Steve Cohen launches into cryptocurrencies after first doubts

(Bloomberg) – Hedge fund billionaire Steve Cohen was until recently a bit skeptical when it comes to cryptocurrencies.

Later, his son, a “cryptomaniac,” helped him change his mind.

“It really convinced me this was something I had to do,” Cohen, the founder of Point72 Asset Management and owner of the New York Mets, said Tuesday at the Skybridge Alternatives Conference, according to a person with knowledge of his comments. . That was part of a journey that included meeting with as many people over the past six months as he could to learn about the possibilities.

“Once I decided there were opportunities, and I thought this could be a space like the Internet, it could be incredibly transformative, I wasn’t going to miss it,” Cohen said in a discussion titled “Generating Alpha in Markets and Baseball” and moderated. by Skybridge Capital founder Anthony Scaramucci.

Cohen, 65, who has a net worth of $ 11.1 billion according to the Bloomberg Billionaires Index, has since launched himself into the crypto world both personally and in his company.

This week, it announced that it was investing in Radkl, a quantitative digital asset trading company. That was after Recur, a tech company that develops experiences that allow fans to buy and sell non-fungible tokens, or NFTs, said Cohen’s family office invested in its $ 50 million Series A funding round. Meanwhile, Cohen told Scaramucci that Point72 is developing crypto trading capabilities at the company.

‘Distant ideas’

His interest in the virtual realm extends beyond cryptocurrencies: Cohen expressed his fascination with the metaverse, or a vision of a virtual world where people interact through avatars.

“There are some wild ideas about how people are going to spend their time,” he said. “Your mind can run wild,” he added, on how people will interact in the metaverse, potentially buying virtual real estate and virtual outfits for their avatars.

Cohen, a childhood Mets fan who bought the team in December for roughly $ 2.5 billion, also touched on the club’s performance and why he loves owning it.

“It has taken me into a different realm,” Cohen said. “Having a hedge fund has some notoriety, but it’s nothing like owning a sports team in New York.”

It’s been a tough year for the Mets, who blew their lead in the NL East by losing 19 of 28 games in August.

Read More: Cohen’s Mets Dream Continues to Erode With Interim GM DUI Bust

In January, Cohen fired general manager Jared Porter on allegations of sexual harassment. Last month, Acting General Manager Zack Scott was arrested for drunk driving after leaving a charity fundraiser at Cohen’s home. He was placed on administrative leave after pleading not guilty.

The billionaire weighed in on the social media world, where he has been more vocal since acquiring the Mets, saying he has helped people see him as a human being, and not just a wealthy hedge fund owner.

“Twitter is a difficult place to be,” Cohen said. “But it’s a great way to interact with fans and have your own voice.”

See also: Steve Cohen closes his Twitter account after receiving threats

(Add investment background in sixth paragraph.)

More stories like this are available at

Subscribe now to stay ahead with the most trusted business news source.

© 2021 Bloomberg LP

Source link

Leave a Comment