Earlier this month, Kaiko, the cryptocurrency market data vendor, acquired Vinter, Europe’s largest crypto index provider, in a move aimed at meeting the growing institutional demand for cryptocurrency indices. The acquisition comes as interest in digital asset markets continues to rise, particularly following the launch of spot Bitcoin ETFs in the US earlier this year. With this deal, Kaiko reinforces its position as the sole independent reference rate provider in the cryptocurrency industry.
The acquisition reflects Kaiko’s strategy of navigating a market shaped by regulatory changes and volatility. Over the past decade, the company has established itself as a trusted data provider, compliant with Benchmark Regulation (BMR) standards, and a key partner for financial institutions seeking reliable and robust digital asset indices.
“Four years ago, we acquired Napoleon Indices from Coinshares, which led to the creation of Kaiko Indices,” says Ambre Soubiran, Kaiko’s CEO, in conversation with TradingTech Insight. “That decision was driven by a key insight: eventually, the industry would need regulated investment products to enable institutional exposure to cryptocurrencies, without requiring direct contact with the underlying assets. This vision anticipated the growing demand for synthetics, derivatives, and index-linked products like ETPs (Exchange Traded Products) and ETFs (Exchange Traded Funds).”
By integrating Vinter’s expertise in crypto indexing for asset managers and sell-side firms, Kaiko aims to enhance its capabilities to support the creation of new investment products. Vinter, whose client base includes 21Shares, Virtune, and Sygnum Bank, brings a proven track record in developing indices that enable innovative investment solutions. This complements Kaiko’s established presence in the derivatives market and supports its plans to streamline the structuring of ETPs and crypto derivatives.
“With the launch of spot Bitcoin ETFs in the US driving rapid growth in the ETP/ETF market, we began exploring ways to expand Kaiko’s positioning within the asset management industry,” says Soubiran. “Vinter is the leading provider of indices for the European ETP market, but they faced challenges in scaling internationally, particularly in entering the US ETF market, which is dominated by a closed group of players. Similarly, Vinter had limited presence in the Asia-Pacific (APAC) region, where the market for crypto ETPs and ETFs is still nascent. Kaiko, on the other hand, has had a global presence from the beginning, with offices in New York since 2018 and Singapore for the past four years. The idea behind the Vinter acquisition therefore is to combine their dominant position in Europe’s asset management industry with Kaiko’s established international footprint and reputation. Together, we aim to expand into the US ETF market and lay the groundwork for crypto ETP growth in APAC.”
Kaiko and Vinter are already working on joint initiatives, including innovative hedging solutions that leverage shared indices. These efforts are expected to bolster liquidity provision and facilitate collaboration between market makers and asset managers, advancing both the derivatives and asset management ecosystems.
This acquisition marks Kaiko’s third and largest to date, following its purchase of Napoleon Indices in June 2022 and the subsequent launch of Kaiko Indices, and the successful acquisition of Ketisys, a provider of quant risk optimisation tools, earlier that year. Since then, Kaiko’s regulated index solutions have become an industry standard for 24/7 derivatives settlement, margining, and liquidation processes. By collaborating with partners such as CBOE, Gemini, and Deutsche Börse, Kaiko has helped standardise index pricing for crypto derivatives, driving institutional adoption and enhancing market liquidity.
“A key differentiator for Kaiko is our independence,” says Soubiran. “Kaiko is a fully independent and regulated data provider, which is becoming increasingly important as traditional finance (TradFi) players enter the crypto space. Regulators and institutional investors are now paying closer attention to potential conflicts of interest in benchmark ownership structures, an issue we’ve deliberately avoided by remaining independent. Our background in traditional finance has informed this approach. As someone who has lived through the LIBOR scandal, I deeply understand the importance of having an independent, neutral, and regulated source of truth for benchmark data. Kaiko’s structure and approach ensure we remain a trusted partner for financial institutions as the crypto industry continues to mature.”
Kaiko’s latest expansion underscores its commitment to remaining at the forefront of the digital asset industry amid ongoing consolidation. As the market matures, the company aims to play a critical role in supporting institutional investors with robust data infrastructure and innovative solutions for navigating the evolving cryptocurrency landscape.
“Looking ahead, we’ll be focusing on engaging with asset managers, issuers, and other stakeholders globally to drive adoption and further strengthen our position as the leading provider of cryptocurrency indices,” says Soubiran. “With the incoming administration in the US, we expect to see greater flexibility in the listing of more innovative and complex investment products. At the same time, there’s an understanding that it is time for the industry to mature. This likely means not only more flexible, but also clearer regulation. Additionally, the standards, best practices, and market data frameworks that are well-established in TradFi will increasingly be applied to the crypto sector, fostering greater alignment between the two industries. The road ahead is clear: enabling the next generation of investment products with the independence, reliability, and regulatory compliance that institutions demand.”
Subscribe to our newsletter
