SkyBridge Capital launches private Ethereum fund and will apply for Ether ETF

Hedge fund SkyBridge Capital has launched a private Ethereum fund, and it will also reportedly apply for an Ether exchange-traded fund (ETF). 

SkyBridge Capital branches out from Bitcoin

The New York-based global investment firm run by former White House Communications Director Anthony Scaramucci has had plans to launch a private Ethereum fund for its investors.

Scaramucci confirmed in a podcast published this week that the investment firm has launched an Ethereum fund on July 1 and will file for an Ether ETF. The CEO talked about SkyBridge Capital’s crypto expansion plans and said:

July 1st, we're launching a private Ether fund, if you will, an Ethereum fund. We'll file for an ETF for Ethereum, again it's anybody's guess when those things will be going.

He did not reveal further details about the launch or the filing of the Ether ETF.

The crypto investor said that the hedge fund filed for a digital innovation ETF earlier this week that contains publicly-traded assets that support and are linked to Bitcoin, Ethereum and other crypto assets. 

The New York-based firm is one of the many high-profile companies that have applied for a Bitcoin ETF with the SEC. The hedge fund applied in March, and the securities regulator is currently reviewing the application. So far, the agency has not yet approved any Bitcoin ETFs in the country.

Scaramucci stands by the view that Bitcoin is digital gold and thought that the United States would have been more receptive and responded quickly and positively to the rise of the leading cryptocurrency and other DeFi elements. He added:

If you had asked me back in May of last year, 'When are we going to have an ETF,’ I would've thought it would have been by now.

While Scaramucci believes that not everyone will jump into the crypto industry, enough people will come into the market to drive the price of assets up. He explained:

I just think it’s one of those weird assets where the higher the prices go, the more people are going to be drawn into the pool.

The CEO concluded that SkyBridge would continue to grow its existing crypto-related funds.