In spite of the negative market for cryptocurrencies, a number of companies are continuing to build and reset. The acquisition of a thirty percent stake in SkyBridge Capital, an investment firm created by Anthony Scaramucci, by the cryptocurrency exchange FTX was one of the trending stories in the world of cryptocurrencies on this past Friday. This was one of the main headlines in the industry.
The acquisition, which was confirmed by both Scaramucci and FTX founder and CEO Sam Bankman-Fried, comes on the heels of a recent collapse in the cryptocurrency market, which flushed high-profile companies such as crypto hedge fund Three Arrows Capital and Voyager Digital out of the market. Scaramucci and Bankman-Fried both acknowledged the procurement.
According to our previous reporting, Scaramucci’s company was likewise compelled by the state of the market in July to halt withdrawals from one of its smaller funds.
Despite the harsh conditions of the crypto winter, FTX maintains its expansion.
In spite of the fact that SkyBridge Capital stated in the press release that FTX Ventures, the venture capital arm of FTX, would be concluding the partial takeover, Anthony Scaramucci and Sam Bankman-Fried appeared on the program ‘Squawk Box’ on CNBC to explain the decision.
According to Bankman-Fried, who was recently given the label “J.P. Morgan of Crypto,” the 30% stake in SkyBridge Capital isn’t an improbable venture at all. Since last year, it would appear that the cryptocurrency exchange has been conducting an analysis of the private equity firm and has come to the conclusion that the Scaramucci-led organization has the potential to play a pivotal role in the development of bitcoin investment and acceptance.
According to the FTX CEO, the stake is “a first step” toward becoming a member of the team and contributing to the progression toward this objective.
In addition, Scaramucci stated that the sale had been finalized. His company will turn 18 years old in March. During the interview on CNBC, he stated that his company has invested the earnings in assets to the value of $40 million, and these purchases will be reflected straight on the company’s balance sheet.
Regarding the question of why an acquisition, the CEO of SkyBridge stated that he approached Bankman-Fried and offered his vision of what a deal would do to the growth of not just the digital asset investment space, but also across traditional assets. This was in response to the question of why an acquirement.
The way he articulated it was as follows: “I think what we are doing in asset management matches the vision Sam has for FTX in terms of its growth.” His point of view is that the two businesses have the potential to share “a lot of synergies, a lot of relationship opportunities – cross-generational relationship prospects,” both of which are beneficial.
Both SkyBridge and FTX are already working together as part of a multi-year relationship regarding the sponsorship of the annual SALT conferences. It is anticipated that both companies’ CEOs will discuss the most recent deal during this year’s SALT New York on September 12th.
The companies also work together to put on a symposium about digital assets called Crypto Bahamas.