According to Coindesk's October 3 report, on Wednesday, Stone Ridge filed a prospectus with the US Securities and Exchange Commission to show that it wants to launch a cash-settled bitcoin futures fund, the NYDIG Bitcoin Strategic Fund.
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New York-based Stone Ridge manages approximately $15 billion in assets, with customers primarily from the US and China. The company was founded in 2012 and provides portfolio management and consulting services.
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According to the prospectus, 100,000 futures stocks will be issued at a price of $10 per share, and there is no minimum purchase. However, the stock will be limited to qualified investors identified by Stone Ridge.
Instead of directly investing in Bitcoin or other digital assets, the fund uses Bitcoin as a potential reference asset. Stone Ridge will buy bitcoin futures and will also purchase large amounts of cash, government securities and commercial securities to maintain liquidity while also providing collateral and leverage services.
The prospectus is more cautious about Bitcoin, saying Bitcoin is a speculative asset:
Bitcoin has evolved over the past 10 years, so there is very little data on its long-term investment potential.
As a prospectus, the details of Stone Ridge's overview may change.
Bitcoin-based financial products continue to be market-oriented, just last week, Bakkt launched a physical settlement of bitcoin futures, although its first week trading volume was only $5 million, but this marked Bakkt lasted more than a year. The end of the regulatory dilemma.
As of press time, Stone Ridge did not respond to requests for comment.
