Bitcoin’s potential trajectory towards $1.1 million and a billion wallets fashioned 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 smart. 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 burdened a longer-term adoption curve, linking consumer development to volatility dampening and reinforcing his thesis by means of 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 affords publicity to Bitcoin’s efficiency by means of company equities carefully tied to the asset.
With Technique (previously MicroStrategy), Coinbase, Galaxy Digital, and MetaPlanet collectively accounting for roughly 73% of CRPT’s holdings, the ETF presents a proxy technique for traders restricted from straight buying spot Bitcoin.
These restrictions stay a hurdle for a lot of U.S. monetary advisors working below 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 method skews closely towards corporations that combine Bitcoin into their stability sheets or enterprise fashions.
MicroStrategy’s current 13,390 BTC acquisition introduced its complete holdings to 568,840 BTC, price round $59 billion, whereas MetaPlanet, the Japanese agency styled as a “Japanese MicroStrategy,” surpassed the 5,000 BTC mark on April 24.
Galaxy Digital, presently 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 boost 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, notably 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 below administration reached $89.5 million as of Could 3, reflecting a 35% improve year-to-date.
Nonetheless, its skinny liquidity and equity-linked publicity pose twin dangers: underperformance relative to Bitcoin and heightened sensitivity to company-specific occasions, comparable to 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 frame.”
The ETF’s international allocation introduces one other layer of technique. Whereas MetaPlanet operates out of Japan and Galaxy Digital is presently 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 gives 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 rely on whether or not traders see worth in betting on the scaffolding round Bitcoin reasonably 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 economic system continues to supply a concentrated various for these unable or unwilling to carry Bitcoin straight.
Scaramucci ended the interview by citing Solana as his altcoin decide to carry out effectively over the approaching months. He additionally cited Polkadot and Avalanche as different prime contenders.
