First-movers in asset management seek to serve
the digital asset marketplace end-to-end.
NEW
YORK and BOSTON,
June 26,
2024 /CNW/ - Galaxy Asset Management1, an
affiliate of Galaxy Digital Holdings Ltd. (TSX: GLXY) and one of
the world's largest digital assets and blockchain investment
managers, and State Street Global Advisors, the asset management
business of State Street Corporation (NYSE: STT), today announced
they are collaborating to bring investors the next generation of
digital asset based strategies that will offer exposure to
companies involved in the digital asset space, going beyond
cryptocurrencies and bitcoin.
This collaboration of market-leading, global asset managers is
designed to bring investors the newest innovation in digital asset
investing. By combining the strengths of two of the biggest brands
and first-movers, State Street Global Advisors and Galaxy Asset
Management will provide investors access to the $2.4 trillion digital asset ecosystem through
manager-directed strategies.
"We believe that the digital assets landscape is so much more
than the single crypto components and that
crypto native companies are best equipped to
understand that ecosystem and its correlation with financial
markets," said Anna Paglia, Chief
Business Officer at State Street Global Advisors. "We are pleased
to be working with Galaxy to educate investors about the role
digital assets can play in a diversified portfolio, and provide the
opportunity to participate in the next level of growth and
innovation for the digital asset ecosystem," she added.
Institutional and retail interest in digital assets has surged
since the introduction of spot bitcoin ETFs. However,
investors are also seeking exposure to this growing asset class
through investment options beyond pure spot bitcoin.
We believe this is where the next level of growth is for the
digital asset ecosystem.
"Since Galaxy was founded, active management across the full
ecosystem of digital assets and crypto companies has
been a core competency," said Steve
Kurz, Global Head of Asset Management at Galaxy. "By
partnering with State Street Global Advisors and utilizing our
combined expertise, we believe we are in a strong position to make
digital assets more accessible to the broader investment community
through the creation of new ETFs offering exposure to digital
assets."
The expectation is that State Street Bank and Trust would
provide administrative and accounting services for the new digital
assets ETFs that State Street Global Advisors and Galaxy jointly
develop pursuant to this collaboration.
About Galaxy Asset Management
Since 2018, Galaxy Asset Management ("GAM") has been dedicated
to offering institutional-grade access to the digital assets
ecosystem. GAM is staffed by a team of seasoned professionals who
adopt a conservative, fiduciary-first approach in all aspects of
the business. GAM oversees $6.2
billion in assets2 across passive, venture, and
active strategies. GAM is an affiliate of Galaxy Digital Holdings
Ltd., a digital asset and blockchain leader providing access to the
growing digital economy. The company is headquartered in
New York City, with global offices
across North America, Europe, and Asia. Additional information about Galaxy is
available on www.galaxy.com.
About State Street Bank and Trust's Servicing of Digital
Assets ETFs
State Street Bank and Trust (State Street) has been actively
focused on the digital asset space for several years, including
creating its Digital division to deliver a digital expertise and
solutions to clients in a seamless interoperable customer
experience. The firm has prioritized digital finance and further
developing State Street's digital asset capabilities across Fund
Accounting and Administration, Tokenisation and Digital Custody by
adopting distributed ledger technology. Currently, State Street
provides fund administration and accounting services to a number of
portfolios that house digital assets. Most recently, State Street
began providing services for three of the first Spot
Bitcoin ETFs launched in the US that integrated our
service model with three digital custodians, acting as issuing and
paying agent and administration agent for two new European ETCs,
and providing fund administration and cash custody services for
Australia's inaugural
Bitcoin exchange-traded fund. State Street is proud to
have been the first global administrator to service digital asset
ETFs in the Asia-Pacific,
Canada, Europe and US marketplaces, and remains
committed to staying at the forefront of financial services
innovation.
About State Street Global Advisors
State Street Global Advisors launched the first listed ETF in
the U.S. in 1993 and has since become one of the largest global ETF
providers, managing over $4.3
trillion in assets†. With more than 30 years of experience
in leveraging the ETF structure to democratize, diversify, and
drive the growth of a multitrillion-dollar global market, State
Street Global Advisors has consistently developed innovative
solutions to meet the evolving objectives of investors.
†This figure is presented as of March 31,
2024 and includes ETF AUM of $1,360.89 billion USD of which approximately
$65.87 billion USD is in gold assets
with respect to SPDR products for which State Street Global
Advisors Funds Distributors, LLC (SSGA FD) acts solely as the
marketing agent. SSGA FD and State Street Global Advisors are
affiliated. Please note all AUM is unaudited.
1 Galaxy Asset Management is not affiliated with
State Street Global Advisors.
2 As of May 31,
2024.
Disclaimers
The TSX has neither approved nor disapproved the contents of
this press release.
SOURCE Galaxy Digital Holdings Ltd.