ARK Invest, a hedge fund focused on innovative developments, purchased Bitcoin worth $ 19,872,939, according to a U.S. Securities and Exchanges Commission (SEC) file.
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According to Ark Invest’s Chief Compliance Officer, Kellen Carter, ARK Cryptocurrency US Fund LLC requires a minimum investment of $ 1 million and close to $ 20 million has been raised from 12 investors.
Cathie Wood, CEO of Ark Investment, thinks Bitcoin will likely rise after a drop of up to 50%. It has been noted that such drops are not uncommon and can be healthy for reaching a state of mania during bull running.