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SkyBridge’s heavy exposure to crypto comes amid increased institutional interest
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The firm has about $9 billion in assets, with Scaramucci noting that about $1.3 billion of that is in crypto assets
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Scaramucci also talked about Algorand as “something [SkyBridge was] putting a lot of money and resources in.”
Anthony Scaramucci has said his SkyBridge Capital’s exposure to crypto has soared significantly, with invested capital in crypto assets crossing above the billion-dollar mark.
As well as discussing what plans the firm has going forward, the SkyBridge chief also talked about Algorand and how the smart contract platform had the long-term potential to overtake Ethereum.
Scaramucci on SkyBridge’s huge crypto exposure
SkyBridge Capital’s crypto exposure grew by about 150% during Q3, with details showing that the firm’s crypto hedge fund added $300 million in the three months ending 30 September 2021.
Asked about the massive exposure on CNBC’s “Halftime Report,” the former White House Communications Director put it down to Bitcoin’s run during the quarter and the interest it generated in investors as they sought a vehicle into the investment space.
Scaramucci also talked about SkyBridge’s total assets invested, which he said currently stand around $9 billion. Out of this, the total investment in the crypto asset class is about $1.3 billion.
“Remember that some of that [the 150% spike in Q3] is price appreciation,” he said, pointing to Bitcoin’s price, which had been around $29,000 in early May, saw a run to above $50, 0000.
Scaramucci said the company’s CRPT exchange-traded product, a publicly-traded crypto ecosystem ETF is another reason the fund has seen massive outlays this past few months. To add to the increasing cryptocurrency investment,
