SkyBridge Capital to tokenize $300m in hedge funds on Avalanche

SkyBridge Capital, an investment firm founded by Anthony Scaramucci, plans to tokenize $300 million worth of assets on Avalanche.

SkyBridge Capital announced the project on August 19,  noting that the company is looking to tokenize $300 million in two funds on the Avalache (AVAX) blockchain. The initiative is a collaboration between SkyBridge Capital and Tokeny, an enterprise-grade tokenization platform recently acquired by $3.5 trillion financial services firm Apex Group Ltd.

SkyBridge Capital joins a host of traditional finance firms and institutions that are tapping into the tokenization trend. 

Avalanche and the tokenization trend

With real-world assets such as Treasury bills, stocks, commodities and private credit coming onchain to leverage benefits of blockchain trading, asset managers like BlackRock, Fidelity and others have taken advantage.

Many RWA assets are onchain via Ethereum, Solana, Stellar, Avalanche and Arbitrum among others, allowing investors access to real-world assets much like crypto natives do with Bitcoin (BTC) and other digital assets. 

Scaramucci’s SkyBridge is looking to join this growing group.

“Tokenizing our funds on Avalanche, supported by the technology and operational infrastructure of Tokeny and Apex Group, represents a significant step forward in modernizing the alternative investment landscape,” SkyBridge Capital founder and chief executive officer Anthony Scaramucci, said.

The two tokenized funds to be deployed on Avalanche will account for approximately 10% of the SkyBridge Capital’s assets under management. 

One is the Digital Macro Master Fund Ltd and the other is the Legion Strategies Ltd. Both funds will leverage the ERC-3643 standard and tap into Apex Group’s Digital 3.0 platform.

“This milestone shows how Apex Group and Tokeny are breaking down the operational and technology barriers that have historically slowed institutional tokenization. SkyBridge’s tokenization on Avalanche proves that with the right technology, trusted operators, and regulatory clarity, tokenization at scale is not just possible, it’s happening,” said Daniel Coheur, global head of digital assets at Apex Group and co-founder of Tokeny.

RWA onchain deployed on the Avalanche network include the BlackRock USD Institutional Liquid Fund, or BUIDL, and the Franklin Onchain U.S. Government Money Fund, or BENJI. 

According to rwa.xyz, the total value of real-world assets on Avalanche currently stands at $187.9 million.