Bitcoin’s potential trajectory toward $1.1 million and a billion wallets formed a key narrative in Anthony Scaramucci’s appearance on Bloomberg TV yesterday.
In it, he framed Bitcoin not only as digital gold but also as a maturing asset class on the verge of widespread institutional integration, commenting,
”Is Bitcoin an investment, or is it an asset class? If it’s an investment, then $1–$3 trillion, that sort of makes sense. That’s akin to a Mag seven market capitalization. But if it’s an asset class. It should trade closer to where gold is… $22–$23 trillion right now.”
Scaramucci’s comments stressed a longer-term adoption curve, linking user growth to volatility dampening and reinforcing his thesis through the lens of infrastructure-focused investment.
SkyBridge Bitcoin proxy ETF
The SkyBridge Capital founder had been discussing the First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT), which offers exposure to Bitcoin’s performance through corporate equities closely tied to the asset.
With Strategy (formerly MicroStrategy), Coinbase, Galaxy Digital, and MetaPlanet collectively accounting for approximately 73% of CRPT’s holdings, the ETF presents a proxy strategy for investors restricted from directly purchasing spot Bitcoin.
These restrictions remain a hurdle for many U.S. financial advisors operating under brokerage compliance policies, despite the January 2024 approval of spot-Bitcoin ETFs.
CRPT’s structure is designed to appeal to this demographic. Its actively managed approach skews heavily toward firms that integrate Bitcoin into their balance sheets or business models.
MicroStrategy’s recent 13,390 BTC acquisition brought its total holdings to 568,840 BTC, worth around $59 billion, while MetaPlanet, the Japanese firm styled as a “Japanese MicroStrategy,” surpassed the 5,000 BTC mark on April 24.
Galaxy Digital, currently weighted at 15.3% within CRPT, is poised to transition its listing to the Nasdaq Global Select Market on May 16, a move 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, underlining 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.
Bitcoin’s evolving yet cyclical narrative
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, stating,
“Imagine a world where there are a billion wallets, a billion holders. The volatility should dampen. That happened in Microsoft, that happened in things like Google over a 20-year period of time.”
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 Strategy 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 ended the interview by citing Solana as his altcoin pick to perform well over the coming months. He also cited Polkadot and Avalanche as other top contenders.
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