Citadel Securities, which boasts $65 billion in assets under management, is reportedly considering venturing into cryptocurrency trading, according to a recent report by Bloomberg.
The Miami-headquartered firm aims to become a market maker for some prominent cryptocurrency exchanges, including Coinbase.
It initially plans to test the waters outside the US while observing regulatory developments in the country.
Former hedge fund manager James Lavish has stressed the significance of this development in his recent statement, urging market participants not to let the noise "drown out the signal."
Alex Dovbnya"With over $60 billion of assets and one of the 10 largest hedge funds in the world, Citadel is now looking to make markets in Bitcoin and crypto. Do not let the noise drown out the signal. This is signal," he said on social media.
Griffin's crypto views
Citadel's Ken Griffin, like many financial titans, was initially highly skeptical of Bitcoin when the leading cryptocurrency started attracting mainstream coverage. In 2017, he slammed it as another "tulip bulb mania" during an interview with CNBC, echoing an oft-repeated critique from that era. He also said that he did not spend much time "thinking" about the newfangled crypto assets.
Vladislav SopovAs reported by U.Today, the billionaire admitted that he was wrong about crypto back in 2022. Earlier, he said that he was struggling to understand the economic underpinnings of cryptocurrencies.
Last December, he admitted that it was a mistake not to get into crypto sooner. He also spoke favorably of crypto, claiming that it made it possible for people to have agency.
Dan Burgin
Vladislav Sopov