Julie Hyman catches up with Galaxy Digital (GLXY.TO) CEO and founder Michael Novogratz at the Future Proof Festival in Huntington Beach, California, to discuss crypto exchange-traded funds (ETFs) options and the impacts of the upcoming presidential election on the crypto market.

State Street and Galaxy Digital recently introduced three crypto ETFs: the SPDR Galaxy Digital Asset Ecosystem (DECO), SPDR Galaxy Hedged Digital Asset Ecosystem (HECO), and SPDR Galaxy Transformative Tech Accelerators (TEKX).

Novogratz says the ETFs are “off to a great performance in one week… Up until now, crypto has been just a long play, and now with as many equities as there are around the space, you’re able to go long and short in these ETFs, use options to hedge, and not short in the ETFs, but long or short your index use options to hedge, and so it really is an alpha product.” The CEO expects the ETFs are “going to bring a lot of new participants into the into the market.”