commercial Code of the State of Delaware;&nbsp;<B>provided</B>,&nbsp;<B>however</B>,&nbsp;that&nbsp;the
Sponsor, notwithstanding any notice to the contrary, may treat the Registered Owner of Shares as the absolute owner thereof for the purpose
of determining the Person entitled to any distribution or to any notice provided for in this Agreement and for all other purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35pt; text-align: center">ARTICLE V REDEMPTIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 5.1 Reserved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 5.2 Redemption of Redemption Baskets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 44pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General</U>.
The following procedures, as supplemented by the more detailed procedures in the Prospectus or as specified in the PA Procedures, which
may be amended from time to time in accordance with the provisions of the Participant Agreement (<I>provided </I>that any such amendment
or amended Prospectus language shall not constitute an amendment of this Trust Agreement), shall govern the Trust with respect to the
redemption of Redemption Baskets, subject to <U>Section 5.2(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.25pt"></TD><TD STYLE="width: 22.75pt">(i)</TD><TD>On any Business Day, a Participant may place an order to redeem
                                            Redemption Baskets (each, a &ldquo;<B>Redemption Order</B>&rdquo;) in the manner provided
                                            in the PA Procedures, Participant Agreement, and/or Prospectus.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 58.5pt"></TD><TD STYLE="width: 26.85pt">(ii)</TD><TD>The Sponsor or its delegate shall process Redemption Orders
                                            only from Participants with respect to which a Participant Agreement is in full force and
                                            effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 58.5pt"></TD><TD STYLE="width: 26.85pt">(iii)</TD><TD>The Trust shall redeem, in the time and manner set forth in
                                            the Prospectus, Redemption Baskets only in exchange for deposit with the Transfer Agent of
                                            the total number of Baskets indicated in the Participant&rsquo;s Redemption Order, along
                                            with payment of applicable fees and expenses by the Participant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 58.5pt"></TD><TD STYLE="width: 26.85pt">(iv)</TD><TD>In order for the Participant to receive the Total Basket Bitcoin
                                            Amount, the Sponsor or its delegate shall, in the time and manner set forth in the Prospectus,
                                            facilitate delivery of the applicable Basket Bitcoin Amount or Basket Cash to the Participant.
                                            Upon receipt of the total number of Baskets indicated in the Participant&rsquo;s Redemption
                                            Order, the Sponsor or its delegate shall instruct the Transfer Agent to cancel the Shares
                                            in the Baskets so redeemed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 58.5pt"></TD><TD STYLE="width: 26.4pt">(v)</TD><TD>The Sponsor or its delegate has final determination of all questions
                                            as to the determination of the Total Basket Bitcoin Amount and applicable fees and expenses
                                            at any time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 58.5pt"></TD><TD STYLE="width: 26.4pt">(vi)</TD><TD>The Total Basket Bitcoin Amount shall be subject to the deduction
                                            of any applicable tax or other governmental charges that may be due.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rejection
or Suspension</U>. The Sponsor or its delegate shall reject a Redemption Order if the Redemption Order is not in proper form as described
in the relevant Participant Agreement or Prospectus or if the fulfillment of the Redemption Order, in the opinion of its counsel, might
be unlawful. The redemption of Baskets may be suspended by the Sponsor generally, or refused with respect to a particular Redemption
Order, during any period when the transfer books of the Transfer Agent are closed or if circumstances outside the control of the Sponsor
or its delegate make it for all practicable purposes not feasible to process Redemption Orders or for any other reason at any time or
from time to time, or as otherwise described in the Prospectus. None of the Sponsor, its delegates or the Custodian shall be liable for
the suspension or rejection of any Redemption Order and any amendment to the relevant Participant Agreement and/or amended Prospectus
language with respect to rejection or suspension shall not constitute an amendment of this Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conflict</U>.
In the event of any conflict between the procedures described in this <U>Section 5.2</U> and the PA Procedures, the PA Procedures shall
control. In the event of a conflict between the Prospectus and the PA Procedures, the Prospectus shall control.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 5.3 Reserved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35pt; text-align: center">ARTICLE VI THE SPONSOR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 6.1 Management of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">Pursuant to Section 3806(b)(7) of the Delaware
Trust Statute, the Trust shall be managed by the Sponsor in accordance with this Trust Agreement. The Sponsor may delegate, as provided
herein, the duty and authority to manage the affairs of the Trust. Any determination as to what is in the interests of the Trust made
by the Sponsor in good faith shall be conclusive. In construing the provisions of this Trust Agreement, the presumption shall be in favor
of a grant of power to the Sponsor, but subject, for the avoidance of doubt, to the restrictions, prohibitions and limitations expressly
set forth in <U>Section 1.5</U>, <U>Section 6.4</U> and otherwise in this Trust Agreement. The enumeration of any specific power in this
Trust Agreement shall not be construed as limiting the aforesaid power.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 6.2 Authority of Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">In addition to, and not in limitation of, any
rights and powers conferred by law or other provisions of this Trust Agreement, and except as limited, restricted or prohibited by the
express provisions of this Trust Agreement or the Delaware Trust Statute, the Sponsor shall have, and may exercise on behalf of the Trust,
all powers and rights necessary, proper, convenient or advisable to effectuate and carry out the purposes of the Trust, which powers
and rights shall include, without limitation, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
direct the Trustee pursuant to this Agreement and to enter into, execute, accept, deliver and maintain, and to cause the Trust to perform
its obligations under, contracts, agreements and any or all other documents and instruments incidental to the Trust&rsquo;s purposes,
and to do and perform all such acts as may be in furtherance of the Trust&rsquo;s purposes, or necessary or appropriate for the offer
and sale of the Shares, including, but not limited to, causing the Trust to enter into (i) contracts or agreements with the Sponsor or
an Affiliate, <I>provided </I>that any such contract or agreement does not conflict with the provisions of <U>Section 1.5(b)</U> of this
Trust Agreement, <U>Section 6.4</U> of this Trust Agreement or the proviso following clause (ii) of this <U>Section 6.2(a)</U> and (ii)
contracts with third parties for various services, it being understood that any document or instrument executed or accepted by the Sponsor
in the Sponsor&rsquo;s name shall be deemed executed and accepted on behalf of the Trust by the Sponsor, <I>provided</I>, <I>however</I>,
that such services may be performed by an Affiliate or Affiliates of the Sponsor so long as the Sponsor has made a good faith determination
that the Affiliate that it proposes to engage to perform such services is qualified to do so (considering the prior experience of the
Affiliate or the individuals employed by the Affiliate).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
establish, maintain, deposit into, and sign checks and/or otherwise draw upon, accounts on behalf of the Trust with appropriate banking
and savings institutions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
deposit, withdraw, pay, retain and distribute the Trust Estate or any portion thereof in any manner consistent with the provisions of
this Trust Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
supervise the preparation of the Prospectus and supplements and amendments thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
make or authorize the making of distributions to the Shareholders and expenses of the Trust out of the Trust Estate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
cause the Trust to appoint an agent to act on behalf of the Shareholders pursuant to <U>Section 7.5</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
prepare, or cause to be prepared, and file, or cause to be filed, an application to register any Shares under the Securities Act and/or
the Exchange Act and to take any other action and execute and deliver any certificates or documents that may be necessary to effectuate
such registration;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
prepare, or cause to be prepared, and file, or cause to be filed, an application to enable the Shares to be listed, quoted or traded
on any listing exchange and to take any other action and execute and deliver any certificates or documents that may be necessary to effectuate
such listing, quotation or trading;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
appoint one or more custodians or other vendors, including itself or an Affiliate, to provide for custodian security services, or to
determine not to appoint any custodian or other vendors, and to otherwise take any action with respect to the custodians or other vendors
to safeguard the Trust Estate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the sole discretion of the Sponsor, to admit an Affiliate or Affiliates of the Sponsor as additional Sponsors;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
delegate those of its duties hereunder as it shall determine from time to time to one or more distributors, and add any additional service
providers, if needed and as applicable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
perform 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
determine, in good faith, which peer-to-peer network, among a group of incompatible forks of the Bitcoin Network, is generally accepted
as Bitcoin and should therefore be considered &ldquo;Bitcoin&rdquo; for the Trust&rsquo;s purposes, which the Sponsor will determine
in the manner set forth in the Prospectus ;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="background-color: white">In
the sole discretion of the Sponsor, to determine what action to take in connection with the Trust&rsquo;s entitlement to or ownership
of Incidental Rights or any IR Virtual Currency,&nbsp;unless&nbsp;such action would adversely affect the status of the Trust as a grantor
trust for U.S. federal income tax purposes or otherwise be prohibited by this Trust Agreement,&nbsp;and </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
general, to do everything necessary, suitable or proper for the accomplishment of any purpose or the furtherance of any power herein
set forth, either alone or in association with others, and to do every other act or thing incidental or appurtenant to, or growing out
of or connected with, the aforesaid purposes or powers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 6.3 Obligations of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the fullest extent permitted by law, <FONT STYLE="background-color: white">any
fiduciary duties that would otherwise be imposed on the Sponsor under the Delaware Trust Statute, at law or in equity are hereby eliminated
and replaced entirely by the terms of this Trust Agreement.&nbsp; </FONT>The Sponsor shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devote
such of its time to the affairs of the Trust as it shall, in its sole discretion exercised in good faith, determine to be necessary to
carry out the purposes of the Trust, as set forth in <U>Section 1.5</U>, for the benefit of the Shareholders;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Execute,
file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for
the formation, qualification and operation of the Trust and for the conduct of its affairs in all appropriate jurisdictions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retain
on behalf of the Trust independent public accountants to audit the accounts of the Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employ
attorneys to represent the Sponsor and, as necessary, the Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select
and enter into agreements with the Trustee and any other service provider to the Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use
its best efforts to maintain the status of the Trust as a grantor trust for U.S. federal income tax purposes under Subpart E, Part I
of Subchapter J of the Code;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monitor
all fees charged to the Trust, and the services rendered by the service providers to the Trust, to determine whether the fees paid by,
and the services rendered to, the Trust are at competitive rates and are the best price and services available under the circumstances,
and if necessary, renegotiate the fee structure to obtain such rates and services for the Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Have
fiduciary responsibility for the safekeeping and use of the Trust Estate, whether or not in the Sponsor&rsquo;s immediate possession
or control;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
employ or permit others to employ the Trust Estate in any manner except for the benefit of the Trust, including, among other things,
the utilization of any portion of the Trust Estate as compensating balances for the exclusive benefit of the Sponsor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
all times act in good faith and exercise due diligence in all activities relating to the Trust and in resolving conflicts of interest;
thereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enter
into a Participant Agreement with each Participant and discharge the duties and responsibilities of the Trust and the Sponsor under such
Participant Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive
directly or through its delegates from Participants and process properly submitted Creation Orders, as described in <U>Section 3.3(a)</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive
directly or through its delegates from Participants and process properly submitted Redemption Orders (if authorized), as described in
<U>Section 5.2(a)</U>, or as may from time to time be permitted by <U>Section 5.3</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interact
with the applicable Custodian and any other party as required;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Shares are listed, quoted or traded on any Secondary Market, cause the Trust to comply with all rules, orders and regulations of
such Secondary Market to which the Trust is subject as a result of the listing, quotation or trading of the Shares on such Secondary
Market, and take all such other actions that may reasonably be taken and are necessary for the Shares to remain listed, quoted or traded
on such Secondary Market until the Trust is terminated or the Shares are no longer listed, quoted or traded on such Secondary Market;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepare
and file Registration Statement with the SEC and (i)&nbsp;take such action as is necessary to qualify the Shares for offering and sale
under the federal securities laws of the United States, including the preparation and filing of amendments and supplements to such Registration
Statement, and, if the Sponsor so determines, under the laws of any other relevant jurisdiction, (ii)&nbsp;prepare, file and distribute,
if applicable, any periodic reports or updates that may be required under the Exchange Act, the United States Commodity Exchange Act,
as amended, or the rules and regulations thereunder. The foregoing clauses of <U>Section 6.2</U> and <U>Section 6.3</U> shall be construed
as powers, and the foregoing enumeration of specific powers shall not be held to limit or restrict in any manner the general powers of
the Sponsor. Any action by the Sponsor hereunder shall be deemed an action on behalf of the Trust, and not an action in an individual
capacity.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 6.4 General Prohibitions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust shall not, and the Sponsor shall not have the power to
cause the Trust to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt"> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commingle
the Trust Estate with the assets of any other Person, <I>provided </I>that, for the avoidance of doubt, a portion of the Trust Estate
may be held in a Wallet Account (which may be an omnibus account) from time to time in order to facilitate the creation and redemption
of Shares; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt"> (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elect
to be treated as an association taxable as a corporation for U.S. federal income tax purposes; or </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt"> (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provision of this Trust Agreement, including <U>Section 6.4(b)</U>, take any action that could cause the Trust to be treated
other than as a grantor trust for U.S. federal income tax purposes. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 6.5 Liability of Covered Persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">A Covered Person shall have no liability to
the Trust or to any Shareholder or other Covered Person for any loss suffered by the Trust which arises out of any action or inaction
of such Covered Person if such course of conduct did not constitute fraud, bad faith or willful misconduct of such Covered Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the foregoing, neither the Sponsor nor any other Covered
Person shall be personally liable for the return or repayment of all or any portion of the Bitcoin transferred, or the purchase price
otherwise paid, by a Shareholder for its Shares, it being expressly agreed that any such return made pursuant to this Trust Agreement
shall be made solely from the assets of the Trust without any rights of contribution from the Sponsor or any other Covered Person. A
Covered Person shall not be liable for the conduct or misconduct of any delegatee selected by the Sponsor with reasonable care.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 6.6 Fiduciary Duty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that, at law or in equity, the Sponsor shall not have any implied duties (including fiduciary duties) or liabilities otherwise
existing at law or in equity with respect to the Trust, but to the extent the Sponsor has duties (including fiduciary duties) and liabilities
relating thereto to the Trust, the Shareholders or any other Person, the Sponsor acting under this Trust Agreement shall not be liable
to the Trust, the Shareholders or any other Person for its good faith reliance on the provisions of this Trust Agreement subject to the
standard of care set forth in <U>Section 6.5</U> herein. The provisions of this Trust Agreement, to the extent that they restrict or
eliminate the duties and liabilities of the Sponsor otherwise existing at law or in equity are agreed by the parties hereto to replace
such other duties and liabilities of the Sponsor. To the fullest extent permitted by law, no Person other than the Sponsor and the Trustee
shall have any duties (including fiduciary duties) or liabilities at law or in equity to the Trust, the Shareholders or any other Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise expressly provided herein:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 67.5pt"></TD><TD STYLE="width: 13.5pt">(i)</TD><TD>whenever a conflict of interest exists or arises between the
                                            Sponsor or any of its Affiliates, on the one hand, and the Trust, any Shareholder or any
                                            other Person, on the other hand; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 67.5pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD><FONT STYLE="font-size: 10pt">whenever
                                            this Trust Agreement or any other agreement contemplated herein provides that the Sponsor
                                            shall act in a manner that is, or provides terms that are, fair and reasonable to the Trust,
                                            any Shareholder or any other Person, the Sponsor shall resolve such conflict of interest,
                                            take such action or provide such terms, considering in each case the relative interest of
                                            each party (including its own interest) to such conflict, agreement, transaction or situation
                                            and the benefits and burdens relating to such interests, any customary or accepted industry
                                            practices, and any applicable generally accepted accounting practices or principles. In the
                                            absence of bad faith by the Sponsor, the resolution, action or terms so made, taken or provided
                                            by the Sponsor shall not constitute a breach of this Trust Agreement or any other agreement
                                            contemplated herein or of any duty or obligation of the Sponsor at law or in equity or otherwise</FONT>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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; text-indent: 44pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor and any Affiliate of the Sponsor may engage in or possess an interest in profit-seeking or business ventures of any nature or
description, independently or with others, whether or not such ventures are competitive with the Trust and the doctrine of corporate
opportunity, or any analogous doctrine, shall not apply to the Sponsor. If the Sponsor acquires knowledge of a potential transaction,
agreement, arrangement or other matter that may be an opportunity for the Trust, it shall have no duty to communicate or offer such opportunity
to the Trust, and the Sponsor shall not be liable to the Trust or to the Shareholders for breach of any fiduciary or other duty by reason
of the fact that the Sponsor pursues or acquires for, or directs such opportunity to, another Person or does not communicate such opportunity
or information to the Trust. Neither the Trust nor any Shareholder shall have any rights or obligations by virtue of this Trust Agreement
or the trust relationship created hereby in or to such independent ventures or the income or profits or losses derived therefrom, and
the pursuit of such ventures, even if competitive with the purposes of the Trust, shall not be deemed wrongful or improper. Except to
the extent expressly provided herein, the Sponsor may engage or be interested in any financial or other transaction with the Trust, the
Shareholders or any Affiliate of the Trust or the Shareholders.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the fullest extent permitted by law and notwithstanding any other provision of this Trust Agreement or in any agreement contemplated
herein or applicable provisions of law or equity or otherwise, whenever in this Trust Agreement a Person is permitted or required to
make a decision (a) in its &ldquo;sole discretion&rdquo; or &ldquo;discretion&rdquo; or under a grant of similar authority or latitude,
the Person shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall have no
duty or obligation to give any consideration to any interest of or factors affecting the Trust, the Shareholders or any other Person,
or (b) in its &ldquo;good faith&rdquo; or under another express standard, the Person shall act under such express standard and shall
not be subject to any other or different standard. The term &ldquo;good faith&rdquo; as used in this Trust Agreement shall mean subjective
good faith as such term is understood and interpreted under Delaware law.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 6.7 Indemnification of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt"> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor and any other Covered Person shall be indemnified by the Trust against any losses, judgments, liabilities, expenses and amounts
arising out of or in connection the performance of its obligations under the Trust Agreement, any actions taken in accordance with the
provisions of the Trust agreement or with its activities for the Trust (including in providing seed capital to the Trust), <I>provided
</I>that (i) the Sponsor was acting on behalf of, or performing services for, the Trust and such liability or loss was not the result
of fraud, bad faith, willful misconduct, or a material breach of this Trust Agreement on the part of the Sponsor and (ii) any such indemnification
will be recoverable only from the Trust Estate. <FONT STYLE="background-color: white">Any amounts payable to the Sponsor and any Covered
Person under the Trust Agreement may be payable in advance. 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.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
rights to indemnification permitted herein and payment of associated expenses shall not be affected by the dissolution or other cessation
of existence of the Sponsor, or the withdrawal, adjudication of bankruptcy or insolvency of the Sponsor, or the filing of a voluntary
or involuntary petition in bankruptcy under Title 11 of the United States Code by or against the Sponsor.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust shall not incur the cost of that portion of any insurance that insures any party against any liability, the indemnification of
which is herein prohibited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses
incurred in defending a threatened or pending civil, administrative or criminal action suit or proceeding against the Sponsor shall be
paid by the Trust in advance of the final disposition of such action, suit or proceeding if (i) the legal action relates to the performance
of duties or services by the Sponsor on behalf of the Trust;; and (ii) the Sponsor undertakes to repay the advanced funds with interest
to the Trust in cases in which it is not entitled to indemnification under this <U>Section 6.7</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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; text-indent: 44pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term &ldquo;Sponsor&rdquo; as used only in this <U>Section 6.7</U> shall include, in addition to the Sponsor, any other Covered Person
performing services on behalf of the Trust and acting within the scope of the Sponsor&rsquo;s authority as set forth in this Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event the Trust is made a party to any claim, dispute, demand or litigation or otherwise incurs any loss, liability, damage, cost
or expense as a result of or in connection with any Shareholder&rsquo;s (or assignee&rsquo;s) obligations or liabilities unrelated to
Trust affairs, such Shareholder (or assignees cumulatively) shall indemnify, defend, hold harmless, and reimburse the Trust for all such
loss, liability, damage, cost and expense incurred, including attorneys&rsquo; and accountants&rsquo; fees.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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">&nbsp;&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 6.8 Expenses and Limitations Thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 9pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD><U>Sponsor&rsquo;s Fee</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt">(i) The Trust shall pay to the Sponsor a fee (the &ldquo;Sponsor&rsquo;s
Fee&rdquo;), which shall be in an amount set forth in the Prospectus but may be amended in accordance with Section 10.1 herein. The Sponsor&rsquo;s
Fee will accrue and be payable in U.S. Dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.7pt">(ii) Except as provided in Section 6.8(a)(iv), to cause
the Trust to pay the Sponsor&rsquo;s Fee, the Sponsor shall instruct the Custodian to withdraw from the Bitcoin Account the number of
Bitcoins equal to the accrued but unpaid Sponsor&rsquo;s Fee and to direct the Prime Execution Agent to sell such Bitcoins and revert
the proceeds to the Sponsor. The Trust shall be responsible for any fees and expenses incurred by the Sponsor to convert the Bitcoins
received in the payment of the Sponsor&rsquo;s Fee into U.S. Dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.7pt">(iii) The Sponsor may, from time to time, temporarily
waive all or a portion of the Sponsor&rsquo;s Fee in its sole discretion or otherwise request a transfer of bitcoin to an account maintained
for the Sponsor to pay the Sponsor&rsquo;s Fee in lieu of the fee payable in U.S. Dollars, but is under no obligation to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.7pt">(iv) As partial consideration for receipt of the Sponsor&rsquo;s
Fee, the Sponsor shall assume and pay the fees and other expenses incurred by the Trust that are set forth in the Prospectus as to be
paid by the Sponsor out of the Sponsor&rsquo;s Fee (each, a &ldquo;<B>Sponsor-paid Expense</B>&rdquo; and together, the &ldquo;<B>Sponsor-paid
Expenses</B>&rdquo;), <I>provided </I>that any expense that qualifies as an Additional Trust Expense as set forth in <U>Section 6.8(b)
</U>shall be deemed to be an Additional Trust Expense and not a Sponsor-paid Expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 9pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD><U>Additional Trust Expenses</U>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.4pt"></TD><TD STYLE="width: 15.1pt">(i)</TD><TD>The Trust shall pay any expenses incurred by the Trust in addition
                                            to the Sponsor&rsquo;s Fee that are not Sponsor-paid Expenses. Such expenses are expected
                                            to include, but are not limited to, (i) taxes and governmental charges, (ii) applicable brokerage
                                            commissions, financing charges or fees, Bitcoin network fees and similar transaction fees,
                                            (iii) expenses and costs of any extraordinary services performed by the Sponsor (or any other
                                            service provider) on behalf of the Trust to protect the Trust or the interests of Shareholders
                                            (including in connection with any Incidental Rights and any IR Virtual Currency), (iii) any
                                            indemnification of the Custodian, Administrator or other agents, service providers or counterparties
                                            of the Trust, and (v) extraordinary legal fees and expenses, including any legal fees and
                                            expenses incurred in connection with litigation, regulatory enforcement or investigation
                                            matters (collectively, &ldquo;<B>Additional Trust Expenses</B>&rdquo;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.4pt"></TD><TD STYLE="width: 15.1pt">(ii)</TD><TD>To cause the Trust to pay the Additional Trust Expenses, if
                                            any, the Sponsor or its delegates shall instruct the Custodian to withdraw from the Bitcoin
                                            Account Bitcoins in such quantity as may be necessary to permit payment of such Additional
                                            Trust Expenses and will cause the Trust (or its delegate) to convert such Bitcoin into U.S.
                                            Dollars.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 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: 61.4pt"></TD><TD STYLE="width: 15.1pt">(iii)</TD><TD>If the Trust holds any Incidental Rights and/or IR Virtual
                                            Currency at any time, the Trust may pay any Additional Trust Expenses, in whole or in part,
                                            with such Incidental Rights and/or IR Virtual Currency by entering into an agreement with
                                            the relevant payee and transferring such Incidental Rights and/or IR Virtual Currency to
                                            that payee at a value to be determined pursuant to such agreement; <I>provided </I>that the
                                            Trust shall use Incidental Rights and/or IR Virtual Currency to pay Additional Trust Expenses
                                            only if such agreement and transfer does not otherwise conflict with the terms of this Trust
                                            Agreement. If the Trust pays the Additional Trust Expenses in Incidental Rights and/or IR
                                            Virtual Currency, in whole or in part, the amount of Bitcoin that would otherwise have been
                                            used to satisfy such payment shall be correspondingly reduced.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt">(c)</TD><TD>The Sponsor or any Affiliate of the Sponsor may be reimbursed only
                                            for the actual cost to the Sponsor or such Affiliate of any expenses that it advances on
                                            behalf of the Trust for payment of which the Trust is responsible.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 6.9 Voluntary Withdrawal of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">The Sponsor may withdraw voluntarily as the
Sponsor of the Trust only upon one hundred and twenty (120) days&rsquo; prior written notice to all Shareholders and the Trustee. If
the withdrawing Sponsor is the last remaining Sponsor, the Shareholders holding Shares equal to at least a majority (over 50%) of the
Shares may vote to elect and appoint, effective as of a date on or prior to the withdrawal, a successor Sponsor who shall carry on the
affairs of the Trust. If the Sponsor withdraws and a successor Sponsor is elected, the withdrawing Sponsor shall pay all expenses incurred
directly as a result of its withdrawal. If the Sponsor withdraws and no successor is elected within ninety (90) days following the date
of the withdrawal of the Sponsor, the Trust shall dissolve.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 6.10 Litigation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">The Sponsor is hereby authorized on behalf of
the Trust to prosecute, defend, settle or compromise actions or claims at law or in equity as may be necessary or proper to enforce or
protect the Trust&rsquo;s interests. The Sponsor shall satisfy any judgment, decree or decision of any court, board or authority having
jurisdiction or any settlement of any suit or claim prior to judgment or final decision thereon, first, out of any insurance proceeds
available thereafter out of the Trust&rsquo;s assets.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 6.11 Bankruptcy; Merger of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor shall not cease to be a Sponsor of the Trust merely upon the occurrence of its making an assignment for the benefit of creditors,
filing a voluntary petition in bankruptcy, filing a petition or answer seeking for itself any reorganization, arrangement, composition,
readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, filing an answer or other pleading admitting
or failing to contest material allegations of a petition filed against it in any proceeding of this nature or seeking, consenting to
or acquiescing in the appointment of a trustee, receiver or liquidator for itself or of all or any substantial part of its properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the fullest extent permitted by law, nothing in this Trust Agreement shall be deemed to prevent the merger of the Sponsor with another
corporation or other entity, the reorganization of the Sponsor into or with any other corporation or other entity, the transfer of all
the capital stock of the Sponsor or the assumption of the rights, duties and liabilities of the Sponsor by, in the case of a merger,
reorganization or consolidation, the surviving corporation or other entity by operation of law or the transfer of the Sponsor&rsquo;s
Shares; <FONT STYLE="background-color: white">provided, however, that if such merger, reorganization, transfer, or assumption is with
an entity that is not an Affiliate of Sponsor, immediately prior to such merger, reorganization, transfer or assumption, the Sponsor
shall provide notice to Shareholders at least thirty (30)&nbsp;days prior to the completion of such transaction. Without limiting the
foregoing, none of the transactions referenced in the preceding sentence shall be deemed to be a voluntary withdrawal for purposes of
Section&nbsp;6.10</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35pt; text-align: center">ARTICLE VII THE SHAREHOLDERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 7.1 No Management or Control; Limited Liability;
Exercise of Rights through a Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">The Shareholders shall not participate in the
management or control of the Trust nor shall they enter into any transaction on behalf of the Trust or have the power to sign for or
bind the Trust, said power being vested solely and exclusively in the Sponsor. Except as provided in <U>Section 7.3</U> hereof, no Shareholder
shall be bound by, or be personally liable for, the expenses, liabilities or obligations of the Trust in excess of its Percentage Interest
of the Trust Estate. Except as provided in <U>Section 7.3</U> hereof, each Share owned by a Shareholder shall be fully paid and no assessment
shall be made against any Shareholder. No salary shall be paid to any Shareholder in its capacity as a Shareholder, nor shall any Shareholder
have a drawing account or earn interest on its Percentage Interest of the Trust Estate. By the purchase and acceptance or other lawful
delivery and acceptance of Shares, each owner of such Shares shall be deemed to be a Shareholder and beneficial owner of the Trust and
vested with a beneficial undivided interest in the Trust to the extent of the Shares owned beneficially by such Shareholder, subject
to the terms and conditions of this Trust Agreement.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 7.2 Rights and Duties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Shareholders shall have the following rights, powers, privileges,
duties and liabilities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shareholders shall receive the share of the distributions provided for in this Trust Agreement in the manner and at the times provided
for in this Trust Agreement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
shall have the right to demand a redemption of their Shares only upon the dissolution and winding up of the Trust and only to the extent
of funds available therefor, as provided in <U>Section 12.2</U>. In no event shall a Shareholder be entitled to demand or receive property
other than cash upon the dissolution and winding up of the Trust. No Shareholder shall have priority over any other Shareholder as to
distributions. The Shareholder shall not have any right to bring an action for dissolution or partition against the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
holding Shares representing at least a majority (over 50%) of the Shares may vote to appoint a successor Sponsor solely in the circumstance
set forth in Section 6.9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as set forth above, the Shareholders shall have no voting
or other rights under this Trust Agreement, the Delaware Trust Statute or otherwise with respect to the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 7.3 Limitation of Liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as provided in <U>Section 6.7(f)</U> hereof, and as otherwise provided under Delaware law, the Shareholders shall be entitled to the
same limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation
Law of Delaware and no Shareholder shall be liable for claims against or debts of the Trust in excess of its Percentage Interest of the
Trust Estate, except in the case of a Shareholder that is a Participant, in the event that the liability is founded upon misstatements
or omissions contained in such Shareholder&rsquo;s Participant Agreement. In addition, and subject to the exceptions set forth in the
immediately preceding sentence, the Trust shall not make a claim against a Shareholder with respect to amounts distributed to such Shareholder
or amounts received by such Shareholder upon redemption of such Shareholder&rsquo;s Shares unless, under Delaware law, such Shareholder
is liable to repay such amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 44pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust shall indemnify to the full extent permitted by law and the other provisions of this Trust Agreement, and to the extent of the
Trust Estate, each Shareholder against any claims of liability asserted against such Shareholder solely because it is a beneficial owner
of one or more Shares as a Shareholder.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 7.4 Derivative Actions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">Subject to any other requirements of applicable
law including Section 3816 of the Delaware Trust Statute, no Registered Owner shall have the right, power or authority to bring or maintain
a derivative action, suit or other proceeding on behalf of the Trust unless (a) two or more Registered Owners who (i) are not Affiliates
of one another and (ii) collectively hold at least 10% of the outstanding Shares join in the bringing or maintaining of such action,
suit or other proceeding, and (b) (i) prior to bringing such action, the Registered Owners must make a demand upon the Sponsor to bring
the subject action unless an effort to cause the Sponsor to bring such an action is not likely to succeed; and a demand on the Sponsor
shall only be deemed not likely to succeed and therefore excused if the Trustee has a personal financial interest in the transaction
at issue, and the Sponsor shall not be deemed interested in a transaction or otherwise disqualified from ruling on the merits of a Registered
Owner demand by virtue of the fact that the Sponsor receives remuneration for his service as the Sponsor of the Trust or as a trustee
or director of one or more investment companies that are under common management with or otherwise affiliated with the Trust; and (ii)
unless a demand is not required under clause (i) of this paragraph, the Sponsor must be afforded a reasonable amount of time to consider
such Registered Owner request and to investigate the basis of such claim; and the Sponsor shall be entitled to retain counsel or other
advisors in considering the merits of the request and may require an undertaking by the Registered Owners making such request to reimburse
the Trust for the expense of any such advisors in the event that the Trustee determines not to bring such action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 7.5 Appointment of Agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
the purchase and acceptance or other lawful delivery, acceptance or holding of the Shares, the Shareholders shall be deemed to agree
that the Sponsor may cause the Trust to appoint an agent to act on their behalf in connection with any distribution, transfer, sale or
liquidation of Incidental Rights and/or IR Virtual Currency if the Sponsor has determined in good faith that such appointment is reasonably
necessary or in the best interests of the Trust and the Shareholders in order to facilitate the distribution of any Incidental Rights
and/or IR Virtual Currency. For the avoidance of doubt, the Sponsor may cause the Trust to appoint the Sponsor or any of its Affiliates
to act in such capacity, subject to <U>Section 6.2(a)</U> of this Trust Agreement. Any Person appointed as agent of the Shareholders
pursuant to this <U>Section 7.5(a)(i)</U> shall receive an in-kind distribution of Incidental Rights and/or IR Virtual Currency on behalf
of the Shareholders of record with respect to such distribution and (ii) following receipt of any such distribution, shall determine,
in such Person&rsquo;s sole discretion and without any direction from the Trust or the Sponsor (in its capacity as Sponsor of the Trust),
whether and when to sell the distributed Incidental Rights and/or IR Virtual Currency on behalf of the record date Shareholders.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
agent appointed pursuant to <U>Section 7.5(a)</U> shall not receive any compensation in connection with its role as agent. The foregoing
notwithstanding, any such agent shall be entitled to receive from any distribution of Incidental Rights and/or IR Virtual Currency, Incidental
Rights and/or IR Virtual Currency with an aggregate fair market value equal to the amount of administrative and other reasonable expenses
incurred by such agent in connection with such in-kind distribution of Incidental Rights and/or IR Virtual Currency, including expenses
incurred by such agent in connection with any post-distribution sale of such Incidental Rights and/or Virtual Currency.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 7.6 Business of Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">Except as otherwise specifically provided herein,
any of the Shareholders and any shareholder, officer, director, employee or other Person holding a legal or beneficial interest in an
entity that is a Shareholder, may engage in or possess an interest in business ventures of every nature and description, independently
or with others, and the pursuit of such ventures, even if competitive with the affairs of the Trust, shall not be deemed wrongful or
improper.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 7.7 Authorization of Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">Each Shareholder (or any permitted assignee
thereof) hereby agrees that the Trust, the Sponsor and the Trustee are authorized to execute, deliver and perform the agreements, acts,
transactions and matters contemplated hereby or described in, or contemplated by, the Prospectus (including any other filings under the
Exchange Act) on behalf of the Trust without any further act, approval or vote of the Shareholders, notwithstanding any other provision
of this Trust Agreement, the Delaware Trust Statute or any applicable law, rule or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35pt; text-align: center">ARTICLE VIII BOOKS OF ACCOUNT
AND REPORTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 8.1 Books of Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">Proper books of account for the Trust shall
be kept and shall be audited annually by an independent certified public accounting firm selected by the Sponsor in its sole discretion,
and there shall be entered therein all transactions, matters and things relating to the Trust as are required by the applicable law and
regulations and as are usually entered into books of account kept by trusts. The books of account shall be kept at the principal office
of the Trust and <FONT STYLE="background-color: white">no Shareholder shall have any right under this Trust Agreement, the Delaware Trust
Statute or otherwise to inspect or receive any account, book, document or other information of the Trust that is not publicly available
to such Shareholder, except as conferred by the Sponsor in its sole discretion. </FONT> Such books of account shall be kept, and the
Trust shall report its profits and losses on, the accrual method of accounting for financial accounting purposes on a Fiscal Year basis
as described in Article IX.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
8.2 Annual Updates, Quarterly Updates and Account Statements</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The Sponsor shall prepare
and distribute or publish, as required, such reports (periodic or otherwise) as required by applicable rules and regulations of the SEC
and the Secondary Market.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 8.3 Tax Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">Appropriate tax information (adequate to enable
each Shareholder to complete and file its U.S. federal tax return) shall be delivered or otherwise made available to each Shareholder
following the end of each Fiscal Year but, to the extent possible, no later than April 1 <FONT STYLE="background-color: white">or as
otherwise required or allowed by applicable laws and regulations</FONT>. All such information shall be prepared, and all of the Trust&rsquo;s
tax returns shall be filed, in a manner consistent with the treatment of the Trust as a grantor trust. The Trust&rsquo;s taxable year
shall be the calendar year. The Trust shall comply with all U.S. federal withholding requirements respecting distributions to, or receipts
of amounts on behalf of, Shareholders that the Sponsor reasonably believes are applicable under the Code. The consent of Shareholders
shall not be required for such withholding.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 8.4 Calculation of NAV and NAV per Share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">The Sponsor or its delegate shall calculate
and publish the Trust&rsquo;s Bitcoin Holdings on each Business Day as of 4:00 p.m., New York time, or as soon as practicable thereafter.
In order to calculate the Bitcoin Holdings, the Sponsor shall determine on each Business Day the NAV of the Trust and the NAV per Share
in the manner set forth in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22pt">The Trust's periodic financial
statements may not utilize the NAV of the Trust to the extent the methodology used to calculate the Reference Rate is deemed not to be
consistent with GAAP. For purposes of the Trust's periodic financial statements, the Trust will utilize a pricing source that is consistent
with GAAP. The Sponsor will determine in its sole discretion the valuation sources and policies used to prepare the Trust's financial
statements in accordance with GAAP. Neither the Sponsor not any applicable service provider shall be liable to any Person for the determination
that the most recently communicated NAV is not appropriate or for any determination as to the alternative basis for valuation;&nbsp;<I>provided
that</I>&nbsp;such determination is made in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 8.5 Maintenance of Records.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">The Sponsor shall maintain for a period of at
least six Fiscal Years (a) all books of account required by <U>Section 8.1</U> hereof; (b) a copy of the Certificate of Trust and all
certificates of amendment thereto; (c) copies of the Trust&rsquo;s U.S. federal, state and local income tax returns and reports, if any;
(d) copies of any effective written Trust Agreements and Participant Agreements, including any amendments thereto; and (e) any financial
statements of the Trust. The Sponsor may keep and maintain the books and records of the Trust in paper, magnetic, electronic or other
format as the Sponsor may determine in its sole discretion, <I>provided </I>that the Sponsor shall use reasonable care to prevent the
loss or destruction of such records. If there is a conflict between this <U>Section 8.5</U> and the rules and regulations of any Secondary
Market on which the Shares are listed, quoted or traded or, if applicable, the SEC with respect to the maintenance of records, the records
shall be maintained pursuant to the rules and regulations of such Secondary Market or the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35pt; text-align: center">ARTICLE IX FISCAL YEAR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 9.1 Fiscal Year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">The fiscal year of the Trust for financial accounting
purposes (the &ldquo;<B>Fiscal Year</B>&rdquo;) shall begin on the 1st day of January and end on the 31st day of December of each year.
The Fiscal Year in which the Trust shall terminate shall end on the date of such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35pt; text-align: center">ARTICLE X AMENDMENT OF TRUST
AGREEMENT; MEETINGS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 10.1 Amendments to the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Amendment
Generally.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as
otherwise specifically provided in this <U>Section 10.1</U>, the Sponsor, in its sole discretion and without Shareholder consent, may
amend or otherwise supplement this Trust Agreement by making an amendment, an agreement supplemental hereto, or an amended and restated
trust agreement. Any such restatement, amendment and/or supplement hereto shall be effective on such date as designated by the Sponsor
in its sole discretion; <I>provided </I>that the Sponsor shall not be permitted to make any such amendment, or otherwise supplement this
Trust Agreement, if such amendment or supplement would permit the Sponsor, the Trustee or any other Person to vary the investment of
the Shareholders (within the meaning of Treasury Regulations Section 301.7701-4(c)) or would otherwise adversely affect the status of
the Trust as a grantor trust for U.S. federal income tax purposes. &nbsp;Every Shareholder, at the time any such amendment becomes effective,
shall be deemed, by continuing to hold any Shares or an interest therein, to consent and agree to such amendment and to be bound by this
Agreement as amended thereby.&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any amendments
to this Trust Agreement which materially adversely affects the interests of the Shareholders will not be effective until thirty (30)
days after notice of such amendment is given by the Sponsor to the Shareholders, which may occur by posting on the Trust&rsquo;s website,
or supplement to the Prospectus, or through a current report on Form -K or in the Trust&rsquo;s annual or quarterly reports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
limitation of the foregoing, the Sponsor may, without the approval of the Shareholders, amend the provisions of this Trust Agreement
if the Trust is advised at any time by the Trust&rsquo;s accountants or legal counsel that the amendments made are necessary to ensure
that the Trust&rsquo;s status as a grantor trust will be respected for U.S. federal income tax purposes. Notwithstanding any other provision
of this Trust Agreement, without the consent of Shareholders representing a majority of the outstanding Shares, no amendment to this
Trust Agreement may be made if, as a result of such amendment, it would cause the Trust to be treated as anything other than a grantor
trust for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
amendment affecting the rights or duties of the Trustee shall be binding upon or effective against the Trustee unless consented to by
the Trustee in writing. No amendment shall be made to this Trust Agreement without the consent of the Trustee if the Trustee reasonably
believes that such amendment adversely affects any of its rights, duties or liabilities. The Trustee shall be under no obligation to
execute any amendment to the Trust Agreement or to any agreement to which the Trust is a party until it has received an instruction letter
from the Sponsor, in form and substance reasonably satisfactory to the Trustee, (i) directing the Trustee to execute such amendment,
(ii) representing and warranting to the Trustee that such execution is authorized and permitted by the terms of the Trust Agreement and
(if applicable) such other agreement to which the Trust is a party and does not conflict with or violate any other agreement to which
the Trust is a party and (iii) confirming that such execution and acts related thereto are covered by the indemnity provisions of the
Trust Agreement in favor of the Trustee and do not adversely affect the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
amendment of this Trust Agreement, the Certificate of Trust shall also be amended, if required by the Delaware Trust Statute, to reflect
such change. At the expense of the Sponsor, the Trustee shall execute and file any amendment to the Certificate of Trust if so directed
by the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the fullest extent permitted by law, no provision of this Trust Agreement may be amended, waived or otherwise modified orally but only
by a written instrument adopted in accordance with this <U>Section 10.1</U>.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 10.2 Meetings of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">Meetings of the Shareholders may be called by
the Sponsor in its sole discretion. The Sponsor shall provide written notice to all Shareholders thereof of the meeting and the purpose
of the meeting, which shall be held on a date not less than ten (10) nor more than sixty (60) days after the date of distribution of
said notice, at a reasonable time and place. Any notice of meeting shall be accompanied by a description of the action to be taken at
the meeting. Shareholders may vote in person or by proxy at any such meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 10.3 Action Without a Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">Any action required or permitted to be taken
by Shareholders by vote may be taken without a meeting by written consent setting forth the actions so taken. Such written consents shall
be treated for all purposes as votes at a meeting. If the vote or consent of any Shareholder to any action of the Trust or any Shareholder,
as contemplated by this Trust Agreement, is solicited by the Sponsor, the solicitation shall be effected by notice to each Shareholder
given in the manner provided in <U>Section 13.5</U>. The vote or consent of each Shareholder so solicited shall be deemed conclusively
to have been cast or granted as requested in the notice of solicitation, whether or not the notice of solicitation is actually received
by that Shareholder, unless the Shareholder expresses written objection to the vote or consent by notice given in the manner provided
in <U>Section 13.5</U> and actually received by the Trust within twenty (20) days after the notice of solicitation is sent. The Covered
Persons dealing with the Trust shall be entitled to act in reliance on any vote or consent that is deemed cast or granted pursuant to
this Section 10.3 and shall be fully indemnified by the Trust in so doing. Any action taken or omitted in reliance on any such deemed
vote or consent of one or more Shareholders shall not be void or voidable by reason of any communication made by or on behalf of all
or any of such Shareholders in any manner other than as expressly provided in <U>Section 13.5</U>.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35pt; text-align: center">ARTICLE XI TERM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 11.1 Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">The term for which the Trust is to exist shall
be perpetual, unless terminated pursuant to the provisions of Article XII hereof or as otherwise provided by this Trust Agreement or
by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35pt; text-align: center">ARTICLE XII TERMINATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 12.1 Dissolution of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.5pt"></TD><TD STYLE="width: 12.5pt">(a)</TD><TD>The Sponsor may, in its sole discretion, dissolve the Trust if
                                            any of the following events occur:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the SEC
determines that the Trust is an investment company required to be registered under the Investment Company Act of 1940;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the CFTC
determines that the Trust is a commodity pool under the Commodity Exchange Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trust
is determined to be a &ldquo;money service business&rdquo; under the regulations promulgated by FinCEN under the authority of the U.S.
Bank Secrecy Act and is required to comply with certain FinCEN regulations thereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trust
is required to obtain a license or make a registration under any state law regulating money transmitters, money services businesses,
providers of prepaid or stored value or similar entities, or virtual currency businesses;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trust
becomes insolvent or bankrupt;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Custodian
resigns or is removed without replacement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all of
the Trust&rsquo;s Bitcoins are sold;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Sponsor determines that the size of the Trust Estate in relation to the expenses of the Trust makes it unreasonable or imprudent to continue
the affairs of the Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Sponsor
receives notice from the IRS or from counsel for the Trust or the Sponsor that the Trust fails to qualify for treatment, or will not
be treated, as a grantor trust under the Code;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee
notifies the Sponsor of the Trustee&rsquo;s election to resign and the Sponsor does not appoint a successor trustee within one hundred
and eighty (180) days; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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 0pt 0.75in">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Sponsor
determines, in its sole discretion, that it is desirable or advisable for any reason to discontinue the affairs of the Trust including,
without limitation, due to a lack <FONT STYLE="background-color: white">of profitability to the Sponsor and other service providers of
the operation of the Trust, any obstacles or costs relating to the operation or regulatory compliance of the Trust, or the inability
to market the Trust to investors or substantially grow the Trust in size</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.5pt"></TD><TD STYLE="width: 12.5pt">(b)</TD><TD>The death, legal disability, bankruptcy, insolvency, dissolution,
                                            or withdrawal of any Shareholder (shall not result in the dissolution of the Trust, and such
                                            Shareholder, his or her estate, custodian or personal representative shall have no right
                                            to a redemption of such Shareholder&rsquo;s Shares. Each Shareholder (and any assignee thereof)
                                            expressly agrees that in the event of his or her death, he or she waives on behalf of himself
                                            or herself and his or her estate, and he or she directs the legal representative of his or
                                            her estate and any person interested therein to waive the furnishing of any inventory, accounting
                                            or appraisal of the Trust Estate and any right to an audit or examination of the books of
                                            account for the Trust, except for such rights as are set forth in <U>Article VIII</U> hereof
                                            relating to the books of account and reports of the Trust.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 12.2 Distributions on Dissolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">Upon the dissolution of the Trust, the Sponsor
(or in the event there is no Sponsor, such person (the &ldquo;<B>Liquidating Trustee</B>&rdquo;) as the Shareholders holding Shares equal
to at least a majority (over 50%) of the Shares may propose and approve) shall take full charge of the Trust Estate. Any Liquidating
Trustee so appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the
powers conferred upon the Sponsor under the terms of this Trust Agreement, subject to all of the applicable limitations, contractual
and otherwise, upon the exercise of such powers, and <I>provided </I>that the Liquidating Trustee shall not have general liability for
the acts, omissions, obligations and expenses of the Trust. Thereafter, in accordance with Section 3808(e) of the Delaware Trust Statute,
the affairs of the Trust shall be wound up by the Sponsor or the Liquidating Trustee, and all assets owned by the Trust shall be liquidated
as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom shall be applied and distributed in the
following order of priority: (a) to the expenses of liquidation and termination and to creditors, including Shareholders who are creditors,
to the extent otherwise permitted by law, in satisfaction of liabilities of the Trust (whether by payment or the making of reasonable
provision for payment thereof) other than liabilities for distributions to Shareholders, and (b) to the Shareholders pro rata in accordance
with their respective Percentage Interests of the Trust Estate.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 12.3 Termination; Certificate of Cancellation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">Following the dissolution and distribution of
the assets of the Trust, the Trust shall terminate and the Sponsor or the Liquidating Trustee, as the case may be, shall instruct the
Trustee in writing to execute and cause such certificate of cancellation of the Certificate of Trust to be filed in accordance with the
Delaware Trust Statute at the expense of the Trust. Notwithstanding anything to the contrary contained in this Trust Agreement, the existence
of the Trust as a separate legal entity shall continue until the filing of such certificate of cancellation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35pt; text-align: center">ARTICLE XIII MISCELLANEOUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 13.1 Governing Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">The validity and construction of this Trust
Agreement and all amendments hereto shall be governed by the laws of the State of Delaware, and the rights of all parties hereto and
the effect of every provision hereof shall be subject to and construed according to the laws of the State of Delaware without regard
to the conflict of laws provisions thereof; <I>provided</I>, <I>however</I>, that causes of action for violations of U.S. federal or
state securities laws shall not be governed by this <U>Section 13.1</U>, and <I>provided</I>, <I>further</I>, that the parties hereto
intend that the provisions hereof shall control over any contrary or limiting statutory or common law of the State of Delaware (other
than the Delaware Trust Statute) and that, to the maximum extent permitted by applicable law, there shall not be applicable to the Trust,
the Trustee, the Sponsor, the Shareholders or this Trust Agreement any provision of the laws (statutory or common) of the State of Delaware
(other than the Delaware Trust Statute) pertaining to trusts that relate to or regulate in a manner inconsistent with the terms hereof:
(a) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (b) affirmative
requirements to post bonds for trustees, officers, agents, or employees of a trust, (c) the necessity for obtaining court or other governmental
approval concerning the acquisition, holding or disposition of real or personal property, (d) fees or other sums payable to trustees,
officers, agents or employees of a trust, (e) the allocation of receipts and expenditures to income or principal, (f) restrictions or
limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage
or other manner of holding of trust assets, or (g) the establishment of fiduciary or other standards or responsibilities or limitations
on the acts or powers of trustees or managers that are inconsistent with the limitations on liability or authorities and powers of the
Trustee or the Sponsor set forth or referenced in this Trust Agreement. Section 3540 of Title 12 of the Delaware Code shall not apply
to the Trust. The Trust shall be of the type commonly called a &ldquo;statutory trust,&rdquo; and without limiting the provisions hereof,
but subject to <U>Section 1.5</U> and <U>Section 1.6</U>, the Trust may exercise all powers that are ordinarily exercised by such a statutory
trust under Delaware law. Subject to <U>Section 1.5</U> and <U>Section 1.6</U>, the Trust specifically reserves the right to exercise
any of the powers or privileges afforded to statutory trusts and the absence of a specific reference herein to any such power, privilege
or action shall not imply that the Trust may not exercise such power or privilege or take such actions.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 13.2 Provisions In Conflict With Law or Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provisions of this Trust Agreement are severable, and if the Sponsor shall determine, with the advice of counsel, that any one or more
of such provisions (the &ldquo;<B>Conflicting Provisions</B>&rdquo;) are in conflict with the Code, the Delaware Trust Statute, the Securities
Act, if applicable, or other applicable U.S. federal or state laws or the rules and regulations of any Secondary Market, the Conflicting
Provisions shall be deemed never to have constituted a part of this Trust Agreement, even without any amendment of this Trust Agreement
pursuant to this Trust Agreement; <I>provided</I>, <I>however</I>, that such determination by the Sponsor shall not affect or impair
any of the remaining provisions of this Trust Agreement or render invalid or improper any action taken or omitted prior to such determination.
No Sponsor or Trustee shall be liable for making or failing to make such a determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any provision of this Trust Agreement shall be held invalid or unenforceable in any jurisdiction, such holding shall not in any manner
affect or render invalid or unenforceable such provision in any other jurisdiction or any other provision of this Trust Agreement in
any jurisdiction.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 13.3 Merger and Consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">Subject to the provisions of <U>Section 1.5
</U>and <U>Section 1.6</U>, the Sponsor may cause (i) the Trust to be merged with or into or consolidated with, converted to or to sell
all or substantially all of its assets to, another trust or entity; (ii) the Shares of the Trust to be converted into beneficial interests
in another statutory trust (or series thereof); or (iii) the Shares of the Trust to be exchanged for shares in another trust or company
under or pursuant to any U.S. state or federal statute to the extent permitted by law. For the avoidance of doubt, subject to the provisions
of <U>Section 1.5</U>, the Sponsor, with written notice to the Shareholders, may approve and effect any of the transactions contemplated
under (i), (ii) and (iii) above without any vote or other action of the Shareholders.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 13.4 Construction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">In this Trust Agreement, unless the context
otherwise requires, words used in the singular or in the plural include both the plural and singular and words denoting any gender include
all genders. The title and headings of different parts are inserted for convenience and shall not affect the meaning, construction or
effect of this Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 13.5 Notices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">All notices or communications under this Trust
Agreement (other than notices of pledge or encumbrance of Shares, and reports and notices by the Sponsor to the Shareholders) shall be
in writing and shall be effective upon personal delivery, or if sent by mail, postage prepaid, or if sent electronically, by email, or
by overnight courier, and addressed, in each such case, to the address set forth in the books and records of the Trust or such other
address as may be specified in writing, of the party to whom such notice is to be given, upon the deposit of such notice in the United
States mail, upon electronic transmission thereof or upon deposit with a representative of an overnight courier, as the case may be.
Notices of pledge or encumbrance of Shares shall be effective upon timely receipt by the Sponsor in writing. Any reports or notices by
the Sponsor to the Shareholders which are given electronically shall be effective upon receipt without requirement of confirmation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All notices that are required to be provided to the Trustee shall
be sent to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Delaware Trust Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Corporate Trust Administration</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">251 Little Falls Drive Wilmington, DE 19808</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All notices that are required to be provided to the Trust or the
Sponsor shall be sent to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">if to the Trust, at:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WisdomTree Bitcoin Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">250 West 34<SUP>th</SUP> Street, 3<SUP>rd</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10119</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: WisdomTree Digital Commodity Services, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">if to the Sponsor, at</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WisdomTree Digital Commodity Services, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">250 West 34<SUP>th</SUP> Street, 3<SUP>rd</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10119</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Ryan Louvar</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 13.6 Counterparts; Electronic Signatures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">This Trust Agreement may be executed in one
or more counterparts (including those by facsimile or other electronic means), all of which shall constitute one and the same instrument
binding on all of the parties hereto, notwithstanding that all parties are not signatory to the original or the same counterpart. This
Trust Agreement, to the extent signed and delivered by means of a facsimile machine or other electronic transmission, shall be treated
in all manner and respects as an original agreement and shall be considered to have the same binding legal effect as if it were the original
signed version thereof delivered in person.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 13.7 Binding Nature of Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">The terms and provisions of this Trust Agreement
shall be binding upon and inure to the benefit of the heirs, custodians, executors, estates, administrators, personal representatives,
successors and permitted assigns of the respective Shareholders. For purposes of determining the rights of any Shareholder or assignee
hereunder, the Trust and the Sponsor may rely upon the Trust records as to who are Shareholders and permitted assignees, and all Shareholders
and assignees agree that the Trust and the Sponsor, in determining such rights, shall rely on such records and that Shareholders and
their assignees shall be bound by such determination.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 13.8 No Legal Title to Trust Estate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the provisions of Section 1.7 in the case of the Sponsor,
the Shareholders shall not have legal title to any part of the Trust Estate.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 13.9 Creditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">No creditors of any Shareholders shall have
any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the Trust Estate.</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 13.10 Integration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">This Trust Agreement constitutes the entire
agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining
thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 13.11 Goodwill; Use of Name.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No value shall be placed on the name or goodwill of the Trust,
which shall belong exclusively to WisdomTree Digital Commodity Services, LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">SECTION 13.12 Jurisdiction;
Venue; Waiver of Jury Trial.&nbsp;<B>EACH OF THE PARTIES HERETO HEREBY AGREES TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE
OF DELAWARE, AND THE FEDERAL COURTS LOCATED WITHIN THE STATE OF DELAWARE. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED
ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND&nbsp;CONSENTS
TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. TO THE EXTENT PERMITTED BY APPLICABLE LAW,
EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR
OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF THEM
IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED
IN A BENCH TRIAL WITHOUT A JURY.</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 13.13 Corporate Transparency Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Corporate Transparency Act (31 U.S.C. &sect; 5336) and its
implementing regulations (collectively, the &ldquo;CTA&rdquo;), may require the Trust to file reports with FinCEN. It shall be Sponsor&rsquo;s
duty and not the Trustee&rsquo;s duty to prepare such filings, cause the Trust to make such filings, and to cause the Trust to comply
with its obligations under the CTA, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt"> <B>IN WITNESS WHEREOF</B>, the undersigned have
duly executed this Second Amended and Restated Trust Agreement as of the day and year first above written. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>DELAWARE TRUST COMPANY,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">as Trustee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 16%"><FONT STYLE="font-size: 10pt">&nbsp;/s/ Gregory Daniels</FONT></TD>
    <TD STYLE="width: 81%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Name: Gregory Daniels</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Title: Vice President</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>WISDOMTREE DIGITAL COMMODITY SERVICES, LLC,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">as Sponsor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 16%"><FONT STYLE="font-size: 10pt">/s/ Jeremy Schwartz</FONT></TD>
    <TD STYLE="width: 81%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Name: Jeremy Schwartz</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Title: CEO</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">30</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>ex5_1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">M</FONT>orris,
                            <FONT STYLE="font-size: 12pt">N</FONT>ichols, <FONT STYLE="font-size: 12pt">A</FONT>rsht &amp; <FONT STYLE="font-size: 12pt">T</FONT>unnell
                            llp</P>
    <P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1201 North Market Street</P>
    <P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">P.O. Box 1347</P>
    <P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Wilmington, Delaware 19899-1347</P>
    <P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
    <P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(302) 658-9200</P>
    <P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(302) 658-3989 FAX</P>
    <P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> January 8, 2024 </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WisdomTree Bitcoin Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">250 West 34<SUP>th</SUP> Street, 3<SUP>rd
</SUP>Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, NY 10119</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; text-align: justify; text-indent: 0in; font-size: 10pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify; text-indent: 0in; font-size: 10pt; layout-grid-mode: line">Re:</TD>
    <TD STYLE="width: 88%; text-align: justify; text-indent: 0in; font-size: 10pt; layout-grid-mode: line"><U>WisdomTree Bitcoin Fund</U></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"> We have acted as
special Delaware counsel to WisdomTree Bitcoin Fund, a Delaware statutory trust (the &ldquo;Trust&rdquo;), in connection with
certain matters of Delaware law relating to the issuance of Shares of the Trust (the &ldquo;Registered Shares&rdquo;). Capitalized
terms used herein and not otherwise herein defined are used as defined in the Second Amended and Restated Trust Agreement of the
Trust dated as of January 6, 2024 (the &ldquo;Governing Instrument&rdquo;). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"> In rendering this opinion, we have examined and relied on copies of
the following documents, each in the form provided to us: Amendment No. 6 (the &ldquo;Amendment&rdquo;) to Registration Statement No.
333-254134 under the Securities Act of 1933 on Form S-1 of the Trust to be filed with the Securities and Exchange Commission on or about
the day hereof; the Certificate of Trust of the Trust (then named WisdomTree Bitcoin Trust) as filed in the Office of the Secretary of
State of the State of Delaware (the &ldquo;State Office&rdquo;) on March 8, 2021, as amended by the Certificate of Amendment thereto as
filed in the State Office on December 18, 2023, changing the name of the Trust from &ldquo;WisdomTree Bitcoin Trust&rdquo; to &ldquo;WisdomTree
Bitcoin Fund&rdquo;; the Governing Instrument; the Written Consent of the Sponsor of the Trust dated as of December 22, 2023 (the &ldquo;Resolutions&rdquo;
and together with the Governing Instrument and the Amendment, the &ldquo;Governing Documents&rdquo;); a Certificate of the Sponsor of
the Trust dated on or about the date hereof; and a certification of good standing of the Trust obtained as of a recent date from the State
Office. In such examinations, we have assumed the genuineness of all signatures, the conformity to original documents of all documents
submitted to us as copies or drafts of documents to be executed, and the legal capacity of natural persons to complete the execution of
documents. We have further assumed for purposes of this opinion: (i) the due formation or organization, valid existence and good standing
of each entity that is a signatory to any of the documents reviewed by us under the laws of the jurisdiction of its respective formation
or organization; (ii) the due adoption, authorization, execution and delivery by, or on behalf of, each of the parties thereto (other
than the Trust) of the above-referenced agreements, instruments, certificates and other documents and of all documents contemplated by
the Governing Documents to be executed by investors desiring to become Shareholders; (iii) that the activities of the Trust have been
and will be conducted in accordance with the terms of the Governing Instrument and the Delaware Statutory Trust Act, 12 <I>Del</I>.&nbsp;<I>C</I>.
&sect;&sect;&nbsp;3801 <I>et seq.</I>; (iv) that appropriate notation of the names and addresses of, the number of the Shares held by,
and the consideration paid by, Shareholders will be maintained in the appropriate registers and other books and records of the Trust in
connection with the issuance or transfer of Shares; (v) that the required consideration for the Shares is paid in accordance with the
terms, conditions, requirements and procedures set forth in the Governing Documents and that the Shares are otherwise issued in accordance
with the terms, conditions, requirements and procedures set forth in the Governing Documents and the Delaware Act; (vi) the due execution
and delivery by the Sponsor of each of the above-referenced agreements, instruments, certificates and other documents executed by the
Sponsor on behalf of the Trust; and (vii) that each of the documents examined by us is in full force and effect, expresses the entire
understanding of the parties thereto with respect to the subject matter thereof and has not been amended, supplemented or otherwise modified,
except as herein referenced. We have not reviewed any documents other than those identified above in connection with this opinion, and
we have assumed that there are no documents, facts or circumstances that are contrary to, or inconsistent with the opinions expressed
herein. No opinion is expressed herein with respect to the requirements of, or compliance with, federal or state securities or blue sky
laws. Further, we express no opinion on the sufficiency or accuracy of any registration or offering documentation relating to the Trust
or the Shares. As to any facts material to our opinion, other than those assumed, we have relied without independent investigation on
the above-referenced documents and on the accuracy, as of the date hereof, of the matters therein contained. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WisdomTree Bitcoin Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> January 8, 2024 </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Based on and subject to
the foregoing, and limited in all respects to matters of Delaware law, it is our opinion that the Registered Shares, when issued in accordance
with the terms, conditions, requirements and procedures set forth in the Governing Documents, will constitute legally issued, fully paid
and non-assessable shares of beneficial interest in the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">We hereby consent to the
filing of a copy of this opinion with the Securities and Exchange Commission as an exhibit to the Amendment. In giving this consent,
we do not hereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of
1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder. This opinion speaks only as of the
date hereof and is based on our understandings and assumptions as to present facts, and on the application of Delaware law as the same
exist on the date hereof, and we undertake no obligation to update or supplement this opinion after the date hereof for the benefit of
any person or entity (including any Shareholder) with respect to any facts or circumstances that may hereafter come to our attention
or any changes in facts or law that may hereafter occur or take effect. This opinion is intended solely for the benefit of the Trust
and the Shareholders in connection with the matters contemplated hereby and may not be relied upon by any other person or entity, or
for any other purpose, without our prior written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Sincerely,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>MORRIS, NICHOLS, ARSHT &amp; TUNNELL LLP</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; layout-grid-mode: line">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; layout-grid-mode: line"> <I>/s/ David A. Harris</I> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: left; layout-grid-mode: line">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>David A. Harris</TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>4
<FILENAME>ex8_1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 8.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.95pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: left; width: 50%"><IMG SRC="perkinscoie_logo.jpg" ALT="">&nbsp;</TD>
  <TD STYLE="text-align: right; width: 50%"><IMG SRC="perkinscoie_address.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.95pt"> January 8, 2024 </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.95pt">WisdomTree Bitcoin Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.95pt">250 West 34th Street, 3rd Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.95pt">New York, New York 10119</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.95pt">Ladies and Gentleman:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.95pt; text-indent: 22pt"> We have acted as counsel for WisdomTree
Digital Commodity Services, LLC, a Delaware limited liability (the &ldquo;Company&rdquo;), in connection with the preparation and filing
under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and the rules and regulations promulgated thereunder,
of a registration statement on Form S-1, Registration No. 333-254134 (the &ldquo;Registration Statement&rdquo;), including the prospectus
constituting Part I of the Registration Statement (the &ldquo;Prospectus&rdquo;), filed by the WisdomTree Bitcoin Fund (the &ldquo;Trust&rdquo;),
of which the Company serves as the Sponsor. The Trust is a Delaware statutory trust formed on March 8, 2021. The Trust operates pursuant
to a Trust Agreement between the Company, as Sponsor, and Delaware Trust Company, a Delaware corporation, as Trustee (the &ldquo;Trust
Agreement&rdquo;). The Registration Statement relates to the offering of an indeterminate number of common shares representing fractional
undivided beneficial interests in and ownership of such Trust (the &ldquo;Shares&rdquo;). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.25pt 0pt 1.95pt; text-indent: 22pt">We have examined the Registration
Statement and Prospectus and originals or copies, certified or otherwise identified to our satisfaction, of the Trust Agreement and all
such agreements, certificates and other statements of corporate officers and other representatives of the Company, and such other documents,
as we have deemed necessary as a basis for this opinion. In such examination we have assumed the genuineness of all signatures, the authenticity
of all documents submitted to us as originals and the conformity with the originals of all documents submitted to us as copies. We have,
when relevant facts material to our opinion were not independently established by us, relied, to the extent we deemed such reliance proper,
upon written or oral statements of officers and other representatives of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.25pt 0pt 1.95pt; text-indent: 22pt">Based on and subject to the foregoing,
we advise you that subject to the limitations, qualifications and assumptions described herein and in the Prospectus, the discussion
under the caption &ldquo;United States Federal Income Tax Consequences&rdquo; in the Prospectus expresses our opinion as to the material
United States federal income tax consequences that generally may apply to a &ldquo;U.S. Shareholder&rdquo;, as defined in the discussion
under such caption, under currently applicable law to the purchase, ownership and disposition of Shares by a U.S. Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.95pt">We hereby consent to the discussion of this
opinion in the Registration Statement, the filing of this opinion as an exhibit to the Registration Statement and to the reference to
our firm in the discussion of United States federal income tax consequences under the caption &ldquo;United States Federal Income Tax
Consequences&rdquo; in the Registration Statement. In giving this consent, we do not thereby admit that we are in the category of persons
whose consent is required under Section&nbsp;7 of the Securities Act, nor do we admit that we are experts with respect to any part of
the Registration Statement within the meaning of the term &ldquo;expert&rdquo; as used in the Securities Act or the rules and regulations
of the Commission promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;<IMG SRC="perkinscoie_sig.jpg" ALT=""></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Perkins Coie, LLP</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
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<SEQUENCE>6
<FILENAME>ernstandyoung_sig.jpg
<DESCRIPTION>GRAPHIC
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
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      <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>
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      <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>
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      <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>
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      <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" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
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      <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>
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      <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>
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      <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>
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      <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>
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      <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>
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      <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>
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      <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>
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      <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>
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Cash_lbl" xml:lang="en-US">Cash</link:label>
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<TYPE>EX-101.PRE
<SEQUENCE>10
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>perkinscoie_sig.jpg
<DESCRIPTION>GRAPHIC
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<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) {
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<span style="display: none;">v3.23.4</span><table class="report" border="0" cellspacing="2" id="idm140057057982672">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Dec. 26, 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. 6<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 FUND<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_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">99-6119726<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_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<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_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">250 West 34th Street<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_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">3rd Floor<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_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">New York<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_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<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_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10119<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_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(866)<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_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">909-9473<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_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Non-accelerated Filer<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_EntitySmallBusiness', window );">Entity Small Business</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_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">true<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_EntityExTransitionPeriod', window );">Elected Not To Use the Extended Transition Period</a></td>
<td class="text">false<span></span>
</td>
</tr>
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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>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>
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<td>xbrli:stringItemType</td>
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<td>na</td>
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<td>duration</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>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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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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>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<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>
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<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>
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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> Data Type:</strong></td>
<td>xbrli:stringItemType</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>
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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>
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</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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</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>
</div></td></tr>
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<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">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
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<td>dei_</td>
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<td>xbrli:normalizedStringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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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>
</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_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>
</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_EntityAddressStateOrProvince">
<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>
</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:stateOrProvinceItemType</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_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>
</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:centralIndexKeyItemType</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_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>
</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:booleanItemType</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_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>
</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:booleanItemType</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_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>
</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:filerCategoryItemType</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_EntityIncorporationStateCountryCode">
<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>
</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:edgarStateCountryItemType</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_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>
</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_EntitySmallBusiness">
<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>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>
</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:booleanItemType</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_EntityTaxIdentificationNumber">
<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 Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</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_EntityTaxIdentificationNumber</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:employerIdItemType</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_LocalPhoneNumber">
<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>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>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</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>
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<span style="display: none;">v3.23.4</span><table class="report" border="0" cellspacing="2" id="idm140057057577248">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Statement of Assets and Liabilities<br></strong></div></th>
<th class="th">
<div>Dec. 26, 2023 </div>
<div>USD ($) </div>
<div>$ / shares</div>
</th>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>ASSETS:</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Cash', window );">Cash</a></td>
<td class="nump">$ 50,000<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Assets', window );">Total Assets</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilitiesAbstract', window );"><strong>LIABILITIES:</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total Liabilities</a></td>
<td class="text"> <span></span>
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<td class="nump">50,000<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cik0001850391_NetAssetsConsistOfAbstract', window );"><strong>Net Assets consist of:</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Capital Stock at $50.00 per share</a></td>
<td class="nump">$ 50,000<span></span>
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<td class="nump">$ 50.00<span></span>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cik0001850391_NetAssetsConsistOfAbstract">
<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 );">- References</a><div><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;">cik0001850391_NetAssetsConsistOfAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cik0001850391_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapital">
<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>Amount of excess of issue price over par or stated value of stock and from other transaction involving stock or stockholder. Includes, but is not limited to, additional paid-in capital (APIC) for common and preferred stock.</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/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(18))<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1<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;">us-gaap_AdditionalPaidInCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<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>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</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/disclosureRef<br> -Topic 810<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (bb)<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 810<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147481231/810-10-45-25<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1<br><br>Reference 4: 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Codification<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30<br><br>Reference 25: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32<br><br>Reference 26: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(11))<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1<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;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsAbstract">
<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 );">- References</a><div><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;">us-gaap_AssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</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_us-gaap_AssetsNet">
<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>Amount of net assets (liabilities).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -SubTopic 30<br> -Topic 205<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147479910/205-30-50-1<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;">us-gaap_AssetsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Cash">
<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>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.</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/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 21<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147480555/946-210-45-21<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 20<br> -SubTopic 210<br> -Topic 946<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147480555/946-210-45-20<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;">us-gaap_Cash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
<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>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</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/disclosureRef<br> -Topic 810<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 810<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147481231/810-10-45-25<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 810<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (bb)<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3<br><br>Reference 4: 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><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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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure.</p></div>
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<span style="display: none;">v3.23.4</span><table class="report" border="0" cellspacing="2" id="idm140057057557536">
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Statement of Assets and Liabilities (Parenthetical)<br></strong></div></th>
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<div>Dec. 26, 2023 </div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
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<span style="display: none;">v3.23.4</span><table class="report" border="0" cellspacing="2" id="idm140057060278592">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>ORGANIZATION<br></strong></div></th>
<th class="th"><div>Dec. 26, 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_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>Organization, Consolidation and Presentation of Financial Statements [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_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock', window );">ORGANIZATION</a></td>
<td class="text"><p id="xdx_807_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zUxST8gjm6N5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-transform: uppercase"><b>1. <span id="xdx_829_zTHiF2BoeqMg">ORGANIZATION</span></b></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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WisdomTree Bitcoin Fund (the &#8220;Fund&#8221;)
is a Delaware statutory trust organized on March 8, 2021 under Delaware law pursuant to the Delaware Statutory Trust Act (&#8220;DTSA&#8221;)
and a Trust Agreement, as amended from time to time (the &#8220;Trust Agreement&#8221;). The Fund&#8217;s investment objective is to
gain exposure to the price of bitcoin, less expenses and liabilities of the Fund&#8217;s operations. The Fund issues common shares of
beneficial interest (the &#8220;Shares&#8221;) and expects to operate as an exchange traded fund that will be listed on the Cboe BZX
Exchange, Inc. (the &#8220;Exchange&#8221;) and will trade under the ticker symbol &#8220;BTCW.&#8221;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WisdomTree Digital Commodity Services, LLC (the
&#8220;Sponsor&#8221;) serves as sponsor of the Fund. The Sponsor arranges for the creation of the Fund and is responsible for the ongoing
registration of the Shares for public offering in the United States and the listing of Shares on the Exchange. The Sponsor will develop
and administer a marketing plan for the Fund and prepare marketing materials regarding the Shares, in each case in conjunction with Foreside
Fund Services, LLC (the &#8220;Marketing Agent&#8221;). The sponsor will select the service providers, negotiate the applicable agreements
and fees and monitors the performance of the Fund.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Delaware Trust Company acts as the trustee of
the Fund for the purpose of creating a Delaware statutory trust in accordance with the DTSA. The Trustee is appointed to serve as the
trustee of the Fund in the State of Delaware for the sole purpose of satisfying the requirement of Section 3807(a) of the DSTA that the
Fund 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; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund had no operations to date other than
matters relating to its organization and registration under the Securities Act of 1933, as amended, and the sale and issuance of <span id="xdx_904_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pp0p0_c20231222__20231222_zv8Oc6vQrrpb" title="Sale and issuance of equity">1,000</span>
common shares of beneficial interest on December 22, 2023. Proceeds from the issuance of these shares were held in cash as presented
on the Fund&#8217;s statement of assets and liabilities.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the ordinary course of operation, the Fund
will sell or redeem its Shares, in blocks of 5,000 Shares (a &#8220;Basket&#8221;) based on the quantity of bitcoin attributable to each
Share of the Fund (net of accrued but unpaid expenses and liabilities). For a subscription of Shares, the subscription shall be in the
amount of cash needed to purchase the amount of bitcoin represented by the Basket being created, in each case as calculated by State
Street Bank and Trust Company (&#8220;State Street&#8221;) the Fund&#8217;s administrator (the &#8220;Fund Administrator&#8221; or the
&#8220;Cash Custodian&#8221;). For a redemption of Shares, the Sponsor shall arrange for the bitcoin represented by the Basket to be
sold and the cash proceeds distributed. Financial firms that are authorized to purchase or redeem Shares with the Fund (known as &#8220;Authorized
Participants&#8221;) will deliver cash to the Fund&#8217;s account with the Cash Custodian in exchange for Shares when they purchase
Shares, and will receive cash (from the Cash Custodian), when they redeem Shares with the Fund. 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 Fund&#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; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the normal course of business, the Fund may
enter into contracts that contain a variety of representations or that provide indemnification for certain liabilities. The Fund&#8217;s
maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have
not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts and believes such exposure to be remote.</p>











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

<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for organization, consolidation and basis of presentation of financial statements 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/disclosureRef<br> -Topic 946<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147480424/946-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147480424/946-10-50-2<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 810<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org//810/tableOfContent<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 205<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org//205/tableOfContent<br></p></div>
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<span style="display: none;">v3.23.4</span><table class="report" border="0" cellspacing="2" id="idm140057060089232">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>SIGNIFICANT ACCOUNTING POLICIES<br></strong></div></th>
<th class="th"><div>Dec. 26, 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_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [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_us-gaap_SignificantAccountingPoliciesTextBlock', window );">SIGNIFICANT ACCOUNTING POLICIES</a></td>
<td class="text"><p id="xdx_803_eus-gaap--SignificantAccountingPoliciesTextBlock_zYieYEnltP09" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>2. <span id="xdx_82A_zwT6tHQGr4h6">SIGNIFICANT ACCOUNTING POLICIES</span></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">The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statement. The financial statement has been prepared in conformity with accounting
principles generally accepted in the United States of America (&#8220;GAAP&#8221;). The Fund is an investment company and follows the
specialized accounting and reporting guidance in the Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification
(&#8220;ASC&#8221; or &#8220;Codification&#8221;) Topic 946, Financial Services&#8212;Investment Companies. Rules and interpretive releases
of the Securities and Exchange Commission (&#8220;SEC&#8221;) under authority of federal laws are also sources of authoritative GAAP
for SEC registrants.</p>

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

<p id="xdx_84D_eus-gaap--GuaranteesIndemnificationsAndWarrantiesPolicies_zk5tZec9rDOl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span id="xdx_860_zkeDtDvS8RN1">Indemnifications</span> </b>- 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 Fund and held harmless against any loss, liability or expense incurred under the
Trust Agreement without fraud, 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. The
Fund&#8217;s maximum exposure under these arrangements cannot be known; however, the Fund expects any risk of loss to be remote.</p>

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

<p id="xdx_849_eus-gaap--UseOfEstimates_zS0N8QkWANJ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span id="xdx_864_zC8AVNIOdL4e">Use of Estimates</span></b> - The preparation of
financial statements in conformity with GAAP, requires management to make certain estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of increases and decreases in the net assets from operations during the reporting period. Actual results could differ
from those estimates.</p>

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

<p id="xdx_842_eus-gaap--IncomeTaxPolicyTextBlock_zulJf7RUUnEl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span id="xdx_86D_zObzXw0engr">Income Taxes</span></b> - The Fund is classified
as a &#8220;grantor trust&#8221; for United States federal income tax purposes. As a result, the Fund itself will not be subject to United
States federal income tax. Instead, the Fund&#8217;s income and expenses will &#8220;flow through&#8221; to the shareholders. Consequently,
each sale of bitcoin by the Fund would constitute a taxable event to shareholders.</p>

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

<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for all significant accounting policies of the reporting entity.</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/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147483426/235-10-50-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 235<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org//235/tableOfContent<br></p></div>
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<span style="display: none;">v3.23.4</span><table class="report" border="0" cellspacing="2" id="idm140057060077328">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>EXPENSES, ORGANIZATION AND OFFERING COSTS<br></strong></div></th>
<th class="th"><div>Dec. 26, 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_cik0001850391_DisclosureExpensesOrganizationAndOfferingCostsAbstract', window );"><strong>Expenses Organization And Offering Costs</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cik0001850391_ExpensesOrganizationAndOfferingCostsTextBlock', window );">EXPENSES, ORGANIZATION AND OFFERING COSTS</a></td>
<td class="text"><p id="xdx_808_ecustom--ExpensesOrganizationAndOfferingCostsTextBlock_zHajWbknDp1l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3. <span id="xdx_822_z7iK15mA3eH9">EXPENSES, ORGANIZATION AND OFFERING COSTS</span></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Once operations commence,
the Fund will pay the Sponsor a fee (the &#8220;Sponsor Fee&#8221;) in accordance with the Trust agreement and as set forth in the Prospectus.
The Sponsor fee shall be included in the Prospectus prior to the commencement of trading of Shares on the listing exchange. 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. The Fund&#8217;s only ordinary recurring
expense is expected to be the Sponsor Fee. In exchange for the Sponsor&#8217;s Fee, the Sponsor has agreed to assume the marketing and
the following administrative expenses of the Fund: the fees of the Trustee, the Fund Administrator, Fund Accountant, Transfer Agent,
and Marketing Agent, the Custodians&#8217; Fee, Exchange listing fees, SEC registration fees, printing and mailing costs, tax reporting
fees, audit fees, license fees and ordinary legal fees and expenses. The Sponsor will pay the costs of the Fund&#8217;s organization
and the initial sale of the Shares. There is no cap on the amount of these Sponsor paid expenses.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Sponsor may, at its
sole discretion and from time to time, waive all or a portion of the Sponsor Fee for stated periods of time.</p>











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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Fund may incur certain
non-recurring expenses that are not assumed by the Sponsor, including but not limited to, taxes and governmental charges, any applicable
brokerage commissions, financing charges or fees, Bitcoin network fees and similar transaction fees, expenses and costs of any extraordinary
services performed by the Sponsor (or any other service provider) on behalf of the Fund to protect the Fund or the interests of Shareholders,
any indemnification of the Cash Custodian, Coinbase Custody Trust Company LLC (&#8220;Bitcoin Custodian&#8221;), Fund Administrator or
other agents, service providers or counterparties of the Fund and extraordinary legal fees and expenses, including any legal fees and
expenses incurred in connection with litigation, regulatory enforcement or investigation matters&#160; related to the Fund.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Because the Fund does not
have any income, it will need to sell bitcoin to cover the Sponsor&#8217;s Fee and expenses not assumed by the Sponsor, if any. The Fund
may also be subject to other liabilities (for example, as a result of litigation) that have also not been assumed by the Sponsor. The
only source of funds to cover those liabilities will be sales of bitcoin held by the Fund. Even if there are no expenses other than those
assumed by the Sponsor, and there are no other liabilities of the Fund, the Fund will still need to sell bitcoin to pay the Sponsors
Fee. The result of these sales is a decrease in the amount of bitcoin represented by each Share.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">To cover the Sponsor&#8217;s
Fee and expenses not assumed by the Sponsor, the Sponsor or its delegate will cause the Fund (or its delegate) to convert bitcoin into
U.S. dollars at the price available through Coinbase, Inc., which is an affiliate of the Bitcoin Custodian. The number of bitcoins represented
by a Share will decline each time the Fund pays the Sponsor fee or any Fund expenses not assumed by the Sponsor by selling bitcoins.
The Fund is responsible for paying any costs associated with the sale of bitcoin.</p>

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



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<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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<span style="display: none;">v3.23.4</span><table class="report" border="0" cellspacing="2" id="idm140057060300160">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>BENEFICIAL OWNERSHIP<br></strong></div></th>
<th class="th"><div>Dec. 26, 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_cik0001850391_DisclosureBeneficialOwnershipAbstract', window );"><strong>Beneficial Ownership</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cik0001850391_BeneficialOwnershipTextBlock', window );">BENEFICIAL OWNERSHIP</a></td>
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OWNERSHIP</span></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this financial statement WisdomTree,
Inc. owned <span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_c20231226__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--WisdomTreeIncMember_z9O4oINwzil3" title="Ownership percentage">100%</span> of the outstanding Shares of the Fund. WisdomTree, Inc. is the parent company of the Sponsor.</p>

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

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<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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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<span style="display: none;">v3.23.4</span><table class="report" border="0" cellspacing="2" id="idm140057058312848">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>SUBSEQUENT EVENTS<br></strong></div></th>
<th class="th"><div>Dec. 26, 2023</div></th>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SubsequentEventsAbstract', window );"><strong>Subsequent Events [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SubsequentEventsTextBlock', window );">SUBSEQUENT EVENTS</a></td>
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EVENTS</span></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In preparing this financial statement, the Sponsor
has evaluated events and transactions for potential recognition or disclosure through the date this financial statement was available
to be issued. Management has determined that there were no material events, that would require disclosure in the Fund&#8217;s financial
statement, which occurred during the period subsequent to December 26, 2023.</p>

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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><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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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.</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/disclosureRef<br> -Topic 855<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org//855/tableOfContent<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 855<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2<br></p></div>
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<span style="display: none;">v3.23.4</span><table class="report" border="0" cellspacing="2" id="idm140057057187024">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>SIGNIFICANT ACCOUNTING POLICIES (Policies)<br></strong></div></th>
<th class="th"><div>Dec. 26, 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_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GuaranteesIndemnificationsAndWarrantiesPolicies', window );">Indemnifications</a></td>
<td class="text"><p id="xdx_84D_eus-gaap--GuaranteesIndemnificationsAndWarrantiesPolicies_zk5tZec9rDOl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span id="xdx_860_zkeDtDvS8RN1">Indemnifications</span> </b>- 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 Fund and held harmless against any loss, liability or expense incurred under the
Trust Agreement without fraud, 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. The
Fund&#8217;s maximum exposure under these arrangements cannot be known; however, the Fund expects any risk of loss to be remote.</p>

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

<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UseOfEstimates', window );">Use of Estimates</a></td>
<td class="text"><p id="xdx_849_eus-gaap--UseOfEstimates_zS0N8QkWANJ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span id="xdx_864_zC8AVNIOdL4e">Use of Estimates</span></b> - The preparation of
financial statements in conformity with GAAP, requires management to make certain estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of increases and decreases in the net assets from operations during the reporting period. Actual results could differ
from those estimates.</p>

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

<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_us-gaap_IncomeTaxPolicyTextBlock', window );">Income Taxes</a></td>
<td class="text"><p id="xdx_842_eus-gaap--IncomeTaxPolicyTextBlock_zulJf7RUUnEl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span id="xdx_86D_zObzXw0engr">Income Taxes</span></b> - The Fund is classified
as a &#8220;grantor trust&#8221; for United States federal income tax purposes. As a result, the Fund itself will not be subject to United
States federal income tax. Instead, the Fund&#8217;s income and expenses will &#8220;flow through&#8221; to the shareholders. Consequently,
each sale of bitcoin by the Fund would constitute a taxable event to shareholders.</p>

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

<span></span>
</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><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>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for guarantees, indemnifications and product warranties, and methodologies used in determining the amount of such liabilities.</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/disclosureRef<br> -Topic 460<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org//460/tableOfContent<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.</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/disclosureRef<br> -Topic 946<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-03(h)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 17<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 25<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147482525/740-10-45-25<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147482525/740-10-45-28<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 19<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147482765/220-10-50-1<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 20<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147482685/740-10-50-20<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>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147482861/275-10-50-9<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147482861/275-10-50-4<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 275<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147482861/275-10-50-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -SubTopic 10<br> -Topic 275<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147482861/275-10-50-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 11<br> -SubTopic 10<br> -Topic 275<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147482861/275-10-50-11<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 12<br> -SubTopic 10<br> -Topic 275<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147482861/275-10-50-12<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147482861/275-10-50-8<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">
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<span style="display: none;">v3.23.4</span><table class="report" border="0" cellspacing="2" id="idm140057060287648">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>ORGANIZATION (Details Narrative)<br></strong></div></th>
<th class="th">
<div>Dec. 22, 2023 </div>
<div>USD ($)</div>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOrSaleOfEquity', window );">Sale and issuance of equity</a></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><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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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the issuance of common stock, preferred stock, treasury stock, stock options, and other types of equity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147482740/230-10-45-14<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-03(i)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3<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">
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<span style="display: none;">v3.23.4</span><table class="report" border="0" cellspacing="2" id="idm140057060168016">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>BENEFICIAL OWNERSHIP (Details Narrative)<br></strong></div></th>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.</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/disclosureRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3<br></p></div>
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    <us-gaap:NetAssetValuePerShare
      contextRef="AsOf2023-12-262146600078"
      decimals="INF"
      unitRef="USDPShares">50.00</us-gaap:NetAssetValuePerShare>
    <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="AsOf2023-12-26">&lt;p id="xdx_807_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zUxST8gjm6N5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="text-transform: uppercase"&gt;&lt;b&gt;1. &lt;span id="xdx_829_zTHiF2BoeqMg"&gt;ORGANIZATION&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

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

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;WisdomTree Bitcoin Fund (the &#x201c;Fund&#x201d;)
is a Delaware statutory trust organized on March 8, 2021 under Delaware law pursuant to the Delaware Statutory Trust Act (&#x201c;DTSA&#x201d;)
and a Trust Agreement, as amended from time to time (the &#x201c;Trust Agreement&#x201d;). The Fund&#x2019;s investment objective is to
gain exposure to the price of bitcoin, less expenses and liabilities of the Fund&#x2019;s operations. The Fund issues common shares of
beneficial interest (the &#x201c;Shares&#x201d;) and expects to operate as an exchange traded fund that will be listed on the Cboe BZX
Exchange, Inc. (the &#x201c;Exchange&#x201d;) and will trade under the ticker symbol &#x201c;BTCW.&#x201d;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;WisdomTree Digital Commodity Services, LLC (the
&#x201c;Sponsor&#x201d;) serves as sponsor of the Fund. The Sponsor arranges for the creation of the Fund and is responsible for the ongoing
registration of the Shares for public offering in the United States and the listing of Shares on the Exchange. The Sponsor will develop
and administer a marketing plan for the Fund and prepare marketing materials regarding the Shares, in each case in conjunction with Foreside
Fund Services, LLC (the &#x201c;Marketing Agent&#x201d;). The sponsor will select the service providers, negotiate the applicable agreements
and fees and monitors the performance of the Fund.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Delaware Trust Company acts as the trustee of
the Fund for the purpose of creating a Delaware statutory trust in accordance with the DTSA. The Trustee is appointed to serve as the
trustee of the Fund in the State of Delaware for the sole purpose of satisfying the requirement of Section 3807(a) of the DSTA that the
Fund have at least one trustee with a principal place of business in the State of Delaware.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The Fund had no operations to date other than
matters relating to its organization and registration under the Securities Act of 1933, as amended, and the sale and issuance of &lt;span id="xdx_904_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pp0p0_c20231222__20231222_zv8Oc6vQrrpb" title="Sale and issuance of equity"&gt;1,000&lt;/span&gt;
common shares of beneficial interest on December 22, 2023. Proceeds from the issuance of these shares were held in cash as presented
on the Fund&#x2019;s statement of assets and liabilities.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;In the ordinary course of operation, the Fund
will sell or redeem its Shares, in blocks of 5,000 Shares (a &#x201c;Basket&#x201d;) based on the quantity of bitcoin attributable to each
Share of the Fund (net of accrued but unpaid expenses and liabilities). For a subscription of Shares, the subscription shall be in the
amount of cash needed to purchase the amount of bitcoin represented by the Basket being created, in each case as calculated by State
Street Bank and Trust Company (&#x201c;State Street&#x201d;) the Fund&#x2019;s administrator (the &#x201c;Fund Administrator&#x201d; or the
&#x201c;Cash Custodian&#x201d;). For a redemption of Shares, the Sponsor shall arrange for the bitcoin represented by the Basket to be
sold and the cash proceeds distributed. Financial firms that are authorized to purchase or redeem Shares with the Fund (known as &#x201c;Authorized
Participants&#x201d;) will deliver cash to the Fund&#x2019;s account with the Cash Custodian in exchange for Shares when they purchase
Shares, and will receive cash (from the Cash Custodian), when they redeem Shares with the Fund. 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 Fund&#x2019;s assets, and market conditions at the time
of a transaction.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;In the normal course of business, the Fund may
enter into contracts that contain a variety of representations or that provide indemnification for certain liabilities. The Fund&#x2019;s
maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have
not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts and believes such exposure to be remote.&lt;/p&gt;











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

</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock>
    <us-gaap:ProceedsFromIssuanceOrSaleOfEquity
      contextRef="From2023-12-222023-12-22"
      decimals="0"
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    <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="AsOf2023-12-26">&lt;p id="xdx_803_eus-gaap--SignificantAccountingPoliciesTextBlock_zYieYEnltP09" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;b&gt;2. &lt;span id="xdx_82A_zwT6tHQGr4h6"&gt;SIGNIFICANT ACCOUNTING POLICIES&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;

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

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statement. The financial statement has been prepared in conformity with accounting
principles generally accepted in the United States of America (&#x201c;GAAP&#x201d;). The Fund is an investment company and follows the
specialized accounting and reporting guidance in the Financial Accounting Standards Board (&#x201c;FASB&#x201d;) Accounting Standards Codification
(&#x201c;ASC&#x201d; or &#x201c;Codification&#x201d;) Topic 946, Financial Services&#x2014;Investment Companies. Rules and interpretive releases
of the Securities and Exchange Commission (&#x201c;SEC&#x201d;) under authority of federal laws are also sources of authoritative GAAP
for SEC registrants.&lt;/p&gt;

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

&lt;p id="xdx_84D_eus-gaap--GuaranteesIndemnificationsAndWarrantiesPolicies_zk5tZec9rDOl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;&lt;span id="xdx_860_zkeDtDvS8RN1"&gt;Indemnifications&lt;/span&gt; &lt;/b&gt;- The Trust Agreement
provides that the Sponsor and its shareholders, members, directors, officers, employees, affiliates and subsidiaries (each a &#x201c;Sponsor
Indemnified Party&#x201d;) will be indemnified by the Fund and held harmless against any loss, liability or expense incurred under the
Trust Agreement without fraud, 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. The
Fund&#x2019;s maximum exposure under these arrangements cannot be known; however, the Fund expects any risk of loss to be remote.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p id="xdx_849_eus-gaap--UseOfEstimates_zS0N8QkWANJ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;&lt;span id="xdx_864_zC8AVNIOdL4e"&gt;Use of Estimates&lt;/span&gt;&lt;/b&gt; - The preparation of
financial statements in conformity with GAAP, requires management to make certain estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of increases and decreases in the net assets from operations during the reporting period. Actual results could differ
from those estimates.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p id="xdx_842_eus-gaap--IncomeTaxPolicyTextBlock_zulJf7RUUnEl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;&lt;span id="xdx_86D_zObzXw0engr"&gt;Income Taxes&lt;/span&gt;&lt;/b&gt; - The Fund is classified
as a &#x201c;grantor trust&#x201d; for United States federal income tax purposes. As a result, the Fund itself will not be subject to United
States federal income tax. Instead, the Fund&#x2019;s income and expenses will &#x201c;flow through&#x201d; to the shareholders. Consequently,
each sale of bitcoin by the Fund would constitute a taxable event to shareholders.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&#160;&lt;/p&gt;

</us-gaap:SignificantAccountingPoliciesTextBlock>
    <us-gaap:GuaranteesIndemnificationsAndWarrantiesPolicies contextRef="AsOf2023-12-26">&lt;p id="xdx_84D_eus-gaap--GuaranteesIndemnificationsAndWarrantiesPolicies_zk5tZec9rDOl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;&lt;span id="xdx_860_zkeDtDvS8RN1"&gt;Indemnifications&lt;/span&gt; &lt;/b&gt;- The Trust Agreement
provides that the Sponsor and its shareholders, members, directors, officers, employees, affiliates and subsidiaries (each a &#x201c;Sponsor
Indemnified Party&#x201d;) will be indemnified by the Fund and held harmless against any loss, liability or expense incurred under the
Trust Agreement without fraud, 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. The
Fund&#x2019;s maximum exposure under these arrangements cannot be known; however, the Fund expects any risk of loss to be remote.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&#160;&lt;/p&gt;

</us-gaap:GuaranteesIndemnificationsAndWarrantiesPolicies>
    <us-gaap:UseOfEstimates contextRef="AsOf2023-12-26">&lt;p id="xdx_849_eus-gaap--UseOfEstimates_zS0N8QkWANJ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;&lt;span id="xdx_864_zC8AVNIOdL4e"&gt;Use of Estimates&lt;/span&gt;&lt;/b&gt; - The preparation of
financial statements in conformity with GAAP, requires management to make certain estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of increases and decreases in the net assets from operations during the reporting period. Actual results could differ
from those estimates.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&#160;&lt;/p&gt;

</us-gaap:UseOfEstimates>
    <us-gaap:IncomeTaxPolicyTextBlock contextRef="AsOf2023-12-26">&lt;p id="xdx_842_eus-gaap--IncomeTaxPolicyTextBlock_zulJf7RUUnEl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;&lt;span id="xdx_86D_zObzXw0engr"&gt;Income Taxes&lt;/span&gt;&lt;/b&gt; - The Fund is classified
as a &#x201c;grantor trust&#x201d; for United States federal income tax purposes. As a result, the Fund itself will not be subject to United
States federal income tax. Instead, the Fund&#x2019;s income and expenses will &#x201c;flow through&#x201d; to the shareholders. Consequently,
each sale of bitcoin by the Fund would constitute a taxable event to shareholders.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&#160;&lt;/p&gt;

</us-gaap:IncomeTaxPolicyTextBlock>
    <cik0001850391:ExpensesOrganizationAndOfferingCostsTextBlock contextRef="AsOf2023-12-26">&lt;p id="xdx_808_ecustom--ExpensesOrganizationAndOfferingCostsTextBlock_zHajWbknDp1l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;3. &lt;span id="xdx_822_z7iK15mA3eH9"&gt;EXPENSES, ORGANIZATION AND OFFERING COSTS&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"&gt;Once operations commence,
the Fund will pay the Sponsor a fee (the &#x201c;Sponsor Fee&#x201d;) in accordance with the Trust agreement and as set forth in the Prospectus.
The Sponsor fee shall be included in the Prospectus prior to the commencement of trading of Shares on the listing exchange. The Sponsor
Fee is calculated on a daily basis (accrued at 1/365 of the applicable percentage of the net asset value (the &#x201c;NAV&#x201d;) on that
day) and paid on a monthly basis. The Sponsor Fee will accrue and be payable in U.S. dollars. The Fund&#x2019;s only ordinary recurring
expense is expected to be the Sponsor Fee. In exchange for the Sponsor&#x2019;s Fee, the Sponsor has agreed to assume the marketing and
the following administrative expenses of the Fund: the fees of the Trustee, the Fund Administrator, Fund Accountant, Transfer Agent,
and Marketing Agent, the Custodians&#x2019; Fee, Exchange listing fees, SEC registration fees, printing and mailing costs, tax reporting
fees, audit fees, license fees and ordinary legal fees and expenses. The Sponsor will pay the costs of the Fund&#x2019;s organization
and the initial sale of the Shares. There is no cap on the amount of these Sponsor paid expenses.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"&gt;The Sponsor may, at its
sole discretion and from time to time, waive all or a portion of the Sponsor Fee for stated periods of time.&lt;/p&gt;











&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"&gt;The Fund may incur certain
non-recurring expenses that are not assumed by the Sponsor, including but not limited to, taxes and governmental charges, any applicable
brokerage commissions, financing charges or fees, Bitcoin network fees and similar transaction fees, expenses and costs of any extraordinary
services performed by the Sponsor (or any other service provider) on behalf of the Fund to protect the Fund or the interests of Shareholders,
any indemnification of the Cash Custodian, Coinbase Custody Trust Company LLC (&#x201c;Bitcoin Custodian&#x201d;), Fund Administrator or
other agents, service providers or counterparties of the Fund and extraordinary legal fees and expenses, including any legal fees and
expenses incurred in connection with litigation, regulatory enforcement or investigation matters&#160; related to the Fund.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"&gt;Because the Fund does not
have any income, it will need to sell bitcoin to cover the Sponsor&#x2019;s Fee and expenses not assumed by the Sponsor, if any. The Fund
may also be subject to other liabilities (for example, as a result of litigation) that have also not been assumed by the Sponsor. The
only source of funds to cover those liabilities will be sales of bitcoin held by the Fund. Even if there are no expenses other than those
assumed by the Sponsor, and there are no other liabilities of the Fund, the Fund will still need to sell bitcoin to pay the Sponsors
Fee. The result of these sales is a decrease in the amount of bitcoin represented by each Share.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"&gt;To cover the Sponsor&#x2019;s
Fee and expenses not assumed by the Sponsor, the Sponsor or its delegate will cause the Fund (or its delegate) to convert bitcoin into
U.S. dollars at the price available through Coinbase, Inc., which is an affiliate of the Bitcoin Custodian. The number of bitcoins represented
by a Share will decline each time the Fund pays the Sponsor fee or any Fund expenses not assumed by the Sponsor by selling bitcoins.
The Fund is responsible for paying any costs associated with the sale of bitcoin.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&#160;&lt;/p&gt;



</cik0001850391:ExpensesOrganizationAndOfferingCostsTextBlock>
    <cik0001850391:BeneficialOwnershipTextBlock contextRef="AsOf2023-12-26">&lt;p id="xdx_808_ecustom--BeneficialOwnershipTextBlock_z1ZCT0lLRJzf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_827_ziSewhxInPR2"&gt;BENEFICIAL
OWNERSHIP&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;As of the date of this financial statement WisdomTree,
Inc. owned &lt;span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_c20231226__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--WisdomTreeIncMember_z9O4oINwzil3" title="Ownership percentage"&gt;100%&lt;/span&gt; of the outstanding Shares of the Fund. WisdomTree, Inc. is the parent company of the Sponsor.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&#160;&lt;/p&gt;

</cik0001850391:BeneficialOwnershipTextBlock>
    <us-gaap:EquityMethodInvestmentOwnershipPercentage
      contextRef="AsOf2023-12-26_custom_WisdomTreeIncMember"
      decimals="INF"
      unitRef="Pure">1</us-gaap:EquityMethodInvestmentOwnershipPercentage>
    <us-gaap:SubsequentEventsTextBlock contextRef="AsOf2023-12-26">&lt;p id="xdx_807_eus-gaap--SubsequentEventsTextBlock_zhHDXwbZ6N3j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_825_zKorI7l1w7uf"&gt;SUBSEQUENT
EVENTS&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;In preparing this financial statement, the Sponsor
has evaluated events and transactions for potential recognition or disclosure through the date this financial statement was available
to be issued. Management has determined that there were no material events, that would require disclosure in the Fund&#x2019;s financial
statement, which occurred during the period subsequent to December 26, 2023.&lt;/p&gt;

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
