FTX Ventures will purchase a 30% share in SkyBridge, an alternative asset manager

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Last Updated on September 11, 2022 by Bitfinsider

The venture capital division of Sam Bankman-Fried’s FTX bitcoin exchange, FTX Ventures, will purchase a 30% investment in Anthony Scaramucci’s alternative asset manager SkyBridge Capital. Anthony Scaramucci served as the president of the United States for a brief period of time. Although the specifics of the agreement were not made public, SkyBridge intends to hold $40 million of the revenues in cryptocurrency.

SkyBridge had previously invested in hedge funds, but starting in 2020, it began to work with cryptocurrencies. The SkyBridge Multi-Adviser Hedge Fund Portfolio, the company’s flagship fund, had $2 billion in assets at the end of March, but after losing a quarter of its value in the second quarter, investors requested withdrawals of up to $890 million, according to the New York Times. However, because of redemption caps, the amount will be less.

22% of the fund invested in cryptocurrencies at the end of June.

SkyBridge stopped allowing withdrawals from a smaller fund that invested in cryptocurrency and private stocks, many of which were connected to digital assets. FTX is one of the private stocks that the fund has invested in.

In particular since the bitcoin meltdown, the FTX founder has been involved in a number of cryptocurrency acquisitions. These include providing financial support to the well-known bitcoin lender BlockFi, giving credit to the insolvent Voyager Digital, and making an offer to purchase part of its assets. Additionally, FTX purchased exchanges in Japan and Canada.

The stock trading app Robinhood was acquired by Bankman-Fried in May, and the FTX US exchange began stock trading in July.

FTX is a long-term sponsor of the SALT investor conference, which is organized by Scaramucci. He worked with Bankman-Fried and FTX to organize the Crypto Bahamas conference earlier this year. In praise of that, he said: “Sam is a visionary who has built incredible businesses that are synergistic with the future of SkyBridge.”

In order to eliminate the necessity for intermediaries in the clearing of margined goods, FTX US is already attempting to amend the derivatives laws. Since it first began offering stock broking services, SkyBridge has expanded into asset and fund management. Soon FTX might resemble an investment bank with complete service.​ ​

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