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 access

If you’re following the convergence of digital assets and traditional markets, this is a conversation you won’t want to miss!

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 allocations
• The key to unlocking faster growth for ETH ETF allocations
• What'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!

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 like
• Bitwise’s “if clarity passes” framework: what a regulatory breakthrough really unlocks for participation
• Whether Bitcoin’s four-year cycle breaks, and what would have to change for that to happen
• The allocator moment: why adoption among endowments, advisors, and institutions may be approaching an inflection point as career risk falls
• Utility-driven growth flywheels: prediction markets and stablecoins
• What Bitwise is focused on next: products, approvals, and the near-to-medium term roadmap

If 2026 is the year macro turns supportive, clarity arrives, and crypto breadth finally shows up, these outlooks will help you navigate the year ahead.

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 too
• Don'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 Kraken
• Only 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 time
• Insanely low slippage observed, so far, in certain index DTF auctions, with up to 99.99999% of the bid filled
• Reserve Protocol's longstanding and deep focus on good governance - and the role of Reserve Rights (RSRs) for incentivizing that governance

Start getting ready for the tokenized future: sit down with your favorite beverage and catch this episode right now!

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.

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.

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 adoption
• Why other hotly anticipated regulatory decisions - e.g., multi-asset ETFs, and generic listing standards - seem to be taking so long
• How 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 evolves
• Showcasing Bitwise's groundbreaking 'Bitcoin Long-Term Capital Market Assumptions' report, as BTC graduates to an "institutional epoch", and potentially targets $1.3 million by 2035
• Why 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, intensify

Whether 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.

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 now
• The 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 emerge
• The Clarity Act: what the new regulatory framework means for institutional participation and M&A in the space

For 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.