Despite Anthony Scaramucci’s Skybridge Capital being closely associated with FTX, he doesn’t believe the defunct crypto exchange will return any time soon.
“I don’t see how it would be possible for FTX to reopen,” Scaramucci said in an interview. “Right now, these exchanges don’t make much money. And many of these exchanges are in the red. And they are burning through the capital they raised and waiting for the new bull market to begin. and wait for higher volumes.”
Scaramucci’s investment firm is closely linked to FTX, with FTX previously buying a substantial stake in Skybridge Capital, while Skybridge previously invested in FTX.
“I don’t see how they restart it. I didn’t see a good return to it, but you know, I was wrong about a lot of things,” Scaramucci said, noting that any exchange reboot would have to be bought out by creditors.
Lawyers for FTX have previously said they would explore a possible reopening. It proposed a restructuring plan in July that would explore a restart in the second quarter of next year. Creditors will then review the plan and possibly vote in the first half of 2024.
“But if they recover I see it as a net positive for Skybridge… that means they’re profitable. And we hope to be able to negotiate with them,” Scaramucci said.
Scaramucci said the more likely scenario would be that FTX would sell the software and license it and launch it under a new brand. With a small group of FTX clients hoping that the exchange can start over. Despite the fact that three former FTX executives pleaded guilty to criminal charges, former FTX CEO Sam Bankman-Fried awaits trial in October.
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