State Street Investment Management and Galaxy Asset Management, an affiliate of Galaxy Digital Inc. (NASDAQ: GLXY) announced the forthcoming launch of the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP), which is described as a tokenized private liquidity fund that will aim to unlock the potential for 24/7 onchain liquidity by “utilizing PYUSD stablecoins for subscriptions and redemptions, subject to availability from the fund’s portfolio.”
SWEEP will reportedly be offered to Qualified Purchasers that meet “certain eligibility criteria and minimum investment amounts.”
Ondo Finance is “anticipated to seed the fund with approximately $200 million.”
The fund is anticipated to debut on the Solana blockchain in early 2026, with additional blockchain integrations “planned for the future, including on Stellar and Ethereum.”
Galaxy intends to leverage Chainlink in order to “help facilitate cross-chain interoperability.”
SWEEP will combine State Street’s expertise in traditional cash and liquidity management with Galaxy’s “capabilities in blockchain infrastructure, representing a new option for eligible investors seeking a liquid, onchain cash management solution.”
State Street Bank and Trust Company, an affiliate of State Street Investment Management, will serve “as custodian for the fund’s treasury holdings.”
SWEEP will be powered by Galaxy’s Digital Infrastructure which will provide the tokenization technology and digital infrastructure “that powers the issuance and management of SWEEP tokens.”
SWEEP expands State Street Investment Management’s relationship with Galaxy.
In September 2024, State Street Investment Management launched three actively managed ETFs “sub-advised by Galaxy that are focused on digital assets and disruptive technologies.”
At State Street Investment Management, they have been helping “create better outcomes for institutions, financial intermediaries, and investors for nearly half a century.”
Starting with their advancements in indexing and ETFs, their approach continues to be driven by “expertise and a commitment to those they serve.”
With (reported) over $5 trillion in assets managed, clients in over 60 countries, and a global network of strategic partners, they use their scale to “deliver a comprehensive and cost-effective suite of investment solutions that help investors get wherever they want to go.”
State Street Investment Management is the asset management “arm of State Street Corporation.”
As noted in the update, Galaxy Digital Inc. is a global enabler of digital assets and data center infrastructure, delivering “solutions that accelerate progress in finance and artificial intelligence.”
Their digital assets platform offers institutional access “to trading, advisory, asset management, staking, self-custody, and tokenization technology.”
In addition, they develop and operate data center infrastructure “to power AI and high-performance computing workloads.”
Their 800 MW Helios campus based in Texas, which has “an additional 2.7 GW of power under study, positions Galaxy among the largest data center developments in North America.”
The company is headquartered in New York City, with “offices across North America, Europe, the Middle East, and Asia.”
As mentioned in the announcement, Ondo is a blockchain tech firm.
Its mission is to enable the transition to an open economy by “building the platforms, assets, and infrastructure that bring financial markets onchain.”
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