FTX Ventures Acquires 30% Stake in SkyBridge Produced by Anthony Scaramucci (Report)

After a market turmoil that has caused enormous pain to many crypto-related companies, FTX continues to direct funds to such entities.

The last time the SBF-led organization took a significant stake was SkyBridge Capital.

  • According to CNBC a report As of September 9, FTX Ventures will take a 30% stake in SkyBridge Capital.
  • The heads of the two entities – Sam Bankman-Fried and Anthony Scaramucci – will provide more details about the deal later today.
  • SkyBridge will reportedly use some of the money (about $40 million) to pay legacy investors and bolster its balance sheet.
  • The company started to struggle due to its significant exposure to the cryptocurrency industry after the market plunged a few months ago.
  • As such, its flagship fund, as well as other corporate products, has seen a significant outflow of investors, as previously reported.
  • SkyBridge also had to pause withdrawals for a fund already exposed to FTX.
  • Scaramucci later admitted that increasing the volume of Bitcoin and the entire industry might be a short-term mistake.
  • On the other hand, FTX has been on a buying/investment spree in recent months, offering to take stakes in several struggling companies, such as BlockFi and Voyager Digital.

Post FTX Ventures to acquire 30% stake in SkyBridge produced by Anthony Scaramucci (report) made its debut on CryptoPotato.

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