In an SEC filing Monday, the asset manager said Stone Ridge Trust’s board of directors on Friday approved a plan to liquidate and dissolve its Stone Ridge Bitcoin Strategy Fund, which was first filed with the SEC in July 2021. Under the plan , the asset management company continues to operate the fund until October 3, after which it will “reduce the fund to cash” in preparation for liquidation and distribution to shareholders.
“Liquidation of the fund is expected to occur on or about October 21, 2022,” the filings state. “As of the close of business on October 3, 2022, shares in the fund will no longer be available for purchase. »
According to the July 2021 prospectus, the Bitcoin Strategy Fund (BTC) aimed to provide exposure to cryptocurrency through futures markets, as BTC-related cash investment vehicles are not approved by the SEC. The asset manager said at the time that the purpose of the fund was “capital appreciation. »
Data from Yahoo Finance showed the fund had about $2.8 million in net assets at press time. Stone Ridge’s semi-annual report from April 2022 showed that more than half (50.5%) of the funds were allocated to foreign government agency bonds and that the fund had more than $10.9 million in total net assets.
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In October 2020, Stone Ridge purchased 10,000 BTC through the NYDIG as part of a post-pandemic investment strategy, making it one of the largest holders of BTC among private companies. At the time of publication, the price of Bitcoin was $22,230, at a three-week high on Monday.
In October 2020, Stone Ridge purchased 10,000 BTC through NYDIG as part of a post-pandemic investment strategy, making it one of the largest holders of BTC among private companies. At press time, the price of bitcoin was at $22,230, at a three-week high on Monday.