$157B Victory Capital plans to enter crypto market

Jun 9, 2021 | CoinTelegraph News | 0 comments

$157b-victory-capital-plans-to-enter-crypto-market

The firm aims to let U.S. investors get exposure to crypto through a private fund tracking the Nasdaq Crypto Index.

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

In a Wednesday announcement, Victory Capital said it would 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. The firm said it plans to launch a private fund for accredited investors tracking the NCI, as well as 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 Victory Capital’s ETF provider VictoryShares president Mannik Dhillon. “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 to issue a Bitcoin exchange-traded fund in Bermuda in September, with the Bermuda Stock Exchange approving the product in February. Its Nasdaq Crypto Index consists of 8 cryptocurrencies: Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Chainlink (LINK), Stellar (XLM), Filecoin (FIL), and Uniswap (UNI).

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

News Source from CoinTelegraph.com

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