Steve Cohen, the billionaire behind hedge fund Point72 Asset Management, is setting up a crypto-specific asset manager, Blockworks reported, citing people familiar with the matter. Cohen started investing in crypto in 2018.

The new entity is in the early planning stages. It will trade spot cryptocurrencies, a new tactic for Cohen-associated firms, according to the report. The asset manager will also offer crypto derivatives and provide capital to external crypto-focused hedge funds.Cohen has been hands-on with forming the entity, which will require large financial investments for operational expenses and hiring talent, Blockworks said.Earlier this month, Cohen backed out of a previously announced plan for a personal investment in crypto trading firm Radkl, fueling concerns he would soften his involvement in the industry during the bear market.CoinDesk reached out to Point72 for comment, but had not received a reply at press time.