The fund will be managed by Stone Ridge Funds – a company which currently has around $15bn worth of assets under management – and will be run with the intent to invest only in cash-settled futures. This will help mitigate the risks associated with directly holding digital assets.
The new fund has received the personal backing of the SEC’s director of investment management Dalia Blass, who claimed the move is an example of her recent endeavours to engage with the fund industry.
The fund is also a closed-end interval fund that doesn’t offer daily redemptions, meaning large, short-term liquidity demands will have little effect on price.
Stone Ridge Funds filed the registration statement back in October, and it has been subject to two amendments before finally coming into effect on December 9.
The fund is reportedly the first of its kind to be approved by the SEC.
Stone Ridge Funds is a subsidiary of Stone Ridge Holdings Group, whose focus is on institutional clients with long-term goals. It will serve as the fund’s investment adviser.
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