Ark Invest, the investment management firm led by Catherine Wood, has successfully raised $16.3 million for its new cryptocurrency fund.
The fund will have two separate entities, with one based in the United States and the other in the Cayman Islands. The company filed the necessary documents with the US Securities and Exchange Commission (SEC) this week.
The US-based Ark Crypto Revolutions U.S. Fund has already raised nearly $7.3 million from nine investors. Meanwhile, the Cayman Islands-based Ark Crypto Revolutions Cayman has raised nearly $9 million from a single sponsor.
The fund will reportedly be available to only a select group of investors, according to the documents.
This latest development comes just days after Ark Invest purchased over 300,000 additional shares of Coinbase, the US-based cryptocurrency exchange, amounting to $20.6 million.
Wood, a strong advocate for cryptocurrencies, has been actively investing in Coinbase through Ark Invest. In fact, the company spent $6.7 million in February alone to acquire 16,414 shares of the exchange.
Wood has previously stated that cryptocurrencies are now seen as a protective rather than a risky asset, especially during the current banking crisis in the United States.
She also holds the US Federal Reserve and other regulators responsible for the collapse of Silicon Valley Bank, Signature, and Silvergate.