{"id":64586,"date":"2022-07-19T13:55:22","date_gmt":"2022-07-19T10:55:22","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=64586"},"modified":"2025-09-06T15:17:44","modified_gmt":"2025-09-06T12:17:44","slug":"bloomberg-skybridge-froze-redemptions-of-shares-in-one-of-its-funds","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bloomberg-skybridge-froze-redemptions-of-shares-in-one-of-its-funds\/","title":{"rendered":"Bloomberg: SkyBridge froze redemptions of shares in one of its funds"},"content":{"rendered":"<p>The investment firm of Anthony Scaramucci \u2014 SkyBridge Capital \u2014 suspended redemptions of the Legion Strategies fund after a plunge in stock and cryptocurrency prices. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-18\/scaramucci-halts-withdrawals-in-a-fund-after-stock-crypto-swoon\">Bloomberg<\/a>, citing informed sources, reports this.<\/p>\n<p>According to agency sources, about 20% of Legion Strategies&#8217; portfolio consists of shares in private companies that are difficult to sell. For example, the vehicle allocated funds to the FTX exchange run by Sam Bankman-Fried. Another 10% of the allocation consisted of digital assets.<\/p>\n<p>Legion Strategies <a href=\"https:\/\/files.adviserinfo.sec.gov\/IAPD\/Content\/Common\/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=776035\">invests<\/a> in cryptocurrencies through other funds managed by SkyBridge, including those focused on Bitcoin, Ethereum and Algorand. As of February 28, 2022, nearly a quarter of its net assets were invested in this manner.<\/p>\n<p>SkyBridge introduced <a href=\"https:\/\/forklog.com\/en\/news\/skybridge-capital-launches-private-ethereum-fund\">private Ethereum fund<\/a> in July 2021. Around the same time, Scaramucci announced plans to file for a related ETF. In September, the firm raised $100 million in a vehicle focused on Algorand.<\/p>\n<p>Earlier the company <a href=\"https:\/\/forklog.com\/en\/news\/skybridge-capital-and-first-trust-advisors-file-to-launch-a-bitcoin-etf\">filed<\/a> with the U.S. Securities and Exchange Commission (SEC) an application to create a spot Bitcoin ETF. In January 2022, the regulator <a href=\"https:\/\/www.sec.gov\/rules\/sro\/nysearca\/2022\/34-94006.pdf\">rejected<\/a> the petition, explaining that SkyBridge&#8217;s practices did not meet the necessary investor-protection requirements.<\/p>\n<p>In June 2022, <a href=\"https:\/\/news.bloomberglaw.com\/capital-markets\/skybridge-plans-to-file-again-for-spot-bitcoin-etf-this-week\">Bloomberg Law<\/a> reported plans for the company to file a renewed application.<\/p>\n<p>In April 2022, SkyBridge <a href=\"https:\/\/forklog.com\/en\/news\/skybridge-capital-to-launch-mining-focused-fund\">filed<\/a> with the SEC for the launch of a fund that would invest in the mining business.<\/p>\n<p>Follow ForkLog\u2019s Bitcoin news on our <a href=\"\/\/telegram.me\/forklog\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The investment firm of Anthony Scaramucci\u2014SkyBridge Capital\u2014suspended redemptions of the Legion Strategies fund after a plunge in stock and cryptocurrency prices.<\/p>\n","protected":false},"author":1,"featured_media":64587,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1156,2074],"class_list":["post-64586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-institutional-investors-and-whales","tag-skybridge-capital"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/64586","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=64586"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/64586\/revisions"}],"predecessor-version":[{"id":64588,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/64586\/revisions\/64588"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/64587"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=64586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=64586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=64586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}