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Bitwise Crypto Index Committee Meeting
January 25, 2021

San Francisco
January 25, 2021

Standard Monthly Meeting – January 2021

Committee Meeting 3

Bitwise Crypto Index Committee Meeting

Date:

January 25, 2021

Time:

2:00 – 3:00 P.M. PT

Reason for Meeting:

Standard Monthly Meeting

In Attendance:

Matt Hougan (Chair), Hunter Horsley (Member), David Lawant (Member), Hong Kim (Observer), Satyajeet Pal (Observer)

Meeting Notes

Item 1Review And Verify All Data Sources For Uptime, Accuracy, And Robustness

Description:

The Committee will discuss if there are any issues with the uptime, accuracy, or robustness of our data sources.

Discussion:

The Committee found that all data sources are functioning appropriately.

Item 2Review And Approve All Methodological Decisions That Require Judgment

Description:

The Committee will discuss and review any recent methodological implementation decisions that required judgment, as well as any known upcoming decisions.

Discussion 1 – Update to the custody rule:

The committee discussed Bitwise Crypto Index Methodology eligibility rule III.B.3.i.e, which requires a cryptoasset to be custodied by a third-party custodian regulated as a trust company in the states of New York or South Dakota, or regulated within other regulatory frameworks deemed comparable by the committee.

The committee unanimously voted in favor to update this rule to require a cryptoasset to be custodied by a list of custodians that will be generated by the committee, which might include additional factors that are deemed important for the index to be investable by institutional investors. All committee members agreed that the evolving market of institutional cryptoasset custody requires a comprehensive analysis of eligible custodians.

Discussion 2 – Update to reconstitution guidelines:

The committee agreed to update the Bitwise Crypto Index Methodology rule VI.C.i, to execute the process of asset eligibility at 4:00 p.m. Eastern Time on the third-last business day of each month. The reconstitution continues to take place at 4:00 p.m. Eastern Time on the last business day of the month.

As a result of this change, rule VI.C.ii, with regard to buffer zones, was also altered to include the five-day business-day period prior to the third-business day of the month, instead of the last business day of the month.

Item 3Developments Impacting The Market And/Or Individual Bitwise 10 Constituents

Description:

The Committee will discuss significant new and/or pending developments surrounding either the cryptomarket in general or any Bitwise 10 constituent specifically, and consider whether they raise any concerns or issues for the index.

Discussion:

There were no significant developments surrounding either the cryptomarket in general or any Bitwise 10 constituent that could raise concerns for the index.

Item 4Other Items

The Committee had no further items to discuss.

Item 5Adjournment

The Chairman adjourned the meeting.

Important Disclosures

Bitwise Asset Management, Inc. and its affiliates (collectively, the “Manager”) have produced and distributes this Presentation for informational purposes only and in relation to a potential opportunity to subscribe for limited liability company interests (“Interests”) in any of several Funds offered only to certain Accredited Investors by the Manager, including the Bitwise 10 Crypto Index Fund, LLC; the Bitwise Bitcoin Fund, LLC; the Digital Asset Index Fund, LLC; the Bitwise 10 Index Offshore Fund, Ltd.; and the Bitwise Ethereum Fund, LLC. Any offer to sell or the solicitation of an offer to buy Interests in those Funds will solely and exclusively be made through definitive offering documents, identified as such, in respect of each Fund and in compliance with the terms of all applicable securities and other laws. Such definitive offering documents, if any, will describe risks related to an investment in the Funds (including loss of the entire investment) and will qualify in their entirety the information set forth in this Presentation. Prior to making any investment decision with respect to any Fund, each investor must undertake its own independent examination and investigation of the Fund, including the merits and risks involved in an investment in the Interests, and must base its investment decision—including a determination whether Interests would be a suitable investment for the investor—on such examination and investigation, and must not rely on the Manager or the Fund in making such investment decision. Prospective investors must not construe the contents of this Presentation as legal, tax, investment, or other advice. Each prospective investor is urged to consult with his or her own advisors with respect to legal, tax, regulatory, financial, accounting, and similar consequences of investing in the Fund, the suitability of the investment for such investor, and other relevant matters concerning an investment in the Fund. The summary set forth in this Presentation does not purport to be complete and is qualified in its entirety by reference to the definitive offering documents relating to the Fund. Do not place undue reliance on this Presentation. Performance information is provided for informational purposes only. Actual performance of any Fund may vary substantially from the performance provided in this presentation. Backward-looking performance cannot predict how any investment strategy will perform in the future. The Units of the Funds (the “Interests”) have not been registered under the Securities Act of 1933, the securities laws of any state, or the securities laws of any other jurisdiction, nor is such registration contemplated. The Interests will be offered and sold under the exemption provided by Section 4(a)(2) of the Securities Act of 1933 and Rule 506 of Regulation D promulgated thereunder and other exemptions of similar import in the laws of the states and jurisdictions where the offering will be made. The offer and sale of the Interests have not been registered with or approved or disapproved by the Securities and Exchange Commission (the “SEC”) or the securities commission or regulatory authority of any state or foreign jurisdiction.

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Author
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