Another mainstream company is seeking approval to invest in crypto

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Investment firm SkyBridge, founded by former Goldman Sachs’ vice president Anthony Scaramucci, is one of the latest companies looking to invest in cryptocurrency.

The company is putting together a hedge fund that includes Bitcoin (BTC) investment, according to a United States Securities and Exchange Commission, or SEC, filing from Friday. The prospectus details:

“The Company may seek to gain investment exposure to certain Investment Funds or Investment Managers which may enter into derivative transactions, such as total return swaps, options and futures. Investments by the Company and/or Investment Funds may also be made in companies providing technologies related to digital assets or other emerging technologies.”

After more than a decade of progress, several mainstream companies and individuals have kicked off a small but notable trend of entrance into crypto investment, particularly Bitcoin. Billionaire Paul Tudor Jones piled into Bitcoin purchases earlier this year. He also recently described how early he feels the investment opportunity still is.

Despite SkyBridge’s interest, it still requires approval from the SEC before moving forward. The prospectus includes:

“Neither the Securities and Exchange Commission (the ‘SEC’), the Commodity Futures Trading Commission (the ‘CFTC’) nor any other U.S. federal or state governmental agency or regulatory authority has approved or disapproved the merits of an investment in these securities or passed upon the accuracy or adequacy of this Prospectus.”

The prospectus included a section describing “digital assets,” in which it briefly explained their uses, risks and other points of consideration. “Digital assets have no intrinsic value other than as a method of exchange and are not based on a tangible commodity, security, contractual right or legal obligation,” the document says.

“The values of digital assets should not be expected to be connected or correlated to traditional economic or market forces, and the value of the investments of Investment Funds in digital assets could decline rapidly, including to zero,” the prospectus says after pointing out the “tremendous price volatility” seen in cryptocurrencies against the norms shown in mainstream investments.

Bitcoin has risen to significant heights in recent weeks and currently sits a mere stone’s throw away from its all-time high.