(Bitcoin Exchange) Billionaire investor Daniel Loeb’s Third Point LLC is the latest firm to own cryptocurrency.
Last month, Loeb took to Twitter to share that he has been “doing a deep dive into crypto.” On the reports of Third Point owning crypto, Loeb tweeted, “Outed as a hodlr.”
The $17.6 billion hedge fund holds an unknown amount of cryptocurrency through crypto exchange Coinbase’s custody arm.
The biggest crypto exchange in the US is all set to go public through a direct listing on Nasdaq next week. The company had said that it expects “meaningful growth” thanks to custody in part, driven by the increased institutional interest in the crypto asset class.
In its earnings call, Coinbase revealed that out of the $223 billion held by the exchange, $122 billion belongs to institutions.
Additionally, in Q4 of 2020, 64% of its volume came from institutions which is a drastic change from Q1 of 2018 when retail accounted for 80% of the volume.
Coinbase helped several big names accumulate Bitcoin, including Tesla, MicroStrategy, Meitu, Ruffer Investments, and Paul Tudor Jones.
Three Point’s crypto exposure, it had said, could be direct or indirect through derivatives contracts and is also open to staking and lending cryptos.
The company is also backing crypto and stock exchange eToro, which announced that it is going public through a merger with FinTech Acquisition Corp. V ( FTCV).
