Cathie Wood's ARK Invest has launched tokenized shares of its ARK Venture Fund (ARKVX) on Ethereum through Securitize, opening the $1.3 billion fund to U.S. retail investors with a $500 minimum subscription funded in USDC.

Securitize CEO Carlos Domingo confirmed the launch on Sept. 24, describing it as ARK's first tokenization project. The fund was already available to accredited and non-accredited investors; tokenization adds an onchain subscription and custody channel rather than altering the underlying investment strategy.

ARKVX is an actively managed closed-end interval fund investing in private and public companies, with $1.3 billion in net assets as of June 30 across all share classes, according to ARK's fact sheet.

What does the SEC order change?

The SEC's Sept. 21 order, Release No. IC-36333, amended ARK's earlier permission to operate multiple share classes. It permits an exchange-listed class alongside a Tokenized Class that can trade on alternative trading systems — broker-operated venues — or be quoted on other quotation venues. The prior arrangement had barred exchange listing or quotation of the shares.

The relief carries conditions:

• Only wallets cleared through identity and anti-money-laundering checks may hold Tokenized Class shares.
• Peer-to-peer transfers are permitted between approved wallets.
• The fund must publish the prior business day's NAV each business day and disclose that secondary trades may occur above or below NAV.
• Tokenized Class shares cannot carry early withdrawal charges.

The launch followed an application reported on Sept. 8, when SEC relief was still pending and no blockchain or tokenization provider had been named.

How do subscriptions work?

Investors must complete identity and eligibility checks and register an approved wallet, per Securitize's offering page. Subscriptions are funded in USDC, with Securitize deducting a 2% transaction fee before shares are priced at net asset value.

The process is asynchronous rather than an instant token swap. Investors commit USDC before the day's NAV is known and receive tokens after pricing. Securitize tracks requests, pending orders and delivery onchain.

Where is the portfolio exposed?

As of Aug. 31, SpaceX was the fund's largest disclosed holding at 7.54%, followed by Kalshi at 5.81% and Ayar Labs at 5.65%. The portfolio also holds OpenAI, Stripe and Anthropic, giving token holders indirect exposure to closely held private companies that otherwise lack retail access.

Can investors exit?

Trading permission does not guarantee liquidity. Securitize's offering page retains quarterly repurchase offers for up to 5% of the fund's outstanding shares at NAV, with requests subject to proration. The launch disclosure states that no secondary market is expected to develop and shareholders may not be able to sell when they want.

The structural constraint mirrors the interval-fund format itself: quarterly repurchase windows, not continuous redemption, govern exits regardless of the token wrapper. Tokenization therefore broadens distribution and onchain transferability among approved wallets while leaving the fund's liquidity profile unchanged.

With SEC relief in hand and Tokenized Class shares cleared for ATS trading, the test ahead is whether alternative trading venues develop sustained secondary liquidity in ARKVX between the fund's quarterly repurchase windows.