The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Hedge Fund Veteran Anthony Scaramucci Halts Redemptions for Fund Exposed to Crypto Exchange FTX and Bitcoin

by Daily Hodl Staff
July 19, 2022
in Bitcoin

SkyBridge Capital founder Anthony Scaramucci is responding to concerns about the firm temporarily halting withdrawals on one of its investment funds that has exposure to crypto.

In a new interview on CNBC’s Squawk Box, the investing veteran explains the reasoning behind pausing client redemptions in Legion Strategies fund while allaying fears of potential liquidation.

“Our board made a decision to temporarily suspend until we can raise capital inside the fund and make sure when people get out, they get out orderly and we keep the fund’s portfolio composition more or less in sync, so as not to damage investors if they want to stay in.

The fund is down 30% year-to-date. It’s up 5% this month. The fund is un-levered so there’s absolutely no fear of any liquidation whatsoever.”

Scaramucci goes on to say that about one-fifth of the fund is invested in cryptocurrency-related products such as Bitcoin (BTC) and the FTX exchange, noting that once market conditions improve the fund will return to normal activities.

“About 18% of the fund is in what we would call crypto exposure. Some of that is in things like Bitcoin. Also private investments in things like Sam Bankman-Fried’s company FTX.

Stepping back from the whole thing, we made the decision alongside our independent board, and as things start to get better we’ll release that suspension.”

The hedge fund billionaire concludes by observing that investors often panic when they see the value of their portfolios drop. He adds that the Legion Strategies fund has been operational for nearly three decades.

“Everybody’s a long-term investor until they have short-term losses. What ends up happening is they start to change their investment idea when they start seeing near-term negative performance.

Some investors are upset, but frankly, there are a lot of investors… That fund has been open since 1994. There’s a lot of investors in there that have long-term embedded capital gains.”

Back in mid-June, Scaramucci reaffirmed his commitment to long-term crypto investments despite the asset class tumbling by over 70% since late 2021.

He suggested it was possible for Bitcoin to surge past $100,000 over the next one to two years, then said of the overall crypto space,

“I can’t predict the future, but what I can see is there is a tremendous amount of robust development and adoption.

Lots of positives as it relates to fundamentals. Just the price action is terrible right now.”

At time of writing, Bitcoin is maintaining positive momentum, up another 3.8% on the day and trading for $23,319.

BTC has rallied by 22% from a weekly low of $19,113 last Wednesday.

O
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Amanda Carden

Submit a Press Release

Industry Announcements

  • Binance Launches Free Tax Tool To Provide Tax Details for Crypto Transactions in First Step of Global Launch
    February 6, 2023
  • BlockJoy Secures Nearly $11 Million From Gradient Ventures, Draper Dragon, Active Capital and More To Launch Decentralized Blockchain Operations
    February 2, 2023
  • Peer Acquires Elite Team of Engineers Behind Zenly’s Popular 3D Maps
    February 1, 2023
  • Sign Up Today for the TRON Grand Hackathon aka HackaTRON Season Four
    February 1, 2023
  • MegaWorld Land Gameplay on BNB Chain Starts February 15, 2023
    February 1, 2023
  • Web 3.0 Hackathon on Astar Sponsored by Toyota Motor Corporation
    February 1, 2023
  • Match-Trader White Label by B2Broker Gives Brokers a Comprehensive Online Trading Platform With B2Core Integration
    February 1, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$22,939.15
$22,939.15
0.21%
Ethereum
$1,639.89
$1,639.89
1.1%
Cardano
$0.388578
$0.388578
0.18%
XRP
$0.397854
$0.397854
0.09%
Dogecoin
$0.091494
$0.091494
0%

Spotlight

  • Legendary Trader Peter Brandt Says Bitcoin Flashing Rare Bullish Signal – Here’s His Target
    January 31, 2023
  • Rich Dad Poor Dad Author Details Why Bitcoin Is Exploding, Says Top Crypto Is One of the ‘Hottest Subjects’ on Earth
    February 2, 2023
  • Action Is Needed To Regulate Crypto Assets That Are Not Securities, Says CTFC’s New Chairman
    February 5, 2023
  • Analyst Who Accurately Predicted 2018 Bitcoin Bottom Forecasts ‘Finale’ Rally for BTC – Here’s His Target
    February 1, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl