Cathie Wood’s Ark Invest has raised more than $16 million for a new crypto fund.
The private fund is split between a domestic and an overseas entity based in the Cayman Islands.
The visionary investor’s crypto funds have been taking on investments since 1 March.
News of Wood’s new crypto venture comes just days after Ark bought its biggest batch of Coinbase stock.
Cathie Wood, the visionary investor behind Ark Invest, has ventured further into the crypto space by launching a new private crypto fund. Interestingly, the fund’s debut comes amid rising scrutiny of crypto-related businesses in the United States.
Cathie Wood’s interest in crypto remains undeterred
According to filings made with the U.S Securities and Exchange Commission (SEC), the new crypto fund is split between a domestic and an overseas entity. The domestic version, ARK Crypto Revolutions U.S. Fund LLC, is based in St. Petersburg, Florida. The fund has named Ark Cryptocurrency Fund MM LLC as its promoter.
Ark Invest CEO Cathie Wood has been named as an Executive officer of the fund. Other executive officers include Corporate Counsel Kellen Carter, COO Thomas Staudt, and CFO Paul Wilson. The filing revealed that the U.S.-based crypto fund plans to offer Pooled Investment Fund Interests. Since its first sale on 1 March, the fund has raised more than $7.2 million from private investors.
ARK Crypto Revolutions Cayman Fund LLC, the overseas version, is based in the Cayman Islands. In addition to serving as this fund’s executive officer, Wood will serve as its Director. The fund will share the same Executive officers as its sister fund based in Florida. As of 15 March 2023, the fund raised nearly $9 million. The targeted sales are likely open-ended given that the filing mentioned “Indefinite” in the Offering and Sales Amounts.
The unveiling of Cathie Wood’s new crypto fund comes just days after Ark Invest purchased its biggest batch of Coinbase stock. The investment fund shelled out more than $20 million to acquire over 350,000 shares of the American crypto exchange. About 301,000 of those shares went to ARK Innovation exchange-traded fund while the rest went to ARK Next Generation Internet ETF.
This article has been originally published at: https://en.ethereumworldnews.com/cathie-wood-ark-16-million-crypto-fund/