On September 9th, FTX (a crypto exchange owned by Sam Bankman-Fried) announced that its affiliate, FTX Ventures, will acquire a 30% partnership in SkyBridge Capital (a replacement asset management). According to a report, the terms of this agreement have not been made public. SkyBridge Capital, however, would use $40 million worth to purchase the cryptocurrency in order to keep investment for a long duration.
FTX Acquires a 30% Stake in SkyBridge Capital
When asked about Bankman-Fried, SkyBridge managing partner and company founder Anthony Scaramucci said, “He’s part of this little Cosmos of external investors, with whom SkyBridge would like to engage.” This confirms that SkyBridge will continue to pursue the same investing strategy. He also assured them that this would have no material impact on their regular business and deals and would not force them to change their tactics.
A dedicated asset management firm with heavy blockchain investments, he said, is how his company would always operate. According to its website, on June 30th, SkyBridge raised about $2.5B, about $800M of which was comprised of various digital assets. Last year, the Crypto Bahamas Conference and the SkyBridge Alternatives Conference collaborated to bring their respective audiences together.
Sam Bankman-Fried said that they partnered up during the past year, which has given them a great chance to unite the communities of traditional and digital assets. Scaramucci became a vocal advocate for Bitcoin after 2020, when SkyBridge began investing in the cryptocurrency.
FTX Revs Up Its Acquisition Anger in the Bleak Crypto Winter
Since Skybridge began investing in Bitcoin (BTC) in 2020, Scaramucci has been the cryptocurrency’s most outspoken advocate. Despite announcing in July that it will restrict withdrawals from its crypt-exposed fund named Legion Strategies because to the market collapse, the partnership seemed unharmed. The Bankman-Fried group began their purchases as the crypto winter was getting underway.
Bankman-Fried bought 7.6 percent of Robinhood stock in May. (an online platform for brokerage). With regards to BlockFi, FTX US increased its maximum credit line to over $400M in July. During the month of July, the firm advertised an offer to buy some of Voyager Digital’s debts (a bankrupt company). Traditional financial operations have also been absorbed.