Scaramucci’s SkyBridge Starts Fund for Bitcoin Mining

The fund has $7 million already booked and was created for a second investment in bitcoin miner Genesis Digital, a source said.

Apr 22, 2022 at 8:57 p.m. UTC
Updated Apr 22, 2022 at 9:16 p.m. UTC

Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets

SkyBridge Capital, the investment firm founded by financier and former Donald Trump aide Anthony Scaramucci, started a new investment vehicle, to invest in bitcoin mining, according to a U.S. Securities and Exchange Commission (SEC) filing.

The investment vehicle, which is called SkyBridge BTC Mining L.P., raised about $7 million, according to the filing.

SkyBridge created the fund for selected limited partners to co-invest in privately held, industrial-scale bitcoin miner Genesis Digital Assets, according to a source familiar with the deal.

Previously the hedge fund was part of Genesis’ $431 million capital raise last year, making this the second time for SkyBridge investing in the mining company.

The hedge fund already had investments in several publicly traded miners, through its First Trust SkyBridge Crypto Industry and Digital Economy ETF and SkyBridge Digital Innovation, according to the fund’s website.

Some of the miners in the two funds include Core Scientific (CORZ), Bitfarms (BITF), Marathon Digital (MARA), Iris Energy (IREN), Riot Blockchain (RIOT), Hut 8 Mining (HUT), Cipher Mining (CIFR), CleanSpark (CLSK) and TeraWulf (WULF).

In November, Genesis said that it is building a new self-hosted bitcoin mining data center in West Texas with 300 megawatts of capacity.

Genesis Digital Assets is different from Genesis, the crypto lending firm owned by CoinDesk parent company Digital Currency Group.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets

CoinDesk - Unknown

Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets

Trending

1
CoinDesk - Unknown
Bitcoin Pares Earlier Losses; Resistance at $33K

BTC remains in a choppy trading range with limited upside.

BTC remains in a choppy trading range with limited upside.

CoinDesk - Unknown
2
CoinDesk - Unknown
DeFi’s PoolTogether Crowdfunds Legal Defense With NFT Collection

The DeFi company is using an NFT collection to crowdfund legal defense against a lawsuit brought by a former Elizabeth Warren staffer.

The DeFi company is using an NFT collection to crowdfund legal defense against a lawsuit brought by a former Elizabeth Warren staffer.

CoinDesk - Unknown
3
CoinDesk - Unknown
Coinbase Has ‘Structural Advantage’ Over Competitors, Cowen Analyst Says

Stephen Glagola gave the crypto exchange an outperform rating and $85 price target.

Stephen Glagola gave the crypto exchange an outperform rating and $85 price target.

CoinDesk - Unknown
4
CoinDesk - Unknown
Tether Enters Latin America With Mexican Peso-Pegged Stablecoin

The country’s multibillion-dollar remittances business and difficulties in transferring money create a “unique opportunity," the company said.

The country’s multibillion-dollar remittances business and difficulties in transferring money create a “unique opportunity," the company said.

CoinDesk - Unknown