State Street and Galaxy Collaborate to Introduce CryptocurrencyFocused ExchangeTraded Funds ETFs
Key Points of the Article
State Street and Galaxy Asset Management have collaborated to introduce new exchange-traded funds (ETFs) targeting the cryptocurrency industry. Named the SSGA Active Trust, these funds will invest in various crypto assets, including equities of crypto firms, crypto futures ETFs, and spot Crypto ETPs, pending SEC approval. This partnership reflects growing investor demand for diverse crypto investment opportunities.
Market Insights
As of June 27, 2024, Crypto ETFs manage assets worth $51.4 billion, with a net flow of +$21.4 million recorded on June 26. iShares Bitcoin Trust (IBIT), a leading spot ETF, holds $13.03 million in volume, followed by ProShares Bitcoin Strategy ETF (BITO), a futures ETF, with $5.5 million. IBIT and Grayscale Bitcoin Trust (GBTC) dominate in terms of assets under management (AUM) at $17.24 billion and $16.82 billion, respectively. BITO leads among futures ETFs with $598.78 million AUM, followed by Ark 21 Shares Active Bitcoin Futures Strategy ETF (ARKA) at $8.01 million.
Invesco Galaxy Bitcoin ETF Performance Overview
Galaxy Asset Management, through its affiliate Galaxy Digital, operates the spot Bitcoin ETF BTCO with Invesco. Priced at $60.95, BTCO manages $408.7 million AUM, with 6.9 million shares and an average one-month volume of 167,781. It boasts an expense ratio of 0.39% and has seen a one-month return of -10.62% and a three-month return of -3.22%.
Implications of the Partnership
The collaboration between State Street and Galaxy Asset Management is set to redefine the landscape of crypto ETFs. These ETFs aim to meet rising demand for diversified crypto assets by offering enhanced exposure and innovative investment strategies. Positioned as significant players in the evolving financial market, they seek to unlock crypto’s potential for everyday investors.
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Bitcoin ETF