Asset management giant Invesco has partnered with Mike Novogratz’s Galaxy Digital to develop a range of cryptocurrency-linked exchange-traded funds (ETFs).
In a September 22 press statement, the companies said they aimed to develop “a comprehensive suite” of physically-backed digital asset ETFs. Notably, the plan is to have these products listed in the United States – a goal that has thus far eluded their rivals.
“Invesco has a long history of using ETFs to democratize investor access to disruptive, innovative asset classes. Now, through our partnership with market leader Galaxy Digital, we are able to incorporate their expertise of blockchain technology, digital assets and cryptocurrency into our product capabilities,” said John Hoffman, head of Americas, ETFs & Indexed Strategies at Invesco, in a statement.
Galaxy Digital, which boasts $2.1 billion in assets under management, is expanding its business with the aim of offering clients exposure “to every investabl
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