The founder of Skybridge Capital (Skybridge Capital) confirmed in an interview that the fund has suspended withdrawals until the market environment allows the fund to be able to raise funds again.
The well-known hedge fund – Skybridge Capital (Skybridge Capital) has injected 25 million US dollars into the latest bitcoin fund "SkyBridge Bitcoin Fund LP" after it was established in 2020, and said that this emerging asset may rise from the current price level by 2 to 3 times.
SkyBridge Capital, founded in 2005 by former White House communications director Anthony Scaramucci, is headquartered in New York and manages $9.3 billion in assets. After completing the application for the establishment of a corporate legal person with the US Securities and Exchange Commission (SEC) on Monday, it soon officially launched a Bitcoin fund for professional investors, thereby realizing indirect investment in Bitcoin.
Founder Scaramucci said in an interview with CNBC that SkyBridge Capital has injected $25 million into its newly established Bitcoin fund "SkyBridge Bitcoin Fund LP", which will be open to external investors on January 4, 2021. He said:
After doing our research, we believe Bitcoin is a store of value. Given the current state of money supply and global central bank coordination, this will be a very strong asset class for the next decade.
He added that Bitcoin continues to break through upwards, and he believes that Bitcoin still has a lot of room to rise and has not yet reached a high at this stage. He expects institutional investors to enter the market in a big way in 2021, so he hopes to get in before the price soars further. The announcement of SkyBridge Capital's entry may be a precursor to the imminent flock of institutional investors. (Historically speaking, Skybridge Capital has indeed verified what he said!)
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Skybridge Capital and Bitcoin
Skybridge Capital first showed interest in Bitcoin dating back to November 2020. Tianqiao Capital submitted two investment authorization amendment documents to the SEC, hoping that regulators will allow its funds worth $3.7 billion (Multi-Strategy Series G and SkyBridge G II Fund) to hold "long and short positions in digital assets", and added These digital assets are likely to be obtained through "unregulated exchanges that are located outside the United States," the company said.
A month later, Tianqiao Capital submitted a new Form D application document to the U.S. Securities and Exchange Commission (SEC) on December 22 to obtain an exemption from issuing unregistered securities, namely its newly established Bitcoin Fund. SkyBridge Bitcoin Fund LP”
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Another CeFi institution stops withdrawing funds
According to people familiar with the matter, when CNBC conducted an online interview on this issue the next day, Anthony Scaramucci, the founder of Tianqiao Capital, personally confirmed the matter, and his fund Legion Strategies has suspended withdrawals.
The fund, one of Skybridge's smaller funds, has given most of its roughly $230 million in assets to hedge fund managers, including crypto exchange FTX. According to a regulatory filing, the Legion Strategies fund gained exposure to digital assets through other funds managed by Skybridge, including vehicles focused on bitcoin, ethereum and Algorand.
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official explanation
Scaramucci said Legion Strategies, an offshore fund based in the Cayman Islands with about $250 million in assets, is suspending redemptions for the first time since it was founded in 1994.
He said that this is a joint decision made by the board of directors, and redemption will not be opened until the fund is able to raise funds to ensure that all users can exit in an orderly manner. He also emphasized that the fund is not leveraged, so there is no need to worry about any liquidation of assets event.
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user response
Scaramucci said:
Some users claim to be long-term investors before facing short-term losses. The current situation makes them feel frustrated and want to change their original investment strategy; but there are more real long-term investors who are still optimistic about the future .
However, this does not seem to answer the host's question. What the CNBC host wants to determine is how does Tianqiao Capital appease users who fail to redeem their funds? And what did the users respond to Tianqiao Capital? Rather than the user's reaction to market conditions.
Summarize
Summarize
Anything can happen in a bear market. The bankruptcy of Three Arrows Capital and Celisius, and the suspension of withdrawals of funds under Tianqiao Capital until now, we have to be cautious. We also hope that Tianqiao Capital is to avoid the loss of users. But the precursor of the thunderstorm is basically to stop withdrawing money.....
