The traditional public markets are about to get more ETFs for crypto. And this time, they are going well beyond just Bitcoin and Ethereum.
What’s happening:
- Galaxy Digital (TSX: GLXY) and asset management giant State Street (NYSE: STT) have debuted the first three ETFs they will launch in the United States as part of their recent partnership
Why it maters:
- State Street and Galaxy Digital previously formed a partnership focused on accelerating State Street’s expansion into crypto and digital asset ETFs on major stock exchanges in the United States, which represents State Street’s first foray into providing exposure to crypto through the public markets
Going deeper:
- The new ETFs from State Street are leveraging Galaxy Digital’s diverse portfolio as well as their insights into disruptive opportunities in the digital asset ecosystem, aiming to offer exposure to startups and companies who are likely to benefit from broader adoption of crypto and blockchain technology as opposed to simply providing exposure to the price of Bitcoin or Ethereum
- State Street and Galaxy Digital will also collaborate on an ETF that is focused on providing exposure to disruptive technologies, which will include new types of digital assets and even artificial intelligence
The intrigue:
- There has been a big push for new ETFs focused on alternative investment opportunities in the United States, which recently led to entrepreneur Anthony Pompliano and DeFi Technologies (CBOE: DEFI) partnering up to begin launching new ETFs together that are focused on providing exposure to innovative technologies
