SkyBridge Capital’s Ethereum fund has officially launched with a solitary investor committing $5.7 million to the vehicle in its first week, new regulatory documents show.
It is now the second crypto-specific private fund offered by Anthony Scaramucci’s investment firm. The other, a bitcoin vehicle, disclosed $46.7 million in sales to 170 investors on Friday.
Scaramucci previewed the fund’s existence on a recent podcast by The Block but declined at the time to elaborate. The new documents reviewed by CoinDesk add some detail.
The fund, named First Trust SkyBridge Ethereum Fund L.P., indicates SkyBridge is deepening its relationship with First Trust, the partner firm in its bid to land a bitcoin exchange-traded fund. The ETH fund takes $25,000 minimum investments and notched its first and only sale on July 1.
Private funds allow wealthy investors access to crypto price movement without having to think about issues like custody, settlement and trading.
It is not clear who the one investor is, but Scaramucci has seeded similar vehicles with his firm’s cash. His office did not immediately comment on the filing. First Trust did not immediately respond either.