State Street Global Advisors Partners With Galaxy Digital To Launch ETFs Beyond Spot Bitcoin

Multi-trillion dollar asset manager State Street Global Advisors has partnered with Galaxy Digital to launch ETFs (exchange-traded funds) that provide exposure to crypto assets beyond spot Bitcoin ETFs.

“We believe this is where the next level of growth is for the digital asset ecosystem,” the fund management titan, which has $4.13 trillion in assets under management, said in a June 26 statement. 

State Street Global Advisors Ltd | IA Members | The Investment Association

State Street Global Advisors Files For Multiple Proposed Funds With The SEC

Institutional and retail investors are seeking exposure to the growing digital asset class “through investment options beyond pure spot bitcoin,” it said. 

This comes after State Street Global Advisors proposed a SPDR Galaxy Digital Asset Ecosystem ETF in a June 26 filing with the Securities and Exchange Commission (SEC). 

The fund will invest in publicly traded crypto firms in both the US and abroad, as well as futures and spot ETF products, according to the filing. A SPDR Galaxy Emerging Technology Enablers ETF and a Hedged Digital Asset Ecosystem ETF were also proposed by the asset manager. 

ETF Store President Surprised By Lack Of Spot Bitcoin And ETF Engagement

State Street Global Advisors is not a new-comer to the digital asset market. It has been involved in the crypto space since at least June 2021 after it launched a dedicated digital asset division. However, the asset management titan has not submitted applications for a spot Bitcoin or an Ethereum ETF.

ETF Store President Nate Geraci said he is “surprised” that State Street is not going “all-in” on spot Bitcoin and pending spot Ethereum ETFs.

Some of the firm’s biggest competitors have launched their own spot Bitcoin ETFs in the US. Since they started trading in January, the investment products have collectively accumulated more than $14.4 billion, according to data from Farside Investors.

Related Articles:

  • Upcoming Crypto Presales: Unlock Early Investment Opportunities!
  • New Meme Coin Pepe Unchained Rockets Past $850k In Presale After Snaring $250K In 2 Days: Is Crypto Ready For The Ultimate $PEPE?
  • Bitcoin Price Prediction: As US Government Sends $240 Million BTC To Coinbase, This Learn-To-Earn Token Races Towards $3 Million

Comments

Post a Comment

Popular posts from this blog

3 cryptos below $0.2 to outperform Polygon (MATIC) in 2024

Image
Welcome to the world of cryptocurrency, where trends shift rapidly and opportunities abound. In this dynamic landscape, investors are constantly seeking the next big thing. Today, we explore three cryptocurrencies priced below $0.2 that have the potential to outshine even established players like Polygon (MATIC) in 2024. From the meme-fueled momentum of Shiba Inu (SHIB) to the innovative strides of Retik Finance (RETIK) and Stellar's (XLM) promising developments, these gems offer enticing prospects for growth. Let's delve into their potential and what sets them apart. Overview of Polygon (MATIC) and Its Performance Polygon, formerly known as Matic Network, has emerged as a leading layer 2 scaling solution for Ethereum, aiming to address the network's scalability issues. With its innovative technology, Polygon provides faster and cheaper transactions, making it an attractive choice for decentralised applications (dApps) and developers. In 2023, Polygon experienced sign
Read more

Horizen Labs, Offchain Labs, and Arbitrum Foundation Develop Apechain

Horizen Labs, Offchain Labs, and the Arbitrum Foundation have initiated the development of a dedicated blockchain, Apechain. Apechain will utilize APE as its utility and gas tokens, fostering the expansion of the token’s reach. The platforms shared their enthusiasm for the new development while the community accepted the proposal. In a bid to expand the utility and reach of APE coin, Horizen Labs, Offchain Labs, and the Arbitrum Foundation have initiated the development of a dedicated blockchain, Apechain. In a recent revelation, the blockchain platform, Offchain Labs, unearthed the community’s acceptance of the Apechain development proposal, indicated by a more than 50% support rate. Congratulations to @apecoin DAO on its decision to develop ApeChain utilizing the Arbitrum tech stack! With $APE serving as both the gas and governance token for ApeChain, Arbitrum Orbit's customizability empowers @ApeCoin DAO with true ownership and control over this… — Of
Read more

First Republic: U.S. Government Coordinates "Urgent Rescue Talks" to Rescue Bank

Image
U.S. officials are reportedly leading urgent talks to rescue First Republic Bank . This comes at a time when private-sector efforts ushered by the bank’s advisers are yet to pocket a finalized deal. Citing three unnamed sources familiar with the matter, a recent Reuters report revealed,   “The Federal Deposit Insurance Corporation (FDIC), the Treasury Department, and the Federal Reserve are among government bodies that have in recent days started to orchestrate meetings with financial companies about putting together a lifeline for the troubled lender.” JUST IN: US Government coordinating urgent meetings to rescue First Republic Bank $ FRC . — Watcher.Guru (@WatcherGuru) April 28, 2023 Also Read: Crypto x Stocks: Is Un-Correlation in Play? At this stage, it is still not clear if the U.S. government is looking to take part in a private-sector rescue of First Republic. Nevertheless, one of the sources reportedly revealed that the government’s engagement has “emboldene
Read more