STT - State Street And Galaxy Digital To Develop Crypto Trading Products

2024-06-27 10:02:25 ET

%StateStreetGlobalAdvisors (NYSE: ) and Galaxy Asset Management (GLXY) have joined forces to develop a range of new %Cryptocurrency trading products.

In a news release, the two companies said they plan to offer exposure to publicly listed cryptocurrency companies as well as spot crypto exchange-traded funds (ETFs).

State Street Global Advisors, which is a unit of U.S. financial services company State Street, filed an application with the U.S. Securities and Exchange Commission (SEC) to register a crypto-based fund called the “SSGA Active Trust.”

Galaxy Asset Management, a financial services company that specializes in digital assets, will be responsible for the management of the fund’s investments, according to the regulatory filing.

Combined, the two companies plan to provide investors with access to $2.4 trillion U.S. in digital assets worldwide, including %Bitcoin (CRYPTO: ) and %Ethereum (CRYPTO: ) ETFs.

A year ago, Galaxy Digital established a similar partnership with asset manager DWS to develop cryptocurrency trading products in Europe.

The stock of State Street is flat (up 0.37%) over the last 12 months and trading at $72.86 U.S. per share.

Galaxy’s stock, which trades in Toronto, Canada, has risen 214% over the past year and currently trades at Cdn$16.44 per share.