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Asset management firm Stone Ridge has filed a prospectus for its bitcoin futures fund with the U.S. Securities and Exchange Commission (SEC) on Wednesday.
The fund is dubbed as the NYDIG Bitcoin Strategy Fund and described as a “non-diversified, closed-end management investment company that continuously offers its shares.” The fund aims to attain capital appreciation by investing in bitcoin futures contracts.
As per the filing, these Future funds will invest only in cash-settled bitcoin futures that will be registered on exchanges that are registered with the U.S. Commodity Futures Trading Commission (CFTC).
Each share would be worth $10, with no minimum orders required, and the fund will initially cap its net assets at $25 million. The New York-based firm will offer a total of 100,000 shares and will identify eligible clients who can purchase the shares.
Other than buying Bitcoin futures, Stone Ridge will also accumulate a large amount of cash, government securities, and business securities to maintain liquidity and offer collateral. However, the company did caution investors in its filing, saying bitcoin and bitcoin futures have historically been “highly volatile” and that they should be prepared to lose their entire investments.
The registration follows after Intercontinental Exchange (ICE)’s subsidiary Bakkt launched its much-awaited bitcoin daily and monthly futures contracts on ICE Futures U.S (IFUS). Unlike Stone Ridge’s Futures, the Bakkt Bitcoin Futures are physically settled, which means clients will get actual bitcoin once the contract expires.
CME Group, the leading derivatives marketplace, is also planning of launching options on its Bitcoin futures contracts in the first quarter of 2020. The launch of its cash-settled futures is pending regulatory review.
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