SkyBridge Crypto Fund Boosted Exposure by 150% in Q3

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Anthony Scaramucci’s SkyBridge capital has increased its crypto exposure by 150% in Q3 2021, according to an SEC filing. The increased exposure is indicative of the positive sentiment in the crypto market.

The digital assets exposure of SkyBridge’s Multi-Adviser Hedge Fund Portfolios, co-founded by Anthony Scaramucci, has increased by nearly 150% during Q3 2021. The total exposure now stands at $485 million, up by almost $300 million from the end of Q2 2021.

SkyBridge Capital has steadily been getting more involved in the crypto space and seems confident in its decision to move into the crypto asset class. The company made multiple moves in September 2021, suggesting that it’s in this for the long run.

SkyBridge filed a crypto-company ETF with the SEC, one of a slate of ETF applications that have taken place last quarter. The firm also announced an NFT platform called Flatter, shortly before announcing a $100 million fund called the Algorand Fund.

Perhaps the strong indication of the firm’s conviction in the crypto market comes from company executive Troy Gayeski. Gayeski said that fiat-alternative investors should look to bitcoin, referring to worrying fiscal policies and ballooning global debt.

Scaramucci himself believes that Americans should have bitcoin as part of their retirement plans. He has gone so far as to say that bitcoin will be the best performing asset of the coming decade. His advice is to accumulate the asset in “bite-size, digestible chunks.”

Institutional crypto investments look strong

SkyBridge’s decision to increase its exposure to bitcoin reflects the sentiment in the institutional market, which has seen inflows increase considerably in the past few months. There have been inflows for 15 weeks straight into digital assets products, with the last week of Nov. 2021 seeing a total of $306 million. This inflow has been occurring despite a dip in bitcoin prices from its recent all-time high of just over $69,000 earlier in Nov.

Bitcoin ETFs have been a large reason behind the growth in inflows. And with more ETF approvals expected in the months to come, that can only increase. Bitcoin spot ETFs, which have so far been denied, will have an even bigger impact as they directly track the price of the asset.

Experts have also weighed in on this growth of institutional investments. They note that there has been a noticeable shift in perception of the cryptocurrency asset class. However, some note potential consequences such as over-regulation and moat building.


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