Cathy Wood’s Ark Investments has raised more than $16 million for two new private crypto funds as digital assets begin to rebound despite growing regulatory pressure.
According to a recent filing with the US Securities and Exchange Commission, Arc Invest has raised $16.3 million in crypto funds split between a domestic and Cayman Islands-based variant.
ARK Crypto Revolution US Fund LLC raised $7,281,630 from nine investors, while ARK Crypto Revolution Cayman Fund LLC Raised nearly $9 million from one backer. The filing shows that both the funds are open for investment starting this month.
For the overall goal, Arch checked “indeterminate,” which means the fund is open-ended. These two new funds are private and open to a limited number of investors.
It is worth noting that the arch is invested Bullish on crypto firms Despite the recent crypto meltdown and increase in regulatory scrutiny. Specifically, the fund is interested in shares of major US-based cryptocurrency exchange Coinbase.
Just last week, Cathy Wood added 301,437 shares of Coinbase to her ARK Innovation ETF (ARKK) and 52,525 shares to the Next Generation Internet ETF (ARKW). In total, the company spent $20.6 million for more than 350,000 shares.
The move comes after the fund bought 333,637 shares in January. With this latest purchase, Arch owns 9.9 million Coinbase shares, or approximately 3.8% of the company.
Cathy Wood Expects Bitcoin To Reach $500,000 By 2030
In 2020, Wood made headlines with an infamous prediction that bitcoin would reach $500,000 by 2030. Despite the recent slide in cryptocurrencies that has led to the collapse of some high-profile digital asset companies, the investor is still sticking to his prediction.
Back in February, Wood reiterated that he expects bitcoin to reach $500,000. “Yeah, we’re a little bit higher than that in our bearish case for 2030,” she said, noting that her bullish case is much higher.
Earlier this month, he also Praised Bitcoin to be the most decentralized and transparent blockchain in the crypto space. He also drew comparisons to disgraced FTX founder Sam Bankman-Fried, adding that there are clear reasons why he prefers bitcoin over other blockchains.
“Sam Bankman-Fried didn’t like bitcoin. Why didn’t he like it? Because it’s completely decentralized, transparent, he can’t control it,” Wood said in the interview.
He claimed that companies including FTX, the crypto lender, went under during the crypto market downturn last year. Celsiusand hedge funds three arrows capital (3AC) were all “completely opaque and centralized”.
“Blockchains, whether you talk about bitcoin or ethereum and many others, they haven’t missed a beat. Transactions haven’t stopped. And I think that gives us a lot of confidence that they’re really on the right track. “
