US giant bank State Street and Galaxy will launch crypto ETFs
The approval of Bitcoin spot ETFs by the SEC on January 10 prompted many institutions in the USA to take action. State Street, one of the country's largest banks, and Galaxy Digital have partnered to launch ETFs that invest in crypto companies. State Street will be responsible for the management of the funds, and Galaxy Digital will be responsible for the daily operations.
Galaxy Digital ETF formed a partnership with State Street bank, which has $4.3 trillion in assets under management. The ETFs to be issued will invest in cryptocurrency-focused companies. The funds will be managed by State Street's investment subsidiary, State Street Global Advisors, and Galaxy's related subsidiary, Galaxy Asset Management.
What kind of companies will he invest in?
According to the notification made by State Street to the SEC, the name of the fund will be SSGA Active Fund. The application is currently awaiting approval from the SEC. ETF; It will invest in capital markets instruments of crypto companies, contracts with crypto futures funds and spot crypto ETFs. The companies that ETFs will invest in will mostly be blockchain software companies, Bitcoin miners, exchanges and crypto payment providers.
In the joint statement made by the two companies, it was stated that the increasing interest in the crypto world day by day causes the need for such investment instruments to increase, therefore investments that go beyond Bitcoin are needed.
State Street Bank will be responsible for the management and accounting of the fund, and Galaxy will be responsible for daily operations.
-Hakan Ateşler