FTX Ventures acquires a 30% stake in SkyBridge Capital

The terms of the deal are yet to be disclosed.
FTX Ventures acquires a 30% stake in SkyBridge Capital

FTX Ventures, owned by crypto billionaire and owner of FTX crypto exchange Sam Bankman Fried, has acquired a 30% stake in SkyBridge Capital.

The deal was announced by SkyBridge Founder and Managing Partner Anthony Scaramucci on Twitter stating “there is a small universe of outside investors SkyBridge will ever consider partnering with, and @SBF_FTX is one of them.”

He also added that “this won’t significantly impact our day-to-day business and doesn’t change our strategy. We will remain a diversified asset firm while investing heavily in blockchain.” 

The firm manages around 2.5 billion dollars, with over 800 million in digital assets, according to its website.

Best friends

SkyBridge and FTX Ventures have previously collaborated on SALT one of SkyBridge’s alternative conferences and the crypto Bahamas conference for the past year.

Sam told CNBC: “we’ve gotten to know the team over the last year. We’ve been really excited about what they’ve been doing from the investment angle, growing out the community. The digital asset community and the traditional asset community – bringing them together.”

Nothing out of the ordinary

SBF firms have acquired stakes in some crypto platforms ever since the crypto winter began. FTX US gave a 400 million revolving debt to BlockFi, Sam also bought a 7.6% share from Robinhood back in May. FTX has also offered to buy out some of the debts of Voyager Digital back in July.

SkyBridge

SkyBridge started its journey of investing in Bitcoin in 2022, and since then Scaramucci has become actively involved in the crypto world. The firm has not been affected by the recent crypto meltdown, but it suspended the withdrawals of crypto from the Legion Strategies fund in July.

SkyBridge recently bought $40 million worth of cryptocurrencies from the money received and it is aimed at long-term gains.

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About the Author
Audu Buba
Audu Buba
Audu is a journalist passionate about blockchain technology, NFTs, and the metaverse.