# Ketju research: State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP)

- URL: https://riadefi.com/rejections/state-street-galaxy-sweep/
- Research assessment: adverse
- Client selection: not considered
- Exposure: tokenized RWA
- Reviewed: 2026-09-24
- Next review: 2026-12-24

## Research summary

SWEEP is a private cash fund that State Street Investment Management manages and Galaxy tokenizes on Solana. Holders subscribe and redeem in PayPal’s PYUSD stablecoin at any hour, but only while the fund holds enough PYUSD to pay. It launched on 5 May 2026 through two vehicles, a Delaware LLC and a Cayman company, whose Form Ds, filed the day before, report no sales and no investors. Ondo said its OUSG fund planned to seed SWEEP with about $200 million.

Both Form Ds claim Rule 506(c) and the Investment Company Act section 3(c)(7) exclusion, so only qualified purchasers may buy. The onshore Form D gives a $0 minimum; the offshore one gives $100,000. Galaxy Digital Partners, Galaxy’s broker-dealer, is the placement agent. Neither sponsor has published the token’s contract address, an offering memorandum, or a fund page, so Ketju cannot read who controls the token or quote the terms.

The assessment is adverse. Model clients are not qualified purchasers, and the fund offers no terms a reader can check beyond two press releases and two empty Form Ds.

## Observable review triggers

- State Street or Galaxy publishes the SWEEP mint address; Ketju then reads its keys and opens an eligibility file
- The offering memorandum or a fund page with the portfolio, fee, and redemption terms becomes public
- A Form D amendment reports sales, or the fund opens to accredited investors under section 3(c)(1)
- The fund suspends PYUSD redemptions or pays a redemption late

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
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