Multi-stage venture capital fund FTX Ventures revealed on Friday that it will acquire a 30% stake in SkyBridge Capita, a global alternative investment firm. The financial terms of the deal have not been made public.
According to the official announcement, through FTX Ventures’ investment, SkyBridge will receive additional working capital to fund growth initiatives and new product launches. Additionally, SkyBridge will use a portion of the proceeds to buy $40 million in cryptocurrencies to hold on its corporate balance sheet as a long-term investment.
The announcement further noted that SkyBridge remains profitable and debt-free, notwithstanding market conditions.
The deal follows a multi-year partnership between SkyBridge and FTX partnership to sponsor global SALT conferences in North America, Asia and the Middle East, and co-present Crypto Bahamas, the institutional digital assets conference that launched in April 2022. With the new deal, the two firms will expand their collaboration on venture and digital asset investing across current and future product offerings.
Anthony Scaramucci, Founder and Managing Partner, SkyBridge, said:
Sam is a visionary who has built incredible businesses that are synergistic with the future of 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.
Sam Bankman-Fried, added:
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. We look forward to collaborating closely with SkyBridge on its crypto investment activity and also working alongside them on promising non-crypto-related investments.
Bankman-Fried recently bought a 7.6% stake in Robinhood Markets through his company Emergent Fidelity Technologies.
Earlier this year, FTX Ventures announceed a $100 million investment in banking app Dave.
