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FTX Ventures, the investment arm of the Sam Bankman-Fried led crypto exchange FTX is taking a 30% in SkyBridge Capital.
The amount involved in the deal was not disclosed, however SkyBridge, founded and run by former advisor to President Donald Trump, Anthony Scaramucci, will be using part of the funds to add $40 million in cryptocurrencies to its balance sheet, a Friday press release said:
“FTX Ventures’ investment will provide SkyBridge additional working capital to fund growth initiatives and new product launches. Further, SkyBridge will use a portion of the proceeds to purchase $40 million in cryptocurrencies to hold on its corporate balance sheet as a long-term investment. SkyBridge remains profitable and debt-free, notwithstanding market conditions.”
SkyBridge Capital is an investment firm, “extremely bullish on crypto”, focused on hedge funds, fintech and venture capital. It had previously applied for Bitcoin ETF, however this got snubbed by the U.S. Securities and Exchange Commission.
FTX has been very active in the past months, continuing its shopping spree as it is looking for bargains in the crypto space. This year the exchange purchased Canadian cryptocurrency platform Bitvo. The firm also made a $250 million bailout offer to troubled Bitcoin lender BlockFi short after.
Anthony Scaramucci, Founder and Managing Partner of SkyBridge, commented:
“Sam is a visionary who has built incredible businesses that are synergistic with the future of SkyBridge. Our business has continued to evolve since we founded the firm in 2005. We will remain a diversified asset management firm, while investing heavily in blockchain.”
Sam Bankman-Fried added:
“After working with Anthony and his team following our SALT conference partnership, we saw there was an opportunity to work closer together in ways that could complement both our businesses. We look forward to collaborating closely with SkyBridge on its crypto investment activity and also working alongside them on promising non-crypto-related investments.”