On Friday, Skybridge Capital filed an S-1 registration prospectus with the SEC. Founder Anthony Scaramucci’s firm is one among the few who are filing this registration to list a bitcoin exchange-traded fund (ETF). Other firms who are also waiting for approval include Vaneck and Valkyrie Digital Assets.
The S-1 registration, filed on March 19, 2021, says that the ETF will be named as “First Trust Skybridge Bitcoin ETF Trust. However its leverage ticker is blank. It wishes to list common shares on the New York Stock Exchange Arca. It says that as it is a newly organized trust, with no past history, common shares of the trust could possibly trade at a discount from their Net Asset Value (NAV).
The registration filing also calls itself “an emerging growth company” and may comply with reduced reporting requirements. It explains the inconstancy of the bitcoin price, which adversely affect the value of common shares.
Scaramucci also enumerated the risks involved calling Bitcoin an innovation in technology and a recent currency as it has no history like paper currency, coins, gold and other standard reserves.
Anthony Scaramucci has been one of the earliest advocates of Bitcoin. He has been vociferous about his opinions and predictions about the cryptocurrency on Twitter.
He has said that Elon Musk believes in it and it is like renewable energy as it is mined. Just like renewable replace fossil fuels, bitcoins will replace traditional reserves like gold, equities and art.
Scaramucci has also predicted that BTC will reach a $100k mark and former president Donald Trump loosing the election in 2020. He says that he is not going beyond that figure. If he actually tells people what he thinks they’re going to think that he’s “nuts.”
There are a few sceptics who believe that cryptocurrency is a bubble waiting to burst. Time will tell.