The Bitcoin bull is the latest to rush in with a Bitcoin ETF who defended Tesla’s BTC investment and said Elon Musk owns over $5 billion in the cryptocurrency.
SkyBridge Capital founder Anthony Scaramucci has filed for the Bitcoin exchange-traded fund (ETF).
As per the Form S-1 filed with the US Securities and Exchange Commission (SEC) on Friday, the company applied to offer the First Trust SkyBridge Bitcoin ETF Trust (the “Trust”). The document reads,
“The Trust seeks to purchase and sell such number of bitcoin so that the total value of the bitcoin held by the Trust is as close to 100% of the net assets of the Trust.”
First Advisor would be serving as the advisor to the ETF and SkyBridge as the sub-advisor. The shares of the fund would trade on NYSE Arca.
SkyBridge is the latest one to file for an ETF with many others already in this race, including WisdomTree, NYDIG, and Valkyrie. VanEck’s filing from December has officially put the SEC on the clock for approval or disapproval.
According to the SEC commissioner aka ‘Crypto Mom,’ Hester Pierce, the agency has “dug ourselves into a little bit of a hole” by refusing to approve a single bitcoin ETF.
The world’s largest digital asset manager, Grayscale Investments meanwhile is also working on its own ETF product as it begins hiring for several ETF executives. In the meantime, GBTC premium remains negative for the 17th day in a row.
Three Bitcoin ETFs have already been launched in Canada, while one was approved just this week in Brazil. The first-ever Bitcoin ETF (BTCC) by Purpose Investments has now amassed $1 billion in assets in one month on the market.
The dominant store of value
As we reported, Scaramucci is a bitcoin bull who recently likened his outlook on the crypto asset to the shares of Amazon, which provided massive gains in the first 12 years and, after that, a 64x return.
The former White House Communications director concluded that Bitcoin is in a transitory phase and “Once it fully scales, … you’re going to be looking at that situation and saying, ‘OK, it’s way less speculative.’”
He also took to Twitter to defend Elon Musk’s decision to invest $1.5 billion of Tesla’s funds in Bitcoin.
“Idea Elon Musk would invest in “dirty asset” is absurd. Future of bitcoin mining is renewable energy,” said Scaramucci. According to him, Musk sees the future is renewables replacing fossil fuels and that Bitcoin demonetized gold, equities & art to become the “dominant” store of value.
Scaramucci also believes that Musk didn’t stop with just Tesla and that SpaceX also owns Bitcoin on its balance sheet.
“Elon Musk owns over $5 billion in bitcoin via Tesla, SpaceX, and personally. No living person has done more to protect the planet against climate change,” he said.
This article is Originally posted on CoinCentral.com