other material
confidence high
sentiment negative
materiality 0.50
Bitwise 10 Crypto Index Fund amends 8-K; states amended Note 3 cannot be relied upon
Bitwise 10 Crypto Index ETF
- Management determined on Dec 1, 2021 that amended Note 3 in financial statements filed Aug 13, 2021 cannot be relied upon as part of audit opinion.
- Amendment relates to fair value measurement policy for digital assets; Sponsor believes impact is immaterial with avg price difference <0.05%.
- Former auditor WithumSmith+Brown PC will re-issue dual-dated audit opinion; KPMG consulted as successor auditor.
- Sponsor plans to re-issue audited FY2019 and FY2020 financial statements with revised valuation policy consistent with ASC 820.
- Sponsor does not expect any impact on financial position, operations, or cash flow from these changes.