SkyBridge's Bitcoin Cache Rises to $310M as New Fund Launches

SkyBridge's bitcoin investment has already climbed to more than $300 million, mostly due to price appreciation in the past couple of months.

AccessTimeIconJan 4, 2021 at 9:28 p.m. UTC
Updated Sep 14, 2021 at 10:51 a.m. UTC

Skybridge Capital, the hedge-fund investing firm headed by Anthony Scaramucci, confirmed its launch of a new bitcoin fund Monday and said its exposure to bitcoin has already reached $310 million.

  • The announcement, made in a press release, comes a week after CoinDesk reported on the fund's launch, citing a marketing brochure that was circulating among investors.
  • At that point, the firm's investment across funds investing in bitcoin stood at $182 million.
  • According to a SkyBridge spokeswoman, the increase in the position was mostly due to market appreciation, with a small amount of additional purchases.
  • “With global money printing at an all-time high, bitcoin offers a strong alternative to gold as a store of value and hedge against future inflation,” Ray Nolte, SkyBridge's co-chief investment officer, said in the press release.

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