Scaramucci’s SkyBridge to take another shot at spot Bitcoin ETF

Scaramucci’s SkyBridge to take another shot at spot Bitcoin ETF

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Scaramucci’s SkyBridge to take another shot at spot Bitcoin ETF

finbold.com

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Despite the continuous expansion of the cryptocurrency market and the popularity of digital assets, the United States Securities and Exchange Commission (SEC) has been hesitant with the approval of a spot Bitcoin exchange-traded fund (ETF).

However, some companies won’t take ‘no’ for an answer, with SkyBridge Capital, an investment firm whose founder and managing partner is Anthony Scaramucci, being one such firm, Bloomberg Law reported on June 21.

Indeed, the report reads that SkyBridge Capital, which had its spot Bitcoin ETF application denied back in January, “is planning to file again for permission to list a spot Bitcoin exchange-traded fund on the New York Stok Exchange.”

According to a person familiar with these plans, “the filing could come as soon as this week.”

SEC and spot Bitcoin ETFs

In January 2022, the SEC rejected Skybridge’s attempt to list the First Trust SkyBridge Bitcoin ETF Trust due to falling short of standards to prevent fraudulent and manipulative practices and to protect investors – as the agency said at the time.

Meanwhile, the Chief Executive Officer of Grayscale Investments, Michael Sonnenshein, believes that the approval of a spot Bitcoin ETF by the SEC is only a matter of time, as Finbold reported in mid-April.

That said, the SEC did greenlight futures-backed Bitcoin ETFs in October 2021.

SkyBridge buys the dip

During the carnage that the crypto market was going through in mid-June, Scaramucci, who is also an avid crypto supporter, remained enthusiastic that the market would recover, as long as its participants “stay disciplined.” 

At the same time, the SkyBridge founder said that his company had bought more Bitcoin (BTC) and Ethereum (ETH) during the dip, advising everyone to do the same but to be prepared for anything.

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