Skybridge Capital Requests SEC’s Approval For Bitcoin Fund
The entry of institutional investors in 2020 signifies a real growth of cryptocurrency in our society today. The heavy investors have also influenced other high net worth individuals to take an interest in Bitcoin. Before the creation of Blockchain technology, gold was the most preferred store of value used. But today, we see a shift in preferences and investment decisions.
Companies and individuals are also looking to reduce their gold exposure due to the yellow metal’s surprising underperformance. Crypto enthusiasts have taken the asset as the future of money and have invested heavily, showing their belief in the tech. The sudden Bitcoin adoption has also led institutions like Skybridge to request SEC’s approval for their proposed Bitcoin fund.
Skybridge file for fund’s approval
The Hedge fund, founded by Anthony Scaramucci, is going through some necessary processes to make their anticipated launch a success. It filed a Form D with the SEC in compliance with specific securities regulations. The hedge fund’s founder would be the manager of the Skybridge Capital Bitcoin Fund.
The crypto space is excited to see more opportunities in the assets industry for cryptocurrency. Similarly, the fund included its new creation under Its established rules. Under regulations, it strictly demands that only verified investors be given an offering.
A while ago, its founder made some comments concerning crypto during an SEC filing. The financier explained that the fund was hoping to get some exposure to the digital assets industry. Skybridge explained via a document that the hedge fund might invest in digital assets without restrictions on technological features.
It concluded by saying that investments might be made in initial coin offerings, despite numerous past fraud cases. With SEC’s approval pending, sources suggest an endorsement will give institutional investors exposure through the fund.
New institutional buyers in crypto
The hedge fund clearly showed that it expected strictly institutional investors, with the investment minimum set at $50,000. This is not surprising due to the current demand for Bitcoin and other altcoins in the space by large buyers.
Guggenheim made a stunning buy of over $700 million in BTC recently, clearly showing the asset’s massive hunger. The billions going into the currency is continuously pushing the crypto gain in value. After the digital investment exceeded its resistance point, it continually increased in value.
MassMutual is another buyer worthy of mention, with its $100 million buys, which influenced other investment companies massively. Also, MicroStrategy remains one of the most impressive firms in terms of Bitcoin holdings. The company had successful fundraising where it raised even more than it expected to buy Bitcoin before its recent surge.
In terms of the volatile price, holders fear that a price correction is inevitable due to its sudden rise. Some crypto analysts assured that price correction would not occur with the massive pool coming into Grayscale at this point. With this virtual coins’ success, many other currencies have created a more significant industry and choices for digital asset buyers.