Cathie Wood's Ark Investment Raises $16 million for Private Crypto Funds

Cathie Wood

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Cathie Wood's Ark Investment raised about $16 million for new private crypto funds, according to U.S. Securities and Exchange filings.

Key Takeaways

  • ARK Investment raised $16.3 million via two private crypto funds from 10 investors.
  • The two funds, based in the U.S. and Cayman Islands, are open-ended with minimum $500,000 investments.
  • ARK Investments has been extremely bullish on cryptocurrency, estimating bitcoin price to increase to $1.5 million by 2030.

The newly introduced crypto funds were halved between a domestic and a Cayman Islands-based version.

The ARK Crypto Revolutions U.S. Fund LLC raised about $7.3 million from nine investors, while the ARK Crypto Revolutions Cayman Fund LLC raised $8.99 million from a single investor totaling approximately $16.3 million.

The investment target wasn't capped, rather, it's “indefinite,” indicating the funds are open-ended with an exclusive list of investors who have access to it. The minimum investment required for each fund is $500,000.

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. Even its bear case prediction pegs the price of a bitcoin at $258,500 in seven years. Bitcoin is currently trading at around $25,000.

ARK's exchange-traded funds have also been aggressively purchasing shares of Coinbase (COIN), the largest U.S. crypto exchange. ARK Innovation ETF (ARKK) reportedly purchased 301,437 more shares of crypto exchange Coinbase (COIN) and ARK's Next Generation Internet ETF (ARKW) added 52,525 COIN shares to its portfolio. 

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  1. U.S. Securities and Exchange Commission. "Form D - ARK Crypto Revolutions U.S. Fund LLC."

  2. U.S. Securities and Exchange Commission. "Form D- ARK Crypto Revolutions Cayman Fund LLC."

  3. ARK Investments. "Big Ideas For 2023," Page 65.

  4. Cointelegraph. "Coinbase still a buy for Cathie Wood: ARK buys its biggest batch of COIN in 2023."

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