State Street Global Advisors and Galaxy Asset Management introduced three new cryptocurrency ETFs yesterday, The Block has reported.
These funds, called the SPDR Galaxy Digital Asset Ecosystem ETF (DECO), SPDR Galaxy Hedged Digital Asset Ecosystem ETF (HECO) and SPDR Galaxy Transformative Tech Accelerators ETF (TEKX), aim to capitalize on the growing Web3 trend.
As asset managers increasingly focus on offering diversified exposure to blockchain technology rather than specific crypto assets, these ETFs come at a time of high demand.
Fund issuers such as Franklin Templeton and Hashdex are awaiting regulatory approval in the US to launch diversified spot cryptocurrency ETFs.