U.S Investment Company Ark Invest, Raises $16M For New Cryptocurrency Fund
It has been asserted that Ark Invest, a U.S.-based investment and fund manager, has successfully raised $16 million in venture financing for its new cryptocurrency. According to the information acquired about this new project, it will be split into two parts: a Cayman Islands account and a local account.
Upon the completion of the company’s filings with the US Securities and Exchange Commission, this new initiative was announced and made operational. The information in the meeting paper that has been made public indicates that the money was raised through two (well-known) channels:
The investors gave $7.3 million to ARK Crypto Revolutions, a different cryptocurrency business with headquarters in the United States. The Cayman Islands division of ARK Crypto Revolutions, formerly known as ARK Crypto Revolutions Cayman Fund LLC, raised the remaining $9 million through one investor. The actual date the business welcomed investors inside is also included in the publication data.
According to the paper, on March 1, 2023, an invitation to invest in the company was sent. According to the fundraising document, the fundraising time is “indefinite.” The disclosed information further claimed that because the fund’s goal is unbounded, interested investors may still participate.
ARK Crypto Revolutions Adds More Shares
The release from the fundraising also stated that the company (Ark Invest) had extended its shares to accommodate other interested parties. From the data available, the company added additional $20 million extra shares to this effect sometime last week. Also, it was said that in February 2023, the company added more than $30 million worth of shares in Coinbase to fund its project.
When contacted, some industry experts said that Ark Invest is doing well for themselves – they are moving swiftly. They also confessed that not even the bearish market trends industry is slowing the company down. It was also disclosed that the company is in a cryptocurrency-buying mood, considering the aggressive methods they applied in buying cryptocurrency-related shares. Note, that this is happening at a time the industry is facing an intense crackdown by the authorities.
While speaking about the trend, Cathie Wood, Ark Invest CEO, claims that the market is slowly becoming bullish, citing Bitcoin as a typical example. It was learned that, for some reason, Ark Invest had published a report in the early days of 2022 where they’d predicted that the BTC would likely hit a whole $1.36 million in 2030.
Cathie Wood Takes Advantage of The Bullish Trend
Although analysts still believe that Ark Invest may be moving too fast in terms of acquiring more cryptocurrencies at a time when the market is extremely bullish. These analysts believe that the CEO is having a nice time with the development in the bear market, considering how they have been stacking these coins.
There were practical examples of this claim. It was recalled that in November 2022, under the management of Cathie Wood, the company was reported to have bought over 1.3 million shares in Coinbase at $40 per share, which was perceived to be extremely cheap then. It was also announced that Ark Invest had 4.7% of the company’s (Coinbase) shares.
Some experts who knew about this development said it doesn’t matter how the CEO has chosen to make the purchase. They added that what is important if her pattern of buying these coins will pay off in the long run. It is also important to add that Cathie Wood is a strong critic of what she refers to as “misplaced regulators” in the cryptocurrency industry.
Information gathered about her activities shows that she has, on some occasions, referred the Bitcoin as a form of insurance and added that even while the bank’s activities have continued to interfere with that of most regional banks, Bitcoin and its likes remain formidable.
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