Hedge fund manager Anthony Scaramucci’s SkyBridge Capital is the latest to file for a bitcoin ETF

Hedge fund manager Anthony Scaramucci’s SkyBridge Capital is the latest to file for a bitcoin ETF

Anthony Scaramucci's SkyBridge Capital has teamed up with investment firm First Trust Advisors to apply for regulatory approval for a bitcoin exchange-traded fund.

According to the March 19 filing, the objective of the First Trust SkyBridge Bitcoin ETF is to buy and sell bitcoin in a manner that the total value of the cryptocurrency is as close to 100% of the net assets "as is reasonably practicable to achieve." The ETF will seek to list its shares on the New York Stock Exchange Arca, which specializes in exchange-traded listings.

A ticker symbol has not yet been assigned to the fund.

Scaramucci's SkyBridge launched a bitcoin fund in December, saying that he expected an "avalanche" of institutional investors to buy crypto in 2021. It only allows accredited investors to subscribe to it for a minimum investment of $50,000.

Scaramucci launched SkyBridge in 2005 and returned as co-managing partner after Chinese conglomerate HNA dropped its bid to buy the firm. His stint as White House communications director lasted just 10 days under former President Donald Trump.

A growing number of issuers within the industry are vying for US approval. WisdomTree Investments, NYDIG, VanEck, and Valkyrie Digital Assets are the four other applicants waiting to launch their crypto