Scaramucci’s SkyBridge Planning New Fund for Web3, Crypto: Report

The news follows a report earlier this week that SkyBridge suspended withdrawals from another fund due to steep declines in stocks and cryptocurrencies.

AccessTimeIconJul 20, 2022 at 8:53 p.m. UTC
Updated Jul 20, 2022 at 9:02 p.m. UTC

Brandy covers crypto-related venture capital deals for CoinDesk.

Anthony Scaramucci's SkyBridge Capital is planning a fund dedicated to Web3 and cryptocurrency investments, according to Business Insider sources.

  • CoinDesk reached out to SkyBridge Capital, but a representative declined to comment.
  • Scaramucci – who famously spent 11 days as communications director for former President Donald Trump – will reportedly launch the venture and growth equity-style fund to invest in Web3 financial technology companies and late-stage crypto companies. According to Business Insider, an official announcement is to come on Sept. 12 at SkyBridge's annual Salt conference.
  • Bloomberg reported on Monday that SkyBridge had halted withdrawals from its $250 million Legion Strategies fund because stock and crypto price pullbacks shifted the investment balance, meaning a far higher proportion of holdings are now in harder-to-sell private investments. Among investors in Legion Strategies is FTX.
  • SkyBridge and Scaramucci have historically focused on traditional hedge funds but made a big pivot into crypto alongside that sector's massive bull run.

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Brandy covers crypto-related venture capital deals for CoinDesk.

CoinDesk - Unknown

Brandy covers crypto-related venture capital deals for CoinDesk.

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