The minimum investment to participate in the fund will be $ 50,000. Fidelity Digital Assets will offer the fund’s custody service.
Institutional investments do not stop reaching bitcoin (BTC). Now the SkyBridge Capital fund, founded by former White House Communications Director Anthony Scaramucci, has announced the launch of a fund to inject capital into the first cryptocurrency.
The firm filed a Form D with the United States Securities and Exchange Commission (SEC) on Monday. It was explained that the fund will be called SkyBridge Bitcoin Fund L.P. and that the minimum investment to participate will be $ 50,000.
As a kickoff for the fund, Scaramucci revealed Tuesday that Skybridge itself invested $ 25 million, according to statements given to Yahoo Finance. The executive is confident that bitcoin will have further growth in the next 10 years.
“One of the things we are trying to do is the democratization of the hedge fund industry and bitcoin but bitcoin at the moment, is still a difficult thing to buy… We think there is a big move for bitcoin in the next five to ten years. We think this is a product that people will have in their wallets, “said Scaramucci, who said he will have a” nice book “for purchase orders.
According to the former official, bitcoin is in the category of a store of value, the former official compared it to the safeguard that investors usually make with gold. Currently, the total capitalization of the precious metal stands at about 10 trillion dollars, while that of BTC is USD 440 billion, according to CoinGecko.
The fund will charge an annual fee of 0.75%, and the cryptocurrencies will remain under the protection of Fidelity Digital Assets. Besides, the procedures for the audits will be conducted by the multinational company EY. Operations will start on January 4 for accredited investors. Scaramucci also compared the service that the firm will offer with that Grayscale and which’s.
SkyBridge Capital’s move comes more than a month after it filed an informational prospectus with the SEC. The document reported that the company would be seeking greater exposure to digital assets. Even the fund explained how the technology behind Bitcoin and cryptocurrencies in general works.
The fund joins multiple investment firms, public and private companies that have already invested millions of dollars in bitcoin. Recently, institutional investment in the first cryptocurrency exceeded a peak of 20 billion dollars.
Companies like MicroStrategy, Square, or funds like Ruffer Investment Company are some of the corporate names that made a closer approach to bitcoin in 2020. Estimates from Bitcoin Treasuries indicate that around 1,150,000 BTC are already in the hands of large investors, which is about 6% of the total supply of bitcoin.
By: Jenson Nuñez.
