Cathie Wood raises $16M for her new crypto fund betting crypto exceed $500K by 2030
Cathie Wood's Ark Investment Management Raises $16 Million for Private Crypto Funds, Betting on Digital Asset Bull Market
ARK Investment Management LLC, the investment firm led by Cathie Wood, has raised over $16 million in two new private crypto funds, according to filings with the U.S. Securities and Exchange Commission. The ARK Crypto Revolutions Cayman Fund LLC raised $9 million from one investor, while the ARK Crypto Revolutions US Fund LLC raised over $7 million and listed nine investors. The two funds opened for investments in June, and both are private and open only to a small number of investors.
Despite the recent collapse of several US lenders such as Silicon Valley Bank and Signature Bank, which triggered a sell-off in cryptocurrencies, Wood has maintained a bullish stance on digital assets. Her firm has been interested in shares of major US-based cryptocurrency exchange Coinbase and she has expressed her belief in the potential of Bitcoin, having predicted last year that the digital asset would hit $500,000 by 2030. In February, she reiterated her prediction and said her bullish case for Bitcoin's price was much higher.
Wood has also been critical of regulators' focus on "blocking decentralized, transparent, auditable and well-functioning financial platforms with no central points of failure" instead of addressing "centralized and opaque points of failure looming in the traditional banking system." Wood has praised Bitcoin for being the most decentralized and transparent blockchain in the crypto space and criticized Sam Bankman-Fried, the founder of FTX, for not liking Bitcoin because he couldn't control it.
Bitcoin's price has rallied nearly 50% this year to trade around $24,500, and Ark Innovation ETF, Wood's flagship fund, has risen about 22% in that time. With the recent funding of its new crypto funds, Ark Investment Management LLC may be betting on a new bull market for digital assets.
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