Anthony Scaramucci, Manager of SkyBridge Capital and the Trump administration’s former Communications Director, revealed that his hedge fund invested $25 million in Bitcoin .
Talking to CNBC on Tuesday, Scaramucci revealed that the fund will start taking new investors from January 4, 2021, after the $25 million initial investment.
“This will be a way for us to democratize Bitcoin like we did the hedge fund industry a decade ago,” he told the publication.
This revelation came after SkyBridge Capital submitted a Form D with the US Securities and Exchange Commission (SEC) registering its new fund with digital currency and Blockchain exposure.
Though the filing mentioned that there could be 'direct or indirect exposure' to digital assets, it set the minimum investment amount to $50,000, allowing only accredited investors to participate.
The hedge fund is using the services of Fidelity Digital Assets for custody and 'back office' needs.
Institutions and Bitcoin
SkyBridge jumped into crypto when there is a growing institutional demand for digital currencies and corporations investing hundreds of millions of dollars into Bitcoin. Scaramucci even highlighted that MicroStrategy, which now holds around $1.6 billion in Bitcoin, has inspired him to take the digital asset route.
“It became clear that we needed to create a client-friendly product, something with a $50,000 minimum, that the mass affluent could access, or RIAs that were close to it can access,” Scaramucci said.
Recently, Bitcoin broke the $20,000 mark, setting another all-time high record at above $24,000. However, Scaramucci thinks it is only the start with the institutional interest in Bitcoin.
“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,” he said.
