Bitcoin’s potential trajectory for $1.1 million and a billion wallet formed a key story yesterday with the appearance of Anthony Scarumucci on Bloomberg TV.
In it, he framed Bitcoin not only as digital gold, but also as a mature asset class on the verge of extensive institutional integration, comments and comments.
“Is Bitcoin an investment or an asset class? If that’s an investment, then $1-3 trillion, that makes sense. It’s similar to the magazine’s seven market capitalization. But if it’s an asset class.
Scaramucci’s comments highlighted the long-term recruitment curve, linked user growth to attenuation of volatility, and strengthened his paper through an investment lens focused on infrastructure.
Skybridge Bitcoin Proxy ETF
The founders of Skybridge Capital were discussing the first trust of the Skybridge Crypto Industry & Digital Economy ETF (CRPT).
With Strategy (previously MicroStrategy), Coinbase, Galaxy Digital and Metaplanet collectively accounting for around 73% of CRPT holdings, ETFs present a proxy strategy for investors that are restricted from spot Bitcoin that they buy directly.
These restrictions remain hurdles for many US financial advisors operating under the brokerage compliance policy despite approval of the Spot-Bitcoin ETF in January 2024.
The structure of the CRPT is designed to appeal to this demographic. Its aggressively managed approach is heavily distorted by companies that integrate Bitcoin into their balance sheet or business model.
MicroStrategy’s recent acquisition of 13,390 BTC brought total ownership to 568,840 BTC, worth around $59 billion, but Metaplanet, styled as a “Japanese micro strategy,” surpassed the 5,000 BTC mark on April 24th.
Currently weighted at 15.3% within CRPT, Galaxy Digital is poised to move its list to the Nasdaq Global Select Market on May 16th.
Coinbase, which accounts for 15.7% of CRPT, recorded $2.03 billion in revenue for the first quarter 2025, but revenue missed analysts’ expectations, highlighting the ETF’s exposure to operational volatility across its shares.
Scaramucci has framed CRPT as a “good proxy” for Bitcoin exposure, especially for clients whose brokerage platforms still impose access barriers. As compliance standards change, this workaround may become obsolete, but current conditions remain relevant to CRPT.
As of May 3, the managed fund’s assets reached $89.5 million, reflecting a 35% increase since the beginning of the year.
However, its thin liquidity and stock-related exposure pose double risks: inperformance against Bitcoin and increased sensitivity to corporate-specific events such as regulatory actions and revenue shaking.
The evolving yet circular story of Bitcoin
The underlying papers of CRPT bring together the broader narrative of Bitcoin’s evolution, from speculative technological assets to macroeconomic hedges. Scaramucci described Bitcoin’s behavior shift as something similar to gold, saying that calls from major institutional players increased during the decoupling of episodes in which Bitcoin recovered independently from stocks.
As wallet adoption grows, he states that assumptions and assets volatility declines,
“Imagine a world with a billion wallets, a billion holders. Volatility should be attenuated. That happened with Microsoft, which happened with things like Google for 20 years.”
Global allocation of ETFs introduces another layer of strategy. Metaplanet operates in Japan and Galaxy Digital is currently listed in Toronto, but Galaxy’s upcoming NASDAQ list coincides with a broad trend to integrate Bitcoin-centric infrastructure companies into the US capital markets.
This dynamic is regenerated into what Scaramucci called the “Pick and Shovel” investment thesis, and the backing companies built into the Bitcoin operational framework provide indirect exposure, vice versa.
For now, CRPT occupies a niche created by regulatory delays. Maintaining the appeal after access after liberalization depends on whether investors are worth betting on the footing around Bitcoin, not on the coin itself.
As Galaxy Digital prepares for its US listing, Metaplanet will expand its Bitcoin Treasury Department and its strategy will continue to expand its accumulation.
Scaramucci ended the interview by citing Solana as an Altcoin choice, and it worked well over the next few months. He also cited Polkadot and Avalanche as other top candidates.