SkyBridge Capital, a global alternative investments firm, has invested $25 million in bitcoin (EXANTE: Bitcoin) through its new fund as the firm realized it needed to create a new client-friendly product, SkyBridge Capital Founder, Anthony Scaramucci, told CNBC.
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The assets have already been moved and the company has launched a full node on the Bitcoin network. Fidelity Digital Assets provided technical support and custody services. The minimum investment amount is $50,000.
The structure of the new fund will allow investors to gain access to cryptocurrency at its net worth and avoid overpayments, as in the case of buying shares in the Grayscale Bitcoin Trust in the secondary market.
"This will be a way for us to democratize bitcoin like we did the hedge fund industry a decade ago," Scaramucci added.
The fund will reportedly become a convenient tool for a wide range of investors and investment advisors. It will open for third-party investors in 2021.
As iHodl previously reported, Scaramucci registered a bitcoin-focused (EXANTE: Bitcoin) fund called SkyBridge Bitcoin Fund L.P. According to a filing with the US Securities and Exchange Commission (SEC), the fund will be managed by Scaramucci alongside Messing Brett, SkyBridge's Chief Operating Officer.
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