State Street Global Advisors and Galaxy Asset Management said they are working together to build crypto products that offer exposure to crypto companies as well as spot and futures-based exchange-traded funds .with the U.S. Securities and Exchange Commission to register a crypto-based fund called the SSGA Active Trust. Galaxy will be responsible for the day-to-day management of the fund’s investments, according to the filing.
While the cryptocurrency industry has gained greater recognition since the U.S. approval of spot bitcoin ETFs in January,"investors are also seeking exposure to this growing asset class through investment options beyond pure spot bitcoin," they said. “We believe that the digital assets landscape is so much more than the single crypto components and that crypto native companies are best equipped to understand that ecosystem and its correlation with financial markets,” Anna Paglia, State Street Global Advisors chief business officer said in the statement.
State Street and Galaxy's latest effort is a testament to crypto's growing popularity as an asset class. In April 2023, Galaxy Digital established a"The expectation is that State Street Bank and Trust would provide administrative and accounting services for the new digital assets ETFs that State Street Global Advisors and Galaxy jointly develop pursuant to this collaboration. The announcement appears short on detail. ," said Laurent Kssis, crypto ETF specialist at CEC Capital.
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State Street teams up with Galaxy, eyeing new ETFs beyond BitcoinState Street Global Advisors and Galaxy Digital have teamed up to develop digital asset ETFs.
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