One of the largest publicly traded digital asset companies in the world is teaming up with an ETF giant. And they have plans to reshape the way traditional markets can participate in the crypto ecosystem.
What’s happening:
- Galaxy Digital (TSX: GLXY) and asset management giant State Street have announced a partnership to launch new ETFs focused on digital assets
Why it matters:
- Traditional markets have been rapidly embracing crypto and digital assets, with Wall Street beginning to pile into spot Bitcoin ETFs listed in the United States and the launch of the first ever yield generating Bitcoin Exchange Traded Product on the Nordic Growth Market
By the numbers:
- State Street is the 3rd largest ETF company in the world
- Galaxy Digital currently has more than $6B USD in assets under management
Going deeper:
- The new ETFs being planned by Galaxy Digital and State Street aim to go far beyond just exposure to Bitcoin and Ethereum, with initial plans for ETFs focused on publicly traded crypto companies, venture backed crypto startups and even crypto futures trading
