Major US asset manager Stone Ridge Asset Management enters a new bitcoin (BTC) set up an investment fund. This is evident from a application filed with the U.S. Securites and Exchange Commission (SEC). The supervisor still has to approve the application.
However, this Stone Ridge Bitcoin Strategy Fund is not going to invest in bitcoin directly. The fund will primarily track the futures market by investing in bitcoin futures contracts and similar investment products. Stone Ridge emphasizes that the fund’s goal is “capital growth”.
“The fund primarily implements its investment strategy by investing in bitcoin futures contracts and pooled investment vehicles that invest directly or indirectly in bitcoin. The Fund does not invest directly in bitcoin or other digital assets.”
According to the request. Stone Ridge still invested directly in bitcoin in October 2020. The company then bought a whopping 10,000 BTC worth about $150 million. This investment was then accompanied by a new trend where several large companies announced big in cryptocurrency to invest.
It was the beginning of the present bull-run which the price of bitcoin in April to a all-time high (ATH) of $64,800. So Stone Ridge had literally increased its investment sixfold in six months. Currently, however, the bitcoin price is again almost 50% below this ATH. In the past few days, the price seems to be finally recovering from the huge crash in May. However, bitcoin must now break through $35,000 again and that may be a big task for the price.
Stone Ridge manages a whopping $10 billion in assets and also owns the New York Digital Investment Group (NYDIG). NYDIG claimed in May that hundreds of US banks will embrace bitcoin and/or other crypto in the coming months.
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