Best performing financial asset in 10 years, Bitcoin up 37,833,333%

An American hedge fund, SkyBridge Capital, with assets of over $9 billion, has filed a formal application with the U.S securities regulator as regards starting a new Bitcoin (BTC) fund.

  • The Form D for an exempt offering was seen on the Securities and Exchange Commission’s website yesterday. The proposal detailed “SkyBridge Bitcoin Fund L.P.” as the issuer and “SkyBridge Bitcoin Fund GP LLC” as a related person.
  • According to the filing, the proposed fund is classified as a “hedge fund.” SkyBridge however didn’t reveal the size of targeted investment, but the minimum from any individual investor will be $50,000.

READ: Billionaires that can triple the value of Bitcoin

What you should know about SkyBridge

SkyBridge Capital was founded in 2005 by Anthony Scaramucci. The company acquired the hedge fund solutions group from Citigroup Alternative Investments (CAI). It eventually grew to have over $9 billion in assets under management.

The application was filed about a month and a half after the hedge fund initially notified the U.S securities regulator of its intent to launch a Bitcoin-related hedge fund.

READ: $66.5 billion worth of Bitcoin lost forever

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On November 13, SkyBridge submitted a prospectus to the SEC, which states:

“Investment Funds may hold long and short positions in digital assets […] The Company and Investment Funds may also invest in securities of companies related, in whole or in part, to digital assets or digital asset technologies (including digital asset miners, payment technologies, digital security, or crypto trading exchanges), or that otherwise have direct or indirect exposure to emerging technologies.”

READ: List of Cryptos rich individuals are investing in

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The report also included individuals qualified to take part in the crypto investment fund:

An individual who has an individual net worth or joint net worth with his or her spouse, in excess of $1,000,000.

“Net worth” for these purposes means the value of total assets at fair market value (not including the value of an individual’s primary residence or debt secured by the primary residence so long as:

(i) the estimated fair market value of the residence is greater than the amount of debt secured by it and

(ii) the amount of debt secured by the residence has not increased in the 60 days preceding the sale of securities to the investor (other than in connection with the acquisition of the primary residence)), less total liabilities;

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An individual who had an individual income exceeding $200,000 in each of the two most recently completed calendar years (or a joint income with Subscriber’s spouse in excess of $300,000 in each of those years) and who has a reasonable expectation of reaching the same income level in the current calendar year.

At the time of writing this report, Bitcoin traded at $22,841.01 with a daily trading volume of $51,322,992,221. Bitcoin is down 3.53% for the day.

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