Asset manager secures SEC approval to create new Bitcoin futures fund

posted 7 months ago
New York Digital Investment Group secured approval from the US SEC to offer institutional investors shares of a new fund focused on Bitcoin futures. The NYDIG Bitcoin Strategy Fund will invest in cash-settled Bitcoin futures contracts traded on exchanges registered with the Commodity Futures Trading Commission (CFTC). The fund does not intend to invest in Bitcoin directly, or any other cryptocurrencies, only Bitcoin futures contracts.

CME is the only exchange currently offering cash-settled Bitcoin futures contracts in the US (Bakkt intends to offer cash-settled Bitcoin futures starting next week that will trade on ICE Singapore). SEC Commissioner Hester Peirce took to Twitter to praise the approval, calling it “a bit of progress.”
Tags: bitcoin, news