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SkyBridge Considering Buying Back Equity From FTX

According to Anthony Scaramucci of SkyBridge, the investment company is attempting to repurchase its shares from FTX.

SkyBridge Considering Buying Back Equity From FTX 2

In order to prevent any apparent conflicts of interest, Scaramucci said that the company had no assets in custody on FTX in an interview with CNBC on Friday.

Scaramucci suggested on CNBC that Bankman-Fried inform regulators of FTX’s occurrences to fix the situation. This week, he went to the Bahamas to talk with Bankman-Fried and returned not long after, according to CNBC.

As Coincu reported, FTX Ventures, the investment division of FTX, agreed to acquire 30% of SkyBridge for an undisclosed sum. As a long-term investment, the company intended to utilize a portion of the money to purchase $40 million worth of cryptocurrencies and store them on its balance sheet.

The FTX agreement takes SkyBridge, which has been researching and investing in cryptocurrencies for the past few years, further into the market. The exchange today filed for Chapter 11 bankruptcy, as FTX CEO Sam Bankman-Fried unexpectedly revealed.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.