FTX Ventures Will Acquire 30% Stake in SkyBridge Capital

SkyBridge was commonly associated with hedge funds. However, it switched to cryptocurrency during the bear market and suffered the repercussions of the current decline in the market. Reports state that Skybridge banned repayments from one of its funds with exposure to FTX after July's severe falls.

SkyBridge - A Global Multi-Asset Investment Firm

Anthony Scaramucci's SkyBridge, founded by the former White House spokesperson, would use the money to finance investments in cryptocurrency worth around $40 million.

Skybridge describes itself as a global multi-asset class alternative investments company that specializes in hedge fund solutions. Since its introduction in September of last year, the First Trust SkyBridge Crypto Industry and Digital Economy ETF (CRPT) have shed over two-thirds of its worth. On Thursday, its units dropped more than 22% in after-hours trading for no apparent reason.

Troubles With CRPT ETF

Some have speculated that FTX's involvement in the CRPT ETF may be the most recent in a series of strategic acquisitions by FTX, taking advantage of the distressed values of some crypto firms that had overreached themselves before this year's price drop.

Scaramucci remains optimistic about Bitcoin in the long run despite the short-term challenges. It was revealed in July that the company also intends to introduce a Web3-focused fund.