Kraken Unit Quietly Claims Pivotal Position in Bitcoin ETF Boom

A unit of crypto exchange Kraken is emerging as a key beneficiary of this year’s boom in spot-Bitcoin exchange-traded funds, which debuted in the US in January and rolled out in Hong Kong this week.

The unit, CF Benchmarks, said it provides reference data for about $24 billion in cryptocurrency ETFs, mostly Bitcoin funds including BlackRock’s US-based $15.9 billion vehicle. The company licenses its benchmarks to the funds in return for fees that typically climb alongside assets under management.