FTX Ventures Will Acquire 30% Stake in SkyBridge Capital

According to a report on CNBC today, FTX Ventures of Sam Bankman-Fried is maintaining its investing spree by purchasing a 30% stake in the investment company of Anthony Scaramucci, SkyBridge Capital. $FTX Ventures is taking a 30% stake in Skybridge Capital. @andrewrsorkin reports: pic.twitter.com/InSehcc0XV — Squawk Box (@SquawkCNBC) September 9, 2022 SkyBridge was commonly associated with hedge funds. However, it switched to cryptocurrency during the bear market and suffered the repercussions of the current decline in the market. Reports state that Skybridge banned repayments from one of its funds with exposure to FTX after July’s severe falls. SkyBridge – A Global Multi-Asset Investment Firm Anthony Scaramucci’s SkyBridge, founded by the former White House spokesperson, would use the money to finance investments in cryptocurrency worth around $40 million. Skybridge describes itself as a global multi-asset class alternative investments company that specializes in hedge fund solutions. Since its introduction in September of last year, the First Trust SkyBridge Crypto Industry and Digital Economy ETF (CRPT) have shed over two-thirds of its worth. On Thursday, its units dropped more than 22% in after-hours trading for no apparent reason. Troubles With CRPT ETF Some have speculated that FTX’s involvement in the CRPT ETF may be the most recent in a series of strategic acquisitions by FTX, taking advantage of the distressed values ...