Point72 Asset Management is looking to hire a “head of crypto,” according to two people familiar with the matter. 

The move looks to send waves around Wall Street that founder Steve Cohen is imminently looking to pump serious institutional capital into cryptocurrency plays.

"Everyone, everyone, everyone is getting into crypto, and it looks like (Point72) doesn't want to get left behind," one of the sources said, adding that the matter has been discussed with counterparts at firms such as Coinbase and crypto prime brokerages such as Genesis. 

A spokesperson for Point72, a multi-strategy hedge fund firm that ran $22.1 billion as of April 1, declined to comment. Sources said the directive to make the hire came from high levels of the firm’s management — reflecting a level of urgency in getting into the market.

Such an approach would be in keeping with an investor letter that made the rounds in May, as Bloomberg reported. A timeline for hiring the head of crypto isn’t clear, but feelers are out there.

It's unknown where the hire would fit in Point72's leadership structure or in which business unit the appointee would work. Options for the head of crypto: poaching from an established crypto asset manager or tapping a known Wall Street name with experience trading the asset class. 

The move would also appear to open the floodgates for Cohen's firm to build out a team of traders specializing in crypto via quant and potentially discretionary strategies. 

The trading operations of Point72, like rivals Millennium Management, Balyasny Asset Management and Citadel, is organized via teams, or "pods" of portfolio managers who focus on a specific asset class or strategy. 

Point72 Asset Management is looking to hire a “head of crypto,” according to two people familiar with the matter. 

The move looks to send waves around Wall Street that founder Steve Cohen is imminently looking to pump serious institutional capital into cryptocurrency plays.

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