Key Takeaways:
- State Street Global Advisors and Galaxy Digital have partnered to launch new ETFs focused on digital assets beyond spot Bitcoin ETFs.
- The ETFs will invest in publicly traded digital asset firms, futures, and spot ETF products, targeting both U.S. and international markets.
- State Street has proposed three new ETFs to the SEC: the SPDR Galaxy Digital Asset Ecosystem ETF, the SPDR Galaxy Emerging Technology Enablers ETF, and the Hedged Digital Asset Ecosystem ETF.
State Street Global Advisors has partnered with Galaxy Digital to introduce new exchange-traded funds (ETFs) focused on digital assets, extending beyond just spot Bitcoin ETFs.
The new ETFs will target investments in publicly traded digital asset firms, such as crypto exchanges, mining firms, hardware wallet providers, and crypto-focused venture capital firms, both in the U.S. and internationally.
Galaxy and @StateStreetGA are collaborating to bring investors the next generation of digital asset-based strategies that will offer exposure to companies involved in the digital asset space, going beyond cryptocurrencies and bitcoin.
— Galaxy (@galaxyhq) June 26, 2024
Press Release: https://t.co/oWBEoxd8mi pic.twitter.com/QS6vSVnBsL
These ETFs will also invest in futures and spot ETF products.
State Street proposed three new ETFs to the U.S. Securities and Exchange Commission (SEC): the SPDR Galaxy Digital Asset Ecosystem ETF, the SPDR Galaxy Emerging Technology Enablers ETF, and the Hedged Digital Asset Ecosystem ETF.
The aim is to provide both institutional and retail investors with more diverse investment options in the growing digital asset space.
STATE STREET GLOBAL ADVISORS AND GALAXY DIGITAL TO LAUNCH DIGITAL ASSET ETFS BEYOND BITCOIN
— BSCN (@BSCNews) June 27, 2024
– State Street, managing approximately $4.1 trillion in assets, and Galaxy Digital have unveiled plans to launch the SPDR Galaxy Digital Asset Ecosystem ETF.
– Among the companies that… https://t.co/ovtwidC10J pic.twitter.com/CU6MmouuSW
State Street Bank and Trust will handle administrative and accounting services for these digital asset ETFs.
The company has been involved in the digital asset sector since June 2021 but has not recently applied for spot Bitcoin or Ether ETFs, unlike some of its competitors.
🤝 State Street Global Advisors has partnered with Galaxy Digital to launch new ETFs that provide exposure to digital assets.#ETFs #Cryptohttps://t.co/OXPIH2keqI
— Cryptonews.com (@cryptonews) June 27, 2024
Spot Bitcoin ETFs in the U.S. have seen significant inflows, amounting to over $14.4 billion in just over five months.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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