Cathie Wood's Ark Investment Raises $16 million for Private Crypto Funds

investopedia.com:

Cathie Wood's Ark Investment raised about $16 million for new private crypto funds, according to U.S. Securities and Exchange filings.

The newly introduced crypto funds were halved between a domestic and a Cayman Islands-based version.

The ARK Crypto Revolutions U.S. Fund LLC raised about $7.3 million from nine investors, while the ARK Crypto Revolutions Cayman Fund LLC raised $8.99 million from a single investor totaling approximately $16.3 million.

The investment target wasn't capped, rather, it's “indefinite,” indicating the funds are open-ended with an exclusive list of investors who have access to it. The minimum investment required for each fund is $500,000.

ARK Investments has been extremely bullish on cryptocurrencies. In a February research report, the company said a bull case for bitcoin could see its price go up to $1.48 million by 2030. Even its bear case prediction pegs the price of a bitcoin at $258,500 in seven years.Bitcoin is currently trading at around $25,000.

ARK's exchange-traded funds have also been aggressively purchasing shares of Coinbase (COIN), the largest U.S. crypto exchange. ARK Innovation ETF (ARKK) reportedly purchased 301,437 more shares of crypto exchange Coinbase (COIN) and ARK's Next Generation Internet ETF (ARKW) added 52,525 COIN shares to its portfolio.