FTX led by Sam Bankman-Fried has acquired 30% of SkyBridge Capital, the alternative investment firm run by Anthony Scaramucci.
SkyBridge will use the money from FTX to buy $40 million in cryptocurrencies, which it will hold on its balance sheet. The timing is interesting as the value of SkyBridges current digital portfolio have come down with the rest of the markets so it appears the mooch is doubling down on Crypto all the while other investors have asked for refunds from the fund.
FTX continues its strategy of buying distressed crypto companies at discounts and saving most from bankruptcy.
Written by: WarBiscuitNFT
