In a significant financial move, SkyBridge Capital has successfully raised $100 million for its new Algorand fund, with hopes to eventually reach a total of $250 million. This announcement was made during the SALT hedge fund conference in New York City, highlighting the firm’s ongoing commitment to cryptocurrency investments.
What Are the Prospects for ALGO Coin?
Despite the optimism surrounding the investment, ALGO Coin has not yet seen the substantial price surge that many investors anticipated. The fund aims to leverage the growing interest in altcoins, which have been receiving increased attention alongside Bitcoin‘s rise above $62,000.
How Will SkyBridge Manage the New Fund?
SkyBridge will serve as the investment sub-advisor for the fund in collaboration with First Trust Advisors. The company currently manages around $700 million in cryptocurrency assets, underscoring its deep involvement in the sector.
Key takeaways from SkyBridge’s new initiative include:
- Investment target of $250 million, with $100 million already secured.
- Focus on Algorand, aiming to boost its market presence.
- SkyBridge’s extensive experience with $700 million in managed crypto assets.
The creation of this fund emphasizes the importance of institutional investment in the cryptocurrency market, potentially paving the way for more innovative financial products in the future.