CFB Talks Digital Assets

This episode was recorded live via X Spaces - audio quality varies in places.In the fourth CF Benchmarks live X Space, recorded Friday May 8, 2026, Head of Content Ken Odeluga is joined by Head of Research Gabe Selby, CFA, Research Analyst Mark Pilipczuk, Kraken Chief Economist Thomas Perfumo, CFA and CF Benchmarks Senior Product Manager James Flamant - with special guest Ryan Rasmussen, Head of Research at Bitwise.A red-hot NFP print, Michael Saylor's signal that Bitcoin sales aren't off the table, Circle's 20% pop on stablecoin-rewards optimism, and a forensic walk-through of the Kelp DAO ~$300M cross-chain exploit. From AI concentration risk and chipmaker earnings to the Clarity Act markup expected within days, the team unpacks the cross-currents shaping crypto right now.Chapters:00:00 – Intro & Team Welcome01:21 – NFP Shocker: 115K Print Smashes the 65K Estimate04:36 – Household vs. Employer Survey: The Revisions Question06:42 – AI, Crypto & the Decade-Long Productivity Boom07:31 – Cross-Asset Reaction: NQ Bid, Bitcoin Offered08:38 – The K-Shaped Equity Market & Mark-to-Market EPS12:13 – Chipmakers in Focus: Intel's Comeback, AMD's GPU Push15:19 – AI Concentration Risk: What Happens If Momentum Fades?17:50 – Bitcoin Decoupling from Tech: Finding the Next Catalyst20:46 – Crypto Equities & Miners Steal the Show23:27 – Coinbase Earnings: The Institutional Pivot Accelerates25:56 – Strategy's $12.5B Loss & Saylor's Capital-Structure Pivot30:26 – The Signal Heard Round Crypto: Strategy May Sell Bitcoin35:04 – ETF Flows vs. MicroStrategy: Who's Really Driving Price?38:09 – Is Strategy Coming In From the Cold?41:00 – Bitcoin's Volatility as a Feature: Tax-Loss Harvesting44:30 – The Clarity Act: Where Market Structure Stands Right Now47:39 – Circle Pops 20%: Stablecoin Rewards in the Spotlight50:32 – Deep Dive: The Kelp DAO $300M Cross-Chain Exploit55:28 – Safeguards, Sandboxes & the Innovation Exemption58:25 – Architecture After Kelp: Hunting the Weakest Link01:00:11 – Week Ahead: Inflation, the Warsh Vote & the Clarity Markup01:04:18 – Rethinking On-Chain Risk-Free Rates01:05:16 – Closing Remarks

This episode was recorded live via X Spaces — audio quality varies in places. In the third CF Benchmarks live X Space, recorded April 30, 2026, Head of Content Ken Odeluga is joined by Kraken Chief Economist Thomas Perfumo, CF Benchmarks Head of Research Gabe Selby, and Research Analyst Mark Pilipczuk for a packed session the morning after the most divided FOMC vote in over three decades.The DOJ has dropped its probe into Jerome Powell, Kevin Warsh has cleared the Senate Banking Committee on a historic party-line vote, and Powell has signalled he intends to stay on as a board governor — all in the space of a week. Meanwhile, four dissents at Wednesday's FOMC meeting — the most since October 1992 — have laid bare a fragmented central bank just as its leadership transition begins. The team unpacks what it all means for the rate path, risk assets, and crypto specifically, before turning to the Bitcoin ETF distribution war heating up between IBIT, Morgan Stanley's newly launched MSBT, and Goldman Sachs' income-focused filing.00:00 – Intro & Team Welcome01:20 – DOJ Drops the Powell Probe: Clearing the Path for Warsh 05:04 – Powell Digs In: Staying as Governor Until 202809:33 – Jackson Hole: The Next Real Fed Event10:26 – Risk Assets in Earnings Mode, Not Rate-Cut Mode12:18 – Inside the FOMC Decision: Four Dissents, Most Since 199224:25 – Rate Cut Odds Collapse: What It Means for Crypto29:40 – Why Crypto Is Lagging Equities Right Now31:54 – Morgan Stanley's MSBT: Can a Late Entrant Compete?35:02 – The Distribution War: IBIT's Portability Edge41:58 – Goldman's Bitcoin Premium Income ETF: Boomer Candy Arrives48:07 – Bitcoin's Gamma Ceiling & the Missing Euphoria Bid52:20 – Capital Flows: ETFs vs. MicroStrategy54:46 – The Silver Lining: Warsh as Crypto Bull & Fed Deregulation56:24 – AI CapEx & the Growth Sustainability Question57:57 – Week Ahead: Iran, Clarity Act, Michigan Sentiment & Earnings61:03 – Closing Remarks

In around four weeks after its listing, BlackRock's iShares Staked Ethereum Trust ETF (ETHB) had gathered roughly $450M in assets — which BlackRock itself calls a "top-quintile" launch.We're stoked to welcome Matt Kunke, CFA — Director and US iShares Digital Assets ETFs Product Strategist at BlackRock — to the CFB Talks Digital Assets podcast for a deep dive on what ETHB unlocks, why it sits alongside the original Ether ETF (ETHA) rather than replacing it, and how staking actually works inside an ETP wrapper.CF Benchmarks is the index provider for BlackRock's IBIT, ETHA and ETHB - so this conversation gets technical fast, but Matt is at his lucid best throughout.A sample of what's in store:Why BlackRock built ETHB as a separate product instead of converting ETHA — and the reasoning behind giving investors choiceThe "collateralized bond" mental model for proof-of-stake, and why correlated slashing — the tail risk everyone names — has never actually happenedHow ETHB manages its stated 70%–95% staking range, the entry queue currently sitting at ~50 days, and why the exit queue is the one that really mattersThe Lido stETH precedent: why sophisticated market actors should keep ETHB-style products at-or-near NAV even in stressed environmentsWhere staking yields are headed post-Pectra, the floor mechanics, and why the glide path is gradual rather than abruptETH + staking rewards — how wealth advisors and hedge funds are actually framing the tradeWhy ETH's wirehouse approval trajectory looks today the way IBIT's did roughly nine months agoGrab your beverage of choice and dive in!Recorded April 2026.Chapters00:00 – Intro & Welcome: Matt Kunke from BlackRock02:00 – A Top-Quintile Launch: ETHB Hits $450M in Under Four Weeks04:15 – A New Product, Not an ETHA Conversion06:14 – TradFi Demand vs. Crypto-Native Sentiment08:29 – Tax & The Case for Keeping an Unstaked Option09:08 – Staking 101: The Collateralized Bond Mental Model11:24 – Three Staking Providers & the Correlated Slashing Defense13:23 – Slashing in Practice14:42 – Why 32 ETH? Pectra's Move to 2048 and Validator Consolidation16:11 – Inside the 70%–95% Staking Range18:25 – Why Lido's stETH Says Staking Discounts Stay Tight20:54 – The 50-Day Entry Queue vs. the Empty Exit Queue23:24 – Genesis of ETHB: Regulation & International Precedent25:13 – ETH + Staking Rewards: How Investors Frame the Trade26:31 – The Ethereum Thesis: Lindy, Liveness & Institutional Use Cases28:59 – Inside Staking Yields: Issuance, Fees & The Gentle Glide Path33:18 – What's Next: Basis Trades, Covered Calls & Modulated Risk35:53 – Bitcoin's Bias & ETH's Wirehouse Approval Trajectory38:24 – Closing Remarks

Recorded April 23, 2026.In the second CF Benchmarks live X Space, Head of Research Gabe Selby is joined by Kraken Chief Economist Thomas Perfumo, CF Benchmarks Head of Product Thomas Erdosi, and Research Analyst Mark Pilipczuk for another packed markets discussion. The team breaks down Kevin Warsh's Senate confirmation hearing and what a shift away from forward guidance could mean for rate volatility. They dive into Strategy's accelerating Bitcoin purchases - now at a 16-month high - and whether the NAV premium can sustain the buying machine. The conversation turns to CME's landmark move to 24/7 crypto futures trading from May 29th, and Kraken's acquisition of Bitnomial, giving it the full CFTC license stack that brings regulated perpetual futures to the U.S. for the first time. A deep dive into the Kelp DAO's $292M bridge exploit opens up a broader discussion on AI's dual role as both threat and defence in DeFi security. The team closes with their Q1 factor performance breakdown and a look at the key catalysts ahead.Chapters:00:00 – Intro & Team Welcome02:27 – Warsh's Confirmation Hearing: What Did We Learn?05:58 – Killing the Dot Plot? The Forward Guidance Debate09:07 – Why Less Transparency Could Backfire on Rates10:06 – Balance Sheet Reduction: Tough Talk, Tougher Execution12:19 – Strategy's Bitcoin Buying Spree Hits a 16-Month High14:52 – NAV Premiums, STRF & the Sustainability Question18:00 – CME Goes 24/7: A Watershed Moment for Crypto Futures21:40 – The Weekend Gap Problem24:27 – Kraken's CFTC License Stack: Spot, Margin & Perps Under One Roof26:21 – Perpetual Futures Go Regulated in the U.S.29:31 – Will Perps Eat Fixed-Term Futures' Lunch?31:51 – On-Chain Innovation: CF Benchmarks Oracles & Tokenised Indices34:15 – Deep Dive: The Kelp DAO $292M Bridge Exploit38:36 – DeFi's Hidden Counterparty Risk Problem43:00 – AI as Defence: Patching Vulnerabilities Before the Hackers Do44:19 – Q1 Factor Performance: What Worked & What Didn't48:14 – Week Ahead: PCE, GDP, Fund Flows & the Clarity Act52:28 – Closing Remarks

In the inaugural CF Benchmarks live X Space, recorded April 1 2026, Head of Research Gabe Selby, CFA is joined by Research Analyst Mark Pilipczuk, Kraken's Chief Economist Thomas Perfumo, CFA and Senior Product Manager Cristian Isac for a wide-ranging markets discussion. The team unpacks Bitcoin's surprising resilience during Operation Epic Fury, why traditional safe havens like Treasuries failed to protect portfolios, and what the Fed's paralysis between inflation and a weakening labor market means for rate expectations heading into the Powell-to-Warsh transition. They also dig into the breakdown of the Bitcoin–M2 money supply relationship (and why that dislocation may signal undervaluation), MicroStrategy's evolving capital structure and preferred yield, the emerging world of Bitcoin structured products, and what institutional appetite on the ground at DAS tells us about where the market is heading next.00:00 – Intro & Team Welcome01:02 – Operation Epic Fury: Market Reactions & Surprises03:34 – Why Treasuries Failed as a Safe Haven04:41 – Bitcoin's Resilience: Holding the Line Through Conflict05:49 – CF Benchmarks Flagship Index Recap06:42 – Macro Regimes & Bitcoin's Shifting Role08:58 – NFP Preview & Labor Market Weakness10:20 – Fed Policy Paralysis: Inflation vs. Employment12:54 – Powell's Exit, Warsh's Nomination & Fed Composition17:30 – Should the Fed Look Through the Inflation Spike?19:28 – Global Money Supply & Bitcoin: Building a Forecast Model21:27 – Correlation ≠ Causation: Why Factors Break Down25:05 – Market Dislocations: Gold vs. Real Yields, Forex & M2-BTC Divergence28:07 – Where's the Fair Value? The Case for BTC Undervaluation31:30 – Gold vs. Bitcoin Flows: A Rotation Underway?34:10 – MicroStrategy: Treasury Strategy, Preferred Shares & Yield39:02 – Could MSTR Acquire Discount Treasury Companies?41:14 – Structured Products: Packaging Bitcoin for Institutions46:17 – Bitcoin Volatility Index & Covered Call ETFs50:32 – Vol Products Paradox: Does Selling Vol Kill Vol?52:56 – Institutional Appetite Post-DAS & What's Next55:03 – Closing Remarks

Kraken’s xStocks are nothing short of a global phenomenon - with total transaction volumes reaching $25 billion in just 8 months.The more important question is what that growth says about the future of market structure.On the latest CFB Talks Digital Assets podcast, we explore the rise of Kraken xStocks with Mark Greenberg, Head of B2B at Payward Services / Kraken, and Thomas Erdösi, Head of Product at CF Benchmarks.Topics covered include: How xStocks are gaining traction by combining equity exposure with crypto-native functionality, including 24/7 access, transferability, self-custody, and on-chain facilities How xStocks work: the mechanics behind 1:1 backing, price integrity, and the critical design choices needed to support tokenized stock exposure at scale The role of CF Benchmarks: regulated pricing methodology and calculation infrastructure How Kraken’s new partnership with Nasdaq paves the way for a regulated, permissioned U.S. pathway to tokenized equities, powered by the xStocks infrastructure - and what that means for issuance, settlement, and expanded market accessIf you’re following the convergence of digital assets and traditional markets, this is a conversation you won’t want to miss!

We're delighted to welcome Monochrome Asset Management back to the CFB Talks Digital Assets podcast. Monochrome is Australia's only asset manager licensed for direct retail crypto custody. Consequently, its crypto ETFs are the only ones in Australia that hold assets directly - not via feeder or sub-funds. Monochrome ETFs are also unusual due to offering in-kind creation and redemption for all investors. Monochrome Bitcoin ETF (IBTC) and Monochrome Ethereum ETF (IETH) are listed on Cboe Australia, each with a management fee of 0.25%. They're the lowest-cost crypto ETFs in Australia. With IBTC recently passing US$100 million in AuM and Monochrome now expanding in South-East Asia, we're stoked to sit down with CEO Jeff Yew and Chief Operating Officer Grayson McLeod. Listen in for exclusive insights on Oz's institutional crypto landscape, and the potential offered by the country's vast superannuation system. Key talking points:What exactly makes IBTC and IETH distinct as true holders of crypto, and how does this benefit investors?How Monochrome's regulated in-kind facility means no cap on institutional allocationsThe key to unlocking faster growth for ETH ETF allocationsWhat's behind IBTC's and IETH's airtight tracking?How close are we to seeing allocations at scale from Aussie 'Supers'?For a rare look at the evolution of institutional crypto in the pivotal Australian marketplace get Jeff and Grayson's perceptive commentary now!

The macro canvas for 2026 is shifting, and crypto may be setting up for a broader, more durable “risk-on” regime, but not in a straight line. In CF Benchmarks’ 2026 outlook, “Risk-On Reloaded,” the base case is disinflation with noise, moderating growth, and a policy and liquidity backdrop that can re-open risk appetite and widen participation. We also explore whether Bitcoin and altcoins are poised for a catch-up trade, and whether regulatory clarity unlocks a new wave of product innovation. To pressure-test the thesis, we’re delighted to welcome Juan Leon, Senior Strategist at Bitwise, to the CFB Talks Digital Assets podcast. From the current state of market structure legislation, to allocator and advisor adoption, to long-term capital market assumptions, Juan dives into Bitwise’s 2026 predictions and maps what matters most in the year ahead. Join us for a discussion covering what we’re watching for in 2026, including:Why “risk-on reloaded” could broaden performance beyond Bitcoin, and what a catch-up trade looks likeBitwise’s “if clarity passes” framework: what a regulatory breakthrough really unlocks for participationWhether Bitcoin’s four-year cycle breaks, and what would have to change for that to happenThe allocator moment: why adoption among endowments, advisors, and institutions may be approaching an inflection point as career risk fallsUtility-driven growth flywheels: prediction markets and stablecoinsWhat Bitwise is focused on next: products, approvals, and the near-to-medium term roadmapIf 2026 is the year macro turns supportive, clarity arrives, and crypto breadth finally shows up, these outlooks will help you navigate the year ahead.

Reserve Protocol, the largest Decentralized Token Folio (DTF) platform, recently deployed the first regulated multi-asset crypto benchmark as a DTF - LCAP - based on CF Benchmarks' CF Large Cap index.Index DTFs follow the same basic principles as ETFs, but they're implemented fully on-chain, enabling anyone to achieve a diversified, tokenized investment goal, with just a few clicks.What's more, by referencing an FCA-regulated Registered Benchmark, LCAP paves the way for institutional allocation to index DTFs for the first time.To walk us through exactly how DTFs work, plus the accelerating tokenization trend, we're delighted to welcome the Head of Reserve Protocol, Thomas Mattimore to the CFB Talks Digital Assets podcast.A selection of highlights from our fascinating conversation:Reserve Protocol design features that optimize it for tokenization of any digital asset - and, in time, tokenization of any real-world asset tooDon't underestimate the power of index DTFs: e.g., LCAP offers exposure to 95% of the crypto market in one click -- on a growing number of decentralized and centralized platforms, including KrakenOnly certain institutional ETF participants can leverage the power of create/redeem mechanics, but anyone can mint/redeem a DTF, giving individuals easy access to arbitrage opportunities embedded in unit creation and redemption for the first timeInsanely low slippage observed, so far, in certain index DTF auctions, with up to 99.99999% of the bid filledReserve Protocol's longstanding and deep focus on good governance - and the role of Reserve Rights (RSRs) for incentivizing that governanceStart getting ready for the tokenized future: sit down with your favorite beverage and catch this episode right now!

Hong Kong’s listed digital asset product market has been on a steady path of growth since the first spot crypto ETFs were launched there around 18 months ago, but one asset manager, stands out: MicroBit Capital Management.Especially because it’s one of the newest operating in the region and specifically focused on digital assets.The firm’s MicroBit Bitcoin Spot ETF (SEHK tickers: 3430, 9430) was launched on August 21st, 2025, but already manages around US $230 million in assets, making it one of the fastest-growing crypto ETFs in the region, since the inception of the product class.MicroBit also launched an ETH fund, MicroBit Ether Spot ETF (3425, 9425) on the same day as its Bitcoin fund. Both ETFs sit alongside a comprehensive suite of institutionally focused investment solutions and strategies offered by the firm, to fulfil its mission of helping clients capture the transformative opportunities offered by both traditional and digital assets.Given MicroBit’s impressive growth, we’re super-excited to welcome their Chief Investment Officer, Kenny Khuong, as our first Hong Kong-based investment management guest on the CFB Talks Digital Assets podcast!Just a sample of topics covered in our wide-ranging conversation:· Why MicroBit’s positioning as a digital-asset focused investment manager has struck a chord with investors seeking exposure to crypto investment opportunities· Why MicroBit’s decision to enter Hong Kong’s competitive crypto product market was astutely timed· As an issuer of one of the first ETH staking ETFs in Hong Kong, Kenny breaks down the mechanics, challenges and opportunities of staking, from an investment manager’s perspective· Why strong crypto ETF demand from Hong Kong-domiciled family offices makes the region one of the most promising in Asia’s digital asset product marketFor a rare look inside Hong Kong’s institutional crypto product market, with an even rarer opportunity to get insights from one of the foremost digital asset portfolio managers operating in the region today, dive into this episode now!Disclaimer The views and information are contributed by MicroBit Capital Management Limited, licensed by the Securities and Futures Commission for Types 1, 4, and 9 regulated activities under the Securities and Futures Ordinance. (Cap. 571). It is intended for Hong Kong investors only.All information contained in this video is provided for general information purposes only and does not constitute an offer, solicitation, or recommendation to buy or sell any securities, funds, or other investment products, nor should it be relied upon as legal, financial, tax, or investment advice. Investment involves risks. The value of investments may go up or down, and investors may suffer losses or lose all invested capital. Past performance is not indicative of future results. Investors should consider their investment objectives, financial situation, experience, and risk tolerance, and seek independent professional advice before making any investment decision. Investors should also refer to the offering document for full details including the objectives, investment policies and risks factors.MicroBit does not guarantee the accuracy, timeliness, completeness, or reliability of the information contained herein. All materials are provided “as is”, without warranties of any kind, whether express or implied. SFC authorization does not imply official recommendation or endorsement, nor does it guarantee commercial merits or performance.This video has not been reviewed by the Securities and Futures Commission or any other regulator in any jurisdiction.

A lot of the excitement following approval of Generic Listing Standards centers on anticipation that specialist crypto ETF firms which have carved out a niche managing altcoin funds, now have an edge.Among these, 21Shares stands out. Founded in Zurich in 2018, the group has since grown into a $10 billion AuM multinational, driven by products like its ARK 21Shares Bitcoin ETF (ARKB).It also listed the world's first Solana ETP in 2021 - including staking rewards from the start.So, with Solana ETFs, plus ETH and SOL staking poised to land on Wall Street imminently, we're excited to sit down with 21Shares' Vice President of US Business Federico Brokate, for a timely episode of CFB Talks Digital Assets.Listen in to get caught up with a range of topics that matter right now.Just a sample:■ How learnings from 21Shares' EU SOL ETP place it in pole position to steward investors through this high-growth, high-yield opportunity■ New income stream, new management skills: investors are converging on firms with the deepest experience of handling the novel operational challenges of staking■ How 21Shares leverages altcoin ETP management expertise, as the number of eligible ETF assets goes from trickle to flood■ As comprehensive as Generic Listing Standards are, some tokens still don't make the cut -- how much scope is there for the standards to expand over time?■ Why liquid staking tokens (LSTs) could eventually sit alongside proof of stake (PoS) assets to raise the effective staked percentageWith Solana and staking about to enter the room, Federico brings an unmatched perspective that crypto investors of all levels can learn from.Time to grab that beverage of choice and soak in a remarkable volume of insights packed into less than 40 minutes!Recorded September 30, 2025.

From a standing start less than a decade ago, Bitwise Asset Management, one of just a handful of US-based digital asset-focused investment firms, recently reached the milestone of $15 billion in AuM. It's a testament to their unique franchise as an established multinational institution, combined with an unmatched track record of crypto investment expertise, capped with a roster of in-demand voices recognized as authorities in the space. With institutional adoption again on the brink of a major inflection point, we're delighted to welcome one of those expert voices -- Head of Research, Ryan Rasmussen -- as our guest on the CFB Talks Digital Assets podcast! Listen in for Ryan's informed insights on critical regulatory unlocks waiting in the wings; as the SEC reviews staking, multi-asset ETPs, and a record volume of live crypto ETF filings.Just a small sample of multiple thought-provoking highlights:How SEC approval of in-kind creation and redemption for crypto ETFs finally leveled the playing field, enabling benefits from operational, tax, and trading efficiencies to flow to investors, APs and issuers; providing another tailwind for adoptionWhy other hotly anticipated regulatory decisions - e.g., multi-asset ETFs, and generic listing standards - seem to be taking so longHow advisors can move the narrative for individual investors and allocators beyond Bitcoin and Ether, to an understanding of why index/basket strategies are increasingly critical as crypto beta evolvesShowcasing Bitwise's groundbreaking 'Bitcoin Long-Term Capital Market Assumptions' report, as BTC graduates to an "institutional epoch", and potentially targets $1.3 million by 2035Why Ethereum's 'renaissance' - huge price gains, record flows, and increasing network usage - are no surprise from the perspective that it's crypto's "operating system"; as use cases like stablecoins, DeFi, and tokenization, intensifyWhether you're a newcomer or an OG, institutional allocator or individual account, this is yet another episode for anyone interested in digital assets who seeks expert crypto investment insights from the cutting edge.

The digital asset industry is growing at breakneck speed. A surge in crypto IPOs, the rise of corporate digital asset treasuries, and an expanding pipeline of deals are reshaping the market. Now, with the Clarity Act promising regulatory certainty, the pace of institutional engagement is accelerating like never before. In this episode of CFB Talks Digital Assets, we’re joined by John Todaro, Managing Director of Crypto, HPC/AI Research at Needham & Co, for a wide-ranging conversation on the latest trends shaping the market in 2025. A few highlights from the discussion:Why Needham chose to launch dedicated crypto coverage back in 2021 and what they’re tracking nowThe red-hot crypto equity and IPO market: are valuations too hot, or is this simply the release of pent-up demand?Inside the wave of corporate digital asset treasuries: from BTC and ETH adoption to systemic risks that could emergeThe Clarity Act: what the new regulatory framework means for institutional participation and M&A in the spaceFor those watching the intersection of traditional finance and digital assets, this episode is essential listening. Join hosts Gabriel Selby, Mark Pilipczuk and Ken Odeluga as they unpack these topics with one of Wall Street’s leading crypto analysts.

Recorded July 15, 2025. We're just past the half way mark of one of the most geopolitically and politically volatile years for decades - yet key digital assets are continuing to set new highs. On the face of it, it's a classic set-up for a significant pullback, maybe exacerbated by simmering inflation and questionable growth, combined with rising skepticism on earnings, amid lofty valuations.Still, considering Bitcoin's historical asymmetric risk-adjusted return profile, the outlook's almost certainly going to be more nuanced.That makes the CF Benchmarks Q3 outlook report an essential guide for what to watch in the current quarter and how to play it.Join Head of Research, Gabe Selby, CFA and Research Analyst Mark Pilipczuk as they talk through their report: 'Alpha in the Aftermath: Moving Beyond the 60/40' on the latest episode of CFB Talks Digital Assets.A few highlights from the conversation:The Fed's 'impossible' balancing act amid tariff uncertainty and the risk of cutting too late - not to mention prospects of a 'Shadow Fed Chair'How cracks are showing in lengthening bond auction 'tails', hinting that vigilantes are again waiting in the wingsBitcoin's place, alongside real estate, gold, and other assets, with the resumption of dollar debasement on the horizonBTC's 'unique' edge amid the SAB121 repeal, paving the way for mass collateralizationHow multi-asset portfolios are in focus ahead of the SEC's anticipated universal listing procedures for spot crypto ETFs - enabling institutional allocation in sizeAs tokenization switches from science fiction to science fact, with platform's like Kraken's xStocks, how the era of smart contract platforms has truly begunFor informed insights on these points and more, from institutional practitioners across all asset classes, listen in now.

The recent debut of Evolve's XRP ETF (XRP), and Evolve Solana ETF (SOLA), show the firm remains at the cutting edge.Forward-thinking investment management has been key, and that's been consistently supplied by Evolve's CIO, Elliot Johnson.Join us to hear how Elliot navigates the unique opportunities and challenges of managing listed crypto investments in Canada.Just a few of many conversation highlights...How professionals can bridge the gap in investors' understanding of staking ETFsHow Evolve operationalizes staking in Evolve Solana ETFElliot's crystal-clear breakdown of how XRP fixes the costly and inefficient cross-border payments systemWhy Evolve Cryptocurrencies ETF (ETC) serves as an alternative rail for first-time digital asset investorsListen in now, and learn for tomorrow!DISCLAIMERPublished July 1 2025.Evolve Funds Group Inc. is the investment fund manager and portfolio manager. All Evolve ETFs’ funds described herein is offered by Evolve Funds Group Inc., and distributed through authorized dealers. The information contained herein is a general description and is not intended to be specific investment advice or a recommendation or solicitation to buy, sell, stake or hold any crypto asset or engage in any specific strategy. You should not act or rely on the information contained herein without seeking the advice of an appropriate professional advisor. The information contained herein is intended for informational purposes as a summary only, does not constitute an offer to sell any securities or a legally binding obligation, it is qualified entirely by, and should be read in conjunction with, the more detailed information appearing in the prospectuses found on the Evolve Funds Group Inc website at evolveetfs.com. The unpredictable nature of the cryptoassets can lead to loss of funds. Leverage increases risk. Commissions, trailing commissions, management fees and expenses all may be associated with exchange traded funds (ETFs) and mutual funds. Please read the prospectus before investing. ETFs and mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Certain information contained herein is obtained from third parties. Evolve Funds Group Inc. believes such information to be accurate and reliable as of July 1 2025, however, we cannot guarantee that it is accurate or complete or current at all times. The information provided is subject to change without notice. Certain statements contained herein are forward-looking. Forward-looking statements (“FLS”) are statements that are predictive in nature, depend upon or refer to future events or conditions, or that include words such as “may,” “will,” “should,” “could,” “expect,” “anticipate,” “intend,” “plan,” “believe,” or “estimate,” or other similar expressions. Statements that look forward in time or include anything other than historical information are subject to risks and uncertainties, and actual results, actions or events could differ materially from those set forth in the FLS. FLS are not guarantees of future performance and are by their nature based on numerous assumptions. Although the FLS contained herein are based upon what Evolve Funds Group Inc. and the portfolio manager believe to be reasonable assumptions, neither Evolve Funds Group Inc. nor the portfolio manager can assure that actual results will be consistent with these FLS. The reader is cautioned to consider the FLS carefully and not to place undue reliance on FLS. Unless required by applicable law, it is not undertaken, and specifically disclaimed that there is any intention or obligation to update or revise FLS, whether as a result of new information, future events or otherwise.

North America's true spot crypto ETF pioneers are Canadian!The first physical Bitcoin funds listed on Toronto's TSX in early-2021.Now, Canadian issuers are leading crypto's integration into mainstream markets again, with the region's first Solana ETFs - and - the first to incorporate staking.Among these, 3iQ's Solana Staking ETF (tickers: SOLQ.U. SOLQ) is gathering assets fastest to date, and the firm is also staging an exciting expansion into a broader range of digital asset investment products and services.So, for a timely overview on Canada's regulated crypto space, exclusive insights on how staking works in ETFs, plus pointers on what 3iQ's building right now, we're delighted to welcome their CEO, Pascal St-Jean, to the CFB Talks Digital Assets podcast.Join us for exclusive insider insights, including:* Why Solana staking ETFs were the next logical frontier* How 3iQ plans to leverage crypto native R&D to compliantly stake above 50%* How Canada's pragmatic regulatory regime makes XRP the obvious choice for the next crypto ETFs* A sneak peek at 3iQ's custom solutions for wealth and advisory channels, and cutting-edge institutional DeFi rails* Keep a close eye on Canada's pension and wealth allocatorsDon't sleep on Canada's influence on crypto's evolution - and don't sleep on this episode!Dive in now and stay ahead.

With a notional $1 trillion-plus in CME Bitcoin and Ether futures settled by CF Benchmarks indices since their launch, our partnership is one of the most pivotal in crypto.Meanwhile, after the Solana futures debut in March, and with the launch of XRP futures coming next week, the leading derivatives marketplace continues to play a critical and growing role in the evolution of the digital asset class. It's why we're stoked to welcome Brian Burke, CFA, senior director overseeing crypto options at CME Group, as our extra special guest on the CFB Talks Digital Assets podcast!Join us for an exclusive look inside crypto's biggest regulated marketplace, where both institutional and retail participation are accelerating.A few of many enlightening talking points:'Crypto VIX' Futures? - With global market volatility in the news, how close are we to CME Bitcoin volatility futures?Quicker Roadmap - how increasing regulatory clarity, rising market maturity, and falling information asymmetry are driving a faster cadence of crypto derivative launches - and what to expect nextSolana Surprise - SOL futures volumes and open interest are outpacing expectations: what's behind the momentum?'Proto Perps' imminent - With smaller contract sizes and super-long dated expiries, how upcoming Spot Quoted Futures (SQF) can fill the retail gap even more - and why institutional players are interested tooDive in now for a revealing conversation on the oldest derivatives venue's enduring place in the newest asset class!

As markets contemplate what the next 100 days hold in store, we're stoked to have another dose of exclusive insights from FalconX's Head of Research, David Lawant, from his vantage point serving the biggest investors in the world. A small sample of topics you really don't want to miss:Meet Bitcoin's decoupling from alts, with institutions playing a bigger role via ETF flowsOne crucial difference between Bitcoin's 'tariff crash' and historical routs: volumes were 25%-50% lower this time'Goldification': how BTC's dollar-defensiveness and flattening implied volatility make it more and more of a safe havenA surprise split between Solana client personas: did you know crypto native institutions trade more SOL than ETH?'Ethereum is Dead' vs. 'Ethereum's Just Getting Started' - a tactical bias in ETH trading post ETF options debutCFTC-regulated 'perps' are coming - very probably! How markets are sleeping on the implicationsGet ready for whatever's next. Dive in now!

In this episode of CFB Talks Digital Assets, we break down CFB Research's Q2 2025 Market Outlook, “The New Equilibrium: Unraveling Economic Tension & Thematic Tailwinds."From stubborn inflation and global growth uncertainty to proactive regulatory shifts and strengthening structural themes, the quarter ahead is defined by both tension and opportunity. We explore how digital assets are being shaped by overlapping forces: macroeconomic crosscurrents, legislative momentum, and evolving investor preferences.Sample highlights ↓* The shift in US trade policy and what it means for the path of monetary policy* How pending legislation could set US issuers to dominate the stablecoin landscape* Ethereum’s Pectra upgrade and what it means for the network going forward*Why we anticipate the value factor to outperform going forward, and what CFB's factor model tells us about last quarter's move* Bitcoin’s correlation with global M2 and the potential for a liquidity-driven move in Q2If you’re looking to make sense of an investment landscape at a critical inflection point—this is your guide to the themes that matter.Recorded Friday April 4, 2025.

We’re delighted to welcome one of the most esteemed and authoritative institutional crypto practitioners back to the CFB Talks Digital Assets podcast - Matt Hougan, Chief Investment Officer of Bitwise Asset Management.As well as informed insights on recent market volatility, we’re also fortunate to get Matt’s take on critical regulatory and political developments impacting the space so far this year.Sample highlights ↓* Signs of exponential growth in the Bitwise VettaFi financial advisor survey:- Allocations doubled to an all-time high of 22% in 2024; a rate equivalent to the growth over the previous six years combined* How existing investors are moving beyond Bitcoin and Ethereum to explore the ‘crypto sleeve’ - diversified crypto portfolios, and why that trend is set to prevail.- Also, why 60/30/10 is optimal* Why markets are still over-discounting the significance of Washington’s proposed Bitcoin Strategic Reserve* Despite the SEC’s Ripple retreat, how Solana (SOL) is likely still in pole position to be the next crypto approved for spot ETFsWe can’t stress enough: this conversation is packed with informed alpha, from quite possibly the best-known crypto CIO in the world - do not miss!Recorded March 20th, 2025.

Recorded March 11, 2025.Time for the Q1 market review edition of our CFB Talks Digital Assets podcast - where the CF Benchmarks research team, Gabe Selby and Mark Pilipczuk, put that complex first quarter under the microscope.Key themes:■ How sharp does a crypto market tumble need to be to constitute a correction?And when does a crypto correction become a bear? Get our analysts’ take on the equivalent of the down 10% but <20% rule of thumb, for stocks■ Even amid the overall downturn, our Diversified Broad Cap Index - best proxy for crypto beta - underperformed its free float counterpart by 800 basis points. Hear why■ Takeaways from the broader negative breadth in Q1 2025 vs. Q3 2024. And what’s the story behind XRP’s solo positive performance among large caps?■ Flight to quality is no stranger to crypto! Detail and potential alpha in the aftermath of ‘Meme-lash’...■ Quantifying and qualifying the strengthening stocks-crypto correlation. And why was the strongest crypto-fixed income correlation with 20-yr US Treasurys?

Following Franklin Templeton’s recent launch of Franklin Crypto ETF, ticker EZPZ, the asset management giant now has three digital asset ETPs in its roster. But if you thought Franklin’s crypto journey only began with the Bitcoin and Ether ETFs it listed last year, you’re probably unaware of just how significant and longstanding its digital asset footprint actually is ... not to mention the laser eyes! Well, here’s your best chance to catch up quick: we’re honoured to welcome Franklin’s Head of Digital Assets, Roger Bayston, and Head of ETF Product and Capital Markets, David Mann, to the CFB Talks Digital Assets podcast. Join us to learn how EZPZ is just one of the fruits of Franklin’s growing track record on-chain, stemming from their tokenized money market fund launched in 2021, and beyond. Sample highlights in our deep dive -What makes Franklin Crypto ETF the most EZPZ route to BTC + ETH exposure?Why Franklin chose our CF Institutional Digital Asset Index – US Settlement Price (IDAX) as EZPZ’s reference indexSigns that advisors are coming round to the idea that zero allocation to crypto is the biggest riskWhy Roger thinks getting indices like IDAX into model portfolios could be key for greater crypto diversificationHow learnings from Franklin’s multi-chain money market fund, FOBXX and its BENJI token, are paving the way to increased efficiency, convenience, and growth for investorsThe Franklin Templeton edge with advisors, from a deep bench of crypto expertise, research - and that unmatched history on-chainFor a conversation packed with institutional crypto insights, grab this show right now!

One of Ethereum’s newest and most exciting Layer-2s is of course Ink, unleashed by Kraken on the Optimism Superchain in December - so we’re thrilled to welcome Andrew Koller, Ink’s founder, to the CFB Talks Digital Assets podcast. With deep on-chain expertise, Andrew dives into some of the most critical topics shaping the future of Ethereum, institutional participation, and how the network scales to a billion users. Top points include:Are meme coins the ultimate Trojan horse for mass adoption, or is their life cycle limited?Can Ethereum learn from Solana’s UX, and how can users expect the on-chain experience to be more seamless following the Pectra upgrade?How Kraken’s expertise in stablecoins is being put to work to improve on-chain liquidity using USDT0Are partnerships with players like Securitize paving the way for a wider array of tokenized assets, and what can Ink do to make institutions comfortable bringing assets on chain?The rationale behind building on the OP stack and the road towards full decentralizationAll in all, this is a must-listen for anyone interested in Ethereum’s future.

Recorded 29 January 2025.We’re beyond stoked to welcome Marco Santori as our guest on the CFB Talks Digital Assets podcast.Marco was Kraken’s Chief Legal Officer for, quite possibly, 5 of the most pivotal years crypto will see for some time, and he remains a senior Kraken advisor.Widely thought of as ‘Crypto’s Attorney’, Marco has been the driving force behind several initiatives in the US - many with implications beyond - aiming for fairer and clearer future regulations, and a more rational application of current regulations.Little wonder Marco is also - reportedly - a candidate to be chair of the Commodities and Futures Trading Commission (CFTC).If you’re serious about how US crypto regulation could (and should) evolve, and what could truly revolutionize access to digital assets there, don’t miss this episode.Top points include:De-constructing Operation Choke Point 2.0: how ‘shadow de-banking’ gets dismantledWhat needs to happen for a Crypto Strategic Reserve to see the light of day ... if it ever willWhy FIT 21, Token Generation Events (AKA ICOs) and streamlined tax reporting should be among top priorities of the White House’s crypto working groupWhy there’s a ‘good chance’ the SEC will pivot to ‘in-kind’ from ‘cash-create/redeem’ for crypto ETFsThe super-fast route to market for Solana ETFs (and others) by SEC discretion

Recorded 17 January 2025.The potential for factor-based investing to one day be applied to digital assets, has long been a tantalizing prospect.But it’s not been possible - till now.CF Benchmarks’ recent report - ‘A Factor Model for Digital Assets’ - demonstrated the existence of ‘classic’ asset market behaviour patterns (factors), like Momentum, Liquidity, Value and others, within the crypto asset class, beyond any reasonable doubt.For the clearest possible exploration of the research, the CFB Talks Digital Assets team were stoked to welcome CF Benchmarks quant and product manager Cristian Isac, back to the podcast.Listen in to 5x your understanding of Crypto Factors.Key points include....The quickening pace of institutional participation, and why it means the time for a digital asset factor model is nowHow classic models like CAPM and Fama-French were adapted for use on crypto’s unique dynamicsSurmounting the data quality challenge: observations across rebalances, universes, and monetary regimesImpressive results; e.g.: Size - risk premium: ~9% annualised; Sharpe: 0.5; Growth - risk premium: ~25% annualised; Sharpe: ~ 1.5All in all, this episode should be essential listening for quants, portfolio managers, and investment professionals in general; anyone, in fact, serious about the evolution of digital asset investing.

Recorded 7 January 2025.Digital assets have a high bar to beat in 2025, after a stonking 2024!But with a new pro-crypto US administration waiting in the wings, this year promises to be just as consequential.Markets-wise, January is off to a less than sure-footed start.As CF Benchmarks Head of Research Gabe Selby, CFA, and Research Analyst, Mark Pilipczuk point out in our first podcast of 2025, it’s a follow-on from the ’Santa Rally’s no-show in December.That was after one of the strongest returns for years by our mega cap basket, the Ultra Cap 5, though.And, with alts underperforming overall, catch-up trades could be on the table. But which ones?Join Gabe and Mark, with Head of Content, Ken Odeluga, as they tally up crypto’s seismic 2024, and surface everything to watch going into another critical year.Top themes:AI agents: With some already earning above the median US wage, find out how they could soon be market-making, operating cross-chain liquidity, and even making agent-to-agent transactions. What could possibly go wrong!Ether fund flows punched above their weight relative to the ETH/BTC ratio into year-end, but ETH AuM still doesn’t reflect that pair’s joint market cap weight. Does Dec’s $2B ETH inflow mean the catch-up is on?Regulatory transition: How likely are we to see Solana and XRP ETFs, before we see SOL and XRP DCMs? Which filings have the highest chance of near-term approval?How to gauge when our research team’s call for RIA crypto ETF holdings to breach 50% of the total is in sightAll in, it’s time once again to grab your preferred beverage, sit down, and soak up the latest insights from our true institutional insiders.

Recorded 19 December 2024.The final CF Benchmarks podcast episode of the year is the perfect companion for exploration of our research team’s 2025 Market Outlook Report, which is picking up a lot of well-deserved media attention right now! Join Head of Research Gabe Selby, CFA, and Research Analyst Mark Pilipczuk, as they unpack the highlights with Head of Content, Ken Odeluga.Get our analysts’ reaction to the Fed’s ‘hawkish pivot’ last week, which upended policy expectations and triggered a big volatility spike. How much has the rate outlook really changed? And what are the implications for markets?The Bond Vigilantes are back! How will the Fed react as these influential participants flex their muscles?As for crypto in 2025 - we’re set for another exciting year. Listen in as our research team breaks out the highest-probability themes:Implications of a huge ramp up in blockchain scalability, with transactions per second starting to outpace legacy infrastructure speedsHow the TradFi-crypto convergence could be fuelled by a 50% surge in stablecoin growth to $300 billion by end 2025Meet your new crypto AI AgentWhy RIAs are set to take over as the dominant holders of crypto ETFs from hedge fundsThe Regulatory Reset - key bills to watch in 2025: The Bitcoin Act, FIT21, Loomis - Gillibrand, and others* Clarification of comments on net fund flows (27:40):“$37 billion” refers only to total flows into BlackRock’s iShares Bitcoin Trust ETF. For precision, BlackRock’s IBIT achieved nearly $53 billion in AuM within 11 months post-launch. As of December 2024, total U.S. spot Bitcoin ETF AuM was around $105 billion.

Recorded 10 December 2024.After one of the most consequential crypto quarters for years, join CF Benchmarks' Head of Research Gabe Selby, CFA, and Research Analyst Mark Pilipczuk on the latest CFB Talks Digital Assets podcast, as they talk through the major global market, on-chain, macro and blockchain economic drivers spotlighted in their Q4 Quarterly Attribution Report!Start with an informed recap, including Bitcoin's $100,000 milestone, propelled by a heady mix of rate cuts and a regulatory re-rating after Trump's election win; plus record ETF inflowsTake a 3D look inside the Fed's policy pivot: yes, softening yields and easing financial conditions are bullish, but hear why persistent inflation and an ambitious incoming fiscal agenda could bring fewer cuts, or even a pause, sooner than expectedDig into standout gainers like Ripple's XRP and Cardano's ADA, which surged 378.86% and 266.08% respectively. Learn why our CF Digital Culture Index rocketed 103.62%, while our CF Blockchain Infrastructure Index 'only' surged 82.34%Understand why DeFi protocols like Uniswap and AAVE could turn out to be 'canaries in the coal mine' for whether 'regulatory optimism' is over, or under-shootingPlus, after the first truly meaningful Bitcoin basis expansion for years and potential emergence of a consistent ETH basis, where sophisticated participants are likely to position nextFor investors of all kinds, there are few better ways to make sense of what was an exciting yet complex quarter than to follow along with our two expert insiders.Grab a coffee and dive into the show now!

Recorded 26 November 2024.As crypto’s banner year draws to a close, we’re stoked to welcome two of the most insightful experts in the capital markets space to CFB Talks Digital Assets: FalconX’s Head of Research, David Lawant, and their ETF Business Development Manager, Nello Cafcules.FalconX is the world’s leading crypto prime brokerage, so who better to talk through the recent debut of options on Bitcoin ETFs, one of the biggest derivative launches ever, as well as a brace of other hot topics?Join us as we explore why crypto ETF options represent multiple ‘unlocks’, and an even deeper digital asset convergence with TradFi than widely recognisedHear why the latest 13F filings make Nello “very bullish” on the chances of giant capital allocators adding Bitcoin ETFs in the coming yearEvidence that ‘TAMPS’ - turnkey asset management providers - are making final preparations to on-ramp RIA clients to their platformsWhat’s in store on the regulatory front from the change of leadership at the SEC, and the super pro-crypto Trump administration? We explore potential for in-kind create/redeem Bitcoin ETFs, and more ....Why we should all keep a close eye on David’s ‘Liquidity Absorption Ratio’ concept, for clues on when Bitcoin could break above $100kDive into our latest in-depth podcast chat for exclusive insights on all these points and a lot more!

Recorded 18 October 2024.CF Benchmarks’ recently launched quarterly market outlook series is on tap for an extra special episode of the CFB Talks Digital Assets podcast! The first report in the series, for Q4 2024, landed in the run-up to the hotly anticipated U.S. election. Join our Head of Research, Gabe Selby, CFA, Research Analyst, Mark Pilipczuk, and Head of Content, Ken Odeluga, as they talk through the key macro and political details that really matter, after Trump’s second presidential win.Hear our research team’s base case economic outlook for a soft landing - which remains on track - plus implications for digital asset returns and positioningLearn why the Fed is increasingly boxed into a corner on policy, as markets signal a deeper easing path will be necessary, with potential impacts on digital assetsThe secular crypto themes most likely to prevail in the medium to long term: the rise and rise of stablecoins, Ethereum winning the scalability wars, money market funds as the vanguard of tokenization growth - also, what are DePINS?Whether you’re an institutional or individual investor, be sure to grab a coffee and lean into our research team’s long-form insights at this critical macro and geopolitical juncture!

Recorded July 26, 2024.For the latest episode of CFB Talks Digital Assets we sat down with Nuno Serafim, Managing Partner at Lisbon-based 3 Comma Capital, who recently launched their Global Crypto Fund, deploying our regulated CF Ultra Cap 5 EUR index as its benchmark.It was a rare opportunity to look over the shoulder of and hear granular insights from a veteran portfolio manager of traditional assets, who's made the transition to crypto investment management.Listen in to hear the thinking behind the fund's objectives - and perhaps prepare to be surprised by the classic 'cautious' investment style underlying its structure and allocation strategy!A few of the many hot topics covered:The unique digital asset characteristics offering enhanced risk-adjusted returns relative to traditional assets, sealing the decision to go for alpha generation instead of beta replicationWhy a 25% max allocation within the UC5 EUR universe is optimalHow Global Crypto's UC5 benchmark sets it on a course to follow crypto's 'quality factor'How 3 Comma Group's unique vantage point in VC, as an innovation hub and in blockchain intelligence provides the Global Crypto fund with a sustainable edge

Spot Ether ETFs are finally here!Just like for Bitcoin ETFs though, the path to approval has been full of suspense and drama.Whether it was SEC chair Gary Gensler’s previous view that Ether was a security; the controversy over staking (note: no spot Ether ETFs include staking) or regulatory actions against non-ETF platforms ... the process often felt like it was one plot twist away from complete shut down.With four CF Benchmarks clients among the major investment firms whose filings were approved - supported by our regulated ETHUSD_NY index - once again, we had a ringside seat.To hear what we learned, join CF Benchmarks CEO Sui Chung, Head of Content Ken Odeluga, and Head of Research Gabe Selby, CFA, for an extra special episode of the CFB Talks Digital Assets podcast.* Hear how ETH ETF filings subtly (and sometimes not so subtly) changed to meet SEC expectations; offering more clues on the regulator’s still opaque approval criteria* Also, how the Commission abruptly dropped opposition to ETH ETFs - weeks after receiving our analyses, data and commentary - then cited our thinking in its approval order!* But did we really change the regulator’s mind?* Get Gabe’s data-driven analysis of why modest expectations on ETH ETF inflows might be undercooked* Why, despite talk of a changing US regulatory landscape, the wait for a Solana ETF could be a protracted one - even if Gary Gensler steps down from SEC!For our take on all those points, and honestly, way more than we can list here, listen to this episode now...

Recorded 20 June 2024.With Bitcoin’s realised volatility still regularly touching 50%, the multibillion dollar launch of US spot Bitcoin ETFs this year underlines institutions’ need for more efficient ways of managing crypto risk. This makes the new CF Bitcoin Volatility Index (BVXS), the only direct measure of CME BTC implied volatility, a timely addition to our roster of regulated benchmarks. But how exactly does BVXS work? Our Head of Product, Thomas Erdösi joined Ken and Gabe on CFB Talks Digital Assets for a step by step guide on the index, and a tour through crypto volatility in general. Just a few of many highlights:What CBOE VIX’s history tells us about how institutions are likely to deploy BVXSMeet the only CME Bitcoin Volatility Surface you’ll ever encounter in the wild...Use cases: from streamlined and granular tail risk hedging, to pure sentiment gauges, ETPs and moreWhy BVXS is another inflection point — for the CME CF Bitcoin Liquidity Complex and institutional participation overall

Recorded 13 June 2024.2024 is already crystallised as one of the most consequential years ever for digital asset adoption, but unfortunately, the recent quarter saw asset prices mostly consolidating - at best.As CF Benchmarks’ Head of Research, Gabe Selby, CFA, notes in his latest Quarterly Attribution Report (QAR), “price action was primarily driven by opposing forces”.Gabe sat down with CFB’s Head of Content, Ken Odeluga in the CFB Talks Digital Assets podcast, for their regular walk through the quarter’s major crypto drivers, this time for the March - June rebalance period.Highlights:US Stock Market-Esque narrow participation for CF Broad Cap Index - Just 9 out of 45 constituents drive its 8% gainNEAR’s 74% surge anoints it as crypto’s AI touchstone - but what’s likely to happen next?Crypto’s superior diversification benefits relative to stocks, with CF Broad Cap’s consistently weaker negative correlation to rate expectations vs. Nasdaq 100If you’re a TradFi institutional manager, it’s time to add the Ether-Bitcoin Ratio to your dashboard - get Gabe’s 101!And yes; we need to talk about meme coins...

Recorded May 22, 2024. One of our earliest and longest-standing clients, Monochrome, today forged another major step for institutional digital asset adoption in Australia, by listing Monochrome Bitcoin ETF (ticker: IBTC), the first and only Aussie fund that invests directly in Bitcoin.We were lucky enough to grab half an hour with their busy Head of ETF Operations Grayson McLeod, just ahead of the listing, for the latest episode of CFB Talks Digital Assets.Listen in to hear what it takes to launch a proper Bitcoin ETF in Australia, and about the biggest untapped institutional opportunity for crypto there.Just a few of the many highlights↓▪︎ Why IBTC really is the first and - still - Australia’s only pure play Bitcoin ETF -- it’s the only one operating under Australia’s Crypto Authorised License framework▪︎ How full adherence puts IBTC in pole position for potential mega allocations from Australia’s mandatory superannuation pensions system▪︎ Why Monochrome switched to Cboe Australia from ASX. And why it’s ultimately been beneficial, particularly in view of the firm’s long-term plans▪︎ The importance of IBTC’s move to our CME CF Bitcoin Reference Rate - Asia Pacific (BRRAP) for its benchmark, as liquidity becomes more evenly distributed across major time zones

Recorded April 30, 2024. With so much mainstream attention on the launch of digital asset funds on US exchanges, it’s easy to overlook the fact regulated spot crypto exchange traded products (ETPs) have been around for far longer in Europe than in the States! This highly active and liquid market is typified by firms like ETC Group, one of the region’s largest crypto focused fund managers, in AuM terms. ETC recently listed its Core Bitcoin ETP (Ticker: BTC1) which offers a unique ‘Tri-NAV’ facility, based on CF Benchmarks’ three regulated Bitcoin Reference Rate variants. We were fortunate enough to sit down with ETC’s Head of Product, Chanchal Samadder, for what we believe is the most informed take on Europe’s crypto investment product market you’ll hear for some time. Get stuck into the latest episode of CFB Talks Digital Assets to hear:Details on that exclusive Tri-NAV: how it works, and why it provides primary market participants with the ultimate flexibility to transact Bitcoin, in a regulated wrapper, across the global trading day;What drove ETC Group’s decision to launch BTC1, even as it continues to manage its first Bitcoin ETP, which remains Europe’s most-traded spot Bitcoin fund;Chanchal’s insights on Europe’s institutional crypto investment landscape; the evolution of demand for large-caps, and why the region is likely to lead in the future, as demand for diversified digital asset index products grows.

Recorded March 27, 2024. The CFB TDA crew hosts David Lawant, Head of Research at FalconX, a leading institutional digital asset prime brokerage that provides secure, efficient, and compliant access to digital asset markets.Join us as we lift the veil on one of the more exciting yet less covered areas of the market and get an insider's view on the OTC trading segment: who are the institutions making markets for the new spot ETFs? What are the latest key developments? With his extensive experience in digital asset research and market analysis, David provides unique insights into this rapidly evolving sector.

Recorded 15 March 2024. Digital asset markets just saw one their best quarters since the end of ‘Crypto Winter’ - and you guessed it, the unprecedented influx of demand, liquidity and inflows into the new investment product class of Bitcoin ETFs played a major part. But that’s not the whole story of course! CF Benchmarks’ Head of Research Gabe Selby CFA, talks through the December-March quarter’s rip roaring performance with Ken Odeluga, Head of Content, through the lens of our portfolio indices.

Recorded March 1, 2024. Political intrigue at the SEC, the fastest-growing ETFs in history, and what chance of a spot Ether ETF by this summer? Exclusive insights from James Seyffart, one half of the Bloomberg Intelligence ETF team that successfully predicted the launch of the first U.S. spot Bitcoin ETFs, and who now place the odds of a spot Ether ETF approval at 60%.

Recorded 21 December 2023. It’s time for another episode of CFB Talks Digital Assets and this time we’re featuring our latest Quarterly Attribution Report (QAR)! This QAR is written, as usual, by Lead Research Analyst, Gabe Selby, CFA. In this episode, Ken and Gabe discuss the following topics:Could SEC-approved crypto ETFs spark mainstream adoption?CME futures interest is surging on ETF hopes. Are spot Bitcoin and Ether funds a watershed moment?Our crypto indices beat stocks again. Are Web 3.0 and DeFi leaving equities in the dust?Interest rate expectations shift for 2024.What's the outlook for crypto as inflation declines?This is an instalment that you do not want to miss!

Recorded 20 December 2023. It's crunch time for the seven major investment management firms aiming to use our CME CF Bitcoin Reference Rate - New York Variant (BRRNY) to benchmark the first U.S. spot bitcoin ETFs!The SEC is expected to come to a final decision in coming days.A 'yes' will change the face of mainstream investing forever.At this critical juncture, we are honoured and unbelievably fortunate to have Matt Hougan, Chief Investment Officer of Bitwise, as our guest on the latest CFB Talks Digital Assets podcast.Matt is, of course, one of the best-known, and most widely respected, institutional digital asset leaders, at one of the longest established institutional crypto investment firms.You do not want to miss his accredited insider's view of the run-up to this potential watershed moment!Plus, his assessment of how things will shake out if, and when, access to Bitcoin in the mass-market ETF wrapper finally becomes a reality.Listen in to our exclusive conversation for Matt's take on the highlights below, and more...Will the SEC approve all 13 ETFs at once? Or just a select few?Don't believe the FUD - spot bitcoin ETFs really will transform access to cryptoWhy in-kind creation and redemption is the best share creation method, and why it's likely to prevail in time, despite the SEC's preference for cashHow BRRNY's unmatched institutional liquidity gives the firms using our benchmark the edge for tracking and replicationHow 'The Most Interesting Man In the World' came to star in 'The Most Viral Investing Commercial For Years'!Matt's outlook for crypto in 2024

Recorded 16 November 2023. On the latest episode of CFB Talks Digital Assets, we’re fortunate to be joined by Yubao Flora Lou, Chief Product Officer of Meta Lab HK, the fast-growing #digitalassets unit of Harvest Global Investments Limited!This follows the recent launch of our CF Meta Lab GameFi Index.Key talking points:What is #GameFi exactly? (AKA, Play-to-Earn Gaming.)A look under the hood of our new GameFi indexRising institutional interest in Web 3.0/GameFi in Hong Kong (HK)How HK asset managers can create funds, structured products and strategies, based on our GameFi indexPlans for more indices under the Meta Lab-CFB partnershipMeta Lab's ultimate goal to launch spot #crypto #ETFs

Recorded 19 September 2023. In this edition of CFB Talks Digital Assets, Ken and Gabe discuss the main takeaways from the latest quarterly performance attribution analysis on our flagship indices. They dive deep into what has been driving crypto markets, from the recent spot Bitcoin filings to the court decisions on GBTC and Ripple. Ken and Gabe highlight what this will all mean for both institutional and retail investors. Next, Gabe shares what are some of the most important trends that are occurring with staked Ether and who the main leaders and laggards were for the quarter. Be sure to tune in to our discussion to learn more!

Recorded 9 August 2023. In this episode of CFB Talks Digital Assets, Hosts Ken Odeluga and Gabe Selby, CFA, alongside CFB’s Lead Quant, Cristian Isac, dive deep into the heart of our proprietary digital asset taxonomy, revealing its vital role in helping practitioners better understand the blockchain economy. Whether you're a seasoned investor or just starting your journey, understanding how different tokens and coins fit into the bigger picture is crucial. Key takeaways to look forward to:Discover why a solid taxonomy is the cornerstone of crypto comprehension. It's not just about knowing the lingo; it's about grasping the intricate workings of blockchain. From investors to lenders, our taxonomy offers insights that are as helpful as traditional financial standards;We unpack the essence of our CF Digital Asset Classification Structure (CF DACS), starting with a visual tour to get your bearings. Then, we plunge into the fundamental principles and basis of classification;What sets CF DACS apart? You'll explore a series of real-world use cases that makes the CF DACS so useful for investors such as performance attribution, active-risk analysis, to even measuring market beta exposure through different crypto segments and categories.Embark on this episode to help gain insights that you won't want to miss!

Recorded 28 July 2023. Here at CF Benchmarks, we don’t downplay the fact that crypto is potentially one of the riskiest asset classes around. But thinking more constructively, how can those risks be managed? In fact, because digital assets are so dissimilar to traditional assets in terms of technological complexity, their mode of economic participation and more, how do we even determine and measure such risks? These are the kinds of questions our guest on the latest episode of CFB Talks Digital Assets, Kyle Downey, has been grappling with for years. Kyle is co-founder and CEO of crypto risk analytics firm Cloudwall, and he quickly realised that although risk management is fundamental to any market activity, Cloudwall finds itself among the relatively few companies researching and constructing cogent models to credibly address that need. We think the stimulating conversation between Kyle, Gabe Selby, CFA and Ken Odeluga will be as educational for you as it was for us. Some highlights:Why the ‘four quadrants of risk’ - market, liquidity, operational and credit - require radically different ‘weightings’ for digital assets than for traditional assets;How Cloudwall surmounts crypto-specific data challenges like the relatively short historical horizon and data quality;Key features of the Serenity Portfolio Risk System, including the first commercial grade factor risk model for cryptoassets;Potential integration of our CF Digital Asset Classification Structure (CF DACS), the first standardised universe of eligible cryptoassets, into Cloudwall models, to enable accurate attribution of digital asset category and sub-category risks;Looking to the future, how Cloudwall is modelling the uniquely discontinuous systemic risks of DeFi - “deeper down the stack” of a DApp, or the ledger of a smart contract.

Recorded 13 July 2023.Ever since BlackRock’s surprise filing to list a spot Bitcoin ETF, powered by our regulated CME CF Bitcoin Reference Rate - NY Variant, it's been a top talking point among institutional investors. But given CF Benchmarks' participation in more crypto ETF filings than any other provider, we have a uniquely informed perspective on what’s likely to work and what definitely won’t. That means it’s no exaggeration to say CFB’s CEO, Sui Chung is a true insider to BlackRock’s filing, and the applications by 3 other issuers using our benchmark. With the SEC now officially reviewing all filings, listen in to the latest episode of the CFB Talks Digital Assets podcast with Sui as our guest, for exclusive insights:Why this time really might be different;Why Surveillance Sharing Agreements are the ‘silver bullet’;Why a U.S. spot BTC ETF would be a “paradigm shift”.

Recorded 12 June 2023. It’s time to review our latest Quarterly Attribution Report (QAR) - the unique, institutional-grade analysis of market performance drivers, based on our CF Digital Asset Classification Structure (CF DACS).Join CF Benchmarks' Lead Research Analyst Gabe Selby, CFA, and Head of Content Ken Odeluga, on CFB Talks Digital Assets, as they uncover….Just how narrow ‘market leadership’ has been, with the two largest-capitalized - and least centralized - assets, Bitcoin and Ether outperforming as crypto declined overall;How, despite higher volatility on a risk-adjusted basis, the asset class continues to demonstrate asymmetric upside returns through the cycle;Why the positive impact of BTC's new BRC-20 token standard on mining revenue could turn out to be more important than NFTs;Why Algorand was the worst performer in our CF DACS Universe … and why it’s likely to stay tilted towards the downside for now.

Recorded 1 June 2023. We're stoked to have Peter Stern, our Director of Sales & Business Development, as the latest guest on CFB Talks Digital Assets.In many ways, Peter has one of the most difficult jobs in digital assets: selling crypto indices to regulated, notoriously conservative institutions in the Americas! But it’s a job he’s evidently excelled at.As we’ve seen, forward-thinking institutions are beginning to make big strides into adoption.But it takes individuals with considerable skill, knowledge of blockchain economics and traditional finance + patience, to encourage institutions to take that first step.Listen to our stimulating conversation to hear how Peter spearheads CFB’s relationships with some of the most preeminent financial institutions, including BlackRock, which launched the BlackRock Bitcoin Private Trust last year;Why the institutional focus is likely to remain on Bitcoin and Ether for now;How, backed with safeguards built into our regulated indices, Peter plays a major part in driving home the importance of information sharing for listed crypto funds.

Recorded 3 May 2023. Our guest on the latest CFB Talks Digital Assets is Jeff Yew, founder and CEO of Monochrome — and one of the most influential and respected leaders of Australia’s institutional crypto industry. The main topic was Monochrome Bitcoin Trust (IBTC), the only fund authorised under Australia’s crypto product licensing rules. Highlights of our stimulating and educational chat:Why did Monochrome choose the CME CF Bitcoin Reference Rate (BRR) as IBTC’s benchmark?What makes IBTC Australia’s first, and only, authorised crypto fund?Although IBTC is a retail-targeted fund, it’s seeing a lot of institutional interest - how come?What makes the BRR’s 4:00 PM London calculation time ideal for striking IBTC’s NAV?

Recorded 18 April 2023.Engineering and calculating UK Benchmarks Regulation-standard crypto indices is an intellectual capital-intensive enterprise!Fortunately, some of the brightest index architects around work at CF Benchmarks - like Lucy Slee, a Software Engineer in our index team.Our chat with Lucy on the latest CFB Talks Digital Assets is a rare chance to hear how we construct reliable, accurate, high-integrity price instruments. Highlights:Crypto Index Creation for Dummies;Ensuring maximum uptime - by design;For even more complex indices like CF Bitcoin Interest Curve (CF BIRC) and Rolling CME Bitcoin Futures Index - where on earth did we start?Tips for would-be financial index engineers.