Billionaire Steven Cohen Invests in a New Crypto Quant-Trading Firm in Personal Capacity
Billionaire Steven Cohen, the CEO of Point 72 Asset Management, continues to bet on the cryptocurrency market, the latest being a new cryptocurrency trading firm.
The hedge fund manager has agreed to invest in a quantitative trading firm specialized in digital assets, Radkl, reported the Wall Street Journal on Tuesday.
The new firm, which is launching today, is led by partners of high-speed trading firm GTS.
A Spokesperson from Point72 Asset Management has said that Cohen is investing in Radkl in a personal capacity but will not be involved in its day-to-day operations.
The New York Mets owner first made a foray into crypto in 2018 when he invested in crypto-focused hedge fund Autonomous Partners. In August, Point72 led a $21 million Series A funding round into data analytics firm Messari.
Last month, Cohen also said that he is taking a deep dive into cryptocurrency and is “fully converted.” “I’m not going to miss this. I already feel like I missed the first part of it,” he said at the time.
An increasing number of traditional investors are turning to crypto attracted by the astronomical gains of this nascent class. Dan Tapiero, a macro trading veteran, is another one who is venturing into crypto through his 2019 launched 10T fund.
10T is a vehicle for traditional investors to get exposure to equity in crypto firms with a valuation above $550 million, which doesn’t offer 100x returns but is a less risky option for pension funds and endowments.
This article is Originally posted on CoinCentral.com