ARK founder joins $2B Swiss crypto fund, wading deeper into Bitcoin
ARK founder Cathie Wood is joining the board of Swiss $2 billion crypto fund Amun Holdings.
The move comes after Wood personally invested in Amun’s 21Shares, which sells crypto exchange-traded products (ETPs) across Europe, according to Bloomberg.
Zurich-based Amun Holdings — established in 2018 — recently rebranded to 21Shares to align itself with its subsidiary.
21Shares manages ETPs tied to nine individual cryptocurrencies including Bitcoin, Ethereum, and Bitcoin Cash.
The company also boasts products tied to four crypto indexes like Bitwise 10 and one offering short exposure to Bitcoin.
21Shares ETPs trade on Swiss, German, and Austrian stock exchanges. Chief exec Hany Rashwan claimed Amun is planning its first offering outside Europe in coming months.
Rashwan told Bloomberg that Amun is profitable and generates between $40 million and $50 million in annual revenue from a mix of retail and institutional investors (family offices).
Morgan Creek co-founder Anthony Pompliano — known as “The Pomp” — also invested an undisclosed amount in Amun’s latest funding round.
ARK founder loves other crypto stocks, too
Wood is a big fan of Bitcoin. Her funds — together managing about $50 billion in assets — are deep in the crypto space.
ARK’s ‘next generation’ ETF, which focuses on internet-powered stocks, maintains sizeable stakes in Grayscale Bitcoin Trust and crypto exchange Coinbase.
The firm’s flagship ‘innovation’ fund (ARKK) also holds Coinbase shares. Although, ARKK just hit its lowest point for the year — down 30% since February’s top.
[Read more: Coinbase is big — but can it be Amazon big?]
As for Amun: the firm’s assets under management have swelled from $27 million to $2 billion since March last year.
Prefer to listen to your news? The Protos Podcast delivers the week’s top stories every Friday.