ChainCatcher reported that according to The Blcok, State Street Global Advisors (SSGA), one of the world's largest investment management companies, announced on Wednesday that it has partnered with Galaxy Asset Management to launch an ETF focused on cryptocurrency companies. The new fund is called SSGA Active Trust and is currently awaiting approval from the U.S. Securities and Exchange Commission (SEC).
It is reported that the ETF plans to invest in stock securities, futures ETFs and contracts, and spot ETPs of cryptocurrency companies, covering a wide range of fields such as blockchain software developers, Bitcoin mining companies, exchanges and payment processors. This move is aimed at meeting the market's strong demand for more investment opportunities in the cryptocurrency industry in addition to pure Bitcoin spot. Anna Paglia, chief business officer of SSGA, said that the digital asset field contains more than just a single cryptocurrency component, and cryptocurrency-native companies are better able to understand this ecosystem and its relevance to the financial market.
In the operation of the new ETF, State Street Bank & Trust Company will be responsible for management and accounting, while Galaxy will be responsible for daily operations. It is worth mentioning that Galaxy Digital, an affiliate of Galaxy Asset Management, has jointly operated a spot Bitcoin ETF with Invesco. Since SSGA launched its first listed ETF in 1993, as of March this year, it has managed assets of more than $4.3 trillion. Galaxy, which focuses on digital assets, manages assets of approximately $6.2 billion.
