Steve Cohen, the billionaire hedge fund manager and owner of the New York Mets, is reportedly planning to form a investment firm solely focused on cryptocurrency.The separate entity will trade spot cryptos as well as digital asset derivatives, Blockworks reported Friday, citing four people with knowledge on the matter. It will also extend capital to digital asset-focused hedge funds.Cohen was said to have played a key role in bringing about the startup, which is being developed separately from Cohen's Point72, Point72 Ventures and his family office.One of the sources told Blockworks that the new firm would also likely find itself in decentralized projects such as yield farming.The move shows that Cohen, who has been investing in crypto for the better part of five years, continues to be bullish on the digital asset ecosystem despite the current market downturn. His hedge fund last year, when the crypto market was near its heights, planned to dive into the space in a big way.Point72 did not immediately respond to a request for comment by Seeking Alpha.In the beginning of August, Steve Cohen exited his stake in crypto startup Radkl.
