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The company aims to allow investors in the US market to gain exposure to crypto assets through a private fund that tracks the Nasdaq Cryptocurrency Index.
Investment company Victory Capital Management announced they will begin to build a process for investors in the US to have access to the cryptocurrency market.
In a June 9 announcement, Victory Capital said it will be the exclusive backer of a “privately issued fund” based on the Nasdaq Cryptocurrency Index, or NCI, an index developed Developed by Nasdaq and Brazilian crypto asset manager Hashdex. The company said it plans to launch a separate fund for accredited investors tracking the NCI and private funds that will track the Nasdaq Bitcoin and Ethereum Reference Price Index.
“Cryptocurrency is a viable asset class for portfolio diversification,” said Mannik Dhillon, president of VictoryShares, Victory Capital’s ETF provider. By using a portfolio designed to track NCI, investors can achieve high returns, gaining access to a wide range of digital assets as this market continues to grow and mature. “
Hashdex partnered with Nasdaq in September 2020 to launch a Bitcoin exchange-traded fund in Bermuda and received product approval from the Bermuda Stock Exchange in February. The company’s Nasdaq crypto index includes eight coins: Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Chainlink’s LINK, Stellar’s Lumen (XLM), Filecoin ( FIL) and Uniswap’s UNI.
As of April 30, Victory Capital managed $157 billion in assets. In contrast, digital asset manager Grayscale reported on Wednesday that it has $30.9 billion in assets under management for its crypto investments.
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