.FTX_Official is to take a 30% stake in investment firm SkyBridge. Part of the investment will be used to invest in $40 million of crypto to hold on its balance sheet. By JamieCrawleyCD
FTX Ventures, the investment arm of Sam Bankman-Fried-led crypto exchange FTX, agreed to buy 30% of SkyBridge Capital for an undisclosed amount.
SkyBridge, the investment firm founded by former Donald Trump aide Anthony Scaramucci, will use some of the funds to buy $40 million in cryptocurrencies to hold on its balance sheet as a long-term investment,SkyBridge's focus has historically been traditional hedge funds, but it pivoted toward crypto during the last bull cycle, with reports in July that it was
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., which raised about $7 million according to a U.S. Securities and Exchange Commission Filing in April. FTX, for its part, has been active in recent months as the crypto market melted, offering rescues to troubled firms such as lenders
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