SkyBridge Capital is a hedge fund based in New York. It has over $7 billion in Assets under Management (AUM) and was founded by Anthony Scaramucci. Scaramucci may be known to some as ephemeral communications director of the White House under President Donald Trump. In addition, he can be seen a lot on American television as a political commentator, but originally a real investor.
SkyBridge and Algorand
Recently, SkyBridge Capital announced at its annual SALT conference that it has a application have done to the authorities for setting up a crypto exchange traded fund (ETF). In addition, it was mentioned that they plan to set up an Algorand (ALGO) fund of no less than $250 million.
Scaramucci has during a interview with CNBC announced that $100 million of the $250 million needed for the new fund has already been raised.
Algorand recently announced that it has a fund worth $300 million to attract developers to the project and to stimulate the development of the Algorand ecosystem. So it seems that such moves are well received by investors like Scaramucci.
SkyBridge crypto investments
SkyBridge Capital has long been a major player in the world of crypto. Scaramucci also revealed in the interview with CNBC that they have invested a total of about $700 million in various crypto products. He also indicated that it is very likely that this number will only grow in the near future.
In addition, SkyBridge is the latest addition to the list of companies that has filed for crypto-related ETFs with the US authorities. The requested stock exchange fund would provide investors with indirect exposure to, among other things: bitcoin (BTC) can generate.
Whether and when this new SkyBridge stock fund will be approved is still unknown. The American Securities and Exchange Commission (SEC), which is responsible for assessing these applications, has not yet made a decision on any ETF applications.