The venture arm of cryptocurrency exchange FTX, led by eccentric billionaire Sam Bankman-Fried, purchased a 30% stake in SkyBridge Capital, an investment firm led by former Trump Administration official turned bitcoin evangelist Anthony Scaramucci, the companies announced Friday.
FTX and SkyBridge did not disclose how much the stake was acquired for, though SkyBridge said it would use part of the investment to buy $40 million in cryptocurrencies.
Scaramucci, the White House’s former director of communications, called Bankman-Fried a “visionary who has built incredible businesses that are synergistic with the future of SkyBridge” in a statement.
SkyBridge manages about $2.5 billion in assets, $800 million of which are digital.
Scaramucci, who worked at Goldman Sachs before starting SkyBridge, famously worked in the White House for only 11 days in July 2017 before Trump fired him, and has since turned into an avowed Trump critic. FTX and SkyBridge have collaborated closely previously, as FTX and the SkyBridge-founded SALT thought leadership forum have organized high-profile conferences together, including May’s Crypto Bahamas. Bankman-Fried and Scaramucci will appear together Monday at a SALT event in New York.
We estimate that Bankman-Fried is worth $17.2 billion, the 98th largest fortune in the world and one of the largest fortunes built on crypto. Bankman-Fried’s net worth has tumbled in 2022 as bitcoin has shed more than 55% in value. The 30-year-old was worth $24 billion in April, making him the 60th wealthiest person in the world at the time.
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FTX Ventures Buys 30% Stake in Scaramucci’s SkyBridge Capital (Bloomberg)