SkyBridge investment fund filed with the SEC for permission to launch a Bitcoin fund as a part of the move by major institutions lining up behind the primary cryptocurrency as we see more today in our cryptocurrency news.
Following the overwhelming number of institutional investors that put their funds into BTC in 2020, it seems that bigger names are joining and showing interest in the number one cryptocurrency after the global investment firm filed with the US SEC to launch a BTC fund for accredited investors. The Skybridge investment fund filed a Form-D with the SEC according to a document issued on Monday, for its first bitcoin fund. Anthony Scaramucci’s billion-dollar hedge fund now waits for a response.
Scaramucci will serve as a manager of the fund. Also, SkyBridge registered the new fund under Rule 506 which means that the issuer can advertise its offering with the condition that the buyers are verified and accredited investors. Founded back in 2005 by Anthony Scaramucci, SkyBridge noted in a previous SEC filing that it will “seek exposure to digital assets.” An excerpt from the document shows:
“Investment Funds may invest in digital assets without restriction as to market capitalization or technological features or attributes (including lesser-known or novel digital assets known as “altcoins”) and may invest in initial coin offerings, which have historically been subject to fraud.”
If the SEC approves the proposal, it could mean that more institutional investors will get exposed to BTC through the SkyBridge BTC fund L.P and while the filing doesn’t disclose the revenue range, the minimum investment for participants is set at $50,000. 2020 was a great year for BTC as both institutional interests started growing with no signs of slowing down. The Financial services like Guggenheim also filed an application to the SEC to purchase $500 million worth of BTC through its Macro Opportunities fund.
Another company, Microstrategy that was on the BTC purchase spree announced another wave of buying worth $650 million. Other big companies like Ruffer Investment and MassMutual also invested in the number one cryptocurrency. Paul Tudor Jones and Stanley Druckenmiller also purchased BTC. In the meantime, JP Morgan analysis shows that the institutional investment wave in BTC is keeping the price of the asset from correcting.
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