Breaking: Galaxy Digital and State Street Launches Three Digital Asset ETFs

Galaxy Asset Management, a division of Galaxy Digital Holdings has doubled down on its Exchange Traded Fund Pursuit. In partnership with top financial market player, the firm has now launched three new digital assets ETF products in partnership with State Street.

The Galaxy Digital and State Street ETF Lineup

As announced, the ETF lineup consists of the Galaxy Digital Asset Ecosystem ETF (DECO), Galaxy Hedged Digital Asset Ecosystem ETF (HECO) and Galaxy Transformative Tech Accelerators ETF (TEKX). They all seek to offer direct exposure to the industry in a customized manner.

As revealed, the DECO ETF offering will help investors gain access to industry that are most suited to benefit from crypto expansion. The duo designed HECO to give investors direct exposure to firms betting on cryptocurrency ETFs. This has become a major development in the industry with banks like Morgan Stanley showcasing exposure to Bitcoin ETFs.

Lastly, the TEKX ETF expands the scope of the other two products from Galaxy Digital to include Artificial Intelligence (AI).

Both firms have a significant role to play in administering these three ETF products. While Galaxy will offer technical aspect as the major crypto player, State Street will leverage its expertise to deliver the product to investors.

The push by the firms to launch these products stems from Galaxy’s history in the space. In partnership with Invesco, the firm has a functional spot Bitcoin ETF product with the ticker “BTCO.” Besides this, the duo also have a joint stake in spot Ethereum ETF – “QETH.”

Notably, the QETH Ethereum ETF has a low sponsor fee of 0.25%, one of the lowest in the industry.

Expanding Crypto Influence

These 3 new ETF product offerings build on the company’s influence in the market. The company under Mike Novogratz leadership has always supported crypto growth. Recently, the firm bought $82 million worth of Bitcoin over a 2-day period. This ascertains its influence in evolving crypto market.

State Street also have enough to benefit from the market as this partnership underscores its readiness to embrace emerging asset classes. Before now, it inked a custody service partnership with Taurus. It also has a keen focus on expanding into the stablecoin scene as reported in July.

Read More: Why Is Bloomberg Analyst Bullish on Spot Bitcoin ETFs Despite $1.2B Outflow?