Ex. 10.2

AMENDMENT NO. 3 TO THE AUTHORIZED PARTICIPANT AGREEMENT

This AMENDMENT No. 3 TO THE AUTHORIZED PARTICIPANT AGREEMENT (the “Amendment”), dated as of December 17, 2025 (the “Effective Date”), is entered into by and among: (i) Jane Street Capital, LLC, a limited liability company organized under the laws of Delaware (the “Authorized Participant”); (ii) Grayscale Investments Sponsors, LLC, except as otherwise specified herein, acting in its capacity as sponsor or manager (the “Sponsor”) of each product listed on Schedule V attached to the AP Agreement (as defined hereinafter), as the same may be amended from time to time by the Sponsor (each, the applicable “Product” when referred to throughout the remainder of this Agreement); and (iii) subject to its acceptance hereof, The Bank of New York Mellon, a New York Banking corporation acting in its capacity as transfer agent (the “Transfer Agent”) of the Product (together, the “Parties”).

WHEREAS, the Parties have entered into that certain Authorized Participant Agreement, dated as of May 29, 2024, as amended by Amendment No. 1 dated as of June 26, 2025 and Amendment No. 2 dated as of October 9, 2025, which inter alia governs the creation and redemption of each Product listed on Schedule V, as the same may be amended from time to time by the Sponsor (the “AP Agreement”);

WHEREAS, pursuant to Section 13 of the AP Agreement, Grayscale Investments, LLC (“GSI”) notified the Authorized Participant of a proposed assignment of the Sponsor from GSI to Grayscale Investment Sponsors, LLC (“GSIS”), effective January 1, 2025 (the “Assignment”) and the Authorized Participant approved the Assignment through written consent;

WHEREAS, the Sponsor wishes to amend the AP Agreement pursuant to Section 10 thereof, to amend Schedule V, with such amendment to be effective immediately as of the date hereof; and

NOW, THEREFORE, pursuant to Section 10 of the AP Agreement, the Sponsor and the Authorized Participant hereby have mutually agreed to amend the AP Agreement as set forth below.

WHEREAS, pursuant to Recital D of the AP Agreement, the Sponsor notified the Authorized Participant of the In-Kind Regulatory Approval, as defined therein, solely as to each Product listed on Exhibit B;

WHEREAS, the Sponsor wishes to amend the AP Agreement with respect to each Product listed on Exhibit B, pursuant to Section 10 thereof, to amend Section 8 thereof, Section 1.03 of Schedule I to the AP Agreement, with such amendments to be effective immediately as of the date hereof; and

NOW, THEREFORE, pursuant to Section 10 of the AP Agreement, the Sponsor and the Authorized Participant hereby have mutually agreed to amend the AP Agreement solely with respect to each Product listed on Exhibit B as set forth below, with the AP Agreement to not be amended as to each other Product listed on Schedule V thereto until such time that the Parties

agree to a separate amendment, supplement or restatement to the AP Agreement setting forth the terms thereof.

SECTION 1. Recitals C & D to the AP Agreement are hereby amended and restated as set forth below:

C. The parties hereto acknowledge and agree that, NYSE Arca (as defined herein) has obtained necessary regulatory approval from the U.S. Securities and Exchange Commission (“SEC”) to amend its listing rules to permit the Trust to create and redeem Shares pursuant to In-Kind Orders (as defined herein) (the “In-Kind Regulatory Approval”), and thus the procedures described herein under Section 8, and any other references to In-Kind Orders, may now be operative.

D. As In-Kind Regulatory Approval was received, the Authorized Participant may designate others, including affiliates or its agents (each, an “AP Designee” and collectively, “AP Designees”), to perform certain functions in this Agreement on behalf of the Authorized Participant, such as transferring, delivering and/or receiving Digital Assets. To the extent the Authorized Participant is under an obligation to transfer, deliver or receive Digital Assets under this Agreement (including any schedule or attachment hereto) or makes any representation, warranty or covenant related to such obligation, that obligation may be performed by, and that representation, warranty or covenant may be made by, its AP Designee, not the Authorized Participant, provided that for the avoidance of doubt, the Authorized Participant shall be fully liable for any failure of any AP Designee to perform such obligation or make such representation, warranty or covenant.

SECTION 2. Section 8 of the AP Agreement titled “In-Kind Orders” is hereby amended and restated as set forth below:

Section 8. In-Kind Orders. Subject to In-Kind Regulatory Approval, the following procedures apply to creations or redemptions in which the Authorized Participant or its AP Designees will deliver Digital Assets from, or receive Digital Assets in, an Authorized Participant Self-Administered Account (“In-Kind Orders”). It shall be at the Sponsor’s sole and absolute discretion, on a case-by-case basis, whether to accept In-Kind Orders in lieu of cash. EACH OF THE PARTIES HERETO ACKNOWLEDGES AND AGREES THAT DIGITAL ASSET TRANSFERS MAY BE IRREVERSIBLE.

SECTION 3. Section 1.03 of Schedule I to the AP Agreement titled “In-Kind Regulatory Approval” is hereby deleted in its entirety.

SECTION 4. Schedule V of the AP Agreement is hereby deleted in its entirety and replaced with Exhibit A attached hereto.

SECTION 5. This Amendment may be executed in one or more counterparts (including those by facsimile or other electronic means), all of which shall constitute one and the same instrument binding on all of the parties hereto, notwithstanding that all parties are not signatory to the original or the same counterpart. This Amendment, to the extent signed and delivered by means of a facsimile machine or other electronic transmission, shall be treated in all manner and respects as an original agreement and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person.

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IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed by their duly authorized representatives as of the Effective Date.

Exhibit A

SCHEDULE V

LIST OF TRUSTS

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Exhibit B

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