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Initially, the world’s largest asset management company, BlackRock’s spot Bitcoin ETF, IBIT, included, crypto ETFs with a total managed asset (AUM) of $24 billion are now collaborating with newly launched crypto ETFs in Hong Kong that started trading this week with quite insufficient trading volumes. CF Benchmarks CEO made a hopeful prediction for the Bitcoin and Ethereum ETFs trading in Hong Kong.
Crypto ETFs’ AUM Expected to Reach $1 Billion
According to Bloomberg, CF Benchmarks, a unit of the leading cryptocurrency exchange Kraken, has started collaborating with the spot Bitcoin and Ethereum ETFs in Hong Kong despite their poor start.
CF Benchmarks CEO Sui Chung stated in his remarks regarding the collaboration that they expect the AUM of crypto ETFs in Hong Kong to reach $1 billion by the end of 2024.
Chung sees South Korea and Israel as the next potential markets for listing and trading crypto ETFs. The CF Benchmarks CEO emphasized the importance of South Korea in particular for crypto ETFs, describing it as a market where “ETFs are preferred for long-term savings.”
Stands Out with $24 Billion in AUM
Based in London, CF Benchmarks primarily stands out by providing reference data for Bitcoin investment products like BlackRock’s IBIT, focusing on crypto ETFs. The AUM in this market is approximately $24 billion, constituting about half of the crypto benchmark market.
Founded in 2017, CF Benchmarks was acquired by the cryptocurrency exchange Kraken in 2019 for a nine-figure sum, and the company has since continued its growth in the crypto benchmark market through various collaborations.
