FTX Takes 30% Stake in Anthony Scaramucci’s Crypto Fund as Bitcoin Rises 9%

Bloomberg has reported that the investment arm of the FTX exchange, founded and run by billionaire Sam Bankman-Fried, has decided to take a 30% stake in SkyBridge Capital – Anthony Scaramucci’s fund that invests in Bitcoin and Ethereum, along with other coins and crypto. -related companies.

FTX Ventures buys a 30% stake in Anthony Scaramucci’s SkyBridge Capital, the latest in a series of deals and bailouts linked to Sam Bankman-Fried

— Bloomberg Australia (@BloombergAU) 9 September 2022

Two crypto billionaires deepening their business ties with each other

Scaramucci’s SkyBridge has gone deeper into crypto recently. There have been both direct purchases of various coins and investments in cryptocurrency companies. The money raised by Scaramucci will be used to support the fund’s growth and to buy a portion of the cryptocurrency worth $40 million, which will be added to the balance sheet.

This is not the first time the founder of FTX, Sam Bankman-Fried, has collaborated with Scaramucci. In the past, their companies have formed a partnership after the crypto conferences with SALT, when FTX sponsored annual crypto events organized by SALT in North America, Asia and the Middle East.

Together, FTX and SkyBridge set up a crypto conference in the Bahamas – the location of FTX. The event took place in April this year with headliners such as Bill Clinton, Tony Blair and football legend Tom Braidy. Overall, FTX has become a sponsor of crypto conferences launched by SkyBridge.

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Now, Bankman-Fried stated that he wants to work closely with SkyBridge Capital in relation to their crypto investment deals, and also on non-crypto related investments.

At the end of June, SkyBridge managed a total capital of $2.5 billion, of which $800 million was in cryptocurrencies.

Bankman-Fried saved crypto companies during crisis

As reported by U.Today earlier, this summer the FTX boss has been trying to save the crypto companies that drowned during the recent Bitcoin dive.

In total, Sam Bankman-Fried allocated $1 billion to invest in these companies. However, in an interview, he shared that these investments produced mixed results and that not all of them have been profitable.

One of the companies that agreed to take a loan from FTX’s US-based branch was crypto-lender BlockFi in exchange for dividends and an option to buy this company.

Bankman-Fried emphasized that he was not just looking for profit when he lent to these companies, but he wanted to support firms suffering from the Bitcoin price drop.

Bitcoin Returns 9%

In the past few hours, the flagship digital currency, Bitcoin, has risen by about 9%, returning to the $21,000 zone. On September 8, BTC was trading in the $19,340 range.

The $19,800 level was lost by Bitcoin two days ago, when it plunged $19,700, pushing several massive red hourly candles down to $18,640.