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Bitwise Crypto Index Committee Special Meeting (November 9, 2022)

San Francisco • November 10, 2022

Meeting Details

Date: November 9, 2022

Time: 2:00-3:00 p.m. ET

Reason for Meeting: Special meeting to discuss FTX

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

Meeting Notes

Item 1: Emergency Removal of FTX as an Eligible Crypto Asset Trading Venue

Description: The Committee met electronically to discuss the removal of FTX as an Eligible Crypto Asset Trading Venue under clause III.A.ii.b of the Bitwise Crypto Index Methodology (the “Emergency Loss of Eligibility” clause”).

Eligible Crypto Asset Trading Venues are trading venues that are eligible to contribute crypto asset prices to the Bitwise Crypto Asset Price (CAP) methodology, which the index uses to value crypto assets.

Clause III.A.ii.b allows for the immediate removal of an Eligible Crypto Asset Trading Venue “in extraordinary situations where Bitwise has reason to believe the pricing from that venue is not reflective of true price discovery in a given asset.”

Vote: The Committee voted unanimously to immediately remove FTX as an Eligible Crypto Asset Trading Venue, citing among other factors its violation of III.A.i.f of the Bitwise Crypto Index Methodology, which requires Eligible Crypto Asset Trading Venues to have “no significant downtime, withdrawal, or security issues.”

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, 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, NFTs, and the Metaverse. 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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