SkyBridge Fund Continues Quarterly Decline Amid Crypto Market Volatility

SkyBridge Capital's $1.3 billion Opportunity Fund has experienced significant losses in recent quarters, with a decline of 12.9% in Q1 2026 following an 18% drop in Q4 2025.

The fund's exposure to crypto assets, which make up around 64% of the portfolio, is contributing to its losses. The overall market valuation has dropped to $2.57 trillion from about $4 trillion last year, and the crypto market itself has been under pressure since a major crash in October that erased around $1.7 trillion in value.

The fund's largest holding is a 17.5% stake in the Brevan Howard Digital Asset Multi-Strategy Fund, which is an institutional asset manager with a dedicated digital asset strategy. Additionally, the Galaxy Institutional Bitcoin Fund and Purpose Bitcoin ETF in Canada hold approximately 9.6% and 8.8%, respectively, of the fund's assets.

Investor pressure is also increasing, with only 8.1% of withdrawal requests being approved. The repurchases were done on a pro-rata basis to match available capacity within the fund structure.