Victory Capital Management has applied to the Securities and Exchange Commission (SEC) for approval to launch a cryptocurrency ETF, the fund is expected to provide clients with convenient exposure to numerous coins.
Victory said it planned to float an exchange-traded fund, or ETF, following the Nasdaq Crypto Index in a Form S-1 registration submitted with the regulatory body on Tuesday.
Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Chainlink’s LINK, Stellar’s Lumen (XLM), Filecoin (FIL), and Uniswap’s UNI make up the index.
“A future ETF product would provide our clients with convenient exposure to numerous coins while also introducing a new asset class to their portfolios,” said Mannik Dhillon, president of VictoryShares, Victory Capital’s ETF provider.
In the United States, the Securities and Exchange Commission (SEC) has yet to approve any crypto ETF.
The SEC has received applications for registration crypto ETFs from companies like as VanEck, Valkyrie Digital Assets, and Fidelity Investments, but the regulatory body has used extensions and opened the topic to public discussion.
Victory said in June that it would take efforts to allow its US-based investors to participate in the cryptocurrency market.
The company said that it would offer a private fund for authorized investors that would monitor the Nasdaq Crypto Index, as well as private funds that would track the Nasdaq Bitcoin Reference Price Index and Nasdaq Ethereum Price Index.
Victory Capital had more than $161 billion in assets under management as of June 30. Victory Capital Holdings’ stock, which trades under the symbol VCTR on the Nasdaq, has increased more than 9% in the last week to $31.95 at the time of publication.