SkyBridge Capital founder and chief executive Scaramucci has taken to Twitter to announce that the company's retirement program for the staff (the 401[k] program) will include Bitcoin as soon as it is available. This comes after Scaramucci's decision to turn the company toward crypto from high-profile hedge funds.
The 401(k) program is a retirement plan offered by U.S. employers to their staff, which includes tax advantages.
Earlier today, Fidelity Investments also spread the word about planning to do that.
.@SkyBridge will offer #Bitcoin as part of its 401k program as soon as it is available. Stay tuned.
— Anthony Scaramucci (@Scaramucci) April 26, 2022
SkyBridge plans to triple its BTC holdings
Currently, almost half of SkyBridge's portfolio is comprised of cryptocurrencies, which include Bitcoin, Algorand, ETH and crypto-related stocks that are publicly traded.
On April 25, the company announced a crypto pivot—i.e., converting the other half of its portfolio in digital currencies. The portfolio under the company's management now is worth a whopping $3.5 billion. SkyBridge now plans to triple its crypto holdings up to $10 billion.
As stated by Scaramucci in an interview, he plans to turn his investment fund into a leading crypto asset manager and advisor.
The first Bitcoin investment made by the company was in December 2020, when they bought around $270 million worth of BTC at an average price of $18,500. Scaramucci admitted that the volatility since then has been harsh, therefore it a "long-term, strategic decision."
Denys Serhiichuk
Valeria Blokhina