Scaramucci’s SkyBride Will Fund Bitcoin Mining: Report

Scaramucci’s Skybridge will fund Bitcoin mining via its newly created fund which has already $7 million in it according to sources so let’s read more today in our latest Bitcoin news.

Scaramucci’s Skybridge will fund Bitcoin mining and the investment company was founded by former Donald Trump aide Anthony Scramaucci who started an investment vehicle to invest in BTC mining according to the US SEC. The investment vehicle which is called SkyBridge BTC Mining LP and raised about $7 million and the company created the fund for selected limited partners to co-invest in privately held and industrial-scale BTC miner Genesis Digital Assets as per a source familiar with the matter.

The hedge fund was part of Genesis’ $431 million capital raise last year and made this the second time for the company to invest in the mining company. The hedge fund already had investments in a few publicly traded miners via its First Trust SkyBridge Crypto industry and Digital Economy ETF as well as SkyBridge Digital Innovation according to the fund’s website. Some of the miners in the two funds include Bitfarms, Core Scientific, Marathon digital, Riot Blockchain, Iris Energy, and Cipher Mining.

Genesis said that building a new self-hosted BTC mining data center in west Texas with 300 megawatts of capacity and Genesis Digital Assets is different from Genesis as the crypto lending firm owned by Digital Currency Group.

As recently reported, The SEC rejected an application for a spot market Bitcoin ETF from First Trust Advisors and SkyBridge. First Advisors and SkyBridge Capital’s application was filed in May 2021 and the two investment firms teamed up to try and get the ETF approved by the regulator. However, the SEC said the ETFs didn’t meet the requirement that the rules of the national securities exchange are designed to prevent fraudulent and manipulative acts and practices and to also protect the investors and the public interest.

But the Bitcoin ETF doesn’t exist in the US yet because the SEC is reluctant to approve one citing concerns over price manipulation in crypto markets. The ETF is an investment product that allows investors to buy shares that represent assets like gold. With an ETF, the investors don’t deal with assets themselves and in this case, a Bitcoin ETF will let investors invest in crypto without having to deal with things such as storage of the digital asset.