SkyBridge raises $100M for Algorand fund and files for crypto company ETF
SkyBridge capital hopes to expand its crypto offerings, filing for a crypto-focused exchange-traded fund (ETF) on Tuesday and revealing plans for an Algorand fund at this week’s SALT conference in New York.
Speaking to CNBC, SkyBridge founder and former White House Communications Director Anthony Scaramucci said the firm raised more than $100 million toward the newly announced Algorand fund with the firm currently holds roughly $700 million worth of crypto assets.
Scaramucci said “crypto is here to stay” asserting that “regulators must act very quickly” if they intend to stem the snowballing adoption of the technology.
“This is a lot like Uber — the regulators wanted to knock Uber out of business, but the people wanted Uber and the people won,” he said.
Scaramucci’s comments come as many onlookers fear a regulatory crackdown spearheaded by the U.S. Securities and Exchange Commission (SEC). However, other finance magnates speaking at the event do not share Scaramucci’s optimism regarding the ability of crypto adoption to outrun the grasp of heavy-handed regulations.
Skybridge filed with the SEC for a crypto-focused ETF on Sept. 14. If approved, the First Trust SkyBridge Crypto Industry and Digital Economy ETF would invest at least 80% of its net assets into leading companies representing the crypto industry ecosystem, however would not seek direct exposure to cryptocurrency.
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