SkyBridge Capital invested $25 million in Bitcoin

SkyBridge Capital confirmed a $25 million investment in Bitcoin through its new fund.

In an interview with CNBC, SkyBridge Capital founder Anthony Scaramucci said that the assets have already been moved and the company has launched a full node on the Bitcoin network. Technical support and custodial services were provided by Fidelity Digital Assets.

The structure of the new fund will allow investors to access the cryptocurrency at net asset value and avoid overpaying, as with buying Grayscale Bitcoin Trust shares on the secondary market. The minimum investment is $50,000.

“We will make Bitcoin more accessible, as we did for the hedge-fund industry a decade ago,” said Anthony Scaramucci.

According to him, the fund will be a suitable instrument for a broad range of high-net-worth investors and financial advisers. It will open to external investors in 2021.

Scaramucci added that he is in close contact with MicroStrategy CEO Michael Saylor, whose company invested $1.6 billion in Bitcoin this year. Saylor’s example prompted him to launch his own Bitcoin fund.

Scaramucci, who in 2017 briefly served as White House Communications Director, also believes that investing in cryptocurrency is far from being too late.

“This is only the first phase. Soon you will see the first wave of early adoption [of Bitcoin] in the institutional community,” he said.

Earlier this week it emerged that SkyBridge Capital filed with the U.S. Securities and Exchange Commission (SEC) an application to register a Bitcoin fund.

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