Galaxy

Bitcoin

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<p>Wealth advisers are adopting Bitcoin exchange-traded funds at an unprecedented rate, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/wealth-advisers-adopting-bitcoin-etfs-faster-history-bitwise-cio" rel="noopener noreferrer nofollow" target="null" text="null" title="null">faster than any previous ETF in history</a>, according to Matt Hougan, chief investment officer at Bitwise.&nbsp;</p>
<p>The surge is primarily driven by financial advisers such as registered investment advisers and large firms like Morgan Stanley. BlackRock’s iShares Bitcoin Trust ETF alone has attracted $1.45 billion in flows from wealth managers.&nbsp;</p>
<p>Asset management firms are also looking to offer diversified exposure to blockchain technology. Over the past few days, State Street and Galaxy launched three new funds to provide alternative strategies for institutional investors.&nbsp;</p>
<p>“We believe the next evolution of this market is the introduction of actively managed digital asset portfolios,” Anna Paglia, State Street’s chief business officer, said in a statement.</p>
<p>This week’s Crypto Biz also explores CleanSpark’s acquisition of seven mining sites in the US state of Tennessee, Standard Chartered’s custodian services in the United Arab Emirates, and another round of corporate conflicts between Bitfarms and Riot.&nbsp;</p>
<h2 id="strong-state-street-galaxy-launch-three-new-crypto-etfs-strong"><strong>State Street, Galaxy launch three new crypto ETFs</strong></h2>
<p>Asset managers State Street Global Advisors and Galaxy Asset Management <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/state-street-galaxy-launch-3-crypto-etfs" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://cointelegraph.com/news/state-street-galaxy-launch-3-crypto-etfs">launched three new cryptocurrency ETFs</a> on Sept. 10, according to an announcement from State Street. The ETFs are designed to capitalize on the growth of Web3. State Street said the funds include the SPDR Galaxy Digital Asset Ecosystem ETF, the SPDR Galaxy Hedged Digital Asset Ecosystem ETF, and the SPDR Galaxy Transformative Tech Accelerators ETF.&nbsp;</p>
<figure><img alt="Crypto Biz: Crypto fever hits wealth managers" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191ece8-4815-7d01-b5fe-0c066c8883d5">
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  <p><em>SPDR Galaxy Digital Asset Ecosystem ETF holdings. Source: State Street</em></p>
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</figure>
<h2 id="strong-cleanspark-acquires-seven-mining-sites-in-tennessee-hashrate-to-grow-22-strong"><strong>CleanSpark acquires seven mining sites in Tennessee, hashrate to grow 22%</strong></h2>
<p>Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">BTC</a>) miner CleanSpark <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/cleanspark-acquires-tennessee-crypto-mining-facilities-hashrate-expansion" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://cointelegraph.com/news/cleanspark-acquires-tennessee-crypto-mining-facilities-hashrate-expansion">has reached an agreement</a> on the purchase of seven cryptocurrency mining facilities and their associated land in the Knoxville, Tennessee area in the United States. The new acquisitions will boost CleanSpark’s hashrate by 22%, the company said. According to a trade publication, CleanSpark is purchasing the new facilities from Exponential Digital. CleanSpark said it is paying $27.5 million in cash for the new facilities and expects the deal to close by Sept. 25.</p>
<h2 id="strong-bitfarms-postpones-special-meeting-over-riot-s-board-change-demand-strong"><strong>Bitfarms postpones “special meeting” over Riot’s board change demand</strong></h2>
<p>Also among the mining headlines, Bitfarms <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitfarms-postpones-meeting-riot-board-changes-demand" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://cointelegraph.com/news/bitfarms-postpones-meeting-riot-board-changes-demand">has rescheduled</a> its October shareholders “special meeting” to Nov. 6 in response to calls for changes to the company’s board of directors from its largest shareholder, Riot Platforms. Riot issued an open letter to Bitfarms shareholders on Sept. 3, detailing its ongoing efforts to “address Bitfarms’ broken governance,” which includes appointing Ben Gagnon as CEO and a member of the Bitfarms board. Gagnon joined the board following the departure of two Bitfarms co-founders, Emiliano Grodzki and Nicolas Bonta. According to the company, the extension will allow Bitfarms and its shareholders to review and evaluate Riot’s demands and their long-term implications.</p>
<h2 id="strong-standard-chartered-begins-uae-crypto-custody-services-with-btc-eth-strong"><strong>Standard Chartered begins UAE crypto custody services with BTC, ETH</strong></h2>
<p>Standard Chartered <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/standard-chartered-crypto-custody-uae" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://cointelegraph.com/news/standard-chartered-crypto-custody-uae">has launched crypto custody services</a> in the United Arab Emirates, starting with Bitcoin and Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">ETH</a>). The service was developed in partnership with Brevan Howard Digital, the cryptocurrency division of the hedge fund Brevan Howard. The move comes after the bank received approval from the Dubai Financial Services Authority. Standard Chartered plans to expand the service to include a broader range of crypto assets and potentially extend to other financial hubs.&nbsp;<br><br><em>Crypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday.</em></p>
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Crypto Biz: Crypto fever hits wealth managers

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