The US Securities and Exchange Commission (SEC) has issued permission to launch the NYDIG Bitcoin Strategy Fund based on Bitcoin futures managed by Stone Ridge. It is reported by The Block.
SEC’s positive decision was influenced by the fact that the new fund plans to invest exclusively fiat futures in bitcoin futures. According to the regulator, this will prevent possible market manipulations.
The investment adviser to the new fund is Stone Ridge Funds, a subsidiary of Stone Ridge Holdings Group, focused on institutional clients with long-term prospects. As of August 30, the group managed assets of approximately $ 15 billion.
The shares of the fund, the value of which will be $ 10 per share, will not be placed on any exchanges; they cannot be sold or bought on a daily basis. Periodically, institutional investors will be able to sell part of their shares back to the fund.
According to a NYDIG spokesperson, the foundation is the first to be approved by the SEC.
An application for opening an investment fund was submitted in October. It stated that to ensure liquidity, the fund’s assets would include “significant cash” and US government securities.