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ARK seeks SEC approval for a tokenized share class of its venture fund
The filing targets an SEC order after hearing requests are due Sept. 18, and would let the fund sell the tokenized class at NAV through its existing subscription process.
ARK Investment Management has asked the U.S. Securities and Exchange Commission for permission to create a new share class for its ARK Venture Fund whose ownership would be recorded using distributed ledger technology, according to an application published by the SEC.
The SEC issued a notice of the request on Aug. 24 and set a Sept. 18 deadline for hearing requests, after which the agency can grant an order. ARK says it is using the standard exemptive application route for the tokenized structure, rather than waiting for additional SEC tokenization relief that has been signaled but not issued.
ARK Venture Fund is a continuously offered closed-end interval fund that reported $562 million in total assets as of Jan. 31, and it currently has Class D, Class S, and Class U shares. Its filing also references a prior order granted in November 2025 that permitted multiple share classes.
Under ARK's amended proposal, the fund would create an Exchange Class that can be listed on a national securities exchange and a Tokenized Class that records ownership via distributed ledger technology and can trade on Regulation ATS venues, other quotation mediums, or through peer-to-peer transfers between whitelisted wallets. ARK is not seeking relief to list or quote the tokenized shares on decentralized finance platforms, and it proposes issuing the tokenized shares through the fund's subscription process at net asset value.