Categories: Finance

SkyBridge Capital Launches Private Ethereum Index Fund

SkyBridge Capital, a New York-based company, has launched a private index fund for ether and also announced that it intends to apply for a tradable exchange-traded fund (ETF) pegged to ETH.

At the beginning of the year, SkyBridge Capital, which manages approximately $ 7 billion in assets, launched a $ 25 million Bitcoin fund called SkyBridge Bitcoin Fund LP. Now SkyBridge Capital founder Anthony Scaramucci has announced the launch of an index fund for ether.

In addition, SkyBridge Capital has become one of many companies to apply to the US Securities and Exchange Commission (SEC) to open a Bitcoin-linked ETF. The company tried to get SEC approval to launch this product back in March, but is still awaiting a decision from the Commission.

Despite the fact that the department is in the process of considering an application regarding the opening of an ETF on bitcoin, Scaramucci plans to open an exchange-traded investment fund on air. To date, such investment products are still not available in the United States, as the regulator is in no hurry to approve their launch.

The SEC believes that cryptocurrency ETFs can do more harm than good to potential investors as the price of bitcoin is subject to market manipulation. Many investors hope that with the arrival of Gary Gensler as chairman of the SEC, the regulator will change its position.

Cryptocurrency ETFs allow potential investors to invest in digital assets without actually having to own them. When Bitcoin and Ether ETFs were launched in Canada, investors showed strong interest in them. However, crypto ETFs have seen a large outflow of funds lately due to the market downturn.

Back in March, Scaramucci said that he was only interested in Bitcoin, calling it a “super predator” in the digital asset market. Apparently, over time, Scaramucci was able to discern the potential of the ether.