- FTX Ventures will acquire a 30% stake in SkyBridge Capital.
- An estimated $40 million of the assets would be used by SkyBridge to pay off previous investors and improve its balance sheet.
- Previously, GameStop announced a partnership with FTX.US to promote interaction between the gaming and crypto communities.
The most recent company in which Sam Bankman-Fried-led group will invest a sizeable amount is the international investment firm, SkyBridge Capital. On September 9, CNBC reported that FTX Ventures would buy a 30% stake in SkyBridge Capital.
— Squawk Box (@SquawkCNBC) September 9, 2022
According to the report, an estimated $40 million of the assets would be used by SkyBridge to pay off previous investors and improve its balance sheet.
Sam Bankman-Fried and Anthony Scaramucci, the two CEOs of FTX and SkyBridge Capital, respectively, are scheduled to reveal further information on the agreement later today.
Following the crypto market’s continuous collapse, SkyBridge Capital struggled to maintain its operations, resulting in the company freezing investor redemptions for one of its hedge funds, Legion Strategies, in July this year. The fund is one of the more modest options from the financial company, with $230 million in assets under management (AUM).
While Scaramucci believes that betting heavily on bitcoin and the entire industry was a short-term mistake, Bankman-Fried, on the other hand, has been on an investing spree over the past few months.
FTX has offered to buy many floundering crypto businesses, such as BlockFi and Voyager Digital.
Earlier this month, video game firm GameStop (GME) announced a partnership with FTX.US to promote interaction between the gaming and crypto communities. The deal unites GameStop, one of the key players in the meme-stock craze of a year and a half ago, with one of the leading crypto exchanges.