Million investment: Cathie Woods ARK Invest launches new crypto fund

• ARKK: Second week of March shows worst weekly performance since September 2022
• Wood launches new crypto fund and invests millions
• Bitcoin could be worth over a million US dollars in the future

Worst week since September

Cathie Wood’s investment fund has been leaning heavily on Tesla stock lately, The Street reports. The reasons for this are pretty obvious: That electric car-Companies around Elon Musk continues to attract significant interest as electric vehicle adoption continues to increase. Still, ARK Innovation ETF (ARKK), ARK Invest’s flagship fund, has seen sharp falls in holdings like Tesla and 2U in recent weeks, according to reports from Reuters. In March, Woods ARKK was also heading for its worst weekly decline since last September. Overall, the fund fell about 10 percent in the second week of March, its worst weekly performance since an 11.1 percent drop in the week ended September 23. The $7 billion fund, which skyrocketed during the 2020 pandemic measures, is often seen as a gauge of investor tolerance for riskier assets, analysts said, according to Reuters. “(ARK) is a good sentiment indicator for higher-risk, higher-reward investments. As investors shift to a lower-risk mindset, this ETF tends to decline because the fund invests in securities tied to long-term themes,” Todd said Rosenbluth, head of research at data analytics firm VettaFi. Overall, however, the fund is up 17 percent year-to-date, largely due to a gain of more than 25 percent in January, its best monthly performance in its history.


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Millions investment in Bitcoin

Another sector that Wood has consistently shown interest in is the crypto market. She was not deterred by the major price slumps in 2022, when many investors fled in panic. As The Street further reports, she recently proved this again. Wood raised a total of $16 million for a new crypto fund, according to new SEC filings. Nine investors collectively provided a total of $7,281,630 raised by The ARK Crypto Revolutions US Fund LLC. The additional $8 million was eventually raised by ARK Crypto Revolutions Cayman Fund LLC. Both funds are private investment funds open to a limited number of investors. In line with this, Wood has also increased her investment in Coinbase, the largest cryptocurrency exchange in the USA. She recently bought a total of 119,429 shares here. In turn, she sold a total of 95,836 shares in the cloud communications company Twilio.

Bitcoin Future: Worth Over $1 Million?

Since 2017, ARK Invest has published the annual “Big Ideas” report. “This annual research report aims to reveal the technological breakthroughs that are emerging today and creating the potential for super-exponential growth tomorrow,” ARK Invest’s website explains. Overall, the report presents 14 disruptive technology trends with exponential development potential. Four of these technology trends alone come from the crypto space. In addition to Bitcoin, digital wallets, public blockchains and networks based on smart contracts are also mentioned here with positive future prospects. An entire chapter is dedicated to Bitcoin in this year’s report. “We believe that Bitcoin’s long-term opportunities are increasing. Despite a turbulent year, Bitcoin has not moved anywhere. The fundamentals of the network have strengthened and the base of holders has taken a long-term view. The risk of contagion from centralized counterparties has increased strengthened the values ​​of Bitcoin: decentralization, auditability and transparency,” the investment company’s report said. Immediately afterwards, the report speculates that Bitcoin could even exceed the value of one million US dollars in the next decade.

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