The fund manager behind one of the hottest exchange-traded funds will help oversee a Swiss crypto provider which has mushroomed to $2 billion in the last year.
Cathie Wood of Ark Investment is investing in 21Shares as well as joining its board, the Zug-based crypto exchange-traded product firm said in an emailed statement on Tuesday. The move follows a fundraising of an undisclosed amount which is due to close this week.
Wood represents a huge voice of confidence in 21Shares, where assets surged to $2 billion from less than $30 million around this time last year. At Ark, Wood oversees a fund of «disruptive innovation» stocks in areas including blockchain. She is known for making huge bets on a handful of companies she views as high-growth, like Tesla and Baidu.
Hiring Spree
Co-founded by Hany Rashwan and Ophelia Snyder three years ago, 21Shares has been on a hiring spree. It nabbed Marco Infuso for business development in German-speaking Europe recently, Lucy Reynolds as operating chief last autumn, and Sina Meier as head of Switzerland last year.
«21Shares is forging a new path for crypto ETPs, by leading with research and a keen understanding of this developing asset class,» Wood said in a statement dispersed by 21Shares. Her investment as well as that of Morgan Creek co-founder Anthony Pompliano was first reported by «Bloomberg» overnight.
Prominent Backers
The start-up already counts Adam Draper, the founder of Silicon Valley's Boost VC; Graham Tuckwell, founder of ETFS Capital; and Greg Kidd, co-founder of Hard Yaka as well as several family offices among its backers.
Wood's core fund dropped precipitously this and last week following a banner 2020, amid a sell-off in technology stocks. On Friday, she told «CNBC» (behind paywall) that Archegos Bill Hwang had seeded Ark's first four funds.
