SPY publisher State Street enters the cryptocurrency ETF space! Join hands with Galaxy Fund

State Street Global Advisors, the world’s largest issuer of ETF SPY, and Galaxy Asset Management plan to cooperate to launch the exchange-traded fund SSGA Active Trust to provide investors with a wider range of crypto investment opportunities in the field.

SPY publisher State Street enters the crypto ETF space

According to its registration documents, the SSGA Active Trust investment objectives will include:

• Stocks of foreign and domestic companies within the cryptocurrency and blockchain industry

• Crypto Currency Futures ETF

• Cryptocurrency Futures Contract

• Cryptocurrency Spot ETP

The crypto company range includes blockchain software developers, Bitcoin miners, exchanges and crypto payment processors.

State Street launched the first listed ETF (SPDR S&P 500 Index ETF, code: SPY) in 1993, managing more than 4.9 trillion US dollars in assets. It is the largest ETF in the world and the first place for most people to invest in US stocks. choose. Galaxy, which focuses on digital assets, manages about $6.2 billion in assets.

They believe that since the launch of the spot Bitcoin ETF, institutional and retail interest in the digital asset has surged. However, investors are also looking to gain exposure to this growing asset class through investment options beyond pure spot Bitcoin, believing this to be the next stage of growth for the digital asset ecosystem.

Crypto-themed ETFs have performed brilliantly for more than a year

Bloomberg ETF analyst Eric Balchunas recently posted a statistic, listing the following table. Some ETFs have completed an almost impossible task─they have almost no investment in Nvidia. (NVIDIA, ticker: NVDA) performance (measured from January 2023 to June 25, 2024) beat the S&P 500. Many of these are crypto-themed ETFs, and the issuers include many asset managers that issue Bitcoin spot ETFs, such as VanEck, Invesco, Bitwise, Fidelity and Grayscale.

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