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

San Francisco • November 14, 2022

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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About Bitwise

Based in San Francisco, Bitwise is one of the largest and fastest-growing crypto asset managers. As of year-end 2021, Bitwise managed $1.3 billion across an expanding suite of investment solutions. The firm is known for managing the world’s largest crypto index fund (OTCQX: BITW) and pioneering products spanning Bitcoin, Ethereum, DeFi, and crypto-focused equity indexes. Bitwise focuses on partnering with financial advisors and investment professionals to provide quality education and research. The team at Bitwise combines expertise in technology with decades of experience in traditional asset management and indexing, coming from firms including BlackRock, Blackstone, Meta, and Google, as well as the U.S. Attorney’s Office. Bitwise is backed by leading institutional investors and asset management executives, and has been profiled in Institutional Investor, CNBC, Barron’s, Bloomberg, and The Wall Street Journal.

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