{"id":5761,"date":"2022-07-19T13:24:00","date_gmt":"2022-07-19T13:24:00","guid":{"rendered":"https:\/\/fatburningcoffeetrick.com\/?p=5761"},"modified":"2022-07-19T13:24:01","modified_gmt":"2022-07-19T13:24:01","slug":"skybridge-capitals-fund-suspends-withdrawals-because-of-stocks-crypto-decline","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=5761","title":{"rendered":"SkyBridge Capital&#8217;s fund suspends withdrawals because of stocks, crypto decline"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p>Former White House Communication Director Anthony Scaramucci\u2019s fund management firm SkyBridge Capital suspended withdrawals in one of its funds with exposure to crypto assets like Bitcoin (BTC) and Ethereum (ETH), Bloomberg News reported.<\/p>\n<p>According to the report, the affected fund is Legion Strategies. The decision was made because of the sharp decline in the values of stock and cryptocurrencies held by the fund.<\/p>\n<p>Sources who spoke to Bloomberg said the Legion Strategies fund now has around 20% of its portfolio in private companies\u2019 stocks which are traditionally more difficult to sell.<\/p>\n<p>One of its private investments is the crypto exchange FTX.<\/p>\n<p>Legion Strategies\u2019 assets under management are estimated to be $230 million, and it is one of SkyBridge Capital\u2019s smaller funds.<\/p>\n<p>Meanwhile, 24% of the fund was exposed to crypto as of February 28. According to Bloomberg, the exposure has now dropped to 10%.<\/p>\n<p>As of press time, SkyBridge has yet to release a statement on the development.<\/p>\n<p>SkyBridge Capital is one of the numerous firms whose Bitcoin ETF application has been rejected by the Securities and Exchange Commission (SEC). Available information, however, showed that the firm is gearing to resubmit its application to the regulator.<\/p>\n<p>The firm\u2019s top executive Scaramucci is a\u00a0vocal supporter of the crypto industry. In one Bloomberg interview, he said that \u201ccryptocurrency markets represent tremendous growth.\u201d<\/p>\n<p>Around 50% of the firm\u2019s $3.5 billion assets under management are already tied to investment in the digital asset space.<\/p>\n<h2>Get an Edge on the Crypto Market \ud83d\udc47<\/h2>\n<p>Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.<\/p>\n<p>  <strong>On-chain analysis<\/strong><\/p>\n<p>  <strong>Price snapshots<\/strong><\/p>\n<p>  <strong>More context<\/strong><\/p>\n<p> Join now for $19\/month Explore all benefits<br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/skybridge-capitals-fund-suspends-withdrawals-because-of-stocks-crypto-decline\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former White House Communication Director Anthony Scaramucci\u2019s fund management firm SkyBridge Capital suspended withdrawals in one of its funds with exposure to crypto assets like Bitcoin (BTC) and Ethereum (ETH), Bloomberg News reported. According to the report, the affected fund is Legion Strategies. The decision was made because of the sharp decline in the values [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5762,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-5761","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5761","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5761"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5761\/revisions"}],"predecessor-version":[{"id":5763,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5761\/revisions\/5763"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/5762"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}