Cathie Wood’s Ark Invest has raised $16 million for a brand new fund, in response to a Securities and Exchange Commission submitting on Wednesday. The ARK Crypto Revolutions Fund, registered in the U.S. and the Cayman Islands, is a non-public placement, which means that it received’t be out there to the general public.

Private placements are often offered to a small group of family and friends, accredited buyers or institutional purchasers. The agency stated within the submitting that it began elevating cash on March 1 and has up to now offered $7 million within the U.S. and $9 million within the Cayman Islands as of March 15.

Ark Invest didn’t instantly reply to a request for remark from Decrypt.

The new fund is one other signal that the Florida-based funding supervisor nonetheless feels bullish about Bitcoin and crypto markets. Her Ark Innovation alternate-traded fund (ETF) drew practically $400 million on Friday, in accordance to Bloomberg, the biggest improve since April 2021 and coming as the monetary sector was rocked by financial institution failures.

Crypto-friendly Silvergate Bank introduced it was voluntarily winding down final week and Silicon Valley Bank, which counted a whole bunch of tech startups as purchasers, was shuttered by regulators on Friday. On Sunday, Signature Bank—on the time, the one remaining crypto-friendly financial institution with an prompt settlement community for digital funds—was pressured to shut by the New York Department of Financial Services.

Wood has been vocal in calling out what she sees as regulators’ misplaced concentrate on the dangers of blockchain expertise and crypto markets as questions loom concerning the stability of the monetary sector.

“While the US banking system was seizing up in response to bank runs threatening regional banks, Bitcoin, Ethereum, and other crypto networks didn’t skip a beat,” Wood wrote on Twitter Tuesday. “Instability in the banking system threatened stablecoins, the on-ramps to DeFi, in stark contrast to regulator rhetoric.”

Wood herself, who’s lengthy been a champion for Bitcoin, stated she sees it as an insurance coverage coverage throughout an interview in February.

“There’s hyperinflation all over the world as their currencies have fallen apart,” Wood advised Yahoo Finance final month. “Those populations need a fallback—an insurance policy like Bitcoin.”

Since the beginning of the yr, the corporate has purchased nearly $20 million value of Coinbase shares and now owns 5.14% of the corporate’s inventory, in response to SEC filings.

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