FTX Ventures, the investment arm of FTX, a crypto exchange run by billionaire Sam Bankman-Fried, has agreed to buy 30% of SkyBridge Capital for an undisclosed amount.
SkyBridge, the investment firm founded by Anthony Scaramucci, who was an aide to former U.S. President Donald Trump, will use some of the funds to buy $40 million in cryptocurrencies to hold on its balance sheet as a long-term investment, the firm said Friday.
Historically, SkyBridge has focused on traditional hedge funds, but it pivoted toward crypto during the last bull cycle, with reports in July that it was planning a Web3-dedicated fund to invest in late-stage crypto companies. According to the reports at the time, an official announcement on the fund is set for Sept. 12 at SkyBridge's annual Salt conference.
The firm also started an investment vehicle to invest in bitcoin (BTC) mining, which raised about $7 million according to a U.S. Securities and Exchange Commission Filing in April.
Bankman-Fried said in July that he wasn't bothered about losing money if his bailouts meant the broader crypto economy remained healthy.
UPDATE (Sept. 9, 11:19 UTC ): Adds detail, background.
UPDATE (Sept. 9, 11:51 UTC): Adds link to FTX announcement, removes CNBC sourcing.
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