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Victory Capital joins list of firms seeking SEC’s approval for crypto-ETF

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Victory Capital Holdings, Inc., a global asset management firm listed on NASDAQ, today announced its intention to launch Victory Hashdex Nasdaq Crypto Index Fund LLC. This is a private fund that tracks the Nasdaq Crypto Index (NCI). This company will function under Victory Capital Management Inc, which is an adviser to the VictorShares ETFs.

According to reports, it has filed an initial registration statement with the United States Securities and Exchange Commission [SEC] to offer strategy in an exchange-traded fund [ETF] vehicle.

As per Mannik Dhillon, CFA, CAIA, President of VictoryShares & Solutions,

“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.”

The company claims its private fund is unique in the digital asset investment landscape due to its multi-coin access, daily liquidity at NAV, and Nasdaq index governance. However, as an ETF applicant, it is just another in a list of dozens awaiting the SEC’s approval.

Grayscale, for instance, has been in the queue for a long time. It is intent on its goal of converting its premium Bitcoin offering into an ETF. In fact, it recently appointed a 20-year ETF veteran Dave Lavalle as its first Global Head of ETFs.

Will the SEC bend? It’s hard to tell. Especially since as per SEC Chief Gary Gensler, the Bitcoin-based product will be passed only with strict rules in place. Compliance with SEC norms will be crucial for any and every institution seeking a Bitcoin ETF going forward.

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Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

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