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SkyBridge Bets on Rising Volatility, Cautiously Optimistic on Bitcoin, Scaramucci Says

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Alternative asset manager SkyBridge Capital is increasing its exposure to macro strategies as policy uncertainty under U.S. President Donald Trump fuels market volatility, founder Anthony Scaramucci said in Davos.

Scaramucci said macro-focused traders have performed better amid sharp market swings, prompting SkyBridge to tilt further toward such strategies. Regulatory filings from September 2025 showed the firm’s SkyBridge Opportunity Fund increased its macro weighting to 69%, compared with a heavier allocation to cryptocurrencies earlier in the year.

Despite recent turbulence, Scaramucci said the long-term outlook for Bitcoin remains intact. He described the recent pullback as a timing issue rather than a shift in direction, pointing to consolidation following a volatile year. Bitcoin surged to a record above $126,000 in October 2025 before a sharp correction that triggered more than $19 billion in liquidations, the largest in crypto history.

Bitcoin was trading below $90,000 on Tuesday, about 28% below its peak. Scaramucci said optimism around regulatory reform had faded but remained cautiously positive on the year ahead, noting that legislation to clarify crypto market rules is still under consideration in the U.S. Congress.

MSCI Drops Plan to Exclude Digital Asset Treasury Firms, Launches Broader Review

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Index provider MSCI said on Tuesday it will not move forward with a proposal to exclude digital asset treasury companies (DATCOs) from its indexes, opting instead to begin a wider review of how non-operating companies should be treated.

MSCI said it will maintain its current approach to firms on its preliminary DATCO list, defined as companies whose digital asset holdings account for 50% or more of total assets. As a result, Strategy, the world’s largest corporate holder of bitcoin, will remain included in MSCI’s global benchmarks for now.

Shares of Strategy rose about 6% in after-hours trading following the announcement, though the stock remains down roughly 47.5% for 2025. The company welcomed the decision, saying in a post on X that MSCI had confirmed digital asset treasury companies would remain in MSCI indexes for the February 2026 review, calling it “a strong outcome for neutral indexing and economic reality.”

MSCI said feedback from investors highlighted concerns that some DATCOs share similarities with investment funds, complicating their classification. The index provider noted that distinguishing between investment companies and operating businesses that hold significant non-operating assets — such as digital assets held as part of core operations rather than purely for investment — requires further research.

“For instance, assessing index eligibility across a range of these types of entities may require additional inclusion assessment criteria, such as financial-statement-based or other indicators,” MSCI said in its statement.

The broader consultation will examine how such companies should be evaluated in future index reviews, as digital assets become a more prominent feature on corporate balance sheets.

Bitcoin Hoarder Strategy Reports $17.44 Billion Unrealized Loss in Fourth Quarter

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Strategy, the company led by Michael Saylor, disclosed a $17.44 billion unrealized loss on its digital asset holdings in the fourth quarter, reflecting a sharp decline in the value of its large bitcoin stockpile.

The loss underscores the volatility facing companies that hold cryptocurrencies on their balance sheets. Strategy’s shares fell about 47.5% in 2025, as fluctuations in crypto markets weighed heavily on the company’s balance sheet and reported earnings.

For the full year ended December 31, 2025, Strategy reported an unrealized loss of $5.40 billion on digital assets. In December, the company also cut its earnings forecast for 2025, citing sustained weakness in Bitcoin prices.

Companies with significant exposure to bitcoin and other digital tokens have come under renewed pressure in recent weeks amid heightened market volatility. Strategy, the world’s largest corporate holder of bitcoin, has been particularly sensitive to these swings due to the scale of its holdings.

The company said that as of January 4, 2026, it held $2.25 billion in U.S. dollar reserves. Strategy maintains this cash reserve to support dividend payments on its preferred stock and to cover interest obligations on its outstanding debt.

Despite the recent losses, Strategy has continued to position bitcoin as a core long-term asset on its balance sheet, even as investors remain cautious about the impact of crypto price movements on the company’s financial performance.