While the rest of the market is cautious about crypto as well as the broader financial markets, ARK Invest CEO and CIO Cathie Wood is taking the other road. The Ark Investment Management founder launched a new private crypto fund.

According to filings with the Securities and Exchange Commission, Wood’s Ark Invest has raised $16 million for the new fund. The ARK Crypto Revolutions Fund, registered in the US and the Cayman Islands, is a private placement, meaning it won’t be available to the public.

Private placements are usually sold to a small group of friends and family, accredited investors or institutional clients. The firm said in the filing it started raising money on March 1 and has so far raised $7.2 million from nine investors in the US and $8.9 million from a single entity in the Cayman Islands as of March 15.

The fund does not have a limit for the number of investors, or the amount each can contribute. The target of the fund has been marked indefinite, keeping it open to additional sales in the future. As a result, despite being open to raising more money, the fund will remain smaller compared to ARK Invest’s other funds.

Despite recent regulatory scrutiny and market volatility, Ark Invest remains bullish on cryptocurrency, particularly shares of major US-based exchange Coinbase. It currently owns 9.9 million shares, or around 3.8% of the company’s stock.

The new fund is another sign that the Florida-based investment manager still feels bullish about Bitcoin and crypto markets. Her Ark Innovation exchange-traded fund drew nearly $400 million last Friday alone, the largest increase since April 2021 and coming as the financial sector has been rocked by bank failures.

Pictured: Cathie Wood