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In this week’s CF Benchmarks Live X Space, Head of Research Gabe Selby is joined by Research Analyst Mark Pilipczuk, Kraken Chief Economist Thomas Perfumo, CF Benchmarks Head of Sales Peter Stern, Christian Isaac from the CF Benchmarks product team, and Val Gui, General Manager of xStocks. Together they discuss the latest macro developments, crypto markets, Bitcoin, tokenized equities, and how digital assets are reshaping market structure.
The conversation begins with reaction to June’s payrolls report before unpacking CF Benchmarks’ latest Monthly Market Recap, including the broad-based decline across the CF Broad Cap Index and the factor dynamics driving performance across value, growth, and size. The discussion then turns to tokenization, with Val Gui explaining how xStocks is extending price discovery into weekends and after-hours trading, Peter Stern discussing institutional demand for tokenized equities, and the panel debating how private-market access and accredited investor rules may evolve. The episode concludes with a look at MicroStrategy’s updated capital strategy, its implications for Bitcoin investors, and the key events to watch in the week ahead, including the Clarity Act, FOMC minutes, and SK Hynix’s U.S. ADR debut.
Chapters
00:00 – Intro & Team Welcome
02:30 – Welcoming xStocks' Val Gui
06:11 – June Wrap: Broad Cap Down as Every Sector Bleeds
08:49 – Q2 Factor Breakdown
11:08 – 2021 vs. 2022: Is This Crypto Equity Divergence Deja Vu?
16:42 – Bitcoin's Maturation: ETFs, MicroStrategy and a Bigger Asset Class
19:05 – Institutions Dip a Toe Into Tokenized Equities
25:49 – Inside xStocks' Weekend Price Discovery Data
32:21 – The Platform Play: What Sets xStocks Apart from Competitors
38:20 – Pre-IPO Perpetuals: Pricing OpenAI and Anthropic Before They List
49:42 – The IPO Decision Tree Is Being Rewritten
51:53 – MicroStrategy's Capital Plan: Buying Time, Not Just Bitcoin
56:25 – Week Ahead: Clarity Act, FOMC Minutes and SK Hynix's ADR Debut 59:12 – Closing Remarks
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In the latest CF Benchmarks live X Space, recorded June 25, 2026, Head of Research Gabe Selby is joined by a deep bench from across CF Benchmarks and Kraken: CEO Sui Chung, Head of Sales Peter Stern, Research Analyst Mark Pilipczuk, and Kraken Chief Economist Thomas Perfumo. The team is joined by special guest James Seyffart, Senior ETF Analyst at Bloomberg Intelligence, with a drop-in from Bitwise Head of Research Ryan Rasmussen.
With Bitcoin more than 50% off its all-time high, the panel takes on the question that's all over the headlines: is Strategy breaking the Bitcoin market? The conversation works through Strategy's preferred-share stress, its cash runway, an ETF holder base now underwater for the first time this cycle, the capital rotation into AI and the DRAM trade, and a hotter-than-expected May PCE print, before closing on what they're watching in the coming weeks.
Chapters: 00:00 – Intro & Welcome
03:58 – Is Strategy the Single Biggest Driver of Bitcoin?
06:36 – Dividend Cut or Sell Bitcoin? Pricing the Digital Credit Premium
10:57 – Reflexivity vs Past Cycles: The DAT & ETF Twin Poles
17:16 – ETF Holders Underwater followed by $10B in Outflows
18:30 – What Institutions Are Actually Saying During the Drawdown
23:35 – The Long-Term Bull Case for Crypto
27:36 – Tokenized Equities Overtake Memecoins on Solana
29:00 – The XRP ETF Demand
31:45 – Tracking the 13Fs: Who Currently Owns These ETFs?
33:28 – How Big a Deal Is a Billion-Dollar ETF Launch?
35:38 – Why Index Funds Win Over the Long Term
41:23 – The Elephant in the Room: AI & the DRAM ETF Story
47:44 – Making the Bull Case: Real Incomes & Peak Inflation
50:47 – The Week Ahead: What We're Watching
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Recorded June 18, 2026.
In the latest CF Benchmarks live X Space, Head of Research Gabe Selby is joined by Kraken Chief Economist Thomas Perfumo, CF Benchmarks Research Analyst Mark Pilipczuk, and CF Benchmarks Head of Business Development Peter Stern, with CEO Sui Chung calling in from London. The team also welcomes a special guest: David Lawant, Head of Research at Anchorage Digital and previously head of research at FalconX.
The panel grades Kevin Warsh's first FOMC meeting, unpacks the mechanics of synthetic Bitcoin yield from David's new whitepaper on covered call strategies, examines the arrival of covered-call ETFs, and works through the price movements in Strategy's STRETCH preferred.
Chapters: 00:00 – Intro, Compliance Note & Team Welcome
03:32 – The FOMC Recap: Rates Held, the Statement Slashed, a Dot Goes Missing
05:46 – Grading Warsh's Debut: The Panel's Report Card
15:17 – Killing the Dot Plot? The Forward Guidance Debate
18:45 – The "Fed Put" & Market Reflexivity
24:11 – Hawkish on Rates or the Balance Sheet?
30:38 – Synthetic Bitcoin Yield: Inside David's latest research piece
34:43 – Bitcoin's Volatility Risk Premium & a Call-Heavy Options Market
37:00 – Covered-Call ETFs Arrive: BlackRock's BITA & Advisor Appetite
42:53 – Muted Basis & Funding: Why Yield-Seekers Turn to Options
44:51 – STRETCH Under Stress: Strategy's Preferred Slips Below Par
47:05 – Reading the Spread: STRETCH vs Peer Yield Products
50:20 – Strategy's Mechanics: USD Reserve, Convert Buyback & the Dividend Standoff
53:28 – The Fast Round: What We're Watching Over the Next Week
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In the latest CF Benchmarks live X Space, recorded June 11, 2026, Head of Research Gabe Selby, CFA is joined by Research Analyst Mark Pilipczuk, Kraken Chief Economist Thomas Perfumo, CFA, and CF Benchmarks CEO Sui Chung, with special guest Ishmael Asad, Research Analyst at Bitwise, for a wide-ranging roundtable across macro, markets, and crypto fundamentals.
With long-end yields at multi-year highs, a hot CPI and PPI print, and a new Fed chair stepping in the panel works through the following question: when do a string of "one-off" shocks cement into a structural regime? From there the conversation turns to where capital is actually flowing, contrasting a discounted crypto market, Hyperliquid's fundamentals-driven ascent and entry into the CF Large Cap, and a record-breaking SpaceX IPO drawing in a wave of retail demand.
Chapters: 00:00 – Intro, Team Welcome & Guest Introduction
02:06 – The Macro Setup: Multi-Year-High Yields, Hot CPI & PPI
04:27 – A 1970s Redux? Oil, Iran & the Incoming Warsh Fed
06:50 – How Long Can "One-Off" Inflation Shocks Continue?
09:11 – Hot Labor Data, Rate-Hike Odds & a Global Liquidity Squeeze
14:08 – A View From London: Political Shocks & Stagflation Risk
17:10 – When Good News Is Bad News: Labor Market Cracks & Capital Rotation
19:58 – Spotlight on Hyperliquid: Inside CFB's New Valuation Framework
21:25 – HYPE's Economics: ~$1B Revenue, an 83% Margin & a 61x TTM Multiple
24:20 – Why a Scalable 24/7 Model Commands a Premium
26:13 – HYPE's Institutional Bid: ETF Flows & the Coinbase Deal
28:38 – HYPE Joins the CF Large Cap at Number Five
32:29 – Index Inclusion Explained: Why SpaceX Can't Join the S&P 500 Yet
37:14 – The Bear Case: Token Unlocks & Supply Overhang
39:55 – Hyperliquid's Competition & the Perps Landscape
44:33 – The SpaceX IPO: What Are Investors Looking At?
47:54 – Orbital AI: The Interstellar Data Center Narrative
49:40 – Elon's Playbook: Narrative, Multiples & "Populist Liquidity"
53:16 – Rapid Fire: The Week Ahead
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This episode was recorded live via X Spaces - audio quality varies in places.
Recorded June 4, 2026, the latest CF Benchmarks live X Space finds Head of Research Gabe Selby, CFA joined by Research Analyst Mark Pilipczuk, Kraken Chief Economist Thomas Perfumo, CFA, and CF Benchmarks Product Manager Jen Wang, with special guest John Todaro, Managing Director of crypto and AI/HPC equity research at Needham.
With Bitcoin near $63,500 after thirteen straight days of ETF outflows, the panel works through what a tightening capital markets backdrop, renewed rate-hike risk, and an unresolved US-Iran oil shock mean for digital assets. The conversation turns to why public Bitcoin miners are racing to become AI infrastructure landlords, how MicroStrategy and the new wave of treasury companies are faring under pressure, and where genuine fundamentals are still separating the winners from the noise.
00:00 – Intro & Team Welcome 01:09 – Meet the Guest: Needham's John Todaro
02:48 – Data Check: Bitcoin Near $63.5K as the BVX Spikes
04:23 – Are Fed Rate Hikes Back on the Table?
06:50 – Looking Through the Oil Shock: The Hormuz Premium
08:25 – How Rates Hit Crypto Equities vs. AI Infrastructure
11:37 – Is Bitcoin Mining a Dying Business?
14:11 – Supply Constraints: GPUs, IREN–Nvidia & the Power Bottleneck
18:10 – Public vs. Private Miners: The Great HPC Bifurcation
22:47 – MicroStrategy's First BTC Sale Since 2022 & the Capital Markets Squeeze
27:39 – Why Institutions Want Operating Cash Flows, Not Just Treasuries
30:36 – BitMine's 9.5% Preferred: Does Staking Yield Change the DAT Math?
33:14 – Crypto's Strangest Chart: Hyperliquid, Its ETF & "Fundamentals Not Vibes"
36:29 – The Echo Chamber: Is This Really Capitulation?
38:27 – Bitcoin's Technical Setup & the $59–60K Demand Zone
41:19 – HYPE Joins the CF Capitalization Series (Jen Wang)
42:58 – Reading the Vol Surface: Where the Protection Bid Sits
44:48 – CME BVX Futures Go Live: A Hedging Playbook & the ETN Pipeline
49:58 – Week Ahead: Clarity Act, ERCOT, FOMC & Friday Payrolls
56:16 – Closing Remarks
The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell any of the underlying instruments cited including but not limited to cryptoassets, financial instruments or any instruments that reference any index provided by CF Benchmarks Ltd. This communication is not intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. Please contact your financial adviser or professional before making an investment decision.
Note: Some of the underlying instruments cited within this material may be restricted to certain customer categories in certain jurisdictions.
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This episode was recorded live via X Spaces - audio quality varies in places.
In this week's CF Benchmarks live X Space, recorded May 14, 2026, the team unpacks a packed week for macro, policy and market structure: a hot CPI print that flips rate-cut expectations on their head; the CLARITY Act clears the Senate Banking Committee with bipartisan support; Kevin Warsh's narrow confirmation as Fed Chair designate; and CME announces Bitcoin Volatility futures will launch on June 1.
Join Head of Research Gabe Selby, CFA, Research Analyst Mark Pilipczuk, Kraken Chief Economist Thomas Perfumo, CFA, and - for a special deep dive on CME's watershed product launch - CF Benchmarks Senior Product Manager Xin Wang.
Chapters:
00:00 – Intro & Team Welcome
00:53 – Hot CPI Print: 3.8% YoY & The Rate Hike Pivot
03:25 – PPI Confirms The Trend: Sharpest Print Since March 2022
05:25 – Market Impact: S&P at All-Time Highs, 10-Year Tops Year-to-Date
07:00 – CLARITY Act Markup: Today's Pivotal Senate Banking Vote
09:35 – GENIUS Act as the Analog: Why CLARITY Matters
11:57 – Calendar Risk: Beating the Midterm Clock
13:06 – Warsh Confirmed 54-45 — But Powell Stays Until 2028
18:46 – The Real Story: A Divided Fed Board, Not a Puppet Chair
21:00 – Bitcoin at $81K & The 200-Week Moving Average in Focus
24:26 – ETF Bid Support: Stairs Up, Elevator Down?
27:05 – Stagflation Tilt: GDPNow & Decelerating Growth
28:20 – Ether's Relief Rally: Catch-Up Trade or Real Move?
31:03 – Altcoin Leadership: AI & Compute Tokens Take the Lead
34:51 – CME Launches Bitcoin Vol. Futures June 1: a Watershed Moment
36:33 – Inside BVX/BVXS: 30-Day Forward Vol. on CME Bitcoin Options
39:18 – Is BVX the "VIX of Bitcoin"? Similarities & Differences
41:40 – Vol. as Feature, Not Bug: How Practitioners Will Deploy BVX
44:25 – The IBIT Options Effect: Compressing Bitcoin's Vol. Curve
50:06 – The $10T Asset Question: Why Bitcoin Vol. Trends Down
52:54 – Week Ahead: FOMC Minutes & The Trump-Xi Summit
56:26 – Closing Remarks
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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 Welcome
01:21 – NFP Shocker: 115K Print Smashes the 65K Estimate
04:36 – Household vs. Employer Survey: The Revisions Question
06:42 – AI, Crypto & the Decade-Long Productivity Boom
07:31 – Cross-Asset Reaction: NQ Bid, Bitcoin Offered
08:38 – The K-Shaped Equity Market & Mark-to-Market EPS
12:13 – Chipmakers in Focus: Intel's Comeback, AMD's GPU Push
15:19 – AI Concentration Risk: What Happens If Momentum Fades?
17:50 – Bitcoin Decoupling from Tech: Finding the Next Catalyst
20:46 – Crypto Equities & Miners Steal the Show
23:27 – Coinbase Earnings: The Institutional Pivot Accelerates
25:56 – Strategy's $12.5B Loss & Saylor's Capital-Structure Pivot
30:26 – The Signal Heard Round Crypto: Strategy May Sell Bitcoin
35:04 – 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 Harvesting
44:30 – The Clarity Act: Where Market Structure Stands Right Now
47:39 – Circle Pops 20%: Stablecoin Rewards in the Spotlight
50:32 – Deep Dive: The Kelp DAO $300M Cross-Chain Exploit
55:28 – Safeguards, Sandboxes & the Innovation Exemption
58:25 – Architecture After Kelp: Hunting the Weakest Link
01:00:11 – Week Ahead: Inflation, the Warsh Vote & the Clarity Markup
01:04:18 – Rethinking On-Chain Risk-Free Rates
01:05:16 – Closing Remarks
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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 Welcome
01:20 – DOJ Drops the Powell Probe: Clearing the Path for Warsh
05:04 – Powell Digs In: Staying as Governor Until 2028
09:33 – Jackson Hole: The Next Real Fed Event
10:26 – Risk Assets in Earnings Mode, Not Rate-Cut Mode
12:18 – Inside the FOMC Decision: Four Dissents, Most Since 1992
24:25 – Rate Cut Odds Collapse: What It Means for Crypto
29:40 – Why Crypto Is Lagging Equities Right Now
31:54 – Morgan Stanley's MSBT: Can a Late Entrant Compete?
35:02 – The Distribution War: IBIT's Portability Edge
41:58 – Goldman's Bitcoin Premium Income ETF: Boomer Candy Arrives
48:07 – Bitcoin's Gamma Ceiling & the Missing Euphoria Bid
52:20 – Capital Flows: ETFs vs. MicroStrategy
54:46 – The Silver Lining: Warsh as Crypto Bull & Fed Deregulation
56:24 – AI CapEx & the Growth Sustainability Question
57:57 – Week Ahead: Iran, Clarity Act, Michigan Sentiment & Earnings
61:03 – Closing Remarks
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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.
Chapters
00:00 – Intro & Welcome: Matt Kunke from BlackRock
02:00 – A Top-Quintile Launch: ETHB Hits $450M in Under Four Weeks
04:15 – A New Product, Not an ETHA Conversion
06:14 – TradFi Demand vs. Crypto-Native Sentiment
08:29 – Tax & The Case for Keeping an Unstaked Option
09:08 – Staking 101: The Collateralized Bond Mental Model
11:24 – Three Staking Providers & the Correlated Slashing Defense
13:23 – Slashing in Practice
14:42 – Why 32 ETH? Pectra's Move to 2048 and Validator Consolidation
16:11 – Inside the 70%–95% Staking Range
18:25 – Why Lido's stETH Says Staking Discounts Stay Tight
20:54 – The 50-Day Entry Queue vs. the Empty Exit Queue
23:24 – Genesis of ETHB: Regulation & International Precedent
25:13 – ETH + Staking Rewards: How Investors Frame the Trade
26:31 – The Ethereum Thesis: Lindy, Liveness & Institutional Use Cases
28:59 – Inside Staking Yields: Issuance, Fees & The Gentle Glide Path
33:18 – What's Next: Basis Trades, Covered Calls & Modulated Risk
35:53 – Bitcoin's Bias & ETH's Wirehouse Approval Trajectory
38:24 – Closing Remarks
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Recorded April 23, 2026. This episode was recorded live via X Spaces - audio quality varies in places.
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 -
This episode was recorded live via X Spaces - audio quality varies in places.
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!
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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!
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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.
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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!
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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 market
For 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.
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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 percentage
With 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.
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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.
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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.
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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.
- Se mer
