Victory Capital files SEC application for crypto ETF

Investment firm Victory Capital Management has filed an application with the U.S. Securities and Exchange Commission for a cryptocurrency exchange-traded fund.

In a Form S-1 registration filed Tuesday with the regulatory body, Victory said it intended to move forward with listing an exchange-traded fund, or ETF, tracking the Nasdaq Crypto Index. The index consists of eight cryptocurrencies: Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Chainlink’s LINK, Stellar’s Lumen (XLM), Filecoin (FIL) and Uniswap’s UNI.

“A potential future ETF offering will provide our clients with convenient exposure to multiple coins while introducing a new asset class for their portfolios,” said Mannik Dhillon, president of VictoryShares, Victory Capital’s ETF provider.

The Securities and Exchange Commission, or SEC, has not yet approved any crypto ETF in the United States. Companies including VanEck, Valkyrie Digital Assets, and Fidelity Investments have applied for registering crypto ETFs with the SEC, but the regulatory body has delayed any final decision using extensions and by opening the matter to public comments.

Related: SEC Commissioner concerned about the US lagging behind global Bitcoin ETFs

Victory announced in June it would be taking steps for its U.S.-based investors to get exposure to the crypto market. The firm said it would launch a private fund for accredited investors tracking the Nasdaq Crypto Index and private funds that will track the Nasdaq Bitcoin Reference Price Index and the Nasdaq Ethereum Price Index.

As of June 30, Victory Capital had more than $161 billion in assets under management. The price of Victory Capital Holdings’ stock on the Nasdaq under the ticker VCTR has risen more than 9% in the last week to reach $31.95 at the time of publication.