BlackRock’s groundbreaking Bitcoin ETF, IBIT, which boasts a total managed asset (AUM) of $24 billion, has joined forces with newly launched crypto ETFs in Hong Kong. Despite facing inadequate trading volumes in their initial stages, these collaborations have garnered optimistic predictions from CF Benchmarks CEO regarding the trading of Bitcoin and Ethereum ETFs in Hong Kong.
The AUM of crypto ETFs in Hong Kong is expected to reach $1 billion by the end of 2024, according to CF Benchmarks CEO Sui Chung. Chung also identified South Korea and Israel as potential markets for listing and trading crypto ETFs, highlighting South Korea’s preference for ETFs as a long-term savings option.
CF Benchmarks, headquartered in London, is renowned for providing reference data for Bitcoin investment products, particularly BlackRock’s IBIT and other crypto ETFs. With an AUM of around $24 billion, CF Benchmarks dominates the crypto benchmark market, representing approximately half of its value.
Established in 2017, CF Benchmarks was acquired by cryptocurrency exchange Kraken in 2019 for a significant amount. Since then, the company has continued to expand its presence in the crypto benchmark market through strategic collaborations.
Please note that the information provided in this article is not intended as investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and are advised to conduct their own research.
