Digital Assets: Cathie Wood’s Ark Investment Raises $16.3M For Two Private Crypto Funds
In the SEC filings for the funds, Cathie Wood’s Ark has indicated they are open-ended.
Cathie Wood’s Ark Investment has launched two new private crypto funds, raising over $16 million from investors. The funds, split between a domestic and a Cayman Islands-based version, are open-ended and available only to a small number of investors.
The funds are the ARK Crypto Revolutions U.S. Fund LLC (which raised $7,281,630 from nine investors), and the ARK Crypto Revolutions Cayman Fund LLC (which raised almost $9 million from a single investor). (CryptoNews)
Despite recent regulatory scrutiny and market volatility, Ark Invest remains bullish on cryptocurrency, particularly shares of major US-based exchange Coinbase (NASDAQ: COIN). It currently owns owns 9.9 million Coinbase shares, or around 3.8% of the company’s stock.
Cathie Wood stands by her prediction that Bitcoin will hit $500,000 by 2030 and praises its decentralized and transparent blockchain. On the other hand, she criticized opaque and centralized firms that went under during the crypto market downturn last year.
“The blockchains, whether you talk about Bitcoin or Ethereum and many others, they didn’t skip a beat. Transactions did not stop. And I think that has given us a lot of confidence that actually they are on the right track.”
She heavily criticized the regulators and the traditional banking system for the recent failure of three US banks.
“Instead of blocking decentralized, transparent, auditable and well-functioning financial platforms with no central points of failure, regulators should have been focused on the centralized and opaque points of failure looming in the traditional banking system.”
— Cathie Wood (@CathieDWood) March 15, 2023
Related Story: Federal Support Action For Resolving SVB And Signature Bank Crises
Image by Eivind Pedersen from Pixabay
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