Point72, the $34 billion hedge fund of billionaire and owner of the New York Mets, Steven Cohen, held $77.5 million of the Fidelity Wise Origin Bitcoin Fund (FBTC) as of the close of the first quarter, according to a filing.
The U.S. Senate joined the House of Representatives in voting to repeal a controversial U.S. Securities and Exchange Commission (SEC) accounting rule that imposed burdensome capital requirements on crypto custodians. Unfortunately however, the legislative measure is now heading to the desk of President Joseph Biden, who has vowed to veto it in a show of solidarity with the SEC. Although a number of high profile Democrats, including New York Sen. Chuck Schumer, voted in favor of overturning the bulletin, the Senate’s 60 to 38 vote on Thursday failed to cross the threshold to override a presidential veto.
The fifth-largest cryptocurrency is benefitting from multiple catalysts, including bustling meme coin and DeFi activity, upcoming network upgrade and increasing interest in restaking arriving to the ecosystem.