Ball Multicoin Bitwise Metaverse Index Committee Special Meeting (November 13, 2022)

San Francisco • November 14, 2022 UTC

Meeting Details

Date: November 13, 2022

Time: 10:00 a.m. - 3:00 p.m. ET

Reason for Meeting: Special meeting to discuss SRM

In Attendance: Matt Hougan (Chair), Matthew Ball (Member), Jonathan Glick (Member), Kyle Samani (Member), Shayon Sengupta (Member)

Meeting Notes

Item 1: Emergency Removal of SRM from the Ball Multicoin Bitwise Metaverse Index

Description: The Committee met electronically to discuss the removal of Serum (SRM) from the Ball Multicoin Bitwise Metaverse Index under clause III.A.b.ii of the index methodology (the “Emergency Loss of Eligibility” clause). 

Clause III.A.b.ii states that “assets may lose eligibility and be removed [from the index] on a same-day basis by a unanimous vote of a quorum of members of the Committee.” The methodology states that the “rule exists to allow the Committee to act quickly in the event of truly extraordinary circumstances, including major security breaches, regulatory action, or identified fraud that imperils the value of an eligible crypto asset.”

Vote: The Committee voted unanimously to immediately remove SRM from the index, citing recent revelations around the unexplained inflation in SRM’s supply. Per the rules of the index, the asset was removed from the index at 4:00 p.m. Eastern Time following the conclusion of the meeting. SRM’s weight in the index was redistributed to other assets in the index on a pro rata basis.

Item 2: Adjournment

The Chair adjourned the meeting.

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Bitwise Asset Management is the largest crypto index fund manager in America. Thousands of financial advisors, family offices, and institutional investors partner with Bitwise to understand and access the opportunities in crypto. For six years, Bitwise has established a track record of excellence managing a broad suite of index and active solutions across ETFs, separately managed accounts, private funds, and hedge fund strategies. Bitwise is known for providing unparalleled client support through expert research and commentary, its nationwide client team of crypto specialists, and its deep access to the crypto ecosystem. The Bitwise team of more than 60 professionals combines expertise in technology and asset management with backgrounds including BlackRock, Millennium, ETF.com, Meta, Google, and the U.S. Attorney’s Office. Bitwise is backed by leading institutional investors and has been profiled in Institutional Investor, Barron’s, Bloomberg, and The Wall Street Journal. It has offices in San Francisco and New York. For more information, visit www.bitwiseinvestments.com.

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