SkyBridge Capital is Launching an Ethereum Fund and ETF

Divya  |  Jul 2, 2021

New York Financier Anthony Scaramucci announced that his investment firm SkyBridge Capital is going big on Ethereum. The company is launching a private Ethereum fund as well as an Ether-based exchange-traded fund(ETF).  So far, SkyBridge Capital has solely focused on Bitcoin with roughly $500 million in the flagship cryptocurrency.

Scaramucci Reveals SkyBridge Capital’s Crypto Expansion Plans With Ethereum

During an appearance on The Scoop podcast, crypto investor Anthony Scaramucci revealed that SkyBridge Capital is diversifying its crypto offerings with an Ethereum fund in the works. The fund is expected to go live on 1st July. Meanwhile, the company is also filing for an Ether-based ETF, although details about its listing were not provided.

"July 1st [...] we're launching a private ether fund if you will, an Ethereum fund. We'll file for an ETF for Ethereum, again it's anybody's guess when those things will be going," Scaramucci stated.

As per data from CoinGecko, Ether, the second-ranked cryptocurrency after Bitcoin, is currently trading at $2,117. The token has declined by almost 50% since its record highs in May, although it’s still up 900% from its value at this time last year. 

Scaramucci added that his company has also announced a digital innovation ETF that contains publicly traded assets related to Ethereum, Bitcoin, and other cryptos.

Scaramucci Maintains Bullish Stance on Bitcoin

Earlier this year, SkyBridge Capital filed for a Bitcoin ETF with the Securities and Exchange Commission(SEC), which is yet to be approved. Both Scaramucci and his company have largely remained bullish on Bitcoin’s future with roughly $500 million invested in the digital asset.

As for product adoption, Scaramucci believes that his several years on Wall Street will serve him well. He feels the buy-in from Morgan Stanley into SkyBridge’s Bitcoin fund is indicative of a shift in the behavior of institutions, which are increasingly eager for more exposure to the crypto market. 

The former white house official suggested that a year later, Bitcoin will be priced higher due to increased acceptance. He noted, “I think that we'll be sitting here a year from now, there'll still be skeptics [...] but there will be slightly more people in the pool with us and, as a result of which, the prices will be higher. And I just think this is one of those weird assets where the higher the prices go, the more people are going to be drawn into the pool.”

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