The Legion Strategies fund stopped accepting redemptions because about 20 percent of its wealth planning is made up of hard-to-sell private companies, according to a person familiar with the situation. One of Skybridge's softer offerings is about 2. Most of the $300 million in assets is entrusted to other hedge funds.
Bloomberg added that the fund is one of the soft products of Skybridge, which licenses about 2.3 billion of its $300 million assets to other hedge fund executives. According to Bloomberg, the fund`s private investment is in a cryptocurrency exchange co-founded by billionaire investor Sam Bankman-Fried.
The Legion Strategies fund will be able to invest in digital currencies touched by Skybridge's other managed funds, according to the controlling documents. These other funds include funds dedicated to the digital currency BTC, Ethereum and Algorand entities. About a quarter of Legion's net worth has been allocated to such funds.
The company, like many other digital currency businesses, has temporarily suspended its services due to the sharp drop in prices of most cryptocurrencies. Enterprises such as VoyagerDigital, CelsiusNetwork, BabelFinance, and ThreeArrowsCapital are just a few examples.
