SkyBridge Capital’s fund suspends withdrawals because of stocks, crypto decline

Former White House Communications Director Anthony Scaramucci’s fund management company, SkyBridge Capital, said exposure For crypto assets such as Bitcoin (BTC) and Ethereum (ETH), Bloomberg News report..

According to the report, the affected fund is a corps strategy. This decision was made because the value of the stocks and cryptocurrencies held by the fund fell sharply.

Legion Strategy’s Fund currently holds about 20% of its portfolio in private-sector equity, which is traditionally more difficult to sell, according to sources spoken to Bloomberg.

One of its private investments is crypto exchange FTX.

Legion Strategies has an estimated $ 230 million in assets under management and is one of SkyBridge Capital’s small funds.

Meanwhile, as of February 28, 24% of the fund was exposed to cryptocurrencies. According to Bloomberg, exposure is now down to 10%.

At the time of the press, SkyBridge has not yet issued a development statement.

SkyBridge Capital is one of many companies whose Bitcoin ETF applications have been rejected by the Securities and Exchange Commission (SEC).However, the information available Indicated The company is preparing to resubmit the application to the regulator.

The company’s top executive, Scaramucci, is a voice supporter in the crypto industry. In one Bloomberg interview“The crypto market represents tremendous growth,” he said.

Approximately 50% of the company’s $ 3.5 billion assets under management are already tied to investments in the digital assets sector.