🔮 Better than the Oracle? Our Fair Value found this +42% bagger 5 months before Buffett bought itRead More

Scaramucci's SkyBridge Capital looking to buy back stake from FTX - CNBC

Published 11/11/2022, 08:02 AM
Updated 11/11/2022, 10:31 AM
© Reuters. FILE PHOTO: Anthony Scaramucci, founder and managing partner of SkyBridge speaks during the SALT conference in Manhattan, New York City, U.S., September 14, 2022.  REUTERS/David 'Dee' Delgado/File Photo

By Carolina Mandl

(Reuters) -SkyBridge Capital is working to buy back its stake from embattled crypto exchange FTX, the alternative investment firm's founder Anthony Scaramucci said in an interview with CNBC on Friday.

"My legal team and my other partners are working to buy back that stake to take him off of our cap table," he said, referring to Sam Bankman-Fried, FTX's founder.

SkyBridge has no assets under custody at FTX, according to Scaramucci. "We thought that was a potential conflict of interest."

Still, he said the firm has had to mark some assets down given the steep decline in cryptocurrencies prices.

© Reuters. FILE PHOTO: Anthony Scaramucci, founder and managing partner of SkyBridge speaks during the SALT conference in Manhattan, New York City, U.S., September 14, 2022.  REUTERS/David 'Dee' Delgado/File Photo

In September, FTX announced it had bought a 30% stake in Scaramucci's $2.2 billion firm, which manages over $800 million in digital-related assets.

Scaramucci said he went to the Bahamas on Tuesday to meet Bankman-Fried and try to help rescue the crypto exchange. He left in the afternoon, after realizing there was not much he could do. "Perhaps there was more going on than it being a rescue situation."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.