Amid a Purchasing Frenzy, Ark Raises $16.3 Million for a New Cryptocurrency Fund

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Last Updated on March 16, 2023 by Bitfinsider

According to documents filed with the U.S. Securities and Exchange Commission on Wednesday, innovation-focused fund manager Ark Invest raised more than $16 million for a cryptocurrency fund that was divided between a domestic and a Cayman Islands-based version.

Nine individuals contributed $7.3 million to the ARK Crypto Revolutions U.S. Fund LLC, while one investor contributed nearly $9 million to the ARK Crypto Revolutions Cayman Fund LLC.  According to the documents, both funds began accepting deposits on March 1.

Despite the fact that the filing stated that the fund’s target was “indefinite,” indicating that it was open-ended, Ark has been on a buying spree of cryptocurrencies over the past month, adding about $30 million in Coinbase shares to its funds and more than $20 million in Block shares over the past week.

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