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Scaramucci’s SkyBridge Starts Fund for Bitcoin Mining
The fund has $7 million already booked and was created for a second investment in bitcoin miner Genesis Digital, a source said.
By Aoyon Ashraf
Updated May 11, 2023, 5:39 p.m. Published Apr 22, 2022, 8:57 p.m.
SkyBridge Capital, the investment firm founded by financier and former Donald Trump aide Anthony Scaramucci, started a new investment vehicle, to invest in bitcoin mining, according to a U.S. Securities and Exchange Commission (SEC) filing.
The investment vehicle, which is called SkyBridge BTC Mining L.P., raised about $7 million, according to the filing.
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SkyBridge created the fund for selected limited partners to co-invest in privately held, industrial-scale bitcoin miner Genesis Digital Assets, according to a source familiar with the deal.
Previously the hedge fund was part of Genesis’ $431 million capital raise last year, making this the second time for SkyBridge investing in the mining company.
Read more: Genesis Digital Assets Raises $431M for Expansion
The hedge fund already had investments in several publicly traded miners, through its First Trust SkyBridge Crypto Industry and Digital Economy ETF and SkyBridge Digital Innovation, according to the fund’s website.
Some of the miners in the two funds include Core Scientific (CORZ), Bitfarms (BITF), Marathon Digital (MARA), Iris Energy (IREN), Riot Blockchain (RIOT), Hut 8 Mining (HUT), Cipher Mining (CIFR), CleanSpark (CLSK) and TeraWulf (WULF).
In November, Genesis said that it is building a new self-hosted bitcoin mining data center in West Texas with 300 megawatts of capacity.
Genesis Digital Assets is different from Genesis, the crypto lending firm owned by CoinDesk parent company Digital Currency Group.
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