Asset management company Stone Ridge has filed with the US Securities and Exchange Commission for its mutual fund to invest in Bitcoin. “This is a big deal. Stone Ridge’s filing opens the door for any mutual fund to add bitcoin, ”another asset manager said.
Stone Ridge wants its mutual fund to invest in Bitcoin
Stone Ridge Trust filed Form N-1A with the SEC last week. The filing, which is expected to become effective April 26th, relates to the Stone Ridge Diversified Alternatives Fund.
The fund “seeks total returns from a variety of investment strategies that we believe have the potential for attractive returns and that differ from stocks and bonds,” the filing details stated. “These strategies include reinsurance, market risk transfer, style premium investments, alternative loans, single family homes, healthcare royalties, and Bitcoin.”
For the Bitcoin investment strategy, the submission explains the following:
[The fund] seeks to generate returns by devoting oneself to Bitcoin price by selling put options on bitcoin futures contracts. This strategy can also invest in pooled investment vehicles such as registered or private funds that invest in Bitcoin themselves.
Anthony Scaramucci, founder of another wealth management firm, Skybridge Capital, which itself has around half a billion dollars worth of bitcoin in its bitcoin fund, commented on the filing last week. “Important development in Bitcoin. Stone Ridge registered with the SEC as the first mutual fund to buy bitcoin, ”he wrote. Scaramucci also sees strong demand for Bitcoin from its customers and expects the BTC price to hit $ 100,000 by the end of the year.
“Stone Ridge will be able to buy Bitcoin from April 26th (when the prospectus goes into effect),” he said:
This is a big deal. Stone Ridge’s filing opens the door for any mutual fund to add bitcoin (if they want).
Ross Stevens, founder of Stone Ridge, also founded the New York Digital Investment Group (NYDIG), a financial services company that only offers Bitcoin. Earlier this month, the company filed for a Bitcoin Exchange Traded Fund (ETF) with the SEC. Stevens recently said he sees “a wall of money” in the asset class. NYDIG already has over $ 6 billion worth of Bitcoin, and the company expects the cryptocurrency to have over $ 25 billion by the end of the year.
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