Cathie Wood’s Ark Invest has raised $16.3 million despite the market turbulence for a new crypto fund.
ARK US And Cayman Successfully Raise Funds
Innovation-focused fund manager Ark Invest has raised over $16 million for a new crypto fund that will be divided between a domestic account and a Cayman Islands account. This information was released when the company’s filings with the U.S. Securities and Exchange Commission went live. The reported $16.3 million of funds were raised through two separate channels. The first $7.3 million were raised from nine investors by the ARK Crypto Revolutions U.S. Fund LLC. On the other hand, the remaining $9 million were raised from a single investor by the ARK Crypto Revolutions Cayman Fund LLC. The filings revealed that both funds were opened for investments on March 1, 2023. Furthermore, since the target of the fund was labeled “indefinite,” it indicates that its purpose is still open-ended and could be applied to a multitude of investments.
ARK Adding More Shares
According to the filings, Ark Invest also added $20 million in Block shares to its funds in the last week. On top of that, the company had already added around $30 million in Coinbase shares to its funds in February 2023. The staggering bear market has not slowed down Ark Invest. The company has been on a crypto buying spree, as is evident from its rampant share purchasing.
The company’s CEO, Cathie Wood, had been steadfastly bullish about the overall industry, especially Bitcoin, even through the struggles of 2022. In early 2022, Ark published its Big Ideas report, where it predicted that Bitcoin would hit $1.36 million by 2030.
In an excerpt from the report, Wood writes,
“We believe bitcoin is the most profound application of public blockchains, the foundation of “self-sovereign” digital money. The Bitcoin protocol has enabled two other revolutions: The Financial (DeFi) and Internet (Web3) Revolutions.”
CEO Still Bullish On Crypto
Her company had taken advantage of the low prices of the bear market and snatching up cryptos left and right. For example, last November, under Wood’s leadership, Ark bought over 1.3 million shares in Coinbase at a very low price of around $40 per share. At that point, the company held around 4.7% of Coinbase’s total outstanding shares, the majority of them held in its flagship fund, ARK Innovation ETF. Whether her “buying the dip” policy will pan out in the long run is to be seen.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.