SkyBridge Capital has filed with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) focused on cryptocurrencies and other digital assets.
The fund will invest in companies that operate in the crypto space
However, like many other crypto ETFs filed in recent months, the fund will not invest directly in Bitcoin or other cryptocurrencies. Instead, it will invest 80% of its net assets in the shares of companies that operate in the crypto space.
Companies involved in the digital economy may offer online banking services, operate digital payment gateways for businesses and others, provide online asset management and trading platforms, and offer software services. The new fund will operate under the ticker symbol CRPT on the NYSE Arca, an exchange where stocks and options are traded.
Companies are all waiting for the SEC’s decision
The delays in the SEC’s decision on crypto-based ETFs have angered the market somewhat, but that has not stopped companies from filing applications. They all seem to want to be the first funds to launch a crypto-based ETF in the U.S. The delays in the SEC’s decision on crypto-based ETFs have angered the market somewhat, but that has not stopped companies from filing applications. They all seem to want to be the first funds to launch a crypto-based ETF in the US.
Furthermore, they may not have to wait much longer, as other reports suggest that the U.S. authorities are creating a broader framework. The U.S. seems to be focusing on stablecoins at the moment, with investor protection also playing a role. These developments point to a decision by SEC on ETFs.
SkyBridge Capital has been making moves lately
The founder of SkyBridge and former White House Communications Director Anthony Scaramucci also said that the company has raised more than $100 million for the newly announced Algorand fund. He added that the company currently holds about $700 million worth of crypto assets.
The company also announced it will launch a non-fungible token (NFT) platform called Flatter a platform that aims to “deliver exclusive experiences and sought-after collectibles to create a new level of utility for this emerging market.”