Cathie Wood’s ARK Investment Management LLC raised more than $16 million from investors for funds focused on crytpocurrencies, according to filings with the US Securities and Exchange Commission.
(Bloomberg) — Cathie Wood’s ARK Investment Management LLC raised more than $16 million from investors for funds focused on crytpocurrencies, according to filings with the US Securities and Exchange Commission.
Filings Wednesday showed the ARK Crypto Revolutions Cayman Fund LLC raised close to $9 million from one investor, while the ARK Crypto Revolutions US Fund LLC incorporated in Delaware received more than $7 million and listed nine investors.
An ARK representative did not immediately respond to a request for comment on the fund.
Wood’s firm has maintained a bullish stance on cryptocurrencies, including a forecast earlier this year that the price of Bitcoin will exceed $1 million in the next decade. The largest digital asset tumbled more than 60% in 2022 amid a series of bankruptcies and scandals, including the collapse of crypto exchange FTX.
Even so, Bitcoin’s price rallied nearly 50% this year to trade around $24,500. Ark Innovation ETF, the firm’s flagship fund, has risen by about 22% in that time.
After the collapse of three US lenders — Silicon Valley Bank, Silvergate Capital Corp. and Signature Bank — Wood on Tuesday posted on Twitter that regulators should have focused more on “centralized and opaque points of failure looming in the traditional banking system” instead of “blocking decentralized, transparent, auditable and well-functioning financial platforms with no central points of failure.”
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