New York Digital Investment Group (NYDIG) has received approval from the United States Securities and Exchange Commission (SEC) to offer institutional investors a stock of a new fund focused on Bitcoin futures. A document released by the SEC on Monday showed that the NYDIG Bitcoin Strategy Fund, a portfolio fund of the Stone Ridge Trust VI fund, will invest in cash settlement of exchange transactions registered with the CFTC Bitcoin futures contract. The fund does not intend to invest directly in Bitcoin or any other cryptocurrency. It is understood that as the fund will invest in cash-settled Bitcoin futures, which means it will not face cryptocurrency custody issues and will use the settlement price of the CFTC registered futures exchange to value the assets held. The SEC has long been reluctant to approve certain fund products involving cryptocurrencies, such as exchange-traded funds (ETFs). However, Monday's approval could signal a slight shift in its position.