It's been a rocky few months for Anthony Scaramucci's flagship Bitcoin fund.

The fund, First Trust SkyBridge Bitcoin Fund, plummeted by 36.6% in the month of May, according to marketing documents obtained by Crypto Investor. A spokesperson for the firm declined to comment. 

The fund, which invests exclusively in Bitcoin, lost an additional 3.1% in June, bringing its year-to-date performance to 18.7% for the first half of 2021. 

The recent performance downturn follows a strong first quarter. In January, the fund — which is run in partnership with asset manager First Trust, also SkyBridge's partner on a pending Bitcoin ETF application with the SEC — gained 18.5%. And the strategy went on to soar 34% in February and 26% in March, according to the investor documents.   

Two sources familiar with SkyBridge said the fund has suffered redemptions of late, too. Its net asset value (NAV), which is used to calculate the value of the fund's Bitcoin holdings, was $42.4 million at the end of May. SkyBridge, a multi-strategy fund of hedge funds operator, also buys Bitcoin via its flagship hedge fund. 

SkyBridge Bitcoin Fund imposes a minimum investment of $25,000 now, down from a $50,000 minimum when the fund started trading in December 2020. It was seeded by internal SkyBridge Capital at the time. The New York-based firm overall had $6.5 million of assets under management and under advisory as of the end of May. 

The decrease reflects fundraising difficulties, the sources said. Sources were granted anonymity to discuss sensitive business dealings. 

In June, Scaramucci told CNBC SkyBridge had $500 million of Bitcoin across its strategies.

"We actually like the upside characteristics," he said at the time, "and are willing to accept the volatility in bitcoin."

It's been a rocky few months for Anthony Scaramucci's flagship Bitcoin fund.

The fund, First Trust SkyBridge Bitcoin Fund, plummeted by 36.6% in the month of May, according to marketing documents obtained by Crypto Investor. A spokesperson for the firm declined to comment. 

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