The CEO of Ark Invest, Cathie Wood, has been a strong supporter of the sector of criptocurrency over the years. Among the ETF holdings are several companies that have included cryptocurrencies-friendly companies, according to Ark Invest.
The company is rolling out new cryptocurrencies investment funds, but they may not be readily available to everyone.
What Happened: Wood has one of the most aggressive price targets onBTCUSD, with the fund manager and the Ark Invest team laying out price estimates of $500,000 to $1 million over the next few years.
The Ark Crypto Revolutions Fund raised $16 million in a new filing. The fund is registered in the U.S. and the Cayman Islands. Since starting to raise money, the US version of the fund has raised $7.28 million. Since March 1, the Cayman Islands fund has raised $8.99 million.
The Crypto Revolutions Fund is a private placement and not available to public investors unlike many of the popular Ark Funds ETFs.
Both fund documents list a minimum investment of $500,000, meaning that many investors wouldn't qualify for the funds. The funds have an indefinite box checked, suggesting they are open to continued investments from those with deep pockets.
Why it is important that Wood has been incredibly vocal in support of cryptocurrencies and recently spoke out against regulators after the failure of several banks.
Wood said that while the U.S. banking system was seizing in response to bank runs threatening regional banks,Bitcoin,Ethereum, and other criptocurrencies didn't skip a beat.
Instability in the banking system threatened stablecoins, the on-ramps to DeFi, in stark contrast to regulator rhetoric. There are several stories on cryptocurrencies andBitcoin on the Ark website.
Ark believes that cryptocurrencies governed by open source networks are enabling a new paradigm for monetary systems and mechanisms to store and transfer value. The Ark website says that the investment manager believes that cryptocurrencies value and market share dynamic will be power law distributed.
The flagship Ark InnovationETF ARKK is a large holder of shares of Coinbase Global COIN. The stock has a fourth-largest holding at 6.5% of assets under management.
The Ark Innovation ETF also owns shares of Block Inc SQ and Robinhod Markets HOOD, which are the 6th and 18th largest holdings in the ETF.
The Ark Next Generation Internet ETF ARKW has the largest holding at 8.3% of assets under management. The ETF has the Block and Robinhood as the third and 13 rd largest weightings in the ETF.
The ETF holds 6.2% of the assets, as the seventh-largest holding of the Grayscale Bitcoin Trust GBTC. The ETF owns shares of the popular Latin American digital bank Nu Holdings NU at 0.5% of assets.
The largest holding of assets is the Coinbase, which is owned by the Ark Fintech Innovation ETF ARKF. Other holdings include Block, Robinhood and Nu Holdings at 10.1%, 4.7% and 1.6% of assets held.
In 2023, Ark has been aggressively adding shares of Coinbase. Ark owns 5.1% of the criptocurrency platform.