- Ark Invest raises $16 million for its new cryptocurrency fund called the Ark Crypto Revolutions Fund.
- The fund is split between a domestic and a Cayman Islands-based version.
- Cathie Wood’s Ark Invest has been investing in crypto stocks such as Coinbase in recent months.
The Ark Crypto Revolutions Fund Raises $16 Million
Cathie Wood’s Ark Invest has raised over $16 million for a new cryptocurrency fund. According to filings with the United States Securities and Exchange Commission on Wednesday, the funds are split between a domestic and a Cayman Islands-based version.
The hedge fund revealed that 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.
Ark Invest opened investments for both funds on March 1 and raised more than $16 million from investors within two weeks. In terms of the amount the fund sought to raise, Ark checked “Indefinite,” meaning the fund is open-ended. The funds were private and opened only to a select number of investors.
Ark Invest Continues To Invest In Crypto Stocks
Ark Invest remains one of the biggest investors in cryptocurrency companies. The hedge fund has been acquiring crypto stocks in recent months, despite the ongoing bear market.
The hedge fund bought an extra 301,437 shares of crypto exchange Coinbase (COIN) and added it to its ARK Innovation ETF (ARKK). The company also added 52,525 COIN shares to its Next Generation Internet ETF (ARKW), bringing the total investment to $20.6 million.
Ark Invest remains one of the biggest investors in Coinbase and has bought the company’s stocks consistently over the past few months.