tl;dr
State Street Global Advisors and Galaxy Asset Management are collaborating to create crypto products, including exposure to crypto companies and spot and futures-based ETFs. State Street will file for a crypto-based fund called the SSGA Active Trust, with Galaxy managing the fund's investments. The ...
State Street Global Advisors and Galaxy Asset Management are collaborating to create crypto products, including exposure to crypto companies and spot and futures-based ETFs. State Street will file for a crypto-based fund called the SSGA Active Trust, with Galaxy managing the fund's investments. The companies aim to provide investors access to the $2.4 trillion digital asset ecosystem through manager-directed strategies. Analysts anticipate State Street providing administrative and accounting services for the new fund.
The products will invest in crypto companies and spot and futures-based ETFs. Analysts say State Street will provide administrative and accounting services for the new fund.
State Street Global Advisors, a unit of financial services giant State Street, filed an application with the U.S. Securities and Exchange Commission (SEC) to register the SSGA Active Trust. Galaxy will be responsible for the day-to-day management of the fund’s investments.
Together, the companies "will provide investors access to the $2.4 trillion digital asset ecosystem through manager-directed strategies," the companies said in a statement.
Anna Paglia, State Street Global Advisors chief business officer, emphasized the importance of understanding the broader digital assets landscape. The companies believe that crypto native companies are best equipped to understand the ecosystem and its correlation with financial markets.
State Street and Galaxy's collaboration reflects crypto's growing popularity as an asset class. In April 2023, Galaxy Digital established a similar partnership with DWS to develop crypto management solutions for Europe.
"The expectation is that State Street Bank and Trust would provide administrative and accounting services for the new digital assets ETFs that State Street Global Advisors and Galaxy jointly develop pursuant to this collaboration. The announcement appears short on detail," said Laurent Kssis, crypto ETF specialist at CEC Capital.
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