Investment firm SkyBridge Capital, founded by Anthony Scaramucci, a former adviser to the White House, filed an application with the U.S. Securities and Exchange Commission (SEC) on Tuesday for a crypto exchange-traded fund (ETF) aimed at “providing capital appreciation to investors.” Scaramucci also announced a fund for altcoin Algorand.
New filing from SkyBridge to SEC
According to a filing with the Securities and Exchange Commission, the “First Trust SkyBridge Crypto Industry and Digital Ecocnomy ETF” wants to list and trade its shares on the NYSE Arca exchange. SkyBridge’s latest crypto ETF follows the Bitcoin ETF that was filed in May. Cryptocoin. com, the SEC extended the review period of the company’s application again in July and August.
SkyBridge’s implementation of the Bitcoin ETF, like others including Valkyrie’s, remains unclear until SEC Chairman Gary Gensler and other regulators see them as market-appropriate. Additionally, Scaramucci announced an Algorand fund during his hedge fund conference “SALT”, which is star-studded with the likes of Ray Dalio, Steven Cohen, and Mike Novogratz. Scaramucci founded SALT in 2009.
Popular altcoin Algorand focused fund announced
“SkyBridge currently has around $700 million in cryptocurrencies,” Scaramucci said in an interview with CNBC on Wednesday. We are launching an Allogrand fund … we limit this fund to $250 million, we have already raised $100 million for this fund,” he said. After this news, Algorand experienced a bounce from $2.04 to $2.20.