ARK Invest and Securitize announced on September 24 that eligible investors could hold tokenized interests in the ARK Venture Fund on Ethereum. The tokenization puts an established interval fund on blockchain infrastructure while preserving the fund's existing liquidity constraints.
Securitize will handle on-chain issuance and investor experience. The ARKVX fund invests across private and public technology companies, with tokenized interests representing exposure through the managed fund.
Repurchase Limits
The fund offers quarterly repurchases of up to 5% of outstanding shares at net asset value. ARK's calendar sets September 30 as the next repurchase request deadline, just days after the tokenization announcement. The fund's published terms do not clarify whether investors acquiring tokenized interests after September 24 can participate in the immediate repurchase cycle.
Secondary Trading Uncertain
ARK and Securitize's disclosure states that no secondary market is expected at launch. The shares are unlisted, and ARK's fund page describes them as illiquid. The fund directs shareholders to rely on its repurchase policy as the primary exit route.
A September 21 SEC order permits ARK to offer a tokenized share class that may trade on alternative trading systems or quotation services. However, ARK stated that only approved wallets could hold tokenized shares and did not expect a robust trading market initially. Alternative-system, over-the-counter, and peer-to-peer transactions were described as future possibilities subject to those wallet controls.
The repurchase program applies across the entire fund, meaning the tokenized class has no separate buyback pool.
