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Scaramucci’s SkyBridge Planning New Fund for Web3, Crypto: Report
The news follows a report earlier this week that SkyBridge suspended withdrawals from another fund due to steep declines in stocks and cryptocurrencies.
Anthony Scaramucci's SkyBridge Capital is planning a fund dedicated to Web3 and cryptocurrency investments, according to Business Insider sources.
- CoinDesk reached out to SkyBridge Capital, but a representative declined to comment.
- Scaramucci – who famously spent 11 days as communications director for former President Donald Trump – will reportedly launch the venture and growth equity-style fund to invest in Web3 financial technology companies and late-stage crypto companies. According to Business Insider, an official announcement is to come on Sept. 12 at SkyBridge's annual Salt conference.
- Bloomberg reported on Monday that SkyBridge had halted withdrawals from its $250 million Legion Strategies fund because stock and crypto price pullbacks shifted the investment balance, meaning a far higher proportion of holdings are now in harder-to-sell private investments. Among investors in Legion Strategies is FTX.
- SkyBridge and Scaramucci have historically focused on traditional hedge funds but made a big pivot into crypto alongside that sector's massive bull run.
Brandy Betz
Brandy covered crypto-related venture capital deals for CoinDesk. She previously served as the Technology News Editor at Seeking Alpha and covered healthcare stocks for The Motley Fool. She doesn't currently own any substantial amount of crypto.
