Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
The company is saying goodbye to its Bitcoin futures a futures contract is a standardized legal agreement to buy or sell a particular commodity or asset at a predetermined price at a specified time in the future. fund less than three years after its launch. The reason? Low demand among investors.
- Stone Ridge Asset Management cierra fondo de futuros BTC.
- The fund had been launched in December 2019.
- The product did not attract enough investor interest.
Stone Ridge Asset Management a U.S. provider of asset management services to institutional clients, is archiving its fund of Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. (BTC) after finding insufficient demand.
The company intends to dissolve and liquidate its BTC futures fund,Stone Ridge Bitcoin Strategy Fundthey reported CoinDesk y The Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain.. According to public archives quoted by the media, Stone Ridg e filed a plan of liquidation and dissolution for its Bitcoin before the U.S. Securities and Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Commission (SEC) on Monday.
According to the filing, the fund’s liquidation is expected to take place next month, after the close refers to the closing price; similar to the same term used in stock trading. of business on October 3. After that date, the shares will not be available for purchase.
“ The Adviser will reduce the Fund to cash cash is the most liquid form of money: physical coins and banknotes in the most narrow sense of the term. in preparation for the Liquidation liquidation refers to the conversion of an asset or cryptocurrency for fiat or its equivalents. Date. It is expected that the proceeds from the liquidation of the Fund will be distributed to shareholders in cash. “says the document quoted byThe Block . “ The proceeds of the liquidation are expected to be distributed immediately following the Settlement Date in full redemption of each shareholder’s shares of the Fund. “.
Goodbye Bitcoin Fund
With more than USD $15 billion of assets under management, Stone launched the investment vehicle with exposure to futures contracts of Bitcoin in December 2019.
According to a prospecto filed with U.S. regulators that year, the fund would buy cash-settled BTC futures traded on registered U.S. exchanges, not BTC futures. Bitcoin physically settled. The product did not plan to invest investing is when you put money in a financial scheme with the intent of making a gain. directly in Bitcoin or other cryptocurrencies, although exposure to the asset was high.
However, it seems that the offer failed to attract sufficient investor interest . As you point out CoinDesk In addition, it is possible that the fund faced headwinds due to the recent bear someone who believes that prices in a given market will decline over an extended period. Such a person might be referred to as “bearish.” market an area or arena, online or offline, in which commercial dealings are conducted. in cryptocurrencies and increased competition from investment products based on the BTC futures market.
Since last year, the SEC has approved a number of exchange-traded funds (ETFs) backed by futures of Bitcoin some of which charge lower rates than the product from Stone Ridge . According to data from Yahoo Finance , Stone Ridge Bitcoin Strategy Fund has been falling since November last year, as cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. prices have slowed down . The fund has only about US$2.3 billion in assets under management, according to data from Google Finance .
Stone Ridge Asset Management es parte de Stone Ridge Holdings Group a multibillion-dollar asset management company that also owns NEW a subsidiary focused on investments of Bitcoin valued at more than USD $7 billion.
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Article by Hannah Estefania Perez / DiarioBitcoin
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