Hedge fund manager Anthony Scaramucci's SkyBridge Capital is the latest to file for a bitcoin ETF

• Anthony Scaramucci's SkyBridge Capital is the latest firm bidding for a bitcoin ETF, a filing showed.
• The new fund aims for the digital coin to make up 100% of its net assets.
• SkyBridge's ETF will seek to list its shares on the New York Stock Exchange Arca.

Anthony Scaramucci's SkyBridge Capital has teamed up with investment firm First Trust Advisors to apply for regulatory approval for a bitcoin exchange-traded fund.

According to the March 19 filing, the objective of the First Trust SkyBridge Bitcoin ETF is to buy and sell bitcoin in a manner that the total value of the cryptocurrency is as close to 100% of the net assets "as is reasonably practicable to achieve." The ETF will seek to list its shares on the New York Stock Exchange Arca, which specializes in exchange-traded listings.

A ticker symbol has not yet been assigned to the fund.

Scaramucci's SkyBridge launched a bitcoin fund in December, saying that he expected an "avalanche" of institutional investors to buy crypto in 2021. It only allows accredited investors to subscribe to it for a minimum investment of $50,000.

Scaramucci launched SkyBridge in 2005 and returned as co-managing partner after Chinese conglomerate HNA dropped its bid to buy the firm. His stint as White House communications director lasted just 10 days under former President Donald Trump.

A growing number of issuers within the industry are vying for US approval. WisdomTree Investments, NYDIG, VanEck, and Valkyrie Digital Assets are the four other applicants waiting to launch their crypto ETFs.

Crypto-tracking exchange-traded products already exist in Europe and strong demand in the region led to them exceeding 1 billion euros in assets in 2020, according to Bloomberg. Canada has already approved three bitcoin ETFs that trade on the Toronto Stock Exchange. Latin America just approved the first of its own crypto ETFs and the listing is expected to take place in June.

US regulators meanwhile have repeatedly pushed against the idea, arguing the crypto market is too volatile, lacks sufficient surveillance, and is easily manipulated.