Ark raises $16.3 million for new crypto fund amid buying spree

Innovation-focused fund manager Ark Invest raised more than $16 million for a crypto fund split across a domestic and a Cayman Islands-based version, according to filings with the U.S. Securities and Exchange Commission on Wednesday.

ARK Crypto Revolutions U.S. Fund LLC raised $7.3 million from nine investors, while the ARK Crypto Revolutions Cayman Fund LLC raised almost $9 million from one backer.  CoinDesk first reported the news. 

The filings indicated that both funds opened for investments on March 1.

While the filing specified that the target of the fund was “indefinite,” meaning that it's open-ended, Ark has been on a crypto buying spree in the last month, adding roughly $30 million in Coinbase shares to its funds over the last month, and more than $20 million in Block shares in the last week.