SkyBridge Capital, the hedge fund company founded by Anthony Scaramucci, on Tuesday, said it experienced record-breaking monthly returns, primarily attributed to investments in Bitcoin (CRYPTO: BTC).

What Happened: According to Scaramucci, the month of October has been the best in SkyBridge’s history. “We’re on a good roll now. The month of October has probably been the best month in SkyBridge’s history,” Scaramucci said during an interview on Bloomberg TV.

However, SkyBridge had faced some reputational damage due to its association with Sam Bankman-Fried, the former CEO of crypto exchange FTX. “I think it’s hurt our reputation. There’s [no] question about that. I think it would be naive to think that we didn’t get hurt by it.”

Bankman-Fried is currently facing trial in New York on charges of fraud and misuse of FTX customer funds.

Scaramucci expressed his belief that Bankman-Fried has no plausible defense and that the prosecutors presented a strong case against him. “…I think the prosecutors did a very good job of explaining facts based explanation of his guilt. But he’s now had his day in court. And I think it’s gonna be a very sad day for him and his family when this is over,” he said.

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Why It Matters: Regarding SkyBridge’s performance in October, Scaramucci mentioned that a significant portion of the success can be attributed to Bitcoin and other altcoins.

“A lot of its Bitcoin, some of its tech, some of its newer economy, things that have rebounded aggressively since the beginning of the year. But of course, Bitcoin has had a spectacular month,” he told Bloomberg.

Scaramucci added, “We own a lot of Solana (CRYPTO: SOL). I think Solana is probably up 70% this month. And we never sold Bitcoin. In fact, if anything, we accumulated Bitcoin this year at lower prices, and it served us and our clients well.”

FTX’s venture arm acquired a 30% stake in SkyBridge in September 2020, just before FTX faced bankruptcy, resulting in substantial losses for its customers. Scaramucci attempted to help Bankman-Fried raise capital and prevent a liquidity crisis by leveraging his Middle Eastern network. He plans to repurchase the stake from FTX, but the process is subject to the bankruptcy court’s approval.

Price Action: At the time of writing, Bitcoin was trading at $34,281 up 0.20% in the last 24 hours, according to Benzinga Pro.

Photo by Al Teich on Shutterstock

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