Applications and Use Cases

Anthony Scaramucci-headed Hedge Fund to Enter into Crypto Partnership

September 17, 2021

SkyBridge Capital, the hedge fund founded by former Trump advisor Anthony Scaramucci, recently announced that it plans to enter a partnership that will allow it to embrace blockchain technology. Using a fund that will be known as UNLOX, the group will focus on a variety of decentralized finance efforts associated with digital currencies like bitcoin, according to a recent report by CNBC. The SEC filing was dated September 14, 2021.

SkyBridge, which was one of the first hedge funds to venture into bitcoin, describes itself as “a global alternative investments firm specializing in multi-strategy commingled fund of hedge funds products, custom separate account portfolios and hedge fund advisory solutions to address the needs of a wide range of market participants ranging from individual accredited investors to large institutions.”

Under the terms of the agreement, First Trust SkyBridge Crypto Industry and Digital Economy ETF will invest at least 80 percent of their net assets into companies that are involved in the crypto industry ecosystem, but not digital assets themselves. The companies define the “crypto industry ecosystem” as a collection of companies involved in servicing the crypto-asset markets, including crypto mining firms, crypto mining equipment suppliers, crypto financial services companies, or other financial institutions with mostly crypto-related customers. These companies may be involved in online banking services, or run digital payment gateways for their customers, offer online asset management and trading platforms, and provide software services. The newly created fund will operate under the ticker symbol CRPT on the NYSE Arca exchange.

The fund is timely; Gary Gensler, Chairman of the Securities and Exchange Commission, was recently quoted as saying that crypto assets should be considered securities under regulatory rules, which means they would fall within the SEC’s oversight rules for the protection of investors.

In a recent interview with Cointelegraph, Scaramucci, noted that he believes bitcoin will be able to reach $100,000 before the end of the year due to a sharp rise in demand. 

Edited by Luke Bellos



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