Scaramucci’s SkyBridge Starts Fund for Bitcoin Mining

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 is called SkyBridge BTC Mining L.P. and raised about $7 million, according to the filing.

SkyBridge created the fund for selected limited partners (LPs) 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 raise last year, making this 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.