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Scaramucci's SkyBridge to Add Bitcoin to Its 401(k) Pension Scheme, Following Fidelity's Example

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Tue, 26/04/2022 - 11:31
Scaramucci's SkyBridge to Add Bitcoin to Its 401(k) Pension Scheme, Following Fidelity's Example
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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.

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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.

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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."

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