$157B Victory Capital plans to enter crypto market

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Investment agency Victory Capital Management introduced it might be taking steps for its U.S.-based traders to get publicity to the crypto market.

In a Wednesday announcement, Victory Capital mentioned it might be the unique sponsor of “private placement funds and other vehicles” primarily based on the Nasdaq Crypto Index, or NCI, an index developed by Nasdaq and Brazilian crypto asset supervisor Hashdex. The agency mentioned it plans to launch a personal fund for accredited traders monitoring the NCI, in addition to non-public funds that can observe 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,” mentioned Victory Capital’s ETF supplier 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 situation 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 greater than $157 billion in belongings beneath administration. In distinction, digital asset supervisor Grayscale reported yesterday that it has $30.9 billion belongings beneath administration for its crypto investments.