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State Street Global Advisors, a multi-trillion dollar asset manager, has partnered with Galaxy Digital to launch exchange-traded funds (ETFs) that provide exposure to crypto assets outside of its purview. spot Bitcoin ETFs.
“We believe this is the next level of growth for the digital asset ecosystem,” the fund management giant, which has $4.13 trillion in assets under management, said in a June 26 statement. statement.
State Street Global Advisors files for multiple proposed funds with the Securities and Exchange Commission
Institutional and individual investors are seeking exposure to the growing digital asset class “through investment options beyond spot bitcoin,” she added.
This comes after State Street Global Advisors proposed the SPDR Galaxy Digital Asset Ecosystem ETF on June 26 Submit files With the Securities and Exchange Commission (Securities and Exchange Commission).
According to the filing, the fund will invest in publicly traded cryptocurrency companies both in the United States and abroad, as well as futures and spot ETF products. The asset manager also proposed the SPDR Galaxy Emerging Technology Enablers ETF and the Hedged Digital Asset Ecosystem ETF.
ETF Store CEO Surprised by Lack of Participation in the Bitcoin and ETF Market
State Street Global Advisors is not a newcomer to the digital asset market. It has been involved in the crypto space since at least June 2021 after launching a dedicated digital asset division. However, the asset management giant has not filed for a Bitcoin or Ethereum ETF.
State Street, the third-largest issuer of exchange-traded funds, is partnering with Galaxy to collaborate on a digital asset-based ETF…
It’s certainly worth noting, but surprisingly, that State Street hasn’t invested all of its money in BTC and Ethereum ETFs. https://t.co/Uv5k7eKuFB
– Nate Geraci (@NateGeraci) June 26, 2024
ETF Shop President Nate Geraci said he was “surprised” that State Street would not go “all in” on spot and pending bitcoin. Ethereum ETFs.
Some of the company’s biggest competitors have launched their own bitcoin ETFs in the US. Since they began trading in January, the investment products have collectively raised more than $14.4 billion, according to the bank. Data From Farside Investors.
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