State Street Investment Management and Galaxy Digital Bring Cash Management Onchain

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Key Terms

stablecoin financial

A stablecoin is a type of digital currency designed to keep its value steady, often by being backed by traditional assets like money or commodities. For investors, stablecoins offer a reliable way to move money quickly across digital platforms without the value fluctuations common with other cryptocurrencies, making them useful for saving, trading, or transferring funds with less risk of sudden losses.

tokenized technical

Tokenized means converting a real-world asset, like property, artwork, or stocks, into digital tokens stored on a computer network. This process makes it easier to buy, sell, or transfer small parts of the asset quickly and securely, much like dividing a property into many tiny pieces that can be traded individually. For investors, tokenization can increase access, liquidity, and flexibility in managing their investments.

onchain technical

"Onchain" describes activities, transactions, or data that happen directly on a blockchain, which is a digital ledger that records information transparently and securely. For investors, onchain activities provide real-time insights into how assets are moving and how networks are functioning, helping them make more informed decisions. Think of it as watching transactions happen live on a public record, similar to seeing a receipt posted online immediately after a purchase.

qualified purchasers regulatory

A qualified purchaser is an investor or institution that meets a high financial threshold—typically owning or controlling several million dollars in investments—so regulators treat them as very experienced and able to bear loss. Because they are seen as financially sophisticated, qualified purchasers can access private funds and investment deals that are closed to the general public, which can offer higher return potential but come with fewer regulatory protections—think of it as a VIP pass that opens riskier, less-regulated opportunities.

custodian financial

A custodian is a financial institution that holds and safeguards an investor's assets—such as stocks, bonds, or cash—and records transactions on the investor's behalf. Think of it as a trusted caretaker or safe-deposit box for investments; it helps prevent loss or theft, handles paperwork and transfers, and provides transparency and regulatory checks, so investors can focus on decisions rather than the mechanics or security of asset storage.

nav financial

Net asset value (NAV) is the total value of all the investments and assets in a fund or company, minus any debts or liabilities, divided by the number of shares or units outstanding. It represents the per-share worth, giving investors an idea of what each share is truly worth based on the underlying assets. Think of it like a company's total worth divided among its shares, helping investors assess whether a share is fairly priced.

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05/05/2026 - 08:30 AM

State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP) launches

BOSTON & NEW YORK--(BUSINESS WIRE)-- State Street Investment Management and Galaxy Asset Management, an affiliate of Galaxy Digital Inc. (NASDAQ: GLXY), today announced the launch of the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP), a tokenized private liquidity fund designed to enable 24/7 onchain cash management via stablecoin, subject to availability of stablecoin in the fund’s portfolio.

The launch represents a milestone in State Street’s digital strategy to offer investment solutions onchain and support 24/7 programmatic trading and liquidity for cash management. Building on its legacy as an innovator, State Street continues to invest in foundational digital asset capabilities across investment management and custody, offering cutting-edge, onchain investment solutions to DeFi-native clients, as well as acting as the bridge to traditional institutional clients looking to move onchain.

SWEEP is powered by Galaxy’s Digital Infrastructure, which provides the tokenization technology and digital infrastructure supporting the issuance and management of SWEEP tokens. The fund is built to allow stablecoin holders to sweep their stablecoin into a yield bearing asset. SWEEP launches on the Solana blockchain, with additional blockchain integrations planned, including Stellar and Ethereum. Anchorage serves as the fund’s digital custodian for stablecoin investments, NAV Consulting serves as transfer agent, and Galaxy is leveraging Chainlink NAVLink to publish the fund’s daily NAV onchain and Chainlink CCIP for secure cross-chain interoperability. State Street Bank and Trust Company serves as the fund’s custodian for securities holdings.

Announced in December 2025, SWEEP allows investors to use PayPal USD (PYUSD) stablecoins for subscriptions and redemptions, subject to portfolio availability, and is available to Qualified Purchasers that meet certain eligibility criteria and minimum investment amounts.

“State Street has played a leading role in market innovation for decades, from servicing mutual funds to launching ETFs, and we’re proud to continue that role as digital assets reshape market infrastructure,” said Yie-Hsin Hung, president and chief executive officer of State Street Investment Management. “This fund allows us to bring the TradFi landscape onchain in a resilient way, guided by our long-standing focus on innovation, risk management and client outcomes.”

“For years we've argued that traditional finance and crypto would converge on the same rails,” said Mike Novogratz, founder and CEO of Galaxy. “We believe SWEEP is what that looks like in practice, with a fund managed by an experienced cash manager being available for investors onchain, on infrastructure Galaxy built for institutions.”

SWEEP expands and deepens 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.

About State Street Investment Management

At State Street Investment Management, we have been helping create better outcomes for institutions, financial intermediaries, and investors for nearly half a century. Starting with our early innovations in indexing and ETFs, our rigorous approach continues to be driven by market-tested expertise and a relentless commitment to those we serve. With over $5 trillion in assets managed*, clients in 60 countries, and a global network of strategic partners, we use our 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 (NYSE: STT).

*This figure is presented as of March 31, 2026 and includes ETF AUM of $1,940.32 billion USD of which approximately $184.18 billion USD in gold assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Investment Management are affiliated. Please note all AUM is unaudited.

About Galaxy

Galaxy Digital Inc. (Nasdaq: GLXY) is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and artificial intelligence. Our digital assets platform offers institutional access to trading, advisory, asset management, staking, self-custody, and tokenization technology. In addition, we develop and operate cutting-edge data center infrastructure to power AI and HPC workloads. Our 1.6 GW Helios campus in Texas positions Galaxy among the largest and fastest-growing data center developers in North America. The Company is headquartered in New York City, with offices across North America, Europe, the Middle East, and Asia. Additional information about Galaxy's businesses and products is available on www.galaxy.com.

Important Risk Information

Prospective investors should carefully read the Private Placement Memorandum of the fund in its entirety prior to investing. However, the contents of the Private Placement Memorandum should not be considered to be investment, legal or tax advice, and each prospective investor should consult with its own counsel and advisers as to all matters concerning an investment in the fund. No offer of interests in the fund will be made except pursuant to the Private Placement Memorandum of the fund.

Investors in the Fund must meet eligibility criteria as set forth in the Private Placement Memorandum and the other offering documents of the Fund. The minimum initial subscription to the Fund is $5,000,000 for entity investors and $1,000,000 for individual/natural person investors.

Risk of Loss. No guarantee or representation is made that the Fund’s investment program will be successful. Investment results may vary substantially over time. No assurance can be made that profits will be achieved and there is the potential for substantial or complete loss of your investment. An investment in a private placement is highly speculative, involving a high degree of risk and a potential lack of liquidity.

The Fund is not a “money market fund” registered with the U.S. Securities and Exchange Commission (“SEC”), and while the Master Fund may invest in similar instruments and employ similar rules and limitations, the Fund is not subject to the various rules and limitations that apply to such registered money market funds.

Low Short-Term Interest Rates. During market conditions in which short-term interest rates are at low levels, the Fund’s yield can be very low. During these conditions, it is possible that the Fund will generate an insufficient amount of income to pay its expenses, and that it may have a negative yield (i.e., it may lose money on an operating basis).

Focused Investment Risk. The Fund is expected to invest a large percentage of its assets in treasury securities, which may result in more risk or greater volatility in returns than if the Fund’s investments were less focused.

U.S. Treasury Obligations Risk. U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.

Repurchase Agreement Risk. Repurchase agreements may be viewed as loans made by the Fund that are collateralized by the securities subject to repurchase. The Fund’s investment return on such transactions will depend on the counterparty’s willingness and ability to perform its obligations under a repurchase agreement. If the Fund’s counterparty should default on its obligations and the Fund is delayed or prevented from recovering the collateral, or if the value of the collateral is insufficient, the Fund may realize a loss.

Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the fund. SSGA Funds Management, Inc. has also retained Galaxy Digital Partners LLC, member FINRA, SIPC (“Galaxy Digital”) as placement agent to the fund. State Street Global Advisors Funds Distributors, LLC is not affiliated with Galaxy Digital.

Transacting on the blockchain involves a high degree of risk. Tokens are representations of fund units and have no intrinsic value, have limited regulatory certainty, are subject to fraud and potential market manipulation and operational risks and may expose investors to loss of principal.

Before investing, consider the fund’s investment objectives, risks, charges and expenses. All statements are subject to the definitive offering documents of the fund, available from State Street Global Advisors Funds Distributors, LLC or Galaxy Digital.

Not FDIC Insured - No Bank Guarantee - May Lose Value

State Street Global Advisors Fund Distributors, LLC, member FINRA, SIPC

State Street Global Advisors (SSGA) is now State Street Investment Management. Please go to statestreet.com/investment-management for more information.

State Street Investment Management, One Congress Street, Boston, MA 02114.

ADTRAX #8903831.1.1.AM.RTL

Exp. Date: 5/31/2027