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Crypto News

SkyBridge Capital eyes Bitcoin Fund, seeks SEC approval

Saudu Clement
Saudu Clement

SkyBridge Capital has become the latest institutional investor eyeing Bitcoin. The billion-dollar hedge fund filed a Form D for a bitcoin fund with the U.S. Securities and Exchange Commission (SEC) on Monday.

According to the SEC document, the fund will be known as SkyBridge Bitcoin Fund L.P. and will have Anthony Scaramucci as manager. The firm also registered marked its new fund under Rule 506(c). This means that it can advertise its offering with the condition that investors are accredited and verified.

SkyBridge had earlier in November given hints that it was interested in seeking exposure to digital assets. An excerpt from its November filing said:

Investment Funds may invest in digital assets without restriction as to market capitalization or technological features or attributes (including lesser-known or novel digital assets known as “altcoins”) and may invest in initial coin offerings, which have historically been subject to fraud.

An approval from the SEC implies that more institutional money will move into bitcoin through the SkyBridge Bitcoin Fund L.P. SkyBridge Capital has around $9.2 billion worth of assets under its management.

2020 has been an impressive year for bitcoin. The list of institutional investors putting their funds into the digital asset suggests a bright future for bitcoin.

As reported by BTC PEERS, Guggenheim Partners filed an amendment with the SEC to allow it to buy $500 million worth of bitcoin through Macro Opportunities Fund.