Billionaire Steve Cohen's Hedge Fund Point72 Accumulates $77.5 Million in Fidelity's Physically Backed Bitcoin ETF, FBTC
CryptoNewsTerminal Staff17 May, 2024
Billionaire Steve Cohen's Hedge Fund Point72 Accumulates $77.5 Million in Fidelity's Physically Backed Bitcoin ETF, FBTC
According to a report by Coindesk, Point72, the hedge fund founded by legendary investor Steve Cohen, who is widely regarded as the "king of hedge funds" on Wall Street, has invested heavily in Bitcoin. As of the first quarter, the fund reportedly held $77.5 million worth of Fidelity's physically backed Bitcoin exchange-traded fund (ETF), known as FBTC. This investment aligns with a growing trend among hedge funds, with crypto brokerage firm Riverdata reporting that approximately 13 of the 25 largest hedge funds in the United States now hold physically backed Bitcoin ETFs. These funds offer exposure to Bitcoin without the need for direct ownership, providing investors with a more convenient and regulated way to gain exposure to the digital asset.
