SVB Financial Group, an ex-parent company of Silicon Valley Bank is expected to accept a deal allowing the institution to sell SVB Capital, its venture capital arm, stated Cointelegraph.
With insights from a report by the Wall Street Journal, on September 15, 2023, Anthony Scaramucci’s SkyBridge Capital and Atlas Merchant Capital are jostling with Vector Capital, a San Francisco-based firm, in the final stages of the bidding process.
Sources mentioned that SVB’s venture capital arm might get sold off for between $250 million and $500 million. Supposedly, they also warned that a final sale is not guaranteed and that it might still require the review of the creditor’s committee, Cointelegraph added.
Scarammuci’s SkyBridge Capital is also expected to manage some $1.8 billion in assets. It is believed that among them about $580 million is held in cryptocurrencies and other digital asset-related investments. Furthermore, SkyBridge Capital and SVB Capital did not comment on this, Cointelegraph concluded.
(With insights from Cointelegraph)