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FTX Acquires 30% of SkyBridge

FTX Acquires 30% of SkyBridge

Last updated 15th Dec 2022
Disclosure
  • The firm will use part of the amount to purchase crypto worth $40m as a long-term investment
  • SkyBridge launched a new vehicle to invest in Bitcoin mining, which raised about $7m

FTX Ventures, the investment arm of crypto exchange FTX, is acquiring 30% of SkyBridge Capital for an undisclosed sum, Bankless Times learned from a press release.

SkyBridge is an investment firm, which Anthony Scaramucci founded. Scaramucci is a former Donald Trump aide.

The firm will use part of the amount to purchase crypto worth $40 million as a long-term investment to hold on its balance sheet, the company reported.

SkyBridge with decisive pivot toward crypto

Historically, SkyBridge's focus has been traditional hedge funds. In the last bull run, it turned to crypto. In July, it was reported that SkyBridge was planning a fund dedicated to Web3 to invest in late-stage crypto firms.

SkyBridge's yearly Salt conference is taking place on September 12 and the fund is expected to be announced officially at that time.

According to a US Securities and Exchange Commission filing, SkyBridge also launched a new vehicle to invest in Bitcoin mining. In April, it had raised about $7 million.

FTX has been active in crypto winter

In recent months, FTX has been active as the crypto market sank, offering BlockFi, Voyager Digital, and other companies in trouble its help and support.

This summer, FTX CEO Sam Bankman-Fried said he didn’t worry about losing money as long as his rescue funds helped the broader crypto economy remain healthy.

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Daniela Kirova

Daniela Kirova

Daniela is a writer at Bankless Times, covering the latest news on the cryptocurrency market and blockchain industry. She has over 15 years of experience as a writer, having ghostwritten for several online publications in the financial sector.