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.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.