An application for a new Bitcoin futures fund has been presented to the U.S. Securities and Exchange Commission (SEC) for approval, becoming the latest crypto fund to court the approval of the regulator. Known as “NYDIG Bitcoin Strategy Fund,” the fund has been submitted by asset management company Stone Ridge. The SEC is set to review the prospectus before deciding whether the fund can gain the necessary approval to begin accepting investments. According to reports on the prospectus filed this Wednesday, the fund will aim for capital appreciation through a series of investments in bitcoin futures contracts. While the fund is not proposing to invest in bitcoin or any other cryptocurrency directly, it will instead invest only in cash-settled futures contracts trading on regulated exchanges. Exchanges will have to be registered with the U.S. Commodity Futures Trading Commission before the fund will invest, and crucially the fund will not invest in any physically settled futures. Physically settled futures, like those offered by Bakkt, actually deliver cryptocurrency at the end of the contract. But as far as NYDIG Bitcoin Strategy Fund is concerned, investments will be made only in futures contracts that are settled for value. Because investments are restricted to cash settled futures, rather than cryptocurrencies directly, there is no requirement for custodial services, or for securing cryptocurrency holdings. According to the prospectus, the fund will also hold cash and treasury assets, as well as some fixed income assets for balance. Shares will be made available at $10 each, with no minimum investment. The fund will be capped at $25 million in net assets, with Stone Ridge currently managing some $15 billion in assets as of August of this year. The news sees the fund become only the latest proposals for a crypto fund to be laid before the Securities and Exchange Commission. To date, applications for exchange traded funds in the crypto space have all been denied by the regulator, citing concerns over transparency or risk. Indeed, Stone Ridge itself notes the risks inherent in any fund tied to cryptocurrency investments. However, should the fund win the approval of the regulator, it is likely to attract significant attention from institutional investors looking for alternative routes to investing in cryptocurrency markets.