The multi-billion-dollar SkyBridge Capital hedge fund has submitted a formal request to the US Securities and Exchange Commission to open a new Bitcoin (BTC) fund.

Form D of the tax-exempt proposal appeared on the Securities and Exchange Commission website on Monday. The show says “SkyBridge Bitcoin Fund L.P.” As the Issuer and SkyBridge Bitcoin Fund GP LLC as a related entity.

According to the document, the proposed fund is classified as a “hedge fund”. SkyBridge declined to disclose the target investment, but the minimum amount for a single investor is $ 50,000.

The site will be in accordance with SEC regulations. D exception, which means that the Bitcoin fund proposed by Skybridge will only be available to approved investors.

The app came about six weeks after SkyBridge first informed the SEC of its intention to launch a bitcoin-linked hedge fund.

On November 13, SkyBridge sent a prospectus to the Securities and Exchange Commission stating that:

“Mutual funds may have long and short positions in digital assets […] A company and investment funds may also invest in securities of companies wholly or partly related to digital assets or digital asset technologies (including digital asset extraction and payment technologies or digital exchange for security or Cryptocurrencies), or that are directly or indirectly linked to new technology.
Institutional and corporate Bitcoin adoption has become one of the biggest stories in 2020. Names like Paul Tudor Jones, Stanley Druckenmiller, and Jim Kamer have supported Bitcoin, while companies like MassMutual and Ruffer Investment Companies have entered the market as well. On the company side, MicroStrategy, Square, and Cypherpunk have made significant balance sheet contributions in recent months.

Source: CoinTelegraph