FTX Ventures buys stake in SkyBridge Capital
- September 9, 2022
- 0
Mutual fund FTX Ventures will acquire a 30% stake in SkyBridge Capital, founded by Anthony Scaramucci. This is stated in the press release. The amount of the transaction
Mutual fund FTX Ventures will acquire a 30% stake in SkyBridge Capital, founded by Anthony Scaramucci. This is stated in the press release.
The amount of the transaction was not disclosed.
“FTX Ventures’ investment will provide SkyBridge with additional working capital to fund its growth initiatives and new product launches. In addition, SkyBridge will use some of the funds to purchase $40 million worth of cryptocurrencies to keep it on the balance sheet as a long-term investment.”
FTX CEO Sam Bankman-Fried told CNBC his team had been intimately acquainted with SkyBridge Capital over the past year.
“We got to know the team over the last year. We were really excited about what they were doing and wanted to be a part of it,” he says. $FTX CEO @SBF_FTX It’s about buying a 30% stake in Skybridge Capital. pic.twitter.com/PE3meHf6xU
— Squawk Box (@SquawkCNBC) September 9, 2022
“We really liked what they did and wanted to be a part of it,” he said.
Earlier, the media reported on SkyBridge Capital that after the collapse of stock prices and cryptocurrencies, the Legion Strategies fund froze the redemption of its shares.
About 20% of the structure’s portfolio falls on illiquid startups. It was assumed that some of them will receive public status this year.
There are also problems with the flagship Multi-Advisory Hedge Portfolios. In an interview with The New York Times, Scaramucci said investors have applied for an $890 million withdrawal. AUM structures totaled $2 billion – around 22% of assets are investments in cryptocurrencies.
Recall that in June, FTX opened a $250 million revolving line of credit to the BlockFi crypto lending platform. A few days ago, Bankman-Freed-affiliated Alameda Research secured a $500 million loan to Voyager Digital.
Later, the US division of FTX gave BlockFi another $400 million revolving loan, giving it the option to buy the platform for $240 million.
In August, Bloomberg reported that Justin Sun, the founder of the Bankman-Fried and Tron Foundation, is interested in acquiring a 58% stake in Huobi. Later, the head of FTX rejected their plans to take over the bitcoin exchange.
It also refused to buy “troubled” mining firms and accused digital asset giants of being indifferent to weakened companies.
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I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
