Scaramucci says, Bankman-Fried's bet on skybridge shows confidence in his future

The fund manager Anthony Scaramucci agreed to sell a great participation in his Skybridge Capital business to the cryptocurrency billionaire Sam Bankman-Fried in order to prove that it had a long-term future, after investing losses in connection with the falling price of digital assets had occurred.

Skybridge announced on Friday that FTX Ventures from Bankman-Fried will acquire a 30 percent share in the group. As part of the agreement, Skybridge will issue $ 40 million for the purchase of cryptocurrencies.

The investment combines two top -class personalities of the markets. Scaramucci was a brief communication director of the White House and host of the Salt Finance Conference under the former President Donald Trump, which took place in New York this week.

Bankman-Fried operates FTX, one of the world's largest crypto exchanges, and recently used his assets as a rescuer for struck companies in the crypto sector.

scaramucci did not announce the dollar value of the FTX ventures deal with Skybridge, but he said that the deal also offers a three -year option to acquire 85 percent of its fund group.

"If you have $ 50 million of liquid funds in your balance sheet, people don't believe that they give up their business," Scaramucci told reporters in his office Conference on Monday. "It was very important to me to say that Skybridge is set up for the next 20 or 30 years."

Scaramucci said that the FTX deal is a product of poor performance in a bad market. Skybridge, which has an administrative assets of $ 2.8 billion, has dropped by 25 percent this year, he said.

"Bear markets are shit," he added. "If I was doing very well right now - our performance is mediocre, lackluster - who knows whether we would do the transaction."

Scaramucci said the transaction was decided on the Bahamas during a two-hour lunch in a hotel, where Bankman-Fried was based. Scaramucci was with his family on a Disney cruise that had created on the islands.

he said he had proposed lunch to both discuss the possibility of a partnership and to avoid going to a water park with his children. At first he wanted to sell only 15 percent of his fund group.

skybridge has invested in hedge funds in the past, but Scaramucci turned to cryptocurrencies when he became a public supporter of digital assets. 16 percent of the fund had been in crypto before the sale in 2022, a number that fell to 8 percent because the value of digital tokens was fallen.

Scaramucci said that the cryptos bought with the FTX investment of 40 million

"We didn't need Sam's money.. To run the business," he said. "We use the proceeds for nothing other than balance sheet obligations."

He said that the deal with the crypto entrepreneur has a horizon of three to five years, and if Bankman-Fried did the full Skybridge share, Scaramucci would hold the remaining 15 percent.

keep Newspaper illustration of him on a falling ship loaded with cryptocurrencies said Scaramucci that he is not worried about those who doubt the future of his company. "I don't care... I framed it and put it in my office."