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September 10, 2022

FTX Will Acquire A 30% Stake In SkyBridge

According to recent reports, FTX will be purchasing a significant share in the hedge fund SkyBridge managed by Anthony Scaramucci via its venture arm.

Despite the volatility of the market, which has resulted in significant losses for many companies participating in the cryptocurrency business, FTX continues to invest money in these companies. The most recent business for which the SBF-led group will purchase a significant shareholding is SkyBridge Capital.

CNBC broke the news on September 9 that FTX Ventures will purchase a thirty percent ownership share in SkyBridge Capital. In the afternoon of September 9, the leaders of both firms, Sam Bankman-Fried and Anthony Scaramucci, are planning to provide further details about the impending merger.

According to the reports, SkyBridge would utilize around $40 million of the assets to pay off prior investors and repair its financial sheet. Due to the company’s significant exposure to the cryptocurrency industry, it began to have financial difficulties shortly after the market for cryptocurrencies saw a dramatic decline a few months ago.

Because of this, and as was previously reported, a significant number of investors pulled their money out of the company’s flagship fund as well as other business products.

SkyBridge was compelled to put a stop to withdrawals by a fund that legitimately had exposure to the FTX. Later on, Scaramucci said that he may have made an error in judgment by placing such a significant wager on bitcoin and the industry as a whole.

Despite the fact that FTX has shown interest in purchasing failing firms such as BlockFi and Voyager Digital, the company has been on a buying/investing tear over the course of the previous several months.

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