Hedge fund billionaire Steve Cohen exits crypto startup Radkl amid bear market: Report

Steve Cohen, the founding father of hedge fund Point72 Asset Administration, has reportedly exited his funding in crypto buying and selling agency Radkl.

In response to a Tuesday report from Bloomberg citing a Radkl spokesperson, Cohen has lowered his publicity to crypto investments following his exiting the buying and selling agency. Nonetheless, the spokesperson reportedly mentioned Radkl was nonetheless “extraordinarily effectively capitalized with its present traders” and was persevering with to develop.

Cohen, whose web value was estimated at greater than $17 billion, has backed crypto and blockchain tasks each utilizing his private portfolio and thru Point72. Cointelegraph reported in September 2021 that the hedge fund supervisor was a part of a $50-million funding spherical for nonfungible token firm Recur, and backed a $21-million spherical for crypto analytics agency Messari via Point72.

Whereas 4 managing administrators reportedly left Radkl in 2022, the corporate solely listed one job opening on its web site on the time of publication — for a Linux engineer based mostly in New York. In distinction, Point72 reportedly employed Elie Galam in June to move the hedge fund’s crypto arm in an effort to extend digital asset buying and selling.

The reported funding got here amid excessive volatility within the worth of many cryptocurrencies together with Bitcoin (BTC) and Ether (ETH) in what many have known as a bear market or the following crypto winter. Nonetheless, a June report from PricewaterhouseCoopers prompt that regardless of bearish traits, roughly 66% of the 89 hedge funds surveyed deliberate to extend their publicity to crypto by the tip of 2022.

Associated: 3AC: A $10B hedge fund gone bust with founders on the run

“We’re concerned about funding alternatives within the new set of infrastructure corporations which are bridging the crypto and non-crypto worlds for monetary companies, enterprises, and customers,” mentioned Point72 in an April weblog publish. “In the end serving to to deliver crypto to thousands and thousands of companies and billions of individuals around the globe.”

Web3, powered by blockchain and crypto, is poised to disrupt the patron expertise and alter how monetary establishments and companies function. Learn extra about how we expect a brand new era of start-ups will assist bridge the crypto and non-crypto worlds. https://t.co/0RJLNnyZkx

— Point72 Ventures (@p72vc) April 13, 2022

Point72 reported as of April 1 that it had greater than $24 billion in belongings below administration. The agency additionally reportedly sublet a few of its workplace area in New York Metropolis to Coinbase in June 2021.

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