Dou Fu Bank Partners with Galaxy Digital to Launch Crypto ETF Beyond BTC

Source: Block Chain Knight
State Street, the third largest ETF issuer in the United States, has joined the trend of growing Crypto ETFs through its subsidiary, State Street Global Advisors, a traditional financial institution.
In a statement on June 26th, State Street Bank announced that it will partner with Crypto asset investment company Galaxy Digital to launch a new Crypto ETF that will go beyond the flagship digital asset BTC.
The company stated, “By combining the strengths of two of the largest brands and pioneers, we will provide investors with a pathway into the $2.4 trillion digital asset ecosystem.”
State Street Global Advisors has submitted an application to the U.S. Securities and Exchange Commission (SEC) to register the SSGA Active Trust, a fund dedicated to Crypto assets.
As of March this year, State Street Global Advisors managed assets exceeding $4.3 trillion, while Galaxy Digital managed assets of approximately $6.2 billion.
According to SEC filings, SSGA will invest in various aspects of the Crypto asset market, including equity securities of Crypto asset companies, futures ETFs, contracts, and ETPs.
The target industries include blockchain software developers, BTC miners, exchanges, and Crypto payment processors.
Meanwhile, State Street Bank will oversee the administrative and accounting responsibilities of the new digital asset ETF, while Galaxy Digital will supervise its daily operations.
State Street Bank emphasized the increasing interest in digital assets among institutions and retail investors since the debut of the spot BTC ETF. This move aims to provide investment options beyond pure spot BTC.
Mike Novogratz, CEO of Galaxy Digital, expressed appreciation for this move and foresaw a broader range of investment opportunities in the ecosystem beyond spot BTC.
He added, “Expanding investment choices beyond pure spot BTC is the direction we believe the ecosystem will take next.”
While market observers see this as a positive step towards affirming Crypto assets as an asset class, Nate Geraci, president of ETF Store, expressed surprise that State Street Bank did not prioritize spot BTC and Ethereum ETFs, as they dominate the Crypto asset market.
Since its launch in January this year, BTC ETF currently manages over $50 billion in assets, generating significant interest in the financial world.
Market experts also predict that the upcoming Ethereum ETF could attract as much as $15 billion in inflows within the first 18 months.