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Scaramucci’s SkyBridge Capital Suspends Redemptions in a Crypto-Linked Fund

SkyBridge Capital suspended redemptions in the Legion Strategies fund amid further declines in stock and crypto asset prices.
The offshore Legion Strategies fund requiring a minimum investment of $50,000, received exposure to digital assets through fund vehicles linked to Bitcoin, Ethereum, and Algorand.
SkyBridge has invested in crypto mining companies through the First Trust SkyBridge Crypto Industry and Digital Economy ETF, launched in September 2021. Notable investments include Riot Blockchain Inc., Hut 8 Mining Corp, Argo Blockchain, Iris Energy, Marathon Digital Holdings, and Bitfarms.
The ETF is down about 40% since May 3, 2022, as crypto mining stocks themselves took a hit.
The board decided to temporarily suspend redemptions until SkyBridge can raise capital within the fund so that when redemptions do happen, they do so in an orderly fashion.

Disclaimer: This story is auto-aggregated & summarized by a computer program and has not been created by TokenAround.

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