FTX Ventures to take 30% stake in SkyBridge Capital: CNBC
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Sam Bankman-Fried’s FTX Ventures continues its investment activities and acquires a 30 percent stake in the investment company SkyBridge Capital led by Anthony Scaramucci. CNBC report today.
SkyBridge will use part of the funding to invest $40 million in crypto investments to keep on its balance sheet as a long-term investment, according to the report.
According to the press release, FTX Ventures’ investment also provides SkyBridge with additional working capital to finance growth initiatives and new product launches.
The agreement is the latest series of cooperation between the companies. They previously signed a multi-year partnership to sponsor global SALT conferences and be a part of the Crypto Bahamas presentation.
“After working with Anthony and his team following our SALT conference partnership, we saw an opportunity to work more closely together in ways that could complement both of our businesses. We look forward to working closely with SkyBridge on its crypto investment activities and working with them on promising non-crypto investments as well,” said Banker-Fried.
Founded in 2005, SkyBridge moved into crypto during the bull run and was affected by the recent downturn in the crypto market. According to Bloomberg, after a sharp decline in July, SkyBridge suspended redemptions from one of its funds that had exposure to FTX.
However, according to the company, SkyBridge is still profitable and debt-free despite the market conditions.
Scaramucci remains bullish on bitcoin for the long term despite short-term difficulties. In July, it was announced that the company plans to introduce a web3-focused fund as well.
This article has been updated to include additional information.
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