Scaramucci’s SkyBridge Capital Files for Crypto Industry ETF
As the wait for a Bitcoin ETF continues, SkyBridge joins a number of firms filing for funds investing in crypto-linked stocks.
Anthony Scaramucci’s SkyBridge Capital has joined the growing number of investment firms filing registration statements with the Securities and Exchange Commission to offer an ETF that invests primarily in the stocks of companies heavily involved in the crypto industry while they await SEC approval for their Bitcoin ETF applications.
The agency has continually delayed action on the roughly dozen ETF applications pending before it, including Skybridge Capital’s.
The SkyBridge Capital First Trust SkyBridge Crypto Industry and Digital Economy ETF would normally invest at least 80% of its net assets (plus any investment borrowings) in companies with at least half their net assets tied to the crypto industry or half their revenues or profits directly linked to the digital economy ecosystem, according to the SEC filing. The annual operating expenses of the ETF are 0.85%.
In addition, SkyBridge recently announced it is partnering with trading platform NAX and Algorand, a decentralized blockchain technology network, to raise $250 million for an Algorand fund. (Skybridge said it has already raised $100 million.) The firm currently operates the SkyBridge Bitcoin Fund, a limited partnership that is available to accredited investors for a minimum $50,000 investment and 0.75% fee.