FTX Ventures To Acquire 30% Stake In Anthony Scaramucci’s SkyBridge
Through its venture arm, FTX is reportedly taking a major stake in the Anthony Scaramucci-led hedge fund, SkyBridge.
FTX still invests money in firms involved in the crypto industry despite the market instability that caused many of them great harm. SkyBridge Capital is the most recent company in which the SBF-led organization will buy a sizable interest.
On September 9, CNBC reported that FTX Ventures would acquire a 30% stake in SkyBridge Capital. Later on September 9, Sam Bankman-Fried and Anthony Scaramucci, the heads of the two organizations, plan to give more information on the merger.
An estimated $40 million of the assets would reportedly be used by SkyBridge to pay off previous investors and improve its balance sheet. Following the collapse of the cryptocurrency market a few months ago, the company started to struggle as a result of its substantial exposure to the sector.
As a result, as was previously reported, its flagship fund as well as other corporate products experienced a substantial investor exodus.
A fund that genuinely had exposure to FTX required SkyBridge to halt withdrawals. Later, Scaramucci acknowledged that betting so heavily on bitcoin and the sector as a whole might have been a mistake.
While BlockFi and Voyager Digital are among the faltering businesses that FTX has offered to purchase into, it has been on a buying/investing binge over the past few months.
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