TechFlow news, according to Bloomberg citing sources familiar with the matter, SkyBridge Capital, the prominent asset management firm founded by Anthony Scaramucci, lost 39% last year due to a wrong-way bet on cryptocurrency and investments tied to FTX. SkyBridge's largest fund held $1.3 billion in assets as of the end of the third quarter last year, but its net value shrank significantly after FTX filed for bankruptcy protection in November. Cryptocurrency holdings accounted for 28% of the fund’s portfolio, with stakes in FTX and other crypto firms making up 14%.
A sharp drop in asset values triggered a wave of investor redemptions, demanding the return of 60% of their capital before the September 30 deadline. According to a January filing, only 10% of the requested funds have been returned so far. SkyBridge previously offered investors four redemption windows, promising to return at least 25% of cash each quarter, but has now reduced the number of redemption periods to two.Source link
