Despite the lengthy bear market this year, major investors continue to enter the cryptocurrency market. The latest being Travis Kling, the former L/S equity portfolio manager for billionaire Steven Cohen’s Point72 Asset Management.
Kling first left Point72 back in December when cryptocurrencies were at all-time highs, but a recent report by Bloomberg reveals that he is still going ahead with the launch of a new, dedicated crypto fund.
The fund, Ikigai Asset Management, will be based out of Los Angeles and will reportedly launch on October 1 with capital put up by the fund’s partners. Kling notes that the firm plans to add an additional $15 million in outside capital by November 1, with additional plans to bring the total to $100 million for token investments and $33 million for a venture fund.
While Kling is currently bearish on cryptocurrencies in the short-term, he recently shared his long-term outlook, stating “It will be part of our everyday lives. It’s still very early, but the development and growth of this technology will be exponential.”
News of Ikigai’s launch comes as the SEC has started to take action against dubious cryptocurrency-related funds. Just this month, the SEC charged a $200,000 fine to Crypto Asset Management and its founder, Timothy Enneking, for running a U.S.-based fund without proper regulatory approval.
Ikigai will only be open to accredited investors with a minimum investment of $250,000.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.