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SkyBridge Capital seeks to launch a crypto ETF but would the SEC let it? By BTC Peers


SkyBridge Capital seeks to launch a crypto ETF but would the SEC let it?

A small number of asset management agencies have expressed an interest in allowing their clients to trade cryptocurrencies on regulated exchanges. The number of ETFs that are crypto-focused has increased rapidly in America.

SkyBridge Capital, according to an SEC filing dated September 14, 2018, has added its name to the growing list of companies that seek to establish a cryptocurrency ETF in America.

First Trust SkyBridge Crypto Industry and Digital Economy ETF is expected to invest around 80% of its assets into companies that represent the crypto-industry. It will not necessarily be exposed to cryptocurrencies.

Anthony Scaramucci, CEO of First Trust SkyBridge Crypto Industry and Digital Economy ETF recently disclosed that the firm has over $700,000,000 in crypto investments. He is now looking to strengthen its position in this market.

Scaramucci revealed that his firm has created an Algorand fund with a cap of $250 million. It had raised more than $100 million.

For clarity, SkyBridge had previously filed applications for both Bitcoinand ETFs.

In another development, Fidelity Digital Assets secretly met with SEC officials to push for the approval of its proposed ETF, arguing that the cryptocurrency market is now big enough to support it. According to the firm, an internal survey showed huge appeal for Bitcoin-exchange-traded products among US institutions.

In 2021, more than 20 companies including prominent investment managers such as Galaxy Digital, Goldman Sachs, VanEck and Valkyrie Investments filed to the SEC for cryptocurrency-focused ETFs.

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