Prime Execution Agent definition

Prime Execution Agent means Coinbase, Inc., an affiliate of the Custodian and any substitute or additional prime execution agent of the Trust pursuant to a written agreement with the Trust or Administrative Trustee on behalf of the Trust.

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Prime Execution Agent means Coinbase, Inc., an affiliate of the Bitcoin Custodian.

Prime Execution Agent means Coinbase, Inc., an affiliate of the Ether Custodian.

Examples of Prime Execution Agent in a sentence

• The Trust's bitcoin holdings and cash holdings from time to time may be held with the Prime Execution Agent in the Trading Account in connection with in-kind creations and redemptions of Baskets or in connection with cash creations and redemptions of Baskets where the Trust will transact in bitcoin with the Bitcoin Trading Counterparties, and the sale of bitcoin to pay the Sponsor's Fee and Trust expenses not assumed by the Sponsor.

• The Sponsor, the Administrative Trustee and the Trust shall have no liability for any loss of bitcoin occurring prior to the Delivery of bitcoin to the Bitcoin Custodian or Prime Execution Agent, as applicable, by the Authorized Participant or Authorized Participant Client (and for the avoidance of doubt, shall have no liability for any loss of bitcoin while held by the Bitcoin Custodian or Prime Execution Agent absent gross negligence or bad faith by the Sponsor and the Administrative Trustee).