(Bloomberg) – The race for the US’s first Bitcoin ETF is heating up, and another household name is joining the band: Anthony Scaramucci.
The former White House communications director and founder of SkyBridge Capital is working with First Trust Advisors on an exchange-traded fund that is planning to buy and sell the world’s largest digital currency, according to a regulatory filing. The goal is for the total value of the First Trust SkyBridge Bitcoin ETF Trust to be as close to 100% of net assets «as is reasonably possible».
Read: Why A US Bitcoin ETF Could Be A Real Thing In 2021: QuickTake
$ 6 trillion ETF industry issuers are battling for approval of the first bitcoin fund after the digital coin soared nearly 10 times in the past 12 months. At least four other companies currently have applications for a cryptocurrency ETF, including WisdomTree Investments and VanEck Associates Corp.
ScarBrucci’s SkyBridge also launched the SkyBridge Bitcoin Fund LP earlier this year, but this only allows accredited investors to subscribe for a minimum investment of $ 50,000.
While there are crypto tracking products in Europe and the first Bitcoin ETF launched in Canada in February, U.S. regulators have repeatedly attempted to introduce them, citing concerns about possible tampering and low liquidity.
Bitcoin fell 2% at 12:54 p.m. on Monday in New York.