Subsidiary of Kraken Capitalizing on ETF Boom 🚀
A subsidiary of US-based crypto exchange Kraken is reportedly greatly benefiting from the success of the spot Bitcoin (BTC) exchange-traded fund (ETF) boom. According to a new report by Bloomberg, CF Benchmarks – a London-based subsidiary of Kraken that provides reference data for about $24 billion in crypto ETFs – is emerging as an under-the-radar beneficiary to the launch of the BTC ETFs.
CF Benchmarks: Playing a Vital Role in ETF Success 📈
A benchmark is a standard used for comparative purposes when assessing the performance of assets or a portfolio. According to Bloomberg, CF Benchmarks licenses its benchmarks to Bitcoin ETF issuers including BlackRock in exchange for fees that increase as an issuer’s assets under management rise. Spot market BTC ETFs were approved by the U.S. Securities and Exchange Commission (SEC) in January and also debuted in Hong Kong within the last two weeks.
– CF Benchmarks chief executive foresees expansion of BTC ETFs to Israel and South Korea 😲
– South Korea viewed as a prime market for ETFs for long-term savings 🇰🇷
– Digital assets see high adoption levels in South Korea 📱
CF Benchmarks Surpasses Expectations 💪
CF Benchmarks expected $5 billion of assets from spot market BTC ETFs using its indices but ended up with a figure four times larger. Chung estimates an additional $1 billion in assets for Hong Kong BTC ETFs by year-end. The company, acquired by Kraken in 2019, anticipates revenue growth in the “mid-double digits” this year. Bitcoin is trading at $63,433 at the time of writing.
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The post Subsidiary of Kraken Becoming Under-the-Radar Beneficiary of Multi-Billion ETF Boom: Report appeared first on The Daily Hodl.
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