CF Benchmarks, a subsidiary of Kraken, the US-based cryptocurrency exchange, is reportedly experiencing significant benefits from the recent surge in spot Bitcoin (BTC) exchange-traded funds (ETFs). According to a report by Bloomberg, CF Benchmarks, which provides reference data for approximately $24 billion in crypto ETFs, is quietly reaping the rewards of the BTC ETF launch. The company licenses its benchmarks to Bitcoin ETF issuers, such as BlackRock, in exchange for increasing fees based on the issuer’s assets under management. In January, the US Securities and Exchange Commission (SEC) approved spot market BTC ETFs, which also debuted in Hong Kong recently. CF Benchmarks CEO, Sui Chung, believes that BTC ETFs will soon be approved in Israel and South Korea, citing the popularity of ETFs as long-term savings instruments in these countries. Bloomberg reports that CF Benchmarks initially expected $5 billion in assets from ETFs utilizing its indices but ended up with a figure four times larger. Chung predicts that another $1 billion in assets will be managed for Hong Kong BTC ETFs by the end of the year. With Kraken acquiring CF Benchmarks in 2019 for a significant amount, Chung expects the company’s revenue to grow “mid-double digits” this year. As of now, Bitcoin is trading at $63,433, experiencing a slight increase for the day.