SkyBridge Capital is working on investing most of its assets under management (AUM) in digital assetssince the sector represents “enormous growth” for the firm.
The hedge fund was founded by former American politician Anthony Scaramucci in 2005 and first invested in Bitcoin (BTC) in late 2020.. The firm also has money spread across other hedge funds, late-stage private tech companies, and real estate, and its total AUM is reported to be around $7.3 billion.
Skybridge now manages a $7 million bitcoin fundamong others, and has been actively working to get a BTC spot ETF approved by the US Securities and Exchange Commission (SEC).
Speaking to Bloomberg on the eve of this week’s annual SkyBridge Alternatives Conference (SALT), Scaramucci said the company is repositioning itself to “end up being a leading crypto asset manager and advisor:”
“We made the decision during the pandemic that we had to readjust our entire portfolio. There is a pre-pandemic world and a post-pandemic world, and a post-pandemic world has a lot more government deficits, it has a lot more uncertainty related to growth.”
“We think the cryptocurrency markets represent tremendous growth. It comes with volatility, certainly, but I think over three to five years, we’d like that trajectory,” he added..
SkyBridge’s director of business development, John Darsie, noted that the company’s growing interest in cryptocurrencies was due to a “huge reduction in the credit portion” of the company’s hedge fund manager portfolio.
Seeking investment in stronger growth-oriented managers, the firm is now seeking allocations across many crypto assets and blockchain projects.which is why Darsie notes that the SkyBridge is “extremely bullish on the sector.”
“What we decided to do was that a part of that capital that was previously assigned to credit managers be invested directly in crypto assets like Bitcoin and Ethereum, but also rotate the capital in crypto asset managers like Multicoin, Polychain, Pantera, people like that nature”said.
The bullish comments come just weeks after Scaramucci noted that the blockchain industry has a very bright future.but he was concerned about some “absolutely despicable” US politicians who could hamper the growth of the local sector.
Speaking about the SEC with Bloomberg, however, Scaramucci seemed relatively optimistic that the agency will approve a spot BTC ETF once a few more factors play out.also noting that their denial of the request in January was not necessarily “specific” to them.
“I think the SEC is taking the position that because bitcoin cash trading is happening all over the world, they don’t have one clearing market for all purchases and sales. So they are worried about price manipulation.”
“But Over time, due to the transparency of the markets, I think they will feel more comfortable with it,” he added..
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