Scaramucci's SkyBridge eyes tokenizing $300 million on Avalanche blockchain: Fortune

SkyBridge Capital Founder Anthony Scaramucci said his investment company plans to tokenize $300 million worth of the firm's assets on the Avalanche blockchain, according to a report from Fortune.

The firm will tokenize assets part of two different funds, the report said . Skybridge will tokenize assets from one fund that invests directly in cryptocurrencies like bitcoin, in addition to tokenizing assets from a second fund, which invests in both venture and crypto funds.

Avalanche, an alternative smart contract blockchain , is popular for real-world asset projects.

Scaramucci told Fortune that the amount of money the firm plans to tokenize makes up about 10% of SkyBridge Capital's assets under management. A former Goldman Sachs executive, Scaramucci also briefly worked for President Donald Trump.

SkyBridge's move into tokenization is a part of a larger movement of financial institutions, with both traditional and crypto native firms seeking to tokenize real-world assets like Treasury bills, credit, publicly traded stocks, mineral rights, and real estate. Tokenizing assets involves assigning easily traded and transferred digital tokens to real-world assets.

Scaramucci's involvement in crypto-related investments dates back at least as far as 2020, when the firm had invested as much as $182 million into bitcoin on behalf of its funds. Shortly after that news, the firm launched SkyBridge Bitcoin Fund LP in order to provide qualified investors with exposure to BTC.

The former Goldman exec has been a bitcoin bull for years, saying at one point BTC could hit $700,000 . At one point, SkyBridge was closely linked to now-bankrupt exchange FTX.