Finance

Skybridge Capital Moves into Crypto: What You Need to Know

Cryptocurrency is a red-hot topic. One estimate states that every three seconds someone posts about Bitcoin on social media. Even though crypto investing may not be mainstream yet, interest is growing.

Skybridge Capital launched several initiatives in the past year. One goal is to increase investor access into the crypto market.

Read on to see an overview of Skybridge’s progress.

Skybridge Capital

Skybridge is a multi-asset class fund of funds investment firm. They provide a way for the mass affluent and registered investment advisors (RIAs) to invest in less accessible asset classes of hedge funds.

Skybridge’s founder Anthony Scaramucci sees these initiatives as part of something bigger. He is an evangelist for democratizing access to alternative investments.

Investors gain confidence from funds managed by best-in-class service providers.  In 2021 Skybridge continued cutting edge initiatives for investment in blockchain and digital assets.

Skybridge Capital $25 Million Bitcoin Fund

In December 2020, Skybridge launched the First Trust SkyBridge Bitcoin Fund L.P. This fund targets the mass affluent and Registered Investment Advisors (RIAs).

The fund provides a secure conduit to the Bitcoin market for high-stakes investors. It is backed by best-in-class custodial services from Fidelity Digital Assets and auditing services from Ernst & Young.

The minimum initial investment is $50,000. The first Zoom call presentation of the fund attracted over 6000 participants and caused the system to lock up. Skybridge rescheduled to accommodate the demand.

Ethereum

In July, Skybridge launched an Ethereum fund to invest in Ether (ETH). Ether is the Ethereum platform’s cryptocurrency. It is the second-largest cryptocurrency after bitcoin.

Ethereum offers a programmable blockchain. This enables smart contracts. One important example is NFTs – non-fungible tokens. They contain extra information about the digital or physical objects they represent.

UNLOX Fund

Skybridge announces the UNLOX fund. Strategic partners include the NAX trading platform and Algorand blockchain. The fundraising goal is $250 million. Anthony Scaramucci is the chairman of the fund.

UNLOX targets institutions securitizing assets with blockchain. Assets include venture capital, NFTs, property, and corporate securities.

Algorand’s founder Silvio Micali developed the technology with sustainability in mind. Today, Algorand is more energy-efficient than other blockchains. This is an important consideration for future scalability.

FLATTER NFT platform

Skybridge launches FLATTER, an NFT platform niching on digital and real art. The idea is to couple the NFT with real experiences. The first offer was an NFT that combined digital art, whiskey, and signatures from both the artist and Mr. Scaramucci.

Looking at the Long Run

Skybridge Capital’s early moves in the cryptocurrency space are a response to investor interest. Since November 2020, SkyBridge has been an early adopter in allocating capital to Bitcoin.

It takes a certain mindset to have confidence in this direction. “You have to accept the proposition that bitcoin is a store of value,” says Mr. Scaramucci.

There is a growing belief among investors that while the category is volatile, cryptocurrencies and blockchain are here to stay.

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