Legion Strategies, a hedge fund operated under Anthony Scaramucci’s Skybridge Capital has suspended withdrawal services for investors.
According to an inside source, sharp downfall in stocks and cryptocurrencies price in the past month forced the move to halt investor redemptions. Currently, its stock in private companies holds around 20% of the fund’s portfolio.
Notorious crypto exchange FTX, the crypto exchange led by Sam Bankman-Fried is also among the top investor’s list.
According to the current SEC filing, the Legion Strategies fund also obstructed exposure to such cryptocurrencies including Bitcoin, Ethereum, and Algorand along with other funds handled by Skybridge.
In February, Legion Strategies had approximately $230 million worth of assets under management (AUM), which was around 25% of net assets held in crypto. However, as per the new data, now the number declined to 10% in digital assets.
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Scaramucci became a vocal advocate for crypto after serving at the White House as a Director of Communications back in 2017.
Skybridge Capital had also planned to launch a spot Bitcoin Exchange-traded fund (ETF), which was unfortunately rejected by the SEC in January 2022.
