Skybridge to Buy Back FTX’s Stake, Rebounding in Crypto Industry

• Skybridge, a universal investment organization in New York, announced that it may buy back FTX’s stake in its company.
• Anthony Scaramucci, CEO of Skybridge Capital, stated that the firm could buy back the stake from the bankrupt crypto exchange, FTX.
• Richard Gardner argued that Sam Bankman’s investment into the stake wasn’t pertinent as it seemed.

Skybridge, an investment organization based in New York, has recently announced that it may buy back the stake in its company held by the bankrupt crypto exchange FTX. The news was brought to light by Skybridge Capital CEO Anthony Scaramucci, who said that it may take months to finalize the purchase as it is a complex process. He suggested that the deal may be finalized at the end of the first quarter of 2023.

The purchase of the stake originally took place in September of 2022, when FTX bought a 30% stake in Skybridge Capital. The global investment company had plans to use $40 million from the deal to invest in the crypto industry, with the intention of holding onto the balance sheet for a long-term plan.

However, the investment was met with criticism from Modulus CEO Richard Gardner, who argued that Sam Bankman’s investment into the stake wasn’t pertinent as it seemed. He went on to say that while venture capitalists believed that it was a turnaround for both organizations, to him it was more of a life jacket than a lifeboat, indicating that it was a huge risk for one entity. Anthony Sacramucci, the CEO of the investing firm, also defended the move and stated that it was a necessary decision in order to keep the company afloat.

Skybridge Capital’s decision to potentially buy back FTX’s stake in the company shows that the firm is confident in its ability to rebound from the bankruptcy and continue to grow in the crypto industry. With this news, it is expected that Skybridge will be able to make a stronger comeback in the long run and continue to be a major player in the investment market.