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FTX ventures to acquire a 30% stake in SkyBridge

FTX
FTX

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A multi-stage venture capital fund, FTX ventures, has revealed plans to acquire a 30% stake in Skybridge Capital. The announcement shows FTX Ventures Investment will offer SkyBridge more working capital to support its expansion and new projects. Currently the financial details of the acquisition are currently unknown at the moment. 

However, the announcement indicated that SkyBridge would use some of the received funds to buy more crypto worth $40 million. The acquired virtual assets will go into the firm’s corporate balance sheet on a long-term investment plan. Also, the firm failed to disclose the type of crypto it would acquire. An exciting part of the acquisition is that SkyBridge is not in any debt whatsoever despite the current market situation. 

While the firm still records a substantial profit, both SkyBridge and FTX have collaborated in the past. Not quite long, the two firms signed a multi-year deal to sponsor global SALT conferences. The conferences took place in North America, Asia, and the Middle East. Around April 2022, the two organizations co-hosted “Crypto Bahamas.” Despite the recent development, the organizations will strengthen their venture and digital asset investment partnership in current and future product offerings.

Opinions on the acquisition

Both Anthony Scaramucci and Sam Bankman-Fried have reacted to the development. Founder and Managing Partner of SkyBridge, Anthony Scaramucci, describes Sam Bankerman-Fried as a visionary who has built great business empires that are by the values of SkyBridge. 

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Anthony Scaramucci illustrated how SkyBridge had developed massively since its inception in 2005. Scaramucci added that the firm would remain a diversified asset management organization, and It will continue its investment in the blockchain sector.

Similarly, Sam Bankman-Fried heaped praises on Anthony Scaramucci. He recalled his working experience with Scaramucci during the SALT conference. Sam Bankman-Fried said the conference birthed the idea of working alongside Scaramucci and his team. 

He stated that they conceived the idea of working to complement each other businesses. He added that he’d look forward to working with SkyBridge on its crypto investment project. 

Sam Bankman-Fried added that the collaboration would also extend beyond crypto investment alone. Lastly, by 9:00 am ET, both Anthony Scaramucci and Sam Bankman-Fried will discuss the state of the collaboration. This discussion will come up on stage at the SALT New York opening session.

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