Stone Ridge Asset Management LLC is making efforts to register a new Bitcoin futures offering with the United States SEC.
This new fund is named NYDIG Bitcoin Strategy Fund. It is represented as a newly structured, “non-diversified, closed-end management investment company”, which constantly offers its shares. Company has an objective to achieve capital appreciation by investing in Bitcoin futures contracts.
The Shares of Stone Ridge are being offered with an initial price of 10 USD per Share, and they will be offered continuously at net asset value per Share. Initial cap of the company is $25 million. After meeting the initial cap, the company will close to new investors and only already existing investors will be allowed to reinvest dividends. At the same time, the Fund may re-open and close again to new investors at any time and during the closings periods only existing shareholders will be permitted to reinvest dividends.
The company also mentions that the Fund will only invest in cash-settled Bitcoin (BTC) futures traded on commodity exchanges registered with the U.S. Commodity Futures Trading Commission, preventing direct investments in Bitcoin and any other cryptocurrency.
In September of this year, Btcoin futures exchange and digital assets platform Bakkt also announced about the launch of the Bakkt Bitcoin Daily and Monthly Futures contracts.