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Kraken's Indices Provider Anticipates $1B AUM in Hong Kong ETFs by 2024 End: Bloomberg
CEO Sui Chung sees South Korea and Israel as the next markets to list crypto ETFs.
Updated May 3, 2024, 6:15 p.m. Published May 3, 2024, 10:16 a.m.
- London-based CF Benchmarks provides reference data for crypto ETFs totalling $24 billion in AUM, mostly bitcoin products including BlackRock's IBIT.
- The firm is also now working with the new ETFs in Hong Kong which debuted earlier this week to rather meagre trading volume.
The CEO of CF Benchmarks, a unit of cryptocurrency exchange Kraken, predicts that despite an inauspicious beginning, crypto exchange-traded funds (ETFs) in Hong Kong will reach $1 billion in assets under management (AUM) by the end of 2024, Bloomberg reported on Friday.
London-based CF Benchmarks provides reference data for crypto ETFs, mostly bitcoin products including BlackRock's IBIT. Its AUM in this market totals around $24 billion and it says it represents around around half of the crypto benchmarking market.
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The firm is also now working with the new ETFs in Hong Kong which debuted earlier this week to rather meagre trading volume. Despite this, CEO Sui Chung predicts that their AUM will reach $1 billion by the end of the year, the report said, citing an interview.
Chung sees South Korea and Israel as the next markets to list crypto ETFs.
"South Korea is a market where ETFs have become the wrapper of choice for long-term savings," he said.
CF Benchmarks was formed in 2017 and acquired by Kraken for a nine-figure sum in 2019.
The company did not immediately respond to CoinDesk's request for further comment.
Read More: Kraken Is Buying TradeStation Crypto, Expanding Cryptocurrency Exchange's U.S. Reach
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