Anthony Scaramucci says he has repositioned SkyBridge Capital to eventually be a leader in cryptocurrency asset management.
What Happened: In a recent interview with Bloomberg, Scaramucci said that close to half of SkyBridge’s $3.5 billion assets under management are linked to cryptocurrencies and crypto-related stocks.
These include Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Algorand (CRYPTO: ALGO), and crypto-mining stocks like Marathon Digital Holdings (NASDAQ: MARA) and Riot Blockchain (NASDAQ: RIOT).
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Scaramucci said SkyBridge’s pivot to such investments could help triple assets to $10 billion.
“We made a decision during the pandemic that we had to relitigate our entire portfolio,” said Scaramucci, according to the report.
“It comes with volatility, certainly, but I think over the three to five years, we’d like that trajectory.”
See Also: 'Didn't Do Their Homework:' Bitcoin Bull Scaramucci Takes Shot At Warren Buffett And Jamie Dimon Over Crypto Criticism
John Darsie, managing director at SkyBridge, told Bloomberg that the asset manager wanted to structure the fund into what they believed would be high growth areas.
“A portion of that capital that was previously allocated to credit managers was invested directly into crypto assets like Bitcoin and Ethereum — but then also rotate capital into crypto-asset managers like Multicoin, Polychain, Pantera, people of that nature,” Darsie was quoted as saying in the report.
As per an SEC filing on April 21, SkyBridge has set up a new investment vehicle to invest in Bitcoin mining. The fund has already raised $7 million from investors so far.
Price Action: According to data from Benzinga Pro, BTC was trading at $39,252, down 1.34% in the last 24 hours.
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