Victory Capital, an investment management firm with more than $ 157 billion in assets under management, has announced plans to enter the cryptocurrency market with the launch of a private fund.
According to a ad the company released, the private fund comes after signing an exclusive deal with Nasdaq and crypto-focused asset manager Hashdex and will not be the exclusive sponsor of private equity funds and other vehicles for U.S. investors based on the Nasdaq Crypto Index (NCI), a multi-coin crypto index.
The private fund will be available to accredited investors and will follow the NCI. The company will also offer private funds with the Nasdaq Bitcoin benchmark price index and the Nasdaq Ethereum price index. Company President Mannik Dhillon said:
We continually strive to provide our clients with the forward-thinking choices they desire and believe that cryptocurrency is a viable asset class that can be part of a well-diversified portfolio.
Victory Capital‘s entry into the cryptocurrency space comes at a time when institutional investments appear to be picking up for some cryptocurrencies. Institutional demand for Ethereum continued to increase over the past month, with products offering investors exposure to ETH now accounting for more than a quarter of total assets under management (AUM) of crypto investment products. change.
Despite recent ETH inflows of $ 147.9 million, bitcoin products still dominate inflows since the start of the year at nearly $ 4.4 billion, compared to Ether’s $ 973 million. Bitcoin’s exits may be associated with environmental concerns raised by Tesla CEO Elon Musk, who said the electric car maker would stop accepting BTC payments on its carbon footprint.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptoassets carries a risk of financial loss.
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