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Bitwise Crypto Index Committee Meeting (September 2022)

San Francisco • September 29, 2022

Meeting Details

Date: September 26, 2022

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

Reason for Meeting: Standard Monthly Meeting

In Attendance: Matt Hougan (Chair), David Lawant (Member), Hunter Horsley (Member), Hong Kim (Observer), Satyajeet Pal (Observer), Ryan Rasmussen (Observer), Anais Rachel (Observer), Gayatri Choudhury (Observer), Kristen Corkill (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 Any Proposed Changes to the Bitwise Crypto Index Methodology

Description: The Committee will discuss and review new methodologies or changes to existing methodologies of the Bitwise Crypto Indexes. 

Discussion: The Committee discussed rule IV.B.i, regarding hard forks, and specifically considered the evolving nature of hard forks in the market. It determined that it would study recent hard forks to determine if rule IV.B.i or any subcomponent rule needed updating.

The Committee also discussed Rule III of the Bitwise Blue-Chip NFT Collections Index methodology, specifically whether the index eligibility criteria with regard to liquidity need revision. The Committee determined it would study the issue of liquidity in NFTs and determine if changes are required. 

Item 3: 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: The Committee reviewed the handling of the Ethereum Proof-of-Work fork, and determined that the treatment of this asset has been handled appropriately.

Item 4: 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 crypto market in general or any Bitwise Crypto Index constituent specifically, and consider whether they raise any concerns or issues for the index. 

Discussion: The Committee discussed multiple developments in the crypto industry, including recent legal filings, regulatory developments, speeches by leading regulators, the status of the Ethereum network after the Merge, and the CFTC lawsuit filed against the Ooki DAO, among other developments.

Item 5: Review Expected Changes to Bitwise Indexes

Discussion: The Committee reviewed preliminary expected changes to the Bitwise indexes as part of the September 2022 reconstitution, and determined that the reconstitution process is operating appropriately. 

Item 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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