Scaramucci’s SkyBridge Capital files with US SEC for a Bitcoin fund

TL;DR Breakdown:

• SkyBridge Capital has filed with the US SEC for a Bitcoin fund.
• This will provide institutional investors with more exposure to the cryptocurrency.

Many investment companies are now showing interest in the leading cryptocurrency, Bitcoin (BTC), which has been gaining worldwide adoption among corporate and deep-pocketed investors. It’s no longer a doubt that Bitcoin is becoming a darling asset for institutions, following the records on Grayscale and other related platforms. 

To further serve the increasing demand, SkyBridge Capital has filed with the United States Securities and Exchange Commission (SEC) for a Bitcoin fund. 

SkyBridge Capital will serve BTC institutional investors

SkyBridge Capital is an investment company from Anthony Scaramucci with about $9 billion in assets under management. On Monday, the company applied for its Bitcoin fund dubbed “SkyBridge Bitcoin Fund L.P.” in a form D. Per the document, Scaramucci is expected to oversee the Bitcoin product. Additionally, SkyBridge Capital will be allowed to advertise the Bitcoin fund to accredited investors if the regulator approves the offering. 

Ultimately, the development today can open up more institutional access to the leading cryptocurrency, complementing the industry’s predictions that Bitcoin will see more investment from deep-pocketed investors in the coming months. Although SkyBridge Capital didn’t provide more information on the offering’s revenue range, it did mention that the investors can hold the Bitcoin fund with a minimum capital of $50,000.

Billion will flow to Bitcoin from institutions

Already, many billion-dollar companies are currently holding Bitcoin. On Monday, the publicly traded business intelligence company, MicroStrategy, completed its Bitcoin investment to $1 billion. Aside from the company, other companies like MassMutual, Square, etc., are holding a substantial amount of Bitcoin in their reserve. JPMorgan strategist had predicted that billions of dollars are to flow into the cryptocurrency, as more investment firms embrace it.