FTX Ventures announced it will acquire a 30% stake in SkyBridge Capital. FTX Ventures will also provide SkyBridge with additional working capital. SkyBridge will use $40 million from the proceeds to buy cryptocurrencies to strengthen its long-term balance sheet.  

The terms of the deal have not been disclosed. 

SkyBridge has been struggling this year due to its substantial exposure to the cryptocurrency industry following the recent sharp reversal in the market. 

This deal comes after a multi-year partnership between the two firms to sponsor the global SALT conference (institutional digital assets conference) in North America, Asia, and the Middle East, and co-present Crypto Bahamas, launched in April. 

Despite the unprecedented collapse in the crypto market, heavy funding is still going into the very market that has since shed close to $2 trillion since the last Bitcoin all-time high. 

FTX Ventures has been active this year even as the crypto markets have collapsed. It has made 31 deals in 2022, according to research firm PitchBook. The largest was a $350 million investment in the Near Protocol in April. 

FTX has raised $2 billion to date and was valued at $32.5 billion in January.