Asset management firm State Street has teamed up with Galaxy Digital and announced they will launch new crypto ETFs, which are different from those investing in Bitcoin.
In an official press release, global asset manager State Street announced plans for new crypto ETFs. These ETFs would invest in other digital assets and, thus, differ from the current Bitcoin ETFs. The firm has teamed up with Galaxy Digital to implement the initiative. The latter is a leader in the crypto and blockchain space, with large holdings in the sector.
Mike Novogratz, the CEO of Galaxy Digital has been always bullish on the potential of crypto. He was quick to respond to the development, and underlined its benefits. Meanwhile, the press release revealed the new move would lead to investors gaining exposure to the $2.4 trillion digital asset market.
Anna Paglia, the Chief Business Officer at State Street, stated the digital asset landscape was much bigger than single crypto components. Firms operating in the crypto space had the best understanding of this fact, she said.
Paglia added, “We are pleased to be working with Galaxy to educate investors about the role digital assets can play in a diversified portfolio, and provide the opportunity to participate in the next level of growth and innovation for the digital asset ecosystem.”
Moreover, after the spot Bitcoin ETFs emerged across the world, institutional crypto investors have made a beeline for it. These institutional crypto investors have approached the industry with a bullish outlook even in countries like Japan. The investors have helped the crypto market attract steady inflows, which in turn have helped Bitcoin consolidate.
Besides, State Street has already filed the application for the ETF with the US regulators. It would invest in spot ETF products, futures, and public digital asset firms. These firms will likely include mining firms, exchanges, and other crypto firms.
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