Hedge fund SkyBridge founder Anthony Scaramucci is suspending redemptions of his Legion Strategies fund due to operational difficulties for private companies caused by the sharp fall in the cryptocurrency market, according to Bloomberg.
The Legion Strategies fund is one of Skybridge's smaller offerings, of which about 20 % are private companies, with about $230 million in assets invested in hedge fund managers.
FTX, a cryptocurrency exchange co-founded by billionaire Sam Bankman-Fried, is one of the fund's private investments.
Nearly half of the $3.5 billion in assets under management at SkyBridge Capital is currently invested in cryptocurrencies such as Bitcoin, the Algorand protocol, Ethereum, or related projects, Scaramucci said.
Among them, as of February 28, nearly a quarter of Legion's net assets were invested in the project mentioned above.
It will buy back 10% of the fund at the end of September, allowing investors to withdraw funds next time, a person familiar with the...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...