Date: November 8, 2022
Time: 2:00-3:00 p.m. ET
Reason for Meeting: Special meeting to discuss FTT
In Attendance: Matt Hougan (Chair), Matthew Ball (Member), Jonathan Glick (Member), Kyle Samani (Member), Shayon Sengupta (Member)
Item 1: Emergency Removal of FTT (FTX Token) From the Ball Multicoin Bitwise Metaverse Index
Description: The Committee met electronically to discuss the removal of FTT (FTX Token) 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 FTT from the index, citing recent revelations around FTX’s solvency and business practices. 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. FTT’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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