Stone Ridge Holdings Group reported $3 billion in 2025 trading profits and a 50% annualized return for founding investors since 2012, according to the company’s annual investor letter.
The letter says that Stone Ridge generated $10 billion in total trading profits over the last three years, and original investors have received distributions totaling 32 times their initial capital.
In the Sunday letter, CEO Ross Stevens also advocated for Bitcoin as a necessary instrument for protecting human rights and resisting authoritarian regimes.
In response to an article from The Atlantic that claimed Bitcoin lacked a serious use case, Stevens countered that such views reflect “financial privilege” and ignore the reality of billions of people who lack access to stable banking systems or property rights.
The letter pointed to the 2023 currency crisis in Malawi as a key example. Stevens noted that the country’s central bank devalued the kwacha by 44% overnight, effectively confiscating nearly half the wealth of citizens holding the currency.
“Fiat is always and everywhere a ponzi phenomenon,” Stevens stated.
He also focused extensively on the experience of Venezuelan opposition leader María Corina Machado. The 2024 Nobel Peace Prize laureate used Bitcoin to bypass government financial blockades while in hiding from the Maduro regime, aiding in her escape from Venezuela.
Machado stated that her administration envisions “bitcoin becoming part of our national reserves, helping rebuild what the dictatorship stole.” Machado emphasized that unlike traditional bank wires which regimes can block, Bitcoin donations “cannot be seized.”
Header image by Matt Hardy via Unsplash
