Key Highlights
- SkyBridge’s $1.3B fund fell 12.9% in Q1 2026 after an 18% drop in Q4 2025.
- Around 64% of the portfolio remains tied to crypto and digital asset investments.
- Investor pressure increased, with only 8.1% of withdrawal requests approved.
SkyBridge Capital’s $1.3 billion Opportunity Fund, led by Anthony Scaramucci, recorded another quarterly loss in Q1 2026, marking a second straight quarterly drop. The decline came amid weak market conditions, with the overall market valuation dropping to $2.57 trillion from about $4 trillion last year.
According to a Bloomberg report, the fund declined by 12.9% in Q1 2026 after already falling 18% in the final quarter of 2025. The firm saw a small gain of 0.45% in March, but that could not offset earlier losses in the quarter.
Around 64% of the fund is still linked to crypto and digital assets, including crypto hedge funds, Bitcoin investment products, and private crypto-related companies.
Crypto market faces selling pressure
The market itself has been under pressure since a major crash in October that erased around $1.7 trillion in value.
At press time, Bitcoin, the largest cryptocurrency, is trading for $76,860, which is about 40% below its peak of over $126,000. This sharp drop has affected many investors who are not cautious of the market.
It has also created a difficult environment for strategies linked to Bitcoin and other crypto investments, especially for funds with high concentration in the sector.
How crypto exposure shaped results
SkyBridge’s portfolio is spread across several major crypto positions rather than a single asset. Its largest holding is a 17.5% stake in the Brevan Howard Digital Asset Multi-Strategy Fund. It also holds about 9.6% in the Galaxy Institutional Bitcoin Fund and roughly 8.8% in the Purpose Bitcoin ETF in Canada.
Brevan Howard and Galaxy are institutional asset managers with dedicated digital asset strategies, while Purpose Bitcoin ETF tracks Bitcoin performance through a regulated exchange-traded structure in Canada. These positions are disclosed as top holdings by percentage weight in the fund portfolio. Together, they form the largest allocation blocks within the crypto segment of the portfolio.
Meanwhile, the pressure from investors is noted. In an early May filing, investors requested to withdraw 792,633.965 shares from the fund. However, only 64,378.34 shares were accepted for repurchase. This means just about 8.1% of withdrawal requests were approved, with the rest left unmet due to limited liquidity.
The repurchases were done on a pro-rata basis to match available capacity within the fund structure.
Other firms report weak Q1 results
SkyBridge is not the only firm that reported weak Q1 results. Early this month, Coinbase also reported a difficult first quarter of 2026. The company posted $1.4 billion in total revenue but recorded a net loss of $394 million for Q1 2026. It also reported a surprise loss of $1.49 per share, compared to analyst expectations of a 27-cent profit.
Coinbase also announced restructuring costs tied to workforce reductions. The company said it expects $50 million to $60 million in charges linked to a 14% cut in staff. The market reacted quickly to the earnings report, with Coinbase shares falling about 4% in after-hours trading.
However, other firms like Securitize, Zcash, Kraken, and Metaplanet reported positive results.
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