Common use of Calculation of NAV Clause in Contracts

Calculation of NAV. The Sponsor or its delegate shall calculate and publish the Trust’s NAV on each Business Day as of 4:00 p.m., New York time, or as soon as practicable thereafter. In order to calculate the NAV, the Sponsor shall: 1. Determine the Index Price as of such Business Day; 2. Multiply the Index Price by the Trust’s aggregate number of Bitcoins owned by the Trust as of 4:00 p.m., New York time, on the immediately preceding day, less the aggregate number of Bitcoins payable as the accrued and unpaid Sponsor’s Fee as of 4:00 p.m., New York time, on the immediately preceding day; 3. Add the U.S. Dollar value of Bitcoins, calculated using the Index Price, receivable under pending Creation Orders, if any, determined by multiplying the number of the Creation Baskets represented by such Creation Orders by the Basket Amount and then multiplying such product by the Index Price; 4. Subtract the U.S. Dollar amount of accrued and unpaid Additional Trust Expenses, if any; 5. Subtract the U.S. Dollar value of the Bitcoins, calculated using the Index Price, which are either (i) to be distributed under pending Redemption Orders, if any, determined by multiplying the number of Redemption Baskets represented by such Redemption Orders by the Basket Amount and then multiplying such product by the Index Price, or (ii) to be distributed to Shareholders pursuant to a binding obligation of the Trust following the declaration of an in-kind dividend (including through interests in any liquidating trust or other vehicle formed to hold such Bitcoins) (the amount derived from steps 1 through 5 above, the “NAV Fee Basis Amount”); and 6. Subtract the U.S. Dollar amount of the Sponsor’s Fee that accrues for such Business Day, as calculated based on the NAV Fee Basis Amount for such Business Day. Notwithstanding the foregoing, (i) in the event that the Sponsor determines that the methodology used to determine the Index Price is not an appropriate basis for valuation of the Trust’s Bitcoins, the Sponsor shall use an alternative methodology as set forth in the Trust’s filings with the SEC and (ii) in the event that the Trust holds any Incidental Rights and/or IR Virtual Currency, the Sponsor may, at its discretion, include the value of such Incidental Rights and/or IR Virtual Currency in the determination of the Trust’s NAV, provided that the Sponsor has determined in good faith a method for assigning an objective value to such Incidental Rights and/or IR Virtual Currency.

Calculation of NAV. The Sponsor or its delegate shall calculate and publish the Trust’s NAV on each Business Day as of 4:00 p.m., New York time, or as soon as practicable thereafter. In order to calculate the NAVNAV , the Sponsor shall: 1. Determine the Index Price as of such Business Day; 2. Multiply the Index Price by the Trust’s aggregate number of Bitcoins Ether owned by the Trust as of 4:00 p.m., New York time, on the immediately preceding day, less the aggregate number of Bitcoins Ether payable as the accrued and unpaid Sponsor’s Fee as of 4:00 p.m., New York time, on the immediately preceding day; 3. Add the U.S. Dollar value of BitcoinsEther, calculated using the Index Price, receivable under pending Creation Orders, if any, determined by multiplying the number of the Creation Baskets represented by such Creation Orders by the Basket Amount and then multiplying such product by the Index Price; 4. Subtract the U.S. Dollar amount of accrued and unpaid Additional Trust Expenses, if any; 5. Subtract the U.S. Dollar value of the BitcoinsEther, calculated using the Index Price, which are either (i) to be distributed under pending Redemption Orders, if any, determined by multiplying the number of Redemption Baskets represented by such Redemption Orders by the Basket Amount and then multiplying such product by the Index Price, or (ii) to be distributed to Shareholders pursuant to a binding obligation of the Trust following the declaration of an in-kind dividend (including through interests in any liquidating trust or other vehicle formed to hold such BitcoinsEther) (the amount derived from steps 1 through 5 above, the “NAV Fee Basis Amount”); and 6. Subtract the U.S. Dollar amount of the Sponsor’s Fee that accrues for such Business Day, as calculated based on the NAV Fee Basis Amount for such Business Day. Notwithstanding the foregoing, (i) in the event that the Sponsor determines that the methodology used to determine the Index Price is not an appropriate basis for valuation of the Trust’s BitcoinsEther, the Sponsor shall use an alternative methodology as set forth in the Trust’s filings with the SEC and (ii) in the event that the Trust holds any Incidental Rights and/or IR Virtual Currency, the Sponsor may, at its discretion, include the value of such Incidental Rights and/or IR Virtual Currency in the determination of the Trust’s NAV, provided that the Sponsor has determined in good faith a method for assigning an objective value to such Incidental Rights and/or IR Virtual Currency.

Calculation of NAV. The Sponsor Manager or its delegate shall calculate and publish the TrustFund’s NAV on each Business Day as of 4:00 p.m., New York time, on each Business Day (other than during a Rebalancing Period) or as soon as practicable thereafter. The NAV of the Fund shall not be calculated during any Rebalancing Period. In order to calculate the NAV, the Sponsor Manager shall: 1. For each Fund Component: a. Determine the Index Price Digital Asset Reference Rate for the Fund Component as of such Business Day; 2. b. Multiply the Index Price Digital Asset Reference Rate by the Trust’s aggregate number of Bitcoins owned tokens of the Fund Component held by the Trust Fund as of 4:00 p.m., New York time, on the immediately preceding day, less the aggregate number of Bitcoins payable as the accrued and unpaid Sponsor’s Fee as of 4:00 p.m., New York time, on the immediately preceding day;. 3. c. Add the U.S. Dollar value of Bitcoins, calculated using the Index Price, number of tokens of the Fund Component receivable under pending Creation Orders, if any, determined as calculated by multiplying the applicable Fund Component Basket Amount by the applicable Digital Asset Reference Rate, and multiplying the result by the number of the Baskets pending under such pending Creation Baskets represented by such Creation Orders by the Basket Amount and then multiplying such product by the Index Price;Orders; and 4. Subtract the U.S. Dollar amount of accrued and unpaid Additional Trust Expenses, if any; 5. d. Subtract the U.S. Dollar value of the Bitcoinsnumber of tokens of the Fund Component to be distributed under pending Redemption Orders, if any, as calculated using by multiplying the Index Priceapplicable Fund Component Basket Amount by the applicable Digital Asset Reference Rate, and multiplying the result by the number of Baskets pending under such pending Redemption Orders; 2. Calculate the sum of the resulting U.S. Dollar values for Fund Components pursuant to paragraph 1 above; 3. Add the aggregate U.S. Dollar value of each Forked Assets then held by the Fund (calculated by reference to a reputable Digital Asset Platform as determined by the Manager or, if possible, a Digital Asset Reference Rate); 4. Add (i) the amount of U.S. Dollars then held by the Fund and (ii) the amount of any U.S. Dollars receivable under pending Creation Orders; 5. Subtract the amount of any U.S. Dollars, which are either (i) to be distributed under pending Redemption Orders, if any, determined by multiplying the number of Redemption Baskets represented by such Redemption Orders by the Basket Amount and then multiplying such product by the Index Price, redemption orders or (ii) to be distributed to Shareholders pursuant to a binding obligation of the Trust Fund following the declaration of an in-kind dividend (including through interests in any liquidating trust or other vehicle formed to hold such Bitcoins) digital assets); 6. Subtract the U.S. Dollar amount of accrued and unpaid Additional Fund Expenses, if any; 7. Subtract the U.S. Dollar value of the accrued and unpaid Manager’s Fee as of 4:00 p.m., New York time, on the immediately preceding Business Day (the amount derived from steps 1 through 5 above7, the “NAV Fee Basis Amount”); and 68. Subtract the U.S. Dollar amount value of the Sponsoraccrued and unpaid Manager’s Fee that accrues for such Business Day, as calculated based on the NAV Fee Basis Amount for such Business Day. Notwithstanding the foregoing, (i) in the event that the Sponsor Manager determines that the methodology used to determine the Index Price Digital Asset Reference Rates is not an appropriate basis for valuation of the TrustFund’s BitcoinsDigital Assets, the Sponsor Manager shall use an alternative methodology as set forth in the TrustFund’s filings with the SEC and (ii) in the event that the Trust holds any Incidental Rights and/or IR Virtual Currency, the Sponsor may, at its discretion, include the value of such Incidental Rights and/or IR Virtual Currency in the determination of the Trust’s NAV, provided that the Sponsor has determined in good faith a method for assigning an objective value to such Incidental Rights and/or IR Virtual CurrencySEC.