State Street collaborates with Galaxy aiming for new ETFs expanding beyond Bitcoin

State Street Global Advisors, an asset manager, has teamed up with crypto investment firm Galaxy Digital to introduce new exchange-traded funds (ETFs) that offer exposure to digital assets. The companies have indicated that these ETFs will go beyond just spot Bitcoin ETFs, in response to the increasing interest from institutional and retail investors in the digital asset space. State Street, with its $4.1 trillion worth of assets, stated in a press release on June 26 that investors are seeking investment options beyond pure spot Bitcoin. Meanwhile, State Street has proposed a SPDR Galaxy Digital Asset Ecosystem ETF that will invest in publicly traded digital asset firms, including crypto exchanges, mining companies, hardware wallet service providers, and crypto-focused venture capital firms in the US and abroad. The fund will also explore investments in futures and spot ETF products. In addition, State Street has proposed the SPDR Galaxy Emerging Technology Enablers ETF and the Hedged Digital Asset Ecosystem ETF to the Securities and Exchange Commission. State Street Bank and Trust is expected to provide administrative and accounting services for these digital asset ETFs developed by SSGA and Galaxy Digital. Although State Street launched a dedicated digital asset division in June 2021, it has not been among the recent applicants for spot Bitcoin or Ether ETFs.