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

Updated: 27 June 2024

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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 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.

State Street, the 3rd largest ETF issuer, is partnering w/ Galaxy to collaborate on digital asset-based ETFs…

Def noteworthy, but surprised State Street not going all-in w/ spot btc & eth ETFs. https://t.co/Uv5k7eKuFB

— Nate Geraci (@NateGeraci) June 26, 2024

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.