American-based $22 billion hedge fund, Point72, is looking for a lead in its crypto investment wing, sources familiar with the matter told Coingape.
Steve Cohen’s Point72 Asset Management, a hedge fund managing over $22 billion in assets, is looking to hire the ‘head of crypto’ in its investment wing. Two sources familiar with the matter stated the hedge fund is looking to diversify its assets and will be offering Bitcoin investments to its high net worth clients.
With the move, Cohen looks to stir back up the institutional craving for Bitcoin across Wall Street, which could kick start the bullish momentum in crypto once more. Despite the promising news, Bitcoin still trades below $35,000, following a 45% drop from all-time highs in April.
Steve Cohen joined the band of billionaires – including Elon Musk – in the quest to own cryptocurrencies, emphasizing he is “fully converted” and is looking to buy some crypto. In an interview shared last week, Cohen stated,
“I’m doing a deep dive into crypto. I’m fully converted. “I’m not going to miss this. I already feel like I missed the first part of it.”
Cohen also hinted at the latest job opening for a ‘head of crypto’ in Point72 in his interview stating “it is never the right time to go in…but we’ll see”.
“I’m hopeful that we will be able to start building something within Point72,” Cohen added in relation to crypto. “We are in the process of starting to think about that.”
However, Cohen is not spending all his focus on Bitcoin but rather on the technology behind it, blockchain.
“I don’t care about bitcoin,” he said. “I care more about the technology behind the blockchain and how transformational it is and how disruptive it could be.”
Contributios by Lujan Odera