FTX Ventures – a Sam Bankman-Fried’s FTX crypto exchange division – is reportedly going to obtain a 30% stake in alternative asset manager SkyBridge Capital. 

Specifically, the conditions of the agreement were yet to be revealed, nonetheless, SkyBridge is planning to allocate the newly acquired $40 million of the proceeds to buy cryptocurrencies to hold as a long-term investment. 

“There’s a small universe of outside investors SkyBridge would ever consider partnering with, and @SBF_FTX is one of them.” SkyBridge founder and managing partner Anthony Scaramucci reportedly revealed via a Twitter post. 

“This won’t significantly impact our day-to-day business and doesn’t change our strategy. […] We will remain a diversified asset firm, while investing heavily in blockchain.” 

Currently, SkyBridge offers management services to approximately $2.5 billion, including more than $800 million in crypto assets, as of June 30, according to its website.

The two companies reportedly forged an alliance to jointly work on the SALT (SkyBridge Alternatives) Conferences and the Crypto Bahamas conference throughout 2021. 

“We’ve gotten to know the team over the last year. […] We’ve been really excited about what they’ve been doing […] from the investment angle, growing out the community — the digital assets community and the traditional asset community — bringing them together.” Bankman-Fried shared via a CNBC statement. 

SkyBridge reportedly started pumping investments in Bitcoin (BTC) two years ago, with Scaramucci turning into a vocal proponent of crypto since then. 

The company has been relatively unaffected by the meltdown of the crypto market, although it disclosed the suspension of withdrawals from its crypto-exposed Legion Strategies fund in July.