1: Welcome and Attendance

All members of the Committee were present at the meeting.

2: Discussion of Buffer Zone Rule Implementation

At the December 2022 Bitwise Crypto Index Committee meeting, the Committee voted to raise the indexes’ Buffer Zone rule (Rule VI.C.ii) from a 5% threshold to a 10% threshold. This change went into effect for the end-of-January rebalance.

On February 6, 2023, Bitwise research engineers discovered that the higher threshold of 10% was not properly implemented in its rebalancing software, and instead the longstanding 5% threshold remained for the end-of-January rebalance. As a result, certain assets entered (and exited) the indexes during the rebalance that should not have passed the new, higher Buffer Zone rule. Specifically:

• Cosmos (ATOM) replaced Chainlink (LINK) in the Bitwise 10 Large Cap Crypto Index and the Bitwise 10 ex Bitcoin Large Cap Crypto Index.

• Sushiswap (SUSHI) replaced Balancer (BAL) in the Bitwise Decentralized Finance Crypto Index.

The Bitwise Crypto Index Committee noted that, as of the date of the discovery, ATOM had appreciably outperformed LINK, and SUSHI had appreciably outperformed BAL since the rebalance date. As a result, if the indexes were reconstituted as of February 6, 2023, both assets would successfully pass the 10% Buffer Zone rule and be retained in their respective indexes.

Given this, the Committee voted 3-0 against reconstituting the index, and confirmed that ATOM and SUSHI should be retained in the indexes until the standard end-of-February rebalance.

3: Adjournment

The Chair adjourned the meeting.