State Street Global Advisors and Galaxy Digital Join Forces to Launch Crypto ETFs

cryptonews.com:

Asset manager State Street Global Advisors has partnered with crypto investment firm Galaxy Digital to launch new exchange-traded funds (ETFs) that provide exposure to digital assets.

Recognizing the surging interest from both institutional and retail investors in digital assets, the two companies aim to offer investment options beyond traditional spot Bitcoin ETFs.

In a recent press release, State Street, managing approximately $4.1 trillion in assets, highlighted the need to cater to the evolving requirements of investors in the digital asset ecosystem.

The proposed SPDR Galaxy Digital Asset Ecosystem ETF, as outlined in a filing to the United States securities regulator, is set to invest in publicly-traded digital asset companies.

This ETF would encompass a wide range of firms operating in the digital asset space, including crypto exchanges, mining companies, hardware wallet service providers, and crypto-focused venture capital firms in both the United States and abroad.

The fund would also explore investment opportunities in futures and spot ETF products, aiming to offer diversified exposure to the digital asset market.

The move by State Street and Galaxy Digital reflects the increasing mainstream acceptance of cryptocurrencies and digital assets as an asset class.

“We believe that the digital assets landscape is so much more than the single crypto components and that crypto native companies are best equipped to understand that ecosystem and its correlation with financial markets,” said Anna Paglia, Chief Business Officer at State Street Global Advisors.

State Street Bank and Trust is expected to provide administrative and accounting services for the digital asset ETFs developed by State Street Global Advisors and Galaxy