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SkyBridge founder plans to buy back 30% stake FTX, appeals to SBF to come clean

SkyBridge founder plans to buy back 30% stake FTX, appeals to SBF to come clean


The alternative investment firm’s founder Anthony Scaramucci told CNBC on Friday that SkyBridge Capital is trying to buy back struggling crypto exchange FTX’s stake in the investment company.

“We’re in a worse position because of the fact that we made the decision to have Sam join the cap table at SkyBridge,” Scaramucci said. “There’s no question that we’re in a worse position. He’s hurt the industry.”

The investment arm of FTX, FTX Ventures, agreed to buy 30% of SkyBridge in September. FTX Ventures provided Scaramucci’s fund with capital to expand, build new products, and introduce cryptocurrencies.

The company planned to invest $40 million of the funds in cryptocurrencies over the long run to hold on to its balance sheet. However, due to the steep fall in the price of cryptocurrencies, the firm had to mark down some assets.

Moreover, Scaramucci confirmed that SkyBridge does not have assets under custody at FTX, citing the potential conflict of interest.

“Stop 22 tweets…explain exactly what happened”

As part of his CNBC interview, Scaramucci suggested that Bankman-Fried and his family make FTX’s events public to clarify matters.

“Stop 22 tweets, but get themselves in front of a regulator and explain exactly what happened,” Scaramucci told CNBC. “If there was a fraud, let’s clean it up to the extent possible and repair the accounts FTX has.”

The SkyBridge CEO has been an outspoken supporter of cryptocurrencies and has guided the company into several new crypto offerings since late 2020. The firm had also tried to list a spot bitcoin ETF earlier, but the SEC rejected it because of unclear regulations.





Compiled by Metacrunch. Metacrunch is a news complier and aggregator platform which aims to spread awareness and updates on Metaverse, Web 3.0 Technology, Blockchain, Cryptocurrency, NFTs, Airdrops and many more.

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