San Antonio-headquartered asset management firm Victory Capital has announced its plan to enter the cryptocurrency market.
In a June 9 press release, the money manager says it will launch a private fund that will leverage the Nasdaq Crypto Index (NCI) for sophisticated investors.
Developed by Brazilian asset manager Hashdex and U.S. stock exchange the Nasdaq, the index tracks the performance of Bitcoin, Ethereum and a hodgepodge of altcoins (Bitcoin Cash, Stellar and Chainlink), which has about a five percent weighting in total.
In addition, the firm will also roll out two separate private funds that will separately track the Bitcoin and Ethereum indices.
Hashdex launched the world's first crypto index exchange-traded fund (ETF) in February.
Mannik Dhillon, president of VictoryShares and Solutions for Victory Capital, claims that crypto will be a good fit for the firm's "well-diversified" portfolio:
We continually strive to provide our clients with the forward-thinking choices they want and believe cryptocurrency is a viable asset class that can be part of a well-diversified portfolio.
Victory Capital offers its investment strategies to both institutional and retail investors.