Scaramucci, while speaking to the Yahoo Finance channel, asserted that the enrollment with the SEC is now over and the fund has gone live with $25 million as starting capital from Skybridge Capital.
Credentialed investors can invest in the fund beginning January 4, with $50,000 being the entry level investment. Scaramucci, however, pointed out that the fund is already receiving considerable investments. Scaramucci asserted that SkyBridge intends to “democratize the hedge-fund industry,” as the reality is “Bitcoin is still somewhat difficult to buy.”
He admired Grayscale, which manages a fund that offers simple way to get Bitcoin exposure at institutional level and presently possesses more than 500,000 Bitcoins.
Nevertheless, he claimed that SkyBridge fund will be cost effective as it will charge only 0.75% as yearly fee, unlike 2% by Grayscale.
Scaramucci also underlined that the unit will trade at par with the net asset value of Bitcoin instead of the 20% to 30% premium at which Grayscale units trade. The fund has chosen Fidelity Digital Assets as the custodian of the Bitcoin.
Scaramucci highlighted Bitcoin’s unique quality as a store of value and compared its prevailing market cap of $440 billion with that of gold’s $10 trillion, stating:
“So, we think there’s a very large move for Bitcoin over the next five to ten years.”