Stone Ridge has reportedly filed an application for the launch of new bitcoin futures-related investment product. The US Securities and Exchange Commission received the document this week.
It is stated in the document that NYDIG Bitcoin Strategy Fund will get income from investments in bitcoin futures. In fact, these futures will be fiat-settled contracts that are traded on the platforms registered with the US CFTC.
The company representative highlighted that there will be no investments in cryptos or physically settled bitcoin futures, like Bakkt offers.
NYDIG Bitcoin Strategy Fund also plans to add US state bonds for liquidity supply. Still, the company stated in the project catalogue that investors should take into account that investments in stocks are risky.
The fund will issue 100,000 stocks at $10 without buying the minimum. Securities will not be traded on the exchange.
Liquidity is planned to be secured by offering to investors quarterly buying of 5% of total issued stocks.
" The Fund makes quarterly repurchase offers in the months of February, May, August and November. Written notification of each quarterly repurchase offer (the “Repurchase Offer Notice”) is sent to shareholders at least 21 calendar days before the repurchase request deadline (i.e., the date by which shareholders can tender their Shares in response to a repurchase offer) (the “Repurchase Request Deadline”)," explained the company.
For reference, Stpne Ridge manages assets worth $15 billion and provide services in the USA and China.