Bitwise Crypto Index Committee Meeting (May 2018)

San Francisco • May 29, 2018

Meeting called to discuss the planned freezing of the EOS token on the Ethereum blockchain. 


Meeting Details

Hold 10 Index Policy Committee*

Date: May 29, 2018

Time: 12:30 – 1:30 p.m. PT

Reason for Meeting: Meeting called due to the planned freezing of EOS tokens on the Ethereum blockchain.

In Attendance: Matt Hougan (Chair), Phil Glazer (Member), Hong Kim (Observer)

*Please note that, since this meeting took place, the name of Bitwise’s large cap index changed from the “HOLD 10 Index” to the “Bitwise 10 Large Cap Crypto Index.” The name of the governing committee also changed from the HOLD 10 Index Policy Committee to the Bitwise Crypto Index Committee, which is reflected in the title of this post.

Meeting Notes

Item 1: Response to the Pending Freezing of EOS Tokens on the Ethereum Blockchain

Explanation: The HOLD 10 Index Policy Committee conducted a Special Meeting on Tuesday, May 29, to discuss the pending “freezing” of EOS on the Ethereum blockchain. As described at https://eos.io/faq, “EOS Tokens will become fixed (non-transferable) on the Ethereum blockchain within 23 hours after the end of the final EOS Token distribution period which will occur on June 1, 2018 at 22:59:59 UTC.”

The committee has been monitoring the situation for the past month, and in today’s meeting, determined that the pending freeze amounts to an effective delisting of the coin from all major exchanges. This delisting will cause EOS to fall short of Eligibility Criteria for inclusion in the index.

Conclusion: 2/2 vote yes to remove. To ensure the index remains investible and robust, the coin will be removed from the HOLD 10 Index on May 31, 2018, at 4 p.m. Pacific Time (00:00 UTC).

Discussion: None.

Additional Notes

The format of these notes have been adapted to reflect Bitwise’s 2019 format for the posting of index committee notes. The original notes from this meeting were posted contemporaneously on the Bitwise Asset Management feed on Medium.com, and are available here.

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About Bitwise

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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