Steve Cohen, a hedge fund billionaire whose move to invest in crypto startup Radkl made headlines across Wall Street, has reportedly ditched the investment, according to Bloomberg.
Cohen invested in the crypto company in September last year.
Radkl still ‘well capitalised’
A Radkl spokesperson confirmed the report, the publication noted, noting that despite the exit of the founder of hedge fund firm Point 72 Asset Management, the startup remains in a good position capital-wise.
The source also claimed the quantitative trading platform, which launched its services in 2021, is still ‘well-capitalised’ and has major support from existing investors. The startup is also seeing significant growth, the report quoted the spokesperson as saying.
Radkl is a firm that sprouted off GTS, the New York Stock Exchange market maker and offers new prop trading functionality for digital assets. The platform experienced massive growth amid last year’s bull run, but like the larger crypto market, hit some lull amid the crypto winter.
Part of its growing pains include the exit of its pioneer managing director Jim Greco and three others. Jason Bell, Allan Erskine, and Beatrice O’Carroll have all exited over the past seven months.
As well as Radkl, Cohen’s other crypto investments include NFT project Recur and participation in a funding round for blockchain analytics provider Messari