😱🇺🇲 US giant bank State Street and Galaxy will launch crypto ETFs🔥🚀
The approval of #Bitcoin spot ETFs by the SEC on January 10 ensured that many member rights are preserved in the United States. #statestreet , one of the country's largest banks, and Galaxy Digital have partnered to launch ETFs that invest in cryptocurrencies. While State Street will manage the funds, Galaxy Digital will be responsible for daily operations.
Galaxy Digital ETF partnership was established with State Street bank, which has 4.3 operations assets under management. The ETFs that will be issued will invest in cryptocurrencies. The funds will be managed by State Street's investment involvement, State Street Global Advisors, and Galaxy's respective investment involvement, Galaxy Asset Management.
What type of companies will you invest in?
According to the announcement 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 crypto capital market instruments, contracts with cryptocurrency funds and spot crypto ETFs. The ETFs' investment companies will mostly be blockchain software firms, Bitcoin miners, exchanges and crypto payment providers.
It was stated that the joint formation of the two companies is the reason why the interest in cryptocurrency is increasing day by day and the budget for such investment instruments is increasing, therefore investments exceeding the amount of Bitcoin are needed.
State Street Bank will be responsible for fund management and accounting, and Galaxy will be responsible for daily operations.
