Steve Cohen, the billionaire behind hedge fund boss of Point72 Asset Management, is planning to set up  a crypto-specific asset manager, according to a report by Blockworks.

The report cites unnamed sources as revealing that planning for the new entity is in the 'early stages' but that it will trade spot cryptocurrencies, offer crypto derivatives, and provide capital to external crypto-focused hedge funds.

Cohen, who first started trading cryptocurrencies and digital assets in 2018, has been involved personally in establishing the new asset manager, with high levels of financial backing required to cover initial operational expenses and the hiring of staff.

Cohen backed out of a previously announced plan for a personal investment in crypto trading firm Radkl, earlier this month, but remains committed to crypto through his planned new entity.