SkyBridge Capital CEO Says Institutions are Ready to Pounce on Spot Bitcoin ETF

Anthony Scaramucci, the Chief Executive Officer of SkyBridge Capital is optimistic about the potential embrace of a spot Bitcoin Exchange Traded Fund (ETF) product amongst institutional investors. Scaramucci unveiled his position on The Scoop, a Podcast event from The Block, where he confirmed he knows a lot of firms who could not wait to invest in the product.

“Buddies of mine have very large institutions, that unfortunately for right now have to remain nameless due to confidentiality, that is gearing up and ready to pounce on the Bitcoin cash ETF,” he said.

There has been a lot of clamor amongst investors as it concerns a spot Bitcoin ETF. While these investors can easily stack up on Bitcoin the way MicroStrategy is doing, they generally prefer ETFs as it is closer to a product they can easily understand. An ETF eliminates the stress of holding Bitcoin directly with its associated risks and also cuts out custody rewards.

Approving a spot Bitcoin ETF has been an arduous one as the United States Securities and Exchange Commission (SEC) has either delayed or rejected these applications. With One River Asset Management and Fidelity’s Wise Origin Bitcoin Trust Spot ETF amongst the latest to be rejected by the regulator, Scaramucci believes all these are bound to change this year in consideration of how saturated and mature the industry is.

SkyBridge Capital CEO’s Take on Fidelity’s 401(k) Product

Recently, Fidelity Investments, the biggest Retirement Funds operator in the US said it has floated a new class of account in which Retirement Funds can be deployed to holding Bitcoin. In his perception of the role of institutional investors in the crypto industry, Scaramucci believes the Fidelity product is one that can cause a major shift in perception surrounding Bitcoin across the board.

“Fidelity is about to do for bitcoin what it did for the mutual fund and the U.S. equity markets when the 401k programs came into existence in the 1980s. The under-ownership of stocks born from the Great Depression still lived in the 1980s, and Fidelity pushed that into people’s accounts, successfully for them, and successfully for Fidelity. They’re about to do that to Bitcoin,” he said.

While Scaramucci’s SkyBridge Capital is one of the unique insiders with its broad BTC investments, no one can say for sure when all these products being targeted at institutional investors will begin to materialize.

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