NAV Fund Services Selected as Fund Administrator for State Street Galaxy Tokenized Onchain Liquidity Sweep Fund

NAV Fund Services was selected as fund administrator for the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP), a tokenized private liquidity fund launched in May by State Street Investment Management and Galaxy. The selection underscores NAV's deep expertise in tokenized fund administration at institutional scale and its capabilities in operational rigor, blockchain-native infrastructure, and digital transfer agency.

NAV's appointment builds on a longstanding partnership with Galaxy and Chainlink in institutional digital asset fund infrastructure. As fund administrator for SWEEP, NAV manages investor onboarding, subscription and redemption processing, cap table management, and regulatory compliance workflows, operating natively in a tokenized, onchain environment while supporting the institutional controls that investors require.

Ravi Gupta, Chief Strategic Solutions Officer, NAV Fund Services, said, "Our work with State Street and Galaxy on SWEEP centered on the design questions that come before the blockchain choice — how compliance gating works when subscriptions clear at any hour, how investor accounting is reconciled across onchain and offchain books, and how settlement happens when the fund's transfer agent is the system of record. We've spent years walking clients through decisions like these, and that's the expertise we bring into this engagement."

The State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP) is designed to enable qualified institutional investors to sweep stablecoin holdings into a yield-bearing asset on a 24/7 basis. The SWEEP ecosystem includes Anchorage as digital custodian for stablecoin investments, Galaxy providing tokenization technology and digital infrastructure, Chainlink providing onchain NAV publication via NAVLink and cross-chain interoperability via CCIP, and State Street Bank and Trust Company as custodian for securities holdings.