Cathie Wood's Ark Invest has raised over $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. Both funds opened for investments on March 1, and the figures provided were the total amount sold. For the overall target, Ark checked "Indefinite," meaning the fund is open-ended. Unlike many offerings from the Florida-based firm, these funds are private and open only to a small number of investors.
The filings were released days after Ark 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.
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