US hedge fund giant Ark Invest has raised $16 million in a new cryptocurrency fund. SEC filings revealed.
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.
It’s unclear at this time what crypto projects the fund will invest in, but Ark Invest has long been bullish on the crypto industry, buying $20 million worth of Coinbase shares earlier this year. and has reached a holding rate of 5.14%.
Cathie Wood, CEO of Ark Invest, tweeted about the spread of financial instability caused by the US bank failure, saying, “While the US banking system deals with bank failures that threaten local banks, Bitcoin, Ethereum and their virtual Currencies have not yielded a single step in the wake, while volatility in the banking system threatens the centralized stablecoins that wrap onto DeFi, in contrast to the rhetoric of regulators. ‘ commented.
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. Instability in the banking system threatened stablecoins, the on-ramps to DeFi, in stark contrast to regulator rhetoric https://t.co/r5xwC96Pdj
—Cathie Wood (@CathieDWood) March 15, 2023
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