Scaramucci crypto fund losses deepened in the first quarter as SkyBridge’s flagship vehicle fell 13% with heavy crypto exposure.
SkyBridge Capital run by Anthony Scaramucci is facing another consecutive loss for its flagship hedge fund due to poor performance in the crypto sector, Bloomberg reports.
SkyBridge Opportunity Fund, which is a $1.3 billion fund with nearly 64% exposure to crypto assets, saw a drop of 13% during the first quarter of 2026, based on the firm’s filings seen by Bloomberg.
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The fund managed a small 0.45% gain in March, but that wasn’t enough to offset losses earlier in the quarter.
The decline followed an 18% drop in Q4 2025, leaving the fund down 12% for last year. By comparison, the HFRI Fund of Funds Composite Index, the benchmark the fund uses, returned 10.4% in 2025 and 0.65% in Q1 2026, the report notes.
The crypto market has struggled since the October crash erased about $1.7 trillion in market value, while Bitcoin is still down almost 40% from its record above $126,000.
Crypto Exposure Runs Deep
The exposure of SkyBridge to cryptocurrencies isn’t only confined to the use of Bitcoin investments but also extends to several other crypto hedge funds, Bitcoin funds, and crypto-related private firms.
Its top positions include 17.5% in the Brevan Howard Digital Asset Multi-Strategy Fund, around 9.6% in the Galaxy Institutional Bitcoin Fund and nearly 8.8% in the Purpose Bitcoin ETF, a Canadian spot Bitcoin product.
Investor exits also appear limited. Per an early May filing, investors tendered over 792,630 shares in the latest repurchase offer, while the fund accepted more than 64,370 shares on a pro-rata basis, meaning SkyBridge bought back only about 8.1% of the shares submitted for redemption.
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