Scaramucci’s SkyBridge Rolls Out Bitcoin Fund with $25M Investment ByJimmy AkiPRO INVESTOR Updated: 19 July 2021 Former White House Communications Director Anthony Scaramucci is marking his entry into the crypto space with a bang. Scaramucci’s hedge fund, SkyBridge Capital, has announced the launch of its very own Bitcoin fund. Accredited Investors Welcome Speaking with Yahoo! Finance, Scaramucci confirmed that the SkyBridge Bitcoin Fund L.P. had launched with an initial investment of $25 million from the firm. The confirmation is coming just two days after SkyBridge had applied for the Bitcoin Fund. A filing with the Securities and Exchange Commission (SEC) revealed that the fund would be classified as a “hedge fund.” SkyBridge didn’t disclose the targeted investment size, although the minimum commitment from individual investors is pegged at $50,000. The offering will take place under the Reg. D exemption from the SEC. This means the SkyBridge Bitcoin Fund will only be available to accredited investors. SkyBridge Capital is a New York-based hedge fund with a reported $7.7 billion in assets under management. Last month, the firm posted a filing note with the SEC, noting that it would be looking to make crypto investments soon. “Investments by the Company and/or Investment Funds may also be made in companies providing technologies related to digital assets or other emerging technologies. Company may invest in Investment Funds that provide access to a particular digital asset or assets without a discretionary investment strategy,” the note read. Companies Chomping at Bitcoin to Land Investors Scaramucci said the SkyBridge Bitcoin Fund will open to accredited investors on January 4. While the $50,000 minimum investment still stands, the former Trump cabinet member revealed that the company was compiling a “nice book” of preliminary orders. The hedge fund manager added that SkyBridge is looking to “democratize the hedge fund industry.” In the interview, he added that SkyBridge had noticed increasing difficulty in investors’ ability to purchase Bitcoin – a problem they hope to solve. The SkyBridge Bitcoin Fund will charge an annual maintenance fee of 0.75 percent. That cost seems favorable compared to Grayscale Investments, which charges 2 percent. Scaramucci added that the SkyBridge fund would trade at Bitcoin’s net asset value, as opposed to Grayscale’s 20-30 percent premium. SkyBridge will tap Fidelity Investments for asset custody. SkyBridge is joining a long list of companies looking to provide Bitcoin-denominated financial products for investors. Last month, Morgan Creek Capital Management and Exos Financial applied For a Bitcoin Fund with the SEC. An announcement explained that the companies are looking to offer institutional investors an alternative method to long Bitcoin without owning it outright. Top crypto merchant bank Galaxy Digital also announced the launch of a Bitcoin fund in Canada. The fund is launching in partnership with Canadian investment company CI Global Asset Management as a “closed-end investment fund.” As an announcement noted, the fund will make Bitcoin investments using holdings of the token based on prices from the Bloomberg Galaxy Bitcoin Index.