Cathie Wood’s Ark Investment Management has raised about $16 million for new private crypto funds, according to U.S. Securities and Exchange filings. The new funds will invest in a variety of digital assets and protocols, including bitcoin, ether, and blockchain startups.
ARK Investment, a company that is bullish on cryptocurrency, has raised $16.3 million from 10 investors in two private crypto funds. The funds, based in the U.S. and Cayman Islands, are open-ended with minimum $500,000 investments.
ARK Crypto Revolutions LLC, a U.S. based company, and ARK Crypto Revolutions (Cayman) Fund Ltd, its Cayman based counterpart, have both successfully raised funds in their recent crypto-based investment rounds.
The U.S. Fund raised $7.3 million from nine investors, while the Cayman Fund secured an investment of $8.99 million from a single investor, totaling $16.3 million. Interestingly, there was no set investment target for either fund; the “indefinite” nature of the investment rounds indicates that the funds are open-ended, with a restricted and exclusive investor base.
ARK is Bullish On Crypto
ARK Investments has been extremely bullish on cryptocurrencies. In a February research report, the company said a bull case for bitcoin could see its price go up to $1.48 million by 2030. In its bear case prediction, the company pegs the price of a bitcoin at $258,500 in seven years.
3 Bitcoin is currently trading at around $25,000, but there is potential for it to go much higher.
ARK’s exchange-traded funds are also buying up shares of Coinbase (COIN), the largest U.S. crypto exchange. ARK Innovation ETF (ARKK) bought 301,437 more shares of Coinbase (COIN) and ARK’s Next Generation Internet ETF (ARKW) added 52,525 COIN shares to its portfolio.