SkyBridge Capital has announced that it has secured $100 million for its Algorand fund.
A few days ago, the Anthony Scaramucci-owned SkyBridge Capital announced at its annual SALT Conference that it had filed an application for a crypto-related exchange-traded fund (ETF) to expand its offerings. This did not come alone, as the announcement also contained the plan to start an Algorand fund capped at $250 million.
Algorand is a self-sustaining, decentralized, blockchain-based network that supports a wide range of applications. As of press time, it is the 18th largest crypto asset by market cap and it is trading for $2.03.
Algorand fund for Scaramucci’s Skybridge
The founder of the firm, Anthony Scaramucci, who is also a former Whitehouse Communications Director, revealed in an interview with CNBC that $100 million had been raised for the recently announced Algorand Fund. He added that his firm’s investment in crypto is worth over $700 million, and it would still go further.
SkyBridge Capital became the latest firm to file a crypto-focused exchange-traded fund (ETF). The said ETF, First Trust SkyBridge Crypto Industry, and Digital Economy ETF would not have direct exposure to cryptocurrencies, as it would be investing about 80 percent of its portfolio in companies interacting with crypto directly.
This means the company has joined the long list of institutions whose exchange-traded fund applications are pending with the United States Securities Exchange Commission. Notably, the firm has had previous applications on both Bitcoin and Ethereum ETFs.
Since it added Bitcoin to its portfolio in July, the company has recorded significant success. It has also attributed some of the gains the investment firm has seen this year to BTC.
Just recently, Fidelity Digital Asset CEO and some of its executives met with the SEC in its bid to lobby the financial regulator into approving its ETF application.