Steven A. Cohen, a hedge fund manager, is now focusing on companies related to cryptocurrencies and blockchain. Cohen has invested in a new cryptocurrency hedge fund called Autonomous Partners, which has investments in Bitcoin [BTC] and Ethereum [ETH].
Arianna Simpson started the hedge fund Autonomous Partners in December last year, at a time where Bitcoin was soaring high. Simpson is an early stage investor of cryptocurrencies. Simpson said to Bloomberg that she is interested in investing in cryptocurrencies that serve as ‘general purpose money’ and companies that are building the next generation of financial infrastructure. She also mentioned:
“Autonomous Partners also invest in some large cap cryptocurrencies like Bitcoin and Ethereum.”
Andrew Cohen is the Managing Director of Cohen Private Ventures where he was also an analyst and portfolio manager. The company invests in private equity and many other illiquid long-term investments. The company invests on behalf of Cohen, who also owns Point72 Asset Management, one of Wall Street’s premier hedge funds.
What is cryptocurrency hedge fund?
A hedge fund is a distinctive way for an individual to invest in a large group of underlying securities. These are managed by teams of expert investors. Investors receive profits from these experts’ market tricks. Hedge funds have long been a favored choice for risk-averse investors, as they rely on the various teams of analysts to guide their money in the right direction.
The hedge fund aims to raise over $250 million from accredited investors to invest in cryptocurrencies within the global market. A hedge fund is a platform for any individual to invest. At present there are two types of cryptocurrency hedge funds:
- Those who manage portfolios containing exclusively cryptocurrency
- Those who have added some cryptocurrency to a mix of other asset types
The cryptocurrency hedge fund was able to secure investments from Union Square Ventures that holds assets worth $1 billion, Coinbase Inc., a cryptocurrency exchange platform and Craft Ventures, a venture capital firm based which focuses on technology and cryptocurrency.
Tim, a Twitter user said:
“hedge funds can either go long or short. Is he shorting the hell out of crypto, or does he actually intend to go b**** deep long?”