- 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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.