Bank

Galaxy

State Street Global Advisors (SSGA), a renowned asset manager with a $4.1 trillion portfolio, and Galaxy Digital, a crypto investment firm, are <a href="https://newsroom.statestreet.com/press-releases/press-release-details/2024/State-Street-Global-Advisors-and-Galaxy-Asset-Management-Join-Forces-to-Introduce-Investors-to-The-Next-Evolution-of-Digital-Asset-Investing/default.aspx" rel="noopener noreferrer nofollow">planning</a> to introduce a new line of crypto-based exchange-traded funds (ETFs). As interest in digital investments continues to expand, this strategic partnership extends beyond conventional <a href="https://thecoinrise.com/bitcoin-etf-outflows-at-their-lowest-levels-since-april/" rel="noopener noreferrer nofollow">spot Bitcoin ETFs</a>.
<h2 id="span-style-font-weight-400-growing-demand-for-crypto-etfs-span">Growing Demand for Crypto ETFs</h2>
In their joint <a href="https://x.com/galaxyhq/status/1806081362488709404" rel="noopener noreferrer nofollow">announcements</a>, both firms noted the rising demand for digital asset exposure from institutional and retail investors alike. SSGA states:
“Institutional and retail interest in digital assets has surged since the introduction of spot Bitcoin ETFs. However, investors are also seeking exposure to this growing asset class through investment options beyond pure spot bitcoin.”
<h3 id="span-style-font-weight-400-proposal-details-span">Proposal Details</h3>
According to a new filing with the U.S. Securities and Exchange Commission (SEC), the two have proposed the SPDR Galaxy Digital Asset Ecosystem ETF. It intends to invest in a diverse array of publicly traded companies within the crypto sector, including exchanges, mining firms, hardware wallet providers, and crypto-focused venture capital firms, both domestically and internationally. Additionally, the fund plans to incorporate investments in futures and spot ETF products, broadening its scope and potential impact on the market.
SSGA’s plan also includes two other proposed funds: the SPDR Galaxy Emerging Technology Enablers ETF and the Hedged Digital Asset Ecosystem ETF. These funds are designed to capitalize on the burgeoning opportunities within the digital asset and emerging technology sectors. Mike Novogratz, the CEO of Galaxy Digital, <a href="https://x.com/novogratz/status/1806083160544784674" rel="noopener noreferrer nofollow">stated</a>:
“Expanding investment options beyond pure spot Bitcoin is where we see the next level of growth for the ecosystem.”
State Street Bank and Trust is expected to provide essential administrative and accounting services for the digital asset ETFs developed by SSGA and <a href="https://thecoinrise.com/galaxy-digital-initiates-a-100m-fund-for-early-stage-crypto-startups/" rel="noopener noreferrer nofollow">Galaxy Digital</a>. This collaboration builds on State Street’s longstanding involvement in the space, dating back to the establishment of its dedicated digital asset division in June 2021.
<h2 id="span-style-font-weight-400-crypto-community-reacts-span">Crypto Community Reacts</h2>
Dadi Kristjansson, CEO of Viska Digital Assets, writes on the importance of this development in a June 26 post on X, <a href="https://x.com/dadikr/status/1806086345351131234" rel="noopener noreferrer nofollow">stating</a>:
“Crypto is slowly but surely becoming a mainstream asset class. Yet another sign here. Bullish.”
Nate Geraci, President of the ETF Store, also <a href="https://x.com/NateGeraci/status/1806070987404058672" rel="noopener noreferrer nofollow">noted</a> the importance of this move, though he expressed some surprise that SSGA did not focus solely on spot Bitcoin ETFs and the anticipated spot Ether ETFs.
The post <a href="https://thecoinrise.com/state-street-global-advisors-and-galaxy-digital-to-launch-new-crypto-etfs/" rel="noopener noreferrer nofollow">State Street Global Advisors and Galaxy Digital to Launch New Crypto ETFs</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

State Street Global Advisors and Galaxy Digital to Launch New Crypto ETFs

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TheCoinrise Media

Інші статті, опубліковані 27 черв. 2024 р.

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