Stone Ridge Asset Management, a global asset management firm based in New York, announced Monday plans to liquidate and dissolve its Stone Ridge Bitcoin Strategy Fund with the Securities and Exchange Commission (SEC).
"The adviser will reduce the Fund to cash in preparation for the Liquidation Date. Proceeds of the liquidation of the Fund are expected to be distributed to shareholders in cash. The liquidation proceeds are expected to be distributed promptly following the Liquidation Date in full redemption of each shareholder's shares of the Fund," the filing said.
The shutdown comes as the Fund launched in late 2019 with a strategy to invest in Bitcoin (BTC) via futures contracts, failing to find interest from investors. Currently, the Fund holds only about $2.3 million in assets under management.
The Fund likely faced obstacles not just from the Bitcoin bear market but also SEC approval of several competing Bitcoin Futures ETFs, at least some of which charged fees less than the...
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