According to documents filed with the U.S. Securities and Exchange Commission on Wednesday, Cathie Wood’s Ark Invest has raised over $16 million for a new cryptocurrency fund that is split between a domestic and a Cayman Islands-based version.
Nine investors contributed $7,281,630 to the ARK Crypto Revolutions U.S. Fund LLC, while one contributor contributed $8,993,330 to the ARK Crypto Revolutions Cayman Fund LLC. Both funds opened for investments on March 1, and the figures provided were the total amount sold. For the overall target, Ark checked “Indefinite,” meaning the fund is open-ended. Unlike many offerings from the Florida-based firm, these funds are private and open only to a small number of investors.
The filings were made public days after Ark added 301,437 additional shares of cryptocurrency exchange Coinbase (COIN) to the ARK Innovation ETF (ARKK) and 52,525 shares to its Next Generation Internet ETF (ARKW). Based on Coinbase’s closing price on Thursday, the purchase was valued at $20.6 million. At the beginning of the year, Ark has been slowly purchasing shares of Coinbase for its exchange-traded funds.