Ark Invest raises $16 million as Cathie Wood launches new private crypto fund
|- The ARK Crypto Revolutions Fund will act as a private fund and will not be available to the public.
- Ark Invest raised $16 million by selling the fund for $7.2 million in the United States and $8.9 million in the Cayman Islands.
- Cathie Wood’s Ark Invest recently added another 301,437 shares of Coinbase stock to its ARK Innovation ETF.
While the rest of the market is acting cautiously owing to the uncertainty in the crypto as well as the broader financial market, Cathie Wood is taking the other road. The Ark Investment Management founder launched a new crypto fund despite the tumultuous market conditions.
Ark Invest launched new crypto fund
According to the filings with the Securities and Exchange Commission (SEC) in the United States, the new crypto fund has been named “ARK Crypto Revolutions Fund”. The fund managed to raise over $16.1 million in the span of about 15 days since March 1.
The SEC filings noted that about $7.2 million were raised by nine investors in the United States, while another $8.9 million were raised by a single entity in the Cayman Islands. However, the fund does not have a limit for the number or amount of investors. The target of the fund has been marked indefinite, keeping it open to additional sales in the future.
However, he general public will not be able to access the ARK Crypto Revolutions Fund since it is a private placement. Such private funds are only available to a limited number of people that the establisher intends to include. As a result, despite being open to raising more money, the fund will remain smaller compared to ARK Invest’s other funds.
ARK leans in on Coinbase
Over the last couple of months, Ark Invest has been heavily leaning into Coinbase stock, adding more shares to its ETFs. Following the trend, the investment management fund added another 301,437 shares of COIN to its ARK Innovation ETF.
COIN 1-day chart
Furthermore, an additional 52,525 shares of the same stock were added to the company’s Next Generation Internet ETF as well, bringing the total value of the purchase to $22.82 million. The purchases came at a time when the crypto market began recovering as Bitcoin price climbed above $25,000 during the intra-day trading hours on Tuesday.
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