SkyBridge Capital launches Bitcoin fund with $310 million in assets

The investment firm SkyBridge Capital has launched a bitcoin-based fund with $310 million in assets, Reuters reports.

The founder of SkyBridge Capital, Anthony Scaramucci, said that Bitcoin has significant upside potential and could rival gold as a widely recognised asset class.

“Bitcoin has outpaced its rivals over the past 11 years; it is the digital leader, — said Scaramucci in an interview with Financial Times. — This is Google, not Yahoo, Facebook, not MySpace.”

Last year was the worst for SkyBridge Capital since 2008. Only in March did the company's flagship fund, which holds a mix of equities and bonds, fall 23%.
The decline in assets for the year stood at 7.5% (in 2008 it was -19%).

Poor performance at SkyBridge Capital led to outflows of $1.4 billion. Total assets under management by the firm at year-end fell to $7 billion.

SkyBridge Capital hopes to turn the tide by investing in new assets. In November last year the company invested $25 million in Bitcoin, and in December filed an application for the registration of SkyBridge Bitcoin Fund L.P. for accredited investors.

By the end of December the company's investments in the first cryptocurrency reached $182 million.

Earlier this week, Nasdaq-listed GreenPro Capital announced plans to invest $100 million. Immediately after the announcement, GRNQ's stock price rose from $1.27 to $3.09.

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