Home CryptocurrencyBitcoin Stone Ridge’s board of directors has approved a plan to “liquidate and dissolve” its bitcoin fund

Stone Ridge’s board of directors has approved a plan to “liquidate and dissolve” its bitcoin fund

by SuperiorInvest

Stone Ridge Asset Management, the holding company behind New York-based Digital Investment Group, has filed a notice with the United States Securities and Exchange Commission that it will liquidate its Bitcoin Strategy Fund.

In an SEC filing Monday, the asset manager he said Stone Ridge Trust’s board approved a plan Friday to liquidate and dissolve its Stone Ridge Bitcoin Strategy Fund. filed with the SEC in July 2021. Under the plan, the management company will continue to operate the fund until October 3, after which time it will “convert the fund to cash” in preparation for liquidation and distribution to shareholders.

“The liquidation of the fund is expected to occur on or about October 21, 2022,” the filing said. “Effective after the close of business on October 3, 2022, shares of the Fund will no longer be generally available for purchase.”

According to its July 2021 prospectus, Bitcoin (BTC) strategic fund focused offer exposure to cryptocurrency through futures markets, as spot investment instruments linked to BTC have not been approved by the SEC. The asset manager said at the time that the fund’s objective was “capital appreciation”.

Data from Yahoo Finance showed the fund held roughly $2.8 million in net assets at the time of publication. April 2022 Stone Ridge Semi-Annual Report he said more than half—50.5%—of funds were allocated to foreign government agency bonds, and the fund had more than $10.9 million in total net assets.

Related: Simplify filings with the SEC for the Bitcoin Strategy Risk-Managed Income ETF

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 between private companies. At the time of publication, the price of Bitcoin was $22,230, hit a three-week high on Monday.

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