SkyBridge Capital launches $310m bitcoin fund

Investment firm SkyBridge Capital has launched a bitcoin-based fund with $310 million in assets, Reuters reports.

SkyBridge Capital founder Anthony Scaramucci expressed the view that bitcoin had significant growth potential and could compete with gold as a recognised asset class.

„Bitcoin has outperformed the competition over the last 11 years, it is the digital leader,“ Scaramucci stressed in a conversation with the Financial Times. – It’s Google, not Yahoo, Facebook, not MySpace.“

Last year was the worst for SkyBridge Capital since 2008. In March alone, the company’s core equity and bond fund sagged 23%.
The year-to-date decline in asset value was 7.5% (-19% in 2008).

SkyBridge Capital’s underperformance led to $1.4 billion in capital outflows. The total value of assets under management declined to $7 billion by year-end.

SkyBridge Capital expects to remedy the situation by investing in new assets. The company invested $25 million in bitcoin last November and applied to register SkyBridge Bitcoin Fund L.P. for accredited investors in December.

By the end of December, the company’s investment in the first cryptocurrency had reached $182 million.

As a reminder, Nasdaq-listed GreenPro Capital recently announced plans to invest $100 million. Immediately after the announcement, GRNQ’s share price rose from $1.27 to $3.09.