Galaxy Digital to Introduce Exchange-Traded Products in Europe in ‘Matter of Weeks’

LONDON – Galaxy Digital (GLXY), the digital asset financial services firm headed by Michael Novogratz, will introduce crypto exchange-traded products (ETPs) in Europe “in a matter of weeks,” the CEO of its European operations said.

Galaxy Digital teamed up with asset manager DWS last April to develop ETPs designed to give Europeans access to digital-asset investment through traditional brokerage accounts.

“We partnered with DWS and will, in a matter of weeks, be launching new ETPs in Europe,” Leon Marshall said on a panel at Blockworks’ Digital Asset Summit 2024 in London on Tuesday.

ETPs are an umbrella term for investment products listed on exchanges that also incorporate exchange-traded funds (ETFs). The other variety of ETP is an exchange-traded note (ETN), which the U.K’s Financial Conduct Authority (FCA) last week opened the door to approving in the future, albeit only to institutional investors.

While the U.S.’ first spot bitcoin ETFs were listed in January, similar products have existed in Europe for several years under the ETP designation.

Galaxy partnered with Invesco (IVZ) to list a spot bitcoin ETF (BTCO) in the U.S., one of the nine listed in January.

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