Anthony Scaramucci's investment venture firm SkyBridge Capital lost 39% of capital in one of its funds after FTX went bankrupt, Bloomberg reports.
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The report notes that the firm's clients asked to redeem at least 60% of shares in 2022. However, they only got back 10%. Prior to that request, SkyBridge Capital allowed four redemption requests per year and promised to return as much as 25% on a quarterly basis.
Scaramucci had close ties with the now-bankrupt crypto exchange as in September last year he announced that FTX's venture arm, FTX Ventures, would buy a 30% stake in SkyBridge Capital.
After FTX collapsed, Scaramucci said that his legal team and other partners were "working to buy back that stake to take him [FTX Founder Sam Bankman-Fried] off of our cap table." It is unclear if those efforts paid off as FTX owes over $3 billion to the top 50 creditors.
Recall that the SkyBridge Multi-Adviser Hedge Fund Portfolios Series G fund has approximately 10% of its capital in bitcoin (EXANTE: Bitcoin). According to Scaramucci, even if the cryptocurrency grows, the firm does not intend to increase this holding, but is ready to "scale into other things."
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