Common use of Creation Procedures Clause in Contracts

Creation Procedures. On any Business Day, an Authorized Purchaser may place an order with the Marketing Agent to create one or more Creation Baskets in accordance with this Agreement and the Procedures. Purchase orders must be placed by the Purchase Order Cut-off Time. The day on which the Marketing Agent receives a valid Purchase Order is the Purchase Order Date. By placing a Purchase Order, an Authorized Purchaser agrees to deposit Treasuries, cash, or a combination of Treasuries and cash with the Custodian of the Fund. The number and type of contracts specified shall be determined by the Sponsor, in its sole discretion, to meet the Fund’s investment objective and shall be purchased as a result of the Authorized Purchaser’s purchase of Units. Exhibit 10.1 Prior to the delivery of Baskets for a Purchase Order, the Authorized Purchaser must also have wired to the Custodian the non-refundable transaction fee due for the Purchase Order. “Treasuries” shall be any U.S. treasury security with two years or less remaining to maturity with an aggregate market value, as determined in the sole discretion of the Administrator using the valuation procedures set forth in Exhibit C, that together with any cash amount, will equal the purchase price of the Creation Basket being purchased. The total deposit required to create each basket (“Creation Basket Deposit”) will be an amount of Treasuries and/or cash that is in the same proportion to the total assets of the Fund (net of estimated accrued but unpaid fees, expenses and other liabilities) on the date the order to purchase is accepted as the number of Units to be created under the Purchase Order is in proportion to the total number of Units outstanding on the date the order is received. The Sponsor determines, directly in its sole discretion, or in consultation with the Administrator, the requirements for Treasuries and/or the amount of cash, including the maximum permitted remaining maturity of a Treasury and the proportions of Treasuries and cash, that may be included in deposits to create Baskets. The Marketing Agent will publish such requirements at the beginning of each Business Day. Unless otherwise determined by the Sponsor, if Treasuries and cash are to be deposited, the amount of the cash deposit required will be the difference between (i) the aggregate market value of the Treasuries required to be included in a Creation Basket Deposit as of 4:00 PM New York time on the Purchase Order Date and (ii) the total required deposit. An Authorized Purchaser who places a Purchase Order is responsible for transferring to the Fund’s account with the Custodian the required amount of Treasuries and/or cash by the end of the third Business Day following the Purchase Order Date, except in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets on the first day the Baskets are to be offered and sold when the Creation Basket Deposit will be due by 12:00 PM New York time on the date the Purchase Order was accepted by the Marketing Agent. Upon receipt of the deposit amount, the Administrator will cause DTC to credit the number of Baskets ordered to the Authorized Purchaser’s DTC account on the third Business Day following the Purchase Order Date, except in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets, when the Administrator will cause DTC to credit the number of Baskets so ordered upon confirmation by the Custodian that the Creation Basket Deposit has been received by the Custodian. The expense and risk of delivery and ownership of Treasuries until such Treasuries have been received by the Custodian on behalf of the Fund shall be borne solely by the Authorized Purchaser.

Creation Procedures. To the extent permitted under the Trust’s registration statement, Creation Baskets will be created in exchange for a deposit of cash, in accordance with the terms of the Purchase Order submitted by the Authorized Participant and the procedures set forth in Exhibit B hereto. The Authorized Participant shall have no obligation to submit a Purchase Order ever hereunder. On any Business Day, an Authorized Purchaser Participant, for itself as principal or as an agent for an Authorized Participant Client, may place an order with the Marketing Transfer Agent to create one or more Creation Baskets of the Trust in accordance with this Agreement and the ProceduresProcedures (a “Purchase Order”). Purchase orders Orders via cash transaction must be placed by 12:00 p.m. ET and prefunded by 2:00 p.m. ET, the close of regular trading on the Cboe BZX Exchange, Inc. (the “Exchange”), or another time determined by the Sponsor. Except as provided herein, all Purchase Orders of the Authorized Participant shall be accepted by the Sponsor and the Order Cut-off TimeExaminer when submitted in good form. The day on which the Marketing Agent Order Examiner receives a valid Purchase Order, as approved by the Order Examiner, is the “Purchase Order Date”. By placing a Purchase OrderUnder certain circumstances, an Authorized Purchaser agrees to deposit Treasuries, cash, or a combination of Treasuries and cash with the Custodian of the Fund. The number and type of contracts specified shall be determined by the Sponsor, in its sole discretion, may limit Authorized Participants to meet place purchase orders if Bitcoin Counterparties are not able to provide sufficient bitcoin liquidity to the Fund’s investment objective and shall be purchased as a result of the Authorized Purchaser’s purchase of UnitsTrust. Exhibit 10.1 Prior to the delivery of Baskets cash for a Purchase Order, the Authorized Purchaser Participant must also have wired to the Custodian Transfer Agent the non-refundable transaction fee due for the Purchase Order. “Treasuries” shall To effectuate a creation order, the Authorized Participant will be any U.S. treasury security with two years or less remaining to maturity with an aggregate market value, as determined in the sole discretion of the Administrator using the valuation procedures set forth in Exhibit C, that together with any cash amount, will equal the purchase price of the Creation Basket being purchased. The total deposit required to create each basket (“Creation Basket Deposit”) will be prefund with cash the Trust’s purchase of bitcoin in an amount of Treasuries and/or cash that is in the same proportion to the total assets of the Fund (net of estimated accrued but unpaid fees, expenses and other liabilities) on the date the order to purchase is accepted as the number of Units to be created under the Purchase Order is in proportion to the total number of Units outstanding on the date the order is received. The Sponsor determines, directly in its sole discretion, or in consultation with the Administrator, the requirements for Treasuries and/or the amount of cash, including the maximum permitted remaining maturity of a Treasury and the proportions of Treasuries and cash, that may be included in deposits to create Baskets. The Marketing Agent will publish such requirements at the beginning of each Business Day. Unless otherwise determined set by the Sponsor, if Treasuries and cash are . The Authorized Participant will be required to be deposited, the amount of transfer the cash deposit required will be the difference between (i) the aggregate market value of the Treasuries required to be included in a Creation Basket Deposit as of 4:00 PM New York time on the Purchase Order Date and (ii) the total required deposit. An Authorized Purchaser who places a Purchase Order is responsible for transferring amount associated with such creation order to the FundTrust’s account with the Cash Custodian. The Sponsor, on behalf of the Trust, will instruct a Bitcoin Counterparty to purchase the amount of bitcoin equivalent in value to the cash deposit amount associated with the creation order, with such purchase transaction prearranged to be executed, in the Sponsor’s reasonable efforts, at the Index price used by the Trust to calculate NAV, taking into account any spread, commissions, or other trading costs on the applicable Creation Order Date. The resulting bitcoin will be deposited in the Trust’s account with the Bitcoin Custodian. Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on a cash equivalent basis, will be the responsibility of the Authorized Participant and not of the Trust or Sponsor. To the extent the execution price of the bitcoin acquired by the Bitcoin Counterparty at settlement is less than the cash deposit amount, such cash difference will be remitted to the Authorized Participant. To the extent the execution price of the bitcoin acquired by the Bitcoin Counterparty exceeds the cash deposit amount, such cash difference will be the responsibility of the Authorized Participant and not the Trust or Sponsor. No Shares will be issued unless and until the Sponsor and Transfer Agent have confirmed that any outstanding cash due from the Authorized Participant has been settled with the Trust. To the extent that bitcoin transfers from the Trust’s Trading Balance to the Trust’s Vault are delayed due to congestion or other issues with the Bitcoin network, such bitcoin will not be held in cold storage in the Vault until such transfers can occur. Following an Authorized Participant’s purchase order, the Trust’s Bitcoin Custodian account must be credited with the required amount of Treasuries and/or cash bitcoin by the end of the third Business Day following the Purchase Order Datepurchase order date. Under most circumstances, except in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets on the first day the Baskets are to be offered and sold when the bitcoin associated with a Creation Basket Deposit will be due by 12:00 PM New York time on deposited with the date Bitcoin Custodian in the Purchase Order was accepted by the Marketing AgentTrust’s Cold Vault Balance, although in some circumstances, bitcoin may be deposited outside of cold storage. Upon receipt of the bitcoin deposit amountamount in the Trust’s Bitcoin Custodian account, the Administrator Bitcoin Custodian will cause notify the Transfer Agent, the Authorized Participant and the Sponsor that the bitcoin has been deposited. Upon confirmation by the Sponsor and Transfer Agent that any outstanding cash due from the Authorized Participant has been settled with the Trust, the Transfer Agent will then direct DTC to credit the number of Baskets ordered Shares created to the Authorized Purchaser’s applicable DTC account on the third Business Day following the Purchase Order Date, except in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets, when the Administrator will cause DTC to credit the number of Baskets so ordered upon confirmation by the Custodian that the Creation Basket Deposit has been received by the Custodian. The expense and risk of delivery and ownership of Treasuries until such Treasuries have been received by the Custodian on behalf of the Fund shall be borne solely by the Authorized PurchaserParticipant.

Creation Procedures. To the extent permitted under the Trust’s registration statement, Creation Baskets will be created in exchange for a deposit of cash, in accordance with the terms of the Purchase Order submitted by the Authorized Participant and the procedures set forth in Exhibit B hereto. The Authorized Participant shall have no obligation to submit a Purchase Order ever hereunder. On any Business Day, an Authorized Purchaser Participant, for itself as principal or as an agent for an Authorized Participant Client, may place an order with the Marketing Transfer Agent to create one or more Creation Baskets of the Trust in accordance with this Agreement and the ProceduresProcedures (a “Purchase Order”). Purchase orders Orders via cash transaction must be placed and prefunded by 12:00 p.m. ET, the close of regular trading on the Cboe BZX Exchange, Inc. (the “Exchange”), or another time determined by the Sponsor. Except as provided herein, all Purchase Orders of the Authorized Participant shall be accepted by the Sponsor and the Order Cut-off TimeExaminer when submitted in good form. The day on which the Marketing Agent Order Examiner receives a valid Purchase Order, as approved by the Order Examiner, is the “Purchase Order Date”. By placing a Purchase OrderUnder certain circumstances, an Authorized Purchaser agrees to deposit Treasuries, cash, or a combination of Treasuries and cash with the Custodian of the Fund. The number and type of contracts specified shall be determined by the Sponsor, in its sole discretion, may limit Authorized Participants to meet place purchase orders if Bitcoin Counterparties are not able to provide sufficient bitcoin liquidity to the Fund’s investment objective and shall be purchased as a result of the Authorized Purchaser’s purchase of UnitsTrust. Exhibit 10.1 Prior to the delivery of Baskets cash for a Purchase Order, the Authorized Purchaser Participant must also have wired to the Custodian Transfer Agent the non-refundable transaction fee due for the Purchase Order. “Treasuries” shall To effectuate a creation order, the Authorized Participant will be any U.S. treasury security with two years or less remaining to maturity with an aggregate market value, as determined in the sole discretion of the Administrator using the valuation procedures set forth in Exhibit C, that together with any cash amount, will equal the purchase price of the Creation Basket being purchased. The total deposit required to create each basket (“Creation Basket Deposit”) will be prefund with cash the Trust’s purchase of bitcoin in an amount of Treasuries and/or cash that is in the same proportion to the total assets of the Fund (net of estimated accrued but unpaid fees, expenses and other liabilities) on the date the order to purchase is accepted as the number of Units to be created under the Purchase Order is in proportion to the total number of Units outstanding on the date the order is received. The Sponsor determines, directly in its sole discretion, or in consultation with the Administrator, the requirements for Treasuries and/or the amount of cash, including the maximum permitted remaining maturity of a Treasury and the proportions of Treasuries and cash, that may be included in deposits to create Baskets. The Marketing Agent will publish such requirements at the beginning of each Business Day. Unless otherwise determined set by the Sponsor, if Treasuries and cash are . The Authorized Participant will be required to be deposited, the amount of transfer the cash deposit required will be the difference between (i) the aggregate market value of the Treasuries required to be included in a Creation Basket Deposit as of 4:00 PM New York time on the Purchase Order Date and (ii) the total required deposit. An Authorized Purchaser who places a Purchase Order is responsible for transferring amount associated with such creation order to the FundTrust’s account with the Cash Custodian. The Sponsor, on behalf of the Trust, will instruct a Bitcoin Counterparty to purchase the amount of bitcoin equivalent in value to the cash deposit amount associated with the creation order, with such purchase transaction prearranged to be executed, in the Sponsor’s reasonable efforts, at the Index price used by the Trust to calculate NAV, taking into account any spread, commissions, or other trading costs on the applicable Creation Order Date. The resulting bitcoin will be deposited in the Trust’s account with the Bitcoin Custodian. Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on a cash equivalent basis, will be the responsibility of the Authorized Participant and not of the Trust or Sponsor. To the extent the execution price of the bitcoin acquired by the Bitcoin Counterparty at settlement is less than the cash deposit amount, such cash difference will be remitted to the Authorized Participant. To the extent the execution price of the bitcoin acquired by the Bitcoin Counterparty exceeds the cash deposit amount, such cash difference will be the responsibility of the Authorized Participant and not the Trust or Sponsor. No Shares will be issued unless and until the Sponsor and Transfer Agent have confirmed that any outstanding cash due from the Authorized Participant has been settled with the Trust. To the extent that bitcoin transfers from the Trust’s Trading Balance to the Trust’s Vault are delayed due to congestion or other issues with the Bitcoin network, such bitcoin will not be held in cold storage in the Vault until such transfers can occur. Following an Authorized Participant’s purchase order, the Trust’s Bitcoin Custodian account must be credited with the required amount of Treasuries and/or cash bitcoin by the end of the third Business Day business day following the Purchase Order Datepurchase order date. Under most circumstances, except in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets on the first day the Baskets are to be offered and sold when the bitcoin associated with a Creation Basket Deposit will be due by 12:00 PM New York time on deposited with the date Bitcoin Custodian in the Purchase Order was accepted by the Marketing AgentTrust’s Cold Vault Balance, although in some circumstances, bitcoin may be deposited outside of cold storage. Upon receipt of the bitcoin deposit amountamount in the Trust’s Bitcoin Custodian account, the Administrator Bitcoin Custodian will cause notify the Transfer Agent, the Authorized Participant and the Sponsor that the bitcoin has been deposited. Upon confirmation by the Sponsor and Transfer Agent that any outstanding cash due from the Authorized Participant has been settled with the Trust, the Transfer Agent will then direct DTC to credit the number of Baskets ordered Shares created to the Authorized Purchaser’s applicable DTC account on the third Business Day following the Purchase Order Date, except in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets, when the Administrator will cause DTC to credit the number of Baskets so ordered upon confirmation by the Custodian that the Creation Basket Deposit has been received by the Custodian. The expense and risk of delivery and ownership of Treasuries until such Treasuries have been received by the Custodian on behalf of the Fund shall be borne solely by the Authorized PurchaserParticipant.

Creation Procedures. To the extent permitted under the Trust’s registration statement, Creation Baskets will be created in exchange for a deposit of cash, in accordance with the terms of the Purchase Order submitted by the Authorized Participant and the procedures set forth in Exhibit B hereto. The Authorized Participant shall have no obligation to submit a Purchase Order ever hereunder. On any Business Day, an Authorized Purchaser Participant, for itself as principal or as an agent for an Authorized Participant Client, may place an order with the Marketing Transfer Agent to create one or more Creation Baskets of the Trust in accordance with this Agreement and the ProceduresProcedures (a “Purchase Order”). Purchase orders Orders via cash transaction must be placed by 12:00 p.m. ET and prefunded by 2:00 p.m. ET, the close of regular trading on the Cboe BZX Exchange, Inc. (the “Exchange”), or another time determined by the Sponsor. Except as provided herein, all Purchase Orders of the Authorized Participant shall be accepted by the Sponsor and the Order Cut-off TimeExaminer when submitted in good form. The day on which the Marketing Agent Order Examiner receives a valid Purchase Order, as approved by the Order Examiner, is the “Purchase Order Date”. By placing a Purchase OrderUnder certain circumstances, an Authorized Purchaser agrees to deposit Treasuries, cash, or a combination of Treasuries and cash with the Custodian of the Fund. The number and type of contracts specified shall be determined by the Sponsor, in its sole discretion, may limit Authorized Participants to meet place purchase orders if Ethereum Counterparties are not able to provide sufficient ethereum liquidity to the Fund’s investment objective and shall be purchased as a result of the Authorized Purchaser’s purchase of UnitsTrust. Exhibit 10.1 Prior to the delivery of Baskets cash for a Purchase Order, the Authorized Purchaser Participant must also have wired to the Custodian Transfer Agent the non-refundable transaction fee due for the Purchase Order. “Treasuries” shall To effectuate a creation order, the Authorized Participant will be any U.S. treasury security required to prefund with two years or less remaining cash the Trust’s purchase of ethereum in an amount set by the Sponsor. The Authorized Participant will be required to maturity transfer the cash deposit amount associated with an aggregate market valuesuch creation order to the Trust’s account with the Cash Custodian. The Sponsor, as determined on behalf of the Trust, will instruct a Ethereum Counterparty to purchase the amount of ethereum equivalent in value to the cash deposit amount associated with the creation order, with such purchase transaction prearranged to be executed, in the sole discretion Sponsor’s reasonable efforts, at the Index price used by the Trust to calculate NAV, taking into account any spread, commissions, or other trading costs on the applicable Creation Order Date. The resulting ethereum will be deposited in the Trust’s account with the Ethereum Custodian. Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on a cash equivalent basis, will be the responsibility of the Administrator using Authorized Participant and not of the valuation procedures set forth in Exhibit C, that together with any cash amount, will equal Trust or Sponsor. To the purchase extent the execution price of the ethereum acquired by the Ethereum Counterparty at settlement is less than the cash deposit amount, such cash difference will be remitted to the Authorized Participant. To the extent the execution price of the ethereum acquired by the Ethereum Counterparty exceeds the cash deposit amount, such cash difference will be the responsibility of the Authorized Participant and not the Trust or Sponsor. No Shares will be issued unless and until the Sponsor and Transfer Agent have confirmed that any outstanding cash due from the Authorized Participant has been settled with the Trust. To the extent that ethereum transfers from the Trust’s Trading Balance to the Trust’s Vault are delayed due to congestion or other issues with the Ethereum network, such ethereum will not be held in cold storage in the Vault until such transfers can occur. Following an Authorized Participant’s purchase order, the Trust’s Ethereum Custodian account must be credited with the required ethereum by the end of the business day following the purchase order date. Under most circumstances, the ethereum associated with a Creation Basket being purchasedDeposit will be deposited with the Ethereum Custodian in the Trust’s Cold Vault Balance, although in some circumstances, ethereum may be deposited outside of cold storage. Upon receipt of the ethereum deposit amount in the Trust’s Ethereum Custodian account, the Ethereum Custodian will notify the Transfer Agent, the Authorized Participant and the Sponsor that the ethereum has been deposited. Upon confirmation by the Sponsor and Transfer Agent that any outstanding cash due from the Authorized Participant has been settled with the Trust, the Transfer Agent will then direct DTC to credit the number of Shares created to the applicable DTC account of the Authorized Participant. The total deposit required to create each basket Basket (“Creation Basket Deposit”) will be changes from day to day. On each day that the Exchange is open for regular trading, the Administrator adjusts the quantity of ethereum and/or cash constituting the Creation Basket Deposit as appropriate to reflect accrued expenses and any loss of ethereum that may occur. The computation is made by the Trust’s administrator as promptly as practicable after 4:00 p.m. EST. Where an Authorized Participant purchases Shares via a cash transaction, the total cash deposit amount required to create each Basket (“Basket Deposit”) is the amount of Treasuries and/or cash equivalent to the amount of ethereum that is in the same proportion to the total assets of the Fund (Trust, net of estimated accrued but unpaid fees, expenses and other liabilities) , on the date the order to purchase is accepted properly received, as the number of Units Shares to be created under the Purchase Order purchase order is in proportion to the total number of Units Shares outstanding on the date the order is received, plus a cash buffer set by the Sponsor. The Sponsor determines, directly in its sole discretion, or in consultation with the AdministratorEach Business day and after market close, the requirements for Treasuries and/or Sponsor will publish the amount of cashcash and/or ethereum that will be required in exchange for each Creation Basket Deposit. By placing a Purchase Order, including an Authorized Participant agrees to deposit the maximum permitted remaining maturity of a Treasury and the proportions of Treasuries and cash, that may be included in deposits to create BasketsCreation Basket Deposit. The Marketing Agent will publish Authorized Participant shall not have any liability in regard to cancellation of an Order (before the cut off time) other than reimbursement of reasonable costs, although the Sponsor may terminate this Agreement if such requirements at failures occur frequently. The Trust and Sponsor shall not have any liability with regard to any cancellation of an Order. Failure to consummate such a deposit (before the beginning cut off time) shall result in the cancellation of each Business Daythe Order. Unless otherwise determined Authorized Participants may not withdraw a creation request. Relatedly, once a Purchase Order is accepted by the Sponsor, if Treasuries and cash are to be deposited, the amount of the cash deposit required will be the difference between (i) the aggregate market value of the Treasuries required to be included in a Creation Basket Deposit as of 4:00 PM New York time on the Authorized Participant cannot cancel that Purchase Order Date and (ii) the total required depositOrder. An Authorized Purchaser Participant who places a Purchase Order is responsible for transferring in accordance with the applicable procedures set forth in Exhibit B hereto to the Fund’s account with the Custodian Trust the required amount of Treasuries and/or cash by in each case before the end of cut off time on the third Purchase Order Date (T) and shall settle no later than the next Business Day following the Purchase Order DateDate (T+1) any residual cash amount, except in the case of an Authorized PurchaserParticipant’s initial order to purchase one or more Creation Baskets of the Trust on the first day the Baskets of the Trust are to be offered and sold sold, when the Creation Basket Deposit will be due by 12:00 PM New York time on the date the Purchase Order was accepted by the Marketing Transfer Agent. Upon receipt of confirmation by the deposit amountSponsor and BNY Mellon that any outstanding cash due from the Authorized Participant has been settled with the Trust, the Administrator BNY Mellon will cause direct DTC to credit the number of Baskets ordered to the Authorized PurchaserParticipant’s DTC account on account. Upon a failure to receive the third Business Day following deposit amount, BNY Mellon will cancel the Purchase Order Date, except in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets, when the Administrator will cause DTC to credit the number of Baskets so ordered upon confirmation by the Custodian that the Creation Basket Deposit has been received by the Custodian. The expense and risk of delivery return any Transaction Fee and ownership of Treasuries until such Treasuries have been received by the Custodian on behalf of the Fund shall be borne solely other payment delivered by the Authorized PurchaserParticipant to the Authorized Participant.

Creation Procedures. Creation Baskets will be created in exchange for a deposit of bitcoin and/or cash, in accordance with the terms of the Purchase Order submitted by the Authorized Participant and the procedures set forth in Exhibit B hereto. The Authorized Participant shall have no obligation to submit a Purchase Order ever hereunder. On any Business Day, an Authorized Purchaser Participant, for itself as principal or as an agent for an Authorized Participant Client, may place an order with the Marketing Transfer Agent to create one or more Creation Baskets of the Trust in accordance with this Agreement and the ProceduresProcedures (a “Purchase Order”). Purchase orders Orders submitted must be placed by [ ], or the close of regular trading on the Cboe BZX Exchange, Inc. (the “Exchange”), whichever is earlier, except in the case of an Authorized Participant’s initial order to purchase one or more Creation Baskets of the Trust on the first day the Baskets of the Trust are to be offered and sold, when such orders shall be placed by 12:00 p.m. New York time on the day agreed to by the Sponsor and the Authorized Participant. Except as provided herein, all Purchase Orders of the Authorized Participant shall be accepted by the Sponsor and the Order Cut-off TimeExaminer when submitted in good form. The day on which the Marketing Agent Order Examiner receives a valid Purchase Order, as approved by the Order Examiner, is the “Purchase Order Date”. By placing a Purchase Order, an Authorized Purchaser agrees to deposit Treasuries, cash, or a combination of Treasuries and cash with the Custodian of the Fund. The number and type of contracts specified shall be determined by the Sponsor, in its sole discretion, to meet the Fund’s investment objective and shall be purchased as a result of the Authorized Purchaser’s purchase of Units. Exhibit 10.1 Prior to the delivery of Baskets for a Purchase Order, the Authorized Purchaser Participant must also have wired to the Custodian Transfer Agent the non-refundable transaction fee due for the Purchase Order. “Treasuries” shall be any U.S. treasury security with two years or less remaining to maturity with an aggregate market value, as determined in the sole discretion of the Administrator using the valuation procedures set forth in Exhibit C, that together with any cash amount, will equal the purchase price of the Creation Basket being purchased. The total deposit required to create each basket Basket (“Creation Basket Deposit”) will be changes from day to day. On each day that the Exchange is open for regular trading, the Administrator adjusts the quantity of bitcoin and/or cash constituting the Creation Basket Deposit as appropriate to reflect accrued expenses and any loss of bitcoin that may occur. The computation is made by the Trust’s administrator as promptly as practicable after 4:00 p.m. EST. The total deposit of bitcoin and/or cash is required to create each Basket is an number of bitcoin (or cash in an amount that reflects such an number of Treasuries and/or cash bitcoin) that is in the same proportion to the total assets of the Fund (Trust, net of estimated accrued but unpaid fees, expenses and other liabilities) , on the date the order to purchase is accepted properly received, as the number of Units Shares to be created under the Purchase Order purchase order is in proportion to the total number of Units Shares outstanding on the date the order is received. The Sponsor determines, directly in its sole discretion, or in consultation with the AdministratorEach night, the requirements for Treasuries and/or Sponsor will publish the amount of cashbitcoin and/or cash that will be required in exchange for each Creation Basket Deposit. By placing a Purchase Order, including an Authorized Participant agrees to deposit the maximum permitted remaining maturity of Creation Basket Deposit. Failure to consummate such a Treasury and deposit shall result in the proportions of Treasuries and cash, that may be included in deposits to create Baskets. The Marketing Agent will publish such requirements at the beginning of each Business Day. Unless otherwise determined by the Sponsor, if Treasuries and cash are to be deposited, the amount cancellation of the cash deposit required will be the difference between (i) the aggregate market value of the Treasuries required to be included in Order. Authorized Participants may not withdraw a Creation Basket Deposit as of 4:00 PM New York time on the Purchase Order Date and (ii) the total required depositcreation request. An Authorized Purchaser Participant who places a Purchase Order is responsible for transferring in accordance with the applicable procedures set forth in Exhibit B hereto to the Fund’s account with the Custodian Trust the required amount of Treasuries bitcoin and/or cash in each case by the end of the third next Business Day following the Purchase Order DateDate (T+1), except in the case of an Authorized PurchaserParticipant’s initial order to purchase one or more Creation Baskets of the Trust on the first day the Baskets of the Trust are to be offered and sold sold, when the Creation Basket Deposit will be due by 12:00 PM New York time on the date the Purchase Order was accepted by the Marketing Transfer Agent. Upon receipt of the deposit amount, the Administrator BNY Mellon will cause DTC to credit the number of Baskets ordered to the Authorized PurchaserParticipant’s DTC account on the third Business Day following the Purchase Order Date, except in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets, when the Administrator will cause DTC to credit the number of Baskets so ordered upon confirmation by the Custodian that the Creation Basket Deposit has been received by the Custodian. The expense and risk of delivery and ownership of Treasuries until such Treasuries have been received by the Custodian on behalf of the Fund shall be borne solely by the Authorized Purchaseraccount.

Creation Procedures. On any Business Day, an Authorized Purchaser Participant may place an order with the Marketing Agent to create one or more Creation Baskets in accordance with this Agreement and the Procedures. Purchase orders must be placed by the Purchase Order Cut-off Time. The day on which the Marketing Agent receives a valid Purchase Order and approves such Purchase Order in accordance with the Procedures is the Purchase Order Date. By placing a Purchase Order, an Authorized Purchaser Participant agrees to deposit Treasuries, cash, or a combination of Treasuries and cash with the Custodian of the Fund. The number and type of contracts specified shall be determined by the Sponsor, in its sole discretion, to meet the Fund’s investment objective and shall be purchased as a result of the Authorized PurchaserParticipant’s purchase of Units. Exhibit 10.1 Prior to the delivery of Baskets for a Purchase Order, the Authorized Purchaser Participant must also have wired to the Custodian the non-refundable transaction fee due for the Purchase Order. “Treasuries” shall be any U.S. treasury security with two years or less remaining to maturity with an aggregate market value, as determined in the sole discretion of the Administrator using the valuation procedures set forth in Exhibit C, that together with any cash amount, will equal the purchase price of the Creation Basket being purchased. The total deposit required to create each basket (“Creation Basket Deposit”) will be an amount of Treasuries and/or cash that is in the same proportion to the total assets of the Fund (net of estimated accrued but unpaid fees, expenses and other liabilities) on the date the order to purchase is accepted as the number of Units to be created under the Purchase Order is in proportion to the total number of Units outstanding on the date the order is received. The Sponsor determines, directly in its sole discretion, or in consultation with the Administrator, the requirements for Treasuries and/or the amount of cash, including the maximum permitted remaining maturity of a Treasury and the proportions of Treasuries and cash, that may be included in deposits to create Baskets. The Marketing Agent will publish such requirements at the beginning of each Business Day. Unless otherwise determined by the Sponsor, if Treasuries and cash are to be deposited, the amount of the cash deposit required will be the difference between (i) the aggregate market value of the Treasuries required to be included in a Creation Basket Deposit as of 4:00 PM New York time on the Purchase Order Date and (ii) the total required deposit. An Authorized Purchaser Participant who places a Purchase Order is responsible for transferring to the Fund’s account with the Custodian the required amount of Treasuries and/or cash by the end of the third Business Day following the Purchase Order Date, except in the case of an Authorized PurchaserParticipant’s initial order to purchase one or more Creation Baskets on the first day the Baskets are to be offered and sold when the Creation Basket Deposit will be due by 12:00 PM New York time on the date the Purchase Order was accepted by the Marketing Agent. Upon receipt of the deposit amount, the Administrator will cause DTC to credit the number of Baskets ordered to the Authorized PurchaserParticipant’s DTC account on the third Business Day following the Purchase Order Date, except in the case of an Authorized PurchaserParticipant’s initial order to purchase one or more Creation Baskets, when the Administrator will cause DTC to credit the number of Baskets so ordered upon confirmation by the Custodian that the Creation Basket Deposit has been received by the Custodian. The expense and risk of delivery and ownership of Treasuries until such Treasuries have been received by the Custodian on behalf of the Fund shall be borne solely by the Authorized PurchaserParticipant.