Kraken’s CF Benchmarks is leading the way in the crypto ETF market, handling a staggering $24 billion in reference data and preparing for further growth in response to a surge in demand. As a key player in the cryptocurrency space, CF Benchmarks, a subsidiary of Kraken exchange, is responsible for providing price data for ETFs, managing approximately half of the crypto benchmarking market.

CEO of CF Benchmarks, Sui Chung, highlighted that the firm is eyeing expansion into new markets, with plans to introduce crypto ETFs in Israel and South Korea. Chung emphasized the growing interest in cryptocurrencies in South Korea, where ETFs are becoming a popular choice for long-term savings.

Originally projecting $5 billion in assets for U.S. spot Bitcoin ETFs this year, CF Benchmarks has seen demand far surpass expectations, exceeding four times the initial estimate.

Despite modest trading volumes for spot Bitcoin and Ethereum ETFs in Hong Kong, CF Benchmarks remains optimistic about the region’s potential. The firm anticipates managing around $1 billion in assets for Hong Kong products by the end of 2024.

In April, Hong Kong approved spot Bitcoin and Ethereum ETFs, following similar moves by the U.S. Securities and Exchange Commission for spot Bitcoin ETFs. However, the SEC is taking a cautious approach towards spot Ethereum ETFs, potentially delaying approvals until later in 2024 or beyond.

Established in 2017 and acquired by Kraken in 2019, CF Benchmarks continues to solidify its position in the cryptocurrency market, with plans for further growth and expansion.

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