According to CoinDesk, State Street Global Advisors and Galaxy Asset Management announced that they are working together to develop cryptocurrency products that will invest in cryptocurrency companies and spot and futures-based exchange-traded funds (ETFs). State Street Global Advisors, a unit of State Street (STT), has submitted an application to the U.S. Securities and Exchange Commission (SEC) to register a cryptocurrency-based fund called SSGA Active Trust. Galaxy will be responsible for the daily management of the fund's investments. The company is related to Galaxy Digital (GLXY), a financial services company specializing in digital assets. The two companies said in a statement that they will "provide investors with access to the $2.4 trillion digital asset ecosystem through strategies guided by managers." Since the United States approved the spot Bitcoin ETF in January this year, the cryptocurrency industry has gained greater recognition, and investors are also seeking to gain exposure to this growing asset class through investment options that go beyond pure spot Bitcoin.
