Hedge Fund Point72’s Steve Cohen Plans Crypto Asset Manager: Report
The billionaire's new vehicle will trade spot cryptocurrencies and crypto derivatives.
Aug 12, 2022 at 3:27 p.m. UTCUpdated May 11, 2023 at 5:38 p.m. UTC
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Steve Cohen, the billionaire behind hedge fund Point72 Asset Management, is setting up a crypto-specific asset manager, Blockworks reported, citing people familiar with the matter. Cohen started investing in crypto in 2018.
- The new entity is in the early planning stages. It will trade spot cryptocurrencies, a new tactic for Cohen-associated firms, according to the report. The asset manager will also offer crypto derivatives and provide capital to external crypto-focused hedge funds.
- Cohen has been hands-on with forming the entity, which will require large financial investments for operational expenses and hiring talent, Blockworks said.
- Earlier this month, Cohen backed out of a previously announced plan for a personal investment in crypto trading firm Radkl, fueling concerns he would soften his involvement in the industry during the bear market.
- CoinDesk reached out to Point72 for comment, but had not received a reply at press time.
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Brandy covered crypto-related venture capital deals for CoinDesk.