Skybridge COO Brett Messing said that the fund has one year time before the Bitcoin ETF puts it out of business so let’s read more in today’s Bitcoin news.
Skybridge Capital COO said that the company’s BTC Fund grew to $370 million and said that the emergence of the Bitcoin ETF will put the company’s Bitcoin fund out of business and also institutions have been increasingly investing in BTC but there’s still no guarantee that it will continue. The BTC fund grew to $360 million dollars in the first few weeks according to Brett Messing. The company never planned on getting into BTC according to him but back in November, Skybridge invested a few million dollars into BTC on behalf of its funds, launching the Bitcoin fund on January 4, 2020, with $300 million at that time.
Back then, with an influx of new money and growth of the BTC price, the fund’s value increased higher:
“We presently have a position that’s valued at about $360/$370 million dollars.”
Skybridge Capital is an SEC-registered investment advisory company with over $7 billion in assets under management and it is run by ex-White House communications director Anthony Scaramucci. The fund is audited by Ernst & Young and it requires a minimum investment of $50,000 with the investors being required to be accredited. Redemptions are possible on a quarterly basis with a 30-day notice so Fidelity serves as a custodian. Messing said:
“The mission of Skybridge was to democratize hedge funds for the mass affluent. Money comes in, we buy the Bitcoin, and it goes to Fidelity into cold storage. I ran a $3 billion long-short fund that was way more complicated than this, it’s just not that demanding from an operations standpoint.”
The BTC fund is also run by Bitcoin maximalists that trust Bitcoin will continue being the leading cryptocurrency on the market:
“We’re very passionate about it, we feel like we’re doing people a favour by introducing them to Bitcoin, and in success we make money. We’re Bitcoin maximalists, we weren’t interested in getting involved in anything else.”
Messing’s own journey to BTC started a while back and now he is applying the lessons that he learned in his early investment days to BTC:
“When I look back in my life, the best investments were to just buy the leader, always, and then sit back and do nothing.”
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