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.