New York billionaire Steven Cohen’s hedge fund Point72 Asset Administration, is reportedly searching for a “head of crypto.”
Cohen, the 65-year-old dubbed the “Hedge Fund King”, based Point72 in 1992 and it has roughly $22.1 billion price of belongings beneath administration. The investor additionally owns the New York Mets Main League Baseball group.
The Avenue reported it has spoken to sources within the know who declare Point72 is looking for to rent a head of crypto, because the agency gears as much as enter the crypto sector.
If correct it matches with different indicators rising from the fund. Cohen just lately said in an interview with macro analysis agency founder, Jawad Mian, that “I’m fully converted to crypto,” and added that “I have an old saying at the poker table, you got to pay to learn. There’s no way around it. You can talk all you want, but you’ve got to get in the game.”
Point72 hasn’t particularly revealed what its foray into crypto would seem like, telling its buyers in a consumer notice in Could that, “It’s too early to say what paths we will ultimately pursue and when.”
Nevertheless, the agency famous that “we are exploring opportunities around blockchain technology and its transformative and disruptive capabilities,” and added that:
“We would be remiss to ignore a now $2 trillion cryptocurrency market.”
Cohen has made a small play already, with Fortune reporting on June 13 that his enterprise capital agency “Cohen Private Ventures” invested an undisclosed quantity into Autonomous Companions — an up and coming hedge fund that acquires crypto and fairness stakes in blockchain-based corporations.
Curiously, Point72 already has a small however concrete affiliation to crypto alternate Coinbase. Final month it sublet a 30,000 sq. foot workplace to Coinbase for its New York workplace at Associated Corporations’ 55 Hudson Yards.
Associated: Hedge fund that shorted GameStop closes as $1.13B GME inventory supply completes
Point72 can also be a large investor in Melvin Capital, the hedge fund that famously took a 53% loss from quick positions on GameStop (GME) initially of this 12 months, in the course of the r/wallstreetbets pump and dump incident.
Point72 had a complete of $1 billion invested within the agency earlier than the GME drama, and offered an inflow of money to the tune of $750 million, to assist stabilize the fund within the aftermath.