Alto platform taps SkyBridge, other crypto fund managers

Nashville-based Alto, an investment platform geared toward IRA, added several prominent crypto fund managers including SkyBridge Capital in a bid to become a go-to IRA provider for crypto firms. Alto’s additions besides SkyBridge include managers Bitwise and Grayscale. SkyBridge launched a direct investment fund, the SkyBridge Bitcoin Fund LP, with $25.3 million of internal seed capital last month. Officials at the firm said that an initial position is valued at $310 million in funds investing in Bitcoin during the last two months of 2020. Bitwise Asset Management was founded by Hunter Horsley and Hong Kim and pioneered the first and largest cryptocurrency index fund and is a leading provider of rules-based exposure to crypto assets. As of early February, meanwhile, Grayscale Investments, had more than $33 billion in AUM – making it the world’s largest digital currency asset manager. Alto said its aim is to help individuals access their retirement funds to invest in alternative assets, such as crypto, via a cost-effective digital platform. The firm has a network of more than 20 investment platform partners, including AngelList and Republic. Alto is open to accredited and non-accredited investors interested in diversifying their portfolio of alternative assets. “We’re seeing a rapidly growing trend of investors holding cryptocurrency in their self-directed IRAs,” said Eric Satz, founder and CEO of Alto. “Not only does it offer effective portfolio diversification, but it provides a hedge against currency devaluation and the potential for significant long-term appreciation due to an IRA’s tax-friendly advantages.” Satz founded the firm in 2018 that also allows individuals to form an Alto IRA account to invest in alternative assets, from real estate and venture capital to farmland and art.

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