Anthony Scaramucci’s Bitcoin fund fell 36.6% as Bitcoin sawed off in May

It’s been a tough month for Anthony Scaramucci’s flagship Bitcoin fund.

The fund, First Trust SkyBridge Bitcoin Fund, fell 36.6% in May, according to marketing materials obtained by Crypto Investor. A company spokesperson declined to comment.

The fund, which invests exclusively in Bitcoin, lost an additional 3.1% in June, bringing its cumulative performance to 18.7% for the first half of 2021.

The recent drop in performance follows a strong first quarter. In January, the fund – which is managed in partnership with asset manager First Trust, also a SkyBridge partner on a pending SEC Bitcoin ETF application – gained 18.5%. And the strategy climbed 34% in February and 26% in March, according to investor documents.

Two sources close to SkyBridge said the fund had also suffered redemptions in recent times. Its net asset value (NAV), which is used to calculate the value of the fund’s Bitcoin holdings, was $ 42.4 million at the end of May. SkyBridge, a multi-strategy fund of hedge fund operator, also buys Bitcoin through its flagship hedge fund.

SkyBridge Bitcoin Fund now requires a minimum investment of $ 25,000, up from a minimum of $ 50,000 when the fund started trading in December 2020. It was created by in-house SkyBridge Capital at the time. The New York-based company had a combined $ 6.5 million in assets under management and advice at the end of May.

The drop reflects difficulties in fundraising, the sources said. The sources were granted anonymity to discuss sensitive business relationships.

In June, Scaramucci told CNBC that SkyBridge had $ 500 million worth of Bitcoin in its strategies.

“We actually like the characteristics on the rise,” he said at the time, “and are ready to accept the volatility of bitcoin.”

It’s been a tough month for Anthony Scaramucci’s flagship Bitcoin fund.

The fund, First Trust SkyBridge Bitcoin Fund, fell 36.6% in May, according to marketing materials obtained by Crypto Investor. A company spokesperson declined to comment. Subscribe for the full article

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