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The company intends to provide U.S. investors with access to cryptocurrency through a private fund that tracks the Nasdaq Crypto Index.
Victory Capital Management, an investment business, said that it will be taking efforts to give its US-based investors access to the cryptocurrency market.
Victory Capital said on Wednesday that it will be the only sponsor of “private placement funds and other vehicles” based on the Nasdaq Crypto Index, or NCI, which was created by Nasdaq and Brazilian crypto asset management Hashdex. The company wants to develop a private fund for authorised investors that will monitor the NCI, as well as private funds that will monitor 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.”
In September 2020, Hashdex teamed with Nasdaq to launch a Bitcoin exchange-traded fund in Bermuda, with the Bermuda Stock Exchange approved the product in February. Its Nasdaq Crypto Index includes the following cryptocurrencies: Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Chainlink’s LINK, Stellar’s Lumen (XLM), Filecoin (FIL), and Uniswap’s UNI.
Victory Capital managed more than $157 billion in assets as of April 30. Grayscale, a digital asset manager, said on Wednesday that it had $30.9 billion in crypto assets under control.