New SkyBridge fund to invest in web3, fintech startups: Business Insider

Anthony Scaramucci's investment firm SkyBridge Capital will roll out a fund for web3 and crypto startups starting September, Business Insider reported on Wednesday. 

The fund, which is a mix between traditional venture and growth equity, will be open to accredited investors. It will be mainly invested in privately held web3 fintechs as well as in growth and late-stage crypto companies, according to the report, which cited unidentified sources familiar with the matter. SkyBridge is planning to announce the fund at its annual Salt conference on September 12. 

Sources cited by Business Insider said the fund was in line with Scaramucci's aim to be at the forefront of decentralized finance. The investing firm will focus on companies that are trading at discounts on the secondary market and firms that continue raising primary rounds. 

The Block reached out to Scaramucci's camp but they declined to comment. 

The plan to roll out the new fund emerged a day after reports that SkyBridge suspended withdrawals from the Legion Strategies fund. The suspension was reportedly caused by the fund's performance drop due to heavy exposure to crypto. The Legion Strategies Fund was invested to several private companies, including crypto exchange FTX. It is also exposed to cryptocurrencies through funds managed by SkyBridge, including bitcoin.

SkyBridge previously sought Securities and Exchange Commission's approval for a spot bitcoin exchange-traded fund in March last year. The SEC ultimately rejected the proposal. 

The investment firm also began investing in bitcoin at the end of 2020, according to Scaramucci in an interview with The Block in May. An investor deck obtained by The Block at that time showed Scaramucci put as much as $182 million in the cryptocurrency.