$10B asset manager registers a new Bitcoin fund with the SEC

Stone Ridge Asset Management, the alternative investment manager behind the New York Digital Investment Group, has submitted a new prospectus to the U.S. Securities and Exchange Commission (SEC) to increase Bitcoin (Bitcoin) To its open-end mutual fund.

The prospectus for the Stone Ridge Bitcoin Strategy Fund appeared on the SEC website on Friday, despite the fact that Record The date is July 26, 2021. The fund is part of the investment portfolio of Stone Ridge Trust, an open-ended investment company registered in Delaware.

According to the prospectus, the main investment objective of Stone Ridge Bitcoin Strategy Fund is “capital appreciation.” The fund seeks exposure to Bitcoin through the futures market rather than spot purchases, as described below:

“The fund mainly implements its investment strategy by investing in Bitcoin futures contracts and collective investment vehicles that directly or indirectly invest in Bitcoin (collectively referred to as “Bitcoin-related investments”). The fund does not directly invest in Bitcoin or other figures assets.”

This document is filed in accordance with SEC Form N-1A, which is required to establish an open management company (including mutual funds).Structurally, the fund is very similar to NYDIG Bitcoin Strategy Fund II Archive May this year.

The prospectus further explained that the fund “is expected to hold large amounts of cash, US government securities, mortgage-backed securities” and other assets.

Regarding the fund’s target exposure, the prospectus states:

“The fund seeks to invest in Bitcoin-related investments so that the total value of Bitcoin in which the fund has economic exposure is between 100% and 125% of the fund’s net assets.”

Earlier this year, Shiling Archive A prospectus for its diversified alternative fund, which seeks access to Bitcoin and other alternative assets.

As Cointelegraph reported, Stone Ridge purchased 10,000 BTC in October 2020 As part of its strategic investment plan. The timeline of purchase coincides with the beginning of Bitcoin’s 8-month uptrend, and its value will reach around $65,000 in May.

related: NYDIG will let 650 U.S. banks and credit unions adopt Bitcoin

In the past year, more and more institutional investors have come into contact with Bitcoin, reflecting the widespread acceptance of the mainstream and the growing interest in digital assets. As Cointelegraph reported, The next wave of institutional adoption Probably driven by financial advisors-this is a broad category of professionals who are always looking for new investment horizons. For financial advisors, from the perspective of professional results, the risk in the Bitcoin market has been greatly reduced.

However, the price of Bitcoin is in a clear upward trend this weekend Analysts continue to warn of high resistance Nearly $35,000. At the time of writing, BTC was up 6.5% to $34,230.

related: Bitcoin price hints at the bottom pattern of “megaphone” and breaks through $40,000