Skybridge joins in with Celsius, however, for different reasons, as the firm has announced the suspension of withdrawals from a crypto-exposed fund owned by the company. However, the head of the firm, Mr. Scaramucci, has said that it is only a temporary measure with no fear of any liquidation.
Skybridge Capital has suddenly suspended any withdrawals from the Legion Strategies fund that it owned. The founder and the head of the capital have denied the fear of liquidation of the company, saying it is only a temporary measure.
The founder and CEO of Skybridge Capital, Mr. Anthony Scaramucci, said in his interview with CNBC that the board has temporarily decided to suspend the withdrawals from the crypto find owned by the company to raise the inside capital of the fund.
The CEO added the fund was unleveled, and thus, the investors should not be worried about the worse for now. Also, only 18% of the fund is exposed to the crypto market. Scaramucci has brought examples of BTC and FTX stocks while talking about the fund’s exposure to the crypto market.
Skybridge Paused Withdrawals In One of Its Crypto Exposed Funds
Scaramucci said that everyone had signed the investor’s agreements. Thus, he does not think that there will be any surprises here, given what is going on in the overall market.
The financial service companies like Skybridge have applied to become a bitcoin exchange-traded fund (ETF) and have faced rejection from the US Securities and Exchange Commissions. Skybridge is also on that list of companies. The head of the company says he sees a bright future in crypto. However, he is worried about the politicians in the US. The first investment in Bitcoin by the company was in late 2020.