Original author: Peng SUN, Foresight News

According to Yahoo data on January 17, just one week after the U.S. Securities and Exchange Commission (SEC) officially approved the Bitcoin spot ETF, its cumulative trading volume hasBreaking through US$10 billion. Among them, Grayscale, BlackRock, and Fidelity dominate, accounting for approximately 90% of the total transaction volume. Bloomberg analyst Eric Balchunas also said that Grayscales spot Bitcoin ETF has lost $500 million, and BlackRock is most likely to surpass Grayscale and become the liquidity king.

So, with such huge trading volume in the Bitcoin spot ETF, in addition to the 11 issuers and their affiliates, which unknown institutions will benefit from it? Accordingly, the author was inspired by 1kx partner Diana Biggs’s “Before the Bitcoin spot ETF goes online, learn more about the current status and potential of crypto ETPsInspired by the article I completely crawled and combed through the 11 latest Bitcoin spot ETF documents submitted to the SEC, and found that there are at least 24 ETF issuers and their affiliated companies, and there are at least 48 other stakeholders behind them. In other words, 72 beneficiaries have surfaced, and top Wall Street capital represented by Bank of New York Mellon, State Street, U.S. Bank, JPMorgan Chase, Jane Street Capital, Macquarie Capital, and Virtu have also participated. Enter the game.

Image Source:1kx

Custodians Brokers Lenders Internet Trading Venues Execution Agents

Coinbase

Coinbase is the largest cryptocurrency exchange in the United States and has won a lawsuit against the U.S. Securities and Exchange Commission (SEC).

Currently, Coinbase has become the Bitcoin custodian of 8 institutional ETFs including ARK 21 Shares, Bitwise, Grayscale, Wisdomtree, Invesco/Galaxy, BlackRock, Franklin Templeton, and Valkyrie. At the same time, Coinbase also serves as the primary broker, transaction credit lender, interconnected trading venue or primary execution agent for these 8 ETFs.

In addition, the Connected Trading Venue for most ETFs includes Bitstamp, LMAX, Kraken, and four non-bank market makers that cannot be named due to confidentiality restrictions.

Gemini Trust Company, LLC

Gemini Trust Company,LLC is VanEck’s Bitcoin custodian,

Gemini Trust Company is a crypto exchange owned by Tyler Winklevoss. In 2022 and 2023, the cryptocurrency trading company Genesis filed for bankruptcy due to the FTX thunderstorm. Subsequently, Gemini fell into debt disputes and legal proceedings with Genesis and its parent company DCG, and was investigated and prosecuted by the US government. On December 13, 2023, Gemini Trust sent an email to creditors outlining a proposed reorganization plan, which has now been submitted for a vote.

On the other hand, in April 2023, Gemini launched Gemini Foundation, a non-U.S. cryptocurrency derivatives platform. On January 17, 2024, Gemini received approval from the French financial market regulator Autorite des marches financiers (AMF) to launch in France. The company also stated that it will launch its products to retail and institutional clients in France in the coming weeks.

Listing exchange

Cboe BZX Exchange

Among the 11 Bitcoin spot ETFs, six chose to be listed on the Chicago Board Options Exchange: ARK 21 Shares, WisdomTree, Invesco/Galaxy, VanEck, Fidelity and Franklin Templeton.

The parent company of Cboe BZX Exchange is Cboe Global Markets (formerly CBOE Holdings, Inc.). Cboe, the worlds largest options exchange, has been supporting cryptocurrency and digital asset businesses in recent years and has now launched Cboe Digital, a regulated cryptocurrency exchange and bill exchange. Before the US SEC approved the listing of Bitcoin ETFs, Cboe Australia and Cboe Europe already supported Bitcoin spot and Ethereum ETF products. On January 12 this year, Cboe Digital also launched margin futures for Bitcoin and Ethereum.

NYSE Arca, Inc

Three institutions, Bitwise, Grayscale and Hashdex, chose to list their ETFs on NYSE Arca, Inc, a subsidiary of the New York Stock Exchange.

NYSE Arca,Inc is a fully electronic stock exchange under the New York Stock Exchange. Its predecessor was the Archipelago Exchange. It was established in Chicago in November 1994 and merged into the New York Stock Exchange in 2006. It is the first place for U.S. ETFs to be listed and traded. A top exchange that also trades more than 8,000 U.S.-listed securities. The New York Stock Exchange was founded in 1792 and is now the largest stock exchange in the world.

Previously, futures ETFs such as Bitcoin and Ethereum have been listed on NYSE Arca, Inc. The New York Stock Exchange has also applied for trademarks focusing on virtual goods and NFTs, including online markets that provide NFTs and virtual goods.

NASDAQ

BlackRock, Valkyrie choose to list their ETFs on Nasdaq.

Nasdaq is an American electronic stock exchange founded in 1971. It is now the second largest stock exchange in the world, second only to the New York Stock Exchange.

Nasdaq canceled the launch of cryptocurrency custody services in July 2023, but in September jointly applied for the spot Ethereum ETF Hashdex Nasdaq Ethereum ETF with Hashdex. In addition, Nasdaq Ventures investment portfolio includes blockchain and digital assets.

Robinhood

January 12, 2024, Robinhoodissued a document saying, 11 Bitcoin spot ETFs are open to trading in retirement and brokerage accounts through Robinhood Financial to all customers in the United States.

Robinhood is an American stock and cryptocurrency trading platform that provides completely free services online. The company has repeatedly received huge investments from top VCs such as Sequoia Capital, a16z, and Ribbit Capital.

Robinhood has now launched the crypto wallet Robinhood Wallet, and its subsidiary Robinhood Crypto launched in Nevada last October.

Administrator Transfer Agent Cash Custodian Fund Accountant Registrar

bank of new york mellon

The Bank of New York Mellon was formed in 2007 from the merger of Bank of New York and Mellon Financial. Its main business is securities services and asset management.

Bank of New York Mellon has long been involved in the cryptocurrency and digital asset business. It has been approved by New York regulators to provide cryptocurrency custody services. It has a dedicated digital asset department. It has participated in blockchain project investments and mainly focuses on compliance digital currencies. , tokenized securities, blockchain payment and other fields. Caroline Butler, global head of digital assets at BNY Mellon, is also co-chair of the U.S. Commodity Futures Trading Commission (CFTC) Global Digital Asset Markets Subcommittee.

In this Bitcoin spot ETF, Bank of New York Mellon serves as the ETF manager, transfer agent and cash custodian for ARK 21 Shares, Bitwise, Grayscale, Invesco/Galaxy, BlackRock, and Franklin Templeton. At the same time, Bank of New York Mellon is also an authorized dealer of Hashdex and can participate in the purchase of shares.

State Street Bank

State Street Bank and Trust Company, commonly known as State Street Global Services, is a subsidiary of State Street Corporation (founded in 1792) and the second oldest of the pre-existing banks in the United States. ) subsidiary. This is a Massachusetts-based trust company that specializes in servicing mutual funds and their advisers, collective investment funds, corporate and public pension funds, insurance companies, operating companies and nonprofit organizations. As of June 30, 2018, State Street surpassed BNY Mellon to become the worlds largest custodian bank.

In the field of encryption, State Street has also been committed to multi-faceted solutions for tokenized securities and native tokens. It has an independent digital asset business. It has cooperated with the encryption custodian Copper to launch cryptocurrency custody services and served as Manager of crypto asset management company Iconic Holding.

State Streets participation in the Bitcoin spot ETFs issued by WisdomTree, VanEck, and Fidelity is as shown in the following table:

U.S. Bank

US Bancorp is an American bank holding company founded in 1891. It is now the fifth largest bank in the United States, with more than 3,000 branches and assets of more than 20 billion U.S. dollars. It ranks among the Fortune 500 companies in the United States. No. 117, rated as a systemically important financial institution by the US Financial Stability Board.

U.S. Bank is one of the only banks to provide customers with 24/7/365 blockchain-based digital payment solutions and will launch its cryptocurrency custody service in 2021. It has also previously invested in securities tokenization infrastructure companies Ownera.

US Bancorp Fund Services, LLC, a division of U.S. Bancorp, is an investment advisory firm that provides single-source solutions to support a variety of investment strategies and products, including mutual funds, alternative investments and ETFs. US Bancorp Fund Services, LLC is the parent company of United Bank National Association (US Bank NA), and US Bank Global Fund Services is a wholly-owned subsidiary of US Bank, NA. US Bank NA provides custody, lending, funding and banking Serve.

U.S. Bancorp Fund Services,Three entities, LLC, US Bank NA and US Bank Global Fund Services, participate in the Valkyrie and Hashdex ETFs. US Bank, NA is the custodian of the Hashdex ETF, and its subsidiary US Bank Global Fund Services is the registrar, transfer agent, sub-manager and fund accountant of the Hashdex ETF. US Bank, NA is the cash custodian of the Valkyrie ETF, and US Bancorp Fund Services, LLC is the manager and transfer agent of the Valkyrie ETF.

trustee

Delaware Trust Company

Delaware Trust Company is a corporate trust and agency services provider responsible for protecting assets and representing the interests of ETP holders or investors.

Cryptocurrency ETFs must select trustees to meetDelaware ActSection 3807(a), which states that Every statutory trust shall at all times have at least one trustee who, in the case of a natural person, shall be a resident of this country or, in all other cases, shall have his principal place of business in own country.

Among the 11 Bitcoin spot ETFs, 9 ETFs choose Delaware Trust Company as the trustee, including ARK 21 Shares, Bitwise, Grayscale, Wisdomtree, Invesco/Galaxy, VanEck, Fidelity, Franklin Templeton and Valkyrie.

Wilmington Trust Fund

Wilmington Trust (National Association) is an international provider of corporate and institutional services, investment management and private banking services. It was founded in 1903, listed on the New York Stock Exchange in 1999, and merged with MT Bank in 2010. Wilmington Trust is one of the top 10 institutions in the United States by trust assets, according to 2016 data.

Wilmington Trust trialled blockchain to process mortgage guarantee data in 2020. Currently, Wilmington Trust also serves as the trustee of iShares in Delaware and the trustee of Hashdex.

index provider

CF benchmarks

CF Benchmarks is the worlds first cryptocurrency index provider launched by Kraken and is authorized and regulated by the British FCA. CF Benchmarks has partnered with CME Group to launch multiple cryptocurrency reference rates (in USD) and real-time indices.

Currently, CF Benchmarks serves as the index provider for six Bitcoin spot ETFs, namely ARK 21 Shares, Bitwise, WisdomTree, BlackRock, Franklin Templeton, and Valkyrie.

CoinDesk Indices

CoinDesk Indices is a digital asset index provider, providing crypto indices, Digital Asset Classification Standards (DACS) and news alerts.

CoinDesk Indices is the index provider for the Grayscale Bitcoin Spot ETF.

Lukka, Inc.

Lukka is a Bitcoin spot ETF index provider issued by Invesco/Galaxy.

This is a crypto-asset software and data provider founded in 2014. Its software compiles data on more than 14,000 crypto spot assets, 70,000 crypto derivatives, 300 exchanges and approximately 30 decentralized exchanges. . It serves traditional financial firms and cryptocurrency companies, including Arca, Circle, CPA.com, eToro, IHS Markit, SP Dow Jones Indices and State Street.

In January 2022, Lukka completed a US$110 million Series E financing with a valuation of more than US$1.3 billion. The investment was led by hedge fund Marshall Wace. Participants included Miami International Holdings, Summer Capital, SiriusPoint, and previous investors in the company’s Series D financing. Soros Fund Management, Liberty City Ventures, SP Global and CPA.com.

Coin Metrics

Coin Metrics is an encryption data company founded in 2017. It is an open source project that provides network data, market data, indices and cyber risk solutions to encryption institutions.

In April 2022, Coin Metrics completed a US$35 million Series C financing, led by Acrew Capital and Bank of New York Mellon (BNY Mellon), with participation from Cboe Global Markets, Brevan Howard Digital, Goldman Sachs, Fidelity Investments, etc. In October 2023, Coin Metrics completed approximately $6.73 million in financing. The offering included stocks and options as well as other types of securities.

Coin Metrics provides the calculation agent for Fidelity’s Bitcoin spot ETF “Fidelity Wise Origin Bitcoin Fund” this time.

authorized dealer

Jane Street Capital

Jane Street Capital is an authorized dealer of 10 Bitcoin spot ETFs, including ARK 21 Shares, Bitwise, Grayscale, WisdomTree, Invesco/Galaxy, BlackRock, VanEck, Fidelity, Franklin Templeton , Valkyrie.

Jane Street Capital is an investment management company and large market maker headquartered in New York, USA. It was founded around 1999. All its software is written in the OCaml programming language. The parent company is JSCT, LLC. Jane Street traded an average of $13 billion in global equities every day in 2018, handling 7% of global ETF trading volume. As of the end of 2020, Jane Street traded $4 trillion in global stocks, $1.4 trillion in bonds, and $3.9 trillion in ETFs. In 2021, Jane Street is the authorized dealer of 2,600 ETFs and the leading market maker of 506 ETFs.

Jane Street Capital is a deep participant in Crypto and Web3 and has invested in many Web3 projects, such as Bastion, the DeFi lending protocol on Aurora, Vertex Protocol, the foreign exchange market on the Terra ecological chain, NEAR ecological DEX Tonic, Web3 entertainment technology company Kaleidoco, and StarkNet-based Go Centralized oracle Pragma Network, Layer 1 blockchain Shardeum, Solana ecological DeFi revenue platform Texture, Uniswap-based oracle-less perpetual options protocol Panoptic, cross-chain revenue aggregator Astrolab, Arbitrum’s perpetual contract exchange Vest Exchange , crypto exchange C 3, AI Web3 search engine Kaito, decentralized trading platform Ambient Finance, Layer 1 blockchain ZetaChain, cryptocurrency trading and lending platform Membrane Labs, etc. When the Luna storm hit, Terra ecological non-profit organization Luna Foundation Guard (LFG) sought more than US$1 billion in financing to support UST. Jump Trading, Celsius and Jane Street committed to invest approximately US$700 million, but the deal ultimately failed.

It is worth noting that Jane Street Capital once hired SBF and his ex-girlfriends Caroline Ellison and Xiaoyun"Lily"Zhang, and other Jane Street Capital traders also joined FTX (Source:Protos）。

Macquarie Capital USA Inc

According to 11 ETF filings, Macquarie Capital (USA) Inc. is an authorized dealer of 6 Bitcoin spot ETFs, including ARK 21 Shares, Bitwise, Grayscale, WisdomTree, BlackRock, and Fidelity.

Macquarie Capital (USA) Inc. is an investment management company that provides advisory, capital and asset management, research, trading and hedging services to users worldwide. Macquarie Group is an Australian financial services giant.

In August 2021, Macquarie Group CEO Shemara Wikramanayake said the bank was ready to adopt the latest blockchain technology once regulatory approvals are given. In September, Macquarie Group partnered with Bitcoin infrastructure company Blockstream to pilot a mining facility powered by renewable energy. In July 2023, Esme Pau, head of digital transformation research at Macquarie Capital (USA) Inc., said that the focus in the Crypto field is AI + blockchain, increasing institutional adoption of digital assets, tokenization, and CBDC.

Virtu Americas LLC

Virtu Americas LLC is an authorized dealer of 10 Bitcoin spot ETFs, including ARK 21 Shares, Bitwise, Grayscale, WisdomTree, Invesco/Galaxy, BlackRock, VanEck, Fidelity, Franklin Templeton , Hashdex.

Virtu Americas LLC is an institutional brokerage firm that provides clearing, settlement, direct market access trading, electronic access and trade execution services to clients around the world. The parent company of Virtu Americas LLC is Virtu Financial Inc. Virtu Financial is an American company that provides financial services, trading products and market-making services. It was founded in 2015 by Vincent Viola, the former chairman of the New York Mercantile Exchange, a subsidiary of CME Group. Listed on NASDAQ.

Virtu Financial has also participated in the crypto industry. It has a dedicated Crypto trading team, has cooperated with FairX, a derivatives exchange regulated by the U.S. Commodity Futures Trading Commission (CFTC), and has cooperated with financial giants Charles Schwab and Citadel Securities , Fidelity Digital Asset, Paradigm, Sequoia Capital launch cryptocurrency exchange EDX Markets.

Cantor Fitzgerald Co.

Cantor Fitzgerald Co. is an authorized dealer of Bitcoin spot ETFs issued by Valkyrie and Hashdex.

Cantor Fitzgerald Co. is an American financial services company founded in 1945. It focuses on institutional equity, fixed income sales and trading, and serves the middle market through investment banking services, prime brokerage and commercial real estate financing, and provides Consulting and asset management, game technology and e-commerce services. Jianda has more than 5,000 institutional clients and is one of the 25 major dealers authorized to trade U.S. government bonds with the Federal Reserve Bank of New York, allowing direct transactions with the Federal Reserve.

* Digression: Jiandas unavoidable history of suffering is the terrorist attacks on its headquarters at the World Trade Center in Lower Manhattan and its New York office on September 11, 2001.

As for the crypto space, Cantor Fitzgerald is also deeply involved. In February 2023, people familiar with the matter revealed that Cantor FitzgeraldHelping Tether manage a $39 billion bond portfolio. On January 17 this year, Cantor Fitzgerald CEO Howar LutnickAdmitted to managing funds for Tehter。

Marex Capital Markets Inc.

Marex Capital Markets Inc. is an authorized dealer of the Invesco Galaxy Bitcoin ETF. It is a global financial services platform that provides market making, execution and clearing, hedging and investment solutions, price discovery, and data and advisory services to financial market clients.

Marex has also been involved in the Crypto industry. For example, Marex serves as the Ethereum derivatives counterparty of Goldman Sachs, and its derivatives unit Marex Solutions launched structured products linked to Coinbase stocks.

JP Morgan Securities LLC

JP Morgan Securities LLC is the authorized dealer of four institutional Bitcoin spot ETFs: Invesco/Galaxy, BlackRock, Fidelity, and Hashdex.

J.P. Morgan Securities, an investment management firm and subsidiary of JPMorgan Chase Co., provides wealth planning, education funding, research, securities, brokerage solutions, advisory programs and portfolio management services to clients around the world.

JPMorgan Chase is deeply involved in the field of encryption and has always been optimistic about blockchain technology. It denies that Bitcoin is a Ponzi scheme. Its focus is on cross-border payments, tokenization, Ethereum technology, etc. It has now launched a fixed income market based on blockchain Trading network Onyx, virtual payment wallet JP Morgan Wallet, and blockchain-based payment system JPM Coin.

ABN Amro ABN Amro Clearing Corporation

ABN AMRO Bank is an authorized dealer of Hashdex ETF; ABN AMRO Clearing USA LLC is an authorized dealer of VanEck ETF.

ABN Amro is the third largest bank in the Netherlands, headquartered in Amsterdam and directly supervised by the European Central Bank. In September 2023, ABN AMRO used the digital wallet service of Tokeny and Fireblocks to register digital green bonds on the public blockchain; in November, ABN AMRO conducted options trading on CME Group for Wintermutes cryptocurrency derivatives trading unit Wintermute Asia. Provide clearing.

ABN AMRO Clearing Company is mainly engaged in the clearing business of listed stocks, options and futures. Its US headquarters is in Chicago.

In addition, Hashdex’s authorized traders include Goldman Sachs Co., BNP Paribas, Credit Suisse; Citadel Securities LLC; Jeffries Group LLC ); Mirae Asset Financial Group; Royal Bank of Canada; UBS Group AG; Societe Generale Group; Wells Fargo Bank, NA), we will not go into details here.

market maker

Cumberland DRW LLC

Cumberland DRW is a cryptocurrency market maker that specializes in the institutional-scale market for Bitcoin and other cryptocurrencies, and provides transaction settlement, investment management and day trading services to U.S. customers. Its parent company is DRW Holdings, a large trading company. Cumberland invests in a large number of blockchain projects, and its on-chain activities have become a market benchmark.

Cumberland DRW has served as a counterparty to Invesco/Galaxy and Fidelity’s spot Bitcoin ETFs.

JSCT, LLC

JSCT,LLC is the parent company of Jane Street Capital, LLC. Although Jane Street Capital is an authorized dealer of 10 ETFs, JSCT, LLC is also the authorized dealer of Grayscale, Invesco/Galaxy, Fidelity, and Franklin Templeton. Market maker/counterparty to 4 ETFs.

Flow Traders

Flow Traders is the market maker/counterparty to the Grayscale, Invesco/Galaxy Bitcoin Spot ETF.

Flow Traders is a proprietary trading company that serves as a market maker and provides liquidity to the securities market using high-frequency and quantitative trading strategies. Originally founded in Amsterdam, Flow Traders also has offices in New York, London, Milan, Paris, Cluj, Shanghai, Singapore, Chicago and Hong Kong. Flow Traders is one of the worlds largest ETP market makers, providing liquidity for more than 13,000 ETP listings in North America, Europe and Asia-Pacific. As of 2020, Flow Traders is the largest ETF market maker in Europe.

Flow Traders announced the start of trading cryptocurrencies in 2019, investing in Tonic, Ondo Finance, Elwood Technologies, Thalex, Pragma Network, Sei Labs and Sei Network, GoGoPool, Infinity Exchange, C 3, Crossover Markets, Econia Labs, Membrane Labs, Rulematch, and more Multiple Web3 projects. In addition, Flow Traders is one of five market makers for Worldcoin token WLD.

Flowdesk

Flowdesk is Grayscale’s market maker. This is a French crypto financial services company that completed a $30 million Series A round of financing in June 2022, with participation from Coinbase, Ledger and others. Currently, Flowdesk has been appointed by Forge, a subsidiary of Societe Generale, as the market maker of the new euro stable currency EUR CoinVertible (EURCV).

StoneX Financial Inc. – FCM

In the S-1 filing submitted to the U.S. SEC on December 29, 2023, ValkyrieSpecifyStoneX Financial Inc. is its primary market maker (LMM), but in its S-1 filings on January 8 and 9, 2024,None seenValkyrie mentioned StoneX Financial Inc. as its primary market maker.

Currently, Hashdex appoints the FCM division of StoneX Financial Inc. as the clearing broker (Clearing Broker) for its ETFs.

StoneX Group is an institutional-grade financial services franchise that provides digital platforms, end-to-end clearing and execution services to global customers. It currently offers more than 300 OTC products, with a transaction volume of 4.4 trillion, and its business scope covers more than 180 countries. StoneX Group was founded in 1924 and officially listed on NASDAQ in 1994.

StoneX Financial Inc. is a subsidiary of StoneX Group, and its FCM division is the agent in the United States of StoneX Financial Ltd. (authorized and regulated by the UK Financial Conduct Authority), the New York Mercantile Exchange (COMEX) and the New York Mercantile Exchange ( A clearing member of NYMEX) and a futures broker-dealer (FCM) registered with the U.S. CFTC.

clearing broker

Phillip Capital Inc.

Phillip Capital Inc. is also the clearing broker for Hashdexs Bitcoin spot ETF.

Phillip Capital Inc. is a futures broker (FCM) and broker-dealer under Phillip Capital Group. It is headquartered in Chicago and was founded in 2010. It owns the Chicago Mercantile Exchange CME and CBOT. , COMEX, NYMEX, ICE US, NFX and CFE fully clearing membership. Phillip Capital Group was established in Singapore in 1975 and is regulated by the Monetary Authority of Singapore.

On the crypto side, the CME Group page shows that Phillip Capital Inc. provides cryptocurrency services. In 2022, Phillip Capital Group will issue digital en primeur tokens based on wine, and its Phillip Nova, established in 1983, provides cryptocurrency futures trading services.

marketing agency

Paralel Distributors LLC

Paralel Distributors LLC is the marketing agent for the Valkyrie Bitcoin Spot ETF.

Paralel Distributors LLC is registered with the U.S. SEC as a broker-dealer and a member of the Financial Industry Regulatory Authority, and is majority-owned by Paral Technologies LLC. Before becoming Valkyries marketing agent, the author had not known that Paralel Distributors LLC was involved in the crypto field.

Foreside

Foreside（Foreside Financial Group,LLC) is a provider of distribution and compliance services to clients in the asset management industry, providing regulatory and compliance consulting, distribution, registered representative licensing, fund chief compliance officer and treasurer services. Foreside Fund Services, LLC and Foreside Global Services, LLC are wholly owned subsidiaries of Foreside Financial Group, LLC.

Foreside Fund Services,LLC provides portfolio management, financial planning, investment advisory, and review/submission of marketing materials for regulatory review services.

Foreside Global Services,LLC provides brokerage services and is registered as a broker-dealer with the U.S. SEC. It is a member of the U.S. Financial Industry Regulatory Authority (FINRA) and the U.S. Securities Investor Protection Corporation (SIPC). It provides guardianship services to non-U.S. asset managers, including reviewing all marketing materials provided to U.S. institutional investors.

These three entities provide marketing agency services for five institutional ETFs: ARK 21 Shares, Bitwise, Grayscale, WisdomTree, and Hashdex.