SkyBridge Capital, which is controlled by Anthony Scaramucci, has lost money in the GameStop rally, according to COO Brett Messing.
However, the firm still thinks that the ruckus is a net positive.
Anthony Scaramucci, SkyBridge Capital CEO, is still excited about the recent surge in GameStop (GME) stock; however, according to COO Brett Messing, the firm lost an amount of money during the rally.
In a virtual panel, Messing revealed that the firm had been exposed to Melvin Capital, the hedge fund targeted by Reddit users and retail investors as a part of an enormous group effort to pump the price of GameStop; he then added that they were watching the stock “with interest.”
Melvin Capital had forgiven the ailing video game retailer. However, it was forced to close out yesterday around noon after losing nearly $3B. Steve Cohen’s Point72 Capital and Ken Griffin’s Citadel have given the company a $2.75B bailout. Messing stated that SkyBridge had been exposed to Melvin Capital through its investment in Point72, though he wouldn’t compute the exposure.
Scaramucci is best known for his highly controversial stint as former President Donald Trump’s assistant; he has taken a decisively bullish approach to Bitcoin in the past few months. SkyBridge’s $25M Bitcoin fund was opened to investors early this year, and the firm’s overall exposure to the asset is now around $385M.
In the latest interview, Scaramucci stated that “the activity in GameStop is more proof of concept that Bitcoin is going to work… How are you going to beat that decentralized crowd?”
He then tweeted, comically, “We are witnessing the French Revolution of Finance.”
Messing seems to share Mooch’s optimism, stating that the coordinated GameStop price inflation was “decentralization epitomized.” It is an example of the power of an anonymous majority over a single hedge fund manager.
Messing continued that even though he “lost money” in the rally, he wasn’t all that phased.
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