Cathie Wood’s Ark Investment has raised more than $sixteen million for 2 new private crypto funds as digital property hold rallying amid banking issues.
According to current filings with the U.S. Securities and Exchange Commission, Ark Invest has raised $16.3 million for a crypto fund break up between a domestic and a Cayman Islands-based version.
The ARK Crypto Revolutions U.S. Fund LLC raised $7,281,630 from nine traders, while the ARK Crypto Revolutions Cayman Fund LLC raised nearly $9 million from one backer. The filings show both funds opened for investments beginning this month.
For the general target, Ark checked “Indefinite,” which means the fund is open-ended. These new budget are non-public and open most effective to a small number of traders.
It is worth noting that Ark Invest has been bullish on crypto corporations despite the recent crypto meltdown and increasing regulatory scrutiny. Specifically, the fund has been inquisitive about shares of fundamental US-based cryptocurrency exchange Coinbase.Just last week, Cathie Wood delivered 301,437 stocks of Coinbase to its ARK Innovation ETF (ARKK) and 52,525 shares to its Next Generation Internet ETF (ARKW). In total, the business enterprise spent $20.6 million for extra than 350,000 shares. In 2020, Wood made headlines with an notorious prediction that Bitcoin could hit $500,000 via 2030. Despite the latest crypto downturn that saw some high-profile virtual asset groups crumble, the investor nevertheless stands by her prediction.
Back in February, Wood reiterated that she expects Bitcoin to hit $500,000. “Yes, we are a touch higher than that in our bearish case for 2030,” she said, noting that her bullish case is plenty better.
Earlier this month, she also praised Bitcoin for being the maximum decentralized and transparent blockchain inside the crypto space. She also made comparisons with the disgraced FTX founder Sam Bankman-Fried, and said there are apparent reasons why he desired different blockchains over Bitcoin.
“Sam Bankman-Fried didn’t like Bitcoin. Why didn’t he adore it? Because it’s completely decentralized, transparent, he couldn’t control it,” Wood said in the interview.
She claimed that the firms that went under at some stage in the crypto marketplace downturn remaining yr, which include FTX, crypto lender Celsius, and hedge fund Three Arrows Capital (3AC) have been all “completely opaque and centralized.”