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$157B Victory Capital plans to enter crypto market

  • Posted On - 2021-06-10 06:21:49

The firm aims to let United State investors get exposure to cryptocurrency through a private fund tracking the Nasdaq Crypto Index.

Victory Capital the Investment firm Management declared that it would be taking steps for its U.S based investors to get exposure to the crypto market.

In a last day announcement, the investment firm said that it might be the exclusive sponsor of “private placement funds and other vehicles” based on the Nasdaq Crypto Index, or NCI, an index developed by Nasdaq and Brazilian crypto asset manager Hashdex. Victory Capital said it plans to launch a private fund for accredited investors tracking the NCI and private funds that will track the Nasdaq Bitcoin Reference Price Index and the Nasdaq Ethereum Price Index.

“Cryptocurrency is a viable asset class that can be part of a well-diversified portfolio,” said Mannik Dhillon, president of VictoryShares, Victory Capital’s ETF provider. “By investing in a portfolio designed to track the NCI, investors can seek returns that align with the cryptocurrency market in a diversified manner, gaining exposure to multiple digital assets as this market continues to evolve and mature.”

Hashdex partnered with Nasdaq in Sept 2020 to issue a BTC exchange-traded fund in Bermuda, with the Bermuda Stock Exchange approving the product in Feb. Its Nasdaq Crypto Index consists of 8 cryptocurrencies: Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Chainlink's LINK, Stellar's Lumen (XLM), Filecoin (FIL) and Uniswap's UNI.

As of 30 April, Victory Capital has more than $157 B in assets under management. In contrast, digital asset manager Grayscale reported on Last day that it has $30.9 B assets under management for its crypto investments.