An asset manager registers a new Bitcoin fund with the United States Securities and Exchange Commission (SEC).
Stone Ridge Asset Management has been actively seeking new investment means for Bitcoin (BTC). Yesterday, Stone Ridge’s open-end mutual fund announced a new Bitcoin-focused investment policy.
The parent of the New York Digital Investment Group (NYDIG) has registered a new scheme with the United States SEC to add BTC to its open-end mutual fund. According to reports, the actual filing is on July 26, 2021.
As per the reports, the main investment goal of the firm is capital appreciation. The Fund explores exposure to BTC through futures markets as crossed-to-spot purchases.
The firm explained as follow,
“The Fund pursues its investment strategy primarily by investing in bitcoin futures contracts and in pooled investment vehicles that invest directly or indirectly in bitcoin (collectively, “bitcoin-related investments”). The Fund does not invest in bitcoin or other digital assets directly.”
In addition, the filing is under SEC Form N-1A. This is for building open-end management firms, including mutual funds. Therefore, it means that the Fund expects to have important holdings of cash, U.S. government securities, mortgage-backed securities, and other assets.
Following this, the Fund’s said,
“The Fund seeks to invest in bitcoin-related investments so that the total value of the bitcoin to which the Fund has economic exposure is between 100% and 125% of the net assets of the Fund.”