Assets Under Management AUM

Billionaire Steve Cohen Jumps Into Crypto After Initial Skepticism, Here’s Why

Steve Cohen has previously expressed his skepticism about crypto. The billionaire recently took a few steps that deepened his investment in the market. Steve Cohen, owner of the New York Mets, is a hedge fund manager with a net worth of around $ 11.1 billion. Speaking in a discussion moderated by Anthony Scaramucci, Cohen explained the reason for entering the crypto space.

How Cohen entered the market

The billionaire revealed that most of his skepticism was assuaged by his son. Cohen’s son, who is a “cryptomaniac,” had apparently changed his father’s mind about the crypto market. Cohen told Scaramucci at the Skybridge Alternatives conference that his son “really convinced me that this was something I had to do.” Listening to his son’s advice, Cohen had started investing in the crypto space.

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The billionaire had met many people over the past six months to gain as much knowledge about the space as possible. Since this was not a space Cohen was familiar with, it was important that he was as educated as possible about the market.

“Once I decided that there were opportunities and thought it could be a space like the Internet, it could be incredibly transformational. I wasn’t going to miss it.

The billionaire went on to make several bets in the crypto industry. Armed with the information and training gained during his last six months of research, Cohen is now personally involved in the crypto market, as well as investing in the market through his company, Point72 Asset Management.

Cohen’s crypto investments

Cohen has now made various investments in crypto since he first entered space. The billionaire first invested in Recur, a platform on which fans could buy and sell NFTs. Recur had recently raised $ 50 million in a Series A funding round and Cohen has been confirmed to have invested in the business through his family office. Marking the billionaire’s first foray into the crypto world.

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Cohen then invested in Radkl, a crypto trading company. The company will offer trading on various coins and crypto exchanges. And he announced that billionaire Steven Cohen had come to invest in the company. Although the agreement for this is not yet finalized.

Finally, the billionaire announced that his company plans to deploy crypto trading capabilities for its clients. The company, which employs around 1,500 people and manages 17 funds, currently has more than $ 22 billion in assets under management (AuM).

Crypto total market cap balances above $2 trillion | Source: Crypto Total Market Cap on TradingView.com
Featured image from NBC News, chart from TradingView.com

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