SEC approves Stone Ridge Bitcoin investment fund launch

The US Securities and Exchange Commission (SEC) has approved the launch of a Bitcoin investment fund.which will be managed by Stone Ridge.

The new fund will invest exclusively inBitcoin futures, calculated in fiat currency, which will solve regulatory issues regarding market manipulations. According to the application, the fund is suitable for institutional investors with long-term plans and is a “closed-type non-diversified investment company”.

The shares of the fund will not be placed on anyexchanges, and access to them will receive only institutional investors. At the same time, shares cannot be sold or bought on a daily basis, however, periodically, investors will be able to sell part of their shares back to the fund. The value of the shares will be $ 10 apiece.

As the director of the SEC division forinvestment management Dalia Blass (Dalia Blass), the fund is characterized in that futures are calculated in fiat currency, which reduces the risks of manipulation. In addition, the inability to trade stocks on a daily basis provides protection against a lack of liquidity, so the value of stocks will be fairly stable.

As previously reported by State Street Investment Bank, 94% of its customers already own cryptocurrencies, and 38% plan to increase their investments in digital assets in 2020.

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