This is the first foray for GTS into the crypto world, but digital assets and the technology that underlie them have been growing more mainstream as prices for coins soar. One bitcoin fetches about $46,700 today. That's up from about $10,700 a year ago, but prices can be notoriously volatile, and it's also down from a peak of nearly $65,000 this spring.
Cohen, who will not be involved in the day-to-day operations of Radkl, has been making investments in the crypto world through various avenues. A company backed by Cohen's family office led a fundraising round announced Monday for Recur, a company involved in digital collectibles. Last month, Cohen's Point72 Ventures led a $21 million fundraising round for Messari, a crypto data and research firm.
In a letter telling investors earlier this year that it's exploring opportunities around the technology that underpins cryptocurrencies, Cohen's Point72 said that it would be remiss to ignore a $2 trillion market.
“We can assure you that we will be prudent in the nature of and sizing of our investments, both from an allocation and market standards perspective,” it said. “We do, however, believe there is more innovation and evolution to come in the space, and we want to make sure we have a seat at the table.”
FILE - In this Dec. 10, 2009, file photo, billionaire hedge fund manager Steve Cohen attends a benefit in New York. A cryptocurrency company launched by partners of a major Wall Street trading firm has snagged the support of billionaire investor Cohen. The hedge-fund manager and owner of the New York Mets has agreed in principle to invest in Radkl, a crypto trading firm, though the deal is not final. (AP Photo/File)