Ark Invest, the investment firm led by Cathie Wood, has raised more than $16 million for a new crypto fund, split between a domestic and a Cayman Islands-based version.
According to filings with the U.S. Securities and Exchange Commission on Wednesday, the ARK Crypto Revolutions U.S. Fund LLC raised $7,281,630 from nine investors, while the ARK Crypto Revolutions Cayman Fund LLC raised $8,993,330 from one backer. These funds are private and open only to a small number of investors.
Both funds opened for investments on March 1, and the figures provided were the total amount sold. For the overall target, Ark checked “Indefinite,” indicating that the fund is open-ended. The filings were released just days after Ark Invest added 301,437 more shares of crypto exchange Coinbase (COIN) to the ARK Innovation ETF (ARKK) and 52,525 shares to its Next Generation Internet ETF (ARKW), a purchase valued at $20.6 million based on Coinbase’s closing price last Thursday.
Ark has been steadily buying shares of Coinbase for its exchange-traded funds since the beginning of the year. The move to create a new crypto fund shows that Ark Invest is continuing to place a significant focus on cryptocurrencies.
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