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Galaxy, State Street Launch 3 Crypto ETFs Despite Rising Outflows

Press Releases Crypto News BeInCrypto Galaxy, State Street Launch 3 Crypto ETFs Despite Rising Outflows

State Street Global Advisors and Galaxy Asset Management have introduced three new crypto-focused exchange-traded funds (ETFs), despite recent heavy outflows from similar investment products.

Newly launched ETFs will start trading on Tuesday, according to a statement.

Galaxy, State Street Introduce 3 Crypto ETFs

State Street Global Advisors and Galaxy Asset Management have launched three new ETFs — SPDR Galaxy Digital Asset Ecosystem ETF (DECO), SPDR Galaxy Hedged Digital Asset Ecosystem ETF (HECO), and SPDR Galaxy Transformative Tech Accelerators ETF (TEKX) — aimed at giving investors exposure to the blockchain industry while managing volatility.

Instead of holding cryptocurrencies directly, these new funds will invest in shares of crypto-related companies and other ETFs that hold physical Bitcoin or Bitcoin futures.

“Some investors are hesitant about the short-term price swings of individual cryptocurrencies. We believe the next step in this market is the introduction of actively managed digital asset portfolios,” said Anna Paglia, Chief Business Officer for State Street Global Advisors.

Read more: How to Invest in Ethereum ETFs?

The DECO ETF focuses on companies benefiting from blockchain and cryptocurrency adoption, such as Bitcoin miners Core Scientific, Hut 8, and Terawulf. It also includes traditional finance companies like Meta and Visa, along with holdings in Fidelity’s FBTC spot Bitcoin ETF.

HECO has a similar portfolio but replaces Meta and FBTC with BlackRock and BlackRock’s IBIT spot Bitcoin ETF shares. To manage volatility, HECO incorporates covered call and protective put options. TEKX targets companies involved in di

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Author: Daria Krasnova

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