Victory Capital joins U.S. Bitcoin ETF race, files with the SEC
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Victory Capital joins U.S. Bitcoin ETF race, files with the SEC

Saudu Clement
Saudu Clement

The number of companies seeking to launch a Bitcoin exchange-traded fund on U.S. soil has continued to grow, with Victory Capital Management being the latest to join the league.

The investment firm first disclosed its intention to launch a private fund that tracks the Nasdaq Crypto Index in June. However, a Form S-1 registration filed with the United States Securities and Exchange Commission (SEC) on Tuesday, confirmed that Victory Capital is serious about moving forward with its Bitcoin ETF.

The Bitcoin product will track the Nasdaq Crypto Index, an index that consists of eight digital assets, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Chainlink, Stellar Lumen, Filecoin, and Uniswap.

Commenting on the application Mannik Dhillon, president of VictoryShares, Victory Capital’s ETF provider, said:

A potential future ETF offering will provide our clients with convenient exposure to multiple coins while introducing a new asset class for their portfolios.

Amid the long list of applications, the SEC has continued to stall its decision on approving a Bitcoin ETF. To date, the financial watchdog is yet to give a green light to any crypto ETF in the United States. From VanEck to Fidelity Investments and Valkyrie Digital Assets, the commission has delayed any final decision by using extensions and seeking public comments.