SkyBridge Capital, the investment firm founded by Anthony Scaramuci, has halted withdrawals from Legion Strategies, one of its smaller funds with £230 million in assets, following a steep fall in both stocks and cryptocurrencies, according to a report by Bloomberg.
SkyBridge Capital, the investment firm founded by Anthony Scaramucci, has halted withdrawals from Legion Strategies, one of its smaller funds with £230 million in assets, following a steep fall in both stocks and cryptocurrencies, according to a report by Bloomberg.
Some 20% of Legion’s portfolio currently consists of stocks of shares in private companies, including cryptocurrency exchange FTX, which are more difficult to sell. The fund of funds is also reported to have wider crypto exposure – almost 25% – via other SkyBridge-managed funds including vehicles focused on bitcoin, ether and algorand, according to a regulatory filing.
Since the peak of the 2021 bull run, several crypto assets, including bitcoin and ether, have lost nearly 70% or their value.
