According to an application submitted with the US Securities and Exchange Commission (SEC), SkyBridge Capital, the hedge fund managed by former White House communications director Anthony Scaramucci, is considering launching a Bitcoin fund. The hedge fund’s Form D filed with the financial regulator detailed that it wants SkyBridge Bitcoin Fund L.P. as the issuer of the new fund, while SkyBridge Bitcoin Fund GP LLC will be a related person. The target size of the investment fund is not disclosed.
The firm will seek a minimum investment of $50,000.
The SEC filing means that Scaramucci, a former Goldman Sachs vice president, wants to approach only accreted investors. Though the investment fund’s target size is not disclosed, it will seek a minimum investment of $50,000. However, the new Bitcoin fund may not want to fully invest in the digital currency as the filing mentioned the possibility of a partial investment. The filing stated, “the Company and Investment Funds may also invest in securities of companies related, in whole or in part, to digital assets or digital asset technologies (including digital asset miners, payment technologies, digital security, or crypto trading exchanges), or that otherwise have direct or indirect exposure to emerging technologies.”
Institutional interest in crypto continues to increase.
SkyBridge approached the US SEC when institutional interest for cryptocurrencies is growing. Many billionaires and established corporations poured hundreds of millions of dollars as investments into the leading cryptocurrency bitcoin. This growing institutional interest also pumped the cryptocurrency market as the Bitcoin price soared recently to touch a new all-time high. At the time of writing, the price of bitcoin is changing hands at just above $22,700. Bitcoin crossed above $24,000 last week for the first time in history.
