CNBC: FTX Ventures to buy 30% stake in SkyBridge Capital

The investment company will keep the funds received on the balance sheet in the form of cryptocurrencies

09.09.2022 - 15:30

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2 min

What’s new? The venture division of cryptocurrency exchange FTX, led by Sam Bankman-Fried, will buy a 30% stake in investment company SkyBridge Capital. It was also announced that the heads of both companies will speak at a press conference to reveal details of the deal. SkyBridge will use a portion of the financing to place $40 million in crypto investments, which will be held on the investment company's balance sheet. CNBC reports the information.

$FTX Ventures is taking a 30% stake in Skybridge Capital. @andrewrsorkin reports: pic.twitter.com/InSehcc0XV— Squawk Box (@SquawkCNBC) September 9, 2022

What is known about SkyBridge Capital? It is an investment company founded by former Donald Trump aide Anthony Scaramucci in 2005. In late April, the company announced the launch of a mining fund. In July, its Legion Strategies fund suspended payments amid a sharp drop in stocks and cryptocurrencies.

In August, the head of SkyBridge said that the worst part of the bear market was over and that BTC was unlikely to fall below $17 500. Scaramucci also called $40 000 a fair price for bitcoin.

What is known about FTX? It is a centralized cryptocurrency exchange for trading derivatives headquartered in the Bahamas. It was created in 2018 by trader Sam Bankman-Fried and programmer Gary Wang. As of 2022, the platform has more than one million registered users. Its daily trading volume is $1,95 billion, according to CoinMarketCap. The platform features 340 coins and 524 currency pairs.

In July, it was reported that FTX was in talks to raise new funds after making a number of large purchases during the market downturn. In total, during the collapse of the market of digital assets, the company has made deals worth about $ 1 billion.

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