Cathie Wood, the pioneering investor at Ark Invest, has expanded her involvement in the cryptocurrency space with the launch of a private crypto fund. Interestingly, the fund’s introduction comes amidst heightened scrutiny of crypto-related businesses in the US.
Despite this, Wood’s interest in cryptocurrency remains unwavering. According to filings submitted to the US Securities and Exchange Commission (SEC), the new crypto fund is divided between a domestic and an overseas entity.
The ARK Crypto Revolutions U.S. Fund LLC, which is based in St. Petersburg, Florida, plans to offer Pooled Investment Fund Interests and has raised more than $7.2 million since its first sale on 1 March from private investors.
The overseas version, ARK Crypto Revolutions Cayman Fund LLC, is based in the Cayman Islands and has raised almost $9 million as of 15 March 2023.
Wood has been named as an Executive Officer and Director of the overseas fund, while other Executive Officers include Corporate Counsel Kellen Carter, COO Thomas Staudt, and CFO Paul Wilson. The same Executive Officers also serve the domestic fund, which has named Ark Cryptocurrency Fund MM LLC as its promoter.
This latest development from Cathie Wood comes just after Ark Invest bought its largest batch of Coinbase stock. The investment firm spent over $20 million to acquire more than 350,000 shares of the American crypto exchange. The ARK Innovation exchange-traded fund received approximately 301,000 of those shares, while the rest went to the ARK Next Generation Internet ETF.
Gargi Sinha is working as Senior Journalist at Confea. She has completed her Masters in Journalism from Delhi University. She has interest in crypto and blockchain technology.