DELIVERY FOR IN-KIND REDEMPTIONS. The bitcoin constituting the in-kind portion of a redemption distribution (to the extent a Redemption Order is effected in-kind) will be delivered to the appropriate bitcoin address which must be indicated in the Participant’s standing redemption instructions. Redemptions of Shares for bitcoin will be subject to compliance with applicable U.S. federal and state laws. The Shares of the Trust must be delivered through the NSCC to a DTC account maintained at the Transfer Agent on or before the settlement date. The Distributor and/or Trust will make available on the settlement date, the cash component less the applicable Transaction Fee. Except as provided in the next two paragraphs, the bitcoin and any Balancing Amount will be delivered concurrently with the transfer of good title to the Trust of the required number of Shares through the NSCC’s Continuous Net Settlement (CNS) system. The Trust will permit the substitution of an amount of cash (i.e., a “cash in lieu” amount) to be added to the Balancing Amount to replace any bitcoin with respect to the Trust which may not be available in sufficient quantity for delivery. If the Trust’s DTC account has not been credited with all of the redemption units to be redeemed by the end of the settlement date, the redemption distribution is delivered to the extent of whole units received. Any further outstanding amount of the Redemption Order shall be cancelled.
DELIVERY FOR IN-KIND REDEMPTIONS. The ether constituting the in-kind portion of a redemption distribution (to the extent a Redemption Order is effected in-kind) will be delivered to the appropriate ether address which must be indicated in the Participant’s standing redemption instructions. Redemptions of Shares for ether will be subject to compliance with applicable U.S. federal and state laws. The Shares of the Trust must be delivered through the NSCC to a DTC account maintained at the Transfer Agent by 12:00 p.m. U.S. Eastern Time on or before the settlement date, or such later time as designated by the Fund. The Distributor and/or Trust will make available on the settlement date, the cash component less the applicable Transaction Fee. Except as provided in the next two paragraphs, the ether and any Balancing Amount will be delivered concurrently with the transfer of good title to the Trust of the required number of Shares through DTC. The Trust will permit the substitution of an amount of cash (i.e., a “cash in lieu” amount) to be added to the Balancing Amount to replace any ether with respect to the Trust which may not be available in sufficient quantity for delivery. If the Trust’s DTC account has not been credited with all of the redemption units to be redeemed by the end of the settlement date, the redemption distribution is delivered to the extent of whole units received. Any further outstanding amount of the Redemption Order shall be canceled.
