Bitcoin’s potential trajectory towards $1.1 million and a billion wallets shaped a key narrative in Anthony Scaramucci’s look on Bloomberg TV yesterday.
In it, he framed Bitcoin not solely as digital gold but in addition as a maturing asset class on the verge of widespread institutional integration, commenting,
”Is Bitcoin an funding, or is it an asset class? If it’s an funding, then $1–$3 trillion, that kind of is sensible. That’s akin to a Magazine seven market capitalization. But when it’s an asset class. It ought to commerce nearer to the place gold is… $22–$23 trillion proper now.”
Scaramucci’s feedback confused a longer-term adoption curve, linking person progress to volatility dampening and reinforcing his thesis via the lens of infrastructure-focused funding.
SkyBridge Bitcoin proxy ETF
The SkyBridge Capital founder had been discussing the First Belief SkyBridge Crypto Trade & Digital Financial system ETF (CRPT), which gives publicity to Bitcoin’s efficiency via company equities carefully tied to the asset.
With Technique (previously MicroStrategy), Coinbase, Galaxy Digital, and MetaPlanet collectively accounting for about 73% of CRPT’s holdings, the ETF presents a proxy technique for buyers restricted from instantly buying spot Bitcoin.
These restrictions stay a hurdle for a lot of U.S. monetary advisors working underneath brokerage compliance insurance policies, regardless of the January 2024 approval of spot-Bitcoin ETFs.
CRPT’s construction is designed to enchantment to this demographic. Its actively managed strategy skews closely towards corporations that combine Bitcoin into their stability sheets or enterprise fashions.
MicroStrategy’s latest 13,390 BTC acquisition introduced its complete holdings to 568,840 BTC, value round $59 billion, whereas MetaPlanet, the Japanese agency styled as a “Japanese MicroStrategy,” surpassed the 5,000 BTC mark on April 24.
Galaxy Digital, at the moment weighted at 15.3% inside CRPT, is poised to transition its itemizing to the Nasdaq International Choose Market on Could 16, a transfer anticipated to lift visibility and liquidity for the ETF.
Coinbase, comprising 15.7% of CRPT, posted $2.03 billion in Q1 2025 income, although earnings missed analyst expectations, underlining the ETF’s publicity to operational volatility throughout its holdings.
Scaramucci framed CRPT as a “good surrogate” for Bitcoin publicity, significantly for shoppers whose brokerage platforms nonetheless impose entry limitations. Whereas this workaround might change into out of date as compliance requirements shift, present circumstances keep CRPT’s relevance.
The fund’s belongings underneath administration reached $89.5 million as of Could 3, reflecting a 35% improve year-to-date.
Nevertheless, its skinny liquidity and equity-linked publicity pose twin dangers: underperformance relative to Bitcoin and heightened sensitivity to company-specific occasions, resembling regulatory motion or earnings swings.
Bitcoin’s evolving but cyclical narrative
The underlying thesis of CRPT ties right into a broader narrative of Bitcoin’s evolution from a speculative expertise asset to a macroeconomic hedge. Scaramucci described Bitcoin’s behavioral shift as one resembling gold, noting that in decoupling episodes, when Bitcoin rallied independently of equities, calls from main institutional gamers elevated.
As pockets adoption grows, he posited, the asset’s volatility ought to decline, stating,
“Think about a world the place there are a billion wallets, a billion holders. The volatility ought to dampen. That occurred in Microsoft, that occurred in issues like Google over a 20-year time period.”
The ETF’s international allocation introduces one other layer of technique. Whereas MetaPlanet operates out of Japan and Galaxy Digital is at the moment listed in Toronto, Galaxy’s upcoming Nasdaq itemizing aligns with a broader pattern of integrating Bitcoin-centric infrastructure corporations into U.S. capital markets.
This dynamic performs into what Scaramucci described as a “picks and shovels” funding thesis, the place backing firms embedded in Bitcoin’s operational framework offers oblique publicity to its upside.
For now, CRPT occupies a distinct segment created by regulatory lag. Whether or not it maintains its enchantment post-access liberalization will depend upon whether or not buyers see worth in betting on the scaffolding round Bitcoin somewhat than the coin itself.
As Galaxy Digital prepares for its U.S. itemizing, MetaPlanet expands its Bitcoin treasury, and Technique continues accumulating, CRPT’s leveraged publicity to the Bitcoin financial system continues to supply a concentrated different for these unable or unwilling to carry Bitcoin instantly.
Scaramucci ended the interview by citing Solana as his altcoin choose to carry out effectively over the approaching months. He additionally cited Polkadot and Avalanche as different prime contenders.
