The CEO of Skybridge Capital, Anthony Scaramucci, has actually announced that the firm will introduce an Ethereum fund. The fund is prepared to be a private fund. Together with this, Skybridge Capital has actually declared an Ether ETF with the SEC. The fund currently has a pending Bitcoin ETF filed with the SEC.
Anthony Scaramucci was on The Scoop podcast to talk about his bitcoin journey and the fund’s crypto game plan moving forward. The fund had actually made the news late in 2015 when it revealed that it had invested $182 million in bitcoin.
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of the first hedge funds to effectively dip its feet into the crypto market. A huge bet made in Bitcoin when the coin was still trading for less than $30,000 apiece. The investment company partnered with a number
of crypto companies to attain this. Skybridge Capital expected institutional money to flow into the marketplace and they didn’t want to be too late to get in. Skybridge Capital Going All In Scaramucci said on the podcast that the fund was totally committed to crypto. & ldquo; We have a full
dedication to crypto, & rdquo; Anthony Scaramucci, CEO, Skybridge Capital The CEO described that they planned to launch the Ethereum fund on July 1st. And after that they would declare an ETF. A course that a lot of
firms have actually been taking however have actually had no success so far. This is because of the reality that while the SEC has received numerous filings for Bitcoin and Ethereum ETFs, it is yet to authorize a single one.
Ethereum back in the red|Source: ETHUSD on TradingView.com
With the bull market, the number of Bitcoin and Ether ETFs filed with the SEC has actually grown considerably. Skybridge Capital now participates in a long line of mutual fund waiting on the choice of the SEC.
Firms wait with bated breaths as the SEC takes its sweet time in deciding if it will approve the ETFs or not. Countries like Canada have actually authorized Bitcoin and Ether ETFs and have recorded much success with the ETFs. But the U.S. SEC is yet to authorize a single one.
Although approvals are not upcoming, it says a lot about the existing state of the marketplace when many companies are filing for crypto-related ETFs.
More Institutional Money In The Market
Scaramucci made the effort to speak about the adoption of digital possessions in the financial world. The CEO believes that while everyone may not leap in, there will suffice individuals coming into the marketplace, enough to drive the cost of the properties up.
“& ldquo; I simply believe it’s one of those weird properties where the higher the costs go, the more people are going to be drawn into the pool,” & rdquo; stated Scaramucci.
Anthony Scaramucci sees the buy-in from Morgan Stanley into its Bitcoin fund as a sign that institutions are prepared to enter into the crypto market. For this reason, he is really bullish that more institutional cash is going to stream into the market.
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Skybridge Capital is not the only firm with vested interests in the crypto market. MicroStrategy has been increase its Bitcoin portfolio over the last year. With a $500 million buy recently pushing the portfolio over 100,000 bitcoins.
Goldman Sachs had likewise taken the plunge and had actually started using customers Bitcoin and Ether alternatives and futures. It had actually also filed a Bitcoin ETF with the SEC however like others, it has not gotten approval.
Skybridge Capital currently has a $500 million Bitcoin fund. And it plans to keep investing and growing the fund and other digital possessions funds.
Featured image from Crytpoknowmics, chart from TradingView.com