Hedge Fund Billionaire Steve Cohen Backs New Crypto Trading Firm

Jafrin  |  Sep 15, 2021

Hedge fund Billionaire and owner of New York Mets Steve Cohen will invest in a new quantitative trading firm for digital assets Radkl.

Steve Cohen to Invest in New Crypto Trading Firm Radkl

According to the Wall Street Journal, Steve Cohen will be making an initial investment in the cryptocurrency quantitative trading firm Radkl while the investment amount remains disclosed.

Launched earlier today, Radkl will be run by a team from the high-speed stock and options trading firm GTS. The investment will come from Cohen’s personal capacity and not supported by his hedge fund Point72, a spokesperson told the WSJ.

The new crypto trading firm is currently building a team of engineers, data scientists, and other world-class technologists and is expected to begin trading from the fourth quarter of this year. Radkl plans to be an electronic market maker across crypto exchange venues and also trade on a bilateral basis with other market participants.

"While the cryptocurrency market is now a $2 trillion 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," added Steve Cohen.

Steve Cohen's Foray Into Cryptocurrencies

This is not the first time a billionaire has invested in crypto ventures. His foray into crypto goes back to 2018 when he invested in cryptocurrency-focused hedge fund Autonomous Partners.

Recently Steven Cohen’s hedge fund management firm, Point72 raised $50 Million for the non-fungible token (NFT) company, Recur, in the Series A funding round. Following Cohen’s $50 Million investment, the NFT achieved a $333 million valuation. He also acquired a position on the Recur’s board as Digital’s initial designated director.”

At that time, Recur, founders, Zach Bruch and Trevor George, said:

“Our engineers built the infrastructure to power millions of micro-transactions between fiat currencies and cryptocurrencies.”

In August, Cohen's hedge fund management company made its first investment in the sector, backing crypto analytics firm Messari where Point72 led a $21 million funding round in the company.

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