NEW YORK, January 4, 2021 / PRNewswire / – SkyBridge Capital, a leading global alternative investment company, today announced the launch of SkyBridge Bitcoin Fund LP, which provides mass-rich investors with an institutional-level vehicle to gain exposure to Bitcoin. In addition, on behalf of its core funds, SkyBridge initiated a position, valued at approximately $ 310 million at the time of this launch, in funds investing in Bitcoin during November and December 2020.
To launch SkyBridge Bitcoin Fund LP, SkyBridge and its affiliates invested $ 25.3 million. SkyBridge is among the best established financial institutions to launch a Bitcoin product, offering a safe and easy way to buy and sell Bitcoin. Fidelity will act as custodian and Ernst & Young will audit the fund.
“We believe Bitcoin is in its infancy as an exciting new asset class,” said SkyBridge founder and managing partner Anthony Scaramucci. “With the quality institutional custody solutions available today, we believe it is the right time to allocate capital and provide our customers with access to the digital asset space.”
Despite growing retail demand for digital currency, Wall Street companies largely avoided the market due to security concerns. With the launch of SkyBridge Bitcoin Fund LP, investors will have access to institutional quality custody and operation, without forcing investors to directly hold Bitcoin.
“Bitcoin is leading a digital monetary revolution around the world,” said Brett Messing, President and COO of SkyBridge. “We believe the burden has shifted from ‘why are you investing in Bitcoin?’ to ‘how are you not investing in Bitcoin?’ “
In 2020, Bitcoin more than doubled in price and exceeded its 2017 market capitalization to a high of more than $ 500 billion. Today, a Bitcoin is valued at approximately $ 32,000.
“Our investment team was excited about Bitcoin’s properties as a portfolio diversifier and return generator,” he said. Troy Gayeski, SkyBridge Co-Chief Investment Officer and Senior Portfolio Manager. “Investors trust us to look beyond the corners, and we believe that it is prudent now to allocate a small part of their portfolio to digital assets.”
SkyBridge Bitcoin Fund LP builds on the company’s long-standing commitment to making alternative investments accessible to a wider audience. Among its products, SkyBridge’s G Series fund offers modest minimum investment requirements for access to leading hedge fund managers.
“With global money printing up, Bitcoin offers a strong alternative to gold as a store of value and protection against future inflation,” he said. Ray Nolte, SkyBridge Co-Chief Investment Officer and Senior Partner.
SkyBridge Bitcoin Fund LP will charge a 75 base point administration fee and no incentive fee. Accredited investors can enroll directly in the fund, which requires a minimum investment of $ 50,000, at skybridgebitcoin.com. SkyBridge co-CIO Troy Gayeski wrote an article about the company’s decision to enter the Bitcoin market, which can also be found at skybridgebitcoin.com.
About SkyBridge
SkyBridge is a global alternative investment manager that provides a range of investment solutions for individuals and institutions. Serving all types of market participants, SkyBridge’s investment offerings include mixed funds of hedge fund products, personalized separate account portfolios, hedge fund advisory services and an unmarketed REIT focusing on the Opportunity Zone . The company is headquartered in New York. For more information, visit: www.skybridge.com.
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