CF Benchmarks

What CF Benchmarks does

CF Benchmarks Ltd is a UK-based, FCA-regulated cryptocurrency benchmark administrator founded in 2016 and headquartered in London. The firm, owned by Payward, Inc. (d/b/a Kraken), produces reference rates, real-time indices, and factor data products that price spot, futures, and now staking and tokenized-equity products. Its flagship benchmarks — the CME CF Bitcoin Reference Rate (BRR) and BRR New York Variant, the CME CF Ether-Dollar Reference Rate (ETHUSD_RR), and a growing set of altcoin and staking-series indices — are embedded in U.S. spot Bitcoin and Ether ETFs (including BlackRock's iShares suite), CME futures contracts, and European/Hong Kong ETPs. Methodology aggregates transactional data from multiple constituent crypto exchanges into settlement-grade daily reference rates and intraday real-time indices; the firm also operates the CF DACS taxonomy, CF Factor Data Series, BVX volatility index, and the xStocks product suite for tokenized equities.

The business model is institutional B2B index licensing: CF Benchmarks charges fees to ETF/ETP issuers, exchanges, and derivatives venues for the right to reference its benchmarks in regulated product structures. As of the most recent disclosed figures, more than $100B in assets are priced off CF Benchmarks' reference rates, $500B+ in futures contracts have settled against them, and over $3T in referenced products have traded since 2017. Customers include BlackRock, Bitwise, Franklin Templeton, 21shares, WisdomTree, CoinShares, Amundi, CME Group, Evolve, 3iQ, REX Shares/Osprey, Valkyrie, ChinaAMC, MicroBit, and Pando Finance — 40+ institutional partners across North America, Europe, and APAC. Revenue is recurring and contractually embedded: once a benchmark is named in a fund prospectus or exchange contract, switching costs for the issuer are high due to regulatory disclosure, marketing, and operational rework, giving the franchise a structurally defensive revenue base.

Name

CF Benchmarks

Legal name

CF Benchmarks Ltd

Website

https://cfbenchmarks.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

51–100 employees

Short description

CF Benchmarks is a UK FCA-regulated cryptocurrency benchmark administrator that produces reference rates and indices licensed to ETF, ETP, and derivatives issuers — including BlackRock, CME Group, and 21shares — pricing $100B+ in assets and $500B+ in settled futures.

Ownership category

akta.pro rank

Product category

Cryptocurrency Benchmark Indices

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Securities and Commodity Exchanges (5232)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Benchmark Administrators (IBOR/RFR, FX, Commodity, Volatility & Other Benchmarks) (FSAFAIAE)

Keywords

• Cryptocurrency benchmark indices
• Digital asset reference rates
• Regulated benchmark administration
• Index licensing services
• Crypto pricing benchmarks

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Index Licensing: CF Benchmarks licenses its regulated cryptocurrency indices to financial product providers including ETF issuers, ETP sponsors, and futures exchanges. The indices are used as NAV calculation benchmarks, settlement prices, and reference prices for regulated financial products.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels10 records

Core offering

CF Benchmarks is a UK FCA-regulated benchmark administrator that calculates and publishes over 200 regulated cryptocurrency and digital asset indices across 8 product families. Its indices serve as NAV calculation benchmarks, settlement prices, and reference prices for regulated financial products including spot ETFs, ETPs, and futures contracts issued by firms such as BlackRock, Franklin Templeton, Bitwise, and CME Group. The firm licenses these indices to institutional clients globally and has settled over $500 billion of CFTC and FCA regulated futures contracts through its indices.

Product overview

CF Benchmarks is a UK FCA-regulated benchmark administrator and the world's largest cryptocurrency index provider, offering a comprehensive suite of over 50 real-time indices across 8 product families. The core offering consists of CME CF-branded reference rates for Bitcoin (BRR, BRRNY), Ether (ETHUSD_RR, ETHUSD_NY), XRP (XRPUSD_RR, XRPUSD_NY), Solana (SOLUSD_RR, SOLUSD_NY), Cardano, Chainlink, and Lumens, which serve as regulated NAV-calculation benchmarks for ETFs and derivative products. Portfolio indices include the CF Large Cap Index, CF Broad Cap Index, and CF Institutional Digital Asset Index (IDAX), with companion products like the Large Cap Index DTF ($LCAP) token enabling on-chain exposure. The CF Staking Series provides regulated staking reward rate indices for ETH, SOL, and APT. CF Factor Data and CF Factor Intelligence deliver institutional-grade factor-based analytics across Market, Size, Value, Momentum, Growth, Downside Beta, and Liquidity dimensions. The xStocks Product Suite adds approximately 100 regulated real-time benchmarks for tokenized equities plus a Corporate Action Data Feed. The CF Digital Asset Classification Structure (CF DACS) provides the taxonomy for the digital asset ecosystem. The company also publishes the CF Bitcoin Volatility Index (BVX) and the CF Bitcoin Interest Rate Curve (BIRC). Together these indices underpin over $3 trillion in referenced product value and $100+ billion in assets under reference.

Differentiator

Problem solved

Functional benefit

Products and services

• CME CF Bitcoin Reference Rate (BRR) Once-daily regulated Bitcoin reference rate published at 1600 London time, licensed to asset managers and ETP issuers for NAV calculation.
• CME CF Bitcoin Reference Rate - New York Variant (BRRNY) Once-daily regulated Bitcoin reference rate published at 1600 New York time (US market close), used by all major US spot Bitcoin ETFs for NAV calculation.
• CME CF Ether-Dollar Reference Rate (ETHUSD_RR) Once-daily regulated Ether reference rate published at 1600 London time, used as NAV benchmark for Ether ETPs and settlement reference for ETH derivatives.
• CME CF Ether-Dollar Reference Rate - New York Variant (ETHUSD_NY) Once-daily regulated Ether reference rate published at 1600 New York time, used by BlackRock, Bitwise, Franklin Templeton, and 21shares for US spot Ether ETFs.
• CME CF XRP-Dollar Reference Rate (XRPUSD_RR) Regulated XRP reference rate used as the settlement basis for CME XRP futures.
• CME CF Solana-Dollar Reference Rate (SOLUSD_RR) Regulated Solana reference rate used as the settlement basis for CME Solana futures.
• CME CF Cardano-Dollar Reference Rate (ADAUSD_RR) Regulated Cardano reference rate used as the settlement basis for CME Cardano futures.
• CME CF Chainlink-Dollar Reference Rate (LINKUSD_RR) Regulated Chainlink reference rate used as the settlement basis for CME Chainlink futures.
• CME CF Lumens-Dollar Reference Rate (XLMUSD_RR) Regulated Lumens reference rate used as the settlement basis for CME Lumens futures.
• CF Large Cap Index (CFFLCLDN_RR_TR) Liquid investable benchmark portfolio index designed to track the performance of large-cap digital assets, used for portfolio products and tokenized exposure.
• CF Broad Cap Index (CFDBCLDN_RR_TR) Liquid investable benchmark portfolio index designed to track diversified exposure to a broad portfolio of the digital asset class.
• CF Institutional Digital Asset Index (IDAX) Institutional index measuring investible crypto market beta, used as a beta reference for institutional clients.
• CF Bitcoin Interest Rate Curve (BIRC) Reference curve intended to measure the underlying economic reality of cryptocurrency borrowing and lending, whether outright or implied in traded instruments.
• CME CF Bitcoin Volatility Index (BVX) Once-a-second benchmark representing a forward-looking 30-day constant maturity measure of implied volatility based on CFTC-regulated Bitcoin option contracts traded on CME.
• CF Rolling CME Bitcoin Futures Index (CFCMBTCF_BTC) Index that replicates USD returns of holding physical Bitcoin through Bitcoin-USD futures contracts, allowing investors to seek USD price exposure to Bitcoin via regulated futures.
• CF Staking Series Regulated series of staking reward rate indices for ETH, SOL, and APT PoS networks, providing a transparent indicator of the daily realized staking reward.
• CF Digital Asset Classification Structure (CF DACS) Taxonomy classifying coins and tokens based on the services that the associated software protocol delivers to end users, grouping assets by the role they play in delivering services.
• CF Factor Data Institutional-grade factor-based crypto investing data series enabling returns attribution, risk monitoring, and strategic implementation across Market, Size, Value, Momentum, Growth, Downside Beta, and Liquidity factors.
• xStocks Product Suite Product suite comprising approximately 100 regulated real-time benchmarks for tokenized equities plus a Corporate Action Data Feed, enabling regulated indices for tokenized equities.
• Large Cap Index DTF ($LCAP) Fully collateralized token tracking the CF Large Cap Index, offering transparent and efficient exposure to the index through tokenization.
• CF Bitcoin Compounding Basis Index (CFCMCBI_BTC) Index measuring spot Bitcoin performance alongside returns from a rolling basis program in CME Bitcoin futures, enabling basis capture strategies.

Quantifiable outcome

• $500bn+ futures contracts settled using CF Benchmarks indices
• +2 more outcomes

Named customers16 records

Segments4 records

Ideal customer profiles7 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

Six partnerships are on record, tiered core.

• Bullish ExchangecoreTechnology or Integration · 21 November 2024Bullish Exchange was added as a Constituent Exchange for CF Benchmarks' full suite of Bitcoin benchmarks, enhancing data aggregation quality for institutional indices.
• Kraken ExchangecoreTechnology or IntegrationPayward Inc. (owner of Kraken Exchange) is both a source of input data for certain CF Benchmarks indices and a member of the Payward group of companies to which CF Benchmarks belongs. Kraken is a CF Constituent Exchange providing trade data.
• StakedcoreTechnology or IntegrationPayward Inc. operates Staked, a venue that provides block production and validation nodes for decentralized PoS protocols. Staked.us is a source of input data for certain CF Benchmarks indices.
• Coinbase CustodycoreTechnology or IntegrationCoinbase Custody serves as Bitcoin custodian for multiple BlackRock ETFs that use CF Benchmarks indices for NAV calculation, including iShares Bitcoin Trust.
• CME GroupcoreStrategic or Co-development PartnerAll CME crypto derivatives are settled against regulated CF Benchmarks indices. CME CF Constituent Exchange Criteria require data sharing agreements with CME Group, providing end-to-end regulatory oversight.
• KPMGcoreOthersKPMG conducted ISAE 3000 Independent Reasonable Assurance of CF Benchmarks' compliance to UK Benchmarks Regulation (BMR), covering Operational, Governance and Technology Policies, Processes and Methods for the period September 12, 2022 to September 12, 2024.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Bloomberg Indices (Bloomberg Galaxy Crypto Index): Bloomberg's index business publishes the Bloomberg Galaxy Crypto Index (BGCI) and other digital asset benchmarks. It directly competes with CF Benchmarks for crypto benchmark mandates at major ETF issuers and institutional clients, and historically partnered with CF Benchmarks on the original BRR before diverging commercially.
• MarketVector Indexes (VanEck subsidiary): MarketVector, owned by VanEck, publishes digital asset indices including the MVIS CryptoCompare family widely used by European crypto ETPs. It is a direct competitor to CF Benchmarks for ETP/ETF NAV and reference-rate mandates in Europe and the US.
• CoinDesk Indices: CoinDesk Indices (formerly TradeBlock) operates a regulated crypto index business producing benchmarks such as the CoinDesk Bitcoin Price Index, serving ETF issuers and institutional products. It competes head-to-head with CF Benchmarks for asset-manager reference-rate mandates.
• Solactive AG: Solactive is a German index provider that has built out crypto and digital-asset benchmark offerings (including indices licensed to European ETPs). It competes with CF Benchmarks for ETP NAV benchmarks in EU and competes on custom index work.
• Vinter (Vinter Indexes AB): Vinter (Sweden) is a multi-asset index provider that has specialized in crypto and DeFi indices licensed to European ETPs. It is a smaller, specialized competitor to CF Benchmarks for European ETP reference-rate mandates.

Broad incumbents

• ICE (Intercontinental Exchange) - index services: ICE offers a broad global index business serving fixed income, equities, commodities and has begun publishing crypto-related indices. As a much larger exchange group, it competes with CF Benchmarks on scale and could leverage its exchange relationships to disintermediate crypto benchmark mandates.
• S&P Dow Jones Indices: S&P Dow Jones Indices is one of the world's largest index providers across equities, fixed income, and commodities, and has been extending into digital assets (e.g., S&P Digital Markets indices). It is a broad incumbent that competes with CF Benchmarks for benchmark mandates at large issuers.
• MSCI Inc. MSCI is a leading global index provider used by virtually every large asset manager. While not yet a crypto-native index specialist, it has the scale, regulatory standing, and issuer relationships to enter digital-asset benchmarks and compete with CF Benchmarks for new mandates.
• FTSE Russell: FTSE Russell (LSEG) operates a global index franchise with strong regulatory standing and is exploring digital asset benchmarks. As a broad incumbent it compares on regulatory credibility and issuer distribution, though it is less crypto-specialized than CF Benchmarks.

Others

• PwC / KPMG / EY (Big Four assurance arms): The Big Four (KPMG in CF Benchmarks' case) provide ISAE 3000 reasonable assurance and SOC services to benchmark administrators. They are not direct competitors but are the enabling assurance providers that lend credibility to the regulated benchmark category CF Benchmarks sits in.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/CFBenchmarks
• YouTubeyoutube.com/channel/UC77JXC9sWbUHFWeuZ9GYV9Q/featured
• LinkedInlinkedin.com/company/cf-benchmarks
• Instagraminstagram.com/cf_benchmarks

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CF Benchmarks