Cathie Wood’s Ark Invest Raises $16 Million for Crypto Investments

US-based hedge fund giant Ark Invest has raised $16 million in a new cryptocurrency fund, according to filings with the Securities and Exchange Commission (SEC). The new fund, called the ARK Crypto Revolutions Fund, is registered in the United States and the Cayman Islands and is a private placement fund.

While it is not yet clear which crypto projects the fund will invest in, Ark Invest has been bullish on the crypto industry for some time. Earlier this year, the firm purchased $20 million worth of Coinbase shares and currently holds a 5.14% stake in the company.

Ark Invest CEO Cathie Wood has been vocal about her support for cryptocurrencies, tweeting recently about their resilience in the face of financial instability caused by bank failures in the US. Wood wrote that while the US banking system was seizing up in response to bank runs threatening regional banks, Bitcoin, Ethereum, and other crypto networks didn’t skip a beat.

Wood went on to criticize regulators for their focus on decentralized financial platforms, which she called transparent, auditable, and well-functioning, while ignoring the centralized and opaque points of failure in the traditional banking system.

The ARK Crypto Revolutions Fund is the latest addition to Ark Invest’s suite of investment products, which includes funds focused on disruptive innovation in areas like genomics, robotics, and autonomous vehicles.

Overall, the new crypto fund is a strong indication of Ark Invest’s continued confidence in the cryptocurrency market and its potential for growth and disruption. As more institutional investors like Ark Invest enter the space, it is likely that we will continue to see increased mainstream adoption of cryptocurrencies and related technologies.

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