FTX Ventures Buys 30% Stake in Scaramucci's SkyBridge Capital
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Fri, September 9, 2022, 7:30 AM
-- The venture capital unit of Sam Bankman-Fried’s FTX is taking a 30% stake in Anthony Scaramucci’s SkyBridge Capital.
SkyBridge has been wading deeper into crypto through direct token acquisitions as well as private investments in digital-asset firms, filings show. The new capital is intended to help SkyBridge’s growth, with a portion being used to buy $40 million worth of cryptocurrencies as a balance sheet investment, according to a statement on Friday.
“After working with Anthony and his team following our SALT conference partnership, we saw there was an opportunity to work closer together in ways that could complement both our businesses,” Bankman-Fried said in a statement. “We look forward to collaborating closely with SkyBridge on its crypto investment activity and also working alongside them on promising non-crypto-related investments.”
Digital-token exposure accounted for more than $800 million of the overall $2.5 billion in assets managed by SkyBridge at the end of June, according to the firm’s website. In July, SkyBridge suspended withdrawals from its Legion Strategies fund, which had exposure to companies including FTX.
Read more: Scaramucci Halts Withdrawals in a Fund After Stock, Crypto Swoon