Skip to main content

$22B hedge fund Point72 reportedly searching for a “head of crypto”

Reports suggest that Steve Cohen’s Point72 hedge fund is searching for a “head of crypto” as the firm weighs up its options before entering the crypto market.

New York billionaire Steven Cohen’s hedge fund Point72 Asset Management, is reportedly searching for a “head of crypto.”

Cohen, the 65-year-old dubbed the “Hedge Fund King”, founded Point72 in 1992 and it has approximately $22.1 billion worth of assets under management. The investor also owns the New York Mets Major League Baseball team.

The Street reported it has spoken to sources in the know who claim Point72 is seeking to hire a head of crypto, as the firm gears up to enter the crypto sector.

If accurate it fits with other signals emerging from the fund. Cohen recently stated in an interview with macro research firm 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 specifically revealed what its foray into crypto would look like, telling its investors in a client note in May that, “It’s too early to say what paths we will ultimately pursue and when.”

However, the firm noted 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 venture capital firm “Cohen Private Ventures” invested an undisclosed amount into Autonomous Partners — an up and coming hedge fund that acquires crypto and equity stakes in blockchain-based companies.

Interestingly, Point72 already has a small but concrete affiliation to crypto exchange Coinbase. Last month it sublet a 30,000 square foot office to Coinbase for its New York office at Related Companies’ 55 Hudson Yards.

Related: Hedge fund that shorted GameStop closes as $1.13B GME stock offer completes

Point72 is also a big investor in Melvin Capital, the hedge fund that famously took a 53% loss from short positions on GameStop (GME) at the beginning of this year, during the r/wallstreetbets pump and dump incident.

Point72 had a total of $1 billion invested in the firm before the GME drama, and provided an influx of cash to the tune of $750 million, to help stabilize the fund in the aftermath.



from https://ift.tt/2TqWKDF
https://ift.tt/3Ael0t7

Comments

Popular posts from this blog

How Social Platform Chingari is Using Web 3.0 to Transform the Traditional Way We Use Social Media

The world is changing. This isn’t news to anyone, but sometimes it is nice to realize that—contrary to news headlines—not all the change is bad.  In fact, the last decade has seen so much innovation and so many improvements to technology that even 2015 seems like a different world.  Internet speeds, connecting with anyone globally (for free), and our ability to reach large groups of people without a middleman is nothing short of revolutionary. When it comes to technology evolution, this often happens with different iterations.  Once a system is mature, there’s a better idea of what we would like to change and improve.  We go back to the drawing board, target our creative minds at the issues, and create a new version that has evolved to better meet our needs.  The Internet has followed this model since its inception, evolving through three distinct stages.  We are only at the cusp of the third stage, called Web 3.0, with technologies such as blockchain and ...

Five Bitcoin Price Charts Analyzing The Dramatic Q1 2022 Conclusion

There are only hours remaining until the Q1 2022 close in Bitcoin price action. With the important quarterly candle set to close tonight, let’s look at what technicals might say about the direction of the next quarter. Q1 2022 Comes To A Close For Bitcoin The first quarter of a year, often sets the tone for the year to come. In investments, a poor Q1 performance is indicative of a bad year ahead. Considering the fact that Bitcoin price is now above $45,000 after touching $32,000 this quarter, it is tough to say the performance has been “poor” by anything other than crypto standards. Related Reading | Bitcoin Weekly Momentum Flips Bullish For First Time In 2022 The cryptocurrency has recovered nearly 40% from the low, leaving a long wick behind. Such a long wick suggests that before the quarter came to a close, buyers stepped up in a major way. Buyers were able to step up in a larger capacity in Q1 2022 than bears were able to in the final quarter of last year. The bearish wick to cl...

ENS DAO delegates offer perspective on DAO governance and decentralized identity

AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community.  Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for  resolving .eth names and cryptocurrency wallet addresses. Essentially, if a user inputs an .eth name in the AlphaWallet, it will show the wallet address, and vice versa using reverse resolution. Alpha...