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CF Benchmarks

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JAN 11, 2024


NEW ERA OF INVESTING STARTS TODAY, WITH SIX CF BENCHMARKS-POWERED SPOT BITCOIN
ETFS

The six spot bitcoin ETFs that strike net asset value (NAV) against the CME CF
Bitcoin Reference Rate – New York Variant (BRRNY) are set to be listed today.

Tickers correct at time of publication


NOT A NORMAL DAY, EVEN FOR CRYPTO

Although, there is certainly no shortage of hyperbole in the crypto space about
many things, it is difficult for anyone to argue that this is anything but a
remarkable watershed for Bitcoin, digital assets, and perhaps most importantly,
the broader, mainstream sphere of investment management.


ACCESSIBILITY

As we and others have highlighted several times over the last few years, whilst
the exact extent and timing is as yet unknown, the impact of the new ‘skill’
that is about to be unlocked (Bitcoin exposure) for U.S. fiduciaries of several
kinds, including RIAs and consultants can only be mechanically seismic.


PERSISTENCE

The moment of course also represents the culmination of the collective,
individual, and corporate efforts of tens of thousands of people who are
committed to both cryptocurrencies as well as to the painstaking regulatory
standards and principles required for Bitcoin to become an exchange traded
investment. It goes without saying that today is their ‘victory lap’.


CF BENCHMARKS' CONTRIBUTION

That done, here is also a fitting point to outline CF Benchmarks' own important
participation as a member of all the above cohorts and at virtually every stage
of the process of getting a spot bitcoin ETF listed (something which was often
dismissed, even in quite recent years, as impossible.)

Whilst of course CF Benchmarks’ CF Bitcoin Reference Rate - New York Variant
(BRRNY) index is at the heart of the six spot bitcoin ETFs that will soon be
accessible to every type of investor in America, CFB’s involvement in the
instigation, progression, support and ultimate manifestation of this new
investment product class did not begin, nor end with simple licensing of that
index.


BEHIND THE BRRNY

First off, it’s worth noting that as the intellectual property of the first ever
FCA authorized index, it follows that the BRRNY is one of the less than a
handful of regulated Bitcoin prices in existence, whilst the scope of its
institutional liquidity and integrity have also been demonstrated several times
over the years, in numerous publications of our rigorous research.

It is also a vindication of our long-held view that our benchmark methodology
has produced a pricing source with a sufficiently long, and demonstrable track
record of market integrity (chiefly meaning resistance to manipulation) as well
as accuracy, that is capable of satisfying the stringent framework of regulatory
parameters for digital asset investment products that’s emerged through the
course of the process of bringing spot Bitcoin ETFs into being.


THE PEOPLE

There are several other aspects of CF Benchmarks’ participation and support of
this process that also should be recorded for prosperity, lest they’re
overlooked.

Let’s start with the pivotal role played by the senior leadership of CF
Benchmarks. The natural focus should of course fall on our CEO, Sui Chung whose
ability to interweave innumerable layers of complexity inherent in establishing
and helming the world’s first cryptocurrency Benchmark index Administrator speak
for themselves. That said, given that CF Benchmarks is clearly at the very thin
edge of cutting edge technology, that should also train the spotlight on our
Chief Technology Officer, Graham MacDonald.

Additionally, the actual ‘impossible’ task of persuading some of the most
risk-averse multinationals in the world to consider stepping into the
cryptocurrency ring, fell to Peter Stern, Director of Sales & Business
Development.

(Watch our podcast episode with Peter here.)

That team has been and is backed up by a (still relatively compact) cast of
equally talented engineers, product managers and others.


CF BENCHMARKS EXPERTISE

With the first attempt to list the first spot Bitcoin ETF now quite famously
known to have occurred around a decade ago, it should also be known that CFB’s
record of involvement covers half of that stretch – CFB was first cited as the
Benchmark Administrator for a spot bitcoin ETF application in 2018.

But our role clearly went a lot further than those words suggest.

CF Benchmarks commentary and guidance documents CFB as the key (actually, often
the only) service provider participating in correspondence between the applicant
and the SEC, regarding critical aspects of the proposed Bitcoin ETF.

Unsurprisingly, the focus was mostly on the same key principal ‘sticking points’
that the SEC has consistently flagged as key concerns that, in its view, should
make such a fund ‘unapprovable’, and which it continued to stress right up to
the last few months.

Crucially as well, CF Benchmarks research demonstrating that its regulated CME
CF Bitcoin Reference Rate Benchmark (BRR) is impervious to market manipulation,
has often been incorporated into submissions and correspondence by applicants,
beginning with that first hopeful in 2018, right up the last and, thankfully
successful, batch.

Such research has been replicated with consistently high fidelity, across both
the BRR itself, and its subsequent variants, including of course, BRRNY.

--------------------------------------------------------------------------------

Next up, the future.

Finally, we’d like to congratulate our clients on the successful culmination of
their long journey to the launch of their spot Bitcoin ETFs. We know that each
of you shares the same commitment to painstaking accuracy, integrity and
quality, on pricing, and more, as we do here at CF Benchmarks, and we wish you
and your clients happy Bitcoin ETF trading!


FIND OUT MORE ABOUT THE CME CF BRRNY

 * CME CF Bitcoin Reference Rate (BRRNY) Index Page 
 * Optimizing Capital Efficiency in Replicating the BRRNY for the Creation and
   Redemption of Shares for US Spot Bitcoin ETFs
 * Suitability Analysis of the CME CF Bitcoin Reference Rate - New York Variant
   as a Basis for Regulated Financial Products











Ken Odeluga


Ken Odeluga

Jan 11, 2024·


MORE ON THIS SUBJECT

How Does a Benchmark Benefit Bitcoin ETF Investors?In the case of ETFs, the
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Feb 21, 2024·3 mins read

Suitability Analysis of the CME CF Bitcoin Reference Rate - New York Variant as
a Basis for Regulated Financial Products - February 2024 UpdateThis paper seeks
to understand whether the CME CF Bitcoin Reference Rate – New York Variant
(BRRNY), the benchmark for six U.S. spot Bitcoin ETFs that, on aggregate, hold
AuM of $9.2bn at the time of writing, achieves the qualities required of a
regulated benchmark.
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CF Meta Lab Index Family Reconstitution AnnouncementThe Administrator announces
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constituents will be removed when the index is reconstituted on March 1st, 2024.
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More posts...


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