Kraken’s London-based crypto pricing provider, CF Benchmarks is capitalizing on the surge in spot-Bitcoin exchange-traded funds (ETFs), which began in the U.S. in January and recently expanded to Hong Kong.
CF Benchmarks CEO Sui Chung told Bloomberg News that despite a somewhat rocky start, crypto ETFs in Hong Kong will soar to $1 billion in assets under management (AUM) by the end of 2024.
CF Benchmarks provides reference data for roughly $24 billion worth of cryptocurrency ETFs, including BlackRock’s U.S.-based fund valued at $15.9 billion. The firm generates revenue by licensing its benchmarks to these funds, benefiting from fees that increase with the funds’ assets under management.
According to Chung, the majority of entities exploring spot bitcoin ETF pricing are asset managers and banks.
CF Benchmarks accounts for about half of the crypto benchmarking market and is collaborating with the newly…
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