Anthony Scaramucci’s hedge fund, SkyBridge Capital, has returned 16% so far this year amid a rally in Bitcoin.

“Our coin business, which is our digital asset business, is up about 35% and so we’re having a very strong start to the year,” Scaramucci said in an interview with Bloomberg News in Abu Dhabi. “Our asset base has gone up 40% over 14 months.”

Scaramucci’s comments came on Wednesday, when Bitcoin was hovering below $60,000. The token has since rallied further and prices are closing on an all-time high.

As of now, about a third of the $2.4 billion fund’s assets are in crypto. “I do believe that Bitcoin will double over the next 18 months and so if that were to happen, those asset percentages would go up,” Scaramucci said.

The fund has benefitted from its asset mix over the past few months. Investments in Bitcoin, technology and other cryptocurrencies probably resulted in its best monthly returns ever, Scaramucci told Bloomberg TV in October.

The performance marks a turnaround for Scaramucci, who suffered a reputational hit from his partnership with FTX co-founder Sam Bankman-Fried. SkyBridge’s biggest fund lost 39% in 2022 amid wrong-way bets on cryptocurrencies and now-bankrupt FTX.

The investor rose to fame by starting the SkyBridge Alternatives Conference, or SALT, gathering for hedge funds. He later worked as former President Donald Trump’s communications director for 11 days, before becoming a vocal critic.

After a failed attempt at taking over Silicon Valley Bank’s venture funds following the lender’s collapse last year, Scaramucci said he is still on the lookout for “a strategic acquisition” in the US but that there is no specific entity he has in his sight yet.

“We’ll likely pursue a domestic to the US asset management company to merge into,” he said.

This article was provided by Bloomberg News.