FTX Ventures to Acquire 30% Stake in SkyBridge Capital

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FTX Ventures to Acquire 30% Stake in SkyBridge Capital

<p>FTX Ventures, a $2 billion venture capital
firm based in Nassau, Bahamas, is planning on buying a 30% stake in SkyBridge,
a global hedge fund and alternative asset manager.</p><p>SkyBridge Capital, which was founded in
2005 by Anthony Scaramucci, a former aide of ex-President Donald Trump,
announced the planned investment on Friday in a statement. </p><p>However, the hedge fund did not disclose
the financial terms of the deal.</p><p>FTX Ventures in the statement said it will provide additional working capital to
SkyBridge Capital on top of the acquisition.</p><p>And, SkyBridge Capital said it will use a portion of the amount received to buy $40 million in
cryptocurrencies to hold as a long-term investment.</p><p>"The deal is the latest collaboration
between SkyBridge and FTX, following the multi-year partnership to sponsor
global SALT conferences in North America, Asia and the Middle East, and
co-present Crypto Bahamas, the leading institutional digital assets conference
that launched in April 2022," SkyBridge Capital explained.</p><p>"The firms will expand their collaboration
on venture and digital asset investing across current and future product
offering," the hedge fund firm added.</p><p>FTX and Crypto Investments</p><p>Commenting on the partnership, Scaramucci,
the Founder and Managing Partner of SkyBridge, noted that his company "will
remain a diversified asset management firm." He added that the company will invest heavily in
blockchain.</p><p>Also speaking, Sam Bankman-Fried, the
billionaire leader of FTX Ventures, noted that the venture capital firm was
looking forward to working closely with SkyBridge Capital on its crypto investment
activities.</p><p>Moreover, FTX Ventures plans to work with SkyBridge "on promising non-crypto-related investments,"
Bankman-Fried added.</p><p>In early 2022, FTX Ventures <a href="https://www.financemagnates.com/fintech/news/dave-receives-100-million-investment-from-ftx-ventures/">invested $100 million</a> in
Dave, a fast-growing banking app, to accelerate the expansion of the global
cryptocurrency ecosystem.</p><p>In the aftermath of the recent crash in
price in the cryptocurrency markets, cryptocurrency exchange FTX extended
helping hands to crypto lenders <a href="https://www.financemagnates.com/cryptocurrency/blockfi-and-ftx-ink-250-million-revolving-credit-agreement/">BlockFi</a> and <a href="https://www.financemagnates.com/cryptocurrency/ftx-and-alameda-ventures-propose-to-provide-early-liquidity-to-voyagers-customers/">Voyager Digital</a> as
well as <a href="https://www.financemagnates.com/cryptocurrency/news/crypto-lender-celsius-files-for-bankruptcy-in-new-york/">bankrupt</a> lender
Celsius.</p><p>Additionally, in May, Bankman-Fried <a href="https://www.financemagnates.com/forex/brokers/ftx-ceo-sam-bankman-fried-buys-76-stake-in-robinhood/">acquired a 7.6% stake</a> in
Robinhood, a US commission-free stock trading and investing app.</p><p>A regulatory filing showed that the billionaire founder purchased Robinhood shares worth a total of
$648 million at an average price of $11.52.</p>

This article was written by Solomon Oladipupo at www.financemagnates.com.

Source: FTX Ventures to Acquire 30% Stake in SkyBridge Capital