State Street and Galaxy Digital Partner to Create New Digital Asset ETFs (NYSE:STT)

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State Street Global Advisors, the asset management unit of State Street Corp. (NYSE:STT) is partnering with cryptocurrency investment manager Galaxy Asset Management, part of Galaxy Digital Holdings (OTCPK:BRPHF), to offer investors enriched strategies focused on digital assets by developing new exchange traded funds offering exposure to digital assets, the companies announced Wednesday.

State Street Bank and Trust is expected to provide administrative and accounting services for new digital asset ETFs that State Street Global Advisors and Galaxy (OTCPK:BRPHF) created jointly as part of this collaboration.

STT already provides such services for a number of wallets housing digital assets. More recently, State Street (STT) began providing services for three of the first Bitcoin Spot (BTC-USD) ETFs launched in the United States that integrated its service model with three digital custodians.

“We believe that the digital asset landscape is much more than just crypto components and that crypto-native companies are best equipped to understand this ecosystem and its correlation with financial markets,” said Anna Paglia, Chief Commercial Officer of State Street Global Advisors.

State Street (STT) has been focused on the digital asset sector for several years, having adopted distributed ledger technology to further develop its digital asset capabilities in the areas of fund accounting and administration, tokenization and digital custody.

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