Steve Cohen's Point72 has plans to 'get big in crypto,' new report says

• Point72 is reportedly planning to make a big entrance into the crypto space, The Block reported.
• Steve Cohen's hedge fund is said to be in the process of hiring people for the effort.
• Cohen's foray into crypto comes at a time when more and more big name investors and institutions are warming to digital assets.

Billionaire Steve Cohen's Point72 Asset Management is reportedly planning to make a major entrance into the $2 trillion cryptocurrency market, The Block reported on Thursday.

A source told The Block that Point72 plans to "get big in crypto" and is in the process of hiring people.

Point72 - which has $22.1 billion of assets under management as of April 1 - will be investing from its venture capital arm, Point72 Ventures, and from its hedge fund, according to The Block.

Cohen's resume spans decades in finance. He founded two hedge funds that led to the creation of more than 80 other firms, making him a billionaire in the process.

One of those was SAC Capital, which he founded in 1992. It operated until it was closed down for insider trading in 2013. Cohen still runs Connecticut-based Point72 today where he serves as chairman and CEO.

Cohen, who also owns the New York Mets, is wading into crypto at a time when more and more big name investors and institutions are warming to digital assets.

Bridgewater Associate boss Ray Dalio said this week that the future of cryptocurrencies is "exciting and unknown."

"Crypto as a digital clearing mechanism and so on, very exciting, very bullish. Crypto as a store hold of wealth, very interesting. Probably will be important for us," Dalio told the Wall Street Journal Tuesday.