Anthony Scaramucci doubles down on crypto as his clients eye the exits

SkyBridge Capital chief Anthony Scaramucci is still betting Bitcoin will hit $100,000 — even as crypto-phobic investors are agitating to pull their money out of his SkyBridge flagship fund and his bitcoin-focused Legion Strategies fund.

The Wall Street financier — who famously did a 10-day stint as former President Trump’s communications chief — told The Post he’s actively raising new money — both to replace other investors who want out and because he is “still a bull” when it comes to crypto.

“We are super happy with our positions and feel we own great quality,” the Mooch told On The Money. “We are long and bullish. It is a multiyear bet. We aren’t measuring day to day like some investors.”

“It has been 5 years since I was fired from the White House,” Scaramucci added. “I understand and appreciate schadenfreude but those calling for our demise are going to be disappointed.”

According to a DealBook report, the $2 billion SkyBridge flagship fund is facing almost $900 million in withdrawals as of last month. Investors only have two windows a year to withdraw funds — and will have to wait until October for the next window. Even then, they’ll only be able to withdraw 16% of the money they requested, the report adds. More than 20% of the flagship fund is in cryptocurrency related investments which have tanked this year.

Earlier this week Skybridge suspended withdrawals from the $230 million Legion Strategies fund, according to a Bloomberg report. Since nearly 20% of Legion’s investments are in private companies like crypto exchange FTX, Legion can’t redeem its money from those companies and return it to investors overnight, the report suggests.

Legion, which holds a variety of crypto-related assets, has fallen 30% this year but is up 5% this month, Scaramucci said. The performance of Legion is better than that of Bitcoin, which has fallen nearly 50% this year to just over $24,000. It’s unclear how much the flagship fund is down this year.

Legion investors, who can redeem funds on a quarterly basis, will be able to attempt withdrawing money again on Sept. 30. It’s unclear if withdrawal efforts will be halted again.

“Legion has been around since 1994 and will be here in 2034,” Scaramucci told The Post. “We aren’t increasing exposure but expect” the value of investments to double in market appreciation.

After his short-lived stint as the White House communications chief, the Mooch has become a bitcoin evangelist. His fervor for crypto was on full display at his SALT conference last year — an annual gathering of Wall Street titans.

SkyBridge Chief Investment Officer Ray Nolte revealed at the conference that 12% of the firm’s $7 billion in holdings are in Bitcoin. Copies of Scaramucci’s latest book, “The Sweet Life with Bitcoin,” were passed out at the event. 

“Everyone is a long term investor until they have short term losses,” Scaramucci said of investors’ pain. But he was quick to add he planned to “prove those people wrong.”