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A Multi-Billion Dollar Asset Manager Eyes For Setting Up Bitcoin Fund

Securities & Exchange Commission of US (SEC) informed in November that multi-billion dollar asset manager would be investing in Bitcoin. SEC told that it had received an application seeking approval from Skybridge Capital to invest in Bitcoin. But a fresh application has been moved by Skybridge Capital seeking approval to develop Bitcoin Fund.

 Skybridge Capital is an internationally acclaimed asset management company that is enriched with local and international clients. The assets currently under management of Skybridge Capital are comprised of multi-billion dollars. However, all the assets available with the company were not crypto assets.

It was revealed by SEC that in the month of November this year it received an application from Skybridge Capital. In this application, the company showed its intention of putting in its investment in Bitcoin and other cryptocurrencies. However, the application was pending approval until a fresh application was moved by Skybridge Capital.

It was informed by SEC that in the new application, Skybridge Capital had deviated from its earlier stance i.e. Bitcoin investment. It stated that the company now sought approval for allowing it to develop, maintain and operate a crypto asset fund. More specifically, permission was sought for setting up a Bitcoin Fund in the initial phase.

When Skybridge Capital was asked by the press to confirm the news, Anthony Scaramucci, spoke on behalf of the company. Scaramucci had been the founder of Skybridge Capital’s investment wing called Skybridge Investments. He informed that earlier the company wanted to invest in Bitcoin because during the pandemic they realized that Bitcoin was the better option to save extra money. He told that however the decision was changed by majority votes and it was later on decided to establish a Bitcoin Fund.

Scaramucci explained that his company had been in the business of asset management for quite long time. He also explained that based on their experience, the option of providing a Bitcoin fund sounded more appealing rather than investing. So it was a well-thought-of decision to deviate from earlier strategy and come up with a better and long-term plan, he said.

SEC also told that the November application was withdrawn by Skybridge Capital which was replaced by another application. The new application was told be filed on 21st December and contained a totally different subject. The company now wanted to develop a Bitcoin Fund and wanted to attract accredited investors. As per asset management policy, those customers who have approximately US$ 50K buying power, can put their Bitcoins in the company’s fund.

It was also informed later on that an amount of US$ 25 million had already been invested in the Bitcoin Fund of Capital Investments. SEC told that as per law, capital is required to be brought into any proposed fund by the manager. The amount of US$ 25 million had been invested by the company is therefore a capital.

SEC further informed that Skybridge Investments’ Bitcoin Fund would be sent live after 3rd January, 2021.

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