The King has left the hedge fund building. Now, Steven Cohen, otherwise known as the ‘Hedge Fund King’, has entered the world of cryptocurrency. Yes, the headlines are true: Steven Cohen invests in a crypto hedge fund.
Steven Cohen Invests in Crypto Hedge Fund
Cohen, a Billionaire investor, is still technically involved in the hedge fund industry, but his latest investment is in a crypto-based hedge fund — a first for Mr. Cohen.
On July 12, Fortune published an article which stated Steven Cohen had invested in, through his VC firm, Autonomous Partners, which is – surprise, surprise – a crypto hedge fund.
Founded last winter, Autonomous Partners focuses on small-cap currencies, particularly ones that act as general purpose money. To Autonomous Partners, it’s all about creating the new generation of financial infrastructure; to do so, the crypto hedge fund is investing in companies with this same goal.
Longtime Partners
Investing in a crypto hedge fund is a first for the 62-year old, but it’s not the first time Cohen has invested in one of Arianna Simpson’s projects.
In 2015, Simpson’s Crystal Towers Capital venture fund received an investment from Cohen’s VC firm, Cohen Private Ventures.
Are Crypto Hedge Funds the New Thing?
These hedge funds certainly have garnered mainstream attention as of late. For perspective, there are, currently, 249 crypto hedge funds that have opened up, and 70% of these funds opened in 2017.
Is This Surprising?
The crypto sector has had its fair share of ups and downs this year. Last year, the industry was killing it, and this year, there were more problems present. But, despite the price drops and the lawsuits, hedge fund managers have continued to wade into the waters of crypto.
Some may see this as an indication that the worries that go with the crypto sector aren’t enough to completely put you off of it. With the recent investment, it certainly seems like Steven Cohen feels this way.
The Takeaway
So, Steven Cohen invests in a crypto hedge fund, but will others follow him? After all, Cohen is extremely successful, and some may want to follow his lead. Others, on the other hand, may still be reluctant to follow in the investors lead, after he was charged in 2013 with failing to prevent insider trading.
What do you think?
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