Sources: Steve Cohen’s Point72 Hires ‘Crypto Chief’

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Point72 Asset Management is looking to hire a “crypto manager,” according to two people familiar with the matter.

The move appears to be sending waves to Wall Street that founder Steve Cohen is imminently looking to inject serious institutional capital into cryptocurrency games.

“Everyone, everyone, everyone is getting into crypto, and it looks like (Point72) doesn’t want to be left behind,” one of the sources said, adding that the matter had been discussed with counterparts from companies such as Coinbase and crypto. brokerage bonuses such as Genesis.

A spokesperson for Point72, a multi-strategy hedge fund firm that managed $ 22.1 billion as of April 1, declined to comment. Sources said the directive to hire came from high levels of company management – reflecting a level of urgency to enter the market.

Such an approach would be consistent with a letter to investors that circulated in May, as reported by Bloomberg. A timeline for hiring the crypto chief is unclear, but probes exist.

It is not known where the hiring would fit into Point72’s leadership structure or in which business unit the appointee would work. Options for the Crypto Manager: Poaching from an established crypto asset manager or mining a household name on Wall Street with experience in trading the asset class.

The move would also appear to open the floodgates for Cohen’s firm to build a team of crypto traders through quantum and potentially discretionary strategies.

Point72’s trading operations, like rivals Millennium Management, Balyasny Asset Management and Citadel, are organized through teams, or “pods” of portfolio managers that focus on a specific asset class or strategy.

Point72 Asset Management is looking to hire a “crypto manager,” according to two people familiar with the matter.

The move appears to be sending waves to Wall Street that founder Steve Cohen is imminently looking to inject serious institutional capital into cryptocurrency games. Subscribe for the full article

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