• The capital will help SkyBridge buy $40 million of crypto to hold on its balance sheet long-term
  • FTX Ventures recently led the $300 million Series B round for Mysten Labs, which was announced Thursday

The venture arm of crypto exchange FTX is set to acquire 30% of alternative investment firm SkyBridge Capital, the companies revealed Friday.

SkyBridge, founded by Anthony Scaramucci in 2005, will use part of the proceeds to buy $40 million in cryptocurrencies for its corporate balance sheet as a long-term investment, with the remaining set aside to fund new initiatives.

An SEC-registered investment adviser, SkyBridge managed roughly $2.5 billion, as of June 30, including about $800 million in digital assets. 

Scaramucci called FTX CEO Sam Bankman-Fried a “visionary” in a statement, noting that the business will remain a diversified asset management firm that invests heavily in blockchain. 

The investment follows a partnership between FTX and SkyBridge to sponsor SALT conferences in North America, Asia and the Middle East, as well as to co-present April’s Crypto Bahamas conference, where FTX earlier this year pledged to set up a headquarters.

“We saw there was an opportunity to work closer together in ways that could complement both our businesses,” Bankman-Fried said in a statement. “We look forward to collaborating closely with SkyBridge on its crypto investment activity and also working alongside them on promising non-crypto-related investments.”

Specific terms of the deal were not disclosed. Spokespeople for the companies did not immediately return a request for comment. 

The investment comes a day after FTX Ventures revealed investment in Mysten Labs, builder of the Sui blockchain. The fund led its $300 million Series B round, which valued Mysten at more than $2 billion. 

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  • Ben Strack is a Denver-based reporter covering macro and crypto-native funds, financial advisors, structured products, and the integration of digital assets and decentralized finance (DeFi) into traditional finance. Prior to joining Blockworks, he covered the asset management industry for Fund Intelligence and was a reporter and editor for various local newspapers on Long Island. He graduated from the University of Maryland with a degree in journalism. Contact Ben via email at [email protected]