Victory Capital Holdings has announced the launch of its private crypto index fund, Victory Hashdex Nasdaq Crypto Index Fund LLC, in collaboration with renowned index provider Nasdaq and global crypto-focused asset manager Hashdex Ltd. (“Hashdex”). The private crypto fund is responsible for tracking the Nasdaq Crypto Index (NCI) and provide investors with broad-based exposure to crypto assets in a dynamic, and adaptable way for low costs and no lockups.
Victory Capital applies for ETF
Victory Capital has also filed for an Exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC) to get its product a legal status in the USA, so the offering is accessible as well as secure for the US accredited investors.
“We’re confident we’re on the verge of fast and remarkable advancements in this arena, and the Victory Hashdex Nasdaq Crypto Index Fund, along with a potential future ETF offering, will provide our clients with convenient exposure to multiple coins while introducing a new asset class for their portfolios.”, said Mannik Dhillon, CFA, CAIA, President of VictoryShares & Solutions.
Crypto funds request for ETF approval
Crypto Funds are gaining prominence in the market, with more asset management firms joining the race. With the rise in crypto funds, the market has also seen a rise in firms registering with the Securities and Exchange Commission (SEC) to approve the ETF for their offerings.
Asset Management Giant, Grayscale has recently approached the SEC to convert its notable Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF. The company has appointed ETF veteran, Dave Lavalle as the Global Head of ETFs at Grayscale.
“The notional Bitcoin ETF coming to market is simply not a new story. It’s just the next story in the evolution of the exchanger to profit marketplace…the notion of a Bitcoin ETF coming to the market is just another iteration of that kind of regulatory exercise.”, said Lavalle.
However, like most crypto deals with the government, SEC has assured that the ETF approvals will come with closely-knit regulations. SEC chief, Gary recently stated that he may not be certain of Bitcoin ETF’s timeline, but he can assure that the BTC product will be passed with strict regulations.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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