State Street Global Advisors has joined forces with crypto-focused firm Galaxy Digital. Their collaboration aims to launch new exchange-traded funds (ETFs) offering exposure to digital assets, venturing beyond just Bitcoin.
We’re excited to be joining forces with @StateStreetGA to offer investors access to the $2.4 trillion digital asset ecosystem through manager-directed strategies. Expanding investment options beyond pure spot Bitcoin is where we see the next level of growth for the ecosystem. https://t.co/gAhHy9054b
— Mike Novogratz (@novogratz) June 26, 2024
State Street acknowledges the surging interest in cryptocurrencies, particularly among institutional and retail investors. However, their statement highlights a desire to provide options beyond direct investment in Bitcoin itself. Their proposed SPDR Galaxy Digital Asset Ecosystem ETF reflects this strategy.
This ETF would track companies directly involved in the digital asset ecosystem. This could include crypto exchanges, mining firms, hardware wallet providers, and even crypto-focused venture capital firms. The fund might also invest in futures and existing spot ETFs related to digital assets.
State Street, the 3rd largest ETF issuer, is partnering w/ Galaxy to collaborate on digital asset-based ETFs…
Def noteworthy, but surprised State Street not going all-in w/ spot btc & eth ETFs. https://t.co/Uv5k7eKuFB
— Nate Geraci (@NateGeraci) June 26, 2024
