$4,128,000,000,000 Titan State Street Launching Three New Crypto ETFs Managed by Galaxy Asset Management
State Street Global Advisors has announced the launch of three new digital asset and “disruptive technology” exchange-traded funds (ETFs).
All three ETFs will be managed by Galaxy Asset Management, an affiliate of Mike Novogratz’s Galaxy Digital Holdings.
In a press release, State Street says it is launching the SPDR Galaxy Digital Asset Ecosystem ETF (DECO), the SPDR Galaxy Hedged Digital Asset Ecosystem ETF (HECO) and the SPDR Galaxy Transformative Tech Accelerators ETF (TEKX).
According to the release, DECO seeks to provide exposure to companies positioned to benefit from the growing adoption of the blockchain and digital asset industries, as well as cryptocurrency through ETFs and futures.
HECO aims to do the same thing as DECO but with more management of volatility through the incorporation of covered call options and protective put options.
TEKX seeks to provide exposure to companies “supporting new disruptive technologies, which include but are not limited to blockchain and artificial intelligence (AI).”
Says Anna Paglia, chief business officer for State Street Global Advisors,
“Digital assets and blockchain technology have the power to transform financial markets as well as the economy over the next decade, and a number of companies will grow and flourish thanks to their contribution to this transformative technology…
Some investors are not comfortable with the short-term, volatile price swings of single-currency crypto. We believe the next evolution of this market is the introduction of actively managed digital asset portfolios that help investors tap into the benefits of diversification, which is appealing to a wider range of investors, and why we are excited to bring these three products to market.”
As of the end of 2023, State Street had $4.128 trillion in assets under management, including $1.27 trillion in ETFs.
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