The investment arm of Sam Bankman-Fried’s crypto exchange FTX is acquiring a 30% stake in Anthony Scaramucci’s SkyBridge Capital for undisclosed terms.
The multi-stage venture capital fund FTX Ventures is backing global alternative investment firm SkyBridge Capital with additional working capital to fund growth initiatives and new product launches, according to a Friday (Sept. 9) press release.
SkyBridge and FTX frequently collaborate and recently signed a multi-year partnership to sponsor global SALT conferences in North America, Asia and the Middle East. SALT is a global thought leadership and networking forum encompassing finance, technology and geopolitics.
The two companies are also co-presenting Crypto Bahamas, an institutional digital assets conference that launched in April 2022. The firms plan to continue collaborating on venture and digital asset investing, per the release.
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“Sam is a visionary who has built incredible businesses that are synergistic with the future of SkyBridge,” said Scaramucci, founder and managing partner at SkyBridge. “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.”
Part of the fresh capital from FTX Ventures will go toward purchasing $40 million in cryptocurrencies to hold on its corporate balance sheet, per the release. The company is profitable and debt-free.
Read more: Report: Happy Endings ‘Mixed’ for FTX Bailout of Crypto Firms
“After working with Anthony and his team following our SALT conference partnership, we saw there was an opportunity to work closer together in ways that could complement both our businesses,’” said Bankman-Fried. “We look forward to collaborating closely with SkyBridge on its crypto investment activity and also working alongside them on promising non-crypto-related investments.”
Scaramucci and Bankman-Fried will discuss the partnership at SALT New York at the opening session on Monday (Sept. 12) at 9 a.m. ET.
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