Bitwise Crypto Index Committee Meeting (January 2021)

San Francisco • January 25, 2021

Meeting Details

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 1: Review 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 2: Review 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 3: Developments 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 4: Other Items

The Committee had no further items to discuss.

Item 5: Adjournment

The Chairman adjourned the meeting.


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.

To request an interview or for further information about Bitwise, we ask that members of the press please contact:

Frank Taylor/Ryan Dicovitsky

Dukas Linden Public Relations

Bitwise@DLPR.com
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