SkyBridge Capital, an investment management firm, lost almost 39% in the previous year, as reported by Bloomberg. The loss was reportedly noted due to the recent mishappenings in the crypto ecosystem, which also includes the equity partnership with FTX.
According to the Bloomberg report, SkyBridge’s biggest fund with $1.3 Billion at the end of third quarter, noted one of its worst months of 2022 in November. It was the same month when Sam Bankman-Fried’s crypto exchange, FTX, declared bankruptcy.
Furthermore, the investors requested the return of 60% of their assets at the most recent redemption period. But just 10% of that had been brought back. SkyBridge once gave investors four redemption periods during the year with a promise of giving back at least 25% in cash each quarter. And it has now been cut to two.
According to the official site of Skybridge, the firm manages more than $ 2.2 Billion, including more than $800 Million in digital asset-related investments (as of September 30th, 2022.) The firm is led by Anthony Scaramucci, Brett Messing, and Ray Nolte, and is organized into three major functions: Investments, Operations/Finance/Legal and Marketing/Business Development.
The investment team has managed hedge funds with the same investment process since 2005. The investment management firm offers digital assets and fund of hedge funds products including SkyBridge Multi-Adviser Hedge Fund Portfolios LLC – Series G.
SkyBridge also hosts global thought leadership events, SkyBridge Alternatives (“SALT”) Conferences, in the United States, Singapore, and Abu Dhabi. Their global event connects the leading asset managers and entrepreneurs with top asset owners, investment advisors and policy experts.
SkyBridge Founder’s Interview Highlight
FTX, now-bankrupt crypto exchange, was the supporter of SkyBridge. Last year, in September FTX Ventures announced the purchase of a 30% stake in SkyBridge. And after the collapse of FTX, the Founder of SkyBridge, Anthony Scaramucci said he was looking into buying back the equity.
However, this whole mis-happening did not loosen the trust of SkyBridge’s founder in crypto. As in his recent interview this month, he said “the time to start investing in crypto is now.” He further said that long-term investors should keep a three to five year time frame while neglecting day-to-day price movements.
Scaramucci also said Bitcoin’s price could be nearing its bottom point so the time to invest in it may be now. He says he is encouraging people to start their investment now.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/01/29/skybridge-doomed-39-last-year-due-to-crypto-downtown/