Skybridge Capital catapults Ethereum fund
Anthony Scaramucci, Skybridge Capital’s CEO, has announced that the firm will start an Ethereum fund. It is planned to be a private fund. Together with this, Skybridge Capital has filed for an Ether ETF with the SEC. The fund has a pending Bitcoin ETF filed with the SEC already.
The fund had made the news late last year when it announced that it invested $182 million in Bitcoin.
This is one of the first hedge funds to properly dip its feet into the crypto market. A large bet made in Bitcoin when the coin still trades for less than $30,000 per piece.
The investment firm then partnered with several crypto firms to do this. Skybridge Capital expected institutional money to flow into the market and didn’t want to be late in getting in.
Skybridge Capital goes all in
Scaramucci said that the fund was fully committed to crypto.
“We have a full commitment to crypto,”
Anthony Scaramucci, CEO, Skybridge Capital
He explained that they planned to launch the Ethereum fund on July 1st. Then they will file for an ETF. This is a path that many firms were taking but have had no success so far.
It is because of the fact that while the SEC received many filings for Bitcoin and Ethereum ETFs, it doesn’t approve a single one yet.
The number of Bitcoin and Ether ETFs filed with the SEC has grown remarkably. Skybridge Capital is now joining a long line of investment funds that are waiting for the decision of the SEC.
Approvals are not coming yet. But it indicates a lot about the recent state of the market when a lot of firms are filing for crypto-related ETFs.
The market gathers more institutional money
Scaramucci has taken the time to talk about adoption of digital assets in the financial world. He believes that while everyone might not join, there will be adequate people that come into the market, enough to drive the price of the assets higher.
“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 buy-in from Morgan Stanley into its Bitcoin fund as a sign that institutions are ready to get into the crypto market. That is why he is very bullish that even more institutional money goes into the flow of the market.
Currently, Skybridge Capital has a $500 million Bitcoin fund. Then it plans to keep investing and growing the fund and the other digital assets funds.
📣 Cryptonetwork.News is now on Telegram. Please click [here] to join our channel and stay updated with the latest Cryptocurrency, Blockchain, and Cryptomining headlines.
No Comment