Bitcoin
Kraken Makes Millions Through Bitcoin ETF Fees

Kraken’s strategic acquisition of CF Benchmarks in 2019 has proven immensely lucrative in a market increasingly embracing spot Bitcoin ETFs.
As the world’s largest crypto indices provider, CF Benchmarks plays a crucial role as an authorized benchmarks administrator in the Bitcoin ETFs market. This position has enabled Kraken to capitalize on the increasing demand for Bitcoin ETFs, translating into millions in licensing fees.
Kraken Thrives In The Advent of Bitcoin Spot ETFs
Cryptocurrency trading platform Kraken is generating millions in license fees from its subsidiary, CF Benchmarks, acquired in 2019. Although Kraken did not disclose the exact figure, the purchase was for a nine-figure sum. In 2022, pseudonymous researcher Hide Not Slide predicted Kraken’s significant earnings potential through CF Benchmarks.
“Kraken doesn’t have the most crypto market share, but it does have an asset I think will become a top money maker over time — CF Benchmarks. Thi is the index provider for CME’s crypto futures products. If CME crypto futures keep growing Kraken will hold significant market power,” he wrote.
This forecast came true with the approval of 11 spot Bitcoin ETFs on January 10, 2024. CF Benchmarks CEO Sui Chung said the new ETFs were a big step for both the asset class and his company.
“The spot ETFs have been a huge step forward for the asset class and, by extension, a huge milestone for CF Benchmarks as a business, given our role as the leading index provider for the asset class. This has allowed us and our parent, Kraken, to grow our offerings to institutions that are in, and entering the space,” Chung told BeInCrypto.
Read more: What Is a Bitcoin ETF? All You Need to Know
Chung revealed that inflows in February had topped $1.4 billion, surpassing his one-year revenue target within a month. Major funds issued by BlackRock, Ark Invest, and Franklin Templeton, among others, utilize the BRR index, solidifying CF Benchmarks’ market influence.
“By the time I’d done all the maths it was 1 AM,” Chung said, referring to numbers as of February, where inflows had topped $1.4 billion. “In one month, the Bitcoin ETFs had hit my one-year target, and the Bitcoin ETF boom was just getting started.”
According to DefiLlama, investors have poured over $57 billion into Bitcoin ETFs, enabling CF Benchmarks to earn substantial licensing fees. Although CF Benchmarks does not disclose its earnings, it is expected to continue generating significant amount of money for the foreseeable future.
Read more: How To Trade a Bitcoin ETF: A Step-by-Step Approach

For example, S&P Dow Jones charges clients about 3 basis points, or 0.03%, on assets based on its S&P 500 indexes. Considering State Street’s ETF manages $541 billion, S&P earns $162 million in fees from this single fund. With Ethereum ETFs expected this summer, CF Benchmarks looks set for strong growth.
CF Benchmarks enforces strict rules to ensure their indices are trustworthy. Exchanges must prevent fraud and follow strict KYC and AML checks to be listed in the index. The BRR gathers pricing data from multiple platforms, including Kraken, Coinbase, and Gemini, but excludes Binance due to regulatory issues. This commitment to transparency and reliability bolsters the strong reputations of both CF Benchmarks and Kraken in the crypto market.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Bitcoin
Strategy Adds 22,048 BTC for Nearly $2 Billion

Michael Saylor announced that Strategy purchased nearly $2 billion worth of Bitcoin. This is a massive leap over last week’s purchase, which was already quite substantial.
Nonetheless, the firm was only able to make this acquisition thanks to major stock offerings. Bitcoin’s price has been sinking over the last few weeks, and this could mature into a potential liquidation crisis.
Strategy Maintains Bitcoin Purchases
Since Strategy (formerly MicroStrategy) began acquiring Bitcoin, it’s become one of the world’s largest BTC holders. This plan has totally reoriented the company around its massive acquisitions, inspiring other firms to take up the same plan.
Today, the firm’s Chair, Michael Saylor, announced another purchase, much larger than the last few.
“Strategy has acquired 22,048 BTC for ~$1.92 billion at ~$86,969 per bitcoin and has achieved BTC Yield of 11.0% YTD 2025. As of 3/30/2025, Strategy holds 528,185 BTC acquired for ~$35.63 billion at ~$67,458 per bitcoin,” Saylor claimed via social media.
Strategy’s latest Bitcoin acquisition, worth just shy of $2 billion, is a major commitment. In February, the firm made a similar $2 billion purchase, and it was followed by a tiny $10 million buy and a $500 million one. The $500 million purchase, which took place on March 24, only happened thanks to a huge new stock offering. This move further cements Strategy’s faith in BTC.
By making these billion-dollar buys, Strategy is able to buttress the entire market’s confidence in Bitcoin. However, investors should be aware of a few potential cracks.
First of all, Bitcoin’s performance is a little subpar at the moment. Despite hitting an all-time high recently, Bitcoin is having its worst quarter since 2019, and there is not much forward momentum.

This could cause a unique problem for the company. Since Strategy is a cornerstone of market confidence, it is unable to offload its assets without jeopardizing Bitcoin’s price.
The firm’s debts are growing at a fast rate, and this could have dangerous implications if Bitcoin keeps falling. Strategy could be forced to liquidate, even if that seems unlikely now.
Still, it’s important to remember that these are only possible scenarios. Strategy has maintained its consistent Bitcoin investments for nearly five years, and it’s paid off tremendously well. However, if it keeps taking on billions in fresh debt obligations, this faith will turn into a gamble with very high stakes.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Bitcoin
BTC Price Rebound Likely as Long-Term Holders Reenter Market

Bitcoin (BTC) is on track to end Q1 with its worst performance since 2019. Without an unexpected recovery, BTC could close the quarter with a 25% decline from its all-time high (ATH).
Some analysts have noted that experienced Bitcoin holders are shifting into an accumulation phase, signaling potential price growth in the medium term.
Signs That Veteran Investors Are Accumulating Again
According to AxelAdlerJr, March 2025 marks a transition period where veteran investors move from selling to holding and accumulating. This shift is reflected in the Value Days Destroyed (VDD) metric, which remains low.
VDD is an on-chain indicator that tracks investor behavior by measuring the number of days Bitcoin remains unmoved before being transacted.
A high VDD suggests that older Bitcoin is being moved, which may indicate selling pressure from whales or long-term holders. A low VDD suggests that most transactions involve short-term holders, who have a smaller impact on the market.

Historically, low VDD periods often precede strong price rallies. These phases suggest that investors are accumulating Bitcoin with expectations of future price increases. AxelAdlerJr concludes that this shift signals Bitcoin’s potential for medium-term growth.
“The transition of experienced players into a holding (accumulation) phase signals the potential for further BTC growth in the medium term,” AxelAdlerJr predicted.
Bitcoin’s Sell-Side Risk Ratio Hits Low
At the same time, analyst Ali highlighted another bullish indicator: Bitcoin’s sell-side risk ratio had dropped to 0.086%.

According to Ali, over the past two years, every time this ratio fell below 0.1%, Bitcoin experienced a strong price rebound. For example, in January 2024, Bitcoin surged to a then-all-time high of $73,800 after the sell-side risk ratio dipped below 0.1%.
Similarly, in September 2024, Bitcoin hit a new peak after this metric reached a low level.
The combination of veteran investors accumulating Bitcoin and a sharp decline in the sell-side risk ratio are positive signals for the market. However, a recent analysis from BeInCrypto warns of concerning technical patterns, with a death cross beginning to form.
Additionally, investors remain cautious about potential market volatility in early April. The uncertainty stems from President Trump’s upcoming announcement regarding a major retaliatory tariff.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Bitcoin
Marathon Digital to Sell $2 Billion in Stock to Buy Bitcoin

Marathon Digital Holdings, one of the largest Bitcoin mining companies in the US, made headlines with its announcement of a $2 billion stock offering to increase its Bitcoin holdings.
This strategic move, detailed in recent SEC filings, shows Marathon’s aggressive approach to capitalize on the growing crypto market.
Marathon’s $2 Billion Stock Offering: Key Details
On March 30, 2025, Marathon Digital Holdings announced a $2 billion at-the-market (ATM) stock offering to fund its strategy of acquiring more Bitcoin. The company filed a Form 8-K with the SEC, outlining its plan to raise capital through the sale of shares, with the proceeds primarily aimed at increasing its Bitcoin holdings.
According to the SEC filing (Form 424B5), Marathon intends to use the funds for “general corporate purposes,” which include purchasing additional Bitcoin and supporting operational needs.
Marathon holds 46,376 BTC, making it the second-largest publicly traded company in Bitcoin ownership, behind MicroStrategy. The company’s Bitcoin holdings have grown significantly in recent years, from 13,726 BTC in early 2024 to the current figure.
“We believe we are the second largest holder of bitcoin among publicly traded companies. From time to time, we enter into forward or option contracts and/or lend bitcoin to increase yield on our Bitcoin holdings.” Marathon confirmed
This $2 billion stock offering continues Marathon’s strategy to bolster its balance sheet with Bitcoin, a move that aligns with its long-term vision of leveraging cryptocurrency as a store of value.
Marathon’s strategy mirrors that of MicroStrategy. MicroStrategy’s stock price has soared with Bitcoin’s value, providing a blueprint for companies like Marathon to follow. By increasing its Bitcoin holdings, Marathon aims to position itself as a leader in the crypto mining sector while diversifying its revenue streams beyond traditional mining operations.
Marathon Digital CEO Fred Thiel advises investing small amounts in Bitcoin monthly, citing its consistent long-term growth potential.
The issuance of new shares to raise $2 billion could dilute the ownership of existing shareholders, potentially impacting the company’s stock price (MARA). As of March 31, 2025, MARA stock has experienced volatility, trading at around $12.47 per share, down from a 52-week high of $24, according to data from Yahoo Finance.
Moreover, Marathon’s heavy reliance on Bitcoin exposes it to the cryptocurrency’s price fluctuations. If Bitcoin’s price were to decline significantly, the value of Marathon’s holdings would decrease, potentially straining its financial position.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
-
Market20 hours ago
Ethereum Price Weakens—Can Bulls Prevent a Major Breakdown?
-
Market21 hours ago
Bitcoin Bears Tighten Grip—Where’s the Next Support?
-
Market11 hours ago
Top Crypto Airdrops to Watch in the First Week of April
-
Market6 hours ago
Trump Family Gets Most WLFI Revenue, Causing Corruption Fears
-
Altcoin11 hours ago
$33 Million Inflows Signal Market Bounce
-
Market19 hours ago
XRP Price Fate Hangs on $2.00—Major Move Incoming?
-
Ethereum11 hours ago
Ethereum To $20K? Investor Says Real-World Adoption Is The Key
-
Market18 hours ago
Dogecoin (DOGE) Bulls In Trouble—Can They Prevent a Drop Below $0.15?