Sam Bankman-Fried’s FTX Ventures Takes 30% Stake in SkyBridge Capitalbit2main
Hi. I’m Aaron Weinman. One of the more interesting developments last Friday happened in the crypto space. Sam Bankman-Fried — founder of crypto exchange FTX and known by his initials SBF — acquired a 30% stake in SkyBridge Capital, an alternative investment firm.
The deal was inked through SBF’s venture-capital firm FTX Ventures and will support growth initiatives for SkyBridge.
SkyBridge, the hedge fund run by Anthony Scaramucci, will use the money from FTX to buy $40 million in cryptocurrencies, which it will hold on its balance sheet.
The hedge fund’s decision to bet big on crypto comes during a tough patch for SkyBridge because its holdings of digital assets have plummeted and investors have sought redemptions from the fund.
FTX, meanwhile, has been somewhat of a savior to the crypto space. The exchange has acquired crypto peers under financial duress, including the Bitvo Exchange in June, and expanded into products like stocks and options.
For more on the deal, check out this article from the New York Times.
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1. FTX Ventures and Scaramucci’s SkyBridge ink a deal amid the crypto winter. The deal not only leans into both parties’ love for digital assets, but gives the pair a chance to delve deeper into “non-crypto-related investments,” SBF said in a press release.
Leaning into non-crypto products, like stocks and options for example, could prove a safety net given crypto assets have slumped in value.
SBF — who believes the mass adoption of crypto would require user-friendly interfaces and greater regulations — also frequently visits Washington to talk policy, according to the Times. Scaramucci, known for his brief stint as President Trump’s communications director, started taking the digital-asset space seriously when he learned of Treasury officials talking up blockchain’s potential in 2017.
In a way, FTX’s investment in SkyBridge is fitting. The two companies forged deeper ties in April when they hosted an event together in the Bahamas, SBF’s new home. Both SBF and Scaramucci shared a stage and wore matching outfits.
In case you missed it, here are some stories on SBF from Insider:
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