SkyBridge Capital Supports Bitcoin Spot ETF Applications
Anthony Scaramucci’s investment firm, SkyBridge Capital, has expressed its support for a wave of Bitcoin spot ETF applications. This puts SkyBridge in direct opposition to Grayscale, as the applications identify Coinbase as a surveillance partner for detecting fraud in the Bitcoin market.
Main Points:
- SkyBridge disagrees with Grayscale’s assertion that the SEC should hold up applications to allow other market participants to catch up.
- Grayscale argued that Coinbase would not be an adequate partner for surveillance-sharing agreements, citing previous SEC rulings.
- SkyBridge believes the SEC does not need to interfere with pre-established timelines for individual applications.
- The ProShares Bitcoin Strategy ETF absorbed the majority of market share when the first wave of Bitcoin futures ETFs was approved.
- Grayscale is attempting to convert its Grayscale Bitcoin Trust into a Bitcoin Spot ETF and has sued the SEC to approve its prior applications.
Hot Take:
SkyBridge Capital’s support for Bitcoin spot ETF applications and its confidence in Coinbase as a surveillance partner highlights the ongoing competition and differing perspectives within the crypto industry. As the battle for the first-mover advantage continues, it remains to be seen how the SEC will address market manipulation concerns and approve these applications.
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