In spite of mounting regulatory pressure, Cathie Wood’s Ark Investment has raised more than $16 million for two new private crypto funds.
A crypto fund run by Ark Invest has raised $16.3 million, which has been divided between a domestic and a Cayman Islands-based version, according to recent filings with the U.S. Securities and Exchange Commission.
Nine investors contributed $7,281,630 to the ARK Crypto Revolutions U.S. Fund LLC, while one investor contributed over $9 million to the ARK Crypto Revolutions Cayman Fund LLC. According to the papers, both funds are now accepting investments.
Ark selected “Indefinite” for the overall aim, indicating that the fund is open-ended. These two new funds are exclusive to a select group of investors and are secret.
It is noteworthy that Ark Invest has maintained an optimistic stance on cryptocurrency companies in the face of recent market volatility and heightened regulatory scrutiny. The firm has a particular interest in the stock of prominent US-based bitcoin exchange Coinbase.
Only last week, Cathie Wood added 52,525 shares to her Next Generation Internet ETF and 301,437 shares to her ARK Innovation ETF (ARKK) (ARKW). For more than 350,000 shares, the business paid $20.6 million in total.
The action was taken after the fund’s January acquisition of 333,637 shares. With its most recent acquisition, Ark now holds 9.9 million Coinbase shares, or around 3.8% of the equity of the firm.
By 2030, Cathie Wood predicts that Bitcoin will reach $500,000
With his controversial forecast that Bitcoin will reach $500,000 by 2030, Wood made waves in 2020. Despite the recent demise of numerous well-known digital asset firms due to the crypto slump, the investor remains by her forecast.
Wood said in February that she expects Bitcoin will reach $500,000. She acknowledged that her bullish case is considerably higher and stated, “Yeah, we’re a touch higher than that in our pessimistic case for 2030.
She also lauded Bitcoin earlier this month for having the most open and transparent blockchain in the cryptocurrency industry. She also compared him to Sam Bankman-Fried, the discredited creator of FTX, and said there were clear reasons why he chose other blockchains over Bitcoin.
Sam Bankman-Fried was unimpressed with bitcoin. What made him dislike it? He couldn’t control it since it is totally decentralized and transparent, Wood said in the interview.
She said that companies like FTX, cryptocurrency lender Celsius, and hedge fund Three Arrows Capital (3AC) that failed amid the collapse in the cryptocurrency market last year were all “totally opaque and centralized.”
The blockchains, including Bitcoin, Ethereum, and several more, didn’t miss a beat. Trades continued unabated. And I believe it gives us a lot of hope that they are genuinely on the right path.
Compiled by Coinbold
