FTX's venture arm, FTX Ventures, plans to buy a 30% stake in Anthony Scaramucci's investment firm SkyBridge Capital, CNBC reports. Scaramucci said in an interview that the firm plans to use about $40 million out of the proceeds to buy cryptocurrencies and hold them on its balance sheet as a long-term investment.
Scaramucci added that FTX bought SkyBridge's capital stock. None of the firm's partners sold their stocks, including Scaramucci himself. The SkyBridge Capital CEO added:
"Our business has continued to evolve since we founded the firm in 2005. We will remain a diversified asset management firm, while investing heavily in blockchain."
In July, SkyBridge Capital's affiliated fund with exposure to cryptocurrencies and equities in crypto companies Legion Strategies suspended investor redemptions. The fund had about 10% in cryptocurrencies, such as bitcoin (EXANTE: Bitcoin), ether (ETH) and algorand (ALGO), and allocated 20% as private investments, including in FTX.
