The number of cryptocurrency ETFs the SEC has to review keeps increasing as Victory Capital has filed to another crypto ETF.
Victory Capital wants to launch a crypto ETF
Investment firm Victory Capital has filed with the United States Securities and Exchange Commission to launch a cryptocurrency exchange-traded fund (ETF). The firm filed it with the regulatory agency yesterday.
According to the S-1 registration form, the investment firm said it intends to list an exchange-traded fund that would track the Nasdaq Crypto Index. This NASDAQ index comprises eight cryptocurrencies: Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), LINK, Stellar’s Lumen (XLM), Filecoin (FIL) and Uniswap’s UNI.
The ETF would be a private fund available only to accredited investors. In their press release, Victory Capital said, “Through this offering, investors gain broad-based exposure to crypto assets in a dynamic, adaptable way for a relatively low cost and without lockups.”
The investment firm said the new private fund is unique in the cryptocurrency space due to its multi-coin access, daily liquidity at NAV and Nasdaq index governance.
SEC dealing with an influx of crypto ETF proposals
The US SEC is currently reviewing numerous cryptocurrency ETF applications. Currently, there are nine Bitcoin ETF applications with the SEC after Ark Invest filed its proposal a few weeks ago. The SEC will also have to review two Ether ETF applications.
The regulatory agency is yet to approve a single crypto ETF application. However, crypto ETFs are already live in a few countries, including Brazil and Canada, that have both approved Bitcoin and Ether ETFs.