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SkyBridge Capital Founder Sees Bitcoin Market Cap Reaching $3 Trillion

Coin WorldTuesday, May 13, 2025 6:32 am ET

2min read

Anthony Scaramucci, the founder of SkyBridge Capital, recently discussed Bitcoin’s potential trajectory and its integration into the broader financial landscape. During his appearance, Scaramucci framed Bitcoin not only as digital gold but also as a maturing asset class on the verge of widespread institutional integration. He highlighted that if Bitcoin is considered an investment, its market capitalization could range from $1 to $3 trillion, akin to a market cap of $7 trillion. However, if viewed as an asset class, it should trade closer to the value of gold, which is currently around $22 to $23 trillion.

Scaramucci’s comments emphasized a longer-term adoption curve, linking user growth to volatility dampening. He suggested that as the number of active Bitcoin wallets increases, the asset’s volatility should decline, similar to how the volatility of stocks like Microsoft and Google decreased over a 20-year period. He envisioned a future where there could be a billion active wallets, which would further stabilize Bitcoin’s price movements.

Scaramucci also discussed the SkyBridge Bitcoin proxy ETF, the First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT). This ETF offers exposure to Bitcoin’s performance through corporate equities closely tied to the asset. The ETF includes holdings in companies such as MicroStrategy, Coinbase, Galaxy Digital, and MetaPlanet, which collectively account for approximately 73% of CRPT’s holdings. These companies are actively involved in integrating Bitcoin into their balance sheets or business models, making CRPT a proxy strategy for investors restricted from directly purchasing spot Bitcoin.

MicroStrategy’s recent acquisition of 13,390 BTC brought its total holdings to 568,840 BTC, worth around $59 billion. MetaPlanet, a Japanese firm, surpassed the 5,000 BTC mark on April 24. Galaxy Digital, currently weighted at 15.3% within CRPT, is set to transition its listing to the Nasdaq Global Select Market on May 16, which is expected to raise visibility and liquidity for the ETF. Coinbase, comprising 15.7% of CRPT, posted $2.03 billion in Q1 2025 revenue, though earnings missed analyst expectations, highlighting the ETF’s exposure to operational volatility across its holdings.

Scaramucci framed CRPT as a “good surrogate” for Bitcoin exposure, particularly for clients whose brokerage platforms still impose access barriers. While this workaround could become obsolete as compliance standards shift, current conditions maintain CRPT’s relevance. The fund’s assets under management reached $89.5 million as of May 3, reflecting a 35% increase year-to-date. However, its thin liquidity and equity-linked exposure pose dual risks: underperformance relative to Bitcoin and heightened sensitivity to company-specific events, such as regulatory action or earnings swings.

The underlying thesis of CRPT ties into a broader narrative of Bitcoin’s evolution from a speculative technology asset to a macroeconomic hedge. Scaramucci described Bitcoin’s behavioral shift as one resembling gold, noting that during decoupling episodes, when Bitcoin rallied independently of equities, calls from major institutional players increased. As wallet adoption grows, he posited, the asset’s volatility should decline.

The ETF’s global allocation introduces another layer of strategy. While MetaPlanet operates out of Japan and Galaxy Digital is currently listed in Toronto, Galaxy’s upcoming Nasdaq listing aligns with a broader trend of integrating Bitcoin-centric infrastructure firms into U.S. capital markets. This dynamic plays into what Scaramucci described as a “picks and shovels” investment thesis, where backing companies embedded in Bitcoin’s operational framework provides indirect exposure to its upside.

For now, CRPT occupies a niche created by regulatory lag. Whether it maintains its appeal post-access liberalization will depend on whether investors see value in betting on the scaffolding around Bitcoin rather than the coin itself. As Galaxy Digital prepares for its U.S. listing, MetaPlanet expands its Bitcoin treasury, and MicroStrategy continues accumulating, CRPT’s leveraged exposure to the Bitcoin economy continues to offer a concentrated alternative for those unable or unwilling to hold Bitcoin directly.

Scaramucci concluded the interview by citing Solana as his altcoin pick to perform well over the coming months. He also mentioned Polkadot and Avalanche as other top contenders.

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