State Street Global Advisors, one of the world's largest investment managers, has partnered with Galaxy Asset Management to launch exchange-traded funds that provide exposure to crypto companies, according to its announcement on Wednesday.
The fund plans to invest in crypto companies’ equity securities, crypto futures ETFs and contracts and spot crypto ETPs, according to the registration filing. Its scope of crypto companies include blockchain software developers, bitcoin miners, exchanges and crypto payment processors. State Street Bank and Trust is expected to handle the administrative and accounting tasks for the new digital asset ETFs, while Galaxy will manage the day-to-day operations of the products. Galaxy Asset Management’s affiliate Galaxy Digital already operates a spot bitcoin ETF jointly with Invesco.
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