After the market turmoil that brought massive pain to numerous crypto-related companies, FTX continues to channel money into such entities.
The latest one in which the SBF-spearheaded organization will acquire a large stake is SkyBridge Capital.
According to a CNBC report from earlier on September 9, FTX Ventures will take a 30% stake in SkyBridge Capital.
The leaders of the two entities – Sam Bankman-Fried and Anthony Scaramucci, are set to provide further details on the deal later today.
SkyBridge will reportedly use a portion of the funds (around $40 million) to pay old investors and strengthen its balance sheet.
The firm began struggling due to its substantial exposure to the cryptocurrency industry after the market sank a few months ago.
As such, its flagship fund, as well as other company products, saw a significant investor exodus, as reported before.
SkyBridge also had to pause withdrawals for one fund that actually had exposure to FTX.
Scaramucci later admitted that going so big on bitcoin and the entire industry could have been a short-term mistake.
FTX, on the other hand, has been on a buying/investing spree in the past few months, offering to acquire portions in many of the struggling companies, such as BlockFi and Voyager Digital.
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