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Ball Multicoin Bitwise Metaverse Index Committee Quarterly Meeting (November 2022)

San Francisco • November 30, 2022

Meeting Details

Date: November 28, 2022

Time: 10:00-11:30 a.m. PT

Reason for Meeting: Standard quarterly meeting

In Attendance: Matt Hougan (Chair), Matthew Ball (Member), Jonathan Glick (Member), Kyle Samani (Member), Shayon Sengupta (Member)

Meeting Agenda

1) Welcome and Attendance

All five members of the Committee were present for the meeting, which took place via Zoom.

2) Review and Verify All Data Sources for Uptime, Accuracy, and Robustness

Description: The Committee will review and verify all data sources contributing to the Ball Multicoin Bitwise Metaverse Index for uptime, accuracy, and robustness.

Discussion: Matt Hougan confirmed that all data sources are working as expected in regard to uptime, accuracy, and robustness.

3) Review and Approve Any Changes to the Ball Multicoin Bitwise Metaverse Index Methodology

Description: The Committee will review and approve any changes to the Ball Multicoin Bitwise Metaverse Index methodology.

Discussion: The Committee voted 5-0 to change rule VI.C.a.ii to remove the words “provided that these assets are not at the one-third cap mentioned above” from the methodology.

4) Discuss and Approve All Methodological Decisions That Require Judgment or Discretion

Description: The Committee will discuss and approve all methodological decisions that require judgment or discretion.

Discussion: The Committee reviewed the following items and arrived at the following conclusions:

A. Metaverse Themes

The index methodology requires that the Committee determine the core thematic categories of crypto assets (“Metaverse Themes”) that are critical to the long-term growth of an open Metaverse each quarter.

The Committee made no changes to the Metaverse Themes used in the index, confirming that the following Metaverse Themes are appropriate:

  • Asset Ledgers and Interoperability Solutions

  • Decentralized Finance and Marketplaces

  • Infrastructure and Tools

  • Virtual Platforms and Communities

B. Determination of Eligible Crypto Assets

The index methodology assigns the Index Committee the sole responsibility for determining which crypto assets are included within each Metaverse theme.

The Committee reviewed available crypto assets for potential inclusion.

C. Metaverse Theme Weightings

The index methodology requires that the Committee determine the weight assigned to each Metaverse Theme. No theme may represent more than 50% of the index.

The Committee determined that it would retain the rebalance weight for each Metaverse Theme from its last meeting, as listed below:

  • Asset Ledgers and Interoperability Solutions: 35%

  • Decentralized Finance and Marketplaces: 20%

  • Infrastructure and Tools: 35%

  • Virtual Platforms and Communities: 10%

D.  High-Growth-Potential Allocations and Weightings

The index methodology allows the Committee to allocate up to 10% of the weight within each Metaverse Theme on a discretionary basis to projects with high growth potential.

The Committee determined that it would make the following allocations:

  • Asset Ledgers and Interoperability Solutions

    • MATIC: +10% allocation

  • Decentralized Finance and Marketplaces

    • AAVE: +10% allocation

  • Infrastructure and Tools

    • AR: +3.33%

    • ENS: +3.33%

    • RNDR: +3.33%

  • Virtual Platforms and Communities

    • No boost applied

E. Review the List of Eligible Crypto Asset Trading Venues

The index methodology requires the Committee to review the crypto asset trading venues that are eligible to contribute prices to the asset pricing mechanism.

The Committee completed this review and confirmed that the following venues would qualify:

  • Binance

  • bitFlyer

  • Bitstamp

  • Bittrex

  • Coinbase

  • Gemini

  • itBit

  • Kraken

  • LMAX Digital

5) Developments Impacting the Market and/or Individual Ball Multicoin Bitwise Metaverse Index Constituents

Discussion: The Committee discussed multiple developments that have impacted the crypto market and individual Ball Multicoin Bitwise Metaverse Index constituents, including the collapse of FTX, the potential bankruptcy of Genesis, and more.

6) 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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