Scaramucci’s SkyBridge Capital Lost 39% Last Year: Bloomberg
Anthony Scaramucci’s investment management firm SkyBridge Capital dropped 39% last year thanks to wrong-way crypto bets, including an equity partnership with now-bankrupt crypto exchange FTX.
The decline sparked a sizable move by investors for a return of their money, with requests for the redemption of 60% of the firm’s capital at the Sept. 30 deadline. Only 10% of that had been returned, according to a January filing.
SkyBridge previously gave investors four redemption periods during the year with a promise of returning at least 25% in cash each quarter. That’s now been cut to two, according to Bloomberg.
Among SkyBridge’s backers is FTX itself, with FTX Ventures last September announcing the purchase of a 30% stake in asset manager. After the collapse of FTX in early November, Scaramuucci said he was looking into buying back the equity.
The rough period hasn’t seemed to dent Scaramucci’s crypto optimism. “I’m encouraging people to invest now,” he told CoinDeskTV in a Jan. 18 interview. “We’re closer to a bottom than we are to another top.»
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