State Street and Galaxy Digital Launches Crypto-Linked ETFs

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State Street Global Advisors (SSGA), a renowned asset manager with a $4.1 trillion portfolio, and Galaxy Digital, a crypto investment firm, have introduced three new crypto-linked exchange-traded funds (ETFs). According to the announcement, the launch of these ETFs reflects a continued belief in the long-term potential of digital assets, even as the sector faces increased volatility.

The three new ETFs are the SPDR Galaxy Digital Asset Ecosystem ETF (DECO), the SPDR Galaxy Hedged Digital Asset Ecosystem ETF (HECO), and the SPDR Galaxy Transformative Tech Accelerators ETF (TEKX). Notably, these three ETFs are now actively trading and will be managed by Galaxy Asset Management, a subsidiary of Galaxy Digital.

Galaxy Digital Responds To Growing Demand for Crypto ETFs

The fund plans to incorporate investments in futures and spot ETF products, broadening its scope and potential impact on the market. Additionally, these funds are designed to capitalize on the burgeoning opportunities within the digital asset and emerging technology sectors. It will offer a risk-managed approach, protecting investors against market volatility. 

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Meanwhile, State Street Bank and Trust are expected to provide essential administrative and accounting services for the digital assets developed by both companies. This collaboration builds on State Street’s longstanding involvement in the space, dating back to the establishment of its digital asset division in June 2021.

Despite the recent outflows in the cryptocurrency market, these ETFs are positioned to capitalize on the potential of blockchain and other transformative technologies. Recall that, Monochrome Asset Management officially applied to the Chicago Board Options Exchange (CBOE) Australia to launch an ETH ETF. If approved, this ETF will provide Australian retail investors with a regulated and accessible pathway to invest directly in Ethereum.

Mox Introduces Crypto ETF Services

Last month, Mox, a Hong Kong-based virtual bank backed by Standard Chartered, introduced a cryptocurrency ETF service for its customers. This move comes months after launching the Mox Invest platform, expanding its range of offerings.

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As reported by TheCoinRise, Mox broke new ground by becoming the first virtual bank to offer direct trading of spot Bitcoin (BTC) and Ethereum (ETH) ETFs on its platform. These ETFs provide a regulated and accessible way for investors to gain exposure to the two leading cryptocurrencies.

According to Jayant Bhatia, the bank’s chief product officer, the introduction of cryptocurrency ETFs is just the beginning of Mox’s plans for its investment sector. Bhatia stated, “We aim to provide customers with a secure method to diversify their investments in this asset class.”

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