- Approximately $40 million of the new capital will be used towards the purchase.
- Skybridge assured that there was no chance of any assets being liquidated.
Sam Bankman- Fried’s FTX Ventures, a cryptocurrency venture capital company, has recently made a splash in the market by acquiring a 30% stake in fellow cryptocurrency investment business SkyBridge Capital. Approximately $40 million of the new capital will be used to purchase and hold cryptocurrency investments by SkyBridge Capital.
Anthony Scaramucci, Troy Gaveski, Brett S. Messing, and Raymond Nolte run the New York City-based investment business SkyBridge Capital. Amy Wu, a former General Partner at LightSpeed Venture Partners, leads the venture capital firm started in January 2022 termed FTX Ventures.
Right Time to Invest
This new action follows a freeze on investor withdrawals from a SkyBridge fund that had exposure to Bitcoin and Ethereum in July. The firm, called Legion Strategies, handled around $230 million in assets, with approximately a quarter of those assets invested in crypto as of February.
Because of private investments made late in the fund’s life cycle, the fund is temporarily unable to accept new money, leading to suspension. There is no leverage in SkyBridge investment funds. Skybridge assured that there was no chance of any assets being liquidated.
Scaramucci’s organization joined a growing number of crypto companies and projects. That have halted operations in the wake of the market’s general decline. And although some businesses have faltered in such a climate. Sam Bankman-Fried has emerged as something of a rescuer, dispensing out millions to ailing businesses.
Sam Bankman-Fried, started investing in numerous crypto startups. These include BlockFi and Voyager Digital, ultimately investing over $750 million in these businesses. However, it’s still unclear whether the latest investment in SkyBridge Capital was motivated by the same factors.
Recommended For You:
GameStop As The Retailer Partner of Crypto Exchange FTX.US