Kraken Subsidiary One of Major Beneficiaries of Bitcoin ETFs in US and Hong Kong: Bloomberg
A subsidiary of crypto exchange kraken is one of the major beneficiaries of spot Bitcoin exchange-traded funds (ETFs) in the US and Hong Kong, according to a recent report from Bloomberg. The company predicts that spot crypto ETFs will see $1 billion in assets under management (AUM) listed in spot Bitcoin and Ether ETFs in Hong Kong and other markets.
Kraken CF Benchmarks Gains 50% of Crypto Benchmarking Market
CF criteriaBitcoin, a subsidiary of crypto exchange Kraken, has seen a massive increase in demand for its indexes due to the boon in spot Bitcoin ETFs. The United States and Hong Kong are major financial centers that already provide exposure to the established institutional investor base to Bitcoin.
The company said it almost represented 50% market share in the crypto benchmark market as a result of the launch of spot Bitcoin ETFs in the US in January and in Hong Kong last year. It provides data to nearly $24 billion worth of crypto ETFs, primarily BlackRock’s iShares Bitcoin ETF. $16.2 billion.
What CF Benchmarks expects revenue nearly doubled This year, based on the increasing demand for spot Bitcoin ETF. The latest available revenue data shows it reaching £6 million ($7.5 million) in 2022. Additionally, the company plans to increase the number of staff by about a third to over 40. Kraken acquired CF Benchmarks in 2019.
South Korea and Israel Are Next in the Crypto ETF Race
CF Benchmarks CEO sui Chung sees them working with crypto ETF issuers South Korea And Israel Next. South Korea has one of the largest crypto users, with high trading volumes impacting crypto prices.
“South Korea is a market where ETFs have become the preferred packaging for long-term savings. “This is also a market with high adoption of digital assets,” Sui Chung said.
The company expects its Hong Kong-based spot Bitcoin and Ether ETFs to have $1 billion in funds under management by the end of the year.
James Butterfill, head of research at CoinShares, explained that Hong Kong has seen inflows of $300 million so far this week, while other markets have experienced outflows from digital asset products.
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
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