In one of SkyBridge’s largest private market investments to date, Anthony Scaramucci will be offering investors an option to invest in Kraken as it plans to go for an IPO next year.
In a private offering, SkyBridge Capital founded by Anthony Scaramucci is offering investors a chance to invest in crypto exchange Kraken. The cryptocurrency exchange is planning to go public the next year.
In an email to investors, SkyBridge noted that it is purchasing preferred stock from an early investor. This is on behalf of its funds and clients. SkyBridge further calls it one of the “largest private market investments to date”. In an email to investors, accessed by CoinDesk, SkyBridge wrote:
“We believe we have secured an attractive valuation (approximately $10.5 billion relative to the reported $10 billion valuation from the company’s last round over seven months ago)”.
Furthermore, as per the terms of investment, qualified investors need to have a minimum investment of $250,000. Besides, the investment will also have a 4% upfront purchase fee, 20% incentive fee, and 8% hurdle upon exit.
Kraken currently offers its services to 9 million customers worldwide while facilitating daily spot trading volumes of over $1.6 billion. The latest details emerge as Kraken plans to go public next year in 2022. The company is eyeing a valuation of $10 billion.
SkyBridge Capital Founder Scaramucci Multiplies His Bitcoin Investment to 4x
In one of his latest CNBC interviews, Scaramucci said that his $270 million Bitcoin investment is now worth more than $1 billion.
“I have over a billion dollars in Bitcoin now. I started accumulating that position last year. I think that this manifests itself into a gigantic asset class. This is equivalent, to me, to digital gold,” he said.
Scaramucci further explained that he has been heavily invested in Bitcoin since he understands the assets’ underlying properties well. “Do the homework on bitcoin, understand what it is. Anybody that does the homework … ends up investing into it. Look at Ray Dalio, a bitcoin skeptic, now a bitcoin investor,” he said.
He further added names of other big investors like Paul Tudor Jones and Stanley Druckenmiller who have invested in BTC. “These are brilliant guys [who] did the homework and drew a conclusion that they needed to own a piece of bitcoin,” he added.
Last week, Bitcoin (BTC) touched an all-time high of $67,000. However, it has been trading sideways since then. As of press time, the BTC price has tanked 7% slipping under $60,000 levels.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
