Sam Bankman-Fried’s FTX ventures has reportedly purchased a 30% stake at Anthony Scaramucci’s SkyBridge Capital. Sam Bankman-Fried’s crypto Venture firm FTX Ventures continues to make moves in the market. This time, they have purchased a 30% stake at crypto firm SkyBridge Capital.
SkyBridge Capital will use $40 million of the new funding to hold and invest in cryptocurrencies on its balance sheet.
SkyBridge Capital, a New York City-based investment firm, is led by Anthony Scaramucci and Troy Gaveski. Brett S. Messing and Raymond Nolte are also involved. FTX Ventures was launched January 2022 by Troy Gaveski, Brett S. Messing, and Raymond Nolte. It is managed by Amy Wu who was previously a General Partner of LightSpeed Venture Partners.
Skybridge Capital Legion fund has $230 Million in Assets
SkyBridge Capital representatives confirmed the deal via email with Decrypt. “Sam is visionary who has built amazing businesses that are synergistic to the future SkyBridge,” stated Anthony Scaramucci in an email.
SkyBridge has halted investor redemptions for its fund with exposure to Ethereum and the fund called Legion Strategies, had approximately \$230 million in assets. Nearly a quarter of that amount was held in crypto as at February.
The liquidity mismatch that resulted from late-stage private investments in this fund is the main reason for the suspension. SkyBridge funds don’t have leverage. Skybridge representatives told Decrypt at the time that there is no risk of asset liquidation.
This halted Scaramucci’s company from joining a long list other crypto firms and projects making similar decisions in the wider crypto rout.
While some companies have struggled under such difficult conditions, Sam Bankman Fried has been a great savior and has spent millions of dollars helping troubled businesses.
CEO of FTX is looked at as the Crypto SaviorSam Bankman Fried began to provide lifelines to several crypto companies as crypto prices fell. He invested approximately $750 million to various companies such as Voyager Digital and BlockFi.
However, it is not clear if SkyBridge Capital’s recent investment was for the same reasons.
Bankman-Fried expressed disappointment that no one else was there to help him with crypto “savior” status.
“I would be very happy for other people to take that on in my place.” “The reason I’ve been doing it, honestly, is that it doesn’t seem obvious to me that others are stepping up, and doing that,” he stated on a recent episode of Decrypt ‘s podcast.