SkyBridge Capital Is Raising $250M For An Algorand Crypto Fund

Anthony Scaramucci’s SkyBridge Capital has over $700 million in crypto and plans to further expand its crypto offerings.

What Happened: In an interview with CNBC at the SALT conference in New York, Scaramucci said SkyBridge is starting an Algorand ALGO/USD fund.

The fund has already raised $100 million from investors and it will be capped at $250 million, the SkyBridge CEO said. 

“Crypto is here to stay,” Scaramucci said. “If the regulators are going to regulate it, they’ve got to do it very very quickly because before long there will be 200 million users in the United States.”

Scaramucci drew parallels between the regulatory approach to crypto today to when Uber Technologies Inc UBER first came to market.

“This is a lot like Uber. The regulators wanted to knock Uber out of business, but the people wanted Uber and the people won.”

Earlier this week, SkyBridge filed for a “Crypto Industry and Digital Economy ETF” with the SEC.

According to the filing, the new ETF will invest at least 80% of its net assets in common stocks of crypto industry companies and digital economy companies.

Price Action: At the time of writing, ALGO was trading at a price of $2.15 after rising by 5.96% over the last 24 hours.