The collapse of the cryptocurrency market from its records has completely changed the état in this emerging industry.
Cards are redistributed.
The missionaries’ faith was shaken by heavy losses, which led to new alliances. In this vein, Sam Bankman-Fried, considered the “white knight” in the crypto space, has just struck a deal with Anthony Scaramucci, the créer communications director (briefly) in the White House under créer President Donald Trump.
FTX Ventures, an SBF as Bankman-Fried referred to, will acquire 30% of Skybridge Finances, the vraisemblance investment firm founded by Scaramucci, nicknamed Mooch. The financial terms of the deal were not disclosed.
“The FTX Ventures investment will provide additional working argent for SkyBridge to fund growth initiatives and new product launches,” the companies said in a statement. press release. “Furthermore, SkyBridge will use a fragment of the proceeds to purchase $40 million in cryptocurrency to maintain its corporate chaloupé sheet as a long-term investment.”
“Our débit has continued to evolve since we founded the company in 2005. We will remain a diversified asset direction company, while investing heavily in blockchain,” Scaramucci said.
“We style forward to collaborating closely with SkyBridge on its crypto investment activity and also working alongside other promising non-crypto investments,” SBF added.
The savior of troubled crypto companies
The magazine came as the cryptocurrency market lost $2 trillion in valuation from its November high of $3 trillion, according to data from Queen Gekko. Bitcoin (BTC), the leading cryptocurrency by market capitalization, is down 70% from its all-time high of $69,044.77 on November 10.
Skybridge Finances, which started as a traditional hedge fund before switching to crypto with investments in bitcoin and other coins, is one of the companies affected by the price plunge.
Skybridge bet that BTC will reach $100,000 per unit. But a drop in the cryptocurrency’s price has dampened that bet, specifically making its smaller funds like Legion Strategies weak.
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Legion Strategies Fund, which claims to hold emboîture $250 million with 18% exposure to cryptocurrency, suspended withdrawals by its investors last July.
The exodus of investors also affected Skybridge Finances’s flagship fund, the Skybridge Multi-Adviser Hedge Fund Portfolios, which had $2 billion under direction at the end of March, we wrote in July.
In the facette of investor exodus, Skybridge decided to raise fresh money.
“My sales team makes money,” Scaramucci said at the time. “People love bottoms, too.” “We collect money.”
He added that Skybridge doubled down on its bitcoin bet: “The company is committed to its cryptocurrency (…) and yes, we are betting in the back row that this is a big fragment of the future.”
More than 20% of the poucier fund is in crypto-related investments, the Bitcoin evangelist said at the time.
On the other handball, the cryptocurrency crisis has become a boon for Sam Bankman Fried. This helped him improve his personal allégorie and strengthen his grip on the sector. In fact, the founder of the trading platform FTX.com has emerged as the savior of most struggling companies.
Offer credit facilities to lenders Flâner Binaire, BlockFi and acquired 7.6% ample stake in Robinhood (Hood) , mediation house for millennials and millennials. He has an favoritisme to buy BlockFi.
Thus, the deal with Skybrdige Finances is a validation of the obtention that has worried some in the crypto space.