{"id":466669,"date":"2021-07-01T23:00:34","date_gmt":"2021-07-01T23:00:34","guid":{"rendered":"https:\/\/ktsl888.com\/?p=466669"},"modified":"2021-07-01T19:42:06","modified_gmt":"2021-07-01T19:42:06","slug":"skybridge-capital-launches-eth-fund","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/skybridge-capital-launches-eth-fund\/","title":{"rendered":"Scaramucci\u2019s Skybridge Capital Launches Ethereum Fund"},"content":{"rendered":"
The CEO<\/a> of Skybridge Capital, Anthony Scaramucci, has announced that the firm will launch an Ethereum fund. The fund is planned to be a private fund. Alongside this, Skybridge Capital has filed for an Ether ETF<\/a> with the SEC. The fund already has a pending Bitcoin ETF filed with the SEC.<\/p>\n Anthony Scaramucci was on The Scoop<\/a> podcast to talk about his bitcoin journey and the fund\u2019s crypto game plan going forward. The fund had made the news late last year when it announced that it had invested<\/a> $182 million in bitcoin.<\/p>\n Related Reading |\u00a0Robinhood Fined $70M For Causing \u201cSignificant Harm\u201d To Customers<\/a><\/strong><\/em><\/p>\n 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.<\/p>\n 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\u2019t want to be too late to get in.<\/p>\n Scaramucci said on the podcast that the fund was fully committed to crypto.<\/p>\n \u201cWe have a full commitment to crypto,\u201d Anthony Scaramucci, CEO, Skybridge Capital<\/p>\n 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.<\/p>\n 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.<\/p>\n <\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n \u201cI just think it\u2019s one of those weird assets where the higher the prices go, the more people are going to be drawn into the pool,\u201d said Scaramucci.<\/p>\n Anthony Scaramucci sees the buy-in<\/a> 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.<\/p>\n Related Reading |\u00a0How Ethereum Can Reach $2 Trillion In Market Cap, Matthew Sigel<\/a><\/strong><\/em><\/p>\nSkybridge Capital Going All In<\/h2>\n
Ethereum back in the red | Source: ETHUSD on TradingView.com<\/a><\/pre>\n
More Institutional Money In The Market<\/h2>\n