Stone Ridge Asset Management recently filed with the U. S. Securities and Exchange Commission (SEC) to create its own Bitcoin futures product. According to the filing, this BTC futures fund will be settled in cash and known as the NYDIG Bitcoin Strategy Fund.
The company, which is based in New York, is far from a beginner. It has over $15 billion USD under its management and clients both in the U. S. and China. The company had a pretty successful path since its founding in 2012.
Now, the new BTC futures fund will have 100,000 shares which will be sold at $10 USD each. As there is no minimum limit for shares, people can buy just one or a couple if they want to.
This should not be confused with a fund that directly buys BTC, however. The company will not buy the asset directly. Instead, it will use BTC as the underlying reference asset and buy futures and other derivatives, as well as government securities and other assets.
Despite trying to sell its idea, the filing does state that Bitcoin is a very speculative asset at the moment and that there is little data on how it will fare as a long-term investment.
Stone Ridge is far from the only company looking at futures assets right now. In fact, there are several companies doing it. Bakkt, the crypto futures exchange created by the Intercontinental Exchange (ICE), might be the main one of them.
Other companies include the Chicago Mercantile Exchange (CME) Group, which launched its futures back in 2017, and Binance, which is currently testing two platforms that will be used for this purpose.