September 9, 2022 - FTX Ventures, a multi-stage venture capital fund announced that it will acquire a 30% stake in SkyBridge Capital an alternative investment firm. The financial terms of the deal have not been disclosed.
FTX Ventures' investment will provide SkyBridge additional working capital to fund growth initiatives and new product launches. Further, SkyBridge will use a portion of the proceeds to purchase $40 million in cryptocurrencies to hold on its corporate balance sheet as a long-term investment. SkyBridge remains profitable and debt-free, notwithstanding market conditions.
The deal is the latest collaboration between SkyBridge and FTX, following the multi-year partnership to sponsor global SALT conferences in North America, Asia and the Middle East, and co-present Crypto Bahamas, the leading institutional digital assets conference that launched in April 2022. The firms will expand their collaboration on venture and digital asset investing across current and future product offerings.
"Sam is a visionary who has built incredible businesses that are synergistic with the future of SkyBridge," said Anthony Scaramucci, Founder and Managing Partner, 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."
"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 Sam 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."
Anthony Scaramucci and Sam Bankman-Fried will discuss the partnership together on stage at SALT New York's opening session on Monday September 12 at 9:00 a.m. ET.
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