SkyBridge Capital has announced the launch of the SkyBridge Bitcoin Fund LP, which is an institutional-grade vehicle that provides exposure to BTC.
SkyBridge is one of the world’s leading alternative investment firms, founded in 2005 in New York by Anthony Scaramucci, Brett S. Messing, Raymond Nolte and Troy Gayeski.
Between November and December 2020, the firm opened a position worth approximately $310 million in funds that invest in bitcoin.
SkyBridge provides a wide range of investment solutions to individuals and institutions, such as blended funds of hedge fund products, customized separate account portfolios, hedge fund advisory services and non-traded REITs.
The SkyBridge Bitcoin Fund opened with an investment of $25.3 million and will use Fidelity as custodian and Ernst & Young for verification.
Accredited investors will be able to sign up for the fund, investing a minimum of $50,000, through skybridgebitcoin.com where co-CIO Troy Gayeski also posted a whitepaper regarding the company’s decision to enter this new market.
Why is SkyBridge entering Bitcoin
Until now, Wall Street firms have largely avoided this market due in particular to security concerns – the SkyBridge Bitcoin Fund aims to address this.
SkyBridge founder and managing partner Anthony Scaramucci said:
“We believe Bitcoin is in its early innings as an exciting new asset class. With the institutional quality custody solutions available today, we believe the time is right to allocate capital and provide our clients access to the digital assets space”.
President and chief operating officer, Brett Messing, added:
“Bitcoin is leading a digital monetary revolution around the world. We believe the onus has shifted from ‘why are you investing in Bitcoin?’ to ‘how are you not investing in Bitcoin?’”
Moreover, according to Co-Chief Investment Officer and Senior Partner Ray Nolte, as a result of fiat money creation reaching all-time highs,
“Bitcoin offers a strong alternative to gold as a store of value and hedge against future inflation”.