Cathie Wood’s Ark Investment has raised about $16 million for new private crypto funds, according to U.S. Securities and Exchange filings. This makes Ark one of the most successful investment firms in the cryptocurrency space.
ARK Investment, a company known for its bullish stance on cryptocurrency, has announced the closure of two private crypto funds totaling $16.3 million from 10 investors. The minimum investment for either fund is $500,000.
The U.S.-based and Cayman Islands-based funds are both open-ended, meaning that investors can add or withdraw funds at any time.
ARK Investment is so confident in cryptocurrency’s future that it estimates the price of a single bitcoin will reach $1.5 million by 2030.
ARK Crypto Revolutions has two new investment funds, one based in the U.S. and the other in the Cayman Islands. The U.S. fund raised $7.3 million from nine investors, while the Cayman fund raised $8.99 million from a single investor. The investment target for both funds is “indefinite,” indicating that the funds are open-ended and have an exclusive list of investors. The minimum investment is $1,000.
ARK is Bullish On Crypto
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.
However, with the current volatility in the market, it’s hard to say what the future will hold for this digital currency. Bitcoin is currently trading at around $25,000.
ARK’s exchange-traded funds are also buying up shares of Coinbase (COIN), the largest U.S. crypto exchange. ARK Innovation ETF (ARKK) has been purchasing 301,437 more shares of Coinbase (COIN), and ARK’s Next Generation Internet ETF (ARKW) has been buying up 52,525 COIN shares.
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