Bitcoin Mutual Fund A New Exposure to Bitcoin : Stone Ridge
Stone Ridge Asset Management has filed their new prospect of a Bitcoin mutual fund scheme to get approval from the United States Securities and Exchange Commission. Their prospect is actually based on “use of investment in futures trading”.
Exposure to bitcoin assets Investment going at tremendous level day by day. And every asset management firm is looking to adopt more better and impactful way to give exposure to Bitcoin. A recent struggle we can see by Grayscale & WisdomTree to bring Bitcoin ETF. And now Stonge Ridge has entered this competition to expand their business through different strategies.
Related: Chances To Approve WisdomTree Bitcoin ETF This Year?
Stone Ridge Asset Management is a $10 billion assets management firm. Which is working under the New York Digital Investment Group. Stone Ridge firm is looking to add Bitcoin in their opened mutual fund scheme. To get approval from the United States Securities and Exchange Commission (SEC), they filed their prospect on Bitcoin that how they will operate their Mutual Fund investment for Bitcoin.
We can see the field prospect at SEC website which was filed on Friday 26 July.
In their prospect, they explained about the strategy of their idea to implement Bitcoin in mutual fund scheme
“The Fund pursues its investment strategy primarily by investing in bitcoin futures contracts and in pooled investment vehicles that invest directly or indirectly in bitcoin (collectively, “bitcoin-related investments”). The Fund does not invest in bitcoin or other digital assets directly.”
So clearly they will use the Investment fund to invest in Bitcoin assets indirectly. They will use the fund in futures trading and in bitcoin related pool Investment.
It seems that they will not get approval from SEC because already SEC is against Bitcoin futures trading and also recently they warned crypto newcomers & traders to remain away from Bitcoin futures trading.
Related: SEC & CFTC Warnings For Bitcoin Future Traders
But a small chance of their prospect to get approval is possible because recently a giant bank of America is going to support Bitcoin futures trading for their selected clients, so may be some better decision SEC can take by taking reference of such positive attitudes of Banks toward futures trading.
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