Skybridge Capital confirmed the launch of the Bitcoin fund on Monday, January 4th, 2020, through an official press release. The firm noted that its Bitcoin exposure had crossed $310 million.
The SkyBridge Bitcoin Fund LP would enable the affluent investors to gain exposure to Bitcoin through an institutional-grade investment tool.
SkyBridge Capital Launches Bitcoin Fund
SkyBridge is a leading alternative investment firm headed by Anthony Scaramucci that provides investment solutions to various high worth institutional and individual investors. The firm announced the launch of the Bitcoin fund through a press release in which it declared that it, along with its affiliates, has invested around $25.3 million to launch the Bitcoin fund. Through its Bitcoin Fund, the investors would be able to quickly and securely buy and sell Bitcoin. The firm has aligned with Fidelity to serve as Custodian for the funds while Ernst and Young will serve as auditor.
Anthony Scaramucci said that Bitcoin is emerging as an exciting new asset class. Through the various institutional quality custody solutions, “the time is right to allocate capital and provide our clients access to the digital assets space.”
There is growing retail demand for Bitcoin; however, corporates refrain from cryptocurrency due to security concerns; with tools like Bitcoin Fund, institutional investors would be able to get institutional level custody without holding Bitcoin directly. There has been a substantial shift of mood amongst institutional investors, and now various big players are open to exploring Bitcoin.
The Co-Chief Investment Officer and Senior Portfolio Manager at SkyBridge Troy Gayeski said that “Our investment team has grown enthusiastic about Bitcoin’s properties as a portfolio diversifier and return generator.”
Bitcoin has grown exponentially in recent times, and according to Brett Messing, the Chief Operating Officer at Skybridge, it has led a digital revolution in financial ecosystems around the world. He said that “the Investors trust us to see around corners, and we believe it’s prudent now to allocate a small portion of your portfolio to digital assets.”
Cryptocurrency hedge funds have grown exponentially towards the close of 2020, wherein 52 percent gains were noted in November. Hedge Fund Research President Kenneth Heinz said that the investors are increasing their hedge funds exposure after highly challenging times in 2020.
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