Scaramucci’s SkyBridge Capital Invested $182 Million in Bitcoin

Its Bitcoin-specific hedge fund will open up to investors from January 4, 2021.

Anthony Scaramucci’s investment fund, SkyBridge Capital, has already invested $182 million in Bitcoin, according to the firm’s investor brochure circulated across media.

“[SkyBridge] has invested $182 million in bitcoin on behalf of its investment funds,” the pitch deck noted.

Scaramucci’s firm is launching a Bitcoin-specific fund next month and has already applied to the US market regulator for its approval. The fund will be available only to accredited investors and will require a minimum investment of $50,000.

“Bitcoin is digital gold,” the pitch stated. “It is better at being gold than gold.”

Additionally, the pitch presented Bitcoin in a bullish way by positively quoting executives of BlackRock, CitiBank, and JP Morgan.

SkyBridge has partnered with Fidelity Digital Assets and Silvergate for the storage of the digital asset and other banking services.

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Another section of the latest investors’ deck mentioned a $25.3 million investment in Bitcoin by SkyBridge Bitcoin Fund. However, it is not clear if the two sums are connected or separate.

It is to be noted that Scaramucci’s earlier revealed to CNBC that his hedge fund made an initial investment of around $25 million in Bitcoin.

Institutions’ Entry into Bitcoin

Scaramucci is a former Vice President at Goldman Sachs and popular for his extremely short stint as Donald Trump’s White House Communications Director.

His investment fund dived into Bitcoin when many institutions are seeing the value in the digital currency and investing heavily in Bitcoin. Corporations like MicroStrategy and MassMutual bought hundreds of millions of dollars in Bitcoins, creating a hype around the volatile asset class.

Speaking about the timing of SkyBridge’s Bitcoin investment, Scaramucci earlier said: “For us, I don’t think it’s late. If anything, it’s the first inning. You’re about to see that wave of early adoption by the institutional community. I’d like to get our investors involved before that goes into full throttle.”

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