Global investment fund SkyBridge has filed with the SEC to launch its own Bitcoin fund. Institutions continue to line up behind the primary cryptocurrency.

Following the impressive list of institutional investors who have put their funds into bitcoin in 2020, it appears that more big names are showing interest in the number one crypto asset, after a global investments firm filed with the U.S. SEC to launch a bitcoin fund for accredited investors.

SkyBridge Proposes Bitcoin Fund
According to an SEC document on Monday (Dec. 21, 2020), Anthony Scaramucci’s billion-dollar hedge fund, SkyBridge Capital, filed a Form D with the U.S. securities watchdog for its first bitcoin fund.

The fund, known as SkyBridge Bitcoin Fund L.P., will have Scaramucci serving as manager. Also, SkyBridge registered the new fund under Rule 506(c), meaning that the issuer can advertise its offering with the condition that the buyers are verified, accredited investors.

Founded in 2005 by Scaramucci, SkyBridge earlier noted in a previous SEC filing that it could “seek exposure to digital assets.” A part of the November document stated thus:

“Investment Funds may invest in digital assets without restriction as to market capitalization or technological features or attributes (including lesser-known or novel digital assets known as “altcoins”) and may invest in initial coin offerings, which have historically been subject to fraud.”

If the SEC approves the proposal, it could mean that more institutional investors would get exposed to bitcoin through the SkyBridge Bitcoin Fund L.P. Also, while the filing does not disclose the revenue range, the minimum investment for participants is set at $50,000.

Institutions Pour Into Bitcoin
Indeed, 2020 has been a good year for bitcoin, with institutional interest in BTC showing no signs of slowing down. As reported by CryptoPotato in November, financial services behemoth Guggenheim filed an application with the SEC to buy $500 million worth of BTC through its Macro Opportunities Fund.

Another company, Microstrategy, which has been on a bitcoin purchasing spree, recently announced another BTC buy worth $650 million. Other big firms like MassMutual and Ruffer Investment also invested in the top cryptocurrency.

Apart from companies, wealthy individuals like the billionaires Paul Tudor Jones and Stanley Druckenmiller also bought bitcoin. Meanwhile, JPMorgan analysts state that the institutional investment wave in bitcoin has kept the price of the crypto asset from correcting.


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