The U.S. Securities and Exchange Commission (SEC) has approved an investment fund that will invest in bitcoin futures contracts. SEC Commissioner Hester Peirce calls this move “a bit of progress.” The SEC has also revealed why it decided to approve such a fund.

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Bitcoin Futures Fund Cleared to Launch

The U.S. SEC declared the registration statement filed by Stone Ridge Trust VI for the NYDIG Bitcoin Strategy Fund effective on Monday. The company filed Form N-2 with the SEC on Oct. 2 and amended it twice, on Oct. 16 and Nov. 26. This form is used by closed-end management investment companies to register and offer their shares under the Securities Act. Stone Ridge Asset Management Llc will be the fund’s investment adviser. As of Aug. 30, the company managed approximately $15 billion of assets.

The NYDIG Bitcoin Strategy Fund “is a non-diversified, closed-end management investment company that continuously offers its shares,” the filing details, adding:

The fund pursues…

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Source: https://news.bitcoin.com/sec-approves-bitcoin-futures-fund/