FTX Ventures, the investment arm of Sam Bankman-Friede-led cryptocurrency exchange FTX, will acquire 30% in SkyBridge Capital for an undisclosed amount.
SkyBridge, the investment firm founded by former Donald Trump aide Anthony Scaramucci, will use part of the proceeds ($40 million) to buy the cryptocurrency to use as a long-term investment, keeping it on its balance sheet, company officials said.
SkyBridge has historically specialised in traditional hedge funds, but it refocused on the crypto industry during its latest bull cycle. In July, reports emerged that the company was planning to create a special fund to invest in late-stage cryptocurrency Web3 companies. An official announcement about the fund is due to be made at the annual SkyBridge conference in Salt on 12 September.
The company has also launched an investment fund to invest in mining projects. The fund has raised about $7 million, according to a Securities and Exchange Commission filing in April.
FTX has been active in recent months as the cryptocurrency market has fallen, offering bailouts to troubled companies such as Voyager Digital and BlockFi. Bankman-Fried said he was not worried about losing money if the bailout meant that the crypto-economy as a whole remained healthy.
