Terms of Service

BITWISE ONCHAIN GENERAL TERMS OF USE

Last Modified: August 25, 2026

IMPORTANT: PLEASE READ THESE GENERAL TERMS OF USE CAREFULLY BEFORE ACCESSING OR USING THE SERVICES. THESE TERMS CONTAIN A BINDING ARBITRATION AGREEMENT (SECTION 14), A CLASS, COLLECTIVE, REPRESENTATIVE, AND PRIVATE ATTORNEY GENERAL ACTION WAIVER (SECTION 14(c)), A JURY TRIAL WAIVER (SECTION 14(d)), LIMITATIONS OF LIABILITY AND DISCLAIMERS OF WARRANTIES (SECTION 12), AN INDEMNIFICATION OBLIGATION (SECTION 13), AND IMPORTANT DIGITAL WALLET, SELF-CUSTODY, AND DIGITAL ASSET RISK DISCLOSURES (SECTIONS 6 AND 7). BY ACCESSING OR USING THE SERVICES, YOU AGREE TO BE BOUND BY THESE TERMS.

These General Terms of Use (“General Terms”) set forth the general terms applicable to all Users and all Services made available through Bitwise Onchain. The applicable Product-Specific Terms, together with the Privacy Policy, form part of the Agreement described in Section 1.

Schedule A — Lending Vault Terms
Schedule B — Allocation Vault Terms
Schedule C — Automated Token Portfolio Terms
Schedule D — Staking Services Terms

The Product-Specific Terms provide the product-specific mechanics, disclosures, eligibility requirements, restrictions, and other terms applicable to the relevant product or service. The hierarchy and effect of these documents are set forth in Section 1.

ACCEPTANCE AND AGREEMENT STRUCTURE

Agreement. These General Terms, together with the Product-Specific Terms applicable to the Services you use and the Bitwise Group privacy policy then in effect (the “Privacy Policy”), constitute the agreement between you and the Bitwise Group governing your access to and use of the Services (collectively, the “Agreement").

Product-Specific Terms. Product-Specific Terms will be maintained as separate documents or schedules for Lending Vaults, Allocation Vaults, ATPs, and Staking Services. Those documents or schedules will contain product-specific definitions, mechanics, parameters, disclosures, restrictions, and other terms, and are incorporated into the Agreement when applicable to the Services you use.

Acceptance by Use. By accessing or browsing the Platform or Website, connecting a Digital Wallet, accessing a product page, interacting with any smart contract or Supported Protocol, or otherwise using the Services, you agree to the Agreement. No clickwrap, account creation, or other onboarding process is required for acceptance, and no affirmative re-acceptance is required solely because you continue to use the Services.

Hierarchy. Product-Specific Terms control with respect to product-specific subject matter. These General Terms continue to control liability, indemnification, dispute resolution, intellectual property, and general provisions, unless the applicable Product-Specific Terms expressly supersede a particular provision by specific cross-reference. The Privacy Policy governs privacy and data practices to the extent addressed there.

DEFINITIONS

As used in the Agreement, the following capitalized terms have the meanings set forth below:

“Bitwise Group" means Bitwise Asset Management, Inc. (“BAM”), Bitwise Investment Manager, LLC (“BIM”), Attestant Limited, Attestant (BVI) Limited, and each of their parents, subsidiaries, affiliates, related entities, and their respective officers, directors, members, partners, shareholders, equity holders, employees, personnel, agents, representatives, service providers, licensors, successors, and assigns.
“Platform" or “Website" means onchain.bitwiseinvestments.com and any successor, replacement, related, or connected website, interface, application, or other front-end made available by or on behalf of the Bitwise Group for access to or interaction with the Services.
“Services" means the services and functionality made available by or through the Platform or Website, including access to vault products, access to automated token portfolio methodologies, staking infrastructure, product pages, interfaces, smart-contract interactions, documentation, APIs, data feeds, and related services.
“Digital Assets" means tokens, cryptocurrencies, stablecoins, virtual currencies, digital commodities, and other digital representations of value or rights that may be transferred, stored, or recorded on a Supported Blockchain.
“Digital Wallet" means a self-custodial wallet application, device, or other software or hardware that enables a User to store, send, receive, or otherwise control Digital Assets through cryptographic keys and that is not operated or controlled by the Bitwise Group.
“Supported Blockchains" means distributed ledger protocols designated by the Bitwise Group from time to time as compatible with the Services, including public, permissionless networks and any layer-two, sidechain, or other network expressly supported by the Services.
“Supported Protocols" means smart contracts, decentralized applications, protocol systems, and other on-chain infrastructure with which the Services may interact or through which the Services may operate, including lending, allocation, staking, oracle, bridge, data, and other infrastructure.
“User” or “you" means any person or entity that accesses or uses the Services, including by accessing the Platform or Website, connecting a Digital Wallet, or interacting directly with a smart contract or Supported Protocol.
“Product-Specific Terms" means the supplemental terms and conditions, schedules, or other documents expressly identified by the Bitwise Group as applicable to a particular product or category of Services, including Schedule A Lending Vault Terms, Schedule B Allocation Vault Terms, Schedule C Automated Token Portfolio Terms, and Schedule D Staking Services Terms.
“Damages" means any and all losses, damages, obligations, penalties, claims, actions, suits, demands, judgments, awards, settlements, liabilities, disbursements, costs, and expenses, including reasonable attorneys’ and accountants’ fees.
“Indemnified Party" means each member of the Bitwise Group and each of their respective parents, subsidiaries, affiliates, related entities, officers, directors, members, partners, shareholders, equity holders, employees, personnel, agents, representatives, service providers, licensors, successors, and assigns.

DESCRIPTION OF SERVICES

The Bitwise Group operates the Platform and Website as a front-end interface through which Users may access and interact with certain Services. The Bitwise Group does not operate or control the underlying Supported Blockchains, protocols, or smart contracts.

Direct On-Chain Interaction. You interact directly with smart contracts and Supported Protocols when you use the Services. The Bitwise Group provides access through the interface but does not control the execution or outcome of any transaction.
Permissionless Architecture. The Services are permissionless and do not require pre-use intake, creation of a user profile, identity verification, individualized suitability assessment, or a purchase-commitment mechanism.
Access Controls. Access is determined by on-chain eligibility and, where applicable, jurisdictional geofencing or other technical controls.
Irreversible Transactions. Transactions submitted to a Supported Blockchain are generally irreversible once confirmed. The Bitwise Group cannot cancel, reverse, modify, or remediate a transaction after submission.
No Custody. The Bitwise Group does not take custody, possession, or control of Digital Assets or Digital Wallet credentials.
Third-Party Protocol Interactions. The Services may interact with third-party protocols and infrastructure. The Bitwise Group does not operate, control, or guarantee them or their continued availability, security, or performance.
Product-Specific Terms. Your use of a particular product or service is also subject to applicable Product-Specific Terms, which apply in addition to these General Terms.

ELIGIBILITY AND REPRESENTATIONS

By accessing or using the Services, you represent, warrant, and covenant that:

You are at least the age of legal majority in your jurisdiction and have the legal capacity to enter into and perform a binding agreement.
If you are accessing or using the Services on behalf of an entity or other person, you have full authority to bind that entity or person to the Agreement.
You are not a “Sanctions Target” (meaning a person identified on an applicable sanctions list or otherwise subject to sanctions administered or enforced by the U.S. Office of Foreign Assets Control (“OFAC”), the United Nations, the European Union, the United Kingdom, or any other applicable governmental authority), and you are not owned or controlled by, or acting for or on behalf of, any Sanctions Target.
You are not located in, organized under the laws of, ordinarily resident in, or accessing the Services from any jurisdiction subject to comprehensive sanctions administered or enforced by OFAC or any other applicable governmental authority, and you will not access or use the Services in or from any comprehensively sanctioned jurisdiction or any jurisdiction where such access or use is prohibited or restricted by applicable law.
You will not access or use the Services, or permit the Services to be used, in any manner that would cause any member of the Bitwise Group to violate the Bank Secrecy Act, the USA PATRIOT Act, U.S. sanctions laws, applicable anti-money laundering or countering the financing of terrorism laws, anti-corruption laws, export-control laws, or any comparable law. You will comply with all laws, rules, regulations, orders, and other requirements applicable to you and your use of the Services, and you are solely responsible for determining whether your access to or use of the Services is lawful.
You will not use the Services with, or permit the Services to be used with, any Digital Assets derived from or associated with illegal activity, sanctions evasion, money laundering, terrorist financing, fraud, ransomware, darknet markets, stolen assets, or other illicit conduct, and you will not otherwise use the Services in connection with any such activity.
You have independently evaluated the suitability and appropriateness of the Services and any product-specific service for you. No member of the Bitwise Group has assessed the suitability or appropriateness of any Service for you or made a determination that any Service meets your needs.
All Digital Assets you use in connection with the Services are derived from lawful activities, and you have all rights and authority necessary to use, transfer, and authorize transactions involving those Digital Assets.
You understand that the Services are permissionless and do not require onboarding, KYC, identity verification, or account registration as a condition to access; you remain solely responsible for satisfying any legal, regulatory, tax, or other requirements applicable to you.
Product-specific or geographic restrictions may be implemented in the applicable Product-Specific Terms, on the Platform or Website, in smart contracts, or through geofencing and other technical controls. You will not circumvent or attempt to circumvent any such restriction, and any such circumvention is a material breach of the Agreement.
The Services are not offered or made available to any person where such access or use would violate U.S. sanctions, anti-money laundering, counter-terrorist financing, export-control, or anti-corruption law, or any similar applicable law. The Bitwise Group may, in its sole discretion and without prior notice, block, restrict, suspend, disable, or discontinue access to the Platform, Website, any interface, API, product page, data feed, or other front-end functionality if the Bitwise Group determines or reasonably suspects that access or use may involve a prohibited person, prohibited jurisdiction, sanctioned address, illicit activity, suspicious activity, elevated compliance risk, or any activity that could cause any member of the Bitwise Group to violate applicable law. The Bitwise Group may implement IP-based geofencing, address screening, transaction monitoring, wallet-blocking, interface restrictions, data-feed restrictions, and other technical or operational controls. In a permissionless architecture, the Bitwise Group may not be able to prevent direct interaction with a smart contract or Supported Protocol, but it reserves all rights with respect to any front-end, product page, API, data feed, interface, hosted content, or other Bitwise-controlled access point. To the fullest extent permitted by applicable law, the Bitwise Group shall have no liability for losses arising from any such compliance action, including blocked access, delayed access, disabled buttons, discontinued support, geofencing, address restrictions, or any inability to interact through the front-end.
You represent and warrant that you are financially and technically sophisticated and capable of independently evaluating the merits and risks of decentralized finance. You have sufficient knowledge and experience in Digital Assets, blockchain technology, smart contracts, and decentralized finance to evaluate the Services. You understand the experimental nature of the Services and accept the risk of partial or total loss of Digital Assets. You are not relying on the Bitwise Group for investment advice or recommendations and have consulted such independent financial, legal, tax, technical, or other advisers as you deem appropriate.

NO ADVISORY RELATIONSHIP; NO FIDUCIARY DUTY

The Services are technology and infrastructure services. The Bitwise Group is not providing investment, financial, legal, tax, or regulatory advice through the Services.

No Advisory Relationship. Nothing in the Agreement or in any communication, interface, documentation, data, or other material provided through or in connection with the Services constitutes investment, financial, legal, tax, or regulatory advice, or a recommendation or opinion regarding any Digital Asset, strategy, product, transaction, or course of action.
No Fiduciary or Similar Relationship. No fiduciary, trust, agency, advisory, brokerage, custodial, partnership, joint venture, or other similar relationship is created between the Bitwise Group and any User by the Agreement or by the User’s access to or use of the Services.
No Suitability Determination. The Bitwise Group does not determine, and has no obligation to determine, whether any Service or product-specific service is suitable, appropriate, lawful, or advisable for any User. Each User is solely responsible for independent evaluation and decision-making.
Regulatory Status Disclaimer. The Bitwise Group (or Bitwise Holdings, Inc.) is not registered as a broker-dealer, exchange, transfer agent, or securities intermediary. BIM is registered with the U.S. Securities and Exchange Commission as an investment adviser; that registration does not constitute an endorsement of BIM by the SEC and does not indicate that BIM has attained a particular level of skill or ability. If any Bitwise entity is registered or licensed in any capacity, that entity is not acting in that capacity for the permissionless Services unless the applicable Product-Specific Terms expressly state otherwise. No regulatory authority has passed upon or endorsed the merits of the Services or any product.
ATPs. With respect to ATPs, Bitwise publishes methodology and related information but does not manage, direct, or advise any User regarding the User’s Digital Assets or transactions. ATP-specific Product-Specific Terms may elaborate on the methodology and related limitations.
Independent Decisions. Each User decides independently whether to access the Services, connect a Digital Wallet, deposit or transfer Digital Assets, stake, select a product, or interact with any Supported Protocol. No User should treat the Services or any Bitwise communication as a substitute for independent judgment or professional advice.
No Solicitation or Endorsement. No description, display, data feed, methodology, interface, or other content made available through the Services constitutes a solicitation, endorsement, offer, or recommendation by the Bitwise Group to buy, sell, hold, stake, deposit, withdraw, or otherwise transact in any Digital Asset or product.
Professional Advice. You are responsible for obtaining whatever independent financial, legal, tax, regulatory, technical, or other professional advice you consider appropriate before using the Services.
Not Your Counterparty; Unsolicited Trades. The Bitwise Group is not your counterparty to any transaction. You transact directly with smart contracts and Supported Protocols; the Bitwise Group does not execute, process, or settle transactions. All interactions with the Services are unsolicited, and no communication through or in connection with the Services constitutes a solicitation directed at you. Nothing on the Services constitutes an offer in any jurisdiction where such offer is unlawful.

These disclaimers apply notwithstanding any registration, affiliation, title, role, or description of any Bitwise entity, except to the extent the applicable Product-Specific Terms expressly provide otherwise for a specified service.

DIGITAL WALLET AND SELF-CUSTODY

Wallet Connection. To use certain Services, you connect a compatible Digital Wallet that you control. The Services may display or generate transaction information for your review, but any transaction must be authorized through your Digital Wallet or otherwise initiated by you directly on a Supported Blockchain.
No Custody or Key Access. The Bitwise Group does not hold, control, possess, or access your Digital Wallet, private keys, seed phrases, session keys, wallet credentials, or Digital Assets, and does not operate a custodial wallet service for Users.
Staking and Validator Operation. Validator operation and related staking infrastructure do not constitute custody of your private keys or withdrawal keys. The applicable Staking Terms provide additional detail regarding validator operation, signing, withdrawals, and related risks.
User Responsibility and Transaction Review. You are solely responsible for the security and safeguarding of your Digital Wallet, related credentials, devices, and connection methods, and for reviewing each transaction’s address, network, amount, recipient, fees, contract, and other details before authorizing or broadcasting it.
Irreversible Transactions; No Remediation. Blockchain transactions are generally irreversible once confirmed. The Bitwise Group cannot reset, restore, recover, reverse, cancel, modify, unwind, or remediate a lost credential, compromised wallet, or completed blockchain transaction.
Third-Party Wallets. Your use of any third-party Digital Wallet is subject to the provider’s terms, technology, security practices, and limitations. The Bitwise Group does not control or guarantee any third-party Digital Wallet.

RISKS — GENERAL

Use of the Services involves substantial risks, including the risk of partial or total loss of Digital Assets. You should carefully evaluate the following general risks, together with any additional product-specific risks stated in the applicable Product-Specific Terms, before using the Services.

Risk of Loss and Digital Asset Volatility. Digital Asset values may fluctuate substantially and rapidly due to market conditions, liquidity constraints, technology failures, regulatory developments, or changes in market sentiment. You may receive substantially less than the amount you transferred or deposited, or nothing at all, and the Bitwise Group has no obligation to cover or restore any loss.
Blockchain, Smart Contract, and Protocol Risk. The Services rely on blockchain networks, smart contracts, Supported Protocols, and related infrastructure that may contain defects, fail, be exploited, be modified, be suspended, or be discontinued. Governance decisions, forks, reorganizations, oracle or validator failures, congestion, and infrastructure disruptions may adversely affect the Services or Digital Assets.
Wallet and Cybersecurity Risk. Wallet compromise, lost or exposed credentials, phishing, malware, social engineering, unauthorized access, and other cybersecurity events may cause permanent loss. Your responsibilities and the risks associated with Digital Wallets are described in Section 6.
Regulatory and Legal Risk. Laws, regulations, enforcement positions, sanctions requirements, and regulatory classifications applicable to Digital Assets, the Services, or any product may change and may restrict, prohibit, modify, suspend, or discontinue the Services. You are solely responsible for determining whether your access to or use of the Services is lawful.
No Insurance or Government Guarantee. The Services and Digital Assets are not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”), the Securities Investor Protection Corporation (“SIPC”), or any other governmental or private insurance program. The Bitwise Group is not a bank or depository institution, and no governmental guarantee protects against loss.
Tax Responsibility. You are solely responsible for determining and satisfying all tax obligations arising from your access to or use of the Services, Digital Assets, transactions, rewards, staking activity, or other related activity. The Bitwise Group does not provide tax advice.
Permissionless Access; No Suitability Gate. The permissionless architecture does not include a suitability gate or individualized review. You must independently evaluate the Services and obtain whatever financial, legal, tax, regulatory, technical, or other professional advice you consider appropriate before using them.
Product-Specific Risks. Before using a particular product or service, you must review the applicable Product-Specific Terms, product page disclosures, and applicable smart-contract mechanics, which may contain additional risks, restrictions, parameters, and eligibility requirements.

PROHIBITED ACTIVITIES

You are solely responsible for your conduct in connection with the Services. You will comply with the Agreement and will not, and will not attempt to:

provide false, inaccurate, or misleading information to the Bitwise Group or any other User in connection with the Services;
access or use another User’s Digital Wallet or credentials without that User’s express, lawful authorization;
impersonate any person or entity, falsely claim an affiliation with any person or entity, or misrepresent your identity or the source of any communication;
interfere with, disrupt, or negatively affect the integrity, operation, availability, or security of the Services, the Platform, the Website, or any related server, network, or infrastructure, including by transmitting viruses, malware, or other harmful code;
develop, distribute, or use any bot, scraper, spider, crawler, script, or other automated means to access or interact with the Services, except as expressly permitted by the Agreement or authorized by the Bitwise Group in writing;
bypass, circumvent, defeat, or attempt to bypass, circumvent, or defeat any access control, geofencing, address-screening, rate-limiting mechanism, security feature, or compliance control implemented by the Bitwise Group or any third party in connection with the Services;
harvest, scrape, collect, extract, copy, or aggregate data, content, information, or materials from the Services without authorization;
use the Services for any illegal, fraudulent, or unauthorized purpose, or in any manner that violates applicable law;
use the Services to facilitate or promote money laundering, terrorist financing, sanctions evasion, tax evasion, fraud, bribery, corruption, or other illicit activity;
engage in front-running, wash trading, pump-and-dump schemes, spoofing, layering, market manipulation, or other fraudulent, deceptive, or abusive trading practices;
use the Services to conduct, offer, or provide any financial service or other regulated activity that requires registration, licensing, or other authorization under applicable law, unless you have obtained and maintain all required authorization;
use the Services to solicit or raise capital or other contributions from third parties without complying with applicable law;
upload, post, transmit, display, or otherwise make available through the Services any content, material, or information that infringes, misappropriates, or otherwise violates any copyright, trademark, patent, trade secret, privacy, publicity, or other intellectual property or proprietary right of any person or entity;
attempt to access, view, modify, transfer from, or otherwise interact with any Digital Wallet for which you do not have express legal authority or authorization.

Any unauthorized use of the Services terminates the license granted to you under the Agreement. The Bitwise Group reserves the right to investigate suspected violations of the Agreement and to cooperate with law enforcement and other governmental authorities in connection with suspected violations or unlawful activity.

THIRD-PARTY SERVICES AND PROTOCOLS

Definition. “Third-Party Services” means any service, software, protocol, network, or infrastructure not owned, operated, or controlled by the Bitwise Group, including Supported Blockchains and their validator networks, oracle providers, data feeds, third-party Digital Wallets, smart contract protocols, bridges, decentralized exchanges, and other decentralized applications or infrastructure.
No Endorsement or Responsibility. The Bitwise Group does not endorse, warrant, or assume responsibility for the accuracy, completeness, availability, security, or performance of any Third-Party Services.
Third-Party Failures. The Bitwise Group is not liable for any failure, unavailability, suspension, termination, delay, error, interruption, degraded performance, unauthorized access, data loss, or other loss arising from or relating to any Third-Party Services, including Supported Blockchain, validator, oracle, data-feed, Digital Wallet, bridge, decentralized exchange, or smart contract failures.
Third-Party Terms. Your use of any Third-Party Services is governed by the terms, policies, and limitations of the applicable third party, and you assume all risks associated with that use.
Links and Third-Party Content. Links to third-party websites, applications, content, or resources made available through the Services are provided for convenience and informational purposes only and do not constitute an endorsement, recommendation, sponsorship, or approval by the Bitwise Group.
Release and Hold Harmless. To the maximum extent permitted by applicable law, you release and hold harmless each Indemnified Party from any liability, claim, or Damages arising out of or relating to your use of any Third-Party Services. Nothing in this subsection excludes or limits liability to the extent prohibited by applicable law, including liability that cannot be waived under applicable federal securities laws or other non-waivable law.

FEES — GENERAL FRAMEWORK

Disclosure. Fees applicable to a product or service may be described in the applicable Product-Specific Terms, product page, interface, transaction flow, or applicable smart contract.
Review Before Use. Before interacting with, depositing into, staking through, or selecting any product or service, you should review the relevant Product-Specific Terms, product page, interface disclosures, and applicable smart-contract mechanics.
Network Fees. You are solely responsible for all gas, transaction, validator, and other network fees incurred in connection with your use of the Services. Such fees may be charged by a Supported Blockchain or Supported Protocol and may not be paid to the Bitwise Group.
Programmatic Mechanics. Fee mechanisms may be implemented or enforced programmatically by applicable smart contracts or Supported Protocols and may be deducted, withheld, or otherwise taken in accordance with their code. The Bitwise Group does not represent that it sets, controls, collects, or can alter any fee except as expressly stated in applicable Product-Specific Terms.
No Advisory Relationship. Fees are not compensation for personalized advice and do not create an advisory, fiduciary, brokerage, custodial, or other similar relationship between you and the Bitwise Group.

INTELLECTUAL PROPERTY

Ownership. The Services and all related software, interfaces, designs, text, graphics, logos, trademarks, service marks, documentation, and other materials, excluding User-provided content and open-source components, are owned by the Bitwise Group or its licensors and are protected by applicable intellectual property laws. Any model, methodology, rules, parameters, documentation, or related materials published by Bitwise in connection with an ATP remain Bitwise Group intellectual property, subject to any rights expressly granted in applicable Product-Specific Terms.
Limited License. Subject to your compliance with the Agreement, the Bitwise Group grants you a limited, non-exclusive, non-transferable, non-sublicensable, revocable license to access and use the Services solely for their intended purpose. No ownership or other intellectual property right is transferred to you.
Restrictions. You may not reverse engineer, decompile, disassemble, modify, copy, reproduce, scrape, frame, mirror, distribute, sell, lease, commercially exploit, or create derivative works from the Services or any portion of them, or circumvent any access-control or security measure, except as expressly permitted by the Agreement, applicable law, or an applicable open-source license.
Trademarks. Bitwise names, logos, marks, and other branding are protected by applicable law. You may not use them without the prior written consent of the applicable Bitwise entity.
Open Source. Certain components of the Services may be made available under open-source licenses. Those components remain subject to their applicable licenses, and nothing in the Agreement limits rights granted under those licenses.
Feedback. If you provide suggestions, ideas, or other feedback regarding the Services, you grant the Bitwise Group a worldwide, perpetual, irrevocable, royalty-free, transferable, sublicensable license to use, reproduce, modify, distribute, display, perform, and otherwise exploit that feedback for any purpose without compensation or attribution.
DMCA / Copyright Infringement Notification. If you believe that content made available through the Services infringes your copyright, you may submit a written notification by email to legal@bitwiseinvestments.com. The notification must include: (i) an electronic or physical signature of a person authorized to act on behalf of the copyright owner; (ii) a description of the copyrighted work claimed to have been infringed; (iii) a description of where the allegedly infringing material is located and information reasonably sufficient to permit the Bitwise Group to locate it; (iv) contact information for the complaining party; (v) a statement that the complaining party has a good faith belief that the use of the material is not authorized by the copyright owner, its agent, or the law; and (vi) a statement that the information is accurate and, under penalty of perjury, that the complaining party is authorized to act on behalf of the copyright owner.

DISCLAIMERS AND LIMITATION OF LIABILITY

AS IS; AS AVAILABLE. To the fullest extent permitted by applicable law, the Services, Digital Assets, smart contracts, Supported Protocols, and all content, data, and information made available through the Services are provided “as is” and “as available,” with all faults and without warranty of any kind. The Indemnified Parties disclaim all express, implied, statutory, and other warranties, including warranties of merchantability, fitness for a particular purpose, title, non-infringement, accuracy, reliability, availability, security, and uninterrupted or error-free operation.
No Warranty of Results. The Bitwise Group does not warrant or guarantee any performance, yield, rewards, returns, appreciation, value, liquidity, transferability, redeemability, or other financial or economic outcome. No advice or information, whether oral or written, obtained from the Bitwise Group or through the Services creates any warranty not expressly stated in the Agreement.
Excluded Causes of Loss. To the fullest extent permitted by applicable law, no Indemnified Party is liable for Damages arising from or relating to any act or omission of a third-party protocol, service provider, validator, advisor, oracle, data provider, or other infrastructure provider, or any blockchain or network issue, smart-contract failure, governance or protocol change, oracle or data failure, failed, delayed, or rejected transaction, network fee or congestion, fork, reorganization, User error, or Digital Wallet compromise. Nothing in this subsection excludes or limits liability to the extent prohibited by applicable law, including liability that cannot be waived under applicable federal securities laws or other non-waivable law.
Exculpation. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, NO INDEMNIFIED PARTY SHALL BE LIABLE TO ANY PERSON FOR ANY ACT OR OMISSION ARISING OUT OF OR IN CONNECTION WITH THE SERVICES, ANY INTERACTION WITH A SUPPORTED PROTOCOL, ANY SMART CONTRACT, ANY DIGITAL ASSET, OR THE AGREEMENT. FOR THE AVOIDANCE OF DOUBT, POOR PERFORMANCE, UNFAVORABLE MARKET CONDITIONS, LOSSES ARISING FROM SMART-CONTRACT EXECUTION IN ACCORDANCE WITH PROGRAMMED LOGIC, AND GOOD-FAITH DECISIONS REGARDING THE SERVICES DO NOT GIVE RISE TO LIABILITY. NOTHING IN THIS SUBSECTION EXCLUDES OR LIMITS LIABILITY TO THE EXTENT PROHIBITED BY APPLICABLE LAW, INCLUDING LIABILITY THAT CANNOT BE WAIVED UNDER APPLICABLE FEDERAL SECURITIES LAWS OR OTHER NON-WAIVABLE LAW.
AGGREGATE LIABILITY CAP. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE AGGREGATE LIABILITY OF THE BITWISE GROUP AND ALL INDEMNIFIED PARTIES TO ANY USER OR OTHER PERSON ARISING OUT OF OR RELATING TO THE SERVICES OR THE AGREEMENT, UNDER ANY THEORY OF LIABILITY, SHALL NOT EXCEED ONE HUNDRED U.S. DOLLARS ($100.00). This limitation applies regardless of the theory of liability and even if a remedy fails of its essential purpose. This limitation does not apply to the extent prohibited by applicable law, including liability that cannot be waived under applicable federal securities laws or other non-waivable law. For claims arising from or relating to ATPs, the aggregate liability cap set forth in the applicable Product-Specific Terms shall control to the extent it differs from this Section 12(e).
Excluded Damages. To the maximum extent permitted by applicable law, no Indemnified Party shall be liable for any indirect, incidental, special, consequential, exemplary, or punitive damages, or any loss of profits, revenue, data, goodwill, or Digital Assets, arising out of or relating to the Services or the Agreement, even if advised of the possibility of such damages. This exclusion does not apply to the extent prohibited by applicable law, including liability that cannot be waived under applicable federal securities laws or other non-waivable law.
Savings. Nothing in the Agreement excludes or limits liability to the extent prohibited by applicable law, including liability that cannot be waived under applicable federal securities laws or other non-waivable law.
Release of Claims. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, YOU HEREBY RELEASE THE INDEMNIFIED PARTIES FROM ANY AND ALL LIABILITY, CLAIMS, DEMANDS, ACTIONS, AND CAUSES OF ACTION ARISING OUT OF OR RELATING TO ANY LOSS SUSTAINED BY YOU WHILE USING, ARISING OUT OF, OR IN CONNECTION WITH THE SERVICES, INCLUDING ANY DIMINUTION IN VALUE OF, OR LOSS OR THEFT OF, ANY DIGITAL ASSETS. You expressly waive any rights or benefits you may have under California Civil Code Section 1542, which provides: “A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.” You also expressly waive any analogous rights or benefits under any other applicable federal, state, or foreign law that is similar, comparable, or equivalent to California Civil Code Section 1542. This release is intended to be, and shall be construed as, as broad and inclusive as permitted by applicable law, and survives termination or expiration of the Agreement and your cessation of access to or use of the Services. Notwithstanding the foregoing, this release does not apply to the extent prohibited by applicable law, including liability that cannot be waived under applicable federal securities laws or other non-waivable law.

INDEMNIFICATION

General Indemnity. To the fullest extent permitted by applicable law, you shall indemnify, defend, and hold harmless each Indemnified Party from and against all Damages arising out of or relating to: (i) your access to, use of, or inability to use the Services, or any transaction conducted through or in connection with the Services; (ii) your breach or alleged breach of the Agreement or any representation, warranty, covenant, or obligation set forth herein; (iii) any misrepresentation or omission by you; (iv) your violation or alleged violation of applicable law, including U.S. sanctions laws, anti-money laundering laws, counter-terrorist financing laws, anti-corruption laws, export-control laws, or comparable laws; (v) your access to or use of the Services in or from a jurisdiction where such access or use is illegal, prohibited, or restricted; (vi) your circumvention or attempted circumvention of any geofencing, address-screening, wallet-blocking, transaction-monitoring, interface, data-feed, or other compliance control; (vii) your Digital Wallet, Digital Assets, or transactions; (viii) any regulatory inquiry, investigation, examination, fine, penalty, enforcement action, arbitration, or third-party claim arising from or relating to the Services, any Supported Protocol interaction, any smart contract, any Digital Asset, or the Bitwise Group’s provision, operation, or administration of the Services; and (ix) any tax-related claim, penalty, assessment, interest, liability, or obligation arising from or relating to your use of the Services, Digital Assets, any transaction, any reward, or any staking activity.
Defense and Control. Where indemnification applies, the Bitwise Group may assume the defense and control of the matter at your expense, and you shall cooperate fully.
Survival; Non-Exclusivity. The rights and obligations in this Section 13 are cumulative, not exclusive of any other rights available under the Agreement or applicable law, and survive termination or expiration of the Agreement and your cessation of access to or use of the Services. No Bitwise Group entity has any obligation to indemnify, defend, or hold harmless any User.
Non-Waivable Rights. The indemnification obligations in this Section 13 apply only to the extent permitted by applicable law and do not require indemnification where prohibited by non-waivable law, including applicable federal securities laws.

DISPUTE RESOLUTION; GOVERNING LAW

Pre-Arbitration Notice and Informal Resolution. Except for injunctive-relief proceedings described below, before initiating arbitration or any other court proceeding permitted by this Section 14, the party asserting a dispute must provide written notice describing the nature and basis of the dispute and the specific relief sought. The parties shall attempt in good faith to resolve the dispute informally for sixty (60) days after receipt of the notice. Notice to the Bitwise Group shall be sent using the contact information in Section 18.
Binding Arbitration. Except as expressly provided below, any dispute, claim, or controversy arising out of or relating to the Agreement or the Services, including its formation, validity, enforceability, scope, or termination, shall be resolved by binding individual arbitration administered by the American Arbitration Association (“AAA”) under its Commercial Arbitration Rules then in effect. The arbitration shall be conducted before one arbitrator. The seat and venue of the arbitration shall be New York, New York, and the Federal Arbitration Act shall govern the interpretation and enforcement of this arbitration agreement. The arbitrator may award any remedy available in an individual action.
Individual Claims; Class Waiver. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, YOU AND THE BITWISE GROUP EACH AGREE THAT DISPUTES MAY BE BROUGHT ONLY ON AN INDIVIDUAL BASIS. YOU AND THE BITWISE GROUP EACH WAIVE ANY RIGHT TO PARTICIPATE IN OR BRING A CLASS, COLLECTIVE, CONSOLIDATED, REPRESENTATIVE, OR PRIVATE ATTORNEY GENERAL ACTION OR ARBITRATION, AND THE ARBITRATOR MAY NOT CONSOLIDATE CLAIMS OR PRESIDE OVER ANY SUCH PROCEEDING. Only individual relief is available. This waiver does not apply to the extent prohibited by applicable law, including where non-waivable law preserves the right to bring a class, collective, or representative action.
Jury Trial Waiver. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, YOU AND THE BITWISE GROUP EACH IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THE AGREEMENT OR THE SERVICES. This waiver does not apply to the extent prohibited by applicable law.
Small Claims Exception. Either party may bring a qualifying individual claim in small claims court if the claim satisfies that court’s jurisdictional requirements and is not combined with any other claim or party.
Injunctive Relief. Notwithstanding the arbitration agreement, either party may seek temporary, preliminary, or permanent injunctive or other equitable relief in a court of competent jurisdiction to protect intellectual property, confidential information, the security of the Services or Digital Assets, geofencing or other access restrictions, or to prevent unauthorized use.
Confidentiality. The existence, content, and result of any arbitration, and all materials exchanged in it, shall be kept confidential except as required by law or as reasonably necessary to prosecute or defend the arbitration, enforce or challenge an award, or obtain professional advice.
Severability of Arbitration Provisions. If any part of the arbitration agreement or class waiver is held invalid or unenforceable, that part shall be severed or modified to the minimum extent necessary, and the remaining provisions shall remain effective. If the class waiver is held unenforceable as to a particular claim, that claim may proceed in a court of competent jurisdiction, while all other claims remain subject to individual arbitration.
Limitations Period. To the fullest extent permitted by applicable law, any claim or dispute arising out of or relating to the Agreement or the Services must be commenced within one (1) year after the claim or dispute first accrues; otherwise, it is permanently barred.
Governing Law. The Agreement and all disputes arising out of or relating to the Agreement or the Services shall be governed by and construed under the substantive laws of the State of Delaware, without regard to conflicts-of-law principles, except to the extent applicable federal law requires otherwise.
Courts; Enforcement. The arbitration remains seated and venued in New York, New York. Courts of competent jurisdiction may be used to compel or enforce arbitration, obtain injunctive or other equitable relief, or resolve claims that are not subject to arbitration, and each party consents to service of process in any such proceeding as permitted by law.

MODIFICATIONS AND AMENDMENTS

Right to Modify. Bitwise may amend, supplement, replace, or otherwise modify these General Terms or any Product-Specific Terms at any time by posting updated terms on the Platform or Website or through another notice method Bitwise selects.
Notice of Material Changes. Bitwise will provide reasonable notice of material changes by posting updated terms and, where practicable, updating the Last Modified date or providing another reasonable notice.
Acceptance by Continued Use. Continued access to or use of the Services after a modification becomes effective constitutes acceptance of the modified terms. You are responsible for reviewing the Agreement periodically.
Disagreement; No Re-Acceptance. If you disagree with a modification, your sole remedy is to stop accessing and using the Services. No re-click, signature, or other affirmative re-acceptance is required for continued use to constitute acceptance.
Product-Specific Changes. Bitwise may publish or amend Product-Specific Terms for a new product, Supported Blockchain, Supported Protocol, or material change to an existing service. Product-Specific Terms become applicable when posted or on the later effective date stated in them.
Effective Date. Unless otherwise stated, an amendment becomes effective when posted. An amendment may take effect immediately when required by applicable law, regulatory action, a security concern, or a change to a Supported Blockchain or Supported Protocol.

PRIVACY

The Bitwise Group maintains a separate Privacy Policy governing the collection, use, processing, and disclosure of information in connection with the Services. The Privacy Policy is incorporated into the Agreement by reference. On-chain transactions are publicly visible and permanently recorded, and the Bitwise Group does not control on-chain data. To the extent the Bitwise Group collects technical data, including IP addresses for geofencing, that collection is governed by the Privacy Policy. The Bitwise Group may use cookies or similar technologies for operational and analytical purposes.

GENERAL PROVISIONS

Severability. If any provision of the Agreement, or any portion of it, is held invalid, illegal, or unenforceable, it shall be enforced to the maximum extent permitted, modified only to the minimum extent necessary, and the remaining provisions shall remain in full force and effect.
Entire Agreement. The Agreement, consisting of these General Terms, applicable Product-Specific Terms, and the Privacy Policy, constitutes the entire agreement between you and the Bitwise Group concerning the Services and supersedes prior or contemporaneous understandings, communications, representations, and agreements concerning the Services. No separate governing documents apply unless expressly identified in the applicable Product-Specific Terms.
No Waiver. No failure or delay by the Bitwise Group in exercising any right, power, or privilege under the Agreement operates as a waiver. Rights and remedies are cumulative and may be exercised separately or together.
Assignment. You may not assign, delegate, or transfer the Agreement or any right or obligation under it without the Bitwise Group’s prior written consent. The Bitwise Group may assign, delegate, or transfer the Agreement or any right or obligation under it without notice or consent.
Electronic Communications. You consent to electronic communications, records, and signatures in connection with the Agreement and the Services. Electronic records of access, use, transaction authorization, and notices may be used to evidence the Agreement and related actions.
Force Majeure. The Bitwise Group is not liable for any failure or delay caused by circumstances beyond its reasonable control, including natural disasters, war, terrorism, civil disturbance, governmental action, pandemic, cyberattack, power or telecommunications failure, blockchain congestion, fork, chain reorganization, smart-contract or Supported Protocol bug or exploit, oracle or validator failure, regulatory or sanctions change, or failure of third-party services or infrastructure.
No Joint Venture; Relationship of Parties. The Agreement does not create a joint venture, partnership, agency, trust, fiduciary, employment, or similar relationship between you and the Bitwise Group. The parties are independent contracting parties, and neither party has authority to bind the other except as expressly stated in the Agreement.
Export Controls. You will comply with all applicable export-control, import, and trade laws. You may not access or use the Services, or transfer Digital Assets through the Services, in violation of those laws or for a prohibited end use or end user. The sanctions and other compliance restrictions applicable to the Services are addressed in Sections 4 and 8.
Notices. Notices from the Bitwise Group may be given by posting on the Platform or Website, consistent with the permissionless architecture. Notices to the Bitwise Group must be sent using the contact information in Section 18. You are responsible for monitoring the Platform or Website for notices, amendments, and other communications.
Third-Party Beneficiaries. Each Indemnified Party is an intended third-party beneficiary of Sections 9, 12, and 13 and may enforce the rights and protections expressly granted to it. Except for those rights, the Agreement does not confer rights or remedies on any third party.
Survival. Provisions that by their nature should survive, including definitions, self-custody responsibilities, risk allocations, fees owed, intellectual property, disclaimers, limitations of liability, indemnification, dispute resolution, governing law, and these General Provisions, survive termination or expiration of the Agreement and your cessation of access to or use of the Services.

CONTACT INFORMATION

legal@bitwiseinvestments.com

BITWISE ONCHAIN LENDING VAULT TERMS

Last Modified: August 25, 2026

These Lending Vault Terms govern your use of Vaults designated as “Lending Vaults” on the Platform. By depositing Digital Assets into a Lending Vault or otherwise interacting with a Lending Vault through the Services, you agree to be bound by these Lending Vault Terms in addition to the General Terms. Capitalized terms used but not defined herein have the meanings ascribed to them in the General Terms.

In the event of any conflict between these Lending Vault Terms and the General Terms, these Lending Vault Terms shall control with respect to the subject matter of such conflict as it pertains to Lending Vaults.

NATURE OF LENDING VAULTS

You acknowledge and agree that Lending Vaults are non-custodial, algorithmic on-chain lending protocols that operate pursuant to pre-set, algorithmically determined parameters deployed on Supported Blockchains. You acknowledge and agree that Lending Vaults are technology products, not investment products. You acknowledge and agree that Lending Vaults are not managed investment vehicles, pooled investment products, or collective investment schemes of any kind.

You acknowledge that the Bitwise Group does not exercise discretionary investment management authority over Digital Assets deposited into Lending Vaults. You acknowledge that the deployment, utilization, and return of deposited Digital Assets are governed solely by pre-configured smart contract parameters and by the market dynamics of borrower demand on the underlying Supported Protocol.

Lending Vaults may allocate deposited Digital Assets across one or more lending markets on a Supported Protocol (for example, a Morpho v2 vault allocating across multiple Morpho Blue markets with distinct collateral types). Any reallocation or rebalancing across approved lending markets occurs programmatically pursuant to bounded parameters established at deployment or as adjusted in accordance with Section A.2 below.

BITWISE GROUP’S LIMITED ROLE

You acknowledge and agree that the Bitwise Group’s role with respect to Lending Vaults is strictly limited to the following:

Initial Configuration. Configuration and calibration of risk parameters prior to or at Vault deployment, including market whitelist, loan-to-value ratios, interest rate model selection, liquidation incentives, concentration limits, and collateral eligibility criteria.
Parameter Adjustment. Periodic review and adjustment of risk parameters where required by material changes in market conditions, collateral quality, protocol updates, or applicable regulatory requirements. Parameter adjustments will be disclosed on the applicable product page in advance of implementation to the extent reasonably practicable.
Protective Monitoring. The ability to decrease caps, pause deposits, or revoke pending parameter changes in response to security threats, market emergencies, or compliance concerns.
Front-End Infrastructure. Provision and maintenance of the front-end interface through which Users interact with the underlying smart contract infrastructure.

You acknowledge and agree that, following deposit, the Bitwise Group does not exercise ongoing discretionary investment management, and that capital is deployed, interest accrues, and liquidations are triggered solely by the operation of the underlying smart contract parameters and market dynamics. You further acknowledge and agree that the Bitwise Group’s role is analogous to a system administrator configuring and maintaining a technology platform, not to an investment manager exercising discretion over pooled capital.

You acknowledge and agree that no member of the Bitwise Group acts as a counterparty to any lending transaction. You acknowledge and agree that Users supply Digital Assets to a lending pool governed by smart contract logic, borrowers draw from that pool and post collateral directly to the protocol, and the Bitwise Group is not a party to, guarantor of, or beneficiary of any borrowing transaction facilitated through a Lending Vault.

DEPOSIT AND WITHDRAWAL MECHANICS

Deposits. You agree that deposits are permissionless and do not require approval, qualification, or suitability assessment of any kind. You acknowledge and agree that you may deposit compatible Digital Assets into a Lending Vault by connecting a Digital Wallet and authorizing a deposit transaction on the applicable Supported Blockchain.
Receipt Tokens. You acknowledge and agree that, upon deposit, you will receive Receipt Tokens representing a proportional claim on the pooled Digital Assets and accrued interest within the applicable Lending Vault, as determined by the underlying smart contract infrastructure at the time of redemption.
Receipt Token Characterization. You acknowledge and agree that Receipt Tokens function solely as a record-keeping and redemption mechanism and do not represent: (i) an equity interest in any entity; (ii) a debt instrument or note issued by any person or entity; (iii) a security of any kind; (iv) a managed investment in any pooled vehicle; or (v) a claim against the Bitwise Group. You further acknowledge and agree that Receipt Tokens are technological artifacts of the underlying smart contract infrastructure and do not create any obligation, liability, or relationship between the holder and the Bitwise Group.
Withdrawals. You acknowledge and agree that withdrawal of deposited Digital Assets is subject to available liquidity within the applicable lending pool at the time of the withdrawal request and that, if the utilization rate of the lending pool approaches or reaches one hundred percent (100%), withdrawal may be delayed or temporarily unavailable until borrowers repay or additional liquidity is supplied. You further acknowledge and agree that the Bitwise Group makes no guarantee regarding the timing or availability of withdrawals.
No Liquidity Obligation. You acknowledge and agree that the Bitwise Group has no obligation to provide liquidity, subsidize withdrawals, guarantee that any withdrawal request will be processed within any particular timeframe, or otherwise ensure that deposited Digital Assets are available for withdrawal at any given time.
Receipt Token Value. You acknowledge that the value of Receipt Tokens may fluctuate and is not guaranteed to equal or exceed the value of Digital Assets originally deposited. You acknowledge and agree that Receipt Token value is determined by the underlying smart contract infrastructure based on the net asset position of the applicable Lending Vault at the time of redemption.

YIELD

You acknowledge that yield generated through Lending Vaults is derived solely from algorithmically determined interest rates paid by borrowers to the applicable lending market, net of applicable fees as described in Section A.9, and that no person exercises discretionary control over the allocation or deployment of deposited Digital Assets after deposit. You further acknowledge that capital is deployed pursuant to the pre-set parameters of the applicable smart contract infrastructure, and interest accrues automatically and continuously based on borrower demand and market utilization.

You acknowledge and agree that returns depend solely on: borrower demand, market utilization rates, collateral quality, liquidation efficiency, and the pre-set parameters of the applicable smart contract infrastructure. You acknowledge and agree that returns do not depend on the managerial skill, effort, or judgment of the Bitwise Group or any other person.

You acknowledge and agree that yield is a market-clearing price for the use of capital — the functional equivalent of interest earned on a commercial bank deposit or a supply-side return in a peer-to-peer lending market — and does not constitute “profits” derived from the entrepreneurial or managerial efforts of others.

You acknowledge that historical yield rates are not indicative of, and do not guarantee, future yield rates, and that yield rates may be zero or negative in certain market conditions. You acknowledge and agree that no member of the Bitwise Group guarantees any minimum yield, return, or appreciation in connection with any Lending Vault.

USER ACKNOWLEDGMENTS REGARDING CHARACTERIZATION

By depositing Digital Assets into a Lending Vault, you acknowledge and agree that:

The Lending Vault is a decentralized lending protocol, not a managed investment vehicle, common enterprise, or securities offering. Your participation does not constitute the purchase of a security, investment contract, note, or other regulated instrument under the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, or any other applicable securities law.
Yield is derived solely from algorithmically determined interest paid by borrowers to the lending pool, and not from the entrepreneurial or managerial efforts of the Bitwise Group or any other person.
No person exercises discretionary control over the deployment of your deposited Digital Assets after deposit. Capital is deployed pursuant to pre-set, bounded smart contract parameters that operate independent of the ongoing input or direction of the Bitwise Group.
You are depositing Digital Assets to earn a market-rate lending return through a technology protocol, and not to participate in an investment scheme, common enterprise, joint venture, or to fund a business enterprise operated by or for the benefit of the Bitwise Group.
Receipt Tokens represent a proportional claim on pooled Digital Assets and accrued interest, as determined by the underlying smart contract infrastructure, and function as a record-keeping mechanism for deposit and redemption rather than as a security, equity interest, investment contract, note, or debt instrument of any entity.
You have independently evaluated the risks of participating in the Lending Vault, including the risks described in these Lending Vault Terms and in the General Terms, and you are not relying on the Bitwise Group or any of its representatives for investment advice, financial recommendations, or any representation regarding expected returns, yield rates, or the future performance of the Lending Vault.
The requirement that borrower positions be overcollateralized at the smart contract level, and the automated liquidation mechanisms triggered upon collateral deterioration, constitute structural, risk-reducing features that distinguish Lending Vault deposits from speculative investment securities and from unsecured lending arrangements.
Your deposit of Digital Assets into a Lending Vault is motivated by a commercial lending purpose — the supply of capital to earn utilization-based interest — and not by an investment or speculative purpose. No member of the Bitwise Group has solicited or encouraged your deposit.
No federal, state, or foreign regulatory authority has passed upon or endorsed the Lending Vault, the Receipt Tokens, or the merits of depositing Digital Assets into a Lending Vault.

THIRD-PARTY PROTOCOL RISK

Each Lending Vault utilizes third-party smart contract infrastructure, which may include protocols developed by Morpho Labs, Aave, Compound, or other decentralized finance protocol providers as identified on the applicable product page (each, a “Lending Protocol”). Each Lending Protocol operates pursuant to its own smart contract parameters, governance structures, and documentation.

You acknowledge and agree that the Bitwise Group is not responsible for the operation, security, accuracy, performance, governance, or solvency of any Lending Protocol. You acknowledge and agree that links to Lending Protocol documentation are provided for informational purposes only and do not constitute endorsements, representations, or warranties of any kind.

You are solely responsible for independently reviewing each Lending Protocol, its documentation, audit history, and governance structure before depositing Digital Assets into any Lending Vault that utilizes such protocol.

You acknowledge that Lending Protocols are subject to governance decisions made by decentralized autonomous organizations, multi-signature wallets, or other governance mechanisms outside the Bitwise Group’s control. You acknowledge that such governance decisions may include changes to interest rate models, collateral parameters, fee structures, or protocol functionality, any of which may adversely affect Lending Vaults or their depositors. You further acknowledge that the Bitwise Group makes no representation regarding the stability, predictability, or good faith of any third-party governance mechanism.

You acknowledge that Lending Protocols may charge protocol-level fees that are separate from and in addition to any fees charged by the Bitwise Group. You acknowledge that such protocol-level fees are determined by the applicable Lending Protocol’s governance and are not controlled by the Bitwise Group.

COLLATERAL AND BAD DEBT

You acknowledge that Lending Vaults require borrowers to post Digital Asset collateral in amounts determined by applicable loan-to-value ratio parameters configured at the protocol level and that, if the value of a borrower’s collateral declines below the applicable liquidation threshold, the Lending Protocol may permit liquidation by third-party liquidators who are economically incentivized (but not obligated) to liquidate undercollateralized positions.

You acknowledge and accept the risk that liquidation may be delayed or may not occur during periods of extreme market volatility, blockchain network congestion, oracle latency, or insufficient economic incentives for third-party liquidators.

Bad Debt. If collateral value declines faster than liquidators can act, or if liquidation is otherwise delayed or fails, undercollateralized positions may remain unliquidated, resulting in a shortfall (“bad debt”). Bad debt reduces the total assets held in the applicable Lending Vault and may diminish Receipt Token value. Bad debt may be socialized across all depositors in the affected pool on a pro rata basis.

You acknowledge and agree that the Bitwise Group has no obligation to cover, absorb, backstop, guarantee, or otherwise remedy any bad debt or shortfall arising in connection with any Lending Vault. You represent that you understand bad debt risk is an inherent and unavoidable feature of overcollateralized lending protocols. No member of the Bitwise Group acts as guarantor of any borrower’s repayment obligations.

RWA-SPECIFIC PROVISIONS

You acknowledge that certain Lending Vaults may accept or allocate to lending markets collateralized by tokenized real-world assets (“RWA Collateral”), including tokenized U.S. Treasury securities, money market instruments, trade receivables, real estate, or other off-chain assets represented on-chain through tokenization platforms. You acknowledge that RWA Collateral introduces additional risks not present in purely on-chain Digital Asset collateral, including:

Valuation Risk. RWA Collateral may be valued using off-chain appraisals, third-party pricing feeds, or periodic mark-to-market processes that may be delayed, stale, or inaccurate relative to actual market values.
Custodial and Structural Risk. RWA Collateral depends on off-chain custodians, trustees, special-purpose vehicles, or other intermediaries that hold the underlying real-world asset. Failure, fraud, insolvency, or operational disruption of any such intermediary may impair the value or recoverability of the collateral.
Legal and Enforcement Risk. Enforcement of claims against off-chain collateral may require judicial proceedings in one or more jurisdictions, may be subject to stays, freezes, or priority claims of other creditors, and may not be practicable or economically viable.
Redemption Risk. The ability to liquidate or redeem RWA Collateral may be subject to delays, minimum hold periods, business-day limitations, or other constraints imposed by the off-chain asset structure or applicable law.
Regulatory Risk. The classification, eligibility, or transferability of RWA Collateral may change due to regulatory action, which may restrict the Lending Vault’s ability to hold, liquidate, or enforce claims against such collateral.
Transparency Risk. Unlike purely on-chain Digital Asset collateral, the composition, condition, and encumbrances of RWA Collateral may not be fully verifiable on-chain in real time.

You acknowledge and agree that the Bitwise Group makes no representation or warranty regarding the value, quality, enforceability, or recoverability of any RWA Collateral. You represent that you assume all additional risk associated with Lending Vaults that utilize RWA Collateral. Product pages for Lending Vaults that utilize RWA Collateral will identify the nature of the applicable RWA Collateral to the extent reasonably practicable.

FEES

Fees applicable to Lending Vaults are disclosed on the applicable product page and may include:

Performance fees calculated as a percentage of accrued yield during the applicable accrual period, assessed and collected programmatically by the applicable smart contracts;
Protocol-level fees charged by the underlying Lending Protocol infrastructure, which are deducted prior to the calculation of net yield available to depositors and which are not received by the Bitwise Group; and
Gas fees and other blockchain transaction costs incurred in connection with deposit, withdrawal, or other on-chain transactions, which are paid to network validators and are not received by the Bitwise Group.

You acknowledge and agree that all fees charged by the Bitwise Group are determined, calculated, assessed, and collected programmatically by the applicable smart contracts. You further acknowledge and agree that the Bitwise Group does not negotiate, invoice, or collect fees outside of the smart contract mechanism except as expressly stated on the applicable product page.

You acknowledge and agree that fees are not advisory compensation. You further acknowledge and agree that the payment of fees does not create an advisory, fiduciary, brokerage, or custodial relationship between you and the Bitwise Group. You further acknowledge and agree that fees charged in connection with Lending Vaults are technology service fees for access to and use of the Bitwise Group’s front-end infrastructure and related services, and do not constitute management fees, advisory fees, or compensation for investment management services.

You acknowledge and agree that fee percentages may vary by Lending Vault and are subject to change upon notice in accordance with Section 15 of the General Terms. You agree that all fees are final and non-refundable, except to the extent a refund is programmatically provided by the applicable smart contract logic.

PRODUCT-SPECIFIC RISK FACTORS

In addition to the general risk factors set forth in Section 7 of the General Terms, you acknowledge and accept the following additional risk factors applicable to your participation in Lending Vaults, each of which could result in partial or total loss of deposited Digital Assets:

Smart Contract Risk. Bugs, coding errors, exploits, or hacks affecting the Lending Protocol or Lending Vault smart contract infrastructure, including vulnerabilities that may not be identified through audits, formal verification, or testing.
Protocol Governance Risk. Upgrades, migrations, or changes to the Lending Protocol initiated by protocol governance that adversely affect the Lending Vault or its depositors, including changes to interest rate models, liquidation parameters, collateral eligibility, or Vault permissions.
Oracle Risk. Oracle failure, manipulation, or reporting of stale, inaccurate, or otherwise incorrect price data, which may result in improper liquidations, failure to trigger required liquidations, or mispricing of collateral.
Collateral and Bad Debt Risk. Rapid or severe decline in market value of collateral assets below applicable liquidation thresholds, resulting in undercollateralization, failed liquidations, and bad debt as described in Section A.7.
Liquidity Risk. Liquidity constraints arising from high utilization rates, which may temporarily prevent or delay withdrawal of Digital Assets from the Lending Vault for an indefinite period.
Regulatory Risk. Regulatory reclassification of Receipt Tokens, Lending Vault interests, or the Lending Vault mechanism as securities, investment products, banking products, or other regulated instruments under the laws of any jurisdiction, which may restrict availability, require cessation, or expose Users to penalties.
RWA Collateral Risk. For Lending Vaults that utilize RWA Collateral, the additional risks described in Section A.8, including valuation, custodial, legal, redemption, regulatory, and transparency risks specific to off-chain collateral.
No Insurance. Deposited Digital Assets are not protected by the Federal Deposit Insurance Corporation (FDIC), the Securities Investor Protection Corporation (SIPC), or any other governmental or private insurance program. There is no deposit insurance, guarantee fund, or loss-sharing arrangement applicable to Lending Vaults.
No Suitability Determination. No member of the Bitwise Group has assessed the suitability or appropriateness of any Lending Vault for you or any other User. You bear sole responsibility for evaluating whether participation in any Lending Vault is appropriate for your financial situation, risk tolerance, and investment objectives.
Third-Party Infrastructure Risk. Dependence on validators, oracles, data feeds, bridges, relayers, and other third-party infrastructure services that may fail, be exploited, experience downtime, or become permanently unavailable without notice.
Total Loss Risk. You may lose some or all of your deposited Digital Assets. The Bitwise Group has no obligation to cover, remediate, restore, or otherwise make whole any loss arising from or in connection with your participation in any Lending Vault.

You acknowledge that the foregoing list of risk factors is not exhaustive. You represent that you have carefully evaluated all risks associated with participation in Lending Vaults before depositing Digital Assets. Additional risks not presently known to the Bitwise Group, or that the Bitwise Group currently considers immaterial, may also adversely affect your deposited Digital Assets.

Bitwise Onchain — ATP Terms

Schedule C to the Bitwise Onchain Terms of Use

Last Modified: August 25, 2026

These ATP Terms constitute Schedule C to the Bitwise Onchain Terms of Use and govern your use of Automated Token Portfolios (“ATPs”) published by Bitwise Investment Manager, LLC (“BIM”) and made available through independent third-party non-custodial smart-wallet platforms. By allocating assets to an ATP through any Implementing Platform, you acknowledge that you have read, understood, and agree to be bound by these ATP Terms and the General Terms in their entirety. In the event of any conflict between these ATP Terms and the General Terms, these ATP Terms shall control with respect to the subject matter hereof.

Scope of Schedule C; Relationship to General Terms

This Schedule C (“ATP Terms”) supplements and forms part of the Bitwise Onchain Terms of Use (the “General Terms”). The ATP Terms govern your interaction with ATPs published by BIM and made available through independent third-party non-custodial smart-wallet platforms. “Implementing Platform” means any independent third-party non-custodial smart-wallet platform that has independently chosen to make Bitwise-published model portfolios available to its users pursuant to a commercial licensing arrangement. The arrangement between BIM and any Implementing Platform is non-exclusive, and additional Implementing Platforms may be added or removed from time to time. BIM does not select, endorse, or recommend any Implementing Platform.

Capitalized terms used but not defined in these ATP Terms have the meanings given to them in the General Terms. In the event of any conflict or inconsistency between these ATP Terms and the General Terms, these ATP Terms shall control solely with respect to your use of ATPs.

You acknowledge and agree that:

ATPs are model portfolios published by BIM that specify target allocations across digital assets, and that an ATP is not a pooled vehicle, fund, managed account, or investment company;
your assets allocated to an ATP remain at all times in your individual, non-custodial smart wallet controlled by session keys delegated to the applicable Implementing Platform;
BIM acts solely as a model-portfolio publisher and at no time holds, controls, custodies, or has execution authority over your assets;
the Implementing Platform—not BIM—holds the session keys necessary to execute rebalancing transactions on your behalf, and BIM has no ability to initiate, approve, or veto any transaction in your wallet;
your relationship with BIM with respect to ATPs is limited to receiving published ATPs, and any execution, custody, or operational relationship is solely between you and the Implementing Platform under its own terms of service; and
the General Terms (including, without limitation, all disclaimers, limitations of liability, indemnification obligations, and dispute-resolution provisions) apply in full to your use of ATPs except as expressly modified herein.

ATP Architecture; Roles and Responsibilities

You acknowledge and agree that the ATP architecture operates as follows:

Model-Portfolio Publication. BIM designs and publishes ATPs, each of which is a model-portfolio allocation specifying target percentage weights across specified digital assets. ATPs are informational outputs that describe a target state; they do not constitute trade instructions, investment advice, or discretionary management of your assets.
Implementing Platform Execution. Upon your independent, affirmative delegation of session keys to an Implementing Platform, that Implementing Platform may execute on-chain transactions to rebalance your wallet holdings toward the most recently published ATP. You acknowledge that: (i) the decision to delegate session keys is yours alone; (ii) the Implementing Platform acts under its own terms of service and assumes all operational responsibility for execution; and (iii) BIM does not direct, approve, sequence, or have visibility into individual execution transactions.
Non-Custodial Wallet Architecture. All assets allocated to an ATP remain in your individual smart-contract wallet. No pooling, commingling, or aggregation of your assets with those of any other user occurs at any layer of the ATP architecture. Each wallet is a discrete, user-controlled account with no shared profit-and-loss, no common treasury, and no collective investment exposure.
No Common Enterprise. You acknowledge and agree that: (i) your economic returns from an ATP derive solely from the individual performance of the digital assets in your own wallet; (ii) there is no pooling of assets, profits, or losses among ATP users; (iii) one user’s gains or losses have no effect on any other user’s holdings; and (iv) BIM does not manage a common fund of assets and cannot unilaterally affect your individual returns.
Revocability. You may revoke the Implementing Platform’s session-key delegation at any time through the mechanisms provided by the Implementing Platform. Upon revocation, no further rebalancing transactions will execute, and your wallet holdings remain as-is under your sole control. BIM has no role in, and assumes no responsibility for, the revocation process.

ATP Publication and Limitations

You acknowledge and agree that:

ATPs represent BIM’s published target allocation methodology as of the time of publication and are subject to change without notice;
ATPs are published on a periodic or event-driven basis as determined by BIM in its sole discretion, and BIM makes no representation regarding the frequency, timing, or regularity of updates to ATPs;
the actual composition of your wallet at any given time may differ from the most recently published ATP due to execution latency, market movements between publication and execution, transaction costs, liquidity constraints, slippage, or Implementing Platform operational decisions;
BIM publishes ATPs in the manner of a financial publisher disseminating model portfolios to the public, and such publication does not constitute a personalized recommendation, individualized investment advice, or fiduciary counsel;
BIM has no obligation to continue publishing any ATP and may discontinue, modify, or suspend any ATP at any time in its sole discretion without prior notice; and
neither the publication of ATPs nor the existence of any ATP creates any ongoing duty of BIM to monitor your wallet, alert you to market conditions, or take any action on your behalf.

Implementing Platform Relationship; No BIM Custody or Control

You acknowledge, represent, and agree that:

your use of an Implementing Platform is governed solely by that Implementing Platform’s terms of service, privacy policy, and other applicable agreements, and BIM is not a party to, nor a third-party beneficiary of, any such agreement;
BIM does not select, endorse, guarantee, or assume any responsibility for any Implementing Platform, its solvency, its operational security, its smart-contract implementations, or its compliance with applicable law;
the Implementing Platform’s possession of session keys constitutes a delegation of limited execution authority from you to that Implementing Platform—not to BIM—and BIM has no access to, control over, or ability to revoke such session keys;
any failure, error, delay, exploit, insolvency, or misconduct by an Implementing Platform is solely between you and that Implementing Platform, and BIM shall have no liability therefor;
BIM does not custody, hold, safeguard, or maintain possession of any of your digital assets at any time, and no aspect of the ATP architecture creates a bailment, trust, escrow, or custodial relationship between you and BIM; and
the selection of which Implementing Platform to use, and whether to delegate session keys, is your sole and independent decision made without reliance on any recommendation or endorsement by BIM.

BIM is registered with the U.S. Securities and Exchange Commission (“SEC”) as an investment adviser. That registration relates to BIM’s separately conducted advisory business and does not mean that: (a) the SEC has approved or endorsed any ATP; (b) BIM is acting as your adviser in connection with any ATP; or (c) any regulatory protections afforded to BIM’s advisory clients extend to you as an ATP user. BIM is not registered in any capacity in any jurisdiction outside of the United States.

Fees

You acknowledge and agree that:

BIM may charge a methodology access fee in connection with ATPs (the “Methodology Access Fee”), which may be calculated as a percentage of assets allocated to an ATP, a flat periodic amount, a transaction-based fee, or such other methodology as BIM determines in its sole discretion. The Methodology Access Fee is compensation for access to BIM’s published model portfolio methodology and does not constitute compensation for personalized investment advice, discretionary management, or any advisory service. The existence or amount of the Methodology Access Fee does not create an advisory, fiduciary, or client relationship between you and BIM;
the Methodology Access Fee, its calculation methodology, and its collection mechanism are published on the Platform and may be modified by BIM at any time without prior notice to you;
Methodology Access Fees are collected automatically through on-chain mechanisms implemented by the Implementing Platform or through smart-contract logic, and BIM has no obligation to refund, rebate, or reverse any fee once collected;
the Implementing Platform may independently charge its own fees for execution, platform access, or other services, and such fees are solely between you and the Implementing Platform and are not controlled by, shared with, or set by BIM;
you are solely responsible for all gas fees, network transaction costs, slippage, and other on-chain costs incurred in connection with rebalancing transactions, regardless of whether such transactions were initiated in response to an ATP.

Tokenized Assets; Third-Party Issuance

You acknowledge and agree that:

ATPs may reference tokenized stocks, tokenized securities, or other digital representations of real-world assets issued by third-party issuers (“Tokenized Assets”). As of the date hereof, Tokenized Assets included in ATPs are issued by a Coinbase entity licensed in the Abu Dhabi Global Market (ADGM). BIM does not issue, administer, custody, or guarantee any Tokenized Asset, and the identity of the issuer(s) may change over time;
each issuer of Tokenized Assets makes its own representations regarding the backing, rights, redeemability, and legal structure of the tokens it issues. BIM has not independently verified any issuer’s representations and makes no representation or warranty regarding the backing, rights, redeemability, legal structure, or enforceability of any Tokenized Asset;
your rights with respect to any Tokenized Asset, including any ability to redeem for an underlying asset or its cash equivalent, are governed entirely by the applicable issuer’s terms and conditions and any applicable regulatory prospectus or offering document, not by BIM or these ATP Terms;
Tokenized Assets may be subject to conditions, restrictions, or limitations imposed by the issuer, including without limitation: vesting conditions, lock-up periods, restrictions on transferability, automatic reinvestment of dividends, requirements to maintain a brokerage or bank account for redemption, and the issuer’s right to freeze or seize tokens at the wallet level;
BIM has no ability to waive, modify, or override any condition imposed by an issuer of Tokenized Assets.

Risks; No Guarantee of Performance

You represent, warrant, and acknowledge that you understand and accept the following risks in connection with ATPs:

Model-Portfolio Risk. An ATP reflects BIM’s published target allocation methodology as of the time of publication. Past allocations are not indicative of future performance. BIM makes no representation or warranty that any ATP will produce positive returns, preserve capital, outperform any benchmark, or achieve any particular investment outcome.
Execution Risk. The Implementing Platform’s execution of rebalancing transactions is subject to latency, network congestion, smart-contract limitations, liquidity constraints, slippage, and potential execution failures. Your wallet composition may materially deviate from the ATP.
Smart-Contract Risk. The smart-wallet infrastructure, session-key mechanisms, and any associated smart contracts are subject to bugs, exploits, vulnerabilities, and unintended behaviors that could result in partial or total loss of your assets.
Implementing Platform Risk. The Implementing Platform is a third party not controlled by BIM. The Implementing Platform may become insolvent, suffer operational failures, experience security breaches, act negligently or in bad faith, or fail to execute transactions in accordance with ATPs.
Digital Asset Risk. Digital assets are volatile, speculative, and may lose all value. You may suffer a total loss of assets allocated to an ATP. Regulatory changes may prohibit or restrict certain digital assets.
Regulatory Risk. The regulatory status of ATPs, model-portfolio publication, digital assets, and Implementing Platforms is uncertain and evolving. Regulatory action may restrict, prohibit, or materially alter the ATP architecture or your ability to participate.
Conflict-of-Interest Risk. BIM and its affiliates may have financial interests in the digital assets included in ATPs, including proprietary positions, advisory relationships, or revenue-sharing arrangements with Implementing Platforms.
Tax Risk. Rebalancing transactions executed by the Implementing Platform may constitute taxable events in your jurisdiction. You are solely responsible for determining the tax consequences of ATP participation and for all tax reporting and payment obligations.

Representations and Warranties of User

In addition to the representations and warranties set forth in the General Terms, by allocating assets to an ATP through an Implementing Platform, you represent, warrant, and covenant that:

you have independently evaluated the risks of ATP participation and are not relying on BIM or any of its affiliates for investment advice, tax advice, legal counsel, or suitability determinations;
you understand that BIM is a model-portfolio publisher and that no fiduciary, advisory, custodial, or trust relationship exists between you and BIM with respect to ATPs;
you understand that your delegation of session keys to an Implementing Platform grants that Implementing Platform execution authority over your wallet, and that BIM has no ability to prevent, reverse, or mitigate any transaction executed by the Implementing Platform;
you have reviewed and accepted the Implementing Platform’s terms of service and understand the operational risks of delegating session keys;
you are solely responsible for maintaining access to your wallet, securing your private keys and recovery mechanisms, and monitoring your wallet holdings.

Eligibility; U.S. Person Restriction

ATPs are available only to eligible persons outside the United States and are not available to U.S. Persons (as defined under Regulation S of the U.S. Securities Act of 1933). By allocating assets to an ATP, you represent and warrant that:

you are not a U.S. Person;
you are not located in, organized under the laws of, or ordinarily resident in the United States; and
you are accessing the Implementing Platform and the ATP from outside the United States in compliance with all applicable laws.

Disclaimers; Limitation of Liability Specific to ATPs

In addition to, and without limiting, the disclaimers and limitations of liability set forth in the General Terms, you acknowledge and agree that:

ATPs are provided on an "AS IS" and "AS AVAILABLE" basis, and BIM makes no representations or warranties of any kind, whether express, implied, statutory, or otherwise, regarding ATPs or any related technology, including any warranties of merchantability, fitness for a particular purpose, non-infringement, accuracy, reliability, completeness, or timeliness;
BIM does not warrant that any ATP will be published without interruption, that rebalancing transactions will execute as expected, that your wallet composition will match the applicable ATP, or that any ATP will achieve any particular performance outcome;
BIM shall not be liable for any act, omission, error, failure, delay, insolvency, exploit, or misconduct of any Implementing Platform, and you expressly waive and release any and all claims against BIM arising from or relating to the conduct of any Implementing Platform;
in no event shall BIM, its affiliates, or their respective officers, directors, employees, agents, or licensors be liable for any indirect, incidental, special, consequential, punitive, or exemplary damages arising from or relating to your use of ATPs, including but not limited to loss of profits, loss of data, loss of digital assets, loss of goodwill, business interruption, or cost of substitute services, regardless of the theory of liability and even if BIM has been advised of the possibility of such damages;
to the maximum extent permitted by applicable law, the aggregate liability of BIM and its affiliates for all claims arising from or relating to these ATP Terms or your use of ATPs shall not exceed the total Methodology Access Fees actually paid by you to BIM during the twelve (12) months immediately preceding the event giving rise to the claim; and
the limitations of liability in this Section C.10 are fundamental elements of the bargain between you and BIM, reflect a reasonable allocation of risk, and shall apply regardless of whether the limited remedies fail of their essential purpose.
Nothing in these ATP Terms shall be construed to waive, limit, or modify any rights that applicable law does not permit to be waived, limited, or modified.

Termination; Discontinuation of ATPs

You acknowledge and agree that:

BIM may discontinue, suspend, or modify any ATP at any time, for any reason or no reason, in its sole discretion and without prior notice to you;
upon discontinuation of an ATP, BIM's sole obligation is to cease publishing the applicable ATP, and BIM shall have no obligation to rebalance, liquidate, convert, or otherwise manage the assets remaining in your wallet;
following discontinuation of an ATP, your wallet will retain its then-current holdings, and you are solely responsible for managing, rebalancing, or liquidating such holdings;
BIM may terminate your access to ATPs if BIM reasonably determines that your continued participation would violate applicable law, expose BIM to regulatory risk, or breach these ATP Terms;
the Implementing Platform may independently suspend, terminate, or restrict your access to its platform, session-key delegation, or execution services, and BIM shall have no liability for any such action by the Implementing Platform;
upon any termination of these ATP Terms (whether by discontinuation, by operation of the General Terms, or otherwise), Sections C.4 (Implementing Platform Relationship), C.8 (Representations and Warranties), C.10 (Disclaimers; Limitation of Liability), and this Section C.11 shall survive and continue in full force and effect; and
your sole remedy upon discontinuation of an ATP is to retain your wallet holdings and, if desired, revoke the Implementing Platform’s session-key delegation. You expressly waive any claim for damages, restitution, or specific performance against BIM arising from the discontinuation of any ATP.

Bitwise Onchain — Staking Terms

Schedule D to the Bitwise Onchain Terms of Use

Last Modified: August 25, 2026

These Staking Terms constitute Schedule D to the Bitwise Onchain Terms of Use and govern your use of Staking Services provided by the applicable Staking Services Provider (Bitwise Onchain Solutions AG, Bitwise Onchain Solutions Limited, or Attestant (BVI) Limited, each a wholly-owned subsidiary of Bitwise Asset Management, Inc.). By delegating staking authority to the Staking Services Provider’s validators, you acknowledge that you have read, understood, and agree to be bound by these Staking Terms and the General Terms in their entirety. In the event of any conflict between these Staking Terms and the General Terms, these Staking Terms shall control with respect to the subject matter hereof.

Scope of Schedule D; Relationship to General Terms

These Staking Terms constitute Schedule D to the Bitwise Onchain Terms of Use (the "General Terms") and govern your use of staking services ("Staking Services") provided by the applicable Staking Services Provider (as defined below). The "Staking Services Provider" means Attestant Limited (a company registered in England and Wales, company number 12540798) or Attestant (BVI) Limited (a company registered in the British Virgin Islands), as specified in the applicable service agreement or product page. Each Staking Services Provider is a wholly-owned subsidiary of Bitwise Asset Management, Inc., operating under the "Bitwise Onchain Solutions" brand.

Capitalized terms used but not defined in these Staking Terms have the meanings given to them in the General Terms. In the event of any conflict or inconsistency between these Staking Terms and the General Terms, these Staking Terms shall control solely with respect to your use of Staking Services.

You acknowledge and agree that:

Staking Services are provided by the applicable Staking Services Provider, and NOT by Bitwise Investment Manager, LLC ("BIM") or any other Bitwise entity other than the Staking Services Provider;
Staking Services are non-custodial—you retain control of your staked assets through your Withdrawal Credentials (as defined in Section D.4) at all times, and the Staking Services Provider holds only such validator-level credentials as are necessary to perform consensus duties;
staking involves protocol-level risks, including but not limited to slashing, unbonding periods, and validator downtime, that may result in partial or total loss of staked assets;
staking rewards are variable, protocol-determined, and not guaranteed by the Staking Services Provider or any Bitwise entity; and
the General Terms (including, without limitation, all disclaimers, limitations of liability, indemnification obligations, and dispute-resolution provisions) apply in full to your use of Staking Services except as expressly modified herein.

Nature of Staking Services

You acknowledge and agree that:

Technology Infrastructure Service. The Staking Services Provider operates validator infrastructure—including hardware, software, monitoring systems, and key-management processes—on supported proof-of-stake blockchain protocols. Staking Services constitute a technology infrastructure service: the Staking Services Provider validates transactions and participates in consensus on behalf of delegating users. Staking Services are NOT investment management, investment advisory, portfolio management, brokerage, exchange, or custodial services.
Delegation, Not Transfer. When you delegate staking authority to the Staking Services Provider's validators, your assets remain on the applicable Supported Protocol and under your control in accordance with the protocol’s native delegation mechanism. Delegation does not constitute a transfer, loan, deposit, bailment, or entrustment of your assets to the Staking Services Provider.
Non-Custodial Architecture. Staking Services are provided on a strictly non-custodial basis. The Staking Services Provider operates validator infrastructure and holds only such credentials as are necessary to perform validator duties (e.g., signing keys, attestation keys, or equivalent protocol-specific credentials). These credentials do not permit the Staking Services Provider to withdraw, transfer, or otherwise move your staked assets.
Services Expressly Excluded. The Staking Services Provider does NOT provide: (i) custody or safekeeping of digital assets; (ii) investment advice or recommendations; (iii) suitability assessments or fiduciary services; (iv) brokerage, crypto exchange, or asset management services; or (v) services in relation to assets that constitute securities. Nothing in these Staking Terms creates an advisory, fiduciary, custodial, or trust relationship between you and the Staking Services Provider.
Nature of Staking Rewards. Staking rewards are protocol-determined compensation issued by the underlying blockchain network for participation in consensus and network security. Staking rewards are technology service outputs—comparable to mining rewards or transaction-validation fees—and are not investment returns, interest, dividends, or income from a common enterprise.

Supported Protocols and Assets

You acknowledge and agree that:

the Staking Services Provider supports staking on such proof-of-stake protocols as are listed on the applicable product page or service agreement (each, a "Supported Protocol"), which as of the date hereof include Ethereum (ETH), Solana (SOL), NEAR Protocol (NEAR), and Starknet (STRK);
the Staking Services Provider may add or remove Supported Protocols at any time in its sole discretion, with or without prior notice;
minimum staking amounts may apply on a per-protocol basis as disclosed on the applicable product page, and the Staking Services Provider may modify such minimums at any time;
you are solely responsible for ensuring that your use of Staking Services complies with all protocol-specific requirements, including but not limited to minimum stake amounts, validator selection procedures, and network-level governance rules; and
the availability of Staking Services for any Supported Protocol is subject to the continued operation of that protocol and the Staking Services Provider's ability to maintain validator infrastructure on that protocol.

Delegation and Key Architecture

You acknowledge, represent, and agree that:

Delegation Mechanism. Staking is effectuated through the native delegation or staking mechanism of the applicable Supported Protocol. You retain control over your staked assets through your private keys, withdrawal credentials, or equivalent protocol-specific access mechanisms (collectively, “Withdrawal Credentials”). The Staking Services Provider holds only the validator-level credentials necessary to perform consensus duties on the applicable Supported Protocol.
Separation of Authority. The credentials held by the Staking Services Provider are limited to performing validator duties (such as proposing blocks, attesting to transactions, and participating in consensus) and do NOT permit the Staking Services Provider to withdraw, transfer, or move your staked assets. Only you, through your Withdrawal Credentials, can initiate withdrawal of staked assets from the applicable Supported Protocol.
User Responsibility for Withdrawal Credentials. You are solely responsible for the generation, safekeeping, backup, and security of your Withdrawal Credentials and all associated access mechanisms (including private keys, recovery phrases, and wallet credentials). The Staking Services Provider does not have access to, and cannot recover, your Withdrawal Credentials. Loss of your Withdrawal Credentials may result in permanent, irreversible loss of access to your staked assets.
No Access by Staking Services Provider. The Staking Services Provider cannot access, move, withdraw, encumber, or exercise any dominion or control over your staked assets at any time. The Staking Services Provider's possession of validator-level credentials does not grant it any property right, lien, security interest, or beneficial interest in your staked assets.
Unstaking. You may initiate unstaking (withdrawal of staked assets) at any time through the applicable Supported Protocol’s native mechanism using your Withdrawal Credentials. Unstaking is subject to protocol-specific unbonding or cooldown periods during which your assets may be illiquid and inaccessible. The Staking Services Provider has no control over and assumes no responsibility for the duration or operation of protocol-level unbonding periods.

Rewards

You acknowledge and agree that:

staking rewards are generated by the applicable Supported Protocol as compensation for participation in consensus, block production, and network security, and are issued directly by the protocol to the applicable validator or staking address;
reward rates are variable and determined by protocol parameters, including but not limited to total network stake, block production schedules, network congestion, validator performance, and protocol governance decisions, none of which are controlled by the Staking Services Provider or any Bitwise entity;
the Staking Services Provider makes no representation, warranty, or guarantee regarding any particular reward rate, and rewards may be zero or negative (net of slashing penalties or missed attestations);
historical reward rates for any Supported Protocol are not indicative of future reward rates, and you should not rely on any past performance information in deciding whether to stake;
staking rewards constitute technology service compensation for network participation and are not investment returns, interest, dividends, profit distributions, or income derived from a common enterprise; and
the timing, frequency, and mechanism of reward distribution are determined by the applicable protocol and may vary across Supported Protocols.

Fees

You acknowledge and agree that:

the Staking Services Provider charges a service fee (the "Staking Fee") for the provision of Staking Services, which is calculated as a percentage of gross staking rewards earned and is deducted from rewards before distribution to you;
applicable Staking Fee rates are disclosed on the relevant product page or in the applicable service agreement, and may vary by Supported Protocol;
the Staking Services Provider may modify Staking Fee rates at any time, with changes disclosed in accordance with the terms of the applicable service agreement or by updating the relevant product page;
you are solely responsible for all gas fees, network transaction costs, and other on-chain costs incurred in connection with staking, unstaking, or claiming rewards; and
you are solely responsible for determining and satisfying all tax obligations arising from the receipt of staking rewards or any other aspect of your use of Staking Services, including income tax, capital gains tax, withholding obligations, and tax reporting requirements in all applicable jurisdictions.

Risk Factors

You represent, warrant, and acknowledge that you understand and accept the following risks in connection with Staking Services:

Slashing Risk. Proof-of-stake protocols may impose slashing penalties on validators for misconduct, double-signing, prolonged downtime, or other protocol violations. Slashing may result in partial or total loss of your staked assets. You bear slashing risk in full, and the Staking Services Provider shall have no liability for slashing events.
Protocol Risk. The underlying proof-of-stake protocols are decentralized software systems subject to bugs, vulnerabilities, consensus failures, hard forks, chain reorganizations, and unintended protocol behaviors that may result in loss of staked assets or rewards.
Unbonding and Illiquidity Risk. Staked assets may be subject to protocol-specific unbonding or cooldown periods during which they are illiquid and inaccessible. You cannot access, transfer, or otherwise use your staked assets during any applicable unbonding period, regardless of market conditions.
Reward Variability Risk. Staking reward rates fluctuate based on protocol parameters and network conditions. Reward rates may decline to zero or become negative (net of slashing penalties). No entity guarantees any minimum reward rate.
Validator Downtime Risk. Temporary validator downtime—whether caused by hardware failure, software bugs, network disruptions, or maintenance—may result in missed attestations, reduced rewards, or minor protocol penalties.
Digital Asset Volatility Risk. The market value of staked digital assets is inherently volatile and may decline substantially during the staking period. Staking does not hedge or protect against market price declines.
Regulatory Risk. The regulatory classification of staking services, staking rewards, and proof-of-stake protocols is uncertain and evolving across jurisdictions. Regulatory action may restrict, prohibit, or materially alter the provision of Staking Services or your ability to participate in staking.
Smart-Contract Risk. Staking protocols and associated smart contracts are subject to bugs, exploits, vulnerabilities, and unintended behaviors that could result in partial or total loss of staked assets.
Key Management Risk. Loss, theft, or compromise of your Withdrawal Credentials may result in permanent, irreversible loss of access to your staked assets. Neither the Staking Services Provider nor any Bitwise entity can recover lost Withdrawal Credentials.
Service Provider Operational Risk. The Staking Services Provider may experience operational failures, security breaches, personnel departures, or business disruptions that could temporarily or permanently impair the provision of Staking Services.
Tax Risk. Staking rewards and related transactions may constitute taxable events in your jurisdiction. Tax treatment of staking is uncertain and evolving. You are solely responsible for all tax compliance obligations.
Protocol Governance Risk. Supported Protocols are subject to governance processes that may alter staking parameters, reward structures, slashing conditions, unbonding periods, or other economic terms without your consent or prior notice.

Representations and Warranties of User

In addition to the representations and warranties set forth in the General Terms, by using Staking Services you represent, warrant, and covenant that:

you have independently evaluated the risks of staking (including the risk factors set forth in Section D.7) and are not relying on the Staking Services Provider, BIM, or any other Bitwise entity for investment advice, suitability determinations, or recommendations regarding staking;
you understand the non-custodial architecture described in Section D.4 and accept sole responsibility for the generation, safekeeping, and security of your Withdrawal Credentials and all associated access mechanisms;
you understand that slashing is a protocol-level mechanism outside the control of the Staking Services Provider and that you accept the possibility of partial or total loss of staked assets due to slashing events;
you understand that staking rewards are variable, protocol-determined, and not guaranteed, and that historical reward rates are not indicative of future performance;
you have reviewed and accepted the applicable Staking Services Provider's terms of service and understand the operational characteristics of Staking Services; and
your use of Staking Services does not violate any law, regulation, order, or contractual obligation applicable to you, and you are not a person or entity subject to economic sanctions administered by OFAC, the European Union, the United Kingdom, or any other applicable sanctions authority.

Disclaimers; Limitation of Liability Specific to Staking

In addition to, and without limiting, the disclaimers and limitations of liability set forth in the General Terms, you acknowledge and agree that:

Staking Services are provided on an "AS IS" and "AS AVAILABLE" basis, and the Staking Services Provider makes no representations or warranties of any kind, whether express, implied, statutory, or otherwise, regarding Staking Services, validator performance, reward rates, or protocol availability, including any warranties of merchantability, fitness for a particular purpose, non-infringement, uptime, accuracy, or reliability;
the Staking Services Provider does not warrant that validator infrastructure will operate without interruption, that reward rates will meet any particular level, that staking will be available on any particular protocol at any particular time, or that your staked assets will be free from slashing or other protocol-level penalties;
the Staking Services Provider shall not be liable for slashing events, protocol changes, missed attestations, or validator downtime;
the Staking Services Provider shall not be liable for any act, omission, bug, exploit, governance decision, fork, or failure of any underlying Supported Protocol, and you expressly waive and release any and all claims against the Staking Services Provider arising from or relating to the operation or malfunction of any Supported Protocol;
in no event shall the Staking Services Provider, Bitwise, or their respective affiliates, officers, directors, employees, agents, or licensors be liable for any indirect, incidental, special, consequential, punitive, or exemplary damages arising from or relating to your use of Staking Services, including but not limited to loss of profits, loss of data, loss of staked assets, loss of rewards, loss of goodwill, or cost of substitute services, regardless of the theory of liability and even if advised of the possibility of such damages;
to the maximum extent permitted by applicable law, the aggregate liability of the Staking Services Provider and its affiliates for all claims arising from or relating to these Staking Terms or your use of Staking Services shall not exceed one hundred U.S. dollars ($100); and
the limitations of liability in this Section D.9 are fundamental elements of the bargain between you and the Staking Services Provider, reflect a reasonable allocation of risk, and shall apply regardless of whether the limited remedies fail of their essential purpose.

Unstaking and Termination

You acknowledge and agree that:

you may initiate unstaking of your assets at any time through the applicable Supported Protocol’s native mechanism using your Withdrawal Credentials, subject to any protocol-specific unbonding or cooldown periods during which your assets will remain staked and illiquid;
the Staking Services Provider may discontinue support for any Supported Protocol upon reasonable notice (or immediately if required by regulatory action, protocol failure, or force majeure), and upon such discontinuation the Staking Services Provider shall use commercially reasonable efforts to cooperate with you in facilitating the orderly unstaking of your assets;
upon discontinuation of a Supported Protocol, the Staking Services Provider's sole obligation is to cease operating validators on that protocol and to cooperate in the unstaking process to the extent technically feasible, and the Staking Services Provider shall have no obligation to operate validators on any successor or forked protocol;
the Staking Services Provider may terminate your access to Staking Services immediately if the Staking Services Provider reasonably determines that: (i) your continued participation would violate applicable law; (ii) you have breached these Staking Terms or the General Terms; (iii) you are subject to sanctions or other legal restrictions; or (iv) continued provision of Staking Services to you would expose the Staking Services Provider to material legal or regulatory risk;
upon any termination, your staked assets remain accessible to you via your Withdrawal Credentials, subject to applicable protocol-level unbonding periods, and the Staking Services Provider shall have no further obligations except as expressly set forth herein;
upon any termination of these Staking Terms (whether by unstaking, discontinuation, termination for cause, or operation of the General Terms), Sections D.4 (Delegation and Key Architecture), D.7 (Risk Factors), D.8 (Representations and Warranties), D.9 (Disclaimers; Limitation of Liability), and this Section D.10 shall survive and continue in full force and effect; and
your sole remedy upon discontinuation of Staking Services for any Supported Protocol is to unstake your assets using your Withdrawal Credentials (subject to applicable unbonding periods). You expressly waive any claim for damages, restitution, or specific performance against the Staking Services Provider arising from the discontinuation of Staking Services.