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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