Hedge Fund Billionaire Steven Cohen Is Getting into Crypto

Billionaire investor Steven Cohen, once dubbed the "Hedge Fund King," has reportedly entered the crypto space.

According to a Fortune article published July 12, Cohen has invested in cryptocurrency-focused hedge fund Autonomous Partners through his VC firm Cohen Private Ventures.

Autonomous Partners was founded last December by Arianna Simpson, a venture capitalist with a history in the bitcoin space, including a time at bitcoin wallet startup BitGo.

Her crypto fund has already secured investments from big names including Coinbase CEO Brian Armstrong, Union Square Ventures and Craft Ventures.

While the size of the new investment was not revealed, it's not the first time Cohen Private Ventures has invested in Simpson's projects.

In 2015, her venture fund, Crystal Towers Capital, also received an investment from the firm.

Simpson told Fortune that Autonomous Partners is currently concentrated on smaller, "Next generation" cryptocurrencies, though it invests to some extent in major cryptos like bitcoin and ether.

Cryptocurrency-focused hedge funds have rapidly grown in number over the last year as entrepreneurs move satisfy the increasing demand from traditional investors.

According to data from Autonomous Next, of an estimated 251 crypto hedge funds with $3.5-5 billion in assets under management, 175 of them were only established in 2017.

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