New York billionaire Steven Cohen's hedge fund Point72 Nugget Direction, is reportedly searching for a "head of crypto."

Cohen, the 65-year-old dubbed the "Hedge Fund King", founded Point72 in 1992 and it has approximately $22.1 billion worth of assets nether direction. The investor also owns the New York Mets Major League Baseball team.

The Street reported it has spoken to sources in the know who claim Point72 is seeking to hire a head of crypto, as the business firm gears upwardly to enter the crypto sector.

If authentic it fits with other signals emerging from the fund. Cohen recently stated in an interview with macro inquiry firm founder, Jawad Mian, that "I'm fully converted to crypto," and added that "I accept an quondam proverb at the poker table, you got to pay to larn. At that place's no way around information technology. Yous can talk all you desire, but yous've got to go far the game."

Point72 hasn't specifically revealed what its foray into crypto would look like, telling its investors in a client note in May that, "It'due south also early on to say what paths nosotros will ultimately pursue and when."

Still, the firm noted that "we are exploring opportunities around blockchain engineering and its transformative and disruptive capabilities," and added that:

"We would be remiss to ignore a now $ii trillion cryptocurrency market place."

Cohen has fabricated a modest play already, with Fortune reporting on June 13 that his venture capital firm "Cohen Private Ventures" invested an undisclosed corporeality into Autonomous Partners — an upwardly and coming hedge fund that acquires crypto and disinterestedness stakes in blockchain-based companies.

Interestingly, Point72 already has a small simply concrete amalgamation to crypto exchange Coinbase. Final month information technology sublet a 30,000 foursquare foot part to Coinbase for its New York function at Related Companies' 55 Hudson Yards.

Related: Hedge fund that shorted GameStop closes every bit $one.13B GME stock offer completes

Point72 is also a large investor in Melvin Majuscule, the hedge fund that famously took a 53% loss from curt positions on GameStop (GME) at the beginning of this yr, during the r/wallstreetbets pump and dump incident.

Point72 had a full of $1 billion invested in the house before the GME drama, and provided an influx of cash to the tune of $750 million, to help stabilize the fund in the backwash.