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Hedge Fund King Steven Cohen is Dipping into Crypto

Steven Cohen, owner of Point72 Asset Management with around USD 12 billion in assets under management, is investing in cryptocurrency and blockchain. Cohen Private Ventures is investing in Autonomous Partners, a new hedge fund that is buying up equity in blockchain companies as well as directly investing in Bitcoin, Ethereum and other promising new cryptocurrencies.

Arianna Simpson launched Autonomous Partners in December 2017 and already it has tens of millions of dollars in investments. Coinbase CEO Brian Armstrong has also invested in Autonomous Partners, in addition to Union Square Ventures and Craft Ventures.

Autonomous Partners is focusing on investments that will be successful in the long term, picking investments that are unlikely to fold up due to ongoing regulatory volatility. Specifically, it is investing in cryptocurrency infrastructure, privacy coins like Monero, blockchain scalability, decentralized exchange protocols like 0x, and technology to speed up transactions.

This news comes amid a flurry of other institutional investments into the crypto space, including Andreessen Horowitz, Galaxy Digital, the world’s largest asset manager BlackRock, and Benson Oak. Combined, these represent at least USD 1 billion of fresh money being invested into the crypto space, which may just be the beginning of a wave of institutional investment. Simultaneously, properly licensed and regulated cryptocurrency custodians like Coinbase and Xapo are coming online, which is essential for institutional investment safety and part of the reason so many institutional investments are happening now.

Data from Autonomous Next indicates that cryptocurrency hedge funds have between USD 3.5 billion and USD 5 billion under their management, and 175 out of 251 cryptocurrency hedge funds were established since 2017. These numbers suggest cryptocurrency hedge funds are a booming industry and may be the foundation of the next big cryptocurrency rally.


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