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SkyBridge Investors Want To Withdraw Funds Amid Crypto Crash

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SkyBridge Investors Want To Withdraw Funds Amid Crypto Crash

Barely two days after Bloomberg reported that Anthony Scaramucci’s SkyBridge Capital suspended client withdrawals from one of its smaller crypto funds, Legion Strategies, The New York Times reports that the American financier is facing a mass exodus of investors from his Skybridge flagship funds.

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Is Skybridge about to catch the bug?

Anthony Scaramucci, known as “The Mooch” in the financial world, is having trouble keeping his investors, some of the investors have already indicated they want out, this comes just after Skybridge ventured into crypto over a year ago.

The Skybridge flagship fund managed as much as $2 billion at the end of March but reportedly lost nearly a quarter of the value in Q2. Scaramucci told the Dealbook newsletter that Investors of the multi-adviser hedge fund portfolios want to withdraw $890 million but they are stuck in the fund.

Scaramucci however noted that he still believes in crypto, adding that about 22 percent of his flagship fund remained in crypto and related investments as at last month’s ending. He also admitted that he isn’t good with market predictions but he sees the prospect.

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Scaramucci’s crypto hedge fund woes

A source told Bloomberg that Legion Strategies had to suspend redemptions because stocks in private companies—which are traditionally harder to sell—now make up about 20% of the fund’s portfolio. FTX, the leading crypto exchange led by Sam Bankman-Fried, is also listed among Legion Strategies’ private investments.

Legion Strategies had about $230 million in assets under management (AUM). Currently, the fund holds only 10% digital assets, according to Bloomberg.

Scaramucci’s SkyBridge was among the first hedge funds to move into bitcoin. The firm also has a stake in ethereum, and as at June 2021, Scaramucci told CNBC that Skybridge Capital has “about $500 million” in bitcoin. He is also known to be very bullish on BTC.

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Abigal Vee

Abigal .V. is a cryptocurrency writer with over 4-years of writing experience. She focuses on news writing, and is skilled in sourcing hot topics. She’s a fan of cryptocurrencies and NFTs.

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