SkyBridge Opportunity Fund Posts Second Straight Quarterly Loss on Crypto Weakness

Anthony Scaramucci’s flagship fund at SkyBridge Capital posted a second straight quarterly loss as weakness in the digital-asset market weighed on returns.

The SkyBridge Opportunity Fund, the firm’s main investment vehicle, lost 12.9% in the first quarter, Bloomberg reported on May 23. That followed an 18% drop in the fourth quarter of last year.

The roughly $1.3 billion fund has about 64% of its assets allocated to digital assets and related investments. It posted a modest 0.45% gain in March, but that was not enough to offset the broader quarterly loss.

Weakness across digital assets, including Bitcoin, weighed on performance. The market has recovered only modestly since a sharp selloff in October last year, with Bitcoin recently trading around $75,000, about 40% below its all-time high.

The fund’s largest holdings included 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 is invested broadly not only in spot-Bitcoin products but also in institutional digital-asset strategies and hedge funds.