SkyBridge Capital, led by Anthony Scaramucci, is racing to acquire Silicon Valley Bank’s venture capital arm, with the sale expected to happen soon.

SVB Financial Group, the former parent company of Silicon Valley Bank, is getting closer to a deal to sell its venture capital division, SVB Capital.

According to a report from The Wall Street Journal dated September 15, Scaramucci’s SkyBridge Capital and Atlas Merchant Capital are in the final stages of the competitive bidding process, competing with San Francisco-based Vector Capital.

Sources suggest that SVB’s venture capital arm could sell for a price ranging from $250 million to $500 million. However, it’s important to note that a definitive sale is not guaranteed and would still need to be reviewed by the creditor’s committee.

A decision on the sale is expected to be presented to the court in the coming weeks.

SVB Capital, which manages $9.5 billion in assets across 20 funds and 760 companies, including investments in blockchain analytics service Chainalysis, was excluded from SVB’s Chapter 11 bankruptcy proceedings. The bank has stated that SVB Capital will continue its operations as usual despite being put up for sale.

In contrast, SkyBridge Capital, under Scaramucci’s leadership, oversees approximately $1.8 billion in assets, with around $580 million allocated to cryptocurrencies and other digital asset-related investments.

Cointelegraph reached out to both SkyBridge Capital and SVB Capital for comments but had not received a response at the time of publication.

Earlier this year, Silicon Valley Bank faced regulatory challenges and filed for bankruptcy, impacting the crypto industry, as it was one of the few banks serving crypto companies in the United States.

This development in Silicon Valley Bank’s sale of SVB Capital comes after SVB Securities, the bank’s investment banking arm, was acquired earlier in the year by its founder and senior managers for $100 million.