Skybridge Capital Has Suspended Payments For Crypto Investors
One of the funds operating under Skybridge Capital and Anthony Scaramucci has suspended cryptocurrency payments for its investors. According to Bloomberg, we are talking about the Legion Strategies hedge fund. It was reported that this move was taken after a sharp drop in the prices of shares of technology companies and digital currencies, which has been observed in the markets in recent months.
It was said that the decision to suspend the payout program was made because shares in private companies, traditionally harder to sell, now make up about 20% of the fund’s total portfolio. Market experts highlighted that the FTX crypto exchange, led by Sam Bankman-Freed, is also listed on the Legion Strategies private investment list.
Earlier it was said: according to an official application to the US Securities and Exchange Commission (SEC), the Legion Strategies fund received access to the management of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Algorand (ALGO). The hedge fund managed approximately $230 million (AUM), with almost 25% of net assets in crypto as of February 28, 2022.
Representatives of Skybridge Capital refused to give official comments on this matter and assured that the public would soon learn everything from the press.
At the same time, Scaramucci said that he continues to believe in the cryptocurrency market, despite the increased volatility of virtual assets. According to him, the situation should change in the next 3-4-5 years. He considered that investing in digital currencies is very promising.