A Major Move in the Crypto Space
FTX Ventures, the adventurous arm of the crypto exchange run by the one and only Sam Bankman-Fried, is taking the plunge by acquiring a 30% stake in alternative asset manager SkyBridge Capital. The big reveal came on September 9th, though the nitty-gritty details of the deal are still under wraps. However, what we do know is that SkyBridge plans to put $40 million of this investment into purchasing cryptocurrencies for the long haul.
The Thoughts of Anthony Scaramucci
Anthony Scaramucci, the founder and managing partner of SkyBridge, took to Twitter to share his excitement about this partnership. He stated,
“There’s a small universe of outside investors SkyBridge would ever consider partnering with, and @SBF_FTX is one of them.”
Clearly, Scaramucci has a high regard for Bankman-Fried, implying that his rosy view of the crypto world is paired with an outfit that resembles that of a millennial.
Sticking to Their Guns
Despite this monumental investment, Scaramucci assured everyone that it will be business as usual at SkyBridge.
“This won’t significantly impact our day-to-day business and doesn’t change our strategy,”
he claimed. The firm aims to maintain its diversified asset approach while also diving deep into blockchain investments. As of June 30, SkyBridge managed around $2.5 billion in assets, with more than $800 million locked up in digital assets.
Building Bridges Between Communities
The partnership isn’t just about money; it’s also about community. Both companies collaborated on the SALT (SkyBridge Alternatives) Conferences and the Crypto Bahamas conference this past year. Bankman-Fried noted,
“We’ve gotten to know the team over the last year and we’ve been really excited about what they’ve been doing… bringing together the digital assets and traditional asset communities.”
It’s like a cosmic mixer for finance nerds!
SkyBridge’s Journey in the Crypto World
SkyBridge has been dipping its toes into Bitcoin since 2020, and Scaramucci himself has emerged as a passionate advocate for cryptocurrencies. Despite the recent crypto rollercoaster, SkyBridge barely flinched. However, they did announce a temporary halt on withdrawals from their crypto-focused Legion Strategies fund last July—not exactly a sign of a smooth ride!
Sam Bankman-Fried’s Shopping Spree
Since the crypto landscape took a chilly turn, Bankman-Fried has been on a buying spree. After snagging a 7.6% slice of online brokerage Robinhood in May, FTX US extended a $400 million revolving credit to BlockFi. Not to mention the audacious offer to bail out some of the debts of bankrupt Voyager Digital. Move over, Wall Street—crypto is here to lay the smackdown and redefine traditional finance.
+ There are no comments
Add yours