Stone Ridge Board Of Directors Approved Plan To Dissolve Its Bitcoin Fund
Stone Ridge Asset Management, the parent company behind New York Digital Investment Group, has sent notice to the US Securities and Exchange Commission that it will be liquidating its Bitcoin Strategy Fund.
In a filing with the SEC on Monday, the asset manager said the Stone Ridge Trust board approved a plan on Friday to liquidate and dissolve its Bitcoin Strategy Fund, the first time filed with the SEC in July 2021.
According to the July 2021 prospectus, the Bitcoin (BTC) strategic fund aims to provide exposure to cryptocurrencies through the futures market, as the SEC has not approved linked spot investment vehicles with BTC. The asset manager said at the time that the fund’s goal was “capital appreciation”.
The fund was likely hampered not only by the Bitcoin bad market but also by the SEC’s approval of several competing bitcoin futures exchange-traded funds, at least some of which had lower fees than the Stone Ridge offers.
Ross Stevens, the company’s CEO, launched Stone Ridge in 2012. After five years, he founded the Bitcoin-focused New York Digital Investment Group (NYDIG), of which he is the executive chairman. Stone Ridge Asset Management and NYDIG are both Stone Ridge Holdings Group businesses.
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Stone Ridge Board Of Directors Approved Plan To Dissolve Its Bitcoin Fund
Stone Ridge Asset Management, the parent company behind New York Digital Investment Group, has sent notice to the US Securities and Exchange Commission that it will be liquidating its Bitcoin Strategy Fund.
In a filing with the SEC on Monday, the asset manager said the Stone Ridge Trust board approved a plan on Friday to liquidate and dissolve its Bitcoin Strategy Fund, the first time filed with the SEC in July 2021.
According to the July 2021 prospectus, the Bitcoin (BTC) strategic fund aims to provide exposure to cryptocurrencies through the futures market, as the SEC has not approved linked spot investment vehicles with BTC. The asset manager said at the time that the fund’s goal was “capital appreciation”.
The fund was likely hampered not only by the Bitcoin bad market but also by the SEC’s approval of several competing bitcoin futures exchange-traded funds, at least some of which had lower fees than the Stone Ridge offers.
Ross Stevens, the company’s CEO, launched Stone Ridge in 2012. After five years, he founded the Bitcoin-focused New York Digital Investment Group (NYDIG), of which he is the executive chairman. Stone Ridge Asset Management and NYDIG are both Stone Ridge Holdings Group businesses.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
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