SkyBridge Capital’s Bitcoin Fund Launched with $25mln Capital December 23, 2020 December 23, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsDecember 23, 2020 by Kelly Cromley

SkyBridge Capital’s Bitcoin Fund Launched with $25mln Capital

Skybridge Capital, the hedge fund run by Anthony Scaramucci, has unveiled its Bitcoin (BTC) fund only two days after submitting a Form D, which is a notice of an exempt offering of securities, with the US SEC (Securities and Exchange Commission).

Scaramucci, while speaking to the Yahoo Finance channel, asserted that the enrollment with the SEC is now over and the fund has gone live with $25 million as starting capital from Skybridge Capital.

Credentialed investors can invest in the fund beginning January 4, with $50,000 being the entry level investment. Scaramucci, however, pointed out that the fund is already receiving considerable investments. Scaramucci asserted that SkyBridge intends to “democratize the hedge-fund industry,” as the reality is “Bitcoin is still somewhat difficult to buy.”

He admired Grayscale, which manages a fund that offers simple way to get Bitcoin exposure at institutional level and presently possesses more than 500,000 Bitcoins.

Nevertheless, he claimed that SkyBridge fund will be cost effective as it will charge only 0.75% as yearly fee, unlike 2% by Grayscale.

Scaramucci also underlined that the unit will trade at par with the net asset value of Bitcoin instead of the 20% to 30% premium at which Grayscale units trade. The fund has chosen Fidelity Digital Assets as the custodian of the Bitcoin.

Scaramucci highlighted Bitcoin’s unique quality as a store of value and compared its prevailing market cap of $440 billion with that of gold’s $10 trillion, stating:
“So, we think there’s a very large move for Bitcoin over the next five to ten years.”

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.