SkyBridge Opportunity Fund Posts Second Straight Quarterly Loss Amid Crypto Weakness

Anthony Scaramucci’s flagship fund at SkyBridge Capital posted a loss for a second straight quarter as weakness in the cryptocurrency market weighed on returns.

Bloomberg reported on May 23 that the SkyBridge Opportunity Fund lost 12.9% in the first quarter. That followed an 18% decline in the fourth quarter of last year.

The fund manages about $1.3 billion, with roughly 64% of its assets allocated to cryptocurrencies and related investments. It posted a modest 0.45% gain in March, but that was not enough to offset the quarter’s loss.

Weakness in digital assets, including Bitcoin, weighed on performance. The crypto market has seen only a limited recovery since a sharp drop in October last year, and Bitcoin was recently trading around $75,000, about 40% below its record high.

The fund’s major holdings include the Brevan Howard Digital Asset Multi-Strategy Fund at 17.5%, the Galaxy Institutional Bitcoin Fund at 9.58%, and Canada-based Purpose Bitcoin ETF at 8.79%. The portfolio invests broadly not only in spot Bitcoin-linked products, but also in institutional digital-asset strategies and hedge funds.