The US Securities and Exchange Commission(SEC) has issued permission to launch an investment fund for bitcoin, which will be managed by Stone Ridge.
SEC Reviewing Bitwise ETF Application Again.
The new fund will invest exclusively in bitcoin futures, calculated in fiat currency, which will solve regulatory issues regarding market manipulations. According to the application, the fund is suitable for institutional investors with long-term plans and is “closed-type non-diversified investment company”.
The shares of the fund will not be placed on any exchanges, and only institutional investors will have access to them. Moreover, shares cannot be sold or bought on a daily basis, however, periodically, investors will be able to sell part of their shares back to the fund. The value of the shares will be $ 10 apiece.
As noted by the director of the SEC Investment Management Division Dalia Blass, the fund is distinguished by the fact that futures are calculated in fiat currency, which reduces the risks of manipulation. In addition, the inability to trade stocks on a daily basis provides protection against a lack of liquidity, so the value of stocks will be fairly stable.
Earlier, New York Digital Investment Group (NYDIG) received permission from the SEC to launch a fund focused on bitcoin futures and institutional customer service.
SEC also allowed the startup Ember Fund to arrange a “sale” of shares.
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