Anthony Scaramucci’s investment management firm SkyBridge Capital lost 39% in its biggest funds last year thanks to bad crypto-related bets, including an equity partnership with now-failed crypto exchange FTX, Bloomberg reported.

According to the report, SkyBridge’s largest fund, with $1.3 billion of assets at the end of the third quarter, had one of its worst months in November, the month FTX filed for bankruptcy protection.

The decline sparked a sizable move by investors for a return of their money, with requests for the redemption of 60% of the firm's capital at the Sept. 30 deadline, according to the report. Only 10% of that had been returned, according to a January filing.

SkyBridge previously gave investors four redemption periods during the year with a promise of returning at least 25% in cash each quarter. That's now been cut to two, according to Bloomberg.

A SkyBridge representative declined to comment to Bloomberg.

Among SkyBridge's backers is FTX, with FTX Ventures announcing in September the purchase of a 30% stake in the asset manager. After the collapse of FTX in early November, Scaramucci said he was looking into buying back the equity.

The rough period hasn't seemed to dent Scaramucci's crypto optimism. “I’m encouraging people to invest now,” he told CoinDeskTV in a Jan. 18 interview. “We’re closer to a bottom than we are to another top."

Read more: FTX Creditor List Features Netflix, Binance, Wall Street Journal

UPDATE (Jan. 27 17:00 UTC): Adds details from the Bloomberg report.