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HomeDeFiSkyBridge Capital Suspends Crypto Fund Redemptions: Report

SkyBridge Capital Suspends Crypto Fund Redemptions: Report



Blockchain News

  • Scaramucci’s SkyBridge suspends crypto fund redemptions, Bloomberg reviews.
  • SkyBridge’s Legion Strategies fund ceased accepting redemptions since 20% of the portfolio is now personal corporations.
  • SkyBridge is simply one of many many corporations that suspended crypto providers amid the present bear market.

According to a report from Bloomberg, investment agency Skybridge Capital, led by Anthony Scaramucci, halted cash withdrawals in considered one of its funds after extreme drops within the worth of equities and crypto.

According to one of many individuals acquainted with the state of affairs, the Legion Strategies fund stopped accepting redemptions as a result of round 20% of the portfolio is comprised of personal corporations which can be tougher to promote. The fund is considered one of Skybridge’s extra modest merchandise, and it delegates nearly all of its round 230 million {dollars} in property to the administration of different hedge funds.

Bloomberg added that the fund is without doubt one of the extra modest merchandise made by Skybridge, which licenses out nearly all of its round 230 million {dollars} in property to different managers of hedge funds. It has been reported by Bloomberg FTX that one of many fund’s personal investments is within the cryptocurrency change that was co-founded by the billionaire Sam Bankman-Fried.

According to a regulatory submitting, the Legion Strategies fund was in a position to get publicity to digital property by investing in different funds managed by Skybridge. These different funds included entities that have been targeted on Bitcoin, Ethereum, and Algorand. Around 1 / 4 of Legion’s web property have been allotted to funds like this.

As a results of the sharp lower within the value of most digital property, the agency, like many others engaged in cryptocurrency, has briefly ceased its providers. Companies similar to Voyager Digital, Celsius Network, Babel Finance, and Three Arrows Capital are just some examples.

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