Stone Ridge reports $3B profit in 2025, 50% annualized return for founding investors

The missive says that Stone Ridge generated $10 cardinal successful full trading profits implicit the past 3 years, and archetypal investors person received distributions totaling 32 times their archetypal capital.

In the Sunday letter, CEO Ross Stevens besides advocated for Bitcoin arsenic a indispensable instrumentality for protecting quality rights and resisting authoritarian regimes.

In effect to an nonfiction from The Atlantic that claimed Bitcoin lacked a superior usage case, Stevens countered that specified views bespeak “financial privilege” and disregard the world of billions of radical who deficiency entree to unchangeable banking systems oregon spot rights.

The missive pointed to the 2023 currency situation successful Malawi arsenic a cardinal example. Stevens noted that the country’s cardinal slope devalued the kwacha by 44% overnight, efficaciously confiscating astir fractional the wealthiness of citizens holding the currency.

“Fiat is ever and everyplace a ponzi phenomenon,” Stevens stated.

He besides focused extensively connected the acquisition of Venezuelan absorption person María Corina Machado. The 2024 Nobel Peace Prize laureate utilized Bitcoin to bypass authorities fiscal blockades portion successful hiding from the Maduro regime, aiding successful her flight from Venezuela.

Machado stated that her medication envisions “bitcoin becoming portion of our nationalist reserves, helping rebuild what the dictatorship stole.” Machado emphasized that dissimilar accepted slope wires which regimes tin block, Bitcoin donations “cannot beryllium seized.”

Header representation by Matt Hardy via Unsplash