SkyBridge Capital Files for Bitcoin ETF

SkyBridge, an investment company by Anthony Scaramucci, and First Advisors Trust have combined forces to launch a Bitcoin ETF in the United States. The prospectus made on 19th March with the Securities and Exchange Commission (SEC) showed that the two firms hoped for approval to proceed with the First Trust SkyBridge Bitcoin ETF Trust.

The application stated that:

The investment objective of the Trust is for the Common Shares to reflect the performance of bitcoin less the Trust’s liabilities and expenses.

There’s an increased number of big financial institutions getting into the Bitcoin ETF space. Most notable is prominent Asset Fund Manager, VanEck, which placed their application with the SEC in January. Grayscale has also hinted that plans are underway to launch a BTC ETF.

SkyBridge Boss Believes BTC Could hit a Billion Users by 2025

The filing comes days after Scaramucci, a former Director of Communications at the White House and a top executive of SkyBridge Capital, predicted that Bitcoin could hit $100,000 by the end of 2021. In the interview with CNBC’S Squawk Box Scaramucci said that Skybridge Capital had done really well since its December launch.

In a separate interview with Yahoo Finance, Scaramucci admitted that he was skeptical about Bitcoin at first but is now an investor. He agreed that BTC would scale and could hit one billion users by 2025. His sentiments come as Bitcoin consolidates above $55,000 following the release of the US inflation data.

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