FTX Ventures, a branch of Sam Bankman-Fried’s FTX crypto exchange, will acquire a 30% stake in alternative asset manager SkyBridge Capital, the companies announced on September 9. Terms of the deal were not disclosed, but SkyBridge will use $40 million of the proceeds from the purchase of cryptocurrencies to hold as a long-term investment, according to a statement.
SkyBridge Founder and Managing Partner Anthony Scaramucci said of the deal on Twitter: “There is a small universe of outside investors that SkyBridge would ever consider. partnership with, and @SBF_FTX is one of them. He added separately: “It will not have a significant impact on our day-to-day business and will not change our strategy. […] We will remain a diversified asset company, while investing heavily in blockchain. SkyBridge managed approximately $2.5 billion, including more than $800 million in digital assets, as of June 30, according to its website.
There is a small universe of outside investors that SkyBridge would consider partnering with, and @SBF_FTX is one of them. Sam is the real deal and, in my opinion, builds @FTX_Official in the Amazon of financial services. He even makes me dress like a millennial. pic.twitter.com/yO9N6u24Rz
— Scaramucci.algo (@Scaramucci) September 9, 2022
The two companies have collaborated on SALT (SkyBridge Alternatives) conferences and the Crypto Bahamas conference over the past year. Bankman Fried Told CNBC:
“We got to know the team over the past year. […] We were really excited about what they did […] from an investment perspective, growing the community – the digital asset community and the traditional asset community – by bringing them together.
SkyBridge started investing in Bitcoin (BTC) in 2020, and Scaramucci has since become a strong crypto supporter. The company was relatively untouched by the crypto market crash, although it announced the suspension of withdrawals from its crypto-exposed Legion Strategies fund in July.
Bankman-Fried firms have been on a flurry of acquisition activity since the start of the crypto winter. Bankman-Fried bought a 7.6% stake in online brokerage Robinhood in May. FTX US extended a $400 million revolving loan to BlockFi, and FTX offered to buy out some of the debts of bankrupt Voyager Digital in July. It has also made inroads into traditional finance.