Hedge fund manager Steve Cohen has exited his investment in crypto trading firm Radkl, according to a report by Bloomberg on Tuesday, citing a spokesperson for the company.
- The New York Mets baseball team owner's planned investment in Radkl (pronounced "radical) was reported at the firm's inception in September, at a time when the crypto market was riding high with a market cap comfortably above $2 trillion. Following the downturn in recent months, the market is fluctuating around the $1 trillion mark.
- Cohen, founder of hedge fund Point72 Asset Management, was set to invest in Radkl in a personal capacity, continuing his forays into crypto that began in 2018.
- "Radkl remains extremely well capitalized with its current investors and continues to grow rapidly," the company said in an emailed statement, according to Bloomberg's report.
- CoinDesk reached out to Radkl and Cohen's hedge fund Point72 for further comment but none was provided by press time.
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