SkyBridge Capital, the investment management firm founded by Anthony Scaramucci, has announced plans to tokenize $300 million worth of its hedge funds on the Avalanche (AVAX) blockchain network. The initiative involves bringing two funds – the Digital Macro Master Fund and Legion Strategies – on-chain through a partnership with tokenization provider Tokeny and its parent company Apex Group, which manages over $3.5 trillion in assets.
The tokenization will utilize the ERC-3643 token standard and will be operationally supported by Apex's Digital 3.0 platform, handling issuance, administration, and distribution. This move represents approximately 10% of SkyBridge Capital's total assets under management, marking a significant step in the firm's adoption of blockchain technology.
Anthony Scaramucci stated: "We look forward to bringing our hedge funds into the digital, on-chain era, improving transparency, liquidity, and accessibility for our investors, and demonstrating how traditional finance and blockchain can work together to create smarter, more efficient investment solutions."
The announcement comes amid growing institutional interest in real-world asset (RWA) tokenization. According to RWA.xyz data, the tokenized RWA market has doubled over the past year, surpassing $26 billion, with projections suggesting it could grow into a trillion-dollar market by 2030. Avalanche has been positioning itself as a hub for tokenized assets, with existing deployments including BlackRock's BUIDL fund and Franklin Templeton's BENJI fund, bringing the total value of real-world assets on Avalanche to $187.9 million.
Daniel Coheur, global head of digital assets at Apex Group and co-founder of Tokeny, emphasized the significance of this development: "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."