SkyBridge Capital Confirms $25 Million Bitcoin Investment

After launching a Bitcoin fund, Anthony Scaramucci’s SkyBridge Capital has made a $25 million Bitcoin investment. The new Bitcoin fund will start taking new investments in 2021.

December 23, 2020 | AtoZ Markets – Following the impressive list of institutional investors who dive into Bitcoin in 2020, it seems that more big names are showing interest in the flagship cryptocurrency as investment firm SkyBridge Capital has confirmed a $25 million investment in Bitcoin through its new fund.

In an interview with CNBC, SkyBridge Capital founder Anthony Scaramucci revealed that assets have already been moved and the company has launched a full node on the Bitcoin network. He also said that the fund will start taking new investors who can invest a minimum of $50,000 from January 4, 2021.

According to Scaramucci, the fund will become a suitable tool for a wide range of wealthy investors and investment advisors. The structure of the new fund will allow investors to access cryptocurrency at net asset value and avoid overpayments, as is the case with the purchase of shares in the Grayscale Bitcoin trust in the secondary market.

“We will make Bitcoin more affordable, as we did with the hedge fund industry a decade ago,” said Anthony Scaramucci.

This revelation came after SkyBridge Capital submitted a Form D with the US Securities and Exchange Commission (SEC) to register a bitcoin fund earlier this week.

MicroStrategy inspired SkyBridge Capital Bitcoin investment

Scaramucci added that he has a close relationship with MicroStrategy CEO Michael Saylor, whose company has invested $1.6 billion in Bitcoin this year. Saylor’s example pushed him to open his own Bitcoin fund.

Scaramucci, who briefly served as White House Communications Director in 2017, also believes that it is still not too late to invest in cryptocurrency.

“This is only the first period. You will soon see the first wave of early [bitcoin] adoption in the institutional community,” he said.

More institutions could invest in Bitcoin

Indeed, 2020 has been a good year for bitcoin, with institutional interest in BTC showing no signs of slowing down. In November, financial services behemoth Guggenheim filed an application with the SEC to buy $500 million worth of BTC through its Macro Opportunities Fund.

Another company, Microstrategy, which has been on a Bitcoin purchasing spree, recently announced another BTC buy worth $650 million. Other big firms like MassMutual and Ruffer Investment also invested in the first cryptocurrency.

Apart from companies, wealthy individuals like the billionaire Paul Tudor Jones and Stanley Druckenmiller also bought Bitcoin.  Meanwhile, JPMorgan Chase has estimated that up to $600 billion could potentially flow into Bitcoin.

Think we missed something? Let us know in the comment section below.

    Share Your Opinion, Write a Comment