04:35 PM EDT, 06/26/2024 (MT Newswires) -- State Street Global Advisors, the asset-management business of State Street (STT), and Galaxy Digital Holdings' ( BRPHF ) Galaxy Asset Management unit, after trade Wednesday 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".

According to a statement, this collaboration is designed to bring investors the "newest innovation" in digital asset investing. It said State Street Global Advisors and Galaxy Asset Management will provide investors access to the $2.4-trillion digital asset ecosystem through manager-directed strategies.

The expectation is that State Street Bank and Trust will provide administrative and accounting services for the new digital assets ETFs the two companies plan to develop.

Galaxy shares closed up $0.73 to $16.44 on the Toronto Stock Exchange