Skybridge Bitcoin Fund’s assets under management have risen to $310 million. Expecting the cryptocurrency to become a digital replacement for gold, the firm reportedly values bitcoin at $535,000. Skybridge also predicts that bitcoin’s price will reach $100,000 this year.
Skybridge Invests $310 Million in Bitcoin
New York-headquartered Skybridge Capital is a global investment manager that provides investment solutions to individuals and institutions. Skybridge announced the launch of its bitcoin fund to outside investors on Monday after launching with $25.3 million of its own funds in December. The announcement details:
Skybridge initiated a position, valued at approximately $310 million at the time of this release, in funds investing in bitcoin during November and December 2020.
Skybridge Chief Investment Officer Ray Nolte commented: “With global money printing at an all-time high, bitcoin offers a strong alternative to gold as a store of value and hedge against future inflation.”
The Skybridge Bitcoin Fund charges a 75-basis point management fee and no incentive