other
confidence high
sentiment neutral
materiality 0.30
BITW amends 8-K; will not re-issue audited 2019/2020 financials, uses out-of-period adjustment
Bitwise 10 Crypto Index ETF
- Sponsor withdraws plan to re-issue audited 2019/2020 financials; will instead record out-of-period adjustment in subsequent periods.
- Prior Note 3 language stating 'US GAAP has no authoritative guidance for digital assets' deemed inaccurate and will be omitted.
- Management concludes prior valuation error immaterial; expects no impact on financial position, operations, or cash flow.
- Amendment follows SEC comment letter dated Nov 12, 2021, and discussions with auditors WSB and KPMG.