# SEC grants ARK relief for a tokenized interval-fund share class

> The SEC granted ARK Venture Fund and ARK Investment Management immediately effective exemptive relief permitting the requested multi-class structure, including a Tokenized Class whose ownership may be recorded using distributed-ledger technology.

- URL: https://riadefi.com/regulation/2026-08-24-sec-ark-venture-tokenized-share-class-application/
- Posture: Agency order
- Authorities: U.S. Securities and Exchange Commission
- Event date: 2026-09-21
- Effective: 2026-09-21
- Version: 2, published 2026-09-22 (first published 2026-08-26)
- Advisor-relevant: yes

## What changed

The SEC granted ARK Venture Fund and ARK Investment Management immediately effective exemptive relief permitting the requested multi-class structure, including a Tokenized Class whose ownership may be recorded using distributed-ledger technology. The order grants specified Investment Company Act exemptions and joint-transaction approval subject to the representations and conditions in ARK's application, replacing the prior pending-application posture with binding applicant-specific relief.

## Who it affects

- ARK Venture Fund and other eligible interval funds advised by ARK or qualifying affiliates
- Investment advisers evaluating the authorized tokenized registered-fund shares for client accounts
- Broker-dealers, alternative trading systems, transfer agents, custodians, tokenization agents, and wallet-service providers supporting the Tokenized Class

## What is still open

- When ARK will offer the Tokenized Class and which funds, blockchain systems, wallets, trading venues, and service providers will participate
- How custody, wallet approval, transfer-agent reconciliation, sanctions screening, valuation, liquidity, gas fees, and secondary-market pricing will operate in practice
- Whether the SEC will extend comparable relief to other fund sponsors or address tokenized fund classes through broader rulemaking

## What it means for an advisor

- Update product diligence if the Tokenized Class becomes available, including review of wallet eligibility, custody, transfer restrictions, liquidity, valuation, fees, reconciliation, cybersecurity, and service-provider controls
- Confirm that client communications distinguish fund-issued shares and NAV-based transactions from permitted secondary transactions that may occur above or below NAV
- Verify actual launch terms and intermediary capabilities before recommending, trading, or custodying the tokenized shares; the order does not by itself establish that the class has launched

## Previous interpretation

The public ledger previously characterized ARK's requested tokenized share-class relief as a pending exemptive application that the Commission had not granted.

## Sources

1. [ARK Venture Fund and ARK Investment Management LLC](https://www.sec.gov/files/rules/ic/2026/ic-36333.pdf) · U.S. Securities and Exchange Commission · 2026-09-21 · effective 2026-09-21
2. [ARK Venture Fund and ARK Investment Management LLC](https://unblock.federalregister.gov/) · U.S. Securities and Exchange Commission · 2026-08-26


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Published by Ketju Research on RIADeFi (https://riadefi.com). Educational research for financial professionals; not investment, legal, tax, or compliance advice.