SkyBridge opens Bitcoin fund

Anthony Scaramucci’s SkyBridge Capital has joined the Bitcoin faithful by launching the direct investment fund SkyBridge Bitcoin Fund LP with $25.3 million of internal seed capital. Officials say that the fund has initiated an initial position valued at $310 million in funds investing in Bitcoin during the last two months of 2020 when the cryptocurrency valuation soared to more than $33,000. The direct investment nature is not unusual for the $7 billion firm that launched an Opportunity Zone focused non-traded REIT too in a bid to further diversify the business away from funds of hedge funds in recent years. For investors, the new fund offers a way to have exposure to Bitcoin without holding the asset directly. “We believe Bitcoin is in its early innings as an exciting new asset class," said SkyBridge Founder and Managing Partner Scaramucci. "With the institutional quality custody solutions available today, we believe the time is right to allocate capital and provide our clients access to the digital assets space." SkyBridge Bitcoin Fund LP builds on the firm's longtime commitment to making alternative investment accessible to wider audiences, officials stressed. SkyBridge's flagship Series G fund offers modest minimum investment requirements for access to leading hedge fund managers in a registered fund format. The SkyBridge Bitcoin Fund LP will charge a 75-basis point management fee and no incentive fee. Accredited investors can subscribe directly to the fund, which requires a minimum investment of $50,000, at skybridgebitcoin.com. "With global money printing at an all-time high, Bitcoin offers a strong alternative to gold as a store of value and hedge against future inflation," said Ray Nolte, SkyBridge Co-Chief Investment Officer and Senior Partner.

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