Now, Steve Cohen's firm is ready to reveal the identity of its first major crypto bet: Point72's venture arm (with equity indexes still at record highs, alternatives offer a much more attractive growth profile) has invested in the crypto-market data and intelligence firm Messari.
Point72 led the Series A funding round for Messari, which closed at $21MM. Adam Carson, an operating partner at Point72 Ventures, joined the Messari board as part of the deal.
It's the first time Cohen has publicly backed a crypto company. Whether the Mets owner has any other crypto exposure remains unclear.
Point72 Ventures has deployed about $500MM in private investments since it started in 2016, focusing on early-stage financial technology companies.
Carson, the Point72 Ventures partner who is joining Messari's board said that "while investor participation in the crypto industry has grown exponentially over the past three years, current crypto research and analysis tools are still lacking the sophisticated signals and data that more advanced investors need." Now that it's flush with cash, Messari - which aims to bring "transparency" to the crypto market - plans to add engineering and research staff and launch new products. "Messari is filling that much-needed space," Carson added.