New York billionaire Steve Cohen’s Hedge fund Point72 holds $22B worth of assets. The management is currently ready to hire a “crypto head” as it is ready to jump into the crypto sector.
Point72 is the early-stage venture capital strategy funded over $22 billion under asset management. Thus with a good asset level, the firm decides to hire a “crypto head”. This move depicts that Cohen is impending to invest the capital asset into the crypto world. In addition, the founder and investor of Point72 owns the New York Mets Major League Baseball team.
Mets owner Steve Cohen is looking to hire a “Head of Crypto” for Point72 — his $22 billion hedge fund.— Boardroom (@boardroom) June 30, 2021
Sources said the directive to make the hire were “reflecting a level of urgency in getting into the market.”
(h/t @michael_bodley) pic.twitter.com/NJtTv6xww3
Moreover, the action of a multi-strategy hedge fund firm hiring a head for its cryptocurrency division passes a positive signal around Wall Street. Thereby indicating it can be a bullish time for Bitcoin and other digital assets in the market.
Notably, in a recent interview in May, Cohen stated that he is fully converted to crypto. More so the firm is examining cryptocurrency investments and exploring opportunities in the blockchain industries. Additionally, he says,
“I don’t care about bitcoin. I care more about the technology behind the blockchain and how transformational it is and how disruptive it could be. We would be remiss to ignore a now $2 trillion crypto currency market.”
However, a lot of businesses are sharpening interest in digital assets and betting higher in crypto investments. With this hype, Point72 is now investing 3% of the money in digital investments from its traditional hedge funds.
Therefore, it clearly shows big institutions and large investors are investing their funds into digital assets. This increases the urge and hype for cryptocurrency and blockchain in the present and for the near future.
Thus, Point72 is eyeing cryptocurrency investments and joins the growing number of funds and legacy institutions entering the crypto-ecosystem.
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