ARK Invest Tokenizes ARK Venture Fund with OpenAI Exposure
ARK Invest has tokenized its ARK Venture Fund on Ethereum through Securitize. The fund, which includes holdings in OpenAI and Anthropic, among others, can now be accessed by eligible investors as a blockchain-based interest. Cathie Wood, founder and CEO of ARK, said the move puts her firm's view on changing capital markets into practice.
The ARK Venture Fund is a closed-end interval fund that allows investors to buy shares on an ongoing basis while making periodic offers to repurchase them. The tokenized interest represents an investment in the fund, whose managers decide how to allocate its portfolio.
In September, the U.S. Securities and Exchange Commission (SEC) approved an amended order for ARK Venture Fund, permitting it to offer a tokenized share class that may trade on one or more alternative trading systems or be quoted through other permitted channels.