Scaramucci’s Skybridge Capital registers with the SEC to launch its Bitcoin ETF.
Anthony Scaramucci’s Skybridge Capital filed an S-1 registration form with the Securities and Exchange Commission (SEC) for a bitcoin exchange-traded fund (ETF). The prospect for the “First Trust Skybridge Bitcoin ETF Trust” notes that the ETF’s objective is to list common shares on NYSE Arca.
Skybridge Capital Files to Legalize a Bitcoin ETF
These days, Skybridge Capital and its founder Anthony Scaramucci have been all about bitcoin (BTC) and even more so after the company’s successful launch of the Skybridge Capital Bitcoin Fund. By the end of February, Scaramucci stated in an interview that he expected $100K BTC prices for this year. Last March 19, 2021, Skybridge Capital filed an S-1 registration prospectus for a bitcoin exchange-traded fund (ETF). Skybridge Capital will be among several firms like Vaneck and Valkyries Digital Assets aiming to get their ETFs approved.
The S-1 registration that was filed last Friday notes that the ETF will be dubbed as the “First Trust Skybridge Bitcoin ETF Trust” but the amount that it will leverage has been left blank. Skybridge hopes to list common shares on NYSE Arca but mentions that the trust is “newly organized.” Since there is no prior history, common shares of the Skybridge bitcoin trust can trade a discount from their net asset value (NAV). The former White House communications director of Scaramucci’s company also said that the trust is an “emerging growth company.”
“The trust is an ‘emerging growth company,’” the Skybridge Capital registration filing states “As that term is used in the Jumpstart Our Business Startups Act (the “JOBS Act”) and, as such, may elect to comply with certain reduced reporting requirements,” the ETF filing adds.
The registration elaborates the risk involved with the “Skybridge Bitcoin ETF Trust” which is the normal standard statements like: “Bitcoin is a new technological innovation with a limited history.”
“There is no assurance that usage of bitcoin will continue to grow,” the ETF filing from Skybridge Capital states. “A contraction in use of bitcoin may result in increased volatility or a reduction in the price of bitcoin, which could adversely impact the value of the common shares.”
The Spacex Tweet of Scaramucci
Aside from the filing, Anthony Scaramucci had been discussing bitcoin a lot on Twitter and assumed that Elon Musk’s firm Spacex has bitcoin (BTC) on its balance sheet. The speculative tweet from Sacaramucci also was focused on the subject of climate change and renewable energy. “Elon Musk didn’t stop with Tesla,” Scaramucci claimed in a tweet. “I understand that Spacex owns bitcoin on its balance sheet. Elon Musk now owns over $5 billion in Bitcoin through Tesla, Spacex and personally. No living person has done more to protect the planet against climate change,” he added.
He continued:
“[The] idea Elon Musk would invest in [a] “dirty asset” is absurd. [The] future of bitcoin mining is renewable energy. Elon Musk sees future 1) renewables replace fossil fuels 2) bitcoin demonetizes gold, RE, equities & art + becomes [the] dominant store of value. [The] answer to energy FUD is Elon Musk.”
Scaramucci also had an interview last March 19, and then explained that more businesses shall hold bitcoin treasuries. Skybridge Capital manages $600 million in bitcoin and Scaramucci discussed the probability of Skybridge ethereum investment products as well. The Skybridge founder then touched on his $100K bitcoin price prediction and stated:
“I’m sticking with $100,000 because if I tell people what I really think… they’re gonna think that I’m nuts.”
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