FTX Ventures, the investment arm of Sam Bankman-Fried-led crypto exchange FTX, agreed to buy 30% of SkyBridge Capital for an undisclosed amount.
SkyBridge, the investment firm founded by former Donald Trump aide Anthony Scaramucci, will use some of the funds to buy $40 million in cryptocurrencies to hold on its balance sheet as a long-term investment, the company said Friday.
SkyBridge's focus has historically been traditional hedge funds, but it pivoted toward crypto during the last bull cycle, with reports in July that it was planning a Web3-dedicated fund to invest in late-stage crypto companies. According to the reports at the time, an official announcement on the fund is set for Sept. 12 at SkyBridge's annual Salt conference.
The firm also started a new investment vehicle to invest in bitcoin mining, which raised about $7 million according to a U.S. Securities and Exchange Commission Filing in April.
FTX, for its part, has been active in recent months as the crypto market melted, offering rescues to troubled firms such as lenders Voyager Digital and BlockFi.
Bankman-Fried said in July that he was not bothered about losing money if his bailouts meant the broader crypto economy remained healthy.
The stake was announced earlier by CNBC.
UPDATE (Sept. 9, 11:19 UTC ): Adds detail, background.
