According to a CNBC report on Squawk Box, FTX Ventures will purchase a 30% stake in Skybridge Capital. Skybridge is an investment firm based in New York. The company was founded by Anthony Scaramucci. Scaramucci is a financier who briefly served as the White House Director of Communications in 2017.
According to CNBC, Skybridge will utilize a portion of the investment, $40 million to be exact, to deploy crypto investments to hold on the company’s balance sheet.
Scaramucci and FTX chief, Sam Bankman-Fried, will provide more details later today.
Although SkyBridge had previously concentrated on conventional hedge funds, it shifted its attention to cryptocurrencies during the most recent bull market. News of a Web3-specific fund from SKybridge being in the works surfaced in July.
After the cryptocurrency market crashed a few months ago, Skybridge started to struggle as a result of its significant exposure to the sector. As a consequence, its flagship fund as well as other corporate products experienced a substantial investor exodus. A fund that genuinely had exposure to FTX required SkyBridge to halt withdrawals. Later, Scaramucci acknowledged that betting so heavily on Bitcoin and the sector as a whole might have been a mistake.
Is FTX’s buying spree still not over?
It seems FTX’s expansion plans are far from over. The popular exchange has announced a plethora of partnerships in the past few weeks. The exchange recently announced a partnership with GameStop. GameStop shares soared in price after the announcement was made. Moreover, FTX has also partnered with the city of Busan in South Korea to build a crypto exchange.
At press time, FTX’s native token FTT was trading at $27.48, up by 5.6% in the last 24 hours.