ARK seeks SEC approval for tokenized share class of $562 million venture fund

ARK Investment Management filed an application with the U.S. Securities and Exchange Commission (SEC) to add a tokenized share class to its ARK Venture Fund, a closed‑end interval fund with $562 million in assets as of January 31.

Proposed structure

The fund would create a new “Tokenized Class” alongside a traditional “Exchange Class.” Shares of the Tokenized Class would be recorded on a distributed ledger and could be traded on registered alternative trading systems (ATS) or transferred peer‑to‑peer between approved wallets. The Exchange Class would continue to list on a national securities exchange.

Regulatory filing details

The request amends an exemptive order the SEC granted to the fund in November 2025. ARK seeks relief under sections 6(c), 18 and 17(d) of the Investment Company Act and related rules. The SEC set September 18 as the deadline for hearing requests on the application.

Trading and distribution

Tokenized shares would be issued at net asset value through the fund’s normal subscription process, carry no sales load, and could be distributed by registered broker‑dealers or the fund’s transfer agent. Costs specific to the tokenized class would be borne by its shareholders.

Related entities

ARK’s transfer agent, administrator and custodian is Bank of New York Mellon. The fund holds equity and a $10 million convertible note in tokenization platform Securitize, though the filing does not confirm Securitize’s role in the new class.

SEC context

The application arrives while the SEC is developing a separate framework for tokenized securities trading and has proposed a major overhaul of transfer‑agent rules that would address blockchain‑based recordkeeping. ARK’s request relies on the existing Investment Company Act process rather than the unfinished innovation exemption currently under discussion.