SkyBridge Capital has announced the launch of 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 offers a wide range of investment solutions for individuals and institutions, such as combination funds of hedge fund products, custom separate account portfolios, hedge fund advisory services, and non-tradable 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 register in the fund, investing a minimum of $ 50,000, through skybridgebitcoin.com, where the co-CIO Troy gayeski it also published a whitepaper on 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.
The founder and managing partner of SkyBridge, Anthony Scaramucci, said:
“We believe that Bitcoin is in its infancy 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 with access to the digital asset space. "
The president and chief operating officer, Brett messingadded:
“Bitcoin is leading a digital currency revolution around the world. We believe the responsibility has shifted from 'why are you investing in Bitcoin?' To 'how are you not going to invest in Bitcoin?'
In addition, according to the Co-Chief Investment Officer and Senior Partner Ray Nolte, as a result of the creation of fiat money that reached all-time highs:
"Bitcoin offers a strong alternative to gold as a store of value and protection against future inflation."