$22B hedge fund Point72 reportedly finding out a ‘head of crypto’

Reports recommend that Steve Cohen’s Point72 hedge fund is finding out a “head of crypto” because the firm weighs up its choices before coming into the crypto market.

One of Billionaires New York  Steven Cohen’s hedge fund Point72 Asset Management, is reportedly finding out a “head of crypto.”

Cohen, the 65-year-old dubbed the “Hedge Fund King”, supported Point72 in 1992 and it’s around $22.1 billion value of assets beneath management. The capitalist jointly owns the Mets Major League Baseball team.

According to the street who contacted sources within the grasp who claim Point72 is seeking to rent a head of crypto, because the firm gears up to enter the crypto sector.

If correct it fits with alternative signals rising from the fund. Cohen recently stated in an interview with macro analysis firm founder, Jawad Mian, that “I’m absolutely regenerate to crypto,” and more that “I have an old saying  at the poker table, you got to pay to learn. There’s no means around it. you’ll be able to speak all you would like, however you’ve to be compelled to get within the game.”

Point72 hasn’t specifically discovered what its intrusion on crypto would seem like, telling its investors during a client note in May that, “It’s too early to mention what ways we’ll ultimately pursue and once.”

However, the firm noted that “we are exploring opportunities around blockchain technology and its transformative and turbulent capabilities,” and more that:

“We would be remiss to ignore a currently $2 trillion cryptocurrency market.”

Cohen has created a little play already, with Fortune news on June 13 that his venture capital firm “Cohen Private Ventures” invested with  quantity into Autonomous Partners — an up and returning hedge fund that acquires crypto and equity stakes in blockchain-based corporations.

Interestingly, Point72 already includes a little however concrete affiliation to crypto exchange Coinbase. Last month it sublet a 30,000 sq ft workplace to Coinbase for its New York workplace at connected Companies’ fifty five Hudson Yards.

Point72 is additionally a giant capitalist in Melvin Capital, the hedge fund that splendidly took a 53% loss from short positions on GameStop (GME) at the start of this year, throughout the r/wallstreetbets pump and dump incident.

Point72 had a complete $1 billion invested in the firm before the GME drama, and provided an inflow of money to the tune of $750 million, to assist stabilize the fund within the aftermath.