Few in our industry haven’t heard of Anthony Scaramucci,
founder and managing partner of the global alternative investment firm SkyBridge
Capital, and founder and chairman of the thought leadership forum SALT. He
spoke with Markets Group briefly after just penning a deal with Sam
Bankman-Fried, who paid about $45 million for a 30% stake in SkyBridge. Scaramucci,
a crypto investor, will reportedly use the investment to keep balance sheets
liquid and keep SkyBridge “set up
for the next 20 or 30 years,” according to the Financial Times. He has also signed up to be a celebrity contestant on a new Special Forces reality
show on Fox, where he and a star-studded group will be put through the paces of
a special forces training camp.
Markets Group: People are looking at crypto investments and saying they “blew up” in a bad way. What didn’t blow up? What is the structure and strategy that saved them?
Anthony Scaramucci: Crypto is trading in line with other risk assets and high-growth technology company valuations during this bear market. The market right now is driven by the Fed's aggressive monetary tightening after an extended period of historic monetary dovishness, so we are seeing a repricing of growth. In crypto right now, we are seeing a healthy cleansing of weak companies and unnecessary token projects.
MG: What do you see as the best plays in the space right now for long-term institutional investors?
AS: We believe the best approach is sticking with the well-capitalized, category-leading infrastructure companies in the space like FTX, and the highest-quality coins like Bitcoin, Ethereum and Solana.
MG: Endowments and foundations have been more likely to invest in cryptocurrencies. What do you think will strengthen the space for all institutional investors in the year to come?
AS: We conducted an institutional survey at our Crypto Bahamas conference, and by far the biggest hurdle to adoption among institutions was cited as regulatory uncertainty. The credible companies in the blockchain space invite regulation, and if federal regulators and elected officials use common sense, we will arrive at a framework that is both fair and protects consumers. Once we get regulatory clarity, institutional adoption will accelerate.
MG: Will SALT aid in helping investors understand digital infrastructure and crypto?
AS: Our goal with SALT is to bring together the old financial world and the new financial world. As part of that, we aim to educate "TradFi" institutions about the inevitable paradigm shift toward decentralization and disintermediation, driven by blockchain technology.
MG: Can you get into the weeds on any of the news developments around the firm?
AS: We are excited about FTX's 30% stake in SkyBridge and believe it will help both firms broaden their businesses and networkings in a meaningful way.
MG: Can you speak to why you wanted to join the new Special Forces television show?
AS: I have been pitched every reality TV show on the planet since my stint in politics and have turned down 99% of them. With celebrity special forces, I viewed it as an opportunity to challenge myself physically and mentally. The show was filmed in May, and when it airs, you will see how grueling the experience was. The experience changed me as a person, I achieved things I didn't think were possible for me, and I made new lifelong friends that I cherish.