Fund of Hedge Funds Buys $25 Million Bitcoin – Trustnodes

Fund of Hedge Funds Buys $25 Million Bitcoin


Scaramucci Skybride bitcoin fund

An award winning fund of hedge funds with nearly $8 billion in assets under management has launched a bitcoin offering for sophisticated investors.

According to a filing with the Securities and Exchanges Commission (SEC), the SkyBridge Bitcoin Fund L.P. established this month as a limited partnership aims to promote Pooled Investment Fund Interests in bitcoin.

They have already bought $25 million worth of bitcoin according to SkyBridge’s Anthony Scaramucci, with the minimum investment being $50,000.

“You either have to accept that Bitcoin is a store of value or not,” he told CNBC in an interview before adding:

“After doing the research, we believe it is. And given the monetary supply and the global central banking coordination right now, this will be a very strong asset class over the next decade.”

As a fund of hedge funds, SkyBridge usually has shares in hedge funds and thus benefits from their performance, but bitcoin’s increasing popularity with big money is seemingly leading them to launch a bitcoin specific offer.

“This is something that has crashed upwards in the last two-and-a-half to three weeks,” he said. “This is an asset that could go up 2, 3x from here.”

Apparently MicroStrategy’s Michael Saylor influenced SkyBridge towards this action, but it follows the launch of numerous stock traded products for bitcoin and ethereum, as well as the entrance of some banks which have began offering crypto services.

So leading to bitcoin in particular starting to become “part of the system” as Jefferies’ Christopher Wood said recently.

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