SkyBridge Capital, the investment firm founded by Anthony Scaramucci, has logged its second consecutive quarterly loss. The reason: its heavy exposure to cryptocurrencies. The back-to-back red ink underscores how risky digital assets remain for traditional fund managers, even as some corners of Wall Street warm to the space.
Back-to-back losses
The firm didn't disclose the exact dollar figure, but the pattern is clear. SkyBridge poured money into crypto during the bull run, and the hangover is now stretching into its second quarter. The fund's troubles aren't a one-off — they're a trend. And that's a worry for any traditional investor who waded into crypto expecting a quick hedge against inflation or a diversification play.
Why crypto exposure hurt
Cryptocurrency markets have been volatile in 2026. Bitcoin and other major tokens swung wildly in recent months, and funds with concentrated crypto positions felt the whiplash. SkyBridge's portfolio, which includes direct holdings and derivatives, was caught on the wrong side of several moves. The result: a second straight quarter of red ink, something Scaramucci's firm hasn't seen since its earlier crypto-driven losses.
SkyBridge is a test case for how mainstream money managers handle crypto. Scaramucci has been one of the more vocal advocates on Wall Street, regularly touting Bitcoin as a store of value. But the quarterly losses show that conviction alone doesn't protect a portfolio from volatility. Other traditional funds that followed SkyBridge into crypto are watching closely. The firm's struggles may slow the pace at which pension funds and endowments add digital assets to their mix.
This isn't the first time SkyBridge has been bruised by crypto. The fund posted losses in early 2025 as well, then recovered somewhat. But the new back-to-back pattern suggests the recovery isn't sticking. For Scaramucci, the next quarter will be critical. If he can't turn things around, the narrative about crypto's place in a traditional portfolio will get harder to sell.
