FTX Ventures to acquire 30% of Anthony Scaramucci’s SkyBridge Capital, говорится in a press release.
The deal amount was not disclosed.
«FTX Ventures’ investments will provide SkyBridge with additional revolving capital to finance growth initiatives and launch new products. In addition, SkyBridge will allocate part of the funds to purchase $40 million of cryptocurrency to hold on its balance sheet as a long-term investment», the company said.
FTX CEO Sam Bankman-Fried said on CNBC that over the past year his team has gotten to know SkyBridge Capital up close.
“We’ve gotten to know the team over the last year. We’ve been really excited about what they’ve been doing, and we wanted to become a part of that,” says $FTX CEO @SBF_FTX about buying 30% stake in Skybridge Capital. pic.twitter.com/PE3meHf6xU
— Squawk Box (@SquawkCNBC) September 9, 2022
«We really liked what they were doing, and we wanted to be a part of it», he noted.
Earlier media reported the freezing SkyBridge Capital’s redemption of units in the Legion Strategies fund after the plunge in stock and cryptocurrency prices.
Around 20% of the fund’s portfolio is allocated to startups that lack high liquidity. It was expected that some of them would gain public status this year.
The flagship fund Multi-Adviser Hedge Fund Portfolios also faces challenges. In a conversation with The New York Times Scaramucci said investors had filed requests to withdraw $890 million. As of the end of March, the fund’s AUM stood at $2 billion — about 22% of assets were allocated to cryptocurrency investments.
In June, FTX opened a revolving credit line of $250 million for the BlockFi crypto-lending platform. A few days earlier, Alameda Research provided Voyager Digital a loan of $500 million.
Subsequently, FTX’s U.S. subsidiary issued BlockFi another revolving credit facility of $400 million, obtaining an option to acquire the platform for $240 million.
In August, Bloomberg reported interest from Bankman-Fried and Tron Foundation founder Justin Sun in acquiring 58% of Huobi. Later, the head of FTX denied plans to acquire the Bitcoin exchange.
He also ruled out the purchase of «problematic» mining firms and accused giants in the digital asset space of indifference to faltering companies.
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