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Sep 9, 2022 - Economy

FTX Ventures buys 30% stake in Scaramucci's SkyBridge Capital

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Illustration of two people shaking hands on a giant stack of money.

Illustration: Aïda Amer/Axios

Sam Bankman-Fried's venture capital firm FTX Ventures has taken a 30% stake in Anthony Scaramucci's SkyBridge Capital, the companies announced Friday morning.

Why it matters: The agreement further cements FTX and Bankman-Fried as the preeminent dealmaker during this crypto down cycle.

Details: ... are scarce, as financial terms were not disclosed. However, the companies did say SkyBridge would use some of the money to purchase $40 million in cryptocurrencies to hold on its balance sheet.

The intrigue: The investment comes just a couple of months after SkyBridge suspended redemptions from its Legion Strategies fund-of-funds, which invested in bitcoin, ethereum and other digital assets during the last bull cycle.

  • Notably, FTX is also among the fund's private investments.

State of play: For its part, FTX and its venture arm have been active both as investors and acquirers of crypto firms during the recent crypto downturn.

  • Earlier this year, FTX expanded operations in Canada and Japan by acquiring crypto trading platforms Bitvo and Liquid Group.
  • It also struck a deal to buy troubled crypto lender BlockFi potentially and made a proposal to bail out the customers of Voyager Digital.

Of note: SBF and the Mooch are no strangers to each other: The pair have collaborated on a series of SALT conferences around the world, and co-presented Crypto Bahamas earlier this spring.

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