Hedge fund billionaire Steve Cohen quits crypto startup Radkl amid bear market: report

The hedge fund manager was part of a $50 million funding round for NFT Recur and backed a round of $21 million in funding for crypto analytics firm Messari via Point72.

Steve Cohen, the founder of hedge fund Point72 Asset Management, has reportedly exited his investment in crypto trading firm Radkl.

According to a Tuesday report by Bloomberg citing a Radkl spokesperson, Cohen reduced his exposure to crypto investments after leaving the trading firm. However, the spokesperson reportedly said that Radkl was still "extremely well capitalized with its current investors" and continued to grow.

Cohen, whose net worth was estimated at over $17 billion, has backed crypto and blockchain projects both using his personal wallet and through Point72. Cointelegraph reported in September 2021 that the hedge fund manager was part of a $50m funding round for non-fungible token firm Recur, and backed a $21m round for the analytics firm. cryptographic Messari via Point72.

While four chief executives are said to have left Radkl in 2022, the company listed only one job posting on its website at press time – for a New York-based Linux engineer. On the other hand, Point72 would have