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- Trump Administration’s Former Aide Launching Bitcoin Fund
Trump Administration’s Former Aide Launching Bitcoin Fund
The minimum investment limit into the fund will be $50,000.
SkyBridge Capital, the hedge fund managed by former White House communications director, Anthony Scaramucci, is considering to launch a Bitcoin fund, according to an application submitted with the US Securities and Exchange Commission (SEC).
The hedge fund’s Form D filed with the regulator detailed that it wants SkyBridge Bitcoin Fund L.P. as the issuer of the new fund, while SkyBridge Bitcoin Fund GP LLC will be a related person.
The filing means that Scaramucci, also a former Goldman Sachs vice president, wants to approach only accreted investors. Though the target size of the investment fund is not disclosed, it will seek a minimum investment of $50,000.
However, the new Bitcoin fund may not want to fully invest in the digital currency as the filing mentioned the possibility of a partial investment.
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“The Company and Investment Funds may also invest in securities of companies related, in whole or in part, to digital assets or digital asset technologies (including digital asset miners, payment technologies, digital security, or crypto trading exchanges), or that otherwise have direct or indirect exposure to emerging technologies,” the filing stated.
Institutional Interest in Bitcoin Is Pushing Hedge Funds
This move goes in line with Scaramucci’s previous statement in an interview with The Block where he showed interest in the exposure of his hedge fund to digital currencies.
SkyBridge approached the regulator when institutional interest for digital currencies is growing. Many billionaires and established corporations poured in hundreds of millions of dollars as investments into Bitcoin.
Furthermore, this growing institutional interest pumped the cryptocurrency market as the Bitcoin price skyrocketed recently to touch a new all-time high.