Bitwise Crypto Index Committee Meeting (July 2021)

San Francisco • July 28, 2021

Meeting Details

Date: July 28, 2021

Time: 9:00 – 9:30 a.m. PT

Reason for Meeting: Standard Monthly Meeting

In Attendance: Matt Hougan (Chair), Hunter Horsley (Member), David Lawant (Member)

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, or Any Adjustments to the Methodology

Description: The Committee will discuss and review any recent methodological implementation decisions that required judgment, as well as any known upcoming decisions.

Discussion 1: Clarification of Rule III.B.i.g in the Bitwise Crypto Index Methodology

Notes: The Committee voted unanimously to clarify that all three indexes are exempt from rules III.B.i.f and III.B.i.g of the Bitwise Crypto Index methodology.

Item 3: Developments Impacting the Market and/or Individual Bitwise Crypto Index Constituents

Description: The Committee will discuss significant new and/or pending developments surrounding either the cryptomarket in general or any Bitwise Crypto Index constituent specifically, and consider whether they raise any concerns or issues for inclusion in the index.

Discussion 1: The Eligibility of Synthetix (SNX) and UMA (UMA)

Notes: The Committee members voted unanimously that Synthetix (SNX) and UMA (UMA) have become ineligible for the Bitwise Crypto Indexes pursuant to rule III.B.i.g (“undue regulatory risk”) on the basis of present knowable facts and circumstances. Unless exempted, SNX and UMA will be removed from the Bitwise Crypto Indexes as of 4pm ET on July 29, 2021. This evaluation will be revisited at routine monthly index sessions.

Item 4: Adjournment

The Chairman 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, offering both index and active strategies across a wide array of investment vehicles. The firm is known for creating the world’s largest crypto index fund (OTCQX: BITW), a suite of crypto-focused equity and futures ETFs, and investment products that span Bitcoin, Ethereum, DeFi, and NFTs. 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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