Cryptocurrency News

$157B Victory Capital plans to enter the crypto market

Investment firm Victory Capital Management announced that it will be taking steps to increase exposure to the crypto market for its US-based investors.

In Wednesday’s announcement, Victory Capital said It will 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.

“Cryptocurrencies are a viable asset class that can be part of a well-diversified portfolio,” said Manik Dhillon, president of ETF provider VictoryShares, Victory Capital. “By investing in a portfolio designed to track the NCI, investors can seek returns that align with the cryptocurrency market in a diversified manner, with exposure to the many digital assets this market is developing and maturing. “

Hashdex partnered with Nasdaq Issue a bitcoin exchange-traded fund In Bermuda in September, the Bermuda Stock Exchange approved the product in February. Its Nasdaq crypto index consists of 8 cryptocurrencies: Bitcoin (B T c), 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 he has $30.9 billion in assets under management for his crypto investments.