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Scaramucci’s SkyBridge suspends withdrawals for funds with FTX Exposure

The move comes amid a sharp drop in both cryptocurrencies and stocks.

Anthony Scaramucci’s Skybridge Capital has halted investor acquisition for one of its hedge funds – Legion Strategies. The fund, with $230 million in assets under management (AUM), happens to be one of the investment firm’s smaller offerings.

  • Since the peak of the 2021 bull run, several crypto assets, including Bitcoin and Ethereum, have plummeted by nearly 70%. In fact, the cryptocurrency is currently in the midst of one of the worst market crashes in its more than a decade history. The broader stock market also crashed.
  • The falling price has left countless once established players, including lenders, stablecoin issuers, as well as institutional and retail investors.
  • Sources familiar with the matter told Bloomberg that SkyBridge’s decision was made because shares of private companies are relatively harder to handle.
  • According to the latest figures, 20% of the shares of Legion Strategies are in private institutions.
  • The hedge fund also owns 10% of cryptocurrencies in its portfolio, which is primarily exposed through other funds managed by Skybridge Capital according to filings with the U.S. Securities and Exchange Commission (U.S. Securities and Exchange Commission). SEC). Besides, Legion Strategies’ private investments also include prominent crypto exchange – FTX.
  • During the bloodbath in the crypto market after Terra collapsed and several platforms went bankrupt, SkyBridge Capital founder Anthony Scaramucci revealed the addition of Bitcoin and Ethereum to the company’s portfolio. .
  • Scaramucci’s Skybridge was one of the first hedge funds to switch to Bitcoin a few years back. Since then, he has accelerated the move to crypto through various blockchain partnerships, including a relationship with NAX’s trading platform.

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