Asset manager State Street Global Advisors has teamed up with crypto investment firm Galaxy Digital — aiming to launch new exchange-traded funds offering exposure to digital assets.

In separate statements, the two investment firms have hinted that these ETFs would expand “beyond” spot Bitcoin (BTC) ETFs.

“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,” the $4.1 trillion asset manager State Street said in a June 26 statement.

“We believe this is where the next level of growth is for the digital asset ecosystem.”

It comes as State Street proposed a SPDR Galaxy Digital Asset Ecosystem ETF in a June 26 filing to the United States securities regulator, which would invest in publicly-traded digital asset firms.

This could range from crypto exchanges and mining firms to hardware wallet service providers and crypto-focused venture capital firms in the U.S. and abroad.

The fund would also seek to invest in futures and spot ETF products.

State Street also proposed the SPDR Galaxy Emerging Technology Enablers ETF and the Hedged Digital Asset Ecosystem ETF to the Securities and Exchange Commission.

Related: Galaxy Digital uses historic violin NFT to secure loan

“Crypto is slowly but surely becoming a mainstream asset class. Yet another sign here. Bullish,” Viska Digital Assets CEO Dadi Kristjansson said of the news in a June 26 X post.

Nate Geraci, President of the ETF Store described the development as “noteworthy” but was surprised that State Street didn't go "all-in" on the spot Bitcoin ETFs and the soon-to-be launched spot Ether (ETH) ETFs.

State Street Bank and Trust is expected to provide administrative and accounting services for the digital asset ETFs developed by SSGA and Galaxy Digital.

State Street has been in the digital asset space since at least June 2021, when it launched a dedicated digital asset division.

However, SSGA wasn’t among the spot Bitcoin or Ether ETF applicants in recent months.

United States spot Bitcoin ETFs — issued by some of SSGA biggest competitors — have seen over $14.4 billion in flows since launching five and a half months ago, Farside Investor data shows.

Magazine: Crypto voters are already disrupting the 2024 election — and it’s set to continue