Ark Invest Launches Two New Crypto Funds, Raises $16 Million

On Wednesday, it was revealed in filings with the U.S. Securities and Exchange Commission that Cathie Wood’s Ark Invest has raised more than $16 million for a new cryptocurrency fund, which is split between a domestic version and a version based in the Cayman Islands.

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 1st, and the figures provided represent the total amount sold. Ark has designated the overall target as “Indefinite,” indicating that the fund is open-ended. These funds are private and accessible only to a small number of investors, unlike many other offerings from the Florida-based firm.

This news comes a few days after Ark purchased 301,437 additional shares of cryptocurrency exchange Coinbase (COIN) for its ARK Innovation ETF (ARKK) and 52,525 shares for its Next Generation Internet ETF (ARKW), a purchase valued at $20.6 million based on Coinbase’s closing price last Thursday. Since the beginning of the year, Ark has been consistently buying shares of Coinbase for its exchange-traded funds.