Asset Manager Stone Ridge Shutting Bitcoin Futures Fund
Launched in 2019, the fund failed to garner significant assets under management.
Sep 12, 2022 at 3:08 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/D2VK6YPDCZCCXGIVVMLQT4UJ3Q.jpg)
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Stone Ridge Asset Management intends to liquidate and dissolve its Stone Ridge Bitcoin Strategy Fund next month, according to a Securities and Exchange Commission filing.
The fund launched in late 2019 with a strategy to invest in bitcoin (BTC) via futures contracts, but failed to find interest with investors. Today it holds only about $2.3 million in assets under management, according to Google Finance.
The fund likely faced headwinds not just from the bitcoin bear market, but also SEC approval of a number of competing bitcoin futures exchange-traded funds, at least some of which charged fees less than the Stone Ridge product.
Stone Ridge was founded in 2012 by Ross Stevens, who remains its CEO. Five years later, he launched bitcoin-focused New York Digital Investment Group (NYDIG), where he serves as executive chairman. Stone Ridge Asset Management and NYDIG are both subsidiaries of Stone Ridge Holdings Group.
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Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.