New SkyBridge Fund to Focus on Web3 Fintech and Crypto Startups
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The article, which cited unnamed persons with knowledge of the situation, stated that the investment company would primarily be invested in privately held Web3 fintech and growth and late-stage crypto businesses.
On September 12, SkyBridge intends to announce the fund during its annual Salt Conference. The investing firm will concentrate on businesses continuing to raise capital through main rounds and those trading at discounts on the secondary market.
SkyBridge Paused Withdrawals From Legion Strategies Fund
SkyBridge announced a plan to launch the new fund a day after stopping withdrawals from Legion Strategies. The fund's performance decline due to its significant exposure to cryptocurrencies is said to be what led to the suspension.
The Legion Strategies Fund invested in several private businesses, including the FTX cryptocurrency exchange. Additionally, it has exposure to cryptocurrencies like bitcoin through SkyBridge-managed funds. Last March, SkyBridge applied for the Securities and Exchange Commission's (SEC) permission to launch an exchange-traded fund for spot bitcoin. The SEC later rejected the plan. As stated by Scaramucci in a May interview, the investment company started making bitcoin investments by the end of 2020.