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Steve Cohen's Point72 Backs 7-Day, 24-Hour Stock-Trading Exchange

24 Exchange raised a $14.3 million funding round led by Steve Cohen's Point72 and plans to offer stock trading 24 hours a day, every day.
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Hedge-fund legend Steven Cohen is doing more this fall than shelling out hundreds of millions of dollars to shore up his New York Mets.

Through his venture-capital fund, Point72 Venture, Cohen also is backing 24 Exchange, a new company that plans to offer stock trading 24 hours a day, seven days a week.

“24 Exchange has raised a $14.25 million funding round led by Point72 Ventures,” the firms said Wednesday.

“The investment will support the continued expansion of the company's robust multiasset trading platform to encompass additional asset classes, including equities and cryptocurrencies. This expansion will bring new trading options to 24 Exchange's growing base of institutional market clients.

“24 Exchange recently filed key portions of a Form 1 application in draft form with the U.S. Securities and Exchange Commission for a license to operate a national securities exchange. 

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"Subject to SEC approval, the proposed exchange would operate around the clock, 365 days-a-year, and enable trades in U.S. equities with a minimum increment of one one-thousandth of a share.

“In September 24 Exchange completed its first physical cryptocurrency trade under its Class T Digital Asset Business license from the Bermuda Monetary Authority.”

24 Exchange said it wanted to enable investors to more easily buy and sell currencies, and it said it was already doing that.

As for the Mets, who finished 77-85 last year, they have reportedly agreed to a three-year, $130 million contract with three-time Cy Young Award winning pitcher Max Scherzer.

The team’s payroll is now projected around $265 million for 2022, and the spending is expected to continue, according to Sports Illustrated’s FanNation.