FTX is acquiring a minority stake in SkyBridge

• SkyBridge will use a portion of the proceeds to purchase $40m in cryptocurrencies
• FTX Ventures invests in crypto and web3
• SkyBridge founder Anthony Scaramucci briefly served as President Trump’s White House Communications Director

FTX Ventures will acquire a 30 percent stake in SkyBridge Capital, an alternative investment firm. No financial terms were disclosed.

FTX Ventures’ investment will provide SkyBridge additional working capital to fund growth initiatives and new product launches. SkyBridge will also use a portion of the proceeds to purchase $40 million in cryptocurrencies to hold on its corporate balance sheet as a long-term investment.

“Our business has continued to evolve since we founded the firm in 2005,” Anthony Scaramucci, founder and managing partner of SkyBridge, said in a statement. “We will remain a diversified asset management firm, while investing heavily in blockchain.”

Prior to founding SkyBridge in 2005, Scaramucci co-founded investment partnership Oscar Capital Management, which was sold to Neuberger Berman in 2001. Also, he briefly served as White House Communications Director under President Donald J. Trump.

FTX Ventures invests in crypto and web3.

Headquartered in New York City and Palm Beach Gardens, Florida, SkyBridge focuses on hedge funds, fintech and venture capital.