SkyBridge kicks of bitcoin fund with $25 million investment

As reported by BTC PEERS, SkyBridge Capital filed a Form D with the U.S. Securities and Exchange Commission on Monday, making it one of the latest institutional investors to be interested in digital assets.

Two days after the filing, the firm has launched its proposed SkyBridge Bitcoin Fund L.P.

In an interview with Yahoo Finance on Wednesday, the fund’s manager, Anthony Scaramucci, has claimed that following an effective registration with the SEC, the fund has begun operations with $25 million of SkyBridge’s own capital.

The ex-White House communications director noted that the fund will be open to accredited investors on January 4, with a minimum subscription of $50,000. He went further to claim that the fund is already putting together a “nice book” of early orders.

Scaramucci’s description of the bitcoin fund sounds cliché. According to him, SkyBridge is trying to “democratize the hedge-fund industry.” A price tag of $50,000 and an “accredited investor” status invalidates this claim to the average Joe.

After commending Grayscale who is currently leading the bitcoin accumulation race, Scaramucci said that SkyBridge will be offering a cheaper annual fee of 0.75%.

In general, Scaramucci and many other investors are beginning to see a future in Bitcoin. For one, he believes that Bitcoin is a potential store of value, comparing its current $440 billion market cap to that of gold. He said:

So, we think there's a very large move for Bitcoin over the next five to ten years.

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