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This makes it one of the first hedge funds to properly dip its feet into the crypto market. A big bet made in Bitcoin when the coin was still trading for less than $30,000 apiece. The investment firm partnered with a number of crypto firms to achieve this. Skybridge Capital expected institutional money to flow into the market 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 fully committed to crypto. “We have a full commitment to crypto,” Anthony Scaramucci, CEO, Skybridge Capital The CEO explained that they planned to launch the Ethereum fund on July 1st. And then they would file for an ETF. A path that a lot of firms have been taking but have had no success so far. This is due to the fact that while the SEC has received numerous filings for Bitcoin and Ethereum ETFs, it is yet to approve a single one.
Ethereum back in the red | Source:With the bull market, the number of Bitcoin and Ether ETFs filed with the SEC has grown significantly. Skybridge Capital now joins in a long line of investment funds waiting on the decision 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 approved Bitcoin and Ether ETFs and have recorded much success with the ETFs. But the U.S. SEC is yet to approve a single one. Although approvals are not forthcoming, it says a lot about the current state of the market when so many firms are filing for crypto-related ETFs.
More Institutional Money In The Market
Scaramucci took the time to talk about the adoption of digital assets in the financial world. The CEO believes that while everyone might not jump in, there will be enough people coming into the market, enough to drive the price of the assets up. “I just think it’s one of those weird assets where the higher the prices go, the more people are going to be drawn into the pool,” said Scaramucci. Anthony Scaramucci sees the from Morgan Stanley into its Bitcoin fund as a sign that institutions are ready to get into the crypto market. Hence, he is very bullish that more institutional money is going to flow into the market.Related Reading | How Ethereum Can Reach $2 Trillion In Market Cap, Matthew Sigel
Skybridge Capital is not the only firm with vested interests in the crypto market. MicroStrategy has been ramping up its Bitcoin portfolio over the last year. With a $500 million recently pushing the portfolio over 100,000 bitcoins. Goldman Sachs had also taken the plunge and had started offering customers Bitcoin and Ether options and futures. It had also filed a Bitcoin ETF with the SEC but 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 assets funds.Featured image from Crytpoknowmics, chart from TradingView.com