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

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

Steve Cohen has previously been vocal about his skepticism with crypto. The billionaire has recently made a couple of moves that has deepened his investment in the market. Steve Cohen, who owns the New York Mets, is a hedge fund manager with a net worth of around 11.1 billion. Talking in a discussion moderated by Anthony Scaramucci, Cohen explained his reason for getting into the crypto space.

How Cohen Got Into The Market

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

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

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

The billionaire has then gone on to make several bets in the crypto industry. Armed with the information and education gotten from his past six months of research, Cohen is now involved in the crypto market personally, as well as investing in the market through his firm, Point72 Asset Management.

Cohen’s Crypto Investments

Cohen has now made a variety of investments into crypto since he first got into the space. The billionaire had first invested in Recur, which is a platform on which fans could buy and sell NFTs. Recur had recently raised $50 million in a Series A funding round and it was confirmed that Cohen had invested in the company through his family office. Marking the billionaire’s first foray into the world of crypto.

Cohen had then invested in Radkl, a crypto trading firm. The firm will offer trading across various crypto coins and exchanges. And it had announced that billionaire Steven Cohen had come onboard to invest in the firm. Although the deal for this is yet to be finalized.

Lastly, the billionaire announced that his firm was planning on rolling out crypto trading capabilities for its clients. The firm which employs about 1,500 people and manages 17 funds currently has over $22 billion of assets under management (AuM).