Skybridge Capital, a global alternative investment fund based out of New York is launchING its first Ethereum fund today. The firm has already invested nearly $500 million in Bitcoin and now looking to expand into Ethereum. Anthony Scaramucci, the founder and CEO of the firm revealed the plans this week during a podcast appearance.
Apart from a private Ethereum Fund Scarasmucci also revealed the investment funds plans of filing for an Ether ETF with dwelling into fine details. His firm has already filed for a Bitcoin ETF with the US SEC which is yet to be approved. The US SEC has received multiple Bitcoin ETF applications and a couple of Ether ETF proposals but hasnt approved any of them.
Scaramucci said,“July 1st […] we‘re launching a private ether fund, We’ll file for an ETF for ethereum, again it‘s anybody’s guess when those things will be going. If you had asked me back in May of last year ‘When are we going to have an ETF’, I wouldve thought it would have been by now”
Amid Growing Number of ETF Proposals, Will SEC Take a Road Never Taken Before？
The US SEC is infamous for its hardline approach toward crypto institutional products especially ETFs and in the past or jas rejected all such proposals claiming the market not big enough to ensure no manipulation. However, this bull season Bitcoin market grew over a trillion-dollar and the number of ETF proposals also increased significantly. However, SEC seems to be in no hurry for approval even when the likes of Canada and North America have seen the launch of numerous Bitcoin and Ether ETFs that have turned out to be a great success.
Will SEC finally change its stance looking at the progress and approval in other countries？ Only time would tell.