ARK Investment Management has asked the Securities and Exchange Commission for permission to issue a tokenized share class of its venture fund whose ownership would be recorded using distributed ledger technology. The ARK Venture Fund held 562 million dollars in total assets as of January 31, with an aggregate non-affiliate market value of approximately 912.6 million dollars for its existing shares. The application requests the creation of two new classes: an Exchange Class to be listed on a national securities exchange and a Tokenized Class to be traded on alternative trading systems or through peer-to-peer wallet transfers. The regulatory framework remains incomplete as the SEC has not yet adopted the tokenization exemptions anticipated by the industry, though a proposal to overhaul transfer agent rules was published on September 1.
Source: Read the original article
