SkyBridge given green light to invest in cryptocurrency

SkyBridge given green light to invest in cryptocurrency
Written by:
Ali Raza
17th November, 11:50
Updated: 17th November, 12:04
  • Other cryptocurrencies may be prioritized than Bitcoin, as the firm historically favors smaller coins.
  • SkyBridge may also fund companies involved in the provision of technologies related to digital assets
  • In recent months seen more mainstream entrance into the crypto market, which promotes Bitcoin adoption.

The crypto community is waking up to exciting news as another mainstream company wants to step its foot into the industry.

Anthony Scaramucci’s billion-dollar hedge fund, SkyBridge Capital, has received green lights from the Securities and Exchange Commission (SEC) to go into digital assets.

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The SEC published a series of filings on Friday and Monday, with the SkyBridge firm signaling that two of its funds may go into digital assets. The document has given SkyBridge the allowance to invest some of its funds in the cryptocurrency market.

“Investment Funds may invest in digital assets without restriction as to market capitalization or technological features or attributes,” the filing reads. It also stated that investment funds are free to invest in new or lesser-known digital assets.

SkyBridge will seek investment exposure into some investment funds which will include futures, options, and total return swaps.

Investment may also include funding companies involved in providing assets or technologies related to digital assets, according to the filings. At press time, it is not clear whether the company will include its two funds-of-funds (Multi-Adviser Hedge Fund Potfolios LLC and SkyBridge G II Fund LLC) into the crypto investments.

SkyBridge may invest more in other cryptocurrencies

Many observers may think investing in Bitcoin (BTC) may be the primary target for such a company with more than $7 billion in funds. However, it’s more likely that SkyBridge will prefer putting its money on other digital assets like the lesser valued cryptocurrencies. That’s because the 10-year investment company has shown more interest in the crypto economy at large.

There have been more voices urging the mainstream to participate in the crypto market because that’s the best way to ensure massive adoption.

SkyBridge has been waiting on the SEC’s verdict regarding investment funds participating in the crypto market. With the node from the SEC, the company can go ahead to invest hugely in the market, which is good news for the industry.

Other mainstream giants have stepped their feet into the crypto market, with Billionaire Paul Tudor purchasing its first Bitcoin earlier this year and encouraging others to do so.

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