Skybridge eyes stake buyback from FTX, as Galaxy CEO says he want to ‘punch’ SBF

Savvyzine January 14, 2023



SkyBridge Capital CEO Anthony Scaramucci mentioned that his agency should purchase again the stake of the corporate it offered to FTX again in September final yr. Whereas Galaxy Digital CEO Mike Novogratz has indicated that he could be tempted to “punch” SBF proper within the jaw.

SkyBridge and FTX

FTX Ventures acquired a 30% stake within the different asset supervisor SkyBridge for an undisclosed price on Sept. 9, simply a few months earlier than FTX filed for chapter in November.

Talking to CNBC on Jan. 13, Scaramuci famous that in mild of FTX’s troubles, SkyBridge is making progress in shopping for again that stake, however urged the transfer wouldn’t be capable to get sorted “till most likely the top of the primary half of this yr.”

“We’re ready for the clearance from the chapter folks, the legal professionals and the funding bankers to determine precisely what we’re going to be shopping for again, and when,” the CEO mentioned, including that “I believe it’s going to resolve itself favorably.” 

Talking on former FTX CEO and founder Sam Bankman-Fried, Scaramucci outlined his ideas that there has seemingly been some foul play there. 

“I believe it’s very clear now that there was fraud. We’ll after all need to let the authorized system decide all of these issues. However for Sam, he is received three of 4 of the ideas which have labored alongside him have already pled responsible, and defined to prosecutors what they did,” Scaramucci mentioned.

The CEO’s feedback present a stark distinction to his earlier statements to CNBC from November, wherein Scaramucci refused to make use of the “fraud” phrase on account of its authorized ramifications, and urged “Sam and his household to inform the reality to their traders, get to the underside” of the entire debacle.

In accordance with SkyBridge’s web site, it had $2.2 billion price of belongings below administration as of Sept. 30, 2022, with roughly $800 million of the determine comprised of digital-asset-related investments.

Galaxy CEO in search of a smackdown

Galaxy Digital CEO Mike Novogratz says there’s a facet of him that want to punch each SBF and Digital Forex Group CEO Barry Silbert for their reported antics throughout crypto winter.

In an interview with Bloomberg posted on Jan. 13, Novogratz famous that the FTX ordeal ended up instantly costing Galaxy round $77 million. As such he’s not an enormous fan of SBF and different alleged misbehavior within the area over the previous yr.

“The poisonous masculine facet of me want to punch them each within the jaw,” he mentioned of SBF and Silbert, earlier than including particularly on SBF: “You’ve received to be f—ing kidding me. Like, actually, you a——?”

Associated: Crypto neighborhood unimpressed by SBF’s prolonged Substack letter

Novogratz finally admitted that he’s nonetheless a crypto proponent regardless of 2022 being such a wild yr for the trade.

He did be aware nevertheless, that he wished he had taken extra capital off the desk earlier in 2022 earlier than FTX and even the Terra/LUNA ecosystem went bust. Nonetheless, he says he managed to get greater than $1 billion out earlier than that yr started.