SkyBridge Capital seeks to launch a crypto ETF but would the SEC let it? By BTC Peers

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SkyBridge Capital seeks to launch a crypto ETF but would the SEC let it?

A handful of asset management companies have shown interest in offering their clients exposure to cryptocurrencies via regulated exchanges. This has rapidly increased the number of crypto-focused ETF applications in the US.

According to a September 14 SEC filing, SkyBridge Capital has joined the long list of firms that are seeking to launch a crypto ETF on US soil.

If approved, the First Trust SkyBridge Crypto Industry and Digital Economy ETF will invest about 80% of its assets in companies representing the crypto-industry, and not necessarily have direct exposure to cryptocurrencies.

CEO Anthony Scaramucci recently revealed that his investment firm now had over $700 million in crypto investments and is looking to consolidate its positions in the market even further.

During an appearance on CNBC, Scaramucci disclosed that the firm had created an Algorand fund capped at $250 million. The fund had already raised over $100 million.

For clarity, SkyBridge had previously filed applications for both Bitcoinand ETFs.

In another development, Fidelity Digital Assets secretly met with SEC officials to push for the approval of its proposed ETF, arguing that the cryptocurrency market is now big enough to support it. The firm cited an in-house survey that showed that Bitcoin exchange-traded products held massive appeal to US institutions.

Over 20 companies, including notable investment managers like Galaxy Digital, Goldman Sachs (NYSE:), VanEck, and Valkyrie Investments have filed for crypto-focused ETFs with the SEC in 2021.

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