- Anthony Scaramucci’s SkyBridge Capital suffered a 39% loss in 2022 for its top fund, according to Bloomberg.
- This is due to losing bets on FTX and cryptocurrencies, prompting investors to withdraw their funds.
- SkyBridge investors asked to withdraw 60% of the top fund’s capital during the September 30 redemption period, but received only 10%.
SkyBridge Capital’s largest fund suffered a 39% loss in 2022 as it lost betting on FTX and cryptocurrencies. Report from Bloomberg.
The company’s largest fund was rocked by the collapse of FTX in November. Cryptocurrencies account for about 28% of the fund, and his stake in FTX accounts for 14%.
FTX filed for bankruptcy in November amid a liquidity crisis and reportedly transferred billions of dollars in client funds to support Sam Bankman-Fried’s Alameda Research trading arm.
But even before FTX crashed, the cryptocurrency was in a deep slump as other industry failures piled up earlier this year.
SkyBridge investors asked to withdraw 60% of the top fund’s capital during the Sept. 30 redemption period, but only 10% was returned, according to documents cited by Bloomberg.
The company limits investors to two withdrawals per year. SkyBridge previously allowed investors four withdrawal requests per year, guaranteeing returns of up to 25% of their capital.
The collapse of FTX, the world’s second-largest cryptocurrency exchange before it filed for Chapter 11 bankruptcy protection, and the widespread slump in the cryptocurrency market in 2022 led to SkyBridge’s sharp drop last year. was the main cause of
SkyBridge founder Anthony Scaramucci and FTX founder Bankman-Fried have developed a close relationship over the past few years.
But last week Scaramucci accused Bankman-Fried of ‘betrayal’ and ‘fraud’ At the crypto panel at the World Economic Forum in Davos, Switzerland.
FTX also buys 30% of SkyBridge Capital $45 million in September 2022, financial times SkyBridge reportedly purchased $10 million in FTT, the cryptocurrency of FTX, as part of its trading requirements. Earlier this week, he said he only got back $400,000 With that $10 million investment.
as for SkyBridge’s stake in FTX, it is expected to be wiped out. The SkyBridge-related fund was said to own 1.3 million Class A common shares of West Realm Shires, the company that manages FTX’s US-based exchange. Additionally, the SkyBridge Fund was listed as owning 244,196 shares of his common stock and 61,049 shares of Series B-1 preferred stock in FTX Trading.