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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