FTX Ventures purchases 30% Stake in Scaramucci’s SkyBridge Capital for an undisclosed amount.
Some information on Skybridge Capital. “SkyBridge is a global multi-asset class alternative investments firm, specializing in hedge fund solutions and opportunistic investment vehicles. SkyBridge manages a commingled fund of funds, separately managed accounts, digital assets offerings, an Opportunity Zone REIT and a series of SPVs investing in late-stage private technology companies. SkyBridge was founded in 2005 by Anthony Scaramucci. The SkyBridge investment team pioneered a high-conviction approach to alpha generation, expressed through a thematic and opportunistic investment style for fund of funds. The firm maintains a rigorous and disciplined process for manager selection, portfolio construction and portfolio turnover. SkyBridge also produces a large annual thought-leadership event in the U.S. known as the SkyBridge Alternatives (“SALT”) Conference.”
Some information on FTX Ventures. “At FTX, we are transforming the future of financial services and building towards a future of web3. FTX Ventures is launching today to accelerate this vision, for builders, by builders. We believe doing right by our users starts by building great products. In this ethos, FTX Ventures is looking to back great teams building great products, across sectors. We are excited to back builders who share our values: move fast, make the impossible possible, do right by users, follow-through, and improve the world. We will do right by the teams we invest in, by adding strategic value and leveraging our resources, technical and operational expertise across FTX and network of global partners. We want to make things easy for builders. Our first $2B fund will be flexible capital where we can invest in equity and/or tokens, at any check size and stage. We measure time horizons in decades. We don’t mind if you’re anon. We won’t ask you to present in front of an investment committee. We’re excited about crypto. We believe digital assets and blockchain technology can reshape our world in the next few decades. Some sectors we’re excited about are gaming, social, software, fintech, and healthcare. We will also occasionally invest outside of crypto.”
FTX is positioned inside the financial space with the latest deal done by the conglomerate and also sees the potential, alongside opportunity with the current prices within the markets. In the near future seeing how they will attract more clients and people to Skybridge with the FTX branding is what people will be surprised to see in the near future. Attracting a different clientele base that Scaramucci has access to as well. The venture arm of crypto exchange FTX is set to acquire 30% of alternative investment firm SkyBridge Capital, the companies revealed Friday. SkyBridge, founded by Anthony Scaramucci in 2005, will use part of the proceeds to buy $40 million in cryptocurrencies for its corporate balance sheet as a long-term investment, with the remaining set aside to fund new initiatives.
An SEC-registered investment adviser, SkyBridge managed roughly $2.5 billion, as of June 30, including about $800 million in digital assets. Scaramucci called FTX CEO Sam Bankman-Fried a “visionary” in a statement, noting that the business will remain a diversified asset management firm that invests heavily in blockchain. The investment follows a partnership between FTX and SkyBridge to sponsor SALT conferences in North America, Asia, and the Middle East, as well as to co-present April’s Crypto Bahamas conference, where FTX earlier this year pledged to set up a headquarters.“We saw there was an opportunity to work closer together in ways that could complement both our businesses,” Bankman-Fried said in a statement. “We look forward to collaborating closely with SkyBridge on its crypto investment activity and also working alongside them on promising non-crypto-related investments.” The investment comes a day after FTX Ventures revealed its investment in Mysten Labs, the builder of the Sui blockchain. The fund led its $300 million Series B round, which valued Mysten at more than $2 billion.
