# Ketju research: ARK Venture Fund (ARKVX), tokenized by Securitize

- URL: https://riadefi.com/rejections/ark-venture-fund/
- Research assessment: adverse
- Client selection: not considered
- Exposure: other
- Reviewed: 2026-09-25
- Last confirmed: 2026-09-25

## Research summary

ARKVX on Ethereum is a token that Securitize Markets, a broker-dealer, issues against Class D shares of ARK Venture Fund that it buys and holds at BNY Mellon. The fund is a registered closed-end interval fund run by ARK Investment Management; it held $1.18 billion on 31 July 2026, 62% of it in private companies such as SpaceX, OpenAI, Anthropic, and Stripe. ARK and Securitize announced the token on 24 September 2026. The exposure is a venture and growth equity fund: the token’s value is the fund’s NAV, and the fund’s value is what its managers say its private stakes are worth.

Any US investor may buy from $500, after Securitize verifies them and approves a wallet. Securitize takes 2% of each deposit before pricing. The only exit is the fund’s quarterly offer to buy back 5% of its shares, prorated when more is tendered, which the direct Class D shareholder gets on the same terms without the 2%.

The assessment is adverse. The token adds a broker-dealer between the holder and the fund, a 2% entry charge the direct share does not carry, and single keys held by Securitize that can freeze, burn, and reissue the token. It adds nothing the direct share lacks: no faster exit, no market, and no DeFi use at launch. The SEC order of 21 September 2026 lets the fund issue a tokenized share class on its own record; that class is not registered and this token is not it.

## Observable review triggers

- The fund registers the Tokenized Class and Securitize moves ARKVX holders onto the fund’s own shareholder record
- Securitize drops the 2% transaction charge, and the owner key 0x59c1…76ee and the registrar key 0x62c8…50f3 move to a multisig with a delay
- The fund prorates a quarterly repurchase, offers less than 5%, or pays later than seven calendar days
- Securitize freezes, seizes, or burns a holder’s ARKVX, or its page stops saying the token is an entitlement to shares held at BNY Mellon

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
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