FTX Ventures, the venture capital arm of Sam Bankman-Fried’s FTX cryptocurrency exchange, is to buy a 30% stake in the alternative asset manager SkyBridge Capital, founded by Anthony Scaramucci, who briefly worked for President Trump. The terms of the deal were not disclosed, but SkyBridge plans to invest $40 million of the proceeds in cryptocurrencies to hold on its corporate balance sheet.
Historically SkyBridge invested in hedge funds but started getting involved in cryptocurrencies in 2020. According to the New York Times, its main fund, SkyBridge Multi-Adviser Hedge Fund Portfolio, had $2 billion in assets at the end of March but lost a quarter of its value in the second quarter, resulting in investors wanting to withdraw as much as $890 million. However, redemption caps mean the figure will be lower.
At the end of June, 22% of the fund was in cryptocurrency.
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