Steve Cohen, the billionaire founder of hedge fund Point 72 Asset Management, will invest in a new cryptocurrency trading platform.
Cohen to invest in Radkl
Hedge fund billionaire and New York Mets owner Steven Cohen has agreed to invest in Radkl, a quantitative trading firm specializing in digital assets. This is according to a report by the Wall Street Journal earlier today.
The trading firm was launched today and is operated by a group from GTS, a high-speed trading firm active in stocks and options. Cohen stated that “While the cryptocurrency market is now a $2T asset class, we are still in the early stages of institutional adoption. As more professional investors enter this space, there’s a need for institutional acumen and a firm like Radkl.”
The report added that Cohen would make the investment personally and not via his Point72 Asset Management hedge fund. However, the size of the investment wasn’t disclosed in the report. GTS CEO Ari Rubenstein told the Wall Street Journal that the new trading firm is expected to participate in several types of trading. Some of the trading types include electronic market-making on crypto exchanges and bilateral trades of digital assets with other firms.
Cohen already familiar with the crypto space
Steven Cohen has been involved in a few cryptocurrency projects in recent years. In 2018, the billionaire invested in Autonomous Partners, a hedge fund focusing on cryptocurrencies and blockchain-based companies. He made the investment via Cohen Private Ventures, which invests on behalf of the billionaire.
The cryptocurrency space has received numerous investments from hedge fund billionaires in recent months. The likes of Paul Tudor Jones and Steven Cohen have dipped their toes into the crypto space in recent years.