Home arrow Article arrow Article Detail

Third Point, a $17 billion hedge fund, is now buying Bitcoin

Profile Image

Shivangi Mujumdar Follow


Apr, 16 2021

Apr, 16 2021

likes | comments 0

Article Image

Billionaire Dan Loeb's has open indefinite cryptocurrency holdings with Coinbase (Apr., 12’21). Coinbase grasps $122 billion worth of assets from establishments or 54% of its total holdings.? 


He with the “deep dive into crypto” last month led his $17.6 billion hedge fund to a custody deal with Coinbase. 


Loeb’s Third Point LLC now embraces cryptocurrency from five of its reserves with Coinbase, rendering to regulatory documents obtained by CoinDesk. Certain tout billions of dollars in primary assets, but it is not perfect how much of that is in crypto, or for how extensive they’ve invested. 


With less than a week to go previously Coinbase’s Nasdaq debut, the protection tie-up underscores how Brian Armstrong’s nine-year-old firm has changed itself from a Bitcoin-only digital wallet into an enormous vault for Wall Street’s crypto bets. 


Coinbase exposed it held $122 billion in institutional assets through this week’s voluntary earnings call. It assumes “meaningful growth” driven in part by protection revenue in the year ahead. 


CoinDesk stated earlier this week that fellow hedge fund titan Paul Tudor Jones is also a coinbase client, presenting a preview at the deep-pocketed investors behind the exchange’s institutional assets under management. 


Third Point did not reply to CoinDesk by press time. 


Deep dive 


The hedge fund’s true disclosure to crypto-assets remains denser. In a brochure associated with the March 31 filings, Third Point held it can invest directly in cryptos or ultimately through derivatives contracts.? 


Remarkably, it is open to betting and lending any cryptos as well, the documents say. 

This is the main big traditional hedge fund that I distinguish from that is doing staking, said Tim Ogilvie, who runs a firm called Staked that offers staking services to institutional investors, after revising the documents. 


The third Point invests 


Loeb has never openly disclosed his crypto holdings. But he initiated to a toy – at least publicly – with the asset class in an early-March tweet. 

likes | comments 0

Profile Image

Shivangi Mujumdar

CBW - External Analyst


Data Centre Construction - World First artificial intelligence AI-Tech Utility Token
OKEx aims to expand into Australia

OKX, a crypto exchange which is based in Seychelles, has indicated its planning to expand its crypto services to Australia..;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.