As per the sources, the fund already has generated $7 million and was created for investing in Genesis Digital
Skybridge Capital has filed for creating a bitcoin mining fund at the United States Security and Exchange Commission. According to the US SEC filing the investment firm is up to start a new investment vehicle with a sole focus of investing in bitcoin mining and related firms. The investment firm, Skybridge Capital was founded by financier Anthony Scarmucci who is also known to be a former aide of Donald Trump.
The investment vehicle that the SEC filing mentioned is named as SkyBridge BTC Mining L.P., reported to raise about $7 million. According to the source having knowledge about this matter, the investment firm has created the fund for only limited and selected partners to co-fund a privately held and industrial scale bitcoin miner firm, Genesis Digital Assets.
Earlier the hedge fund was a part of last year’s capital raise of worth $431 million which was led by Genesis. The same is making this as the second time for SkyBridge Capital to invest in the mining company. As per the official website of the fund, the hedge fund had already invested through its SkyBridge Digital Innovation and First Trust SkyBridge Crypto Industry and Digital Economy ETF in several crypto miners that are traded publicly.
Several miners that are in these two funds included Core Scientific (CORZ), Marathon Digital (MARA), Iris Energy (IREN), Bitfarms (BITF), Riot Blockchain (RIOT), Cipher Mining (CIFR), CleanSpark (CLSK), Hut 8 Mining (HUT) and TeraWulf (WULF).
Genesis said in November that it is focusing on building a bitcoin mining data centre which will be self hosted. This bitcoin mining data center will be situated in West Texas and it will have a capacity of about 300 megawatts. Genesis and Genesis Digital Assets both are different as the former is a crypto lending firm which is owned by Digital Currency Group, parent company of Coindesk.
Source: https://www.thecoinrepublic.com/2022/04/25/is-skybridge-capital-looking-to-start-a-bitcoin-mining-fund/