Skybridge Capital diverts its attention to crypto 1

TL; DR Breakdown

• Skybridge to convert most of its AUM into crypto
• The firm wants to challenge other investment firms
• Skybridge will invest in diverse crypto projects

Anthony Scaramucci led Skybridge Capital has announced the migration of most of its assets under management from fiat to crypto. According to the investment firm, digital assets pose a greater future of money in this migration. The firm made its debut after the former politician floated it in 2005 and has since revolutionized its dealings across the market in the last few years. The firm first entered the crypto sector in 2020, taking a slice of the Bitcoin in circulation.

Scaramucci wants the firm to challenge for the top spot

Asides from the cash in Bitcoin, the firm has money invested in other aspects of businesses, with a previous report showing its AUM around the $7.3 billion mark. Presently, the company is in charge of a Bitcoin Find going to $7 million. Skybridge capital has also been working tirelessly to float its spot Bitcoin ETF.

However, the frustrations that the firm and others with the same mindset have met from the SEC have made this unachievable. In a recent interview with Bloomberg at a just-concluded conference, Scaramucci mentioned that the firm is looking to reshape its position to be one of the biggest firms in the asset management of digital assets. He noted that the coronavirus pandemic influenced the decision. Scaramucci mentioned that the world before and after the pandemic is different, and the one after has a lot of issues.

Skybridge will invest in diverse crypto projects

Scaramucci mentioned that Skybridge Capital sees the crypto sector as one with a massive growth for the future. Although he concedes the volatility aspect, he is optimistic that the market will be better than it is now in the coming years. Another executive of the firm mentioned that the decision was triggered by the slow trickle in the credit portion of its hedge fund. With that on the line, the firm wants to adopt many projects in the sector, showing a bullish stance towards the market.

The company has decided to convert some of its holdings into Bitcoin while maintaining a small portion in other digital assets and blockchain projects. This bullish stance by Skybridge Capital is coming off the back of a warning by its boss over the handling of the sector. In his opinion on the issues with the SEC, the CEO is optimistic that the agency will approve a spot ETF if the firms involved put some aspects that it is concerned with into consideration. The Securities and Exchange Commission has shown concern over how easy it is for firms to manipulate the asset prices if it grants a spot ETF.