Steve Cohen, the hedge fund billionaire behind Point72 Asset Management, is setting up a crypto-specific asset manager, Blockworks reported, citing sources familiar with the matter. He started investing in crypto in 2018.
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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.
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Cohen has been hands-on with forming the entity, which will require large financial investments for operational expenses and hiring talent, Blockworks said.
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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.
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CoinDesk reached out to Point72 for comment, but had not received a reply at press time.
