FTX Ventures to take 30% stake in SkyBridge Capital: CNBC
Sam Bankman-Fried’s FTX Ventures is continuing its investment spree and will take a 30% stake in Anthony Scaramucci-led investment firm SkyBridge Capital, according to a CNBC report today.
SkyBridge will use a portion of the funding to deploy $40 million in crypto investments to hold on its balance sheet, the report said.
More traditionally associated with hedge funds, SkyBridge pivoted to crypto during the bull run and was impacted by the recent downturn in the crypto market. According to Bloomberg, after sharp declines in July, Skybridge suspended redemptions from one of its funds, which had exposure to FTX.
Still, Scaramucci remains bullish on bitcoin in the long term, despite the short-term difficulties. In July, it was reported that the firm also plans to roll out a web3-focused fund.
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Author: Callan Quinn
