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Hedge fund manager Steve Cohen has exited his investment in crypto trading firm Radkl, according to a report by Bloomberg on Tuesday, citing a spokesperson for the company.
- The New York Mets baseball team owner's planned investment in Radkl (pronounced "radical) was reported at the firm's inception in September, at a time when the crypto market was riding high with a market cap comfortably above $2 trillion. Following the downturn in recent months, the market is fluctuating around the $1 trillion mark.
- Cohen, founder of hedge fund Point72 Asset Management, was set to invest in Radkl in a personal capacity, continuing his forays into crypto that began in 2018.
- The future of Radkl, which was formed by New York Stock Exchange market maker GTS, is now unclear. Managing directors Jim Greco and Beatrice O'Carroll have both departed, the former in February and the latter in June, according to her LinkedIn profile.
- "Radkl remains extremely well capitalized with its current investors and continues to grow rapidly," the company said in an emailed statement, according to Bloomberg's report.
- CoinDesk reached out to Radkl and Cohen's hedge fund Point72 for further comment but none was provided by press time.
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