Based on a Securities and Exchange Commission (SEC) Wednesday filing, Cathie Wood’s Ark Invest has raised more than $16 million that is split across two versions of the ARK Crypto Revolutions fund in the United States and Cayman Island.
Markedly, this news comes only a few days after the innovation-focused fund manager bought Coinbase shares worth more than $20 million across its Ark Innovation ETF (ARKK) and Ark Next Generation Internet ETF (ARKW).
The filing shows that the ARK Crypto Revolutions U.S. Fund LLC generated almost $7.3 million from nine investors, while the ARK Crypto Revolutions Cayman Fund LLC raised $9 million from one backer. Ark Invest opened both funds for investment as far back as March 1. In terms of the target of the fund, the asset manager stated that it is “indefinite” meaning that it is open-minded.
Both versions of the ARK Crypto Revolutions fund are private and will only be available to a limited number of investors.
Ark Invest Spreads its Acquisition Tentacles
Noteworthy, Ark Invest has been on a buying spree for a while now and has added a significant amount of Coinbase shares to its portfolio this year alone. Its most recent purchase surpassed all the Coinbase stock it purchased in February.
Specifically, Ark Invest added as many as 301,437 Coinbase shares to Ark Innovation ETF (ARKK) while another 52,525 shares were added to Ark Next Generation Internet ETF (ARKW) both priced at $17.5 million and $3 million respectively.
In January, it was 333,637 Coinbase shares and again in February it added 213,519 shares. Altogether, Ark Invest owns a 3.8% stake in the American cryptocurrency exchange Coinbase.
Amidst the crypto winter of last year and the multiple collapses of cryptocurrency exchanges, the asset management company invested about $2.8 million in the acquisition of Grayscale Bitcoin Trust (GBTC) shares. The $2.8 million covered 315,259 shares of GBTC according to Cathie Wood, the Chief Executive Officer (CEO) of Ark Invest.
Ultimately, this is part of Ark Invest’s plan to plunge its investment into disruptive technology including FinTech, artificial intelligence, and blockchain technology.
