Bitwise Chainlink ETF

Proceeds received by the Trust in connection with the issuance of Baskets consist of Chainlink and cash. Deposits of Chainlink received by the Trust pursuant to an In-Kind Creation are held by the Chainlink Custodian on behalf of the Trust until (i) delivered out in connection with an In-Kind Redemption of Baskets or (ii) caused to be transferred or sold by the Sponsor to pay fees due to the Sponsor and Trust expenses and liabilities not assumed by the Sponsor. Deposits of cash proceeds received by the Trust in connection with Cash Creation Orders will be used to acquire Chainlink. Such deposits of cash are held by the Cash Custodian on behalf of the Trust until (i) used to acquire Chainlink, (ii) accrued and distributed to pay Trust expenses and liabilities not assumed by the Sponsor, (iii) distributed to Authorized Participants in connection with Cash Redemptions of Baskets, or (iv) disposed of in a liquidation of the Trust.

In the event that the Trust is terminated and its assets are to be liquidated, all of the Trust’s Chainlink will be sold and the cash proceeds will be distributed to Shareholders. Under no circumstances will the Trust distribute Chainlink to Shareholders.