FTX Ventures in Talks to Acquire 30% Stake in SkyBridge Capital
FTX Ventures Eyes Strategic Investment in SkyBridge Capital
FTX Ventures, the investment division of leading cryptocurrency exchange FTX, is in discussions to acquire a 30% stake in SkyBridge Capital. SkyBridge, founded by former White House communications director Anthony Scaramucci, is a prominent player in alternative investments, including hedge funds and Web3 initiatives.
SkyBridge to Bolster Crypto Investments with New Funding
The potential deal is expected to provide SkyBridge with capital to invest approximately $40 million in crypto assets. This aligns with the firm's reported plans to launch a dedicated Web3 fund, signaling its commitment to expanding its presence in the digital economy.
Challenges for SkyBridge's Crypto ETF
SkyBridge's First Trust SkyBridge Crypto Industry and Digital Economy ETF (NYSE:CRPT) has faced significant challenges, losing over two-thirds of its value since its launch in September 2021. The ETF's units also dropped 22% in after-hours trading recently, raising questions about its performance amid broader crypto market volatility.
FTX's Strategic Move in a Distressed Market
The talks come as FTX continues to capitalize on distressed valuations in the crypto space. The company has been actively acquiring or bailing out struggling firms, positioning itself as a key player in the industry's consolidation. However, neither FTX nor SkyBridge has commented on the discussions or the potential terms of the deal.
This move underscores FTX's strategic efforts to strengthen its foothold in the crypto ecosystem, while SkyBridge aims to leverage the partnership to navigate the current market challenges.
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