Skybridge Capital Plans to Buy FTX Stake, Process Could Take Months

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• Skybridge Capital announced plans to buy back FTX’s stake from their company.
• Anthony Scaramucci, CEO of Skybridge, stated that the process could take months to finalize.
• Richard Gardner argued that Sam Bankman’s investment into the stake wasn’t pertinent as it seemed.

Skybridge Capital, a global investment organization based in New York, has announced plans to buy back FTX’s stake in the company. This news comes after FTX, a crypto exchange, purchased 30% of Skybridge’s firm back in September 2022, before the company encountered several controversies that ultimately led to their bankruptcy.

CEO of Skybridge, Anthony Scaramucci, stated that the purchase process could take months to finalize due to the various investments bankers, bankruptcy individuals, and lawyers that must be consulted in order to make a decision. Scaramucci proposed that the purchase should be finalized by the end of the first quarter of 2023.

The purchase has been met with some criticism, however, as Richard Gardner, CEO of Modulus, argued that Sam Bankman’s investment into the stake was not pertinent. He suggested that it was more of a life jacket than a lifeboat, indicating that it was a risk to one entity. Additionally, White House communication director Anthony Sacramucci argued that the short-term and financier investments could lead to potential issues in the future.

Skybridge plans to use $40 million from the purchase to invest in the crypto industry and to hold onto the balance sheet for a long-term scheme. With the purchase, the company hopes to benefit from the increased stability and security of their investments. For now, Skybridge is waiting for clearance from the various individuals and entities to make a final decision on the purchase.