SkyBridge’s heavy exposure to crypto comes amid increased institutional interest
Scaramucci stated that approximately $9 billion of the company’s assets are in crypto assets.
Scaramucci also talked about Algorand as “something [SkyBridge was] putting a lot of money and resources in.”
Anthony Scaramucci has said his SkyBridge Capital’s exposure to crypto has soared significantly, with invested capital in crypto assets crossing above the billion-dollar mark.
SkyBridge’s chief spoke about the company’s future plans and Algorand, as well as how the smart contract platform could overtake Ethereum in the long-term.
Scaramucci on SkyBridge’s huge crypto exposure
SkyBridge Capital’s crypto exposure grew by about 150% during Q3, with details showing that the firm’s crypto hedge fund added $300 million in the three months ending 30 September 2021.
Asked about the massive exposure on CNBC’s “Halftime Report,” the former White House Communications Director put it down to Bitcoin’s run during the quarter and the interest it generated in investors as they sought a vehicle into the investment space.
Scaramucci also talked about SkyBridge’s total assets invested, which he said currently stand around $9 billion. The total investment in crypto assets is approximately $1.3 billion.
“Remember that some of that [the 150% spike in Q3] is price appreciation,” he said, pointing to Bitcoin’s price, which had been around $29,000 in early May, saw a run to above $50, 0000.
Scaramucci said the company’s CRPT exchange-traded product, a publicly-traded crypto ecosystem ETF is another reason the fund has seen massive outlays this past few months. SkyBridge will launch a crypto fund worth $2 million to increase cryptocurrency investment. It is scheduled to be unveiled in Abu Dhabi next week.
Algorand could turn Ethereum
Scaramucci also discussed Algorand as well as the potential for this crypto to flip Ethereum.
During the interview, the entrepreneur pointed to SkyBridge’s investment in a new fund dubbed the Algorand Fund. He explained why his company revealed the $100 million investment fund and said that the firm is betting big in the smart contract platform.
“The Skybridge research department thinks that Algorand actually has the opportunity to potentially flip Ethereum,” he added.
Algorand is faster than Ethereum (ETH), has lower transaction costs and leaves a smaller carbon footprint than Ethereum (ETH). Algorand could perform the same tasks as Google when the internet and tech industry developed into what they are today. He also mentioned that Alta Vista, AOL and AOL had taken the lead in the beginning only for Google to take over.
He said this outlook:
“Algorand is something we’re putting a lot of money and resources in.”