Scaramucci’s SkyBridge Capital Plans $250 Million Algorand Fund
Anthony Scaramucci’s SkyBridge Capital is planning to start $250 million Algorand fund, with $100 million already raised.
SkyBridge Capital recently announced at its annual SALT Conference that it had filed an application for a crypto-related exchange-traded fund (ETF) to expand its offerings. Additionally they are planning to start an Algorand fund capped at $250 million.
Algorand (ALGO) is a self-sustaining, decentralized, blockchain-based network that supports a wide range of applications. These systems are secure, scalable and efficient, all critical properties for effective applications in the real world.
At the time of writing, ALGO is the 18th largest crypto asset by market cap and trades for $2.08, with 4.8% profits on a daily chart.
SkyBridgeAlgorand fund
The founder of Skybridge Capital, Anthony Scaramucci, who is also a former Whitehouse Communications Director, told CNBC that $100 million had been raised for the recently announced Algorand Fund. Scaramucci also mentioned that Skybridge’s total investment in crypto is currently worth over $700 million, and growing.
SkyBridge Capital became the latest firm to file a crypto-focused exchange-traded fund (ETF). The ETF, First Trust SkyBridge Crypto Industry, and Digital Economy ETF would not have direct exposure to cryptocurrencies, but it would be investing about 80 percent of its portfolio in companies interacting with crypto directly.
The investment firm is now part of the long list of institutions whose exchange-traded fund applications are pending with the United States Securities Exchange Commission (SEC). Also it’s worth mentioning that the SkyBridge Capital has had previous applications on both Bitcoin and Ethereum ETFs.
Since adding Bitcoin to its portfolio in July, the firm has recorded significant success. It has also attributed some of the gains the investment firm has seen this year to BTC.
